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INTERNATIONAL 


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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 

Paris, Saturday-Sunday, March 19-20, 1994 


No. 34,540 


The Year the Clintons 
Moved Up the Ladder 

Arkansas Power Broker Aided Them 
In Successful Commodities Trading 


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By Jeff Gerth 

A/e»- York Times Service 

WASHINGTON — Starting just before 
Bill Clinton was elected governor of Arkan- 
sas, Hillary Rodham Clinton made about 
$100,000 in one year in the commodities 
market with the help and advice of a friend 
who was the lop lawyer for one of the state’s 
most powerful and heavily regulated compa- 
nies. 

The investments, made in a commodities 
trading account that was opened three 
weeks before Mr. Clinton was elected gover- 
nor in 1978, substantially altered tbe fi- 
nances of the Clintons. At the time, Mr. 
Clinton was attorney general. He and his 
wife were rising stars in Little Rock, with 
salaries modest by the standards of their 
peers. 

The proceeds helped them to buy a home, 
. to invest in securities and real estate and 
} eventually to provide a nest egg for their 
young daughter, according to the couple’s 
associates and a review of tbe family's finan- 
cial records. 

But the trades, which emerged during a 
two-month examination of the Clin tons’ fi- 
nances by The New York Times, also left 
[hem in the position of having significantly 
relied on the help of one of the state’s 
premier power brokers, James B. Blair, a 
Clinton confidant who at the time was the 
primary outside lawyer for Tyson Foods 
Inc., of Springdale, Arkansas, the nation’s 
biggest poultry company. 

In commodities trading, a speculator es- 
sentially bets on the future value of a com- 
modity. like cattle or pork, or a foreign 
currency. Trading in such futures contracts 
is among the riskiest and most volatile of 
investments. By some estimates, more than 
three-quarters of all investors lose money. 
But a savvy trader, or one with special 
knowledge of a market, can turn a small 
stake into milli ons of dollars. 

During Mr. Clinton’s tenure in Arkansas, 
Tyson benefited from a variety of state ac- 
tions, including $9 million in loans, the 
placement of company executives on impor- 
tant state boards and favorable decisions on 
environmental issues. 

Even today, critics in Congress and else- 


where have complained that the Clinton 
administration is too dose to Tyson and the 
poultry industry it dominates, sparing it 
from some of the tougher federal inspection 
guidelines enacted against the meat indus- 
try. 

Mr. Blair, who later became Tyson's gen- 
eral counsel, and his wife, Diane, were ap- 
pointed to important government posts bv 
Mr. Clinton as governor and preadenL 
In a written statement, the Clintons’ per- 
sonal lawyer, David Kendall, said Thursday 

Steer dear of par tisansh i p in Whitewater 

investigation. Republican urges. Page 3. 

that Mrs. Clinton traded in commodities 
futures ’’with her own funds and assumed 
the full risk of loss.” 

“She did so through two different trading 
accounts in her own name in Little Rock 
and Springdale, Arkansas,” he said. “Mrs. 
Clinton reported gainc and losses on her tax 
returns as appropriate." 

Mr. Blair, in telephone interviews 
Wednesday and Thursday, confirmed that 
he encouraged Mrs. Clinton to invest in the 
normally risky commodity markets and 
used his investing s kills to help guide her 
through a series of lucrative trades. 

Mr. Blair and administration officials 
designated to discuss the matter — but who 
would speak only on condition of anonym- 
ity — said Mrs. Clinton put up the stake 
with which she began trading. The officials 
would not say how much money she put at 
risk. 

Lisa Capuio, Mrs. Clinton's press secre- 
tary, said in a statement on Thursday night: 
“Mrs. Clinton consulted with numerous 
people and she did her own research. This 
was her own risk, tbe commodity invest- 
ments were ho* own reponsibility.” 

The administration officials said Mrs. 
Clinton studied financial data, including 
some in Tbe Wall Street Journal. 

John Podesta, a While House spokesman, 
said that "Hillary and Jim were friends, he 
gave her advice." 

“There was no improp ri ety,” he said. 
**1116 only appearance is being created by 

See PROFIT, Page 5 



Alcxjnder Joe/ Agave France-Pro** 

Zulu activists dancing Friday in Uhmdi, capital erf tbe KwaZulu homeland, as their king vowed to lead than to independence. Page 4. 


Compiled by Our Staff From Dispatches 

PRETORIA — A judicial commission an- 
nounced Friday that it had evidence that senior 
members of the South African police force 
supplied arms to the Inkatha Freedom Party 
and trained killers to foment political instabil- 
ity. 

President Frederik W. de Klerk said that tbe 
three senior officials named in the report would 
be put on leave immediately. They are the 
second-ranking officer in the police force and 
two generals. 

"This is a very serious matter ” Mr. de Kleik 
said. 

He proposed that a task force comprising 
international police investigators. South Afri- 
can police officers, a senior prosecutor and a 
leading jurist be set up to investigate the evi- 
dence and advise on further steps “within the 
next two weeks." 


The allegations support longstanding con- 
tentions by the African National Congress of a 
“third force" — clandestine security force in- 
volvement — in the political violence between 
the ANC and the mainly-Zulu Inkathn that has 
caused the deaths of 11,000 people in the last 
three years. 

But Mr. de Klerk said the Golds lone Com- 
mission report did not necessarily prove ANC 
allegations of a third force. He said that only “a 
few" members of the police had been named 

Coming six weeks before tbe country's first 
democratic elections, the report undermines 
Mr. de Klerk’s frequently repeated contention 
that his government was innocent in the vio- 
lence. 

Mr. de Klerk's National Party has been try- 
ing desperately to woo Mack voters. A prime 
tactic has been to present itself as the party of 
stability, blaming the front-running ANC for 




violence that has tom many black communities. 

The report did not discuss involvement by 
any higher-ups in Mr. de Klerk’s govemmenL 
But it did contain an allegation that tbe cabinet 
had authorized an unusual $340,000 payout to 
the c omman der of a secret unit when he was 
discharged several months ago. 

The implicated policemen were apparently 
involved in violence on trains and in eamny in 
black townships involving residents of migrant 
workers' hostels, generally members of Inkatha, 
tbe report said. 

Judge Richard Goldstone said his commis- 
sion had decided that there was enough “cor- 
roboration” to release the report, despite there 
being a need for more time to complete investi- 
gations. 

“If those intent on further destabilization 
succeed in aborting the election," the report 
See GUNS, Page 4 


Croats and Muslims Form Federation, Putting Pressure on Serbs 


By Steven Greenhouse 

New York Tunes Service 

WASHINGTON — Bosnia’s Muslim-domi- 
nated government and Croatian separatists 
signed an agreement on Friday tiiat links their 
territories into a single state in a move that aims 
to help end the dvil war and put pressure od the 
Bosnian Serbs to make peace. 

In a signing ceremony in Washington, tbe 
government of Bosnia and tbe government of 
Croatia signed an additional a gr ee men t that 
forms a loose confederation between Croatia 
and tbe new binational Bosnian state. 


Clinton Seeking 
To Ease Impact 
Of China Curbs 


By Thomas W. Lippman 

Washington Pan Service 

WASHINGTON —The Clinton administra- 
tion is studying ways to limit the impact on 
American businesses and the Chinese private 
sector if President Bill Clinton decides to_ cur- 
tail China's trade privileges over human-rights 
diues, senior a dminis tration officials say. 

Rather than making an “all or nothing" deci- 
sion on revocation of trade privileges, the ad- 
ministration migh t impose sanctions only on 


Whether the agreements succeed in bringing 
peace to the former Yugoslavia depends in 
large part on how successful the United States 
and Russia are in pressing Bosnia’s Serbs to 
stop fighting and make some territorial conces- 
sions, American officials said Friday. 

Presiding over tbe riming ceremony. Presi- 
dent Bill CHnton said, "Tbe agreements signed 
tod^y offer one of tbe first dear signals that 
parties of this conflict are willing to end the 
violence and begin a process of reconstruc- 
tion." 

Several officials said the ceremony, attended 


by President Alija Izetbegovic of Bosnia and 
President Franjo Tudjman of Croatia, was an 
important building block toward creating a 
comprehensive peace. 

According to these officials, an overall agree- 
ment to end tbe dvil war in the former Y ugosla- 
via might be possible in the next few weeks, 
suggesting that Serbia might push the Bosnian 
Serbs to make territorial concessions in Bosnia 
to help end economic sanctions against Serbia. 

The agreements cm Friday, Much were 
signed after an Intense mediation effort by the 
United States, will create a binational state out 


of the 30 percent of the land of Bosnia con- 
trolled by the Muslims and the Croats. Bosnian 
■ Serbs now control about 70 percent of Bosnia. 

Bosnia’s Muslim-dominated government, 
backed by the United States, is urging the 
Bosnian Serbs to cede about 20 percent of 
Bosnia’s territory so the new state would have 
about half of Bosnia’s land. 

"Serbia and the Serbs of Bosnia cannot ride- 
step their own responsibility to achieve an en- 
during peace," Mr. Clinton said. 

The Bosnian constitution wiD form a state 
with about IS cantons, some Muslim-dominat- 


ed, some Croat-dominated, some about even. 
The Muslims and the Croats would share power 
and would be responsible for foreign affairs, 
national defense and commerce. 

Reacting to the agreements, Momcilo Krajis- 
nik. president of the self -proclaimed Bosnian 
Serbian parliament, told tbe Belgrade-based 
Tanjug press agency that the Muslim-Croat 
federation was "an unnatural creation” that 
would never work. 

American officials say they plan to press the 
See PACT, Page 4 


Arabs Agree 
To New Talks 
After UN Vote 
On Massacre 

U.S. Refuses to Veto 
Council Condemnation ; 
3 States Return to Table 

Compiled bv Our Staff From Dispatches 

UNITED NATIONS, New York — The UN 
Security Council voted unanimously Friday to 
condemn a Jewish settler’s massacre of Muslim 
worshipers in the West Bank city of Hebron, 
and American officials announced immediately 
afterward that Arab nations had agreed to 
resume peace talks. 

The council approved the condemnation. IS 
to 0, as part of a resolution whose wording has 
deadlocked the Security Council and put Presi- 
dent Bill Clinton under intense pressure to 
exercise U.S. veto power for the first time in 
four years. 

Secretary of State Warren M_ Christopher 
said after the vote that Israel would soon re- 
sume senior-level peace consultations with the 
Pales tinians as well as peace talks with Syria, 
Jordan and Lebanon in April 

“There have been intensive lsrael-Palestinian 
contacts at the highest levels today, including a 
telephone call between Prime Minister Rabin 
and Chairman Arafat," Mr. Christopher said at 
a news conference in Washington. He was re- 
ferring to Yitzhak Rabin, the Israeli prime 
minister, and Yasser Arafat, the chairman of 
the Palestine Liberation Organization. 

Mr. Christopher added, “A senior-level 
meeting between Israel and the PLO will take 
place soon and will be announced by the par- 
ties." 

Israeli sources, speaking on condition of ano- 
nymity. said that Israeli and Palestinian negoti- 
ators would meet Sunday or Monday in either 
Cairo or Tunis, where the PLO is based. 

The 15 Security Council members dusted off 
a procedure not used since 1985 to lake sepa- 
rate voles on each paragraph of the resolution, 
first approving tbe section condemning the at- 
tack. 

Attention was focused on the United States 
to see whether Mr. Clinton gave in to 82 sena- 
tors who demanded that the United States veto 
a later clause calling Jerusalem an occupied 
lenitory. In the end, the U.S. delegate. Made- 
leine K_ Albright, raised her band to abstain, 
not veto, on that clause. 

- The U.S. tactic had been to use the resolution 
to coax the PLO to retain to peace talks with 
Israel. The talks were broken off Feb. 25 when a 
Jewish settler killed at least 29 Palestinian wor- 
shipers at a mosque in Hebron. 

A “no" on the clause would have been the 
fust UJ>. veto in the Security Council since a 
May 31, 1990, decision on sending UN investi- 
gators to report on abuses of Pales tinians in 
Israel’s occupied territories. 

The council members have argued for three 
weeks about the Jerusalem clause and a call for 
stationing “a temporary international or for- 
eign presence” to protect Palestinians in the 
occupied territories. The action bore immediate 
fruit. Mrs. Albright told the Security Council 

See ISRAEL, Page 2 


finger on the sohject of human rights. Page 5. 

certain goods or industries, officials said, 'pie 
l goal would be to maximize the economic un- 
pact on the Chinese government, while sparing 

sectors of the economy not deemed reponsible 

«: for human rights abuses, officials said. 

Additionally, the administration has begun 
reviewing scheduled visits by Oimese 
scientific and trade delegations to decide 
.whether they should be allowed to take place. 

official said the internal 

; asjffSws.TS-'ss 

.-•* sanctions if necessary. . 

- ■ Another administration 

plan might convince those who doubtth^ “e 
administration would sacrifice the 
trading relationship because of the rigb 

'^Mr. Oimon snggtfsted such an approach in 

See CHINA, Page 4 

*| Newsstan d Prices _ — 

Andorra 9.00 FF 

Antilles IIJBFF 

Cameroon..! 400 CFA j on .,..HJ0 FF 

Egypt E.P.5W® Saudi Arabia ..9.00 R. 

France 9.00 FF ggnegal 960 CFA 

Gabon 960 CFA Spain .-..-^»PTAS 

Greece -300 Dr. Tunisia ....LOW Dm 

IwryCoasi.UMCFA Turkey 



A New U.S, Line on Russia 

' Pragmatic Partnership ’ Is the Theme 


Rraikud KiaM/Rrahn 


TIME TO RETIRE— A Rnssian officer yawning during a ceremony in Potsdam, to mait a stage in troop withdrawal from Germany. 


By Fred Hiatt 

Washington Post Service 

MOSCOW — Defense Secretary William J. 
Perry left Moscow on Friday after repeatedly 
invoicing a new mantra of U.S.-Russian rela- 
tions: “pragmatic partnership." 

The phrase, rooted in growing skepticism in 
Washington about United States aid for Rus- 
sia, is intended to reassure Americans that 
helping Russia is in their interest, too. Through- 
out Mr. Perry's visit there was no talk of ideal- 
ism. shared values 'or generosity, only of calcu- 
lated self-interest on both tides. 

Several observers said Mr. Perry succeeded, 
during his brief visit, in showing that the fragile 
Amencan-Russian partnership is producing re- 
wards for both sides. 

But the visit also underscored a dilemma in 
the new approach: as domestic pressure forces 
the Clinton administration to invoke American 
interests to justify aid to Russia, Russians grow 
ever more suspicious of American motives. 
That suspicion, in turn, may reduce whatever 
small influence Washington has over tbe 
stormy political change taking place here. 

41 It appears that Western democrats have 
given up all their hopes of seeing Russia be- 


come a democratic state,” an article in Litera- 
turaaya Gazeta said this week. "Their main 
concern today is to achieve any kind of geopo- 
litical control they can over the new Russian 
regime.” Such comments are typical 

Mr. Perry bad to persuade Russians that he 
was not here only to help America, while per- 

NEWS ANALYSIS 

suading Americans that he was not just helping 
Russia, either. 

He won a promise from his Russian counter- 
part, General Pavel S. Grachev, that Russia 
would join the North Atlantic Treaty Organiza- 
tion's Partnership for Peace program by the end 
of the month, a move that might quiet some 
Western fears about Russia’s superpower ambi- 
tions. 

On Friday. Mr. Perry signed an agreement to 
allocate $20 million to promote the conversion 
of Russian arms makers to civilian production. 
Again, American officials stressed the mutual 
advantages, since all money is to be channeled 
through American companies for ming joint 

See PERRY. Page 4 


Kiosk 


Clinton Huddles With Greenspan 


Asia Forum Heeds Clinton’s r Go West 9 


r up 

30.51 

g 3,895.65 

The Dollar 

NwYOffl. 

DM 

Pound 

Yen 

FF 


In a surprise move. President Bill Clinton 
■BuQIXlmul «anruwmftH Alan Greenspan, chairman of 
B Down the Federal Reserve Board, to a meeting at 

0.86% m the White House on Friday, raising fears of 
&gL 1 13.38 Jgg higher interest rates and setting off rumbles 
in the American and European stock and 
previous dose bond markets. Page 9. 


previous dose 
1.6883 
1.4939 
105.73 
5.7533 


Book Review 

Crossword 

Weaiher 


Page 5. 
Page 4. 
Page 22. 


Up and 

Coming /sr •*-- 

An occasional series about 
the leaders of tomorrow. 


As a choreographer, Kirk Peterson is so 
known for careful planning that bis dancers 
refer to him as “The Mathanatican." A 
profile by Lawrence Malkin, in Monday's 
Herald Tribune. 


By Thomas L. Friedman 

New York Tima Service 

HONOLULU — Since taking office, the 
Clinton adminis tration has Steadily tried to 
shift the focus of American business away from 
the traditional European markets and toward 
Asia. Lloyd Bentsen. the secretary erf the Trea- 
sury, took another step in that policy Friday, 
convening a group of finance ministers from 
across the Pacific and idling American inves- 
tors that this group alone would be starting the 
equivalent of 18 Santa Monica Freeway pro- 
jects every day for the next year. 

“I don’t have to teD people in this town about 
the need for freeways," Mr. Bentsen told a 
business group in Los Angeles on Friday morn- 
ing, before flying to Hawaii for the meeting of 
the Asia-Pacific Economic Cooperation forum. 
“I've given you a lot of numbers, but here are 
some I think hit home. In Asia — excluding 
Japan — they wQ] spend a trillion dollars in 
infrastructure of all types in tbe next decade. 
That's a Century Freeway every week." 


“If I were 30 years younger. I know what 
market Td want to be in," Mr. Bentsen added. 
“I’m from Texas. Fm used to big. But it is 
difficult to comprehend how big that market is 
and how those economies are transforming.’' 

Mr. Bentsen ’s remarks, and the first-ever 
gathering this weekend of aS the finance minis- 
ters from tbe Asia Pacific region, are part of the 
Treasury Department’s efforts to redefine both 
the boundaries and content of American finan- 
cial diplomacy. 

Throughout the Cold War, America’s finan- 
cial diplomacy tended to be centered on the 
Group of Serai industrial powers — Britain, 
France, Germany, Italy, Japan, Canada and the 
United States —and confined largely to inter- 
est rate and exchange rate coordination. 

The Group of Seven jobs conference in De- 
troit last Monday was an attempt by the Clin- 
ton administration to try to begin transforming 
that organization to dial with more practical 
matters of daily life, like unemployment- This 
meeting in Hawaii of the 17-nation Asia Pacific 


Economic Cooperation forum, which includes 
such economic titans as China, Singapore, 
Thailand, Indonesia and Taiwan, is the latest 
manifestation of tbe Clinton administration's 
main message today to America’s business 
leaders: "Go west,” 

As one administration official pm it: "The 
G-7 job summit is about what is going wrong. 
APEC is about what is going right" 

Whatever the geostrategic thinking may be in 
other parts of the Clinton administration, (he 
Treasury Department is operating on the as- 
sumption that when the history of the late 20th 
century is written, the most important transfor- 
mation that historians will point to is not the 
end erf the Cold War, but rather that more 
money flowed more rapidly to one region — the 
Asia Pacific — than in any decade in the history 
of the world. 

Asa result of those capi tal flows two billion 
people — two-and-a-half times as many living 

See APEC, Page 4 


s&e.g 9:a-a' h « 



New Missile Threat 
Seen inNorthKorea 


3§3$£- r • ‘ • • ■ ■- ' ■ .- • ' *’ * 


CIA Says Range of Weapons 
Could Cover Asia-Pacific Area 


By R. Jeffrey Smith 

Washington Post Service 

WASHINGTON — North Ko- 
rea is developing two new ballistic 
missiles that could eventually 
threaten all of Japan, China, Aus- 
tralia, New Zealand and Southeast 
Asia, according to the CIA direc- 
tor, R. James Woolsey Jr. 

Mr. Woolsey’s remarks, at a con- 
ference of historians on the origins 
of the Central Intelligence Agency, 
was the first public confirmation of 
reports that the two new North 
Korean missiles are expected to 
have a range of more than 1,000 
miles and 2,000 miles, respectively 
<1,600 and 3,200 kilometers). 

The missiles have been designat- 
ed by Western analysts as Taepo 


Dong-1 and Taepo Dong-2, after 
the name of the North Korean site 
where they are under development. 
Neither has been tested in the air, 
and officials said they would not be 
completed until the late 1990s. 

Unlike North Korea’s new No- 
dong-1 missOe, which has been 
tested and can reach only South 
Korea and portions of Japan and 
China, the new missiles “could pm 
at ride all of Northeast Asia, South- 
east Asia and the Pacific area,” Mr. 
Woolsey said. 

“If exported to the Middle East,” 
he said, they could “threaten Eu- 
rope as welL” 

Officials said most intelligence 
analysts at the CIA and the De- 
fense Intelligence Agency believed 


ISRAEL: 

Talks to Resume 


Coa&med {ram Page 1 


North Korea was probably devel- 
oping the new missil es on its own. 
But a minority view within the De- 
fense Intelligence Agency holds 
that rhina could have assisted 
North Korea. The officials added 
that the issue would be clarified as 
the missile program proceeds. 

North Korea put on its defiant 
face on Friday, awaiting the Inter- 
national Atomic Energy Agency 
and promising to respond to any 
“pressure 7 ’ with “a resolute mea- 
sure,” T. R. Read of The Washing- 
ton Post rqportsd from Seoul: 

The tough talk from the North 
was matched in Seoul as South Ko- 
rean officials indicated they are 
prepared to support sanctions 
against North Korea, according to 
reports in the South Korean media. 

In a statement from Pyongyang 
monitored by radio in Tokyo and 
Seoul the Korean Central News 
Agency insisted that the atomic en- 
ergy agency rescind its report this 
week that said North Korea had 
hindered inspection of its nuclear 
plants when a United Nations team 
visited the country March 1-14. 

“If the IAEA secretariat sincere- 
ly wants a fair resolution of our 
‘nuclear issue, 7 it must rescind the 
unreasonable assessment” of the 
inspection team. North Korea said. 

The statement said that it was 
the inspectors, not North Korea, 
who violated the t erms of the Feb. 
13 agreement between the UN 
agency and Pyongyang, and that 
the North had no choice but resist 
the inspectors' “unjust demands.” 

“The agency secretariat gave the 
inspection team instructions incon- 
sistent” with the agreement and 
“made the inaccurate report from 
the inspection team a fail accom- 
pli’' the North Korean statement 
said. 



Paris Yields WORLD BRIEFS 

To Protests Bangkok Bomb Linked to N.Y. Blast 

-w y l BANGKOK (AFP) —International terrorists who made a huge boml 

I lira Yrmfll found unemloded in Bangkok are believed to have ues to the group tha 

V/ll 1UUU1 bombed the World Trade Center in New York City last year, Bangkok’ 


Compiled bp Oir Staff Frum Dispatches 

PARIS — He government re- 


Reuters 

STOCKHOLM — Sweden’s po- 
litical leaders announced Friday 
that they had agreed on Nov. 13 as 


The retreat came a day after vio- 
lence erupted in a dozen French 
cities during demonstrations 
against the plan. Renewed protests 
occurred Friday in Lyon, Nancy, 
Mulhoose, Grenoble and Auch. 

In Lyon, youths hurled rocks at 
policemen m front of city hall 
smashed a bus stop and varndaltzcd 
cars. The police replied with tear 
gas. One officer was hospitalized 
and six rioters arrested. No vio- 
lence was reported elsewhere. 

Labor Minister Michel Giraud 
announced in a radio interview Fri- 
.... _ .. „ .. , „ scrun Hoetf few* day th«r he would open immediate 

A HAND FOR THE CHIEF — Prime Minister Felipe Gonz&lez of Spain acknowledging consultations with unions and stu- 
applause from members of Ms Socialist Workers Party after be made tile keynote speech Friday dents to modify the proposal on 

on the first day of the national party congress in Madrid. He urged unity against tmemptoyraent lowering entry-level pay for youths 

in a bid to increase employment. 

It marks stiH another cave-in by 

_ _ _ „ _ -«-*■ Prime Minister Edouard BaDadur’s 

)te Nov. 13 on EU Entry stShejssl? £ 

" government said Thursday that the 

Prime Minister Carl Bfldt said he plication in 1991. However, not all planwonld not be changed, 
had hoped to bold the referendum party members support his views. “ «>out paying attention 

in June, before the general election, Another party yet to get off the t0 ““ '^®“ es “f 1 h * ve 


w r 1 BANGKOK (AFP) —International terrorists who made a huge bomb 

I |rara Yniltll found unemloded in Bangkok are believed to haw ues to the group that 

v/ll 1U u 111 bombed the World Trade Center in New York City last year, Bangkok’s 

_ pobce drief said Friday. ... 

W7 Til _ _ m The police chief. Lieutenant General Chaiyasnh KarncnanaJuj, said < 

n HM r. rian the aae-t£mdevi<^ found Thursday in a la^ tank on the back of a truck, ‘ 

(5 had been constructed with the same material and was of the same type as 

the device that dalrae** 1 die New York trade tower. 

Compiled bp Staff From Dispatd*n The national police chief, Pratin Santiprapop, said that two membea 

PARIS — Hie government re- of the gang had been identified and that they had been renting a boas? 
treated Friday on a plan to lower here. lie did not give their names, and sad the police were unsure if they, 
the minimum wage for young poo- ^ ^ in Bangkok. Deputy Prime Munster Banyat Baathadtan said 
pie as renewed protests erupted in the police bad been ordered to tighten security around foreign embassies, 
the provinces, including a battle . _ ^ 

SptoS?*’ Touvier Defense Asks Lighter Charge 

The retreat came a day after vio- VERSAILLES, France (Reuters) — A lawyer defending Paul Touviet, 
lence erupted in a dozen French the Nazi collaborator, asked the court on Friday to lighten the charge 
cities during demonstrations against him. Mr. Touvier is accused of crimes against humanity for 
against the plan. Renewed protests ordering seven Jews executed in 1944. 

occurred Friday in Lyon, Nancy, On the second day of the trial the lawyer, Jacques TremoOetdeViDers, 

Mulhouse, Grenoble and Auch. said the charge against Mr. Touvier must be reduced under a new penal 
In Lyon, youths hurled rocks at code that took effect earlier this month. He said the new code stipulates 
policemen m front of city hall that a person must commit summary executions on a “massive and 
smashed a bus stop and vamdalized systematic” scale to be charged with crimes against humanity. Under the 
cars. The police replied with tear previous code, premeditated murder was sufficient, he said, 
gas. One officer was hospitalized He also said the new code allowed extenuating circumstances to be 
and six rioters arrested. No vio- applied to the case because Mr. Touvier claims he acted under orders, 
lence was reported elsewhere. Such circumstances were not permitted before the code took effect. Mr. 

Labor Minister Michel Giraud Touvier, who was seated in a bulletproof glass box, is charged with the 
announced in a radio interview Fri- execution of the seven Jews in June ] 944 when be was intelligence chief of 
day that he would open immediate the French militia in occupied Lyon. 




Iranian Plane Crashes in Caucasus 


Sweden to Vote Nov. 13 on EU Entry 


in June, before the 
but had bowed to 


[election, 


wishes of the fence is the. Carter Party, one of 


the dale for a referendum on join- opposition Social Democrats, who four in Bfldt’s minority center-right 


ing the European Union. are ahead in opinion polls, and set 

Sweden negotiated membership a later date, 
terms with the 12-nation bloc this The Social Democrats have yet 
month but faces a general election to decide whether to support mem- 
on Sept. 18 with two parties stQl bership and have decided to hold a 


wavering on the question of EU party congress in June to decide sembi 


Coalition. It plans to bold its con- 
gress in May. 

Sweden’s membership terms 
have yet to be approved by the 
European Parti ament, the ElTs as- 


At present, the plan to admit 


membership. their position. At present, the plan to admit 

It is due to join on Jan. 1, 1995, • The Social Democrat leader, Sweden, Finland, Norway and 
and the Rikstag, or parliament, is Ingvar Carlsson, favors EU mem- Austria has been stalled by a dis- 
expected shortly to approve the bership. It was under his govern- pute among the 12 current mem- 
deal worked out with Brussels. ment Lhal Sweden submitted its ap- bers over voting rights. 


“This is about paying attention 
to the worries that have been ex- 
pressed,” Mr. Giraud said. “We 
can’t let this situation get worse 
when we have 750,000 young peo- 
ple out of work.” 

He called a meeting for Monday 
with unions and student leaders. 

The proposal would reduce the 
entry-levd minimum wage for re- 
cent graduates by 20 percent for a 


MOSCOW (Reuters) — An Iranian transport plane crashed in Lbc war- 
torn Caucasus enclave of Nagorno-Karabakh, kDKng all 32 people on 
board, and military experts said on Friday it could have been shot down. 

The C-130 Hercules was taking relatives of Iranian Embassy staff, 
mostly women and children, home from Moscow for New Year celebra- 
tions in Iran. The Russian Civil Defense Ministry said it lost altitude after 
the cockpit became depressurized. According to the embassy, the aircraft 
was carrying 19 passengers, including 9 children, and a crew of 13. 

Russia’s Itar-Tass news agency quoted military experts as saying the 
plane, which crashed just north of Stepanakert on Thursday night after 
straying off course, “could well have been shot down by a mobile anti- 
aircraft missile system.” But a later Tass story quoted unidentified* 
sources as saying it was unlikely the plane had been shot down. J 


Mexican Rebels Harden Peace Terms 


year if employers provided certain 
training. Critics say it amounts to a 


pute among the 12 current mem- 
ber over voting rights. 


that Syria, Jordan and Lebanon 
had agreed to resume negotiations 
with Israel 

The United Slates and Israel ob- 
ject to referring to Jerusalem as an 
occupied territory because they 
want the issue settled in peace 
talks. Jordan controlled East Jeru- 
salem until 1967, when Israel took 
it during a war and then annexed iL 

The United States and Israel not 
a Security Council member, are 
willing to accept an unarmed civil- 
ian force, but only in parts of the 
occupied territories to come under 
Palestinian autonomy according to 
the SepL 13 Lrad-PJLO accord. 

The PLO wants an armed inter- 
national force to protect Palestin- 
ians and the removal of Jewish set- 
tlements from Palestinian 


For Russians, a New Breed of Swindlers 


population centers. 
Mr. Rabin has 


Mr. Rabin has proposed that 
Arab police be deployed in He- 
bron, provided they are under Is- 
raeli authority. 

(AP. Reuters) 

■ Removal of Jews Weighed 

Clyde Haberman of Vie Mew 
York Times reported from Jerusa- 
lem : 

Prime Minister Rabin was re- 
ported Friday to be thinking about 
moving the Jewish settlers in He- 
bron, taking them out of their sev- 
eral enclaves in that flashpoint 
West Bank town and concentrating 
them in one or two locations there. 

Officials insisted that they had 
no concrete plans, adding that in 
any event they would do nothing 
until the PLO agreed to return to 
the suspended peace talks. 

But “once the talks resume, ev- 
erything is possible,” a senior offi- 
cial said, declining to rule out fu- 
ture changes in Hebron, a center of 
religious and nationalist favor 
where about 450 Jews live among 
about 100,000 Arabs whose desire 
to get the settlers out has greatly 
intensified since the mass killings. 


By Celestine Bohlen 

New York Times Sendee 

MOSCOW — With the economy in sham- 
bles and the teal system a joke, Russia has 
become a breeding ground for flimflam art- 
ists, post-communism swindlers who take ad- 
vantage of people's confusion, desperation 
and what remains of their trust. 

Scams have a long tradition in Russia. In 
“The Government Inspector,” Gogol created 
an impostor who was able to make an entire 
provincial town believe he was someone he 
wasn’t And there was Ostap Bender, a liter- 
ary character of the 1920s who bedazzled 
Soviet bureaucrats and other fools with 
schemes so elaborate they barely knew they 
had been robbed. 

The new breed is short on charm, bat their 
gall is staggering. Their scams range from the 
petty to the bold, from multinnSjon-doQar 
deals to nm-of-the-mfll embezzlement and 
fraud. There have been fake lotteries and 
phony investment schemes. 

Fake companies have run ads selling non- 
existent services. Employment services col- 
lect application fees for high-paying, but fic- 
titious jobs. Real estate brokers terrorize 
owners into selling their apartments for next 
to nothing, and trick buyers into paying for 
apartments that are not for sale. 

In a case recently described in the weekly 
newspaper Moscow News, a couple in their 
20s ran advertisements in several major news- 
papers offering scarce medicine at cheap 
prices. 

Listing themselves as the Commerrial De- 
partment of the European Bank, itself a fic- 
tion, they asked customers to deliver cash to 
several Moscow postal boxes, and wait for 
the medicines to be delivered to their homes. 
In this way, an estimated 40,000 people. 


many of them pensioners, lost 20 milli on 
rabies (about S 15,000 at the current exchange 
rate). 

After this, the couple moved into the big 
time, setting up a company ihat sought orders 
from hospitals and pharmacies. They collect- 
ed an additional 50 mfltion rubles, some of 
which they spent to buy an office, two apart- 
ments and five cars. 

According to the newspaper, they were 
caught only after they demanded more mon- 
ey from their old customers with a form letter 
dtmg the impact of inflation on medi cine 
prices. 

“It is an amazing thi ng , but R ussians who 
don't believe in anything anymore — not in 
the government, not in politicians — are 
ready to believe an advertisement that prom- 
ises to make them rich overnight,” said Mik- 
hail Berger, a journalist for the newspaper 
Izvestia who has investigated some of the 
scams. 

He said a woman who had lost money to a 
company claiming to be American and prom- 
ising to gjve her a 24 percent monthly return 
on act $5,000 investment came into Izvestia's 
offices recently to report she had been swin- 
dled. Asked why she had been so trusting, she 
said, “But they had such nice offices, and at a 
good address.” 

In the Communist era, bald-faced scams 
were rare. But the old underground economy 
turned out to be a training ground far a new 
breed of hucksters. 

With prices jumping each month by about 
20 percent there are good reasons why Rus- 
sians are frantically searching for ways to 
protect their savings, if they have any. 

The scramble is not only over rubles, but 
also over dollars, the currency of choice for 
Russia's new rich, and vouchers, the 146 


million privatization coupons distributed to 
every Russian as their share of the national 
wealth. 

Vouchers, which carried a value of 10,000 
rubles when they were issued in October 
1991, can be sold, used to boy shares at ■ 
auctions of state companies, or entrusted to 
one of 657 registered investment funds, which 
vary widely m size and credibility. 

Underregulated and oversubscribed, in- 


training. Cntics say it amounts to a 
double standard that insults the 
young and win Iowa wage rates. 

Mr. Giraud’s compromise would 
pay youths 80 percent of the mini- 
mum wage for doing 80 percent of 
a normal day’s work — nwnmg no 
change in bomiy pay. The other 20 
percent of work time would be 
spent in fo rmal tr aining . 

The changp would apply only to 
those with two years of post-high 
school education or training. 

The government, despite a re- 
cord majority in parliament, has 
consistently withdrawn policies 
when confronted with major dis- 
content — by Air France workers 
over layoffs, fishermen sedring 
price supports, and teachers and 


MEXICO CITY (NYT) — Disputing the government's optimism 
about the projects for a quick end to the peasant uprising in southern 
Mexico, the mmtary commander of the insurgents says they will refuse to 
lay down their arms until at least after a new president is elected in 
August. 

In an interview at a rebd-bdd village in the Lacanddn rain forest, the 
guerrilla leader known as Commander Marcos suggested strongly that his 


. National Liberation Army would reject the peace agreement 
offered by the government this month. He said that while rebel leaders 
were still evaluating (he offer, many of them viewed the government’s 
promises of political changes, land reform and new social programs in the 
southern state of Chiapas as unacceptably vague. 

And though the draft agreement wfll stfl] be presented for a vote by 
peasant communities that support the Zapatistas. Commander Marcos 
said the insurgents would condition any new talks with the government 
on .changes in Mexican law to assure a more democratic political system. 
But even so, it appeared from statements by both rebel and government 

President Carios Salmas de Gratari’s^^.^^S clear utEatthis is 
going to take a very Jang time yet,” Commander Marcos said. 


*fif!S 3 Spiffs 


Bosporus Reopens After Tanker Fire — 

supports, and teachers and ISTANBUL (AP) —The Rosnnnu tea neneri to traffic on Fridav after — 


vestment funds have proved to be a natural 
haunt for Russia’s swindlers. There were sev- 


students against plans to rive more 
public funds to private schools. 


era! notorious scandals in St Petersburg last 
year, where an estimated 350,000 people gave 
their vouchers to companies promising cash 
and other bonuses. The bonuses never mate- 
rialized and the companies disappeared. 

It is not just individuals who are bring 
doped. This month it was discovered that the 
director of one of the country’s largest auto- 
mobile plants, GAZ in Nizhni Novgorod, 
had spent 46 3 billion rubles in statesssned 
credits to buy up the company’s privatization 
vouchers through 15 different firms. 

It was the most blatant case so far of a state 
manager manipulating the privatization pro- 
cess to keep control of his factory, in this case 
one that employs 109,000 workers. 

Despite these celebrated cases, little has 
been done to tighten controls on the invest- 
ment funds, several of which have amasse d 
minions of shareholder who expect hand- 
some first year-end dividends sometime this 
spring. 

The Slate Property Committee, which is 
charged with regulating the funds, cannot 
fine the funds; ail it can do is to suspend or 
take away their licenses. As some experts 
point out, this would hardly be a punishment 
for a company that was already planning to 
skip town. 


Russia and IMF Discuss Terms for Loan 


UNIVERSITY DEGREE 

BACHELORS - MASTERS ■ DOCTORATE 


public funds to private sdiools. 

Mr, Bahadur faces his first na- 
tional popularity test after a year in 
office when French voters choose 
more than Z000 council ore in elec- 
tions on Sunday. 

Often dominated by local issues, 
the two-round vote, with a second 
ballot the following Sunday, will 
determine who controls France’s 
95 departments, the administrative 
districts in cfaai^ of public services 
outside urban areas. 

But analysts wQl be watching 
mainly how support for the center- 
right coalition, which swept to a 
landslide victory in parliamentary 
elections a year ago, has weathered 
a year of recession, rising unem- 
ployment and social conflict. 

“These elections most be a way 
of supporting and showing confi- 
dence in those who are numngmg 
the affairs of state today,” Culture 
Monster Jacques Too bon said. 

A vote of well over 40 percent for 
the coalition parties, me GaoDist 
Rally fra the Republic and the cen- 
trist Union for French Democracy, 
would be a sign of public favor. 

Likewise the opposition Social- 
ists, which dropped to a mere 18 
percent in general election last 
year, win need to win something 
near 25 percent to claim a serious 
revival 

(AP, Reuters) 


ISTANBUL (AP) — The Bosporus reopened to traffic on Friday after 
the crude oil aboard a stricken tanker stopped burning, five days after the 
vessel collided in the strait with a freighter. 

About 200 vessels have been waiting at both sides of the waterway to 
get through. The Bosporus links Istanbul’s European and Asian coasts 
and is a major shipping route. 


ia tests 


The accident occurred Sunday after (he freighter Ship Broker, which m — - — 
as sailing empty toward the Blade Sea, colluded with the oQ tanker * 


Nassia, which was carrying 51,000 metric tons of crude oil from Russia to. 
Italy. Both were registered as Greek Cypriot vessels. Eighteen crew 
members were killed and 12 are missing. 


For die Record 


Five people were HBed and fire were wounded in various incidents of 
related to thc Kordish conflict in southeast Turkey, according to Turkish 
security officials. The dead included two members of the Kurdistan 
Workers Party. (Reuters) 


TRAVEL UPDATE 


Far Work, Lite Mi A rUm k 
i Eijwtemi - NoCtxarm 


W (310)471-0306 
FAX: (310) 471-6456 

Cafl nr write tor Mom uBun 
or send Mated resmn tar Fno Entente* 

Pacific Western University 

600 N Sepulveda BM. Dept 23 
, LoS Angeles CA 900*9 


By Alan Friedman 

foreman anal Herald Tribune 
The International Monetary 
Fund and the Russian government 
plan to work through the weekend 
to seek an agreement on the size of 
Russia's 1994 budget deficit, and 
thus pave the way for the release of 
a long-delayed $1.5 billion loan, an 
IMF official said Friday. 


The technical-level talks follow 
an initial 90-minute meeting on 


examine budget projections in 
more detail Valeri Grishin, a Rus- 


Scamfinamn Airlines System said it will expand its flights connecting 
Copenhagen to Berlin and Vienna to two a day from one and will begin 
service to Saint Petersburg; Talhim, Estonia; Vilnius. Lithuania; and 
Thessaloniki Greece, beginning March 27. SAS will also begin three 
weekly flights to ReyJgawk, and increase its flights to Dublin and Tel' 

Aviv - (Bloomberg) 

pree of Moscow’s fora airports were closed by snow on Friday, with' 
only the domestic airport, Domodedovo, remaining open. (Raders) 
Kraair wffl increase flights abroad ty 7 percent this year, to meet 
growing demand. New routes include three weekly flights from Helsinki- 
to Vilnius, Lithuania, and five flights a week to Manchester, England, via’ 
Stockholm. (AP). 

Afr Pacific, Fiji’s flag canter, has contracts to bring German vacation-' 
ers to Fiji on its new service from Los Angeles starting in July. (AFP). 




1 


Friday between Michel Canute a™ government spokesman, told 
sus, the IMF’s manag in g director, tiie Itar-Tass news agency. 


and Viktor S. Chernomyrdin, the 
Russian prime minister. Mr. 
Camdessus indicated at the meet- 
ing that the IMF was “inclined to 
delay” granting the $1.5 billion 
credit until it had been able to 


Akihito Wifl Visit U.S. For Two Weeks in June 

The Associated Pros Hirohito, in 1989. A Foreign Min- 


ernomyr d in, the An IMF official said that the 
minister. Mr. technical talks “could result in a 
ted at the meet- chaoge within two days.” He said 
was “inclined to Camdessus and (he Russian 
the J] J bill io n P™** minister left Moscow later 
d been able to Frida y for a hunting trip “where 

they can talk one-on-one, and not 

just about tbe$U billion loan” but 

in Tiitu> 8150 about broadcr Russian eco- 
uijuuc nomic and political issues. 

A Foreign Min- Mr. Camdessus on Thursday be- 


To our renders in Holand 

It’s never been easier 
to subscribe and sove. 

Just call taHrag 
06022558 


TOKYO — Emperor Aldhito 
and Empress Michiko of Japan will 
visit lOdtiesin the United States in 
a two-week trip beginning June 10, 
tbegovemmait announced Friday. 

The trip is Akfinto’s first to the 
United States since becoming em- 
peror upon the death of his father, 


istry spokesman declined to com- gan a five-day visit to Moscow that 
ment on reports that Akihito will his aides described as an attemm 


ment on reports that Akihito will his aides described as an attempt 
rial Pearl Harbor during his last “to make bis own judgment” about 

2— TL* .1 f 1 ' '“ .i - .1 


last autumn because of IMF con- 

cent about Russia’s budget deficit 
and inflation figures. 2 Kei 

Mr. Grishin said Friday that the 
IMF delegation was particularly Held 
worried about statements by Vladi- 
mir V. Zhirinovski, the nltranation- 
alist politician, that the draft Rus- NAII 
sian budget “inflated receipts and nafisls l 
minimized expenditures.” Mean- version 
while, Mikhail Zadornov, chair- bail fra 
man of the Russian parliament’s were kil 
budget committee, claimed the charge ( 
government had already included of three 
the IMF loan in its draft 1994 bud- Id the 

get- Nairobi 


2 Kenyan Journalists 

Held for Subversion 


Swiss Curb Asylum-Seekers 


The Associated Press 


Reuters 

BERN (Reuters) — The Swiss 


say (he law, which was 

Wednesdav. cnulri Inid tn 


nahsls have been charged wi ^ 

version and ordered held without police to arrest and' jail foreigners 
bail fra reporting that nine people tailing to identify themselves and 
were killed in an ethnic dash. The gives the authorities sweeping 
charge carries a maximum penalty rights to search homes, 
of three years in prison. The law had been demanded bv 

In - omwal ..... , 


stop in Honolulu. The other stops, the scope for rdeaang the special 
in order, are Atlanta; Charleston, loan. 


South Carolina; Washington; New The special loan, the second 


York; Sl Louis; Boulder, CoJora- tranche of a S3 billion facility that 
do; Denver; Los Angeles, and San was part of a promised Western aid 


Francisco. 


package, has been delayed since formist credentials. 


thelMr loan mils draft 1994 bud- In tharnpratxn The Standard, a several newspapers and rightist 

get- Nairobi daily, Ngumo wa Kuna parties to Grade down on foreigners 

Mr. Chernomyrdin, who in the and Peter Matron said that nine abusing their status as asylum- 
past has been criticized by Western people died and hundreds were dis- sevens, in some cases dealing in 
economists and Russian opposition placed in ethnic clashes at Moio, in drugs while awaiting a decision on 
leaders as an obstacle to economic the Rift Valley about 170 kQome- their cases, 
reform, has in recent weeks been ters (100 miles) northwest of here. Leftist parties and refugee 
seeking to persuade the IMF and The gpvenmem denies the stray groups, which have criticized the 
Western governments of his re- anddaimsit was intended to cause measures as racist and an infringe- 
formist credentials. security problems at Moto. mem of fundamental civil liberties. 


Wednesday, could lead to the on-; 
controlled imprisonment of -far-, 
eigners. A parliamentary spoke*' 
man said that under the law. to lake. 
effect July I, foreigners who larked 
a Swiss residency permit and could 
not identify themselves to the satis- 
faction of the police could be jafled 1 
up to three months. 


2 Die in Greek Train Wreck 


Leftist parties and refugee 
groups, which have criticized the 
measures as racist and an infringe- 
ment of fundamental civil liberties. 


Reuters 

ATHENS — Two people were 
killed and 10 injured Friday when 
two cars of a rn im r un w t rai n de- 
railed near the city of t-arim- 



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-t: 






INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 19-20, 1994 


THE AMERICAS/ 'PRETTY STEAMED 


Page 3 


1 


be suae scajenff !j " k '-t thl%u 

. Praia S ,hc -‘ 
sfkd and 
antes, and 

“J Prime «e» •**«. 

Whghten a' u %- 

seAsksi:-^^ 


l . ha: ‘hr. h.^ Ihar te ‘ 
Ia As ft rt N 


^POLITICAL /VOTES* 


Clintons Turning the Page, Ctorgon Says 


£ii 


rial, the j. h % 

T«i\:er mu v. s- “11^ T reifo* . 
tius ova*. H- 

t sanman rx- n cn Cl j‘ | fc; 

; murdt? 'a -* ,J ' 


s™ wT.ro . • "« a SX 

■ murder 

IB aLoifcsd sx'.ari-I.rP 1 * 


te dlinuni r,-'!;. 1 - =a: k 

Mr. Teuvre: 7- --«' ;r ‘- ^ 

i nerrf.; ■■* r *c 


a PUueipr>;.f & U ?' '•••■* UjoJJt 

i June 1444 u*v»- *!„ ”' ,> clui 2 * 
■ 


Crashes in Ca u 

i 1mmas K a ? ml - , ... _ 
aawno-K.i~.Vl: l Hm... 


aawrso-K jra'ij- ,4 

■AoeFni* 

i&Ltoa Mo*.- 1^. 

- • 01 'car^ 


to. Accord r.2 ; l,; ' s >aW 

i.. *■ ~ «•? rrr.iv-, .. "Xr. 


•eluding < ,;-"f-^ r ‘ T 

*nr\ j 'C .' - n,J ciex 


;enc> cii>:ed n."'' J ae * tip 
of ^ 

eil faxie W. ■ ‘ nursda, M. 


di have -y^ .■-[ '. .' r,u L rs ^j m, 
;t a later t. ",‘ ,^'“ n h > a mob, 

’ wlllOIftj uru.' 


5 Harden Peace T«» 

- Dfapn.ct :nc lei * 

di ere 1 1 *■•'- -. ■ ' rr,mf m> u, 

: to, x'w . ?C. 


~' tl *» lr « d ° 1 «M counselor Divid R. Gtijen 

including health carenio^ ^ 

But he Mad a new While House strategy enmhasizing full disclo- 
sure had finally enabled the White HcSre totunT“£ sipSi 
W f “*“^[f I J 5t °keqj the inquiry into the failed Arkansasland 
ded from sjnftmg roous away from health care and other issues. 

For months, the CHnions had turned aside many questions about 
^JJJ** l alcr a . failed real estate development in which they 
^ ^ d0ne nothin 8 wrong and did not ncS 
■ M®® “Mfly. toer pressure from Repubh- 

tesffinte — - fc <fcdorar “- * I— « 

He has soppoit«i the appointment of a special counsel to investi- 
gate the affair, endorsed a White House memorandum forb idding 
unauthorized cnntnnc j i 


Reagan Accuses Candidate North of Iran - Contra Lies 



ater prqjc 

special counsel and any congressional hearings that may be held. 

Mr. Gergen emphasized the need for the whiic House to be open 
about the venture. But at the same time he said the While House had 

been tonne to ernnhat «■« m 1 . 


promised 


cooperanoo 

i that may be held. 


been Dying to combat “an element of Clinton haters out there who 
haw been trying to stir up things and make trouble for a very long 
period of tune.” [LAT) 


Housa Bars Balanced-Budget Measure 


WASHINGTON — The House has rejected a proposed constitu- 
tional a me nd m ent to require a balanced fed 


of the century. 


deral budget after the turn 


Supporters fell 12 votes short of the two-thirds minority required 

is 271 to IS3. Only 


el«i vilijjr :r- > . . r ,._ 

BUEdcrVi-,.. ton 

- Arrsx -i ■- 

■. atir. - — . . . 


\ aur.j 
land rcfi-“ - 

a.;. 

Jnc Z.r 
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aiwiiTr j :.i. t 
R jtertt 


pr-^raas; 


r ' ? '~nc: k IVm 
-• '■ ■ 

•• - :\’m 
-r-siiKM 


edra::peJ.r.i-~.- ! , v"i'vijJ 

n-TJC: if.:--: V. ■ . . . . 


TI ~ JUVAk VI U1V I 

for a constitutional amendment; the final tally was n\ 10 i:j, uniy 
one Rqjubhcan. Benjamin A. Gilman of New Yoric, voted against it, 
akxig with 151 Democrats and the House's only independent. 
Representative Bernard Sanders of Vermont Ninety-nine Demo- 
crats and 172 Republicans voted for iL 
The vote was more than the academic exercise it might have 
seemed after the measure was defeated in the Senate on March I. In 
fact, it was seriously contested in hopes of gaining momentum for 
the next battle, when the issue comes up again in a year or two 

That une : , ZL.~ . 


That was particularly important because both sides expect the 
Senate the next time to come out better for supporters. 

ik:. .r. _*» . r _*T . ? 


V ? e . — r“ ~ U»l UV1W IV. oupyu. IWO, 

who fell four votes short this time after an energetic effort against it 
by the Senate majority leader, George J. Mitchell of Maine. He has 
announced his retirement at the end of this sessio n, and most of his 


potential successors support the balanced-budget amendment 

donTfed 


* — — wMf|#v4l W AV UUUUlVVU-UUilXUt (UUUUUJIWUU 

Under the amendment the House voted on, federal outlays could 
not exceed receipts in any fiscal year unless three-fifths minorities of 
the membership in both houses voted for a specific deficit. Similar 
majorities would be required to increase the nfltwnni debt. (NYT) 


Senate Gets *3 Striker 9 Crime Package 


•ns After Tanker Fi 


55 *WTU-' "c- •' : J 

tank?; «; rr-.*. - 
h a fro-Jv.r- 
i ax::r.i : • 
is is:;—, i. 


77H._ 




2; \\+ - 
• ::a A-:v,r. 


WASHINGTON — The House Judiciary Committee sent a 
package of anti-crime legislation to a floor vote next week, including 
a bill that would impose life imprisonment for offenders convicted of 
three violent crimes. 

The committee endorsed its version of the “three strikes and 
you're out” measure, 27 to 8, with opposition doming only from 
liberal Democrats who argued against mandatory sentencing. The 
panel's verson, which laigSy followed administration recommenda- 
tions, would affect fewer violent criminals than language the Senate 
passed last November as part of an omnibus crime biEL (WP) 


Quote /Unquote 


George Stepbanopoulos, White House adviser, after receiving a 
from the Whitewater : 


subpoena from the Whitewater special counsel to appear before a 
grandjuiy looking into the case: “I welcome the opportunity to give 
Mr. Fiske the facts/' 


(LAT) 


: By Kent Jenkins Jr. 
ana Michael D. Shear 

WashinpoH Post Sen-ice 

WASHINGTON — * Ronald Reagan hac accused 


who served cm Mr. Reagan's national security staff, of 
lying about the facts. 


never instructed him or anyone in my adnunistja- 
‘ i-contra matters or 


Oliver. L. North, who is running for a~U.S. 

about the former president's 


in Virginia, of lying al F1WICUIS> 

actions in the Iran-contra affair, saying in a letter that 
he was “getting pretty steamed” about “false state- 
ments that one candidate continues to make.” 

I n U’C m-mrag raph letter, which comes tally days forma U.S. senator from Nevada, wi made pnblie by 
Wore a^ificam .artier of delegates will register Me. North's Republican Party o npweni fames C 

* .Tenner bud^ 

rule against intervening in Republican Party battles, 

But as he rose from breezy friendliness to understat- 
ed anger, the former president accused Mr. North, 


iyoni 

lion to mislead Congress on Iran 
anything else." Mr. Reagan wrote. "And, I certainly 
did sot know anything about the Iran-contra 
diversion.” 

He added, “And, the private meetings he said he 
had with me just didn't happen.” 

The letter, which was solicited by Paul Laxalt, a 
former U.S. senator from Nevada, was ™nH<» 


out Mr. North, who derided the effort to involve his 
former boss as “Washington insider politics at its very 
worst.” 

Mr. North accused opponents of a “blatant and 
intentional misrepresentation about thing s I have said 
and written.” 

He announced that he had faxed his own letter to 


Mr. Reagan in Los Angdes. His response noted that 
was “not taking sides” in the primary but 


budget 

administration. 

Mr. Miller offered no comment on Mr. Reagan’s 
entrance into one of the most watched Senate cam- 
paigns in the country. But the letter quickly flushed 


Mr. Reagan was 0 ^ , 

politely corrected the former president. 

“You have been seriously and intentionally misin- 
formed about what I have said about my sendee on 
your National Security Council staff,” Mr. North 
wrote. “It appears that my opponents have intention- 
ally taken out of context ana miato my wards.” 

He said this was Hggig nivt “to salvage a floundering 
political campaign against me.” 


He added, however. 

“Ii is a matter of record that I was in many meetings 
with you in the Oval Office, the White House situation 
room, the Roosevelt and cabinet rooms and other 
places in the White House as well." 

Mr. North's letter also mentioned the five and a half 
years in which he served the administration “loyally 
and Faithfully” and how “my fife and the safety of my 
wife and four children were threatened by the world's 
most brntal assassin, Abu Nidal ." 

Despite Mr. Mills's silence, prominent North op- 
ponents were jubilant. 

They had worked for months to draw Mr. Reagan 
into toe race, and analysts said that the former presi- 
dent's accusations could be the most serious blow so 
far to Mr. North’s high-profile, bigh-doDar senatorial 
campaign. 


Don’t Appear Too Partisan on Whitewater, Republican Urges 


By Helen Dewar 
and Ann Devroy 

Washington Post Service 


WASHINGTON — A leading 
Republican cautioned his party on 
Friday against too strong a show of 
ship in the coming Senate 

on the Whitewater affair. 

The call for prudence came from 
Senator John S. McCain 3d, Re- 
publican of Arizona, following the 
Senate's unanimous vote on a reso- 
lution to look into the financinl 
dealings of President Bifi Clinton 


and his wife when Mr. Clinton was 
governor of Arkansas. 

“Politics is dearly a blood roon 
here in Washington," Mr. McCain 
said. “But at the same time, the 
Republicans have got to be careful 
in the course of these hearings that 
they don't appear too partisan, that 
they are trying to get at the facts 
and treat this issue fairly. Other- 
wise, it could rebound to the bene- 
fit, frankly, of the Democrats. So 
the Republicans have 
eful ii 


careful in their ham 


to be very 
of this 


issue. 


The vote resulted from a com- 
promise that promised an “appro- 
priate timetable, procedures and 
forum” for hearings but left unre- 
solved the sensitive issue of when 
they should be bdd. 

The agreement, ratified by the 
Senate, 98 to 0, after hours of nego- 
tiations, came as two more White 
House officials appeared before a 
federal grand jury reviewing Clin- 
ton administration contacts on 
Whitewater. 

In the Senate, leaders of both 
parties claimed tbey got what they 


wanted from the deal on hearings. 
Bob Dole of Kansas, the leader of 
the Senate’s minority Republicans, 
got his request for joint leadership 
meetings to prepare for hearings on 
all aspects of Whitewater, while 
George J. Mitchell of Maine, leader 
of the Democratic majority, suc- 
ceeded in forestalling any immedi- 
ate deadlines for holding them. 

If the talks do not result in agree- 
ment on a plan for hearings, Mr. 
Dole said, “well be back on the 
floor” for further directions. Mr. 
Dole said he hoped his ««ll« with 


Mr. Mitchell could begin next 
week. 

The agreement, which followed 
pro tract «1 and bitter wrangling 
over Republican d eman ds for hear- 
ings, said they should cover “all 
matters" related to the controversy 
that has come to be known as 
Whitewater, including the Arkan- 
sas land-development corporation 
by that name that was halt-owned 
by Mr. Clinton and Hillary Rod- 
ham Clinton in 1978. 

To overcome objections from 
Robert B. Fiske Jr., the special 


Clintons Rush to Repaint Emerging Picture of Unpaid Taxes 


By John M. Broder 

Los Angela Tima Service 

WASHINGTON — As indica- 
tions grow that the Clintons may 
have underpaid their income (axes 
for IS years, the White House has 
begun a concerted effort to cushion 
die political impact of a new find- 
ing of possible financial violations. 

The Clintons, along with senior 
aides, are conceding in public and 
in private that lax complications 
and mistakes are not uncommon in 
complex business affairs and 
should not be taken as serious ethi- 
cal lapses, if that proves to be one 
of the Whitewater investigation’s 
findings about the first couple. 


A soon- to-be-pu bfished audit of 
the Clintons’ tax returns from 1980 


through 1992 conducted by Money 
magazine concluded that the Gin- 
tons might have underpaid their 
taxes by $16,358, and that their 
total liability for the period, includ- 
ing Internal Revenue Service inter- 
est, could total $45,41 1. The maga- 
zine said that about $8,000 of the 
possible underpayment stemmed 
from questionable Whitewater de- 
ductions. 

White House officials say they 
hope that a strategy of early disclo- 


sure and i 
now 

counsel in the wmtewater case, 
Robert B. Fiske Jr„ issues his re- 



ing Richard Nixon, Jimmy Carter 
arid George Bush, were criticized 


port or if news organizations pub- 
lish evi<‘ 


over problems with taxes and pn- 
Vice 


conducted by a Los Angeles tax* 
attorney and a former IRS tax au- 


counsd investigating Whitewater, 
the agreement stipulated that no 
witness would be granted immuni- 
ty from prosecution over Mr. 
Fiske’s objection and said hearings 
should be “structured and se- 
quenced in such a manner” that 
they would not, in Mr. Mitchell's 
and in Mr. Dole's judgment, inter- 
fere with Mr. Fiske’s investigation. 

At the White House, which one 
senior official said was moving 
from “crisis management to prob- 
lem management” on Whitewater, 
Mr. Clinton said hearings were up 
to Congress but referred to the 
costly history of some hearings. 

At the federal district court here, 
the departing White House coun- 
sel, Bernard W. Nussbaum, spent 
about four hours before a grand 


ety. 


i evidence of financial imprqpri- 


White House aides say they fear 
that new disclosures about the 
Clintons’ finances will feed a pub- 
lic perception that the administra- 
tion suffers from a pattern of ethics 
violations and that the Clintons are 
untrustworthy. 

Other recent presidents, indud- 


vate investments. Former vice 
President Spiro Agnew was driven 
from office after pleading no con- 
test to a federal charge of income 
tax evasion. 

Although such revelations have 
not been fatal to a presidency, they 
tend to reinfarce the existing per- 
ceptions of the character of the 
office-holder, some political ana- 
lysts say. 

The Money ma gazin e study, 


dit group manager, Mary L. 
Duse, foi 


jury looking into contacts between 
White Houst 


Sprouse, found that the Clintons 
committed three “glaring mis- 
takes” in the preparation of their 
taxes in the 1980s and early 1990s: 

They kqpt inadequate records, 
they overestimated the value of 
many of their deductions and they 
relied too much on their tax prepar- 
ers. 

The magazine also reviewed 
Whitewater deductions for 1978 
and 1979. 


ite House and Treasury officials 
on Whitewater. 

These proceedings wore expand- 
ed by Mr. Fiske Thursday with a 


subpoena to George Stcphanopou- 
1 1th administration official 


las. the 

ordered to appear before a grand 
jury here. 


Hillary Rndham Clinton, in a 
aies of i 


series of pree mp tive acknowledg- 
ments over the last several days, 
has said that she and Bill Clinton 
may have claimed Whitewater-re- 
lated income tax deductions to 
which they were not entitled. 

She said t hat , as new informa- 
tion about the poorly documented 
Whitewater real-estate project was 
uncovered, it might divulge previ- 
ously unknown tax liabilities. 


Away From Politics 


•Five astronauts returned to Earth aboard 
the space shuttle Columbia, safely landing in 
Florida after a two-week science and technol- 
ogy research niimw. 

• The president of Coned University, Frank 
H.T. Rhodes, 67, said he would retire at the 
end of the next academic year. 

• The worst Hu season In four yean is eufing 
in the United States, with just three stales and 


the District nf rnlnmhia still citin g hi g h rates 

of the illness, federal health officials said in 
Atlanta. 


• A 71-year-oM man from Simi Valley, CaE- 
fornfa, has died of raley fever, a respiratory 
illness that is contracted by breathing spores 
that grow in soD and may have been forced 


into the air by the Jan. 17 earthquake, health 
said 


officials 

• Hie New Yorit State Comt of 
raumimoosly outlawed the practice of 
mg advance fees that cannot be refunded no 


matter how little work a lawyer performs for 
a client. The finding may affect the Willing 
practices of many of the nation’s lawyers. 

• Albert Einstein CoHege in New Yorit has 
agreed to pay $900,000 to end a sex discrimi- 
nation lawsuit filed by a former researcher. 
The settlement ends seven years of legal bat- 
tles that began when Heidi S. Weissmann 
filed suit alleging that she had been wrongly 
discha r ge d after being denied equal pay, pro- 
motions, raises and a sabbatical because she 
was a woman. Reuters, NYT. LAT 



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Page 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 19-20, 1994 


** 


Zulu Calls for Sovereign State 

King Maintains His Call for Election Boycott 


By Paul Taylor 

Washington Post Service 

ULUNDI, South Africa — King 
Goodwill ZweK ihini of the Zulus 
told thousands of Zulu warriors 
here Friday that his 8 million sub- 
jects should assert the sovereignty 
of a separate Zulu nation by boy- 
cotting South Africa's first demo- 
cratic election next month. 

Nelson Mandela’s absence be- 
cause of security concerns and the 
king’s secessionist rumblings have 
cast a pall over the prospects for a 
fair election in the black homeland 
of KwaZulu, already the site of the 
country’s worst political violence. 

“South Africa's other election 
spoilers have pretty much been 
neutralized, but the Zulu problem 
could derail the process,” said Rob- 
ert Schrire, a political scientist. 
“The tragedy is that it’s a problem 
with no real resolution.” 

Unlike Bophulhatswana, where 
the anti-electron homeland leader 
Lucas Mangope was deposed, the 
royal and political leadership of 
KwaZulu is supported by a resil- 
ient, village-based social structure 
built around tribal custom, tradi- 
tional leaders, government patron- 
age and a warrior culture. 


GUNS: 

Police Implicated 

Cootinied from Page 1 
said, “an investigation afterwards 
would be a futile exercise.” 

Nelson Mandela, the ANC lead- 
er, has long alleged that security 
forces were secretly backing In- 
katha, the Zulu-based political par- 
ty headed by Chief Mangosuthu 
Buthelezi, in an attempt to prolong 
white rule. 

A 1991 scandal revealed the gov- 
ernment had secretly funnel ed 
money to Inkatfaa. 

Inkatha is boycotting the April 
26-28 election and has recently 
been threatening to fight to defend 
a sovereign Zulu kingdom in. its 
stronghold of Natal. It says it does 
not want to be dominated by a 
future ANC-Ied central govern- 
ment 

The report, based on testimony 
of former policemen, said that an 
investigation begun in February 
had turned up evidence that mem- 
bers of a former polioe unit were 
involved in smu g glin g guns to In- 
katha and were involved in insti- 
gating violence, including massa- 
cres on trains. 

The commission said it obtained 
evidence of a secret police unit, 
now disbanded, that was com- 
manded by a Colonel Eugene de 
Kock. The unit was named Vlak- 
plaas, apparently after a farm 
where it allegedly operated. 

The report said the evidence in- 
dicated that senior police officials 
were aware of the unit's activities. 
There officials included, it said, the 
No. 2 officer. Lieutenant General 
Basie Smit; the police force's intel- 
ligence chief. Major General Krap- 
pies Engelbrecht, and another se- 
nior officer. Lieutenant General 
Johan Le Roux. (/IF. Reuters, AFP) 


As he spoke, thousand of impis, 
armed Zulu warriors, did war 
dances with spears, sticks, shields, 
guns, rifles and AK-47s in the same 
emerald green valley where their 
ancestors danced a century ago. 
when the Zulus became famous for 
inflicting a defeat on the British in 
1879. (British troops regrouped six 
months later and used cannon to 
mow down Zulu resistance.) 

Today’s Zulus are the largest 
tribe in South Africa, and they have 
a history of mistrust of and disdain 
for the second largest tribe; the 
Xbosa. from which the ranks of 
most of the top leadership African 
National Congress, including Mr. 
Mandela, are drawn. 

Surveys show that most Zulus 
want to take part in the election 
and remain part of South Africa — 
and vote for Mr. Mandela. But a 
significant minority, older, more 
rural and tradition-bound, is re- 
sponsive to the call of ethnic na- 
tionalism, especially from their 


le king's argument is that the 
Zulus are sovereign because they 
were never defeated in battle either 
by the current South African gov- 
ernment or the forthcoming ANC- 
Ied government, and that the “na- 
tion's'' boundaries should revert to 
what they were before 1834, when 
King Shaka unified a collection of 
waning tribes. Most historians find 
the claim spurious. Compounding 
the sovereignty problem, KwaZulu 
is an apartheid-created economic 
backwater of more than two dozen 



PERRY: New V.S. line on Russia 


I-* 




cape the shadow of his domineer- 
ing uncle. Chief Mangosuthu Buth- 
eleri, who is chief minister and 
police minister of KwaZulu, tradi- 
tional prime minister to the king 
and president of the Inka tha Free- 
dom Party. 

in the 1970s, Chief Buthel ezi — 
the more sophisticated, educated, 
and worldly man — froze (he king's 
salary and muzzled him when the 
king showed inklings of political 
independence. 

In the context of today’s crisis. 

Chief Buthelezi is a federalist and 
the king an ethnic nationalist. 

Chief BnLbelezi’s failure over two 
years of negotiations with the ANC 
and government to get a constitu- 
tion with more regional powers has 
led him to “unleash (be king” and 
“play the ethnic card," in the words 
of one Buthelezi adviser. 

South African authorities are 
likely soon to have to face up the 
same question they confronted in 
Bopbutfaatswana: Should they 
move troops into KwaZulu to as- 
sure free political activity? 

KwaZlUU has nO power 10 repel a Midori Ewoficv 'Ajmer France Pra-c 

conventional armored column —it Deputy Defense Minister Andrei KakosHn, left, with Defense Secretary WiBiani J. Perry in Moscow 
has no defense force. But its impis on Friday. Washington pledged $20 mflli nn to convert Russian arms makers to drifian output 
could well survive indefinitely with 

a guerrilla destabilization cam- - 

paign from the villages in the roll- 
ing hills of KwaZulu, where 
armor cannot penetrate. 

“If they roll the tanks into 


Continued from Page 1 

ventures here. "This will be done in 
partnership with American indus- 
try, so it’s good for American busi- 
ness as well," said Ashton Carter, 
assistant secretary of defense. “So 
everyone wins in this scheme.” 

Mr. Perry's negotiations showed 
the difficulty of making policy at a 
finv* of growing nationalism in 
Russia and growing skepticism in 
the United States. 

Fa gw to soothe wounded super- 
power egos here, Mr. Perry praised 
Russia's peacekeeping role m Bos- 
nia and stressed that, as a big coun- 


flow bolster those here who say 
tha t aid is intended only to weaken 
Russia while enriching American 
capitalists. Many here say they be- 
Here, for example, that Washington 
is helping finance the denucleariza- 
tion of the former Soviet Union to 
enhance America’s status as the 
sole superpower. 

Such altitudes were exemplified 
by Vladimir Lukin, former Russian 
ambassador to Washington, thjfc 
weds when he likened the NATC/ 
partnership program to a “rape” of 
Russia. But Mr. Lukin, generally 
considered a centrist, is far front 


try, Russia should be expected to done. A rewntartide in the Ne- 
pjay a big role in the NATO part- avramaya Gazete suggested that 

of- Washington was intent on me- 


V jtiW . 


pity a big 

□exship program. But wary 
rending bast Europe or its protec- 
tors in Washington, he and his 
team added that no “special status” 
for Russia was being considered. 

Similarly, Mr. Perry spoke out 
for closer American aes with Po- 
land and Ukraine, but added that 
such ties were not intended as a 
buffer against Russia. 

Such rhetoric, and (be decision 
to channel American aid through 
American companies, is under- 
standable given growing doubts in 
Congress about sending money to 
Russia when Moscow seems in- 
creasingly truculent and uncooper- 
ative. 

But both the rhetoric and the aid 


le rou- . 

heavy Bentsen Will Deliver Clinton’s 'Go West 5 Message to Asia Forum 


Ulundi, we wouldn't even engage 
in a set-piece battle like that.” said 
Phillip PoweC, a former South Afri- 
can policeman and current Kwa- 


unconnected land masses, which Zulu member of parliament, who 
gets more than three-quarters erf its has trained 5,000 impis in self-de- 


budget from Pretoria. 

The king, a direct descendent of 
Shaka, has held the throne for two 
decades. But only in the last two 
months has be brat allowed to es- 


fense over the last six months. 

“But believe me, if they did that, 
the guerrilla resistance would grow 
tenfold,” he said. “I have a deep 
sense of foreboding.” 


Continued from Page 1 
in the industrial West — are bring- 
ing themselves into modernity in 
the space oT a angle generation, in 
a growth spun that Treasury ex- 
perts argue will ultimately rank 
with the Industrial Revolution and 
the Renaissance. South Korea 
alone, in a single generation, grew 
as much as the United States did in 
the last century. 


If that is the direction history is 
going, said Laurence Summers, un- 
da 1 secretary of the Treasury for 
international affairs: “We want to 
make sure that we don’t look back 
in the year 2050 and say that the 
1980s and 19905 woe when it all 
began and bad we rally done X or Y 
we would have been fully a part of 
it." 

Whether the din ton team can 


mnhilra* Ameri ca n h nrinesfl re n tal 

to folly exploit the opportunities of 
the Asia Pacific region is still an 
open question, but the administra- 
tion has certainly put its mouth 
where it wants its money to be. 

“People, especially in Europe, 
think we are an Atlantic nation,” 
Mr. Bentsen said. “We are also a 
Pacific nation. We do more trade 
across the Pacific than the Atlantic. 


y ousting Russia” from 
Central Asia and the Caucasus. 

Mr. Perry, who also met with a 
group of Russian legislators, ac- 
knowledged that although some 
were positive about the relation- 
ship. others were highly skeptical 

“The skepticism, it seemed to 
me. was like some of the skep ticism 
we hear from critics in the VS.," 
Mr. Perry said. 

He added that he delivered the 
same message to skeptics in both 
countries: “It's not that we are do- ■ 
ing favors for Russia or that Russia 
is doing favors for us. We are nn- 
demking joint programs which we 
believe are in our mutual interest.” 1 

He added: “Critics don't seem to 
believe that it’s possible to do. 
things that axe mutually benefidaL 
They look at it as zoo-sum, that if 
it's beneficial to one country h 
must be harmful to the other.” 

Mr. Perry rgecied such criticism 
as vintage Gold War thinking 

American officials sty they hope 


Our largest state is on the Pacific, 
isn’t it?" 

Nationally, Mr. Bentsen added, 

60 percent of America’s exports — 

S270 billion wrath of products — ^ 

now go to the 17 Asia Pacific na- the new rhetoric of “pragmatic 
—ii partnership” can persuade Con-® 


CHINA: Washington Is Studying Ways to limit the Impact of Sanctions PACT: 


Continued from Page 1 
campaign speeches accusing Presi- 
dent George Bush of coddling Chi- 
na, but it would fall short of the full 
revocation of China 's status threat- 
ened by Mr. Omtan last year. 

Administration officials have 
been trying to demonstrate that 
Secretary of State Warren M. 
Christopher did not back down on 
human rights during bos ill-starred 
visit to Beijing last weekend. 

“1 pulled no punches and I yield- 
ed no ground** in talks with Chi- 
nese leaders, Mr. Christopher told 
a House Appropriations subcom- 
mittee Thursday. He said the Chi- 
nese, who had been getting “mixed 
signals” about the administration's 
commitment, now understand that 
their trade status is in jeopardy. 

Mr. Christopher is to report to 
Mr. Clinton by the end of May 
whether China has made “signifi- 
cant overall progress” in the last 
year on seven specific rights issues. 

If his report is negative, Mr. 
Clinton has said he would not ex- 
tend China’s status, which allows 
Chinese goods to enter the United 
States on an equal footing with 


raining good relations with the seems to be feasible," Mr. Gnisto- Bosnian Entity 
United States. pher said in a telephone interview. J 

The other five conditions, in- 
cluding an end to j amming of Voice 
of America broadcasts and release 
of political prisoners, are matters of 


dons whose finance ministers will 
be represented in Hawaii. 

“Asia is a continent that eco- 
nomically could be larger than Eu- 
rope and the United States com- 
bined within rite next 50 years,” 
Mr. Bentsen said, wanning to the 
subject “By the year 2000, even 
leaving Japan out, some 75 million 
Asian households will have in- 
comes comparable to middle-in- 
come Americans. We are 


Continued from Page 1 

Bosnian Serin to join the new fed- 
erated state formed by Bo snian ’s 
Muslims and Croats. 


talking 

about economies that makeup half 
of the world’s output, but the fi- 


■ Ethnic Purge Continues 

David B. Oitaway of The Wash- 

inaonPast reported fran Sarqevo: ^ efficiently raise foreign capi- really want to create a democratic; 
Serbs m northern Bosnia are in . . - uipi ntic -. on B# „ f _ „ 


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PAHS and SUBURBS 

HOPE INTERNATIONAL CHURCH (Evan- 
gafcaQ. Swv 930 an Hotel Orion. Metre 1 : 
EsptoraJe de La DOenee. TeL 47.735354 
or 47.75.14^7. 

SAINT JOSEPH'S CHURCH (Roman 
Cathofic). Masses Saturday Ewmg 8:30 
p.m., Sunday. 9:45, 11:00, 12:15 and 
6:30 p.re. 50, avenue Hoche, Paris 8th. 
TeL 4L273&S&. Men: Chafes de GaJe - 


GENEVA 

EMMANUEL CHURCH. 10 

ajti. Eucharist & 2nd & 4th Sun. Morning 
Player. 3 me ds Mcntau* 1201 Geraw. Sw*- 
rarfand. TeL 4112273280 78. 

MUNICH 

THE CHURCH OF T>€ ASCENSION, Sul 
11:45 am. Hoty Eutarist aid Sinter School 
Nursery Care provided. Seytathstrasse 4. 
81545 Munich (HariacHng). Germany. TeL 
48896481 86. 

ROME 

ST. PAULS WTTHN-TH&WALLS, SUV 830 
am Holy Eucharist Rte 1 1030 am Chad 
Eucharist Rto H; 1030 am Church School tor 
chUen 8 Nuooy care proridsdS 1 pm Spani- 
sh Eucharist Vn Napoli 58, 00184 Rome. 
TeL 396 488 3339 or 39£ 474 3569 

WATERLOO 

ALL SAINTS' CHURCH 1st Son. 9 A 11:15 
am Holy Eucharist «th Cretan's Chapel at 
11:15. Al afar Sundays: 11:15am Holy Eu- 
charist and Sunday SoiooL 563 Chausaes de 
Louvain. Ohain, Bdgfcjn.TeL 332 3843566. 

WIESBADEN 

THE CHURCH OF ST. AUGUCTFE OF CAN- 
TERBURY, Sun. 10 am Farriy Eucharist 
Frankfurter Strasse 3, Wiesbaden, Genreny. 
TeL 496113056.74. 


goods from other friendly nations. 

Revocation would subject Chmese- 

made products to stiff tariff duties, With the deadline looming, U.S. 
jeopardizing one of the fastest- polity may look like dangerous 

growing markets for Ufi. trade, brinkmanship, one senior official 

Mr. Christopher said China would said, but there is no alternative be- 

be ill-advised to call the Clinton cause “the only way you §et any- judgment, Mr. Christopher said, 

administration's bluff. tiring out of the Chinese is to be But he said malting this distinction 

“It’s going to hurt their econo- K»gb with them.” was merely “descriptive” of the 

my,” he said. “We take 38 percent Administration officials have la- president’s executive order and 
of their exports. They have over a bored all week to overcome what should not be read as a signal of a 
$20 billion surplus with us. So it ^ey as excessively negative softened position on the five issues, the final stages of terrorizing all __ «n m ^t hi n7tii?X UmtS 
would have a significant impact on press coverage erf the Bqjing visit In the interview, Mr. Christo- remaining Muslims into fleeing ^ 

nrin» Everyone talks about the Several senior officials said Mr. pher rqected the notion heard from their homes. Entire villages nluSnafmmt fiw r m 

impac t on the United States if we Christopher had spoken bluntly to among many critics of the China and thousands of people are now 

have to revoke MFN. No one the Chinese and made more pro- policy that the administration now asking for the first time to be evac- 

seems to realize that it’s going to grass in the talks than the Chinese regretted drawing the human- uaied en masse, according to UN ^ 

have an impact on China." have admitted publicly. righte line in the sand and was officials in Sarrgevo. savhSj ratesl admire thraL lam 

Much of the U.S. business com- In his May 28 executive order for i 1 w Xf ul ' rirxr While the Bosnian conflict seems envious of them. But they are not 

murrity and some business-oriented making renewal of China’s trade rj *“ . m " finally to be winding down, there is that high to pay for a Century Free- 

officials in the administration, es- privileges condjUonal upon rights loaraw,^ nesaa ineian- more and more evidence that Bos- way every week. Corporate re- 
perially al the Commerce Depart- progress, Mr. Clinton listed seven ovotu agnmrant nian Serbian ultianationalists are tamoH earnings won’t do it. Bor- 

ment, oppose the tinkage of trade specific areas of toncem. ^ abcad mercilessly with rowing at the local bank won’t do 

But Mr. Chnsto- Christopher raid Thursday that SiKtiSty SSL thar campaign to creatc an ethm- it They need outside capital. 

^ — China had made some progress on antnmeticauy calculate this. cally pure Serbian stale that neither ~ ^ 

the only two of the seven that are The i language was adopted after u>j % European Union nor Ameri- 

“mandatory” — allowing freer cm- consultation with Congress, he ^ mediators will be able to 

ignition and compliance with a said, ami Qmgress will have to be change later with thar various 

China-U.S. agreement banning the f 21 —**?* w ?“ 1 “ e compliance be- peace plans, 

export of goods made by prison China s status can be extend- 
ed. 

He and other officials have re- 
jected criticism that the language is 
so vague China cannot know what 
is required. During his visit, Mr. 

Christopher said, be told the Chi- 
nese exactly what is required under 
each of Mr. Clinton’s seven points. 


gress to keep' approving American 
aid for Russia for what Mr. Perry; 
called “the advancement of United - 
States national security interests.” ; 

At the same time, American offi- ■ 
dais say they hope to reach out to' 
“moderate nationalists” in Russia - 
who understand that Moscow can 
no longer be seen to be blindly; 
following Washington but who also - 
know that Russia cannot succeed ■ 
. . . .. _ without Western aid. 
tput, but the fi- . 

nance minister of these economies Foreign Minister Andrei V. Ko-; 
have never met all together in one tyrav. an early proponent of close . 
room," ties who has recently remade him- - 

A dminis tration nffirfalu p lan to se ^ * pragmatic natio nali st. ; 
use thi< mftftrinB specifically to dis- recen tiy said; “There is no reason- 
cuss how Asia- Pacific countries can able alternative to partnership if we 



\r- 


lfRI< 


Russian state." 

Like Mr. Perry, Mr. Kozyrev saw! 
parallels in the opposition in both- 
countries. 

“Only reactionary forces in the' 
military-industrial complex and', 
the bureaucracy of both countries - 
would like to thwart our partner-' 
ship,” he wrote recently in Izvestia. ! 


11 


Z-V- LT 1~~ 


and human rights. But Mr. 
pher and other offidals said they 
were confident that they had the 
support of Congress — and that the 
Chinese now understood that He 
and other officials said the Chinese 
leaders also understood that Lbey 
have strategic and political reasons, 
as well as economic ones, for main- 


labor. 

On 


those points, “compliance 


CELLE/HANNOVER 
INTERNATIONAL BAPTIST CHURCH, 


EUROPEAN 

BAPTIST CONVENTION 


STRASBOURG 

ST. ALBAN (AngBcat) at rEgbe das DarrdnL 
cains. Eucharist 1030 am. comer Btvd. da la 
VWofro & rue da rUntvaraM. Strasbourg 
(33) 88 35 03 40 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, rear Hdabashi Stn. TeL- 3261- 
3740. Worship Servioa: 930 am Sundays. 

TOKYO UMON CHURCH mw Omotasan- 
do subway ate. TeL 34000047, Vtanftto ear- 
vices Smday 830 a lift) am, SS at £45 
am. 

VIENNA 

VngMVA CHFVSTIAN CENTER A CHARIS- 

MATIC FELLOWSHIP FOR VIENNA'S IN- 
TERNATIONAL COMMUNITY. * Engttoti 
Language * Trans-denorinafanaL meats al 

Sund^EVERYONE IS WELOTMETFor 
more ri ot ma dai cat 43-1 -3l8-74in 

THE EPISCOPAL CHURCHES 
OF EUROPE (AngMcon) 

PARIS and SUBURBS 

THs AMERICAN CATHEDRAL OF THE HO- 
LY TRJNTTY. Stn. 9 4 11 am 10 am Sun- 
day School lor chfldran and Nursery cane. 
Third Smday 5 pm. E ven so n g . 23, awnjB 

George V, Paris 750C6. TeL 33^47 20 1792. 
Meter George V or AfcnaMaroeau. 

FLORENCE 

ST. JAMES CHURCH. Sun. 9 am Rte I & 
1 1 a-m. RHe It. Via Bernardo RuceDaJ 9, 
50123, Rorance, tely. Tel: 39552944 17. 

FRANKFURT 

CHURCH OF CHRIST THE KINS 
(EpecopaMnqfcan) Sltl Holy Canmirion 3 6 
11 am Sunday School and Misery 10:45 am. 
SebasSm Rhz St 22. 60323 Frariluit. Goto- 
ny. U1.Z 3 Mkyiel-Afee. TeL- 4989 5501 84. 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets at 1600, Bona Nam BepM Church 
Canards la Ctotet de Badaguer 40 Pastor 
Lance Borden, Pit 410-1681. 

BERLIN 

INTERNATIONAL BAPTIST CHURCH. 
BERLfL Rotonbug Ste 13, “ " 
study 1045, woshto at 1230 < 

Charles A Warlord. Pastor. TeL 030-774- 
467a 

BONN/KOLN 

THE teTTEFNATIONAL BAPTIST CHURCH 
OF BONKCKOLN. Rhefnau SUne 9. KHn. 
Worship 130 pm. Calvin Hogue, Pastor. 
TeL {02236)47021. 

BRATISLAVA 
Bfcte Study in Engteh 

ftafeady Baptist Church Ztaskaho 2 1630- 

BREMEN 

INTEWATIONAL BAPTIST CHURCH i 

gSsh language) meets es ■ 

cWtah _ . . 

HamarwBose-Str. (around tee comer from 

the Bahnfof) Sunday worahii 1730 Ernest 

0. Walsr.pastor.Td 04791-12877. 

BUCHAREST 

INTERNATIONAL BAPTIST CHURCH, 

Slrada Popa Rusu 22- 3£0 pm. Cortad 
Richardson, TeL 01091-61. 

BUDAPEST 

kwmalfanal Baptist Febwdip.nBhtou.56 

i entrance Tapofcsanyl u 7, ti 

ffrortertrance). IQaOBfcifl! 

pm. Pastor BabZbhdsn. TeL 11581K 

Reached by bus 11. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 
Sofia, Grand Naradno Scbronia Squae. Wor- 
ship 11:00. James Duke, Pastor. 
TeL 704367. 


Vftndrmfan Stasse 45, Cele 1300 WoraKp, 
1400 BUe Shidy, Pastor Wert CampbeL m. 
{05141)46416. 

DARMSTADT 

DARMSTADT/BBERSTADT BAPTIST IA&- 
SK3N. BUe study a WorsNp Sunday 1030 
am. Stttenission DaCberetadt, Bueschetetr. 

22. Bbb study 930, worship 10:45. Pastor 

Jin Wabb. TeL 061 55600921 & 

dOsseldorf 

INTERNATIONAL BAPTIST CHURCH En- 
gfch. sa 1030, worship 1135. CWdren's 
church and nusary. Meets at tee Wematongl 
School, LeudHertnsger Kkchweg 2,0-Kar- 
senmedh. Firiendte fefcwshij. Al danomens- 
tlona wetoome. Dr. WJ. Delay. Pastor. 
TeL- 021 1/400 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 

SHIP Eiangafech-FreldchSche Gemerxte, 
Sod8!Wtr. 11- 18.638 0 Bad Hombwft pho- 

rm/FsK 06173-62728 serving the Franldurt 
and Taurus areas, Germany. Sunday wor- 
ship 0945, misery + Sunday-arfiool 1030, 
womerfs btote s&xSes. Hcxisegroips - Sun- 
day + Wectoesday 1930. Pawor M. Levey, 
member Euopeai Baptist Ccnmtfoa "De- 
dam His ^ory amonget the raaksw." 

BETHEL INTERNATIONAL BAPTIST 

CHUR0L Am Daehdrag 92, FrarMuiaM. 

Suiday woahb 1 1 30 am aid BOO pm, Dr. 
Thomas W. HR pastor. TeL 069-549559. 

HAMBURG 

INTERNATIONAL BAPTIST CHURCH 
OF HAMBURG meets at TABEA FEST- 

SAAL. AM ISPaC 19, HamburgOstdorf. 

BUs Study al 1 1 30 & Worahkj a 1230 eadi 
Suxby.TeL(KOW0616. 

HOLLAND 

TRWTTY BAPTIST &S. 930, Wdsh^j 1030, 
nursery, warm fMcrwship. Meets at 
Btoemcamplaan 54 In Wassenaar. 
TeL 01 751 -78024. 

MOSCOW 

NTERNATIONAL BAPTtST FELLOWSHff* 
Meeting 110tt Kirw Cwtsr BrJdng 15 Druz- 
nuhtontawslsya UL 5th Ftoor. Has 6, Metro 

Station B ardrad naya Pasta' Brad Sterney Ph. 

(085)1503233- 

MUNKH 

NTERNATIONAL BAPTIST CHURCH OF 
MUMCH Hohstr. 9 Erntah Language Ser- 
vices. Stole study 1 emWorshJp Service 
1700. Pastort phone: 690B534. 

PAMS and SUBURBS 

EMMANUB. BAPTIST CHURCH, 56 Rue 
des Bons-Raisins. RuaiFMalmaisan. An 

Evangrtcal chuch tor tee BvGgh speaking 

community located in me western 


BAnCOjOIIA: (03) 3149154. 

TaL (02) 6600226. 

(06128)72109. 
0 ENEVAffEftt (Q22) 7741596. 

HFmnma; (06221) 78-2001 or f0821> 
581718. 

LONDON; (061) 891-0719 
IMBBCHe ((1621) 47-2486. 
NETHBR4HDS:(071} 14-0968- 
NURNBERO/FRANCONIA; (0911) 
46 7307. 

WWSS(1)-«-77-96-77. 
ZUnCHWWIBRIHUR: (B212137333. 
ITWtf«8)(621>8B-17ia 


assoc of wra churches 

IN EUROPE & MIDEAST 


KES 


_ 945; Wmhto: 10^5. CMderfs 

Chuch and Ntoreoy. Youfi mnistriBB Dr. B.C. 

Thomas, pastor. CaT 47^139.63 or 

47 j4S.1&29tor 'rtonstion. 

PRAGUE 

totomattonal Baptist PaSauahto meete at tee 
Czech Baptist Church Vindvadska a 68. 
Prague a At metro stop JHmz Podetxao 
Sunda^m. 11. *00 Pastor Bob Ford 

WUPPERTAL 

Inte rna tio na l Baptta Church. English. Ger- 
nan. Persian. Worehip 1030 am, Seierstr. 
21. Wuppertal - BberWcL Al denomtoai i ons 
welcome- Hans-Dleler Freund, pastor. 
TtdL 02004698384. 

ZURICH 

INTERNATIONAL BAPTIST CHURCH of 
WUanswl PErichJ, Sw*Z8j»xJ. Roeerherg- 
strasse 4. Worship Sendees Sunday 
naringslimTeL 1-7008812. 


BERLIN 

AMERICAN CHURCH IN BERLIN, cor. of 
Clay Aflae & Potsdaner Sic, SS. 830 am, 
Worship 11 ajn TeL 030-8132021 . 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS. Smday School 
930 am and Ctuch 1045 am. Ktscnberg, 
19 (al Ihe Int School). Tel.: 673.0531. 
Bus 95. Tram 94. 

COPENHAGEN 

NTERhWTiCMALCPUPCHotCaperhagen, 
27 Farvwgada Vartov, mar RAdhus. Study 
1(h15 & 1 130. TeL 31624785. 

FRANKFURT 

TRWTTY LUn-ERAN CHLBCH. 

Alee 54 (Across texn Burger HoeplaO. 
day School 930, worship 11 am. TeL (069) 
599478. 

GENEVA 

EV. LUTHERAN CHURCH of Gerrava. 20 
roe Verdeans. Sunday worship 930. in Ger- 
man 11 30 h Engbh. Tat (OZZ) 3105089. 

LONDON 

AMSBCAN CHURCH in London at 79 Tot- 
tenham CL Rd. WL Worship at 960. SS at 
1CL00 am. Sung wnhip d 11 am. Goodge 
SL Tube: Tet 071 -580 2791. 

OSLO 

American Lutheran Chuch. FrizneragL 15 
Worship & Sunday School 10 i.m. 
TeL (02) 443584- 

PARIS 

AMERICAN CHURCH IN PARIS- Worship 
1130 am. 6S, Ouai dOraay, Parts 7. Bub S3 
al door, Metro Akna^Uamsajcrlnwidas. 
STOCKHOLM 

MMAMUEL CHURCH. WonNp ChrW In 
Swedish, English, or Korean. 11:00 am. 
Sunday. Birger Jarlsg. al Kungatensg 
17- 46/08 / 15 12 25 x 727 tor more 
MbmaSon. 

VIENNA 

VIENNA COMMLMITY CHURCH, Sunday 
worship In English 11:30 A.M.. Sunday 
school, nursery, rte maliu ii j L aS denomi na - 
ttorawetooTte Doratieeigasae 16, Vienna 1 . 

WARSAW 

WARSAW INTERNATIONAL CHURCH. 
Protestant Engferh language npaMstes. Sun- 
daj® 11:00 am (SepL-Mey). 10 am Jute- 
Aug); Sunday School 9-S5 (Sept-May) UL 
Mbdowa21.feL‘ 


IFieaqflo 
iw Vienna 


Meal: 06604155 
or fane 0604D-17S413 


The UN High Connnissioiier for 
Refugees (UNHCR) is facing the 
politically sensitive dilemma of 
whether to take actions that -would 
advance Serbian goals of establish- 
ing an ethnically pure state. UN 
officials fear they risk being ac- 
cused of abetting sab designs if 
they do evacuate whole villages, 
but also of callous indifference to 
the plight of thousands of Muslims 



The secretary pointed out that 
multilateral development banks, 
like the World Bank and the Asian 
Development Bank, have been a 
major source of capital for develop- 
ing countries in this region. Bat 
both are now short of funds, and 
the United States has not been re- 
plenishing them as it has in the 
past, because of recent budget cuts. 

The administration is trying to gel 
Congress to free some funds. 

“In these budget-axing times, 

Tve beard people question why do 
we give money to those banks,” 

said Mr. Bentsen. “Let me put it said. The soldiers then opened fire 
uus way: When you have satisfied on nearby homes and 


Indian Forces Kill 8 $ " 

After GnerriOa Ambush ' 

The Associated Press 

■ SRINAGAR, India — Indian 
militaty forces shot to death at least! 
eight civilians and wounded 10 on 
Friday after being ambushed by_ 
militants in Kashmir, witnesses' 
said. 

The guerrillas fighting for inde- - 
pendence from India ambushed a- ' 
convoy of members of India’s Bor- : 
dor Security Force and army sol- , 
(tiers, killing one soldier and injur- - 
ing four before escaping, pcucei 


the American market for 747s, you 
have to sell them somewhere else. 


tive population of nearly 1,000 peo- Those developing countries are the 
pie, have approached the UNHCR ones that need airplanes, and they 

nfCp* in On-:- f <• — . • , .. . 


office in Banja Luka to request 
evacuation. 


are turning out to be pretty good 
customers." 


in Anantnag, a town 45 kilometers 
(30 miles) south of Srinagar where 
the rebel attack had occurred, ihe 
witnesses said. The police said 8 
were killed and 10 inured by Indi- 
an forces. 


DAYDREAMS By Joel Davajan 




UNHJUUAN UNVERSAUSTS 


r«L 43-29-70. 

ZURICH 


UNTTARWN UMVERSAU5T felomrtfes 4 
contacts h Euope include: 


NTERNATIONAL PROTESTANT CHURCH 
EnttiSi gp o afc te g , wortoNp son tea, Sunday 
School & Nursery. Sundays 1130 am., 
SchaBEngassa 25. Wfc (01 ) 262S25. 


ACROSS 

1 Kind of court 
6 Like good 
cheese 

10 Noncom: Abbr. 

14 Seem scheme 

19 Deflate 

20 Cleave 

21 It may come in 
rats 

22 Redolence 

23 Author's dream 

25 Farmer's dream 

27 Levied 

28 "Workshop 
fixtures 

30 They can knock 
you out 

31 Goes to waste 

32 Handles 

33 Without plans 

34 Endorse 
publicly 

37 Riveting name? 

38 Proverbial 

starting point 
on the 
corporate 
ladder 

42 Part of a French 
countdown 

43 Prospector's 
dream 

45 Govt, seed 
agey. 

46 " . Our 

Help in Ages 
Past* (ola 
hymn) 


47 Venetian 
magistrate 

48 The College 
Widow- 
playwright 

49 Formula One 
car 

51 An style 

52 Scientist's 
dream 

56 Pollute 

57 "Hurry up!" 

59 Ancient symbol 

MJ Yens 

61 Honey badgers 

62 Coach 
Parseghian 

63 Social srrata 

64 Stress, in a way 

66 Kenton of jazz 

67 Ouack: Var. 

70 Matriculates 

71 Politic ian's 

73 Indie manner 
of 

74 Tusks, to a 
bounty hunter 

75 Any snip 

76 SmeO — — (be 
suspicious) 

77 British 
automatic 

78 Noted rights 

79 Prosecutor's 
dream 

83 Intimidate 


Solution to Poede of March 12-13 



84 Word elisions, 
as in 

"forecastle'’ to 
"fo'c’s’le" 

87 Ethos 

88 Corpus header 

89 Tuneful pipe 

90 Celerity 

91 It's often held 
in diners 

92 Dispenser 

95 Climb 

96 Practical jokers 
100 Optimist's 

dream 

102 Solver's dream 

104 Good on one's 
feet 

105 Isn't colorful 

106 Anthony or 
Barbara 

107 Professional 
negotiator 

108 Old hat 

109 Gear tip 

110 20's tennis 
champion 
Lacoste 

111 Musical marks 

DOWN 
1 Sunscreen 

playwrigh 
Burrows etaL 
J Ticket 

4 Belt FTP* 

5 Studies 

6 City on the 
Rhone 

7 Decorate, as a 
book 

8 * of 

Destruction" 

i l965 hit) 
luslim ascetic 
10 Person with a 
racket 
11 Turns 
12 Ring 
highlights? 

13 Zenith 
14 Business bloc 
15 George of the 
Senior P.G-A. 

16 Yawn producer 
17 Cupid 
18 Children’s seats 
24 Abbr. on 
company 
letterheads 
26 Weird 


O Nets York Tunes Edited by Will Shore. 





29 Net man 
Nastasc 

32 Concierge’s 
place 

33 Dim 

34 Subwar stations 

35 Grass fungus 

36 Baseball 
player’s dream 

37 Book next toa 
dictionary 

38 Method 

39 Actor's dream 

40 Too plump 

41 Stable residents 

43 Ambulatory 

44 Loaf 

47 — — Basin 
(Ukrainian coal 
region) 


49 

50 " Irish 

Rose" 

52 Legal clerk 

53 Chatter 

54 Pastoral 

55 Silly 

56 Tyrant 

58 Plymouth pop 

60 Physician's 
patron saint 

63 Lemon, e.g. 

64 Means of 
control 

65 Messenger 

66 Search . 

68 Turgenev 
heroine 

69 Harangues 


71 Greek letters 

72 Incarcerated 
75 Hook’s 

henchman 

77 Deliberately' 
gum up the 
works 

79 Good-natured 
fellow 

80 Deadlock 

81 Coward of films 

82 More 
inexperienced 

83 The sun 

85 Twosome 

86 Complied whh 
88 Halloween 

figures 


90 Tracker's guide 

91 A ship to. ; 
remember 

92 ’56«>rp-if 

Druthers - • > 

93 Heroic 
narrative 

94 BBQrod 

95 Indecent ‘ 
literature 

96 Hoover’s fonar 

97 Supplements, j 
with "out" ‘ - 

98 Torn 

99 FastfKera, 

briefly 
101 Cbokr 
103 Lyrical poem 









L. 

' i!Khs- “-">:.i . l uV^J ; ,H .H 4 

mfe Wr^aJS^ 
Carter. i, =--.v.^ ^ A V 
*■ "So : > •■“*:* ^kth^K 

jc.” ■— . ■;.::’^\ ct rv 

*0^73 e-:-r., : ‘' L '" r V r V S^- 

icva-.a 

isn in y^' '*'‘ u "r ‘ d! fe* 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-S UNDAY, MARCH 19-20, 1994 


Hosokawa’s China Visit Will Skim Over Rights 


asn? K 

sitper- 
pralied 
:C BcfS- 
scmiB- 


**»• 


By David E. Sanger mem at Mr. Christopher's approach, saying 

Afe»- >’«*■ TT/ner Service Uwt only American businesses would lose by 

TOKYO — In an vivid illustration of the u y* n 8 10 056 economic levers to change Chi- 
Clinton administration’s isolation in its nese behavior. European leaders are also 
lough policy toward China, Japanese offi- to China to strike business deals, 

cals said Friday that Prime Minister Mori- In ” ve - vears * Japan's two-way trade with 
f biro Hosokawa will make only passin° and China has nearly doubled, to $36 billion. 

10 Chil ^‘ 5 I lre f Lrneni of dis- For years Japan had maintained that it 
^ h ““ wth Ieadeis m P r «^rs to deal with Chinese human rights 

inis weekend. issues in what they call a “more Asian way,” 


“We have invested as much as wc can in Japanese press repons said several of the 
the United States,” a senior Japanese indus- arrests took place in front of the Japanese 
tnahsi said recently. "We’re overinvested Embassy in Beg ing. including two people 
there. The growth for us is in China, Indone- who were delivering open letters to Mr. Ho- 
513 . and Vietnam, and everyone has now soskawa. War compensation has been a per- 
re^dized iL sistent issue between the two countries. 

The difference between Mr. Hosokawa’s Foj , ^ Hosokawa. two issues will take 
approach and Mr. Christopher’s was ays ml- precedence in the meeting with Chinese lead- 
liied Friday when a senior Japanese official North Korea's nuclear-weapons project, 
involved in planning the trip to China de- JJJ9 concerns about the pace of 


/Mr. Hosokawa’s visit, his first as Japan’s 
leader, seems certain to be a sharp contrast 
to Secretary of State Warren M. Christo- 
pher’s tense confrontation in Beijing last 
week. It will enable the Chinese to demon- 


rarely criticizing the Chinese leadership in 
public, and exerting gentle pressure in pri- 
vate. Critics of the Japanese approach say 
that argument is a smokescreen, and in the 
race to increase Japanese trade and invest- 


wajec- strate thai only Washington is threatening to 01011 in China, virtually no pressure is being 

ltd ha Ccn:: 4 ; Ti f>a f- u . link progress on human rights issues to its a PPhed at all 

" Mr ~ 7 ' : ,lfe Z eCOTOmicrelalionshi P ^ Japan is by far the largest provider of 

seu. .* ■ Uk ." 4 |,^ The visit also will serve as a reminder that foreign aid to China, providing more than $1 

as oui in,- «-n denying preferential trade benefits to China billion in grams and loans to Beijing in 1992 

lb Pi> A-- r . 5 : r-ji would only serve to hdp Japan, which last for ranging from dams to fertilizer 

sf that ,r.-' --'vu; year became China’s biggest trading partner, P|ams to the new subways in Beijing. Japan’s 

1 as c , - 1 p * ahead of Hong Kong and the Unitea States. investment in factories ana other ndl- 

lr - ■' r- ■. 0 ^ ■ 1 1 Japanese officials are loath to join the ***? in China is now soaring, after years of 

_ Jn - ■ 7 ^ J* • ii critics of Mr. Christopher's mission in pub- hesitation by Japanese business. 

\l f r‘ " ~ 'O^nmgitsaiready-strained In the five months from April to Srotem- 

* r " -o administration. ber last year, Japan invested more iTChina, 

Hr . . But m P^re, they have expressed baffle- $695 million, than it did in aQ of 1991. 


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ast year, Japan invested more in C 
million, than it did in all of 1991. 


sen bed the prime minister's agenda with Li 
Peng, the Chinese prime minister. He never 
once mentioned human rights issues. 

When the subject was raised by American 
reporters, the official, who insisted on ano- 
nymity, said that “human rights is a common 
value in the world, and we share that value.” 
Pressed further, he said “we will convey our 
concerns to the f!hing sy t in a certain man- 
ner.” 

Preparing for the trip, the Foreign Minis- 
try has suggested to Mr. Hosokawa that he 
not raise any specific cases of dissidents 
being kept in detention or under bouse ar- 
rest. More dissidents were reportedly arrest- 
ed Friday, including some protesting about 
Japan’s treatment of Chinese prisoners dur- 
ing World War II. 


China’s military buildup. 

Mr. Hososkawa will reportedly ask China 
to step up its efforts to get North Korea to 
permit international inspections of its nucle- 
ar facilities. But both Tokyo and Beijing, for 
different reasons, have warned against im- 
posing sanctions against Pyongyang by the 
United Nations Security Council. 

The issue may reach a head next week, 
after the International Atomic Energy Agen- 
cy meets Monday to decide bow to respond 
to the North’s refusal to permit inspectors to 
take radioactive samples from its nuclear 
installations earlier this month. 

Japanese officials said Mr. Hosokawa 
would also ask for more “transparency” in 
China's military plans, to ease fears in the 
region that it wants to build a blue-water 
navy or expand its military reach. 


Tokyo Chief in Trouble 
In Diet (and in Poll) 

Ream 

TOKYO — Prime Minister Morihiro Hosokawa of Japan sank 
deeper imo trouble on Friday with a deadlock in the Diet, or 
parliament, entering a second wick, his own ruling coalition mired in 
quanels and with no progress in defusing a trade dispute with the 
United States, 

Mr. Hosokawa’s plight was illustrated by a new opinion poll 
showing support for the government falling 8.9 percentage points in 
One month, to 49.7 percent. 

Jrji news agency said the main reason cited by respondents for 
their growing disapproval was a loss of confidence in the prime 
minister’s leadership ability. 

“We are aware that a cold north wind is blowing against our 
government.” said Mr. Hosokawa’s spokesman. ' 

The opposition, an alliance between the conservative Liberal 
Democratic Party and the Communists, refused again Friday to 
begin parliamentary delate on tbe state budget without more data 
from Mr. Hosokawa on a shady loan affair. Normally, the budget for 
the fiscal year beginning April 1 is passed by the Lower House by the 
end of March. 

Mr. Hosokawa has come under attack far a 100 million yen 
(5943,000) loan he received from Sagawa Kyubin, a trucking concern 
ai the heart of the scandal that toppled the liberal Democrats from 
power last year. 


Indian Fun.r* KiDi 
After ur rrillaAmfe 









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J f ’fefrS- ~ '■ 


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trr*r-' 

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PROFITS Clintons Did Well, With Power Broker’s Aid 

Coufinned from Page 1 ing accounts when asked to explain lion to advising some of the state’s 
Tbe New York Times.” Mr Blair where 1116 couple got die money to biggest poultry companies, it repre- 


GLORY OF OLD —The American flag that flew over Old Fort Niagara duriz 
Ymmgstown, New York. Tbe flag was taken by the British during the war. It was 


BJ1 SLo/Tbc A»vwicd Pro* 

die War of 1812 being mfnried at the fort in 
wgfat from tbe Drummond family m Scotland. 


AMERICAN 

TOPICS 


Officials Say Am trak 
1b Deteriorating Badly 

Amtrak, the U.S. passenger train network, 
is deteriorating. If it is to remain viable, it 
needs more federal and state tax money, 
according to the General Accounting Office, 
the investigatory arm of Congress. 

Am Irak’s president, ’Thomas M. Downs,, 
told the House of Representatives subcom- 
mittee on transportation that equipment is 
run down, trains are late and employees are 
overworked. 

“We’re selling disappointment at the same 
time we're selling transportation,” he said. 
“My fear is that this is the precise formula 
that 30 years ago led to tbe rapid dec lin e and 
near demise of rail passenger service” in the 
United States. 

Amtrak was formed in 1971 to preserve the 
last remnants of private rail passenger ser- 
vice. After a shaky start, it attracted a grow- 
ing patronage and increasingly paid its own 
way Put M had tn maintain a d e li cate balanc- 
ing act between a usually hostile White 


House and a Congress that has provided just 
enough money to keep the trains r unning 

Short Takes 

People with bring wills or other end-of-life 
instructions spend about one- third as much 
on their final hospital stays as those without 
such provisions, according to a study. Living 
wills are designed to keep patients from get- 
ting unwanted treatment — such as life-pro- 
longing therapy when they are dying — if 
they are too sick to speak op. “Respecting a 
patient’s right to choose the kind of medical 
care received at the end of life also results in a 
tremendous benefit to society by limiting 
resources spent on futile and often unwanted 
attempts to prolong life,” said the study’s 
leader. Dr. Christopher V. Chambers erf 
Thomas Jefferson University in Philadelphia. 

The snake's forked tongue allows it to track 
down prey or & mate by following an aromat- 
ic trail that might not even be detected by 
many other animals, according to Kurt 
Schwenk, a biologist at the University of 
.Connecticut When following a trail a snake 


the chemical strength of the scent trail at two 
different points and, determines the direction 
the trail is heading. The split tongue, in effect. 


gives a stereo sense just as two ears give a 
direction for the source of a sound. 

Shakespeare's Haadet was grien a mock 
trial at the U.S. Supreme Court in W ashing - 
tan. The jury, including Justice Ruth Bader 
Ginsburg, tossed out the insanity defense. It 
ruled that Hamlet knew full well what he was 
doing, although he got the wrong victim, 
when he stabbed tbe elderly courtier Polonius 
through a curtain. A psychiatrist. Dr. Alan 
Stone, testified that Hamlet's rough treat- 
ment of both his mother, Gertrude, and the 
girl he supposedly loved, Ophelia, was plain 
old sexism. 

WhOe Lfada Levy was waiting at Palm.. 
Beach Airport In Florida for a flight to New 
York, she reports in the Metropolitan Diary 
cohmm of The New York Times, early board- 
ing was announced. A woman went up to the 
disk and loudly declared that she wanted to 
get on the plane immediately. Tm sorry,” 
the attendant said, “but at this time we are 
preboarding families traveling with small 
children, as well as our Continental frequent- 
flier Gold, Silver and Bronze One-Pass pas- 
sengers.” 

“How about a hip replacement?” the wom- 
an demanded. 

The attendant replied, “ThatTl work." 

Arthur Higbee 


Tbe New York Times.” Mr. Blair, 

who Himself made several millio n 
dollars trading commodities, 
be saw no conflict of interest be- 
cause he helped Mrs. Clin ion as a 
dose friend, not because of her 
husband’s position. 

Speaking of tbe Clintons, be 
said: “Do they have to go weed 
their friends out and say they can 
only have friends who are sweeping 
the streets? They have friends who 
are high-poweml lawyers. They 
have friends who write books, who 
write poetry.” 

Mr. Bl»ir and the administration 
officials estimated ber profits at 
roughly S 100.000. The officials said 
she opened her trading account in 
mid-October 1978, three weeks be- 
fore Mr. Clinton was elected by a 
63 percent to 37 percent vote. She 
got out of the market on Ocu 17, 
1979, just as the rising market in 
cattle futures that she had profited 
from was collapsing. 

As governor and during the 1992 
presidential campaign, Mr. Hinton 
was forthright in defending the as- 
sistance state government gave to 
Tyson, which is among Arkansas’s 
largest employers, saying that it 
was good for the state's economy. 

Ardiie Schaffer, director of me- 


make a 560,000 down payment on a sen ted big trucking companies and 
bouse in 1980. Clinton aides de- the local utility. 


dined during the campaign, and Mr. Blair was also a force in 

E Thursday, to make public statewide political circles. In 1974, 
tax returns for the late 1970s. he ran the final, doomed re-dection 
When the question of the down campaign of Senator J. W illiam 
payment first arose; the campaign Fulbrigbt, Mr. Clinton’s political 
said it came from an investment of men tor 
Mrs. Clinton, which the officials While a partner at Crouch, Blair, 
declined to describe. Later, the of- Mr. Blair became general counsel 
finals released a statement in Mrs. to Tyson, winch was founded in 
Clinton’s name that said the money 1936, with Donald J. Tyson's father 
came from “our savings and a gift haulinglive ehirffens from Arkan- 
frorn my parents.” sas to Chicago. Mr. Blair cventual- 

On Thursday, the administration ly left the law firm and went to 
officials said that the down pay- work for Ms friend Donald Tyson, 
ment came from savings, including Mr. Blair’s timing was impecca- 
proceeds of tbe successful com- ble. In the tiny Springdale office of 
modifies trade. Refco, inn t a trading firm based in 

BOl Clinton came from a family Chicago, a ragtag group of brokers, 
of modest means, and for all his some of whom tv<-n small- 
political prominence, neither he town liquor miwCTnen and clerks, 
nor his wife had ever made much was m airing milli ons of dollars, 
money. capitalizing on a stunning boom in 

Mr. Clinton was elected state at- futures contracts prices. The of- 
tomey general in 1976, at the age of ficc’s founder, a professional poker 
30. His annual salary then was player named Robert Bone, was a 
$26^00. Two years laicr, upon be- 13-year Tyson executive who 
coming the nation’s youngest gov- turned a HnarJr fox- ganging odds 
emor, his salary rose to 535,000 — into a small fortune, 
which left him as one of the na- Mr rw u ra rKnt«n 


Mr. Blair was also a force in 
statewide political aides. In 1974, 
he ran the final, doomed re-dection 


1936, with Donald J. Tyson’s father 
haulinglive chickens from Arkan- 
sas to Chicago. Mr. Blair eventual- 
ly left the law firm and went to 
work for Ms friend Donald Tyson. 

Mr. Blair’s timing was impecca- 
ble. In the tiny Springdale office of 
Refco, Incx, a trading firm based in 

somcMrf whom” had been small- 
town liquor salesmen and clerics, 

WBS malring milli ons of dollars, 

capitalizing on a stunning boom in 
futures contracts prices. The of- 
fice’s founder, a professional poker 
player named Robert Bone, was a 
13-year Tyson executive who 
turned a knack for ganging odds 
into a small fortune. 

Mr. Blair said Mrs. Clinton got 
into tbe own nwti ties market at his 


was good for the state’s economy. tion ’ s lowcsl 'P aid governors. into ^ commodities market at his 
Archie Schaffer, director of me- Mrs. Clinton, like her husband a suggestion, 
dia, public and government affairs Yale Law School graduate, bad Mr. Blair said he advised Mrs. 
for Tyson, denied that that Mr. joined her husband in teaching law Clinton to get into the cattle fu- 
Ginton did any special favors for at the University of Arkansas in times market because “I specifically 
the company or tbe Arkansas pool- Fayetteville in the mid-1970s. For ^ trading the cattle futures and 
try industry. the nine-month 1975-76 school thnnoht r ™hor T arse dnino ” 


Clinton to get into tbe cattle fu- 
tures market because “I specifically 


Page 5 

Solarz Out, 
Wisnerln 
As Envoy 
To India 

By Todd S. Purdum 

New York Times Service 

WASHINGTON — After 
months of delay and conflicting 
reports, the White House has told 
Stephen J. Solarz that President 
Bill Clinton will not nominate him 
as ambassador to India, and Mr. 
Solarz has withdrawn his nam& 
Senior administration officials 
said the president now intended to 
nominate Frank G. Wisner, the im- 
dersecretaty of defease far policy 
and a senior career diplomat, for 
the post in New Delhi, which has 
been empty for a year. 

Mr. Wisner has been the ambas- 
sador to Egypt and to the Philip- 
pines. 

The long delay in filling the am- 
bassadorial post has str ained rela- 
tions with India. 

Officials said that was a plan 
for Strobe Talbott, the deputy sec- 
retary of state, to go to New Delhi 
soon to affirm U.S. interest in good 
relations. 

Just seven weeks ago, a Justice 
Department inquiry into whether 
Mr. Solarz, a former Democratic 
representative from New York, 
took a bribe to help obtain a visa 
fora Hong Kong businessman who 
turned out to have a ertwmmi re- 
cord, ended without charges. 

Tbe inquiry had tied up Mr. So- 
larz’s appointment for months, and 
top administration a ide s said after 
it ended that his nomination would 
then go forward. 

But in a telephone interview on 
Thursday, Mr. Solarz said that in 
recent days senior administration 
officials, including Vice President 
A1 Gore, had made it clear that the 
investigation had left a cloud over 
his nomination, which had never 
been formally made, especially in 
light of ethical questions concern- 
ing the Whitewater affair. 

“There seemed to be a feeling 
that because of the nature erf my 
relationship with this fellow from 
Hong Kong that there would be 
problems with tbe confirmation 
process,” be said. 

“And my feeling was, given tbe 
climate of the times and the diffi- 
culties the White House was at 
ready encountering, I didn't want 
to add to the burdens of the presi- 
dent." 

He said that the administration 


I can tell you that 1 disagree year, each was paid $18,090, a uni- 


to tally with any suggestion that tbe 
Clinton gubernatorial administra- 
tion gave the poultry industry or 
Tyson any breaks,” he said. “That’s 
nonsense.” Mr. Schaffer said 


verity spokeswoman says. When 
Mr. Clinton’s election as attorney 
general took them to Little Rock in 
1977, she joined the Rose Law 
Firm there as an associate. Her 


mew nprhmg of the commodity starting salary is not public, but 

trading. " within a year after being made a 

The history of the commodities partner in 1980 it was $46,000. 


trades casts a new light on the Clin- 
tons’ personal finances and on their 
relationship to the poultry industry 
and to Mr. Blair, who remains a 
powerful figure at tbe intersection 
of politics and business in Arkan- 
sas. 

Tbe trades have never been pub- 
licly disclosed. During the 1992 
presidential campaign, the Clin- 
tons and their aides gave conflict- 


Mr. Blair, 11 years older than 
Mr. Clinton, was already an estab- 
lished figure in tbe world of busi- 
ness and politics in Arkansas. By 
the late 1970s, he had become one 
of the state's most successful trial 
lawyers. 

His firm. Crouch, Blair, Cypert 
& Waters, was located in Spring- 
dale, the center of Arkansas’s 
booming poultry industry. In addi- 


^ trading the ‘jtfle futures, and 

thought I knew what I was doing." to Sudan, a post thatwmld not 
(Dean Baquet and Sttpken Inba- require Senate confirmation, and 
ton also contributed to this article.) that he would consider it. 


YOU WANT TO SPEAK GERMAN? 
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BOOKS 


AMStERDAM 

BRASSBHE DE ROODE LEEUW 


I AM SNOWING: 

Hie Confessions of a 
Woman of Prague 

By Pavel Kohoul Translated. 
from the Czech by Neil BermeL 
308 pages. $27.50. Farrar Straus 
Giroux. 

Reviewed by 
Dennis Drabelle 

i MAGENE Thomas Jefferson or 
Tom Paine writing a political 
id * couple of years after the 
Revolutionary War, and you have a 
rough idea of what “I Am Snow- 
ing”may mean to citizens of the 
young Czech Republic. 

Pavel Kohout’s name is less fa- 
miKar than Vaclav Havel’s, but the 
two writer-reformers are linked by 
Charter 77. In 1975 the easing of 
Co ld War tensions had led to the 
Helsinki accords. wMch gave rec- 
ognition to East Germany but also 
affirmed certain basic h um a n free- 
doms. Along with the accords’ oth- 
er communist-bloc signatories, 
Czechoslovakia ignored the hu- 
man-rights clause at home. On Jan. 
1, 1977, a “charter" written by Ro- 
llout, Havd, and a few others nup 
signed by almost 250 fellow-dis*- 


dents served notice that lip-service- 
as- usual would no longer go unre- 
marked. The d^ancetrftter move 
was that subscribing to and issuing 
such a declaration are core liberties 
in a free country. 

How deeply this irony etched it- 
self upon the rulers* mentality is 
hard to gange; at any rate, they 
cracked down. Some signers, Havd 
among them, were jaded. Others 
were forced into exile, and Kohout 
was one of these (he now lives in 
Prague and Vienna). A dozen years 
later the Czechoslovak communist 
regime didn't so much topple as 
dissolve; There may be no direct 
causal nexus between Charter 77 
and the Velvet Revolution, but the 
spiritual lineage is dear. 

Vaclav Havd, of course, has be- 
come president of the Czec h Re- 
public. Meanwhile, Kohout has 
fused facts, incidents and personal- 
ities from recent Czech history with 
elements from his imagination to 
mates this highly entertaining and 

unsettling novel. 

The story’s Cist-person narrator 
(and subject of Kohout's subtitle) 
is Petra Marova, a poet who counts 
herself lucky to have a sieady, if 
stultifying, job handling classified 
ads for a Catholic newspaper. 
Though in her late 30s, she retains 


the allure that has brought her a in fits and starts, taking hex cues 
stream of lovers. She & seldom from such friends and enemies as 


without a man. 


she runs into. Her method is to 


m 


• Into Petra’s life returns Viktor provide a running commentary on 
Krai, the one man die has never what they say to her, interspersing, 


gotten over, an economist -who has say. Viktor’s half of a dialogue with 
come back to work for the new her own unsp oken embe fli s hme ats, 
Czech government as an “apostle corrections, sarcasms and self-re- 
of privatization” after 10 yrars of criminations. 


exile in Canada Besides never The result is invariably lively, TaL&dH? 
ceasing to love Viktor, Petra has often funny, and well-suited to a ASmcjorowi 

always honored Mm for refasing to nriHeu where, until quite recently, 

sign the old regime’s U anti-Cha> what people did and said for puboc 

ter" — an act of courage that set consumption and what they CARR'S 


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it to themselves might vary 
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have been a collaborator who novel to prize for its parentheses. 


“staged his flight abroad to continue 
Ms work there as a secret agent" 


SAVANNAH 

For over 8 years this urumw eesmopobton 
nr*m.uJ hoi bsn inrnrg doeccde dhhes from 
Me dt U rr ane a i & other sunny parts of ihe 
world. Reanlar crowd, faxz 4 doss i col 
rdecton-ZZ Rue Draws. Ret 43J29AS77 


Dermis Drabelle, a Washington 


That, at least, is theconduskm of an writer and editor, wrote this for The 
m u r^ti gating c ommittee The source Washington Post 

for the charge is Josef Boies, the 

self-styled “only secret poticemm 
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mg, Viktor assures her. She agrees to heiu iiiTUADC 
meet with Benes and see if he won't NEW AUTnl/nS 
withdraw the denunoation. PUBLISH YOUR WORK 

w hile acting as a go-between, all subjects CONSIDERED 
Petra tries to sort out incidents and Authors WotkHrtfc invited 

allegiances from a past that is deep- Write w^dyownwiLgript to 

ly wnfwfdad jn the presenL MINERVA PRESS 

y S?toKohow-s deft tech- hou)BH0^muNaNMiff»Bi 
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Page 6 


SATURDAY-SUNDAY, MARCH 19-20, 1994 

OPINION 


licralb 


INTERNATIONAL 



PUB1.LSHFD WITH THK NEW YORK TIMES AND THE WASHINGTON POST 


The Choice for North Korea 


Sribune JVo Sensible Choice but a True U.S.-Russui Partnership 


M OSCOW — A great debate rages in 
Russia and the West on the possibili- 
ties of a Rusa an- American partnership. 

In this global transition, can the superpow- 
ers become real partners? 

Some commentators consider the question 
premature, at best. Others are already pre- 
dicting a new rivalry. 

I dispute both responses: 

For those who support the goals of a Russia 
that is open to the world and thetransforma- 

There wiU be no perfect 
harmony, of course. Hard 
compromises will be needed. 

don of the volatile post -Communist oibit into 
a stable, democratic order, there is simply no 
alternative to genuine partnership. 

Both sides must be prepared for bard com- 
promises to make it work. 

Now, we Russian democrats who stand 
behind these goals have met fierce political — 
even armed — resistance. But I must say, 
sadly, that in these confused days sometimes 
we are neither understood nor adequately 
supported by our natural friends and allies in 
the West Even at this critical moment in 
Moscow, when democracy needs all the help 
it can get we hear Western threats to reduce 
economic cooperation with Russia. 

These threats are provocative and sense- 
less, echoing a history of foreign policy de- 
bates I thought had ended. Some views sug- 
gest an almost maniacal desire to see only one 
hading power in the modem world — the 
United Slates of America — and to obsessive- 
ly proclaim American leadership everywhere. 


If North Korea keeps international inspec- 
tors from taking samples at a key nuclear site, 
Washington will have little choice but to put 
off Monday’s high-levd meeting with Pyong- 
yang. Those talks are aimed at opening ; North 
Korea to even more intrusive nuclear inspec- 
tions in exchange for political and economic 
rewards. As long as North Korea reneges on 
Inspections it has already agreed to, there is 
no point in talking about new inspections. 

But before Washington takes further puni- 
tive actions, sud> as resuming provocative 
military exercises with South Korea, it needs 
to give the North another chance to make 
good on its pledge to allow the inspectors 
access. Washington should avoid steps that 
will foreclose further dialogue. 

North Korea needs to understand that it 
now faces a dear choice between isolation as a 
nuclear renegade and engagement with the rest 
of the world as a nuclear-free nation. To re- 
sume high-level talks with the United States, 
the North must allow international inspectors 
to take samples that Pyongyang agreed were 
necessary to assure that no recent diversion of 
midear material has taken place and that safe- 
guards to prevent diversion remain in place. 


Time to Return to the Table 


President Bill Clinton and Prime Minister 
Yitzhak Rabin of Israel, meeting in Washing- 
ton, had some good advice for the PLO. Come 
back to the Hebron-interrupted Isradi-Pales- 
tinian peace talks, they said. Both in words 
and between the lines they suggested that in 
negotiations, the Palestine Liberation Organi- 
zation is likdy to reap advantages equal or 
superior to those it insists on receiving as a 
condition of returning to the table. Some of 
these gains would go directly to the issue — 
the security of Palestinians under Israeli occu- 
pation — raised at Hebron. 

Yasser Arafat, the PLO chairman, already 
had a heavy political problem before a Jewish 
settler killed 29 Palestinians in Hebron on 
Feb. 25. After the massacre he has an even 
greater need to show leery residents of the 
West Bank and Gaza that peace talks promise 
real gains. His burden is most swiftly eased, 
however, precisely by returning to the talks — 
and by keeping the talks the central venue of 
Israeli - Palestini an dialogue: Israel with re- 
newal of these talks, would necessarily be at 
pains to show its reasonableness to Palestin- 
ians. Closure on the remaining issues of au- 
tonomy for Gaza and Jericho would at once 
alter the lives of a great many Palestinians. 

It is shortsighted of the PLO to pose condi- 


tions for a return to talks and meanwhile to 
seek political comfort elsewhere. United Na- 
tions resolutions on the Middle East long ago 
lost relevance. The United States affirms the 
Israeli focus on direct talks. Surely the PLO 
cannot wish to set a precedent for penalizing 
the negotiating party whose errant citizens 
may have committed a terrorist outrage. 
Through all the retail acts of terrorism that 
Palestinians committed against Israelis before 
the wholesale Israeli act in Hebron, Israel 
stayed at the table. 

The Hebron tragedy has pot Isad under a 
certain gathering pressure — a good bit of it 
from dtpens and friends — to move on from 
the current negotiating agenda of “interim self- 
government” to the tougher issues of perma- 
nent status, mrinHmfc settlements. Israel, with 
its own political cautions, wants to use the full 
two years of autonomy gran ted by September's 
Israfih-Palestinian Declaration of Principles to 
avoid permanent-status issues. But these prin- 
ciples also summon the patties to begin negoti- 
ating permanent status “as soon as possible.” 
To Palestinians, that means right away. The 
Israeli government is right to insist that diplo- 
macy be guided and contained by the Declara- 
tion of Principles, all of them 

— THE WASHINGTON POST. 


A New Check on Plutonium 


The United States and Russia are now 
working out an astonishing agreement under 
which inspectors from each country would be 
able to go and count the plutonium triggers 
being taken out of the other’s deactivated 
missiles. If this agreement is carried out as 
now envisioned, it can lead to many kinds of 
benefits. First, it can provide a simple way to 
check on the dismantling of weapons. Recon- 
ciling the requirements of secrecy and verifi- 
cation has always been the hardest part of any 
arms control treaty. Now that the two coun- 
tries are no longer threatening each other with 
these weapons, better verification becomes 
possible. Inspection would also enable each 
government to reassure itself regarding the 
care and skill with which the other is guarding 
these components. The possibility of theft or 
diversion of plutonium has always been a 
great concern surrounding these nuclear ar- 
mories, and the turmoil of Russia's second 
revolution has heightened those concerns. No 
doubt each side can learn from the other 
about procedures for keeping plutonium out 
of the wrong hands. 

There are much broader benefits as weH 


This new agreement can become an important 
precedent for openness in arms control general- 
ly. In the international rules that try to prevent 
the spread of nuclear weapons, there has al- 
ways been one standard for the countries that 
have them and another for those that have not. 
The disparity has seemed discriminatory to 
many governments and has diminished the 
moral force of the Nuclear Nonproliferation 
Treaty. If the two countries with the laigest 
arrays of these weapons now open a crucial 
part erf their armories to direct visual inspection 
by each other, that win change things. It wiU 
become harder for countries with nuclear ambi- 
tions to fend off demands for international 
inspection. The practice of openness will have 
been strengthened worldwide: 

The principle of unprecedentedly dose in- 
spection was established for chemical weap- 
ons in the treaty that most of the woros 
governments signed last year. If that same 
principle can now be applied to the plutonium 
being taken out of missile warheads, it wiD 
improve the chances that this most terrible of 
weapons will never be used. 

— THE WASHINGTON POST. 


Close the Book on Harding 


One big complaint to be made about the 
guilty plea by Tonya Harding is that because 
of it, we may never know how much she reaDy 
had to do with the violent assault ou Nancy 
Kerrigan in December. But one thing is cer- 
tain: Ms. Harding is a convicted felon. 

Her contrition was carefully circumscribed: 
*Td just like to say Tm really sony I inter- 
fered,” she told the court This is in the nature 
of plea bargaining, where a kid who steals a 
car to speed all over the county may end up 
pleading guilty to something like “unautho- 
rized use” — as if he had merely forgotten to 
ask Unde Leonard for permission to drive the 
Buick to the 7-Eleven. 

The offense Ms. Harding pleaded to in 
Portland, Oregon, was hindering prosecution 
in the Kerrigan attack — that is, knowing 
about it after the fact and not t elling authori- 
ties. But a deputy district attorney said that 
there was “substantial evidence to support 
Ms. Harding’s involvement prior to the as- 
sault” and that if this bargain had not beat 
made, “we would have prooreded with indict- 
ments on other pertinent charges.” 

It would have satisfied some pan of the 
public's curiosity to see Ms. Harding's former 


husband testify about what she knew, and 
when, and what she did. But given the nature 
of the lay witnesses — alleged conspirators in 
the Kerrigan assault — and the odd. not to say 
bizarre, behavior of juries in a number of 
recent high-profile trials, who is to say the 
prosecutors did not make the best possible 
deal? Ms. Harding will not do time, but then 
neither will she be coming out on the court- 
house steps some day in the near future to 
announce to a mob of reporters: "I consider 
this a complete vindication.” 

As part of her plea bargain, Ms. Harding 
agreed to withdraw from amateur figure dent- 
ing. But there is no guarantee that she will not 
make a great deal more money out of her 
notoriety than she ever would have out of 
amateur skating. She already has a $600,000 
deal with a TV show. That Tonya Harding 
should profit from the crime would be a sort 
of crime in itself, but one that is largely 
beyond the reach of prosecutors and for 
which a whole lot more of us than Ms. Har- 
ding would be indictable. The best way to 
prevent it is for enough people to decide that 
for them, the Tonya Harding story is over. 

— THE WASHINGTON POST. 



International Herald Tribune 

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RICHARD McCLEAN, Publisher & Chief Executive 
JOHN VlNOCUR.foeuswEfeir £ Vice Pnsdae 

• WALTER WELLS. Net* Editor • SAMUEL ABT. KATHERINE KNORR and 
CHARLES MIlCriELMOREL Detney Editors* CARL GEWIRTZ. Assnctasc Editor 

• ROBERT J. DONAHUE Editor t if the Eihttmol Pages • JONATHAN GAGE, Busmea and Finance Editor 

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Infcmrfkmif HcnikJ Tribune. INI Avenue Qurfcvdc-Gaulle.92S2l Neujny-'W-Setnc. France. BHfiY 
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The samples in question involve taking 
swabs of a glove box used to handle radioac- 
tive materials and analyzing gpmma radiation 
in a suspected reproccssng plant at Yong- 
byon. The samples are necessary to detect 
any traces of nuclear material that may hare 
been transferred from a nearby reactor f or 
possible reprocessing. 

The North also needs to exchange special 
envoys with die South for talks to cany out 
their 1991 accord to ban nuclear reprocessing 
as it promised to da Only then can Washing- 
ton resume high-level talks to resolve the nucle- 
ar issue and forge closer ties. 

If the North does not act soon, the Interna- 
tional Atomic Energy Agency may have no 
recourse but to turn the matter over to the UN 
Security Council. Tbe council, in turn, is likdy 
to impose economic sanctions, which would 
deepen North Korea's isolation and further 
stifle an economy that could benefit from 
greater openness. But Washington need not 
hurry to press fra- sanctions, winch m ig ht ratty 
intensify the North’s determination to develop 
nuclear arms. Given Pyongyang's economic 
straits, time is. after ah, on Washington's side. 

— THE NEW YORK TIMES. 


By Andrei Kozyrev 

The writer is foreign minister of Russia. 

This is unrealistic America cannot cope 
with every world problem alone, and if it tried 
it would weaken itself through overexertion. 

Besides, even at this difficult stage of our 
transition, Russia remains a superpower — 
and not only as measured by nuclear and 
missile strength, but by its natural resources, 
technological skills and strategic geography. 

Now more than ever, the principles of stra- 
tegic partnership set out in Vancouver in 1993 
and Moscow in 1994 and signed by oar two 
presidents deserve to be reaffirmed and car- 
ried out — with practical deeds replacing 
lofty declarations of intern. 

In both nations, only those who stubbornly 
rimg to Cold War habits — military-in dustn- 
al and bureaucratic complexes frightened by 
their loss of influence — seek the breakdown 
of our partnership. 

Instead of policies, these reactionary forces 
make myths — the most cherished of which is 
that because Russia is condemned to perpeto- 
al totalitarian rule, always in confrontation 
with tbe outside world, it is historically in- 
compatible with the West 

Tbe simplest way to turn such myths into 
self-fulfilling prophecies would be to abandon 
the agreements our presidents have signed. 

Yet it appears mat some Western politi- 
cians, in Washington and elsewhere, envision 
Russia not as an equal partner but as a junior 
partner. In this view a “good Russian” is 
always a follower, never a Leader. 

It is some of these same short-sighted vi- 
sionaries who argue that the Western coon- 
tries' economic problems prevent them from 
providing Russia access to markets. 


From tbe outset, pragmatic politicians m 
Russia and the West hove proceeded on two 
premises, first, Russia is destined to be a great 
power, not a junior one. Under Communist or 
nationalist regimes, it would be an aggressive 
and threatening power, while under democrat- 
ic rule it would be peaceful and prosperous. 
But in cither case it would be a great power. 
And second, partnerships like ours cannot ne- 
gate a firm, even aggressive, policy of defend- 
ing erne’s own national interests. 

This may result in occasional disputes, but 
tire context must remain one of compromise 
rather titan confrontation. How naive to expect 
powers as great as Russia and the United 
States always to be in harmony! 

It was in this spirit that my recent talks 
took place in Vladivostok with Secretary of 
Stale Warren Christopher and in Moscow 
with Secretaiy of Defense Wflfiam Ptary. 

A particularly promising example of practi- 
cal cooperation was tbe American agreement 
to involve Russian experts in defining the 
principles that should govern exports of mili- 
tarily useful technology from the West to 
formerly Communist countries and those ac- 
cused of state-supported terrorism. 

Joint efforts — especially at the early 
stages, before situations become fails accom- 
plis — indicate a real partnership, whether in 
the field of technology or regional conflict. 

What should Russian democrats do about 
tire chauvinistic new banners flapping in the 
Washington wind? Russia cannot agree to a 
subor dinate global role. It would be unjusti- 
fied and politically dangerous. Extreme na- 
tionalists and other reactionaries would soon 
capitalize on such deference. 

Indeed, they are already seeking to do so. 
Some Russian democrats remark pessimisti- 
cally in their kitchens that while Yegor Gai- 


dar. the framer deputy prime minister, did 
not receive serious economic assistance from 
the West, it is the ultranationalist lawmaker 
Vladimir Zhiri novsky who reaps tire political 
benefits of the rhetoric about providing aid, 
much of which has never come. 

While tire notion of American global hege- 
mony is dangerous, there r emains an urgent 
need for American leadership, riven the spe- 
cial position of the United States in the 
Group of Seven and in NATO. 

Recall that NATO was created for the pur- 
poses of containing communism and consoli- 
dating Western democracies against its threaL 
But in today’s world, NATO is inadequate, fra 
two reasons. It no longer confronts commu- 
nism as hs main enemy, and it does not have 
Russia as a member. 

What role should NATO serve in resolving 
major international conflicts? The organiza- 
tional problem could be resolved partly 
through the U.S. -proposed Partnership fra 
Peace, winch several nations in Eastern and 
Central Europe have joined and which is 
acceptable to Russia as weLL 
But even this should not be viewed as a true 
joint partnership in world affairs. Tbe problem 
has been posed mort concretely by the crisis in 
Bosnia. The NATO ultimatum rat Sarajevo 
was presented without Russian participation. 
It is unacceptable to exclude Russia from ef- 
forts to resolve tiresituaticn in Bosnia, where h 
has present and prospective interests. 

Unless we urgently begin to build a strategy 
and mechanisms fra a mature relationship 
based an reality — dare we call it realpo&tik? 
— tire Russian and American advocates of 
macabre self-fulfilling prophecies will study 
exploit tire present situation. 

And both countries wiU surely lose. 

The New York Times. 


China: Reports of Christopher’s Debacle Are Greatly Exaggerated * 


W ASHINGTON — The reaction 
to Secretary of State Warren 
Christopher's mission to Beijing has 
been wildly exaggerated. This was nei- 
ther a policy debacle nor the “humilia- 
tion” some have called it Mr. Christo- 
pher laid out in detail what be felt tire 
Chinese had to hear and matched 
them diplomatic rebuff for rebuff. 
Progress was made on some points. 
The US. position remained firm. 

Reading the criticisms, one might 
think that President BQl Clinton in- 
vented tire linkage between most-fa- 
vored-nation trade status and China's 
human rights record. To the contrary, 
he inherited a legacy of bruising bat- 
tles between George Bush and Con- 
gress that ended each year in a presi- 
dential veto. Mr. Clinton garnered 
applause last spring fra a policy that 
deftly threaded the needle between a 
Congress still angry about the Beijing 
massacre and recognition of the over- 
riding importance of the U.S.-Chinese 
relationship. Tbe decision separated 
trade and nonproliferation concens 
from tbe annual MFN review because 
other legal tods could advance those 
interests. This narrowed and clarified 
the contested terrain, responding to 
China's complaints of moving goal 
posts. It may also have unintentionally 
highlighted tire most sensitive issue. 

The human rights conditions neces- 
sary for tins year’s renewal required 
that China meet tbe longstanding 
Jackson-Vanik measure on freedom of 
emigration, never a big issue with Chi- 
na, and comply with an accord on 
prison labor. Other conditions speci- 
fied only a trend toward better obser- 
vance of tbe Universal Declaration of 
Human Rights, releasing and account- 
ing for political and reugioas prison- 
ers, providing humane treatment of 


By Jessica Mathews 


prisoners, respecting Tibet's heritage 
and allowing international broadcasts. 

Tbe policy came as dose as any 
could have to satisfying all sides, in- 
ducting those now hurling brickbats. 
Business interests, which preferred an 
unconditional extension that Congres s 
would not have approved, fdt this was 
an acceptable second-best Congres- 
sional leaders, who wanted tougher 
conditions, believed the administra- 
tion was serious about advancing hu- 
man rights. Chinese student activists 
and Tibetans da pp‘d China’s leaders 
had reason to see tbe policy as one 
they could work with. 

How that promising be ginning 
reached this low point is a matter for 
speculation. Conflicts over danger- 
ous Chinese exports and over textiles 
clouded the relationship. Some Beij- 
ing leaders doubled U.S. firmness. 
Perhaps the largest factor was Chi- 
na’s long leadership transition, which 
induces hard-liners and moderates 
alike to prove their toughness. 

The secretary’s visit itself was 
poorly timed. With the National Peo- 
ple's Congress meeting in Beijing, 
denonstrators would nave had a 
large and sensitive audience. 

Both sides now have much face at 
stake and little room for maneuver 
before this year's deadline. Still, a 
collision is not inevitable. 

China is a huge and growing mar- 
ket, but only the lSth-laigest buyer of 
US. exports. The United Slates buys 
more than a third of China's exports, 
providing a laige surplus to a country 
with an overall trade deficit China 
needs the United Slates to remain en- 
gaged in Asia as a counterweight to 
Japan. Tbe United States needs a con- 


structive China in tbe Security Coun- 
cil, an regional security issues — espe- 
cially North Korea — on environ- 
mental matters such as global 
wanning and on the issue of its ex- 
prats of weapons of mass destruction. 

Tbe onus for action now rests 
squarely with Beijing. Unnoticed in 
reports of the nwirng were several 
small steps forward: an agreement on 
raison inspections with specific time 
omits; information on 235 prisoners; a 
first-time pledge to provide informa- 
tion on 106 Tibetans: incremental 
steps on emigration; and an agree- 
ment to receive tw-hnienl data on the 


j amming of Voice of America broad- 
casts. Note that these touch on each of 
the US. conditions. None constitutes 
“significant progress," but all ctf them 
could be buut upon. 

to remove SeflFN obstacle tiTa 
relationship in which neither human 
rights nra commercial exports is the 
most important element. A return to 
the days when MFN renewal was rou- 
tine could be achieved with the admin- 
istration's hdp without sacrificing hu- 
man rights. The Bush administration 
could not have readied such a deal — 
Congress did sot trust its commitment 
to human rirfujc — but this one 
None of me other levers at Wash- 


ington’s disposal is strong. They in- 
clude multilateral pressure in the 
World Bank and (he United Nations, 
high-levd support for dissdenis and 
for Tibet, ana vigorous support fra 
democracy in Hong Kong. But wield- 
ed with steady determination and but- 
tressed by the inevitable weakening of 
centralized control that capitalism 
brings, such measures could achieve at 
least as much as the threat of trade 
sanctions has. 

The writer, a senior feSow at the 
Council on Foreign Relations, was dep- 
uty to the US. undersecretary of state 
for global affairs in 1993. She contribut- 
ed this view to The Washington Post. 


No, the Secretary’s Head Should Roll 


W HO IS the chief beneficiary of the Whitewater 
explosion? Try Warren Christopher. Oily in a 
Washington entirely absorbed with scandal could his 
astonishing debacle in China have gone so unre marked. 

Mr. Christopher went to China breathing fire and brim- 
stone about its need to improve its human rights. Tbe 
Chinese greeted him with contempt. Even before he anived 
they began rounding up dissidents. 

Mr Christopher's aides, reports The New York Tunes, 
were “shocked and bewfldenxT by the Chinese behavior. 
But at Mr. Christopher’s level, officials visit a major coun- 
try knowing what to expecL Anything less is a diplomatic 
failure. This was a diplomatic disaster. 

The excuse that the unfortunate reception was the 
result of unforeseeable last-minute maneuvering by Chi- 
nese hard-liners is amateurism seeking tbe cover of naive- 
te. Tbe reasons that tbe Chinese rqectcd Mr. Christo- 
pher's overtures are obvious. The Chinese looked at the 
Gorbachev experiment — political liberalization before 
economic liberalization — and con dad ed that it led to 
chaos and national ruin. Their choice is economic liberal- 
ization under continuing authoritarian rule. 


In the long ran, it is a strategy bound to fad. They 
cannot retain Leninist political control with a dynamic 
market economy growing at 13 percent a year, the fastest : 

in the world. And they are gradually l osing control. 

Alongcomes Mr. Christopher with a list of human rights 
demands now — or dse: Or else President Bill Qinton wig 
withdraw most-favored-oation trading status. The problem 
-js that MFN is rapidly being recognized as tbe wrong tod # -- 

for bringing democracy to Quna.lt would claim too many 7 • 
casualties on both sides of tbe Pacific. 

It would cause a huge disruption of American trade. 

And it would inflict enormous damag e on precisely that 
sector of Chinese society — tbe growing free market — 
that most threatens the repressive regime. 

Mr. Christopher began to cave; amazingly, even before 
he had left Chma. At a Beging press conference, be signaled 
a moderation of U.S. human rights requirements. 

Once agai n , as in Haiti and Somalia: the right policy, 
arrived at only in retreat How many more time; must this 
secretary of state engage in polfcy-by-bwmliatian before 7 . . 
he graces the nation with an early retirement? 

Charles Krauthammer in The Washington Post. 


Australia: A Friend of Qinton’s Faults ffis Asian Trade Policy 




/CANBERRA, Australia — “I 
think the United States has 
wrong-footed itself unnecessarily in 
its argument with Japan,” Prime 
Minister Paul Keating said. 

“If it argues that Japan should 
open its markets to the rest of the 
world, having secured so much itself 
in the multilateral trading system, it 
cannot lose that argument. But if it 
then argues that the way to do it is 
through managed trade and quotas 
imposed on a market economy, it’s 
bound to lose the aignmenL” 

Why? I asked. His answer was that 
managed trade would not work: 

“What American president, what 
Australian prime minister, what Ger- 


By Anthony Lewis 


manufacturing or service industries 
great chunks of market share? I sug- 
gest: None." 

Mr. Keating did not direct his criti- 
cism at President Bill Qinton. After 
Mr. Clinton's efforts on the North 
American Free Trade Agreement and 
the GATT trade talks, be said, “The 
multOateralist in him is pretty obvi- 
ous.” But he suggested that the presi- 
dent was reding pressure for “bilater- 
al solutions.” 

“Because of a slowness in recon- 
structing its economy in the 1980s.” 
be said, America has bad “a loss of 


Australian prune minister, what Ger- confidence in its capacity to trade 
man chancellor, what Japanese prime profitably in these new bur geoning 
minister can deliver on behalf of their markets" in Asia. 


But in fact he said, “the United 
Slates is making very large productiv- 
ity changes, changes to its buaness 
culture. Look at the car industry. In 
quality and price you can actually 
win a legitimate market battle. You 
don’t need to be tricky about that.” 

Americans may find it a bit sur- 
priring to hare the leader of an Aus- 
tralian Labor government talking in 
those tough market terms. But Mr. 
Keating has moved the Labor Party 
to the center on economic and other 
issues, and the policy has been a re- 
markable political success. 

He became prime minister in 1991 
by carrying out a party coup against 
the man who bad tbe job. Bob 


With Liberty and Cotton Candy for AU 


N EW YORK — Maybe we 
should all wave a thank-you at 
Tonya Harding as she sets off to 
earn her first million, selling inter- 
views and performing in ice shows. 

Maybe, because of ber confession 
to felony, Tonya-worship will end. 
Maybe all the sob-persons who had 
written so feefcngly about bow she 
must be pitied because look how she 
bad to struggle up from poverty, and 
all tbe fans who screamed their ec- 
stasy, sering in ber a perfect m ir ror 
image of thor own tawdriness, and 
die journalistic hucksters who held 
up fistfuls of cash to get her atten- 
tion, maybe these people will make 
their own confession. 

For a buck, a story or the tickle of 
erotic thrill that goes with fandom, 
they refused to see her plain: so 
involved In a disgusting crime that 
only the necessity of due process 
stood between her and conviction. 

But there will be no such admis- 
sions. There are still money-moun- 
tains in the crime, for the confessed 
felon herself and those who will sdl 
her story, to the United Sucker- 
domsoT America. 

Now Tonya confesses to finding 
out the plot after the crime and 
remaining silent All who believe 
that tiie did not know all along, 
though she lived with the chief 
criminal and paid his thugs’ sala- 
ries. raise hands. You have earned 
your suckerdom truly and honestly 


By A. M. Rosenthal 

— be off and enjoy >1 along with 
your cotton candy cones. 

By now, it is just another tale of 
American dollar-based justice. 
Tonya’s prosecutor and judge sim- 


ply decided il was too expensive to 
get to die bottom of the case. 

Did she know when the ex-bus- 
band in her house and the stroogann 
men on her payroll were so busy 
planning, arranging and carrying out 
tbe crime? Thai is what the ex-hus- 
band swears. Or in her boooence did 
no trace of suspicion sully her mind 
until after Nancy Kerrigan was as- 
saulted, the assailant behind bars, 
and Tonya awoke crying. Heavens, 
what have we here? 

The prosecutor and judge, ro 
save time and money, allowed her 
to plead guilty only to obstructing 
justice. Jail? Forfend. 

The judge gave ber a fine she can 
pay off with just a pan of one 
television contract And he derided, 
cruel fellow, that she could not take 
part in “amateur" events but to 
skate bad to go for the big money of 
professionalism, a decision she had 
already made. Oregon justice kissed 
her adieu and opened the gates to 
the yellow-gold road. 

But why be surprised? America is 
a country where every day judges 

and prosecutors bargain with crimi- 


nals. Son, will you take a year right 
now for that assanlt and robbery or 
gamble on getting 10 if yon go to 
trial? Next case: How about a little 
community service, lecturing kids 
against naughtiness, instead of tbe 
nasty rid jafihouse? 

Murdered a lover, did you, shot 
him to death for tomcatting? Well, 
how about saving tbe court's time 
and going for manslaughter, maybe 
out in five or six years? 

In America, we now take it fra 
granted that it is right to keep taxes 
down by trading justice for court- 
room expenses. We are so used to 
saying murder is not really murder 
that wc believe it — unless it is 
somebody we tore down in the grave. 

In America, a rapist gets married 
in a courtroom while his victim tits 
in a nearby room, in a wheelchair, 
unable to feed or dies herself be- 
cause be had throttled her until the 
oxygen was cut off from her poor 
brain. Then — sale day — the judge 
knocks a year off the sentence. 

In America a woman is freed 
after contesting to cutting her bus- 
band’s penis off. Why not? They 
sewed it back, didn't they? 

In America, two touts loll both 
their parents, beg mercy as pitiful 
orphans, and two juries can’t fra the 
life of them decide what to do. 

Judge, hand us more of that nice 
cotton candy; there's plenty. 

The New York Times. 


Hawke. A year ago this week be faced 
an election that all the experts said 
was “unwinnable” — and won. 

On China, loo, the Keating govern- 
ment differs from Qinton policy. The 
United States is right to put its views 
on human rights to China strongly, 
Mr. Keating said — as he has done. 
“But logo the next point and say, well, 
if you don’t accept that view, we will 
then rapture the relationship is not an 
ideal solution in a less thaw ideal 
world. Tbe problem in all these things 
is, if you put a hook in your own 
mouth, you've got to be able to dis- 
lodge iL I just hope that US. policy- 
makers have thought that through." 

Was there any compromise way 
out of the conflict with China, I 
asked, for example by Washington 
imposing some penalty on Chinese 
trade but not completely dropping 
China’s most-favored-nation status? 
“Probably,” he said, but it would 
require a gesture from China on hu- 
man rights — one (hat would take 
patient, firm negotiating to achieve. 

The prime minister mixed these 
comments with praise for President 
Clinton. “In this presidency” he said, 
“there is a chance to restore the faith 
Americans have bad in their highest 
office as an agency for change. 


“i think that societies find leaders 
like this once in a generation, if 
they’re lucky. They’ve got one now, 
and they should value it” 

There was a sense in the interview 
of Mr. Keating's identifying with Mr. 
Qinton. They are of tbe same genera- 
tion— the prime minister 50, the 
president 47. They have in common, 
too, tbe rise from humble origins. 
But Mr. Keating has nothing like 
Y ale and Oxford in bis background. 
He left school at 15 and entered Par- 
liament at 25. 

“I learned the hard way," the 
prime minister said. “I educated my- 
self largely. I had to build in my head 
a model of this country, its sodetyft 
and economy, how you keep a society 
together, how you deliver assistance 
■to those who are disadvantaged and 
low-paid without holding back those 
who are able lo create wealth." 

A striking aspect of his personality 
is Ms love of tbe arts. He is a hard 
politician with a rough tongue, dis- 
™ssing opponents as “low-lifes" and 
gru bs." But in music he goes for the 
romantic: from Beethoven to Elgar 
and Mahler. He said esthetic interests 
influence his view of the world: *Tve 
always been run by my eyes and care.” 

The New York Times. 




IN OUR PAGES: 100, 75 AND 50 YEARS AGO 
1894: Troubled Greece aJc °hol, notwithstanding the Gov- 

permitted unS May 1, 1919/but 


PARIS — According to the latest des- 
patches, affairs in Greece are taking a 
turn which may prove anything but 
favorable to ibe Tricoupis Ministry. 
The financial situation is again becom- 
ing ttouWesome. Tbe Greeks are be- 
ginning to fear lest some of the great 

Powers of Europe should treat them as 

Portugal has been treated, and recall 
their Araha>i«dnrc If 


keep her engagements. Europe wifl be- 
gin to fed more strongly than ever that 
certain countries adopt such a course: 
Greece could, by the exercise of a very 
moderate degree of economy in inter- 
nal affairs, bring about a rapid amelio- 
ration in her finances. Small Powers 
winch borrow money will have to get 
into the habit of settling with the great 
Powers which lend h. 

1919: A Stronger Beer 

NEW YORK — The Lager Beer 
Brewers' Association will resume the 
sale of beer containing 214 per cent. 


pcmuuea unnt May 1, J91V, out 
the strength in alcohol must be re- 


duced by half of one per cenL before 
bong put on sale. Tbe bre w ers’ asser- 
tion that beer containing only 2^4 per 
poiL of alcohol is not an intoxicating 


— — »ev, w itguiucu as roe com- 
mencement of an oraanizied effort to 
set aside the Constitutional amend- 
ment prohibiting the sale of alcohoL 

1944: Attack on Kuri les 

£***?* - if™ 

New i ork edition: J American air 
power, sweeping ever closer to the 
Japanese mainland, struck Matsuwa 
Island, in the Kuriles, only 960 uauti- 
cd miles from Tokio. Ttis was the 
»ret attack on Matsuwa and the 

deepest penetration of the volcanic 
island chain guarding the nonhem 

approaches to Tokio. 













ENTERIVATIONAL HERALD TRIBUNE 


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Saturday-Sunday, 
March 19-20 . 1994 
Page 7 


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Unexplored Avenues at Maastricht Fair 


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m~\ M~ aast Richt, 

■ (\ /I Netherlands — At 

• I I distant intervals, 
‘ — - T some grand show 
, ihai owes nothing to the museum 
, world thrusts under our eyes ele- 
ments of an alternative an hisiorv 
— artists whose names were un- 
Icncwn, works by great painters 
that do not fit into recognized 
trends, beautiful objects that stand 
isolated. Art looks Tresh again 
It becomes the wonderful sur- 
prise it should never cease to be. 
Collectors know the feeling. They 



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' keep venturing into the unknown. 
At the European Fine Art Fair in 
Maastricht (to Sunday), they got 
more of it than anywhere thi< year, 
which may well account for the 
roaring success of the far. 

Even the most intensively exploit- 
ed areas are full of unexplored ave- 
nues. Take ]9tb-ceniuiy painting, 
about which the last word seemed to 
have been said a hundred times 
over. Yet, not many would be able 
to put a n ame, off hand, on the 45 oil 
sketches — many unfinished — that 
fill the stand erf the Galerie d’Aren- 
beig from Brussels. Their diversity is 
astonishing 

One strain is reminiscent of Co- 
rot on his first trip to Italy. The 
colors are fresh, the light is crisp, 
intense even. In the study of a 17th- 
century house on top of a hfll. this 
is combined with a brisk brush- 
work in the handling of clouds, 
rather like Eugene Boudin's. 

Another strain has something of 
the hazy golden tonalities of 
Turner in his Italianate phase. Last 
but not least, there is a group with 
a strong penchant for naturalism. 
The view of a hillock covered with 
vegetation anticipates Courbet. 
Other close-up studies of plants 
have a precise, jewd-like quality 
entirely of their own. 


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an in prinedv Schaizkammer ( trea- 
sury) taste than any scholar ever 
can. is still in the dark as to its 
maker's identity. He had never seen 
a comparable piece. Possibly Ba- 
varian or Viennese, it is so surpris- 
ing that no bid had been made for it 
at the lime of writing The truth is 
that what we cal! so lamely “deco- 
rative” art is poorly known and 
barely recorded in vast areas. 

Patrick Reijgersberg of Haarlem 
sold on the opening a 3 y a monu- 
mental casket with carved scroll- 
work in low relief and etched steel 
fillings from Southern Germany. 


perhaps Nuremberg. It was used 
for carrying bags of coins, possibly 
those of a late- 16th-century bank- 
er, or princely treasures. Ine man 
must have been receptive to fashion 
trends. On the narrow ends, the 
steel plates for the handles are po- 
lylobed and cusped in the Middle 
Eastern style that was in vogue for 
20 or 30 years at the time when 
Germany adopted certain types of 
arms and armor from Ottoman 
Turkey, such as the Zischagge type 
of helmuL A double-headed eagle 
connects it with Rudolph II. In any 
other field of art, such a piece 
would cause a sensation. Not hith- 
erto reproduced, it was swiftly 
pounced upon by a German dealer. 


Fragment of early 12th-century Merksem font from Mo sun, southern Netherlands. 


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S UCH are the paintings 
done by Gilles-Fran^cas- 
Joseph Closson, from 
Li^e, during a four-year 
trip to Italy, from 1825 to 1829. 
Denis Coekelberghs, of the Galerie 
d’ Aren berg, bought them at auc- 
tion as anonymous work. A real 
coup to be sure. But hardly anyone 
else could have made it. Cockel- 
berghs, an art historian turned 
dealer, wrote his doctoral disserta- 
tion on “Les peintres beiges k 
Rome de 1700 a 1830.” He alone 
must have scrutinized the only oth- 
er recorded ofl studies by Closson 
in the Cabinet des Estampes (print 
cabinet) of the Music cTArt Mo- 
derne.in. Li^e-^here they axe kqit ' 
in storage. 

The Closson sketches were well 
received. By the end of the second 
day, nine bad gone — the house on 
top of a hill costing its buyer a 
modest S9.200. They do not just 
reveal a virtually unknown artist of 
real talent. They also open up new 
vistas on the cross-currents from 
Britain to France to Italy — in 
which Belgium was caught up. 

Other chapters of art history 
closer to our time may need a re- 
write regarding Northern Europe. 
The Dutch painter Jan Toorop, 


Frade Policy 






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well known in his own country, has 
yet to be recognized beyond its bor- 
ders for the real flashes of genius he 
sometimes displayed. Forget his 
Symbolist period, for which most 
specialists would acknowledge his 
existence. A masterpiece in poetic 
evocation — a woman appearing 
between trees — done in short 
brush strokes in Postimpressionist 
fashion can be seen on the stand of 
Studio 2000 from Amsterdam. Tee- 
tering on the brink of Abstraction, 
the Toorop has not been repro- 
duced except for a commercial ad 
in the in-house magazine. 

The Berts Gallery has chosen to 
project the image of a different 
Odilon Redon. This is not the pe- 
rennial author of hazy pastels in a 
Symbolist mood. There is an exqui- 
site view of a beach and a gem of a 
still life in black and red. Painted in 
oils, both defy classification within 
recognized styles. 

Yet, all this pales into insignifi- 
cance compared with the surprises 


that the world of objects bolds in 
store. And in this, the Maastricht 
fair reigns supreme. Axel Ver- 
voordt, who deals from his Castle 
of ’s-G raven wezel near Antwerp, 
has come up with a series of four 
bronze medallions from France, 
hitherto unrecorded. They will 
keep an historians arguing for 
years. 

Two are identified in ink inscrip 
lions (written later, perhaps in the 
19th century) as Francois de Guise 
(1519-1563), lieutenant general of 
the French Kingdom, and his wife, 
Anne d'Esie. The sharply chiseled 
busts have a Fontainebleau School 
fed to them. Charles Avery, the 
Renaissance bronze specialist, as- 
cribes the group to the Italian artist 
known in France as Dominique 
Florentin and to the Frenchman 
Jean Picard. It may be a long time 
before a firm conclusion can be 
reached. 


bought again, after having owned 
them already twice in his career, 
can be dated from the costumes 
around 1600 to 1610. They are 
harder to place. In the early 20 th 


century, they were thought to be 
Flemish. Now they are seen as 
Dutch. The woman shown walking 
has an elongated figure still smack- 
ing of Mannerism, but the brisk, 
decisive step and her way of gather- 
ing her dress herald Modem linn* 
No name can be attached to any of 
the bronzes in the small group to 
which the pair belongs. 

The masterpiece of German met- 
alwork at the fair is equally elusive. 
The steel money case of traveling- 
trunk size is forged and chiseled in 
the greatest Baroque style. Its sinu- 
ous profile, its scrolling patterns, 
the smiling masks of its chimeras, 
display the utmost mastery. Al- 
brecht Neuhaus of Wflrzburg, who 
displays it for the second year run- 
ning and who has handled more 
German Renaissance and Baroque 


A wonderful pair of bronze fig- 
ures, which Vervoordt recently 



' - 




Stncn Mrtra-'Thr Wulngmo Prfel 


Yue Min Jun's “ Happiness , ” on show at the Schoeni Gallery in Hong Kong. 


A Chinese Revolution 


E VEN more revealing is 
the fate of a brass basin 
with a lobed well obvi- 
ously inspired by a Chi- 
nese shape that was made in re- 
pouss 6 around 1600 somewhere in 
Holland. When a colleague saw it 
several years ago, he told Reijgers- 
berg that it could not be right. The 
patina alone guarantees that it is — 
the blackened object must have 
been dug up from some pit The 
Amsterdam Historical Museum 
dearly had no such qualms. It 
bought it last week for 4,800 guil- 
ders — about S2J00. The piece is 
admirable, but fear can have a 
blinding effect. So goes the lure of 
Maastricht for the undaunted an 
explorers. 


By Steven Mufson 

Washington Part Service 


B EUING — At the height of the Great Prole- 
tarian Cultural Revolution in the mid-1960s, 
Mr. and Mrs. Xia, both Beijing sculptors 
trained by Soviet teachers, woe deemed po- 
litically incorrect and banished to the impoverished 
province of Anhui. There they cleaned floors, swept 
streets and pulled wooden carts. Forced to recite 
quotations or Chinese Communist Party Chairman 
Mao every day, Mrs. Xia had a nervous breakdown. 

Twenty-five years later — with the Communist Party 
devoted to promoting economic growth instead of pro- 
letarian revolution — China is once again in the throes 
of a cultural revolution. Bui this one is quite different. 

Mrs. Xia's 36-year-old son. Xia Xing, is an artist too 
— an oil painter. But, unlike his parents, he paints as 
he pleases — in his case, mostly portraits in a style 
reminiscent of 16th-century Dutch masters. For a 
recent New York exhibition marking the 100th anni- 
versary of Mao's birth, Xia Xing painted a sly portrait 
of a gray-haired chairman in his drab trademark Mao 
suit — with the yellow edge of an emperor's robe 
sticking out from underneath the sleeve and collar. 

“Young artists treat art as art, not as a propaganda 
tool for the government.'’ says Xia Xing. 

At the center of the new cultural rerival is contem- 
porary Chinese oil painting, which is bong produced 
by graduates at elite stale-controlled institutes and fed 
by China’s economic reforms and the sudden surge of 
foreign investment Several contemporary art galler- 
ies have flowered in Beijing, while galleries from Hong 
Kong to London have been s elling and promoting the 
new Chinese oil painters. 

The revolution is as much about money as art The 
ability to lure rich new patrons has radically reshaped 
contemporary Chinese oil painting — at once liberat- 
ing painters from bureaucratic dictates and threaten- 
ing to enslave them to commercial temptations. Some 
painters can now earn as much through one painting 
as they would have made in a lifetime as a salaried 
member of a government an institute. Yang Yuan Fei. 
for instance, a professor at the Beijing art institute, 
commands as much as 510,000 for a portrait. 

Two galleries, one in Hong Kong and one in Beijing, 
provide windows onto the contemporary Chinese art 


Past and Present at Paris Salon 


By Michael Gibson 

Inlemtmanal Herald Tribune 


P ARIS — When the Salon de Mars’s 
chief rival, the FIAC was created more 
than a decade ago, (he modernist 
creed of a revolutionary break with 
the past was still widely accepted. The underly- 
ing assumption then was that art also pro- 
gressed and that artists should contribute to the 
creation of a better world. 

It took some time to realize that things were 
not that simple. “There is no progress in art. no 
break with the past,” says Daniel Gerris, co- 
founder of the Salon de Mars with Florence 
Benhaim. “There is continuity.” 

As though to illustrate this point, the Salon 
de Mars presents contemporary art (the Tem- 


plon, Marwan Hoss. J. G. M., Durand-Dessert, 
Contini galleries, etc.), in conjunction with the 
art of other periods and cultures. 

Gervis’s own large stand is probably the best 
instance of this approach: with the advice of 
Claude L£vy, he has conjured up a handsomely 
furnished apartment hung with works by Polia- 
koff, Olivier Deb re, Bengt Olsen and others. 

This sort of presentation does set works off 
to their advantage — much more so than would 
the abstract space of a gallery — and favors an 
impression of conviviality, instead of generat- 
ing the austere, mortuary -chapel mood that so 
many contemporary galleries strive angle-min- 
dedly to achieve. 

The salon has 75 participants this year. Afri- 
can ait is well represented by such authorities 
as Philippe Guimiot (showing, among other 
things, a delightfully humorous 18th-century 


Kondo pipe), and Alain de Montbrison (some 
first-rate Fang pieces). 


Richard Temple has sent over from London 
a collection of outstanding ancient icons, while 
Janet Os tier has assembled a delicious selection 
of Japanese works devoted to animals of every 
kind. The various facets of Chinese art are 
represented by such galleries as Michael Goed- 
hcris with some stunning bronzes (including 
some with a magnificent red and green patina), 
and Robert Hafl, with a galaxy of precious, 
many-colored snuff bottles. 

In former years the Salem de Mars seemed to 
achieve a more intimate blending of contempo- 
rary and primitive art with objects and furni- 
ture than it has managed to do this year. 

The fair, on the Champ de Mars, runs 
through March 27. 


mar ket. They display the mixture of unfettered com- 
mercialism and guarded expression that comprise Chi- 
nese art, and society, today. 

Opened in December, the Century Gallery in Beijing 
is in the middle of Ritan Park, in a building where a 
16th-century Ming emperor used to change into cere- 
monial robes. Century is trying to edge its way into the 
market, and joins a growing field of serious Beijing 
gilWiftt, incl uding September Gallery, the Red Gate 
gallery, the Beijing Concert Hall gallery, and galleries in 
the Oriental Gate and the Crown Plaza Hotel. Century's 
offerings are aimed at foreign business people, embas- 
sies, foreign companies and the small number of newly 
rich Chinese entrepreneurs; asking prices ranging from 
$1,000 to $12,000 per p aintin g. Prune Minister Li Peng 
recently told a C hinese newspaper that he earns the 
equivalent of less than $100 a month after taxes. 

In particular, the portraits at Century show how 
Chinese painting has departed from the glorification of 
ordinary Chinese people. Among the paintings cm sale is 

aged, gthnfr-faced woman with ^lired'kx^ing body 
twisted away from hex ima ^» in a minor. Liu Shao 


Dong has painted himself m “Artist in a Mosquito 
Net,” a bold, life-like canvas that depicts the bare- 
chested artist asleep in a drab gray room with paint 
peding from the walls. 


U NLIKE the Century, the Schoeni Gallery is 
already weU-estabhsbed in the British pro- 
tectorate that is the bustling business and 
trading center for southern China and much 
of Aria. Its Swiss owner, Manfred Schoeni, is a long- 
time dealer in antique Chinese art. 

The paintings at a current Schoeni exhibition include 
a variety of styles. In “Happiness." a large canvas on 
sale fra- about $10,000, Yue Min Jun depicts a sea of 
young men in identical white T-shirts bearing a logo 
showing Tiananmen Gate. The men’s smiling faces are 
identical suggesting a lack of individual identity and a 
falseness to their cheer. Red balloons, normally seen 
during China's national celebrations of the revolution, 
float overhead. In a pair of canvases called “Consumer 
Icons U,” on sale for about $8,500. Qi Zhi Long has 
painted a Wani-clad woman, faceless except far her red 
Hps, who is surrounded by flowers — each with a picture 
of Mao in the center. 


ART EXHIBITIONS 


PAHS 


PAHS 


PAHS 


auction sales 


I N FRAN C E 


COLLECTOR S 
GUIDE 


Decouvertes 94 

Porte de Versailles. 
Paris. 23-28 march 


OJcPNcrJr 




Mn i tres A c ten s 


HARRY FANE 
wishes to purchase old 

CARTIER 


Exposition di* 

JS mars an 7 mai 1994 


objects: 


docks, cigarette cases, powder boxes, 
desk accessories, photo frames, etc. 


£ci!< ! ic o era hi pihzer 

7r fVtVi.if ii: *» •. 3s;t'* 

- I\:1T. • Sr*. * 



Salon de Mars 


PARIS 



DROUOT RICHELIEU 

9, Rue Drouot, 75009 Paris -TeL: (1) 4800 2020. 


Please contact: 


OBSIDIAN, London 
Tel: 071-430 8606 Far 071-83* 5834 


ANTIQUES 


~= WE BUY AND SELL s 

lAPANESE ANTIOUESi OFTHEEOO 6 

MEW ERAS. JAPAN ESE W EAPONRY. 

SWORDS & FITTINGS. 

FUTING CRANES ANTIQUES. LTD. 
Fine Saisuma Imari. Japanese bronzes 
6 mixed metalwork, clo !so nne s i fw r. 
Japanese swords, blades, sword tohn®*' 
amior. helmets, bews. amws. qu«rt& more. 
fixing CRANES ANTIQUES, ltd. 

'■"•tfssaea 1 "" 

— Rub ( 212 ) 223-4401 



SANTA R 


! Hi-ijf sT 

l ML,|ui 


Friday, Mardi 25, 1994 

Boom 1 3 at 2 .15 p.m. - XVDth, xvmth and XKlh Cent. FURNITURE 
AND OBJETS D'ART. Expert: M. Saint Bris. ADER TAJ AN, 12. rue 
Favait, 75002 PARIS. TeL- Cl) 42 61 80 07 - Fa_t (1) 42 61 39 57. In 
NEW YORK please contact Keny Maisonrouge & Co Inc. lb East 65th 
Street, fifth floor, N.Y. 10021. Phone: (212) 737 35 97/7.47 13 - Fax: 

(212) 861 14 34. 

Thursday, March 31, 1994 

Booms 9 at 3 pm. - OLD MASTER PAINTINGS. Experts: M. Tuiquin, 
MM. Herdhebaut er Laireille. On view: Wednesday March 30, 11 a.m.- 
6 pm., Thursday March 31, 11 a.m.-l p.m. ADER TAJAN, 12. rue 
Favait, 75002 PARIS. TeUD 42 6l 80 07 - Fax fl) 42 61 39 57. In NEW 
YORK please contact Keav Malsonrouge & CO Inc. 16 East 65 th Street, 
Qfrh floor, N.Y. 10Q21. Phone (212) 737 35 97/737 38 13 - Fax: (212) 
861 14 34. 


Nfl GEN « DEW EY 
SANTA FE 




P- m - 

‘s|ay 24 

Wi 

j onai day 
§39 p.m. 


Q uality O ld 

K2TOJ0& MEXICAN TEXTILES 
505-898-5058 
.. Est. 1975 j 


Spink 
deal in 


Du 18 au 27 mars 1994 

Champ de Mars - Place Joffre - 75007 PARIS 


To -; •« a; ?2*i = 2;» - Saindi ct Txnr.cfi: ct *Ch 2 2Vr - JicCurr.e Jcjai-24.jii>tjte 23 h 
O’;: -renter. : MsSI-AST - 33 . - st- Mi-snsss-ii.' tSCli :, sni - r.W : Toi 24 S< 56 &5 — 


English Paintings and Warercolours 
Oriental, Asian and Islamic Art 

Jewellery ■ Textiles • Medals 
Coins * Bullion * Banknotes 


A c i . 1 : i !• >; pn;:: I.- 1’ r<> in » ; i •> :i Jcs Art- 


Salic Saint-Jean Hotel dc \ ilic dc Paris 


International 
Herald Tribune 
ads work 


SPINKI 


Nicolas de Stael 


SPINK A SON LTD, 5, 6 k 7 KING CT. 
ST JAMES'S, LONDON, 
ENaANDSWIY 6QS- TEL: 871^36 7888 

FAX: 671-04 4853. TELEX: 91*711 


i 6 m a r s an 19 1 u 1 n r 9 9 4 

I "Us !r\ jiiiirs -..ui; ic I:.v.iIj. Ji I Hi -• hiurcc r-i l.< 


^ DROUOT MONTAIGNE 

15, avenue Montaigne. 75008 Paris -TeL: (1) 48 00 20 20. 

Tuesday, Modi 22, 1994 

at 8.30 pan. - ART NOUVEAU: GALLE, DAUM, MAJOKELLE, ARGY- 
ROUSSEAU, LALIQUE, etc MHLON-R0BERT, 19. rue de la Grange 
BaieKae, 75009 PARIS. TeL: (1)48 00 99 44- Fax: (.1) 48 00 98 58. 

Thursday, Mradi 24, 1994 

at 8.30 p.m_ - ART DECO: LELEU, RUHLMANN, SUE & MARE, MERE, 
PRINTZ, CHAREAU, DUNAND. MILLON-ROBERT, 19, rue de la 
Grange Batelifere, 75009 PARIS. Td.: (11 48 00 99 44 - Fax: <11 48 00 
98 5a 

Friday, Much 25, 1994 

at 8.30 p.m. - IMPORTANT MODERN AND CONTEMPORARY 
PAINTINGS. MILLON-ROBERT, 19, rue de la Grange Batelfere. 
75009 PARIS. TeL: (1)48 00 99 44- Fitx: (1) 48 00 98 58. 


HOTEL GEORGE V (Salon "Venddme") 

31 , avenue George V, 75008 Paris 


• S N %V. • ■A/iA’A 








HILTON HOTEL, TEL AVIV 
4th April 1994 
a sale of 
19th and 20th Century 

Drawings and Sculpture 

(Sale starts at 7.30pin) 


HILTON HOTEL, TEL AVIV 


■«*?'*' - K - 


Mure Chagall. Souvenir de Paru. 
. signed, oil on canvas, 73 x 54cm 
Estimate: SHCW,WIO-$!,IJOO.WJO 



6 th April 1994 
a sale of 


Important 




Books, Manuscripts, 
Works of Art 
and Paintings 
(Sale starts at 3.30pm) 


Tuesday, Manh 20, 1994 

2 IMPORTANT AUCTION SALES presented byjjcques TAJAN. 
at 6 pm. -XVUIth & XKlh Cent. FURNITURE AND OBJETS D ART. 
Rouen faience collection, (esale Mr X). Experts: M Dillee, MM. Le Fuel 
et de LEspSe, M. Lefebvre. 

at 8 pm. - IMPORTANT OLD MASTER PAINTINGS from lilt Galerie 
Waterman d'Amsterdam and others collectors includes Brueghel les 
Proverbes Ffaramds*. Canaletto Te Pom de Westminster*... Expert M. 
Tuiquin. 

On view at the Hrtel George V (Salon "Vendrime") Saiurtki)’ Mardi 
2 pjn.-8 p.m.. Sunday Mardi 27, 11 a.m.-8 p.m.. Monday March 28, 11 
a.m.-8 pm., Tuesday March 29, 11 a.m.-2 pin. 

ADEXTAIAN, 12, rue Farart. 75002 PARIS. TeL: O) 42 61 RO 07 - Fax 
(1) 42 6l 39 57- In NEW YORK phase conian Keny Maisonrouge & Co 
Inc. id Eart 65ili Street, fiWi floor, N.Y. 10021. Phone (.212) 757 35 
97/737 38 13 -Fax: 1212) Sfil 14 34. 


A silver burial society goblet, 
German, early IKth century, 
engraved in Hebrew, SOJicm 
Ksiimate: $50.000-$7U,UOU 


"JArts & Antiques” 

The Special Report 
will appear on April 30, 1994. 

To advertise please contact your nearest 
IHT office, representative or in Paris: 
Brooke Pilley 

TeL: (33-1) 46 37 93 83 - Fax: (33-1) 46 37 93 70 




■»- ». *v* 


r 


Page 8 

ADVERTISEMENT 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 19-20, 1994 


ADVERTISEMENT 


Adventure Lures 
Five Million 
Young People 




* uniquely Ameri- 
can phenome- 
non, summer 
camps have been 
popular ever since the days 
of religious camp meetings 
in the early 1 800s. This sum- 
mer. over 5 million young 
people and 330,000 full-time 
employees will attend 8,500 
sleepaway and day camps in 
the United States. 

Many of the campers and 
counselors will come from 
overseas. Jeff Solomon, ex- 
ecutive director of the Na- 
tional Camp Association, 
cites the popularity of sum- 
mer camps among foreign- 
ers as the most important 
trend in American camping. 
“The influx of children from 
other countries has reshaped 
some aspects of the tradi- 
tional camp," he says. 

Some camps now offer 
courses on English as a sec- 
ond language to foreign 
campers. Parents from other 
nations are sometimes as at- 
tracted by the opportunity 
for their offspring to learn 
English as they are by 
American camping tradi- 
tions. The foreign presence 
has allowed many camps to 
promote themselves to 
American parents as offer- 
ing a more international fla- 
vor. “Children bring aspects 
of their culture and influence 
the camp program,” Mr. 
Solomon says. 

Most U.S. summer camps 
once offered the same mix 


of arts and crafts, outdoor 
sports activities, campfires 
and color wars (which pit 
one half the camp against 
the other in a mock battle), 
but for the past 25 years, 
camps have increasingly of- 
fered other programs, rang- 
ing from weight loss to com- 
puter proficiency. - 
“Traditional camp still ex- 
ists as the basis of camp ,” 
Mr. Solomon notes. ‘It’s the 
route a child takes to get to 
specialty camp.” Younger 
children profit most from 
general camp, while those 
aged 12 and up are the likely 
targets of specialty camps. 


P0R YOUR CONVENIENCE 
THERE IS A 
RESPONSE COUPON 
ON PAGE 9 


This advertising section 
was produced in its entire- 
ty by the supplements di- 
vision of the International 
Herald Tribune's adver- 
tising department ■ It was 
written by Steve .Wein- 
stein, a free-lance writer | 
based in New York. 


This Summer Come 
To The Moimtalni!!} 


CAMP 

Tj- MISHEMOKWA 

TOR CHRLS AND B°YS 6-16 
JVM BLUE JUDGE MOUNTAINS 
^ BAT CAVE, NC 28710 

MMOMM MMCda . Tin* ■ 8 x 0 * 
utmm a* ■ tt Otnwg- 6 

Wtteaw Mag- Dm arrTiOq -Cento : 
Mflem fapn-toataa Wtag - 


wmm 


OUTSTANDING 

RIDING PROGRAM 


*■»-*»* Me- B^g* Oanckg- 1 * 1 * 


TaAlFUd-Caepuin-HMfM 
Ol*^CMieia 9 -K^B»OTrta-aTP«>»»» 
2 , 3, 4 , 6, 0 or ■ week eeufene. 


32 Horses ■ Farm 
Friendly Mature Staff 
VUemess&Cme Trips ' 
SaUng ■ Full Sports ■ 90th fear 
English Tutoring • Horse Showsl 


awy W. - - . -4of&weto 

Jade & Sarah Swan 
2X87759865 - 2X87407984* 
Bax 501 60, BraokfleicL CT. 06304 


MED-O-LARK CAMP 


SELECTION OF OVER 70 ACTIVITIES 


CO-ED 11-16 IN. BEAUTIFUL MAINE 


We are an established international ZOO camper community. English language lessons 
available Excellent facilities on 4-mile lake. Instruction at all levels in tennis, sailing, 
windsurfing, water-skiing, comprehensive drama and dance, strong arts and sports 
plus more. Canada and Hatting trips Choice, delicious meals. Our 23rd year. 
ACA accredited 4 & S weeks We will meet camper at U S. airport. Camp is a |oy. 
For brochure and video coriacr 
Med-0-Lark Camp. 334 Beacon St . Boston. MA 02116 
Bl 7-267-3483 oi FAX: 617-85S-S740 


r • y 

k ' t "* H 


Increase Motivation, 
Grades and Self-Esteem 


A Lifetime 
of 

Successes 

in 10 
F unfilled 
Days 


SuperCamp 

Gum pi iwertul .study skills :iik) self-confiduncu. 
Residential programs held nn prominent, aca- 
demic canipu.ses fur a^es 12 - 21. All ability 
IcveLs. 4:1 student to staff ratio. Over 14,000 
grads. Call, write fora free brochure and details: 
USA Teu J619) 722-0072 Wrnrc 1725 South Kill Strut 
USA Fax: (619) 722-3507 OceanshlB, CA 92054 USA 

Also hbjb a SmAPORE amd Hokg Kq*g 


SUMMER CAMP INFORMATION 


A FREE Service of the 

American Camping Association * 

• Pnvare, Agency. Day and Sleepaway Summer Camps 
" X“° n T ac'wdinng association for ail a tri ps 
‘Personalized guidance ACA accredited programs only 

ACA -NY Section 

% 12 West 31 st, 1 2 th Floor. N Y, N.Y. 10001 
f 212 - 268 * 7822 
e 1 -800 -777- CAMP Exl 220 


WE SET THE STANDARDS FOR QUALITY CAMPS 


Design at Harvard 


Architecture 
Landscape Architecture 
Urban Design 



v - s.>i 

* v . w T.;-- H . ' . 

* h * 

1 * 


The camping experience 
is deeply rooted in the 
American pioneer tradition. 
First came the religious 
camp meetings of the early 
19th century. Then, in the 
middle of the century, New 
England private schools be- 
gan taking their young male 
and female charges on sum- 
mer-long hikes that mim- 
icked soldiers’ campaigns. 
Reformers in the 1890s 
brought youngsters from 
city streets to rural settings 
to experience the outdoors — 
a movement that evolved 
into groups like the YMCA, 
Boy Scouts and Camp Fire 
Girls. 

This legacy has left camps 
with two traditions that 
dominate camping today: 
Native American lore and 
moral uplift The U.S. sum- 
mer-camp experience often 




CAREER DISCOVERY PROGRAM 
June 27-August 5, 7 994 


For people of all ages 
considering career 
choices or chancres 


Harvard University 
Graduate School of Design 
Career Discovery Box HT 
46 Quincy Street 
Cambridge. A 02'isS 
617"<i95-5o3 


The call of the West: cantering campers at the Teton Valley Ranch Camp. Jackson Hole. Wyoming. 


involves the appropriation of 
what used to be called Indi- 
an names, symbols and ritu- 
als, usually highly modified 
for consumption by modem 
youth. 

Religion continues to be a 
dominant theme in summer 
camps, and parents are well- 
advised to investigate 
whether a camp is affiliated 
with a religious domination, 
whether services are held 
regularly and if attendance is 
mandatory. 

The large number of 
sleepaway camps can make 
the selection of one a daunt- 
ing task for parents. Mr. 
Solomon, who runs a camp 
referral service, advises par- 
ents to look into the history 
and age of the camp, and the 
work experience of the staff. 
The American Camping As- 
sociation accredits camps on 
the basis of the quality of 
their programs and health 
and safety standards. 

The philosophy of sum- 
mer camps varies widely. 


Some are highly competi- 
tive, while others emphasize 
individual activities. Even in 
specialty camps, the level of 
instruction and fun varies 
widely from one program to 
another, as does the amount 
of free time and the structure 
of camp activities: Some 
camps require campers to 
participate in exercise or en- 
richment programs during 
set hours of the day: others 
give campers more leeway 
to choose activities that in- 
terest them. 

For campers from over- 
seas, supervision is impor- 
tant Will someone from the 
camp meet the child at the 
airport? “A good camp pro- 
vides door-to-door service,” 
Mr. Solomon says. He ad- 
vises visiting a camp only 
during the summer season. 
“Visiting a camp when dor- 
mant doesn’t show any- 


Mr. Solomon recom- 
mends that parents begin 
looking at camps immedi- 
ately. “Most camps are now 
at 75 percent capacity, espe- 
cially for 10 to 14 year 
olds,” he says. 


Campers can learn 
about computers , 
lose weight 
or fight 
‘color wars’ 


thing," he says. “Aestheti- 
cally, it can look good, but 


CAMP CAYUGA 
COED * POCONO MTS, PA. 
Ouw 50 Land & Water Activities! 
Only Horseback fldhig (no extra fee) 
Flying Trapes® ft Circus Ads 1 
Trips: Niagara Palis & Busch Gardens 
Modem FBcJWtea-Cabmswtshowere. 
2 Fools. Lake. 25 Horses. 350 Acres. 
Canoe trips, Horse shows. Overnights 
Separate Teen Camp. Teen Program. 
Specializing in Rnrt-Time Camperel 
(Mature Slotf. ACA ocoadHed camp. 
Family Operated. Our 37!h Season' 

4 & B Week Sessions. Ages 5 to 18. 
TuHan & Sfcbnq Dfccountsl 


1-300-4 -CAYUGA or 808-68^3339 


cally, it can look good, but 
the program can be inferi- 
or." Camps will send inter- 
ested parents literature and, 
increasingly, videotapes, 
and may hold meetings with 
parents in selected cities. 


Three summer camps ex- 
emplify die wide difference 
in philosophies and pro- 
grams among U.S. camps. 
Computer-Ed High-Tech 
Camp in Newton, Massa- 
chusetts offers four two- 
week sessions for children 
from the ages of eight to 17. 
Courses cater to all levels, 
from beginners to “comput- 
er nuts,” according to the 
camp coordinator, Joann 
Knowles. All are combined 
with non-competitive sports, 
games, and arts and crafts. 
“The type of kid interested 


in learning and computers 
doesn’t flourish in the tradi- 
tional camp experience, with 
so much time and energy de- 
voted to competitive sports,” 
Ms. Knowles says. 

On the other side of the 
camping experience is Red 
Pine Camp for Girls in 
Minocqua, Wisconsin. Di- 
rector Sarah Rolley de- 
scribes Red Pine as “very 
traditional.” Sbe adds, 
“There are no distractions. 
They can just be children.” 
The camp places emphasis 
on traditional activities cen- 
tered around a lake, as well 
as horseback riding and ten- 
nis. 

Red Pine demonstrates the 
popularity of the traditional 
camping experience. Most 
counselors are former 
campers, the camp is in its 
57th year and campers last 
year came from 26 states 
and nine foreign countries. 

Buck’s Rock Camp stands 
somewhere in the middle 
between the relatively 
unathletic computer nuts of 
Computer-Ed and the very 
athletic horseback riders of 
Red Pine. The 50-year-old 


I«mJ-.r..M. wm.,1 U,1 V bk-lnqv 


X MOTE TH\N A VACATION- 

asummehyolti 

NEVER FORGET 
Yrai Oner Year Owe Fragrant _ 

'Unitin' ♦ Hi tv' ♦ VlliT .Sjvmv. * 
IVriiimnnn Air. * ItjIL' * iVofiueis ♦ 
i kitikn* Aihvtmnv » Sii-fkv ♦ Trip • 
Fiia F.uturfl and Aihrrturr. 

Dr. Singer. PJX Box 295 TChur. NT 10789 
9IVTO-13CU 




NATIONAL CAMP ASSOC. 

Camp Advisory 
Service 

FIND THE RIGHT CAMP 
THIS SUMMER! 

AT NO COST TO YOU 
’ sp * culty - 

- Spe cif ic Rcr omj n ei idtkua to 

Quality Ac c redit ed C— npi 

- Co mp lete Information and 
nnonaBzed Gaktotc* 

- he NCA Guide to ChooMng 
an Accredited Camp 

National Camp Awx 

1-800-966-CAMP 

In NY. Z 12-6*5-0633 

Fax: n«-»4-S9ai 

*10 FIFTH AVE * NY. NY - 10189 


The Best Little 
Camp in 
Massachusetts 


CIRCLE F DUDE 
RANCH CAMP 


Hair Moon 


25 activities 6a land & water. 
Safe, structured environment 
Riding, Team Sports, Arts, Tennis 
Sailing. Gymnastics.' Wa ter s Idi n g, 
Swimming Overnight Camping. 
Brochure & Video on Request 
413 528 0920 Fax 413-528-0941 
Box IBS, Gt. Barrington, MA 01230 




'.'.'ilko • s«alo;.j * '.velccme • bienvenue • aloha • BiErivsrcoGS • 


•fuaanOBaayansmlmtUmwacam^iemiBatnmaltMraatnttl* 

BUCKS ROCK snmr canp to ml Coroactat (2 tons from Nw Yttk Otfl oltas 
En|saadolrMM6.tfeftMtato|HB3aitt | 

ttaabr, dnmtoo, orctato. Haiti. Jco. aad rata dancs), crafts (Wntag, s mti amMa g . 
cranes, tatric dtslga. gteMwiha toodiattig, tic.}, tedmotoinr (vtoo, raHa. o:*wsiMi 5 , 
eiflkigaifpotiBsHag — Is afflBkn to aU sports propna 

For inetac El »l Mj» tmjacn mo. Bu H. 362 Vumrnkn.. 
Ocmri*. m 1072 or sal fell) 766-706 bt tax (SIC) 7663611 
•CornmlusmusIsmanlmmaBirr. •MnmtjvwdmxfK. 


■ SieiVENUE • ALl'HA ♦ V'ilKOXUA’ • SHALO" • ElEfivcNIOOS * WELCOME • 


Computer-Ed' HIGH-TECH 

• Build a PC • Repair a RC • Radio 
Contnofled Cars & Boats ■ Computer 
Programming • Rockets • Telecommunications 
• Robots • Computer Art & Graphics • Music 
■ Keyboarding ■ W/P • Animation • Home & 
Interior Design - Recreation • Sports • Basketball 
Clinic • Drama • Trips • Tennis Lessons • English 
as a Second language Progr am and morel 


(617) 93S 6970 
COMPUTER-ED 
P.O. BOX l 77 
WESTON, MA 
02193 




FOR TEENS ONLY! 

610*527*6759 


13-17 yrs. 
(1)610-520-011 


GOW SUMMER PROGRAMS 


TRADITIONAL CAMPING. WITH ACAOF r.L'CS 
.NO WEEKEND OVERNIGHT TR'PS :7 SEN TOURS; 


•COED • International • Fully Elective Program 
•YOU CHOOSE from over 50 activities including 


A carefully considered pr o gram 
balancing learning and fun. -ra 
Got? is the nation's oldest 


•ARTS specializing in creative and performing arts 
•SPORTS alfmajor land and watersports |P 


)RTS all major land and watersports 
■ENGLISH as a Second Language 


Par toodae carat 
THE COW SCHOOL 
SUMMER PROGRAMS 
EmaryffcL 

Soutl WWat.NY 1«139 
fTIfl 85M4SG -&L 141 
14DM&WWI (46*11 


$ 399 S/season MTC 180 Upper Guiph Rd, Radnor. PA 59807 


A UNfQUB SUMMER LANGUAGE EXPERIENCE 

PINE TREE LANGUAGE CAMPS 

of Lynn University 


(HAVE IVN WHILE LEAIOMHMG ANEW LANGUAGE) 

The Adirondjrfta. New York • Boca Ratng, Flmide - Dublin. Ireland 
6 - 18 - Ea.L*pzu«ce wMi 


LYNN UNIVERSITY 

FINE TREE CAMPS 

Boca Raton, FL • Adirondack Mta, NY 



[e T«*i a ’Qa a J ic 1 (c 




Intensive instruction by age grou 
Nationally recognized college ccw 

EXCELLENT WATERFRONT AND MODERN FA 
3601 N. MUHaiy Trail, Boca Ratmt, FL ■ (407) 9W-6662 ■ (800) Sl-2267 



■in (jt} 





music, ait and theater camp 
in New Milford, Connecti- 
cut accepts children aged 1 1 
to 16 with an interest in the 
arts - they need not be 
prodigies. 

Buck's Rock offers a non- 
structured program: Instead 
of being regulated by whis- 
tles and time periods, chil- 
dren are free to choose from 
80 activities. 

Camp Director Ron Dan- 
zig says that Buck's Rock 
oners a more fulfilling expe- 
rience than traditional sum- 
mer camp. “Most camps are 
really recreational facilities 
to keep kids busy for the 
summer ,“ be says. “We want 
them to accomplish some- 
thing, not just die color war.” 


If 




Bolter Suamer Program 

WORLD CAMP 

Auffut 1-26 

Acalomcs and cultural exchange 
far hup and pife ages 8 * 14. 

E5L, Academies, Rue Aits, Spons-'- 
and a one «wk tourrf Catfomia. 


Contact: The HaAer School, 

500 Saratov Avc, San joe, CA 95129 
(408) 249-I5IO •Fn (408) 9^2325 


ANtffiUATEOF 
DECAMP SHOP, INC. 

FREE 

OVRNlGHr AND DAY CAMP NEB)S 
IEBJ TOUR & PRWAIE SCHOOLS TOO 
TRADniONAL - SPORTS - SPECMUIY 
-- WEIGHT TRAINING -. ACAOEUC - 
- LEARNING DEABIED 
64 YEARS EXPBTENCE AT 
ABSOUJTRY NO COST 
Tel.: 516-333-6271 
or 212-505-0980 
V ftac 516-333-0414 J 


TRAIN WITH THB CHAMPIONS 

NICK BOLLETTIERI 


1 BsGINNERTHRU 
TOURNAMENT 
LEVEL 


BOARDING- 5 
NON-30ASD-NG 


4-> 

ladidas’ 


1994 SUMMER CAMP LOCATIONS 
•BockfoidPakDbMct, um 
•Wayland Acadamy, w, 

•Farmfaigton, Connecticut uoi 
•South Hadley, MasaachuseHs M 
•Bradenton, Rorkta w>*oran 
•Alnundria, VhgMa m 
•Santa Barbara, CaBomia vo. si sow 

MMw 

1 -800-USA-NICK 

raOMiaraetUM • BttlBrtoa ft 34Z 10* U BIMSB-IODO • ftttfl 13 -rewwi f 


“World’s first & original Tennis Camp” 



John 

Gardiner's 
Tennis Camp 

OUR37THYEAB r 


OUR 37TH YEAR r 

80 hours Instruction, 75 formal matches. 
Faculty of 8 frill tune professionals. 

20 intercollegiate counselors. Coed 

doctor In raelrionM 


7 - — Miuiiainani. uoed 

Doctor ‘"iSSSfre Studems *»n around 
tne world. Close supervision 

9 yrs. to 16 yrs.— Beginners to advanced 

. P.O. Box 228 

CarawlVaftay,CA 93924 Write or Cefl far 

(408) €^59-2207 ? BnK *“ p * 


SUMMER 
DISCOVERY 

s ^ r u;cx.ti 
-9:T0F,VERMDHf :• 
I/. (MF. MICHH3AN 
CAMBRIDGE UNiV. 

Enridimgtt, Collage craft. Princeton 
tewwSAT. jportSt Ifltemirt tennis, 
tnps, community seroce.' - 


M U S \M 

T 0 . s 

v-s&r- d 

CANADA 
.. EUROPE 
'-if ISRAEL 


Active cam|% donn, hotel and 

conation student tours. Summer 
stung, climbing, sports & motel 


L 28 ^ ! ACA Accredited 

Epnchtnentand travel by the Musiker family 


Call 800 - 645 - 6611 * NY State 516 - 621 - 0718 . Fax 516 -fi 7 «i WP. 

for brochures, or write 1326 Old Northern Blvd., Llyn, New Yo^f 


* . 


* itfR 10 ^ 


JT -4* 

f \ - 













-c 






as* 


S ujstnier c ,^ 
P^’Srums -In .^P* r,r> 

per ^ 

> 


Phasize !->' V n, ch ~ 
-fmm Itl^s. mI 

*L Um ‘«ch ^,*4 

S??£i^tef 

irocaa.; 

comps," ».$.• «^»jj, 

hltY ?C- oU v . “iWn, 
wh«ew^-;:> s or E 

S^ide. Son^fT 

llc * iiav.' '■"“fid 
canjps ih;,, tlff ^oimet 
Ilona! fanih ' 41 lr adi. 
with a piD^a^A * ! °np 

* 4cnis ijpj. ,„4 - 
seed :he;- 

ests the ch=s 4 Lnai *»*• 
SU the piu^.f 01 - 10 ^ 
“Piren-V 

sum *a» ' :" J!d ">ate 

••heSrchifciV^S 

consumer 

s«n v .o warn word &-». 

s^,“ p'p.fwS 

•cEe : Jotinn krovu?. 

h^T? . . a “ ! once ihei 

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International Herald Tribune, Saturday-Sunday, March 19-20, 1994 


Page 9 



h 

THE TRIB INDEX: 1 13.381! 

W0TW Stock lndex ©■ composed^ 

iv BsasBstff.sRr' “ mpaed 


w> 

vi.T> 

rr-’ 


■'■'■ < CaV: y 

• ;• ;Y! ; 


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v\- ■! « •->■* •. '. .'•• 

90 ^ ■•» • Vv «'•'*- ^ » »: . V» .' V l •’>.••' • 


o 

1993 


Asia/Paciflc 


World Index 

3/12/94 ciose: 1 13.33 
Previous: 1 14.36 


.-.«• -;•••' .- , r.,y - 

■ >■ j ■ >,. '■* -i • 


liia 

M 

1994 


ISO 

140 


Appnx. matons.32% 
Close: 129^6 Prev.: 129.48 


Europe 


Apprax. wetghHng: 37% 

Close: 112JB9 Prase 114.51 

»EffCl 




77w rnfax trae*A US. ctaSsr values of stocks in: Tokyo, New Ymk, London, and 
Argentine, AuetrailB, Austria, Botglum. BiaxB, Canada, Chile, Danmark, Finland, 
France. Germany, Hong Kong, Italy, Mexico, Netherlands, New Zealand, Norway, 
Singapore, Spain, Sweden, Switzerland and Venezuela. For Tokyo, Now Yotk and 
London, tf» Mm a composed of the 20 lop issues in terms of market capitaSzadon, 
otfenwe (he ten top stocks am backed. 


I Industrial Sectors j 


FiL Prev. % 

daM don dnmgn 


FA 

dm 

Pml 

dam 

ctanga 

Energy 

112.81 113.73 -081 

Capital Goods 

11455 

114.94 

-0.34 

UtiMes 

126.71 128J30 -1.24 

Raw Materials 

123.11 

123L88 

-0.63 

Finance 

1ia44 117.44 -0.85 

Consumer Goods 

99.38 

S9LS8 

-080 

Sendees 

119.77 121.51 -1.43 

MteceJtaneoua 

127.98 

129.15 

-091 

For mom information about itm Index, a booklet Is avaiable (tea of chatga. 

Write to Ttiilndax. 18) Avenue Ctmtes da GauRe. 92521 NetAfyCedex, Fiance. 


U.S. Gains 
In Japan 
On Chips 

But Americans 
See No Trend Yet 

By Andrew Pollack 

New York Tima Service 
TOKYO — Foreign companies' 
share of Japan's semiconductor 
market surged to 20.7 percent its 
highest level ever, in the fourth 
quarter of 1993, it was announced 
Friday. The development could 
help defuse another potentially ex- 
plosive trade dispute with the Unit- 
ed States. 

But the UJS. government and the 
American computer chip industry 
reacted coolly to the news, calling 
on Japan to take measures to en- 
sure that progress continues. 

“We are pleased to see an increase 
in foreign market share for the 
fourth quarter,” the U.S. trade rep- 
resentative, Mickey Kantor. said. 
“However, we remain concerned 
that U.S. and other foreign semicon- 
ductor suppliers ore not achieving 
improved access to the Japanese 
market on a sustained baas." 

The fourth-quarter share, an- 
nounced by the two governments, 
rose more than expected from the 
18.1 percent figure for the third 
quarto - , as calculated by a formula 
used by the U.S. government. Un- 
der the formula used by the Japa- 
nese. the foreign share rose to 22.1 
percent from 19.7 percenL 
For all of 1993, the foreign share 
averaged 19.4 percent by the Amer- 
ican formula, compared to 16.7 
percent in 1992. Despite the gain, 
however, the figure was below the 
20 percent average that both Mr. 
Kantor and the American industry 
had been seeking. 

A 1991 trade agreement between 
the United States and Japan set a 
goal, though not a guarantee, that 
American and other non-Japanese 
chip makers would win 20 percent 
of Japan’s roughly $20 billion semi- 
conductor market by the end of 
1992, with gradual improvement in 
market access after that. 

The semiconductor accord, which 
American companies agree has vast- 
ly increased their sales in Japan, has 
become the model for the “results- 


GermanrU.S. Pact Aloft 

Airline Agreement Is Signed in Bonn 


By Brandon Mitchener 

Iitternotiaml Herald Tribune 

FRANKFURT — The idea of ■'open skies” 
between Europe and the United States came closer 
to reality Friday after German, British and U.S. 
officials broadened and extended two code-shar- 
ing agreements that are expected to spur competi- 
tion and inspire new trans-Atlantic allian ces 

Transportation Minister Matthias Wis&man of 
Germany and his U.S. counterpart, Federico F. 
Pefia, signed a memorandum of understanding in 
Bonn that broadens a code-sharing contract be- 
tween Deutsche Lufthansa and UAL Corp.'s Unit- 
ed Airlines that is to go into effect May I. 

The signing followed six months of negotiations 
over the accord, which other U.S. airlines had tried 
to block. It also adds to the pressure on other U.S. 
and European airlines to enter similar alliances. 

Jdrgen Weber, chairman of siate-comrolled 
Lufthansa, said the accord had given Lufthansa 
and United “the biggest air network in the world.” 

It grants the unprofitable Lufthansa, which is in 
the midst of a major cost-cutting effort, unlimited 
access to the American market and to other desti- 
nations including the Caribbean. Germany hopes 
the deal wil] make it easier to sell a majority stake 
in the carrier to investors this year. 

The agreement also gives United and another 
U.S. carrier the right to share codes on routes 
within Germany and on to other countries with 
European partners. Code-shoring allows carriers 
to sell each other's services on selected routes. 

The second U.S. airline wasn't identified, but it 
was expected to be Northwest Airlines. Northwest 
is allied with KLM Royal Dutch Airlines and 


wants to be able to fly between Germany and the 
United States via Amsterdam. 

Airline industry analysts said the code-sharing 
agreement with United was the key to Lufthansa's 
future profitability. 

Lufthansa said Thursday it had cut its parent- 
company pretax loss to 50 million Deutsche marks 
($30 million) in 1993 from 297 milli on DM in 1 992. 

Mr. Weber said the deal would mean tens of 
millions of marks in additional business for the 
German airline He called the accord “very satis- 
factory” for Lufthansa, adding, “We won all nec- 
essary points. 

The accord allows Lufthansa to make reserva- 
tions for its passengers through United, which gets 
similar rights on Lufthansa flights in Germany and 
eastward. 

The agreement came a day after the United 
Suites avoided an immin ent confrontation with 
Britain by extending for one year a code-sharing 
pact between USAir Group and British Airways. 

Britain said Friday that the United States now 
had to make the next move by resuming talks cm a 
new bilateral aviation treaty. 

“The U.K- government is committed to an 
agreement which wifi give passengers on both sides 
of the Atlantic the chance to fly new routes to new 
destinations with greater frequency of service and 
the prospects of more competition and even keener 
prices,” Transport Minister John MacGregor said. 

Britain wants changes in U.S. rules that limit 
foreign ownership of airlines in the United States 
so that British Air can increase the 24.6 percent 
stake it bought in USAir last year and gain greater 
access to the U.S. market. 


Metal Firm Blames Executives 


O I nten tio na l HwatdTrfcune See CHIPS, Page 13 


Bloomberg Business Hens 

FRANKFURT — An audit re- 
port released Friday by Me tall ge- 
sdlschaft AG said that the compa- 
ny’s former managers had taken 
greater risks than they should have 
in oil futures trading, and the com- 
pany said it would seek damages 
from the two former managers. 

The audit, by accounting firms in 
Germany ana the United States, 
was commissioned by the Metallge- 
scllschaft supervisory board in De- 
cember, what the company fired its 
chief executive, Heinz Schimmd- 
busch, and chief financial officer, 
Meinhard Forster. 

The metals and mining conglom- 
erate was driven to the brink of 
bankruptcy by losses totaling 23 
bQboa Deutsche marks ($1 A billion) 
in losses on oQ futures trading. 


Metailgesetischaft said Friday it 
had asked lawyers to seek damages 
from the two former managers. The 
deputy chief executive, Heinrich 
Goetz, declined to specify the 

MIM Holdings is i m wim E ug its 
(fiversification of the 1960s, and 
investors approve. Page 13. 

amount of damages the company 
wonldseek. 

“We don’t want to predict the 
results of the legal investigation,” 
he said. “We assume that the suit 
will be submitted sometime in 
April,” 

[Mr. Schimmelbusch, contacted 
in London, dismissed the criticism 
of his performance in the audit re- 
port, telling the International Her- 


ECONOMIC SCENE 


Adam Smith Tackles the Traffic Jai 

By Peter Passell 

New York Tima Service 

LOS ANGELES — With Son them Cali- 
fornians battered by earthquake, fire and 
recession, it scans crud to remind them of 
yet another reason to emigrate to Idaho. 

But that 's not stopping the Environmental 
Defense Fund, which has published a new 
study on road congestion and air pollution in 
the land of gridlock. 

Happily, this spinach may not prove hard 
to swallow. For while the report by Michael 
Cameron, an economist, documents the mess 
that is Southern California's car-dependent 
transportation system, its conclusions are, at 
heart, optimistic. 

Like many other economists, Mr. Cameron 
believes that charging for road use according 
to free market principles would both dean 
the air and speed traffic. 

Unlike others, though, be offers equally 


use to its cost in toms of pollution and slower 
travel could probably make a big difference. 

Mr. Cameron estimates that simply adding 
a charge of S cents a mile to the current 37- 
cents-a-mile average cost of operating a car 
would reduce both miles driven ana emis- 


Charg ing for road use in 
Southern California 
according to market 
principles could dean the 
air and reduce 
congestion. 


lion and congestion need not come at the 
expense of the poor and m argi n ally middle 
dass. “You could create a system that bene- 
fits every income group,” Mr. Cameron as- 
serted . , , 

Traffic jams are dose relatives to the long 
lines outride Soviet shops that Americans 
used to snick er about. When prices are too 
low to equate supply and demand — whether 
the commodity is sausage or space on roads 
— rationing lakes place in other, almost al- 
ways more frustrating, ways. The Russians 
have figured this out; Californians haven t 

popular reckoning, the two-h«ir com- 
mute is now as much a fixture m 
Southern California as the all-night super- 
market and drive-by shooting. In fact, rela- 
tively modest efforts to link the price of road 


sons in Southern California by one-tenth. 
Traffic delays would be reduced by roughly 
one-fourth. 

The use of direct “command and contixd” 
regulation (as opposed to indirect financial 
incentives) is widely seen as more equitable 
because under regulation, the rich can't buy 
their way out of sacrifice. After all, a nickel a 
mile tax — or for that matter, 50 cents a mile 
— would not reduce the number of Poisches 
cr uising through Beverly HOls on a Saturday 
afternoon. 

And at least as a first take, Mr. Cameron’s 
research reinforces intuition. He estimates 
that the net benefits of a 5-cent tax in terms of 
pollution and congestion would be six times 
greater for those in the top 20 percent of the 
mcome pecking order than for those in the 


bottom 20 percenL That’s largely because the 
affluent dove more and place a higher value 
on the time they are stuck in traffic. 

However, Mr. Cameron also shows that the 
distribution could be sharply changed by 
targeting the use of revenues from anti-con- 
gestion or anti-pollution fees. A flat cash 
rebate per person, for example, would leave 
low-income families far better off because 
they drive much less than average. 

Using the funds to reduce mass transit 
fares would have less of an effect on the 
bottom fifth since most would remain depen- 
dent on cais for commuting. But the relative 
few who do use mass transit regularly — and 
who are probably the poorest of California's 
working poor — would get a gian t boost 

Tom Graff, senior attorney for the Envi- 
■ronmental Defense Fund, does not believe 
this research wffl eliminate resistance to mar- 
ket-based regulation in the traffic-and smog- 
_ choked region. “This is a step in a long 
' campaign.” he said. 

But he does think it will begin the process 
of altering the political equation in which 
“representatives of the middle-class block 
user charges on behalf of the poor.” 

One way or another, change must come. 
Kenneth Small, an economist at the Universi- 
ty of California at Irvine, observes that traffic 
congestion is ultimately self-limiting: People 
and businesses spread out sufficiently to pre- 
vent terminal gridlock. 

Mr. Small expects a period of “fitful starts 
and demonstrations” of market-based traffic 
control, and perhaps growing acceptance as 
the lesser of evils. 

Mr. Graff agrees. “The politics may not yet 
be ripe” for pollution solutions that require 
out-of-pocket expenses, he concedes. “But 
they’re ripaiing.* 


A Move to Dump Milken 

The Assodoud Press 

SAN FRANCISCO — The University of California regents are look- 
ing for a way to get the university system out of a contract with Michael 
R. Milken, the securities fraud fdon who built the junk-bond markeL 

The regents have asked administrators to see what they can do to sever 
a deal that has been lampooned in tbe“Doonesbury” comic strip and the 
'subject of complaints that it sullies the university's reputation. 

The agreement allows Mr. Milken's enterprise. Educational Entertain- 
ment Network, to market videos of classes he taught last fall at the 
Anderson Graduate School of Management at the University of Califor- 
nia at Los Angeles. It allows Mr. Milken to keep 93 percent of the prcfiL 
with 5 percent going to the university. It also allows him to use the 
university’s logo. 

Mr. Milken, one of the most powerful financiers of the high-flying 
1980s corporate takeover era, served nearly two years in prison after he 
pleaded guilty to six securities law violations. 


CURRENCY & INTEREST RATES 


Cross Ratos 


AmlMtlaai 

Brmelf 

Frankfurt 

London (a) 
Madrid 



March 18 

« C OM. FJ=- u™ O-FI 9JF. SJ. rm CS Ponte 

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ism ijiisi rwnuw wh 

immLNnr YPrto Toronto and Zurich, flrthas k> other cetdoftk 
CkrsfnaamAinstefdmLe^n' dollar: V units of 100; NA: nof quoted; HA .: » 
o: To am one pound; h: To an one a****. 

available. 


Eurocurrancy Daposits 

Swiss 

Dollar D-Mark Prase 

storiina 

French 

Franc 

Yea 

March 18 

ECU 

1 month 

]U«. 

SllrSW. 

4VMIA 

5>A-5«i 


2i«-2?u 

6W6 *. 

3 months 

3M-3M 

5>te-5*k 

44Vk 


64Vh 

2V*-V» 


6 montlls 

4XVh 

ShrSWk 

3 ■WH k. 

5 W. 

5^ Vi 

VM-m 

friVk 

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SMtSVi 

3S?W 

5*V5N 

5 V5 vi 

2%-2W 

5TW 


Ports 

Tokyo 

Toronto 
Zorich 
1 ECU 
1SDR 


Swrers; Raders, Lloyds Bank. _ 

Antes aoeHeoUe Us ltdervank deposits of 57 mfftfon minimum (orvavtvalartl. 


; not 


Other Dollar Value* 

oar c currency 




Currency PvS 
ArusotPew 0JW 
AbsM S 1*4045 
Antr.feNi. nJM 
Brsdlcrvz. TATS 

OUMKVVMI M7W 

C2tch konsoD 2941 
Oanhli krone 4435 
Egypt, poand 

Fin. markka MS* 


currency Pori 

Creek drt*- MkSO 
HOWKBW* 

Huno-tortet 

Indian n»w £■» 
mdo.rupW rwm 
irtthi 
israoH sftefc. 

Kuwaiti dUKa* MB* 

J£w.r ** vm 


Currency 
Men. peso 

iLZeatcmdS 

Norw. krone 

PhJLpnso 
Pott* noty 
port, escudo 
Hun. rob)* 
Saadi rlyat 
5IM.S 


Part 

Ml 

IMS 

7332 

Z7JS 

32017. 

174.W 

17M» 

17* 

ISM 


Currency 
5. Afr. roncf 
S.KOT.WOO 
Sw*d.krann 
Taiwan S 
Thai baht 
TortEBh Bra 
UAEdUmm 
Venoz. body. 


Per J 
IMS 
ZULU 
7J65 
2U8 
2530 
209M. 

347 

11370 



Fon " rdR *^L •** «» 
is IS * 
MS, urn yz 

1,4390 143W 144M 


Currency 

P*«« ***»*_ ™ 

Poutaehe mark 143W i^OO 

5w»s franc ln posi#z Bank fBaaseOJ; Sonca CarwnertM* 

Soorxxs; INC * now (Tokyo): Royal Bonk ot Canada 

8EKSK 


Currency 
Cao ndko doflar 


UMS 13693 U497 
10599 W58S 10SJ0 


Key Money Rates 

United Staha Close 

Dtacoonfrote XOO 

Prim* rot* MB 

Ffdemiuadi 3W 

aoMftCM 376 

Cwnm. paper HOdoyl 3 Bl 

3-nmA Treasury Mil MS 

1-rear Treasury Mil 4.15 

9-vnar Treasury oote 5X0 

Orear Treasury note 597 

7 rear Treasury not* 6.12 

tfrrear Treasury note UR 

30rear Treasury boad 692 

MerrBI Lynck 39-day Re ady asset iUL 
Japan 

Discount rati lto 

CaB money 2 tk 

l^nonth interbank 2 n. 

3-mouth Interbank 2 V. 

Smooth Intertwnk 3M 

lOrear Gover nm ent hood 379 

Ger m an y 

Lombard rata 6% 

CaH money 595 

l-montb itrtsrbaik 595 

3-month tatarbaak ' 530 

t-moatt toterbaok 565 

iwrearBaod 536 


Prav. 

100 

480 
3* 
3U 
397 
3X3 
W 
491 
588 

481 
6X1 
483 
279 

1« 

2h 

2% 

2«i 

216 

Ml 

580 

590 

588 

565 

416 


■5Vi 

5U 

5* 

580 

5Vt 

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5VE> 

5 'w 

51* 

5 Hi 

7J5 

7J5 

4.10 

610 

6Ut 


ih 

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6Va 

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5*H. 

5* 

6J0 

623 


Britain 

Bank base rate 
Call many 

1 -month interbank 

3-mofith Interbank 
S-moath Interbaok 
wrearodl 
France 

Intervention rale 
CaO money 
1 moth Interbank 
l-moatti Interbank 
Smooth interbank 
linear OAT 
Sources: Routers, Bleomben, Merrill 
Lynch, Bonk ot Tokyo, Commorrbank, 
Greenweil Montagu, CrddU L/onnols. 

GOM 

AJM. pm. Ctl'oe 
Zurich 3852S 38685 + 360 

London 30590 38455 +115 

ISvM 387 JB 36740 +«0 

UJ. dollars par ounce London of! Idol fix- 
lags; Zuricfi and New York eneamo and cfm- 
lap prices: New York Comax (April) 

Source; Reuters. 


INTERNATIONAL 


If you would Mae to receive further infor- 
mation on any of the advertisers in todayis 
North American Summer Camps adverti- 
sing section (page 8), simply complete 
the coupon below and send it to: 

VALERIE E. FINE, 
International Herald Tribune 
850 Third Avenue, 8th floor 
New York, NT 10022 USA 




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Clinton’s Talks 
With Greenspan 
Spook Markets 


old Tribune, “My side of the story 
is not there.” 

[Mr. Schimmelbusch specifically 
denied the report's assertion that 
he had received documents in the 
summer of 1993 showing increas- 
ing losses at the company’s New 
York-based unit, MG Corp. 

[“1 never saw those documents,” 
be said, adding that “these studies 
win have to be studied, and the 
investigations will have to be inves- 
tigated.” He also said, “all legal 
instruments available to me will be 
activated.*! 

Metallgesdlschaft had pretax 
losses totaling 33 billion DM in the 
five quarters ended Dec. 31. 1993, 
and avoided bankruptcy only 
through a 3.4 billion DM rescue 
package organized by creditor 
banks and major shareholders. 


By Keith Bradsher 

jvni- York Times Semcc 

WASHINGTON — A presiden- 
tial summons to the chairman of 
the Federal Reserve Board for what 
the White House described as a 
routine meeting Friday turned into 
an embarrassment for both men. as 
financial markets reacted with 
alarm to the appearance of admin- 
istration encroachment on the cen- 
tral bank's independence. 

Bond prices fell sharply after 
Fed officials announced Friday 
morning that Alan Greenspan, the 
Fed chairman, had canceled a 
planned trip to Houston for a 
speech because he had been called 
to the White House. The yield on 
the bellwether 30-year bond rose to 
6.92 percent from 6.83 percent 
Thursday. 

Stocks, after falling early, closed 
higher in the /ourth-heaviest trad- 
ing day on the New York Stock 
Exchange. The Dow Jones indus- 
trial average rose 3031 points to 
3,895.65. Exchange volume, about 
447 million shares, was boosted by 
the “triple witching" phenomenon, 
the quarterly expiration of futures 
and options contracts. 

Administration officials went 
out of their way to describe the 
White House meeting as nothing 
out of the ordinary, with Mr. Clin- 
ton asking Mr. Greenspan's views 
on the economy's health but not 
about interest rates. 

“It was a fairly routine meeting 
between the president and the 
c hairman of the Fed to hear the 
chairman’s views on the economy." 
said Gene Sperling, a senior official 
on the president's National Eco- 
nomic Council. “There was neither 
the intent nor effect of sending or 
receiving any messages whatso- 
ever.” 

Mr. Clinton held similar meet- 
ings with Mr. Greenspan on Jan. 21 
and in early November, but neither 
of these meetings was publidy an- 
nounced. The meeting Friday took 
place with the usual secrecy — Mr. 
Greenspan came and went through 
the south entrance of the White 


House, out of the view of television 
cameras — but became public be- 
cause it was scheduled on short 
notice and forced Mr. Greenspan 
to cancel his speech. 

The White House and the Fed 
blamed each other for attracting 
attention to the meeting. A senior 
administration official said that 
last Monday the president had told 
Robert Rubin, the head of the Na- 
tional Economic Council, to sched- 
ule the meeting and that this was 
done immediately. The same senior 
official said that Mr. Greenspan 
never mentioned that the meeting 
would require him to cancel a trip. 

But Joseph Coyne, the chief 
spokesman at the Fed, said that 
Mr. Rubin’s office had not called 
Mr. Greenspan until midday on 
Thursday. Mr. Greenspan did not 
tell the White House that the meet- 
ing would require him to cancel a 
trip, Mr. Coyne confirmed. 

lire confusion was even greater 
Friday because some professional 
Fed watchers were in Houston for 
Mr. Greenspan's speech. Paid by 
brokerages and big institutional 
bond investors to keep track of the 
Fed's moves, they were caught flat- 
footed in the wrong city when Mr. 
Greenspan did not show up. 

“People don't know quite what’s 
up,** said Robert Eisner, a former 
head of the American Economics 
Association who attended the 
Houston conference, which was 
sponsored by the Federal Reserve 
Bank of Dallas. 

Robert D. McTeer Jr„ the presi- 
dent of the Dallas Reserve Bank, 
read aloud at the conference ex- 
cerpts from Mr. Greenspan's pre- 
parol remarks. According to a full 
text of these remarks supplied by 
the Fed here, Mr. Greenspan had 
planned to give a fairly bland re- 
view of economic research into low 
savings rates in the United States. 

Financial markets are particular- 
ly nervous now because the Fed’s 
interest-rate policy committee is 
scheduled to meet on Tuesday for 

See MARKETS, Page 10 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 19-20, 1994 


* 


Page 10 




MARKET DIARY 


White House Talks 
Fuel Rise of Dollar 


Compiled by Our Staff From Dispatches 

NEW YORK — The dollar rose 
against the Deutsche mark on Fri- 
day after a meeting between Presi- 
dent Bill Clinton and the Fed chair- 
man, Alan Greenspan, sparked 
rumors of an impending rise in in- 
terest rates. 

The doQar closed at 1.6968 DM, 
up from Thursday’s close of 1 .6883 
DM. The dollar was also ahead 
a gain st other major currencies. 

The UK currency had traded as 
high as 1.698S DM earlier Friday 

Foreign fachawgt 

as the market was swept by the 
rumor that Mr. Clinton was at- 
tempting to sell the Fed chairman 
-on his belief that interest rates need 
not rise further. A White House 
aide later announced that the two 
men had not discussed rates. 

“Great timing," said one trader, 
commenting cm the fan that the 
White House meeting was called 
directly ahead of a meeting Tues- 
day of the Federal Open Market 
Committee, which decides interest- 
rate policy. 

Another rumor, that American 
warships had been placed on alert 
off North Korea, further roiled the 
maikeL When that rumor was de- 
nied by the White House, the dollar 
lost some of its gains. 

Dealers said that the dollar's fail- 


ure to break through 1.70 DM indi- 
cated that there was still downside 
pressure on the UK currency that 
will be lifted only once the Bundes- 
bank moves more aggressively to 
cut German interest rates. 

“There was substantial psycho- 
logical resistance at about 1.70 
marks, which the dollar couldn’t 
overcome,” said Richard Pontius, 
vice president of Standard Char- 
tered. 

The dollar moved up against the 
yen as well, although trading, 
which had been slow all week, 
moved even slower with Japanese 
markets to be shut Monday in ob- 
servance of a national holiday. 

The dollar closed at 106.12 yen, 
up from 10S.73 on Thursday. 

Against other currencies, the 
dollar rose to 1.4415 Swiss francs 
from 1.4385 Wednesday, and to 
5.781 French francs from 5.7533. 
lire pound fell to S1.4905 from 
SI. 4939. 

The Qinton-Greenspan meeting 
also affected the precious metals 
markets. 

April gold jumped 54.60 to 
S3 87 .60 an ounce on the Commod- 
yt, while May silver rose 


Vka tawcated Preu 


More* IB 


The Dow 



S O. ,H J F„ M 

4033': ■ . ■ 1994 

(HT 


Dow Jones Averages 


NYSE Most Actives 


WoMArts 

Hanson 

AT&T 


6 cents to 55.437 an ounce. 

“Gold always does weQ when the 
market panics,” said a trader with 
Mees Pierson Derivatives in Lon- 
don. (Reuters, AFX, Knight- Ridder, 
Bloomberg) 


MARKETS: Ructions Cher Rates 


Continued from Page 9 
the fust time since Feb. 4. At that 
meeting, top Fed officials voted to 
raise by a quarter of a percentage 
point the interest rates that banks 
charge each other for overnight 
loans. 

Many Wall Street economists 
had already expected the Fed to 

U«3« Stocks 

raise interest rates further on Tues- 
day. The flap on Friday persuaded 
some of them that higher rates were 
even more likely now, to avoid the 
public impression that the Fed had 
' to pressure from the White 


age was buoyed by gains in Alcoa, 
up Vk to 77, Boeing Co., up lVi to 
47, and General Electric Co., which 
closed at 10414, up 114. 

Northwest Airlines dosed un- 
changed at 13 in its first day of 
over-the-counter trading. The air- 
line raised 5260 million in its initial 
public offering, 35 percent less than 
the company planned. 

20th Century Industries slumped 
3% to 2114 as the insurer said it 
expected to take a charge of S3. 1 5 a 
share for cl aims arising from the 
Los Angeles earthquake two 
months ago. 


Marc* 

ancorp 

DuPont 

TOMk 

Cocoa 

RJRNab 

GnMatr 

PWlMr 

AWl_ab 

WMXTc 

Exxon 


VOL Htah 

Law 

Last 

Chu. 

7Z757 2TA 

26% 

27 

— % 

72731 71 

20% 

20% 

—’A 

51091 54 Vk 

53% 

53% 

mtm 

48787 33% 

33% 

33% 

+ % 

47276 31% 

31% 

31% 

-% 

46109 40% 

39 

39% 

— 1% 

+5535 59% 

58% 

58% 

— % 


68% 

60% 

— to 

80992 41% 

41% 

41% 

>to 

39769 6% 

6% 

6% 

'% 

37164 60% 

59% 

60% 

— % 

36352 55% 

54% 

55% 

■rU 

32261 28% 

27% 

28% 


31729 25% 

25% 

35% 

+ % 

30718 66 

45% 

66 

+ to 


NASDAQ Most Actives 



VOL 

Htah 

Low 

Last 

CM. 

NwstAbi 


13% 

12% 

13 


Imalm 


l>M« 

1 

1%. 

*% 

TrtCmA 


24% 

23% 

23% 

— % 

AdritoSt 

32601 

30% 

29% 

29% 

— Ito 

Intals 

27740 

72% 

71% 


— % 

MCI l 

27102 

25% 

24% 

25% 

+ % 

PetcaAn 

24998 

16% 

15% 

15% 


ReadRt 

21318 

14% 



-to 


21293 

16% 

14% 

16% 

-1% 

Compuwr 


41% 

46% 

+4 

Amgen 


38 

38% 

— % 

Woven 5 


24% 

23% 

24 

— % 

PricCsts 

19600 20% 

20 

20% 

— % 

APPIbC 

19210 36% 

35% 

36% 

— % 

FkBrtm 



14% 

14% 

— 


Open HMi Low Lmt Ota. 

Indus 3S65X3 3895X5 3848.13 3895X5 - 30J1 
Trans 174174 174773 172746 173274— 147V 
Util 207.4? 207X9 205.71 20674 —1.38 
CDnm 1 38035 138207 137X44 13B207 -1X1 


Standard A Poor’s Indexes 


High low One ottae 
Industrials 55X24 54472 55X20 + L00 

Transp. *2535 42134 <0.73—272 

Utilities 16171 16070 161,8* —084 

PI nance 4475 4X72 440? —0.14 

SP500 471.07 46743 471JM +016 

SP100 43031 43266 43631 +083 


NYSE Indexes 


Htah Law Last cbn. 

composite 261.36 25777 261J5 -024 

industrials 32X85 321.33 win -Q.W 

Trmsa. 27135 267-83 27071 -072 

WPIV 21058 2T5JM 21056 -0.75 

Finance 21024 21406 21450 —068 


NASDAQ Indexes 


Low Lost Che. 


Composite 

Industrial* 

Bo nks 

insurance 

Finance 

Transit. 

Telecom 


802.93 800.37 
B50X! 847.93 
688.73 685.52 
927.62 92X19 
89044 89487 
81072 003 Jf 
17447 17X47 


802.12 —173 
849.72 —3.00 
68072 -088 
92942 -1.91 
877 -S3 —016 
80102 —6.57 
17X50 —063 


EUROPEAN FUTURES 


Metals 

Close 

bm Ask 

ALUMINUM (Mhrtl Grad*) 

Dollors p*r metric ton 
Snot 1323X0 132400 

Forward 134600 134700 

COPPER CATHODES (Hl*tl 

Dad an per metric ton 

Snot 195600 195800 

Forward 196800 196900 

LEAD 

Dollars per metric tun 
Spot 46150 46600 

Forward 47900 48000 

NICKEL 

Dollars per metric ten 
Spot 572000 5730.0' 

Forward 578000 579000 

TIN _ 

Dollors per metric tan 
Spot 554000 3350.89 

Forward 539000 559100 

U19C UpecMi iHtoh Grade) 
Dollors per metric 1 


Prevtou* 
BM A* 


121400 131600 
133*00 133 


195100 195700 
196100 176600 


46200 

47600 


47700 


571000 572000 
577000 57BDOQI 


551500 5S2DOO 
556100 557000 


Soot 
Forward 


m. .. ten 
9SSJ0 95650 
975.50 .97*00 


94300 

97*00 


97700 


AMEX Stock Index 


HWi Law Lost arc. 
47X98 470.12 47200 -235 


Dow Jones Bond Averages 


20 Bonds 
10 Utilities 
10 Industrials 


Close 

10X11 

100.14 

10409 


Ch*e 
— 0.18 
— 021 
— 114 


NYSE Diary 


Advonoad 
Declined 
Unchanged 
Total issues 
New Highs 
New Lows 


1075 1149 

1®7 1015 

613 613 

2705 2777 

84 93 

66 39 


AMEX Diary 


AMEX Most Actives 


ExpLA 

B4SCO 

Excel 

TopStco 

IvnxCp 

Chiles 

CtzRtf 

VlOCB 

Amdht 

EchoBay 


VOL HHrtl 
22669 1% 
17494 3+u 
9632 30'4i 
8494 9 
8429 31 
*672 6 VS 
6334 at* 
6326 28% 
5786 646 
5484 124* 


Law 

Last 

CM. 

IVu 

1% 

N. 

3% 

3>Vii 

+ % 

19% 

19% 


8% 

8% 

-VI, 

29% 

39% 

— INI 

5% 

5% 

+ W 

8 

8% 

*te 

27% 

28% 

+ 4* 

6% 

6% 

♦ Ik 

12% 

12% 


Market Sales 


NY5E 
Amex 
Nasdoq 
in matrons. 


Today 

Prev. 

4mh. 

coos. 

466J6 

362X3 

23X4 

25X7 

272X2 

326X7 


Advcnced 

Declined 


Total Issues 
New Highs 
New Lows 


dose Prev. 

343 301 

278 302 

211 240 

832 843 

29 19 

15 11 


NASDAQ Diary 


Advanced 
Declined 
Unchanged 
Trial issues 
Now Highs 
New Laws 


1581 

1478 

1774 

4833 

133 

34 


1721 

1281 

172* 

4828 

156 

46 


Spot Commodities 


Commodity Today Prev. 

Aluminum, lb 0601 0-579 

Cotton, Braz-.Ib 070 OJD 

Caaaer electrotytfc lb 0L96 005 

Iron FOB, ton 21100 21300 

Lead, lb Bl34 034 

Sliver, fray az £42 s ms 

Steel (scrap), tan 13633 13633 

Tin, IB 36823 X6401 

Zinc lb 04423 0X378 


Financial 

HWi Law Close cmnge 
S4MONTH STERLING CLIFFE) 
Esoaooo-ptsef iMpet 

JDP 

scp 

Dec 
Mar 
Ten 

s» 

Dec 
Mar 
Jen 
See 
Dec 


96X6 

*4X0 

*4X3 


9*71 

94X1 

94X6 


96X7 

94X7 

*4X1 

mmm 


94X7 

94.12 

*— 

83X4 

93X4 

93X8 

— 

9153 

93X0 

93X5 

emm 


91XB 

93.13 

— 

92.93 

tui 

92X6 

— 


92X7 

92X0 

— 

??■*? 

92X3 

92X0 

— 

V9 j] 

92X9 

92.18 

mm 


91X5 

91X0 

-w— 

e: 85X48. 

Open int.: 4)0731. 


3-MONTH EURODOLLARS CLIFFE) 

*1 mRHon-ptiof Wflpct 
Jun 9568 9502 

Sep 9508 9X2* 

Dec 9405 9403 

Mar 9401 9AM 

Jun N.T. N.T. 

Eat. volume: 1035. Open' Int.: 9 an. 
3-MONTH EUROMARKS (LiFFE) 

DM1 million -ptief 100 pet 
Jun F4LS3 9440 

Sep 9478 9470 

DOC 94.98 940* 

-Mar 95X5 9401 

Jon 9304 9408 

SOP 9400 9473 

DOC 9471 9437 

Mar 9400 9400 

Jon 9405 9477 

SOP 9470 94.12 

Dec 9308 9X98 

Mar 9307 9X7B 

Esl volume: 128,144. Oaen Inf.: 90X135. 
3+40 NTH FRENCH FRANC (MATIF) 

FFS mutton - pis of 100 pet 
Jan 94.19 94.12 

Sap 94X9 94X1 

Dec W? M 

Mar 9470 9444 

Jan 9474 9461 

S4F 7440 9446 

Dec 943V 9477 

Mar 9424 9412 

Est. volume: 607*6. Open hit.: 253X25 
LONG GILT (LIFFE) 

BUM - pH & 22nds of 190 pci 
Mar 110-14 109-10 110-11 -0-21 

Jun 109-21 IBS -12 109-11 — 0-26 

See N.T. N.T. 108-15 —0-26 

Est. volume: 11X171. Open bit.: 155585 
GERMAN GOVERNMENT BUND (LIFFE) 
DM 23X400 - ptS Of ISO PCt 

9779 9*77 9640 — OJQ 

96.15 94.15 9435 —082 

1st. volume: 204507. Open bit.: 20X21X 
10-YEAR FRENCH GOV. BONDS (MATIF) 
1245* -170 

Jan 125.14 12400 12408 — 130 

SOP 12430 12X3* 12X3* — 178 

Est volume: 340877. Open InU 233710. 


9585 -087 

9574 —089 

9482 —ail 
9458 —0.12 

94J0 — 413 

9486 — 0.13 


9451 —081 

9474 — 086 

9491 — OJBO 

94.97 — aio 
9494 —0.12 

9480 — M2 

9481 —0.12 

9446 — 0.10 

9429 —089 

9413 -aio 

9X98 —089 

9382 — 0.10 


9415 —083 

•442 — 088 
9460 —089 

9465 —0.12 

9441 —0.15 

9447 —0.13 
9477 —0.13 

9412 — 0.12 


Joe 

"I. 


Industrials 

HM Low Lost Settle Ctfge 
GASOIL (I PEI 

U3. dollars per metric ten-lets of 100 taas 

Apr 13775 13780 13780 13775 —180 

May 13775 13*75 13775 13780 —050 

JBO 13780 13175 13780 13780 — "» 


High Law Last Settle Chtw 

13875 13B7S 13880 13*75 -180 

14075 14075 14075 MOJ5 —180 

14280 14280 14X50 M280 — 175 

14575 14575 14523 M5» — J80 

N.T, N.T. N.T. T47JD — 1JM 

14975 14*80 14973 IJJ-H — *-gg 

15080 15080 13X50 15080 —180 

15X75 15075 13050 1SJ7S —180 

15080 15080 13000 15073 — 075 

Est. volume: 7889 . Open bit. 107841 

BRENT CRUDE OIL(IPE) 

ILS. dollers Per barraWatt of 18* lwr»w« 
Apr 1375 1X43 1382 1163 +009 

May 1165 13AS 1X54 

JOT 1371 1X58 1X64 

Jut 1377 1X69 1169 

Aug 1380 1380 1385 

Sep 1400 1X93 1480 

S3 I486 1486 I486 

Nmp 1477 142* 142* 


Jld 


Oct 

NOV 

Dec 

Jan 

Feb 

Mar 


1X54 —085 
1384 —106 
1X69 —Oil 
1196 —081 
1480 — aio 
1489 — 010 
1472 — 01D 


est volume: 31725 . Oaenint. 124774 


Stock Indexes 

FTSE 100 (LIFFE) 

*25 per bide* point 
Uun- 32408 32218 32358 — 1X8 

5ST pS 3TO6X M58 -39X 

Tfin rmn 3231 3232-0 — AO 

Est. volume: J17BS. Open InL: 67.9*4 
CAC40 (MATIF) 

a5"" r Sff H SiT« -as 

An- 225280 222*80 224158 -5-24X0 

S 5 y H5BJB 223180 224780 -+24.00 

224980 221980 223180 -+2400 
cm 22S280 225280 224680 -+2430 

Dec 229400 22*450 220050 -+24D0 

EsLvotame: 31890 Open Int.; *7,970 
Sources: Motif. Associated Press, 
London inff Financial Futures Exchange, 
Inti Petroleum Exchanoe. 


Dividends 


Company 


Per Ami Pay Roc 
IRREGULAR 


Barclays PLC 
HoncockJ Inv 
MedevaADR 
Santos Ltd ADR 
Tel Offshore Tr 


a 8444 3-25 5-20 
. 7476 3-25 301 
B .1336 44 6-2 

b X544 5-23 7-11 
. 7963 3-31 +0 


a-oppra* amount per ADR. 
b-appra amount 

REVERSE STOCK SPLIT 
Wavetefc Incl for 20 reverse split 
STOCK SPLIT 

Computer Mktelace2 hr l split. 

----- 1 jpdt 

holders approve a 2 tar 1 


General EJoc2 lor l • 
Petroleum Qeo-Swc t 
Stock spirt 


INCREASED 

May Dept Sirs Q 76 6-1 4-15 

SPECIAL 

Fsl AustPrmlncolnv p .17 SOI +15 
INITIAL 

Fsl Banahares Inc 85 3-21 301 

REDUCED 
IftAustrolta Prlnco M 8825 301 +15 


REGULAR 


Bcoutloontl Cosm 
lAujtrtoPrmlnc lnv 
Fai5henanoa 
HarscoCarp 
Health Equity Props 
Kinetic Concepts 
Ma enrol Scftwendlr 
Mascotecti Inc 
Morgan Fftcl 
Mylan Labs 
NYMAGIC Inc 
NH Service Ind 
New Horizons 
Pork Electrochem 
Peoples Bncp IN 
Pioneer HI- Bred 
Reliable LflnsA 
Shared Medical 
Shell Transp NY 
Sdegel Inc 
Suburb Fed Fnd 
Sun Dlsfribuf A 
Taubman Centers 
Texas In s trument 
Wiley John A 
Wiley John B 
WoWHoward B 


x-apprnx amount per ADR. 


Q 87 301 +14 
9 89 301 +15 

_ M 3-31 +551 
Q 75 +15 5-13 
Q 745 301 +29 

Q 8375 3-25 4-4 

Q .16 5-20 +1 

. 82 +12 5-12 

_ .12 301 +7 

G M 3-31 +13 

S .W 301 +12 
77 3-28 +6 

_ 84 +1 +15 

S B +12 5-1S 
.TO +4 +25 
G .14 305 +8 

Q 33 5-13 +1 

0 71 381 +15 

X 1835 3-28 5-31 
Q 85 3-29 +5 

Q .11 301 +15 
M 891 66 +1 409 

Q 72 301 +20 

8 .18 +6 +25 

775 +5 +12 

Q 745 +5 +12 

Q 87 +8 5-5 


■ Late Burst Buoys Stocks 

Stocks closed higher as a late 
bunt of computer-driven buy or- 
ders tied to the triple witching expi- 
ration offset concerns about inter- 
est rates raised by the Ginton- 
Greenspan meeting, Bloomberg 
Business News reported from New 
York. 

Trading was extremely heavy as 
investors unwound equity posi- 
tions tied to March’s expiration of 
individual stock options, stock in- 
dex options and index futures con- 
tracts. The total of 446.4 milli on 
shares traded was the highest total 
since OcL 21, 1987. 

The Dow Jones industrial aver- 


European Stocks and Bonds Fall on Rate Nervousness 


Compiled by Oar Staff From Dispatches 

LONDON — Stock and bond prices fell in 
Europe on Friday amid speculation that UK 
interest rates would rise a gain, perhaps next 
week. 

“The question now is, how much higher 
will they go,” Sophie Bkmpain, European 
equity strategist for Credit Suisse First Bos- 
ton Ltd., said of the outlook For rates. 

Investors fear the United States may raise 
interest rates to head off inflation as its econ- 
omy grows. 

Major stock indexes fell more than 1 per- 


il nearly 

percent in Germany as investors reacted to 
sharp declines in bond prices and soaring 
bond yields. 

In London, the Financial Tunes-Stock Ex- 
change 100-share index fell 37.60 points to 
3,218.10, dragged down by shares of HSBC 
Holdings PLC Shell Transport & Trading 
Co. and British Gas PLC. 

French stocks also declined, led by inter- 
est-rate-sensitive shares such as Banque Na- 
tional de Paris and the insurer Axa. The 
CAC 40 Index fell 2630 points, to 2J22134. 


The 30-share DAX index in Frankfort fell 
19.45 points, to 2,155.61. 

Bond prices fefl more than a point — equal 
to a SIO drop for each SI. 000 of face value — 
in Britain, 114 points in France and three- 
quarters of a point in Germany. 

The UK Federal Reserve Board pushed 
interest rates upward on Feb. 4 for uie first 
time in five years. Since then, world stock 
markets have tumbled as madias 10 percent 
on concern that interest rates elsewhere 
would also go higher, drawing investors away 
from stocks. (Bloomberg, Reuters) 


Fiat Bid for Renanh 
Is Denied by French 


U.S./AT THE CLOSE 


More Fed Concern on Derivatives 

CHICAGO (Bloomberg) —The president of the Federal Reserve Bank 
of Chicago said Friday that the rapid growth of the derivatives markets 
and the concentration of contracts among a small group of companies .- 
was a “recipe for trouble.” . „ 

Silas Keehn, speaking at a meeting o* the International Swaps and; 
Derivatives Association, said that actr. ifv in the market was nrocketmg” 
ahead and that derivatives were concentrated among a dozen institutions, . 
“High growth rates and high concentration are always two hot buttons 
that get our attention," he said. . 

He said the same types Of high concentration and rapid growth led to f 
losses from lending to developing countries in the 1970s and energy loans . ^ 
in the early 1980s. “As growth accelerates, even small mistakes can m 
become big ones,” he said. , 

U.S. Ends Probe on German Steel 

WASHINGTON (AFX) — The U.S. International Trade Commission 
said Friday that it fmd voted to end preliminary anti-subsidy and anti- 
dumping investiga turns on imports of steel wire rods from Germany. The- ■ 
decision means that no countervailing duties or anti-dumping duties wiH ■ ' 
be imposed 

The commission also voted to continue its dumping investigation on 
imports of steel wire rods from Belgium. As a result the Commerce .< 
Department wiH conduct an anti-dumping investigation, with a final . - 
determination due by July 25. 

On the issue of imports of Japanese sted wire rods, the commission < 
ruled that such imports do not injure U.S. industry. The ruling means that 
temporary duties are withdrawn and funds collected will be refunded. ' 

UAL Takes Back Severance Offer 

CHICAGO (AF) — UAL Corp., the parent company of United 
Airlines, has withdrawn a promise of severance benefits for its 5,000 ' 
flight kitchen workers, citing a mused deadline for approving a $5 billion 
employee buyout deaL 

An agreement between the company and its unions said UAL could 
withdraw several promises if a final contract was not signed by March 15. 

The flight kitchen employees had voted overwhelmingly in favor of the 
buyout agreement, winch included their severance package. But the 
machinists union balked as that deadline approached, citing concerns 
over executive pay and financial concessions. The company said there is 
no assurance that the buyout deal will be completed. 

Charges at GenCorp Lead to Loss 

AKRON, Ohio (AP) — GenCorp, winch makes polymers and antozno- . 
tree and miiitaiy equipment, said Friday that QMigw for cost overruns 
and accounting changes resulted in a loss of $216 million, or $6.81 a 
share, for the quarter ended Feb. 28. 

The company, which earned $6.1 mflHaa, or 19 cents a share, in the • d 
corresponding period a year ago, took a S16.6 million charge for cost 
overruns on weather sensor and rocket programs and a $212.8 million . 
charge reflecting an accounting change for retirement benefits. Sales for 
the quarter were $401.7 million, compared with $401.5 million a year 
earlier. 

Prudential Settlement Could Doable 

NEW YORK (NYT) — The cost erf Prudential Securities' $371 milli on 
regulatory settlement of fraud charges involving limited partnership sales 
could potentially more than double because of a recent technical decision 
involving the compensation fond established in that agreement, regula- 
tors said. 

But Prudential executives said that the decision would cost the firm 
substantially less than $100 ntinion, and probably less than $25 milli on. 

The derision came in part oat of negotiations with California regula- 
tors to settle state charges involving the partnerships. California inristwl ‘ 
on a term that would increase the cost of the settlement, and the 
administrator of the national fund to compensate investors derided to 






ifitLvonn;*! 


International Herald Tribune For the Record 


PARIS — An French Industry 
Ministry spokesman on Friday de- 
nied a radio report that Fiat SpA of 
Italy has proposed taking control 
of state-owned Renault SA. The 
report, on France's Europe 1, said 
Eat had given the government 250 
days to work out a deal 
Last week, the government said 
Renault's privatization, originally 
planned for this year, would be 
delayed until after the presidential 
election in the spring of 1995. 


The University of Michigan’s consumer sentiment index far early, 
March fell to 91 .2 from 93.2 m February, but analysts said die drop was a> 
reaction to rising interest rates and did not suggest that the economy was 
weakening again. ( Bloomberg) 

Harris Trust and Morgan Guaranty Trust are raising their prime rates , 
to 6 percent from 5.5 percent; the two banks had lowered their rates in 
October but other major banks failed to follow suit (AFP) 

Gq nq iutii rl . m il Gorpu, the computer services and distribution company, 
said it won contracts worth more than $200 mill inn fromtwo customers. 
Microsoft Corp. and the service anil of International Business Machines 
Carp. The company said die contracts strengthen its strategy of servicing 
computers ratho - than sefling them through. retail stores. (Bloomberg)' 


£_■ 





WORLD STOCK MARKETS 


Aganca FronaPreo* Mach IS 

Cloa* Prev. 


Amsterdam 


AkzpNc 

AMEV 


ABN Amro Hid 6440 <770 
ACF Holding 54 5470 
Acorn 9580 9640 

AllOld 3140 SU® 

- LNOM 22180 222 

7770 79 

Boto-Wessancn 4L40 4280 
CSM *9JD 7080 

D5M 12470 12440 

ElssmteiT 17540 ITS AH 

Fokhjr 147® 1440 

Gtst-Bnocndts 54 5470 
HBG 315 315 

Hal na ken 22050 231 

Hoogovcna 6020 *480 
Hunter Dougka 8280 8470 
IHCColond 43 4X90 

Inter Mueller 85 8X70 
Inn Nederland 8280 8440 
•KLM 4780 4010 

KNPBT 4940 5!70 

NodIJWd 6940 7140 

OcoGnntan 8410 8*40 
Pawned SU'D S3 

Philips 55JH 5X10 

Polygram 7740 7X90 

RatMCO 12440 127.90 

Rodamco 6280 4280 

RoHUCd 127 JD 12870 

Roronto 93 9540 

Rural Dutch 19&40 TOjsb 
S tark 4740 4030 

Unt teyar xujm mso 

Vai Ommaren 5170 5170 
VNU 18140 184 

WoHers/khmer 113 11450 

PSH JSS MF 


Brussels 


Aw-UM 2600 2590 

AG Fin 2795 2840 

Aihad *»0 4900 

. 2320 2310 

Befcocrt 24300 23850 

C acMrl ll 189 189 

COUOM AIM 6240 

DefliolTe 1424 let 

Electrabel 6290 *375 

GIB 1*25 1615 

GBL 4yw 453a 

SSS&ank jfgSS 

SSSS? ’BE 1 ® 

Royal Beige 5BS0 5800 

SocGenftmque 8530 SB® 
SocGan Batata* Z730 2755 
SoHnO 1JSI00 IS SO® 

Solvav 14825 14750 

T^teba. mwmoo 

S^?S5W3S“ :nwia 


Frankfurt 


AEG 1M161JD 

Al Hora HgM 2573 2413 
Altana 63363440 

MR. . 1095 1070 

BASF 3178031450 

BOW, , 37430 377 

Boy. Hypo bonk 470 478 
Bay VerebtSBfc 495 498 
BBC TOO 7m 

SHF Bank 42B4XL50 

BMW 842 571 

Commerzbank, bluww 
C ontinental 2852^9® 

DalmMtr Beni B447D B53 

CfOgS? 51 1 JO 513 

Dt Babcock 2753S 277 

Deutsche Bar* 00480 523 

Dauidaa 571 jm 

Ks&gr* 

PKranpHaeachz^o « 

JS? ’S 'S 

tSST"* 1 S !S 

tun io*i 20 wn 

IWKA . 39780 394 

Kali saiz Mg iso 

Karstadf 57280 SM 

icaufhai 5M80 SIO 

KHD 14970 148 

KtaKknerWerkeMlJO 141 
Unde 86X50881.90 

Lufthansa 194 197 

MAN 440447 50 

SE. 

PorseJte no 907 

PrjUMOO 47780 484 

PWA 220.10 224 

RWE 46LS0 *& 

Rtx rtt uneto l l 32532420 

SOjertOB 10D 1089 

5EL 401 420 

Stamen* TOOSg 703 

ThVMW W 2697*27450 

varta 36* 362 

Vrta 494J0 m 

VPN MI 358 

Vlog 4U70463J0 

Volkswogen 48X50 484 

WMIa 835 840 

(Index. 


Claw Prow. 


Helsinki 


139 140 


4080 41 JO 


Amar-YMyina 
Enso-Gutrell 
Hutrtamaki 210 210 

KDJ*. 13.TO 

Kvmmane 12D 121 

Metro 213 217 

Nokia 41® m 

Pahtola 90 90 

Ragota 97 JO 90 

Stockmann 305 300 


Hong Kong 

Bk East Asia 3175 3X23 
Cathay Pacific 11 JO 12JS 

S3Z2WK r %%%% 

Dairy Fann Inti 1180 12 

Hang Lung Dev MOD U*0 
Hang Sang Bank 5X50 56 

Hende r son Land 4X50 47 

HK Air Ena. 38J5 39 

HKCMnaGas 1870 1B80 
HK Ele^rfc 21.10 21.90 
HK Land ZL3Q 2480 

HK Raaify Trust 21 jo zzm 
HSBC Hokflnas 9X50 97 JO 
HKShanoHtis 1180 11 80 
HK Telecomm 1280 1380 
hk Ferry 9 970 

Hutch Whampoa 30 3175 
Hyson Dev 25 25^0 

Janflne Math. 5X50 5X50 
Jonflne Sir Hid 2S80 29 

Kowloon Motor TX80 14250 
Mandarin Ortant laio 1080 
Miramar Hotel 2150 2X90 
New World Pev 2K0 2958 
SHK Praps 53 3* 

StetUX 480 455 

SvrtraPac A 52 52 

Td Cheung Pros 1180 11.90 
TVE 150 150 

When Hold 2980 30 

Whig On Co InM iz*o 1X90 
Wlnsor IncL 1150 11.90 


Johannesburg 

AECI won r>o> 

AltetJ! 90 90 

Anglo Amer 216 223 

Barlows w* MSO 

Blyvoor 9 ig 

BufteU NJ». — 

□•Beers 11075 IIOJO 

Drlefonteln n 

G+htar 9.90 980 

ySA 98 9850 

Harmony 2575 25 

Hbtweld Steal 24 2150 

KlOOf 47 ACT 

Nedtxmk Grp 29 2X75 

gandfantaln etsa 43 

Rtnoiat 8450 84 

»o5» 

Wstesm **42 **4l 

W este r n Deep 190 lss 


London 


575 

470 

179 

388 

772 

578 


AWeyNoH 484 

Allied Lvon* 113 

Artowtegms 2 n 

b£ ’SB 

B 2 £S 2 , ' 0 " d l-S 

B«ots 550 

BAT 
BET 

Blue Circle 

a 6 ""* 

Brlf Airways 
BHtGas 
Brif Steer 
BrHTataeom 

S55 ffSh 

Coradon 
CocrtsvfyiHla 
Comm Union 
Caurtaulda 
ECC Group 

Enterprise Oil 
Eurotunnel 


GEC 

Oejn Acc 
EKWO 
Oran) Met 
GRE 
Guinness 

GUS 


HIIMown 
JWBC Him 


387 

477 

105 

183 

4.12 

385 

482 

XOO 

3*0 

256 

579 

XA1 

XI3 

4.11 

380 

i J1 

280 

304 

AM 

485 

487 

172 
485 
X63 
281 

173 
883 

785 


48* 
*.17 
301 
251 
55* 
1085 
589 
280 
553 
5123 
473 
170 
354 
773 
587 
4.90 
388 
476 
111 
18! 
Alt 
388 
453 
582 
395 
X59 
578 
38* 
XI* 
All 
582 
173 
256 
110 
6.13 
488 . 
<73 
1.94 
483 
578 
284 
172 
843 
7*9. 


OaaePrav, 



5X3 

5Jt 


SXO 

2X6 

6X2 

2X7 

Land Sec 

4.92 

m 


8X2 

m 

Lasnta 

1X9 

iji 

Legal Gen Gra 

5X3 

ran 


5X3 

wrj 

Marks Sp 

4.16 

434 

ME PC 

4X8 

4.9t 

Han Power 

4X1 

4X5 

NatWesf 

4X4 

4X2 

NlhWal Water 

5X4 

5J7 

Pearson 

6X5 

4X7 

POO 

6X8 

6.91 

Ptikington 

1X4 

1X4 


5X2 

5X5 

Prudential 

131 

332 

Rank Ora 
Reckltt Got 

6.17 

437 

6X1 

*36 

Red land 

5X6 

5X4 

Rood Intt 

8X2 

8X0 

Routtrs 

20.12 

20.15 

RMC Group 

9X9 

9X5 

Rolls Roves 

1X8 

1X2 

Rorttmn (unit) 

4.14 

4.16 

855'” 

638 

8X1 

437 

8X3 

Salnsbury 

3X8 

ran 

Scot Newcaa 

537 

5XU 

Scat Power 

3X5 

3X3 

Soars 

130 


Severn Trent 

5X5 

5X3 

Shell 

6X2 

6X2 

State 

5X9 

6xn 

Smith Nantiew 

1X4 

1X4 


4X2 

4X7 


533 

530 

Sun Alliance 

130 

330 

Tate t, Lvie 

437 

637 

Teeoo 

231 

230 

Thorn EMI 

11.18 

11X2 

Tomkins 

153 

253 

TSB Group 

2X4 

237 


18X0 

10.78 

Uld BHcults 

3X9 

3X8 

Vadotone 

*52 

5X3 

War Loan 3% 

45X6 


WMlcamo 




5X2 


g 1 1 \ [ f . -"(1™ . '• rTM 

191 


Willis Corraon 

2X3 

239 

FT. » IBM*:* 




1 : 3211)0 


Madrid 

BBV . . 3215 3230 

Bco Central Hbp. 2850 2859 

Banco Santander *860 6090 

CEPSA 3005 3OT 

Dragados 2425 2490 

Endesa 7440 7480 

Ercros 161 160 

Iberdrola I 1040 1070 

Rrpsol 4725 4775 

Tabocatera 4020 

Teleftmlca 1905 I92S 


Milan 

Banco Comm 5820 5990 
Bastogl 83 02 

Benetton group 2*900 2*900 

Ctoa 

CUR 

Cred ital 
Enlctiom 


Perfl riJUsp 
Flat SPA 
Fkvnec arnica 
(tejtera,, 

|Mcem 



ilalmebliidra 

Mediobanca 

Montedison 
Olivetti 
Plruii 
RAS 

Rlnascente 

Sol pern 

San Paolo Torino 10501 10635 
SIP 4360 4500 

fME 3890 3913 

Sola 2013 2075 

Standa 35000 35200 

Slat 4800 5000 

ToroAssI RHP 26300 26940 

%yesp.iSr 


Montreal 

Akxm Aluminum 3* 33M 
Bonk Montreal 2 tu 29TO 
Bell Canada 52 4Sta 

Bombardier B 22% 22% 
Ca m*rtar 21 20W 

Cascades 7 W n> 

Dominion Text A 8* 
Danatnn A 2716 27M 

MacMillan Bl 23 23 

Natl Bk Canada 9* TO 
Power Corn. m 23 

Quebec Tel 22% 2245 
QueOeeor A 21Kt 21W 
Quebecer B 7IV3 21to 
Teleo teb e 23 V- JO 

Uithra *46 *41 

IM Wk 


Jn dtr^rtn UjBdex : 291344 


1201*89 


Paris 


Accor 722 726 

Air Uoulde 853 870 

Alcatel Alethom 721 730 

AXO 1399 1430 

Bancaire (de) 607 &15 

3IC 1280 1293 

BNP 255 24740 

EKMM9 ?US TV_ 

BSN-GD ¥OJ 910 

Corrafour 4199 4241 

C.CF. 251 25X3! 

Carus 141 14280 

Cttorgeurs 15S5 1560 

CAmnts Franc 302 387 

OubMed, 400 m 

EH-AauHalne 49770 41X30 

Eif-Sanofl 1097 1093 

Euro Dbncr 3370 35.40 

Gen- Eaux 2724 2753 

Htwai 4608 ®OB 

(metal 629 628 

Lafarge Coocee 46780 470 

Legratid 6130 6170 

Lvon. Eaux 611 *10 

Greal (L ) 1273 1303 

L.VJWLH. 4394 4389 

Matra+tachette 147.10 153 

Mlcheiin B 2*1 26080 

Moulinex 14714570 

Paribas 48X90 490 

PecMnev Inti m*o 19250 

Pernod-Rtconf m m 

Peugeot 867 >78 

PiUitemuslAuJ 936 935 

Rcdtotecbnloue 560 sss 

Rh-PouiencA 14880 148JU 

ROlf. Sf. Laub T750 1744 

Redouta (Lai 8*2 875 

Saint Gobaln 688 688 

XEB. 570 577 

Sfe Generate 660 674 

Suez _ 3311033970 

Tbomson-CSF 201 19940 

Total 330 33X70 

UJLP. 189 194 

Valeo 1391 1*07 


Sao Paulo 

Banco do Brasil 1880 1980 

Banesoa 10.10 to 

Bradesco 11 1280 

Brahma 200 200 

Paraxjoanenw 19 1980 
Pa lrobna 15416580 

3t1 ° 37 ' 40 
Vale Rio Doce 82 87 

VDrtg N.T. 139 

. T ..an 


Genting 
Golden Hope PI 
How Par 
Hume industries 


Imran Banks 


Singapore 

Cerabos TJO 7.10 

City Dev. 67S 685 

DBS 11.10 11J0 

1X30 1*80 
1580 1640 
2-56 156 
372 374 
4.90 5.10 

5^1 UD 
983 480 
2.93 X98 
186 170 
880 885 
1180 1X20 
785 770 
7.10 785 
1180 1170 
5.18 870 
340 388 
775 7J5 
S.KS AID 

... 14 1440 

Stag Steamship 378 380 

STioraTelecamm 386 X54 

Smtts Trading 164 370 

UOB 9.90 10 

UOL U4 L91 

m arsi«* ! " BUB 



Stockholm 

AGA 416 420 

Aua A 618 633 

Astra A 166 166 

Anas copco sn sm 

Electrolux B 401 403 

Ericsson 360 362 

Essefte-A 112 in 

Handel Oonfcen 119 120 

Investor B 186 188 

W0I8IC Hydro 250 25150 

PraeonflaAF Its 121 

Saxtvlk B 121 123 

5CA-A 136 137 

S-EBankeii 59 6&50 

Slttetoto F 163 168 

Skonskg 201 2QS 

SKF 138 Ml 

Siara ra 430 

raltebors BF 8850 90 

Voteo 659 663 

Ksssnm''** 


Sydney 

Amcor 9.97 10 

ANZ 572 XI8 

BMP 17.33 7786 

Bonn AI7 A15 

Bougainville ) ui 

Coles Mver ass «s 

Comdco X04 S 

CRA 1784 1776 

CSR A77 478 

Posters Brew ITS ITS 

Goodman Field 180 18 

ICl Australia 7080 1050 

Magellan 110 no 

MIM X17 378 

Nat Aust Bank 1184 1178 

News Corp 985 9J9 

Ntae Network 573 530 

N Broken Hill 380 357 

Pac Dunlap 577 535 

Pioneer Inn X20 xib 

Nmndy Po s eidon 235 X30 

OCT Resources 174 1X3 

Santas AOB 4.02 

TNT 118 X25 

WMoni Mining 789 7.13 

WOstpac Banking XI* X1S 

WoodsMe A04 389 

•RBSTWr*: "" 


Tokyo 


AkaiEtecfr 570 495 

Asofil Chemical 724 715 

Asabl Glass 1180 1200 

Bank of Tokyo 1620 1600 

Bridgestone ' 1590 7590 

Canon 1700 1700 

Casio 1330 1360 

Dal Nippon Print 1880 toss 

Dal wo House i«80 mxb 

Dal wa Securities 1690 1700 

Fanuc 


Pull Bank 
Pull Photo 
Hsu 

...ecta 

Hitachi Cdble 

n_j-i if. 1 

rtwma 

ItaYokado 

Itochu 

Jason Airlines 
Kallma 
Kansal P ow e r 
Kawasaki Sted 

Kirin Brewery 

Komatsu 
Kubota 
Kyocera 
Mateu Etac inds 
Matsu Elec Wks 
Mitsubishi Bk 
MltsubteM Kaed 
MltsubiaM Elec 

Mitsubbtal Hev 

MHsuWahl CorP 
Mitsui and Co 

Miteufcodil 
Mitsumi 
NEC 

JK Insulators 
NBcko secuntles 

sssigr 1 ” 

Nippon Steel 

Bte’'"” 

Nomura Sec 

Olympus Optical 

Plant er 

Rlccn 

Sanya Elec 
Sharp 
Shimazu 
Shtaeteudem 

SiOTiltanw Bk 
Sumltnmo.aieni 
Sum! Marine 
Sumitomo Metal 
TabeiCorp 
Taisno Marine 
Tofcoda Chem 
TDK 
Tallin 

Tokyo Marine 
Tokyo See Pw 
Toppan Printing 
Toravtnd. 

Toshiba 
Toyota 

Yomalcbl Sec 
a: x too. 


4220 4370 
2280 2270 
2*10 2430 
laeo mao 
972 970 

802 801 
1760 ns8 
5750 5690 
700 700 

687 690 

925 945 

3KB 2790 
375 37* 

1240 1270 

936 938 

6B5 *92 
6760 6710 
1800 1820 
1790 t: 
2B7D 2 
490 490 

673 675 

695 »5 

IlJfi 1730 
780 778 
952 942 

2190 2190 

mo mo 
1100 1100 
1340 1370 
1030 1070 
72S 736 

3S4 360 

£11 5*9 

88? m 


1090 1140 
26M 2700 
B2U 814 
528 570 
1740 1758 
717 720 
7170 2180 
*290 6390 
2200 2190 
478 494 

915 908 

283 284 

663 667 

840 840 

223 S8 

468 470 


1340 1340 




Toronto 

AtHItM Price iBta 18H 

Asnka Eagle 14 

AlrCanado 7J* 7te 

Alberta Energy JOW 19^. 

Am Barrick Res rate 33 

BCE 53Vt 52 

Bk Nova Scotia 30% 31 

SC Gas 16 1* 

BC Telecom Wjk QVa 

bp Realty Hds tun am 

Bramolea 0J7 0J7 

Brunswick 9to 9W 

CAB 6te TV* 

Comdev ATO AB5 

CISC 301 35 


Ctaae Prev. 

Canadian Pacific 23ta znh 
Can Tire A 12V1» 12U 
Cantor 47* 47 Vj 

Cara 41b ATS 

CCL Ind B 9V* 

ClnePtaX A65 AVi 

Camlnca 21% 21% 

Canwest Expl 23 22te 
Denison Min B 8-36 035 
DIckensanMInA 8 BU. 
Dolosco 24te 25W 

Dytax A 0£6 ®J2 

Echo Bay Mines 17V. I6te 
E outty Silver A 095 095 
FCAIntl X70 170 

Fed Ind A 7% 

Fletcher Chall A 2Pfc 27 
FPI 51* 5te 

Genfro BLS6 056 

GoldCora 12 llta 

Gulf Cda Res AM, 4:® 
Hees inll 1616 lSte 

Hernia Gld Mines UK 13TO 
Hodtaaer 16W ISW 

Horsham 1W6 19 

Hudson's Bay 29te 30Hi 
Imasca 3BW 30 

Inco 35W 34 V, 

I n terprav pipe 3116 3U6 
Jannock 22 Tito 

Labatt 2116 271k 

LobkrwCo 25to 25Vh 

Mackenzie 1216 1216 

Magna infl A 77* 73 

MopieLeal 13 73 

Maritime 26 26 

Mark Res 8W M6 

MacLewi Hunter I7to 17to 
MoiSon A 27 27 

Noma Ind A 6to 7 

Narandalnc 26ta 261* 
Noranda Forest Ute 14te 
Narcen Energy l*Yi 1416 
Nfhern Telecom 4116 4716 
Nova Cora 1016 la 
Ostwwa 22H 2216 

Poawrtn A SAC X55 

Placer Dome 32te 
Poco Petroleum 10 9to 
PWA Gera LIT 1.14 

Ravrock 17va 17V, 

Renaissance 3) 3816 

Rogers B 23to 23>A 

Rothmans 83 8416 

Royal Bank Can 29to 30 
Sceptre Res 1316 Uto 

Scntrs Hasp Sto Sto 

Seo ar om *ite 40W 

Sears Can 816 8 

Shell Can 3H6 2916 

Sherri tt Gordon 13 to 1316 
SHLSystemltse iQVj 1014 
Souftmm 20% mi, 

Soar Aerospace 18 78 

States A 9to 9» 

Talisman Enera 3216 31% 
Tocfc B 2516 25 

Thomson News 19 18te 
Toronto Damn 23 23)b 
TorstarB 25% 2516 

Transalta Util I5to 15% 
TransCda Pipe 20 20% 
Triton Flnl A AB5 A95 
Trlmoc 1716 17 

TrtzecA 086 084 

Urdcoro Energy 1J5 140 

raw r- 


Zurich 

A die l.ntl B 240 2a 

AiuwtenBnew 6*7 tsi 

BBC Brwn Bov B 1237 1239 

aboGetgy B_ 853 872 

432 650 

3930 3980 
1300 >330 
200 2485 
860 876 

945 999 

435 433 

1239 7251 
165 166 


CS Holdings 
EtaktrawB 
Fincher B 
IntordbrauntB 
Jelman B 
Lomflsjgyr R 
Moevenplck B 
NestfeR 

Oarllk. Buehiie R 


1545 1530 

Roche Hdg PC 7140 7225 

Satra Republic U6 130 

Sandaz B 3900 3970 

Schindler B 7800 7830 

Sober PC 986 1010 

Surveillance B 2145 2090 

Series Bnk Carp B 423 436 

5wtss Relnsur R 620 628 

Swissair R 795 818 

UBS B 1226 1244 

Winterthur B 727 732 

Zurich Ass B 13*0 1390 


Tosu bi cri b eBi F ran co 


just cdl, lofl free, 

05437 437 


U.S. FUTURES 


Modi 18 


Season Season 

HWi Low 


Open HWi Law Oose Che OnJnt 


Grains 


WHEAT (CBOT) MMbunkikmjm-cMOTm 
iteHi UO Morte 134 13* 3J5» 

3J2 3jOD May 94 141 3Xm U9 
3J6 X96 JuiM 3J7Vi X29 X2S1* 

3J716 X02 SOP 94 U8% 130% 3JI 

1*5 109 Dec 94 139 139 1X4 

154 Vj 134 MprfS 

147% 111 S5m^3-» 3J5 123 

EiLnies 6JB0 Thu's.*** 4JD1 
Thu's oeen tit 6+784 an 10 
WHEAT (KBOTJ IMPmHnn-ktoiH 
192 2 TO Mar 94 3T1H 151% 150 

179ta 258 (Wrr 94 3X8, 2X9 3X6% 

155 197 Jul94 X26V) 127% 125% 

X55% XfViSepM 3T7% 129 227 

160 llZWDecM 3X4 3X416 1X2% 

3-53% 3X3 MarM 

Est iotas ISLA. ■nj/s.sdta 2JB1 
TtaJ-SQ Pm tart, 25663 off 370 
CORN (CBOT) SMtauniMnw 
X1 1% UTOiMdrM XJ9V. 283 2JB% 
XnWMdVM 285% 289 285 

261 Jill 94 X89% 297% 2J816 
X40»Septe Z7B 180% 177% 
2X6V5 Dec 94 265 267 164% 

JJ3YiMar95 2J1W 273 178% 

249% MOV 95 275 176% 275 

X70VS.U95 276% 270% 276% 

X51 Doc 95 2JOW 154% 153% 

Efl.OTtaJ 4WK» •nw's.MPK .27,108 
TlXl'SoaplInr 327 J9 OR 432 
SOYBEANS JCBOT1 SAOObimHmum-OBlar 
734 XB9%MorN ATOta A95 *89M 

5921* MOV 94 4.92 A95% *90% 

U4HJul9i *.92 6361* 6.91 

6X0 Aug 94 *X5H ASIta 6X3% 
417 Sep 96 4ri4«1 449% 445V* 
3J5%N0V 96 453 656% 451% 

4.18V* JlSI 95 4» 6X1% 457% 

4X1 Mar 95 4621* 445V* 442V* 
633 May95 

4421* Jul 95 466 467 4X5% 

5X1 V* Nov 95 6725* 677% 421 

ESL sate* 37 JODO Thrsjifci 2?j6i 
Thu'iep pilnt 154X01 oft 1394 
50YBEANMEAL (CBOT) inm-aknM 
337J0 18420 6W 94 19170 19520 19438 

18450 MOT 94 196X0 194X0 19410 
190X0 Jul 94 197 JO 19770 1%J0 

119X0 Aug 94 19420 19480 W80 

10070 Sep 94 196X0 19AM 19420 

187.10OCT94 19X00 19240 T9IJ0 

4X0 Dec 94 19170 191X0 191X0 

7S4J0Jon« 791X0 791X0 I9TJ0 

1 07.00 Mor 95 


haM 

3-34 — ran % „ 

139'A — 0X2% 16X43 
374% — 0X7% 19,966 
128% -0X1% 

i37%— ran % 

x® 

3X3 -ram* 




sxs%-raa% 777 
3X6 —0X3% 9784 
125% — 0X2 >0X02 

127 —ran ME 
3X2%-raO% 1J7B 
3JS% — 0X1% 16S 


116% 

116% 

192% 

178% 

X79V* 

182 

2XTA 

158% 


7J1 

7J0 

7X5 

6X91* 

7J71* 

470 

473V* 

470 

475 

4S0V* 


+0X1% USI 
V] 17753 


2X1 

2X6% +0X0% .... 

110% *0X0% 116X05 
277% -0X0% 24515 
2X5 -OXOV* 60X97 
171% 3X90 

175 -0X0% 318 

276% 1737 

2X3% 133 


oor bushd 
6J1 +0X0% 995 

491% 58X79 

492%— 0X0% 47744 
485 11110% 7X04 

444%— 0X0% 4077 
6X3% 30771 

458% -0X1 2X13 

4(2% —OX1 U 
466 -0X0% 

4X4% ‘0X0% 250 

421 1.008 


232X0 
Z3QX0 
223X8 
210X0 
20400 
209X0 
200X0 

196X0 

19X50 I92X0MOV93 
ESI. SON* 12X00 Th/ltOte 9,41 
Thu'S Open Irt BOtTM uO 299 


3075 

30X5 

2970 

29 JD 

28X0 

27.45 

26.TO 

24*5 

7435 

2410 

esl sales 

Thu's one 


195X0 

H4« 

19490 

195X0 

mao 

191.90 

191.10 

191X0 

19050 

190X1 


*8X0 1JH7 

-0.10 29J91 

-0X0 24X29 

—430 4977 

—020 5X39 

-030 3.015 
-ONI 4483 
-ran 899 
—1X0 33 

—1X8 11 


21.13 MorM 28X8 

71 JO MOT »4 2878 

21JSJN94 2BX4 

21X5MSW 2BJ0 

zxfiicSte 

»S2i 95 2435 
2U)MarV5 2410 

MXM 

>M 99X40 0« 71 


2935 

2888 

29.12 

+0.17 

1368 

W, ,1s M 

2874 

29X1 

+ai5 34X32 

B- . ji M 

28X6 

2893 

+ au 27X69 

B r y* B 

j VB 


+813 

I'll 

B 1 ,B 

EZZfl 


+ 020 

tea 

2730 

27 JO 

27.15 

+ 0.10 

6,180 

26J5 

26X4 

3*55 

+ UB 12X72 

2*55 

3*30 

2*39 

+ 0X1 

1X80 

2*35 

2*10 

2*30 

+0X2 

58 



2*15 

-0X1 

3 


Livestock 


CATTLE ICMER3 •Jtoto.-conop. 
8275 7X20 Aar M 7460 7460 

7577 7175JI8I M 7A25 7+35 

73X7 7020 Aua 94 7X85 7XX5 

74X7 71X7 Od M 74JJ0 74X0 

700 72JSPec9« 74.10 74.15 

7425 7axapeb« JXM mxo 

75.18 73J0Apr95 7A99 7497 

EsLides MA. ■rito’+iola* HJ95 
TtanoamH 84341 UP 3 24 
FEEDSt CATTLE (CMER) 5UWH 
8435 79J2MOT94 81X0 81X0 

85X0 7970 APT 94 81.10 81^ 

BAN) 700 MOV 94 8077 81X0 

SS MASS" 8170 JTS 

■170 79JDSapf« J1J2 BOB 

81X5 79jgOdte ».T5 

88X0 77X5 NOT 94 81X2 8L4S 

80X0 J9X0JWI96 

Esl sates na. iWnotoi 1J71 
Thu'soponH 12X79 up 205 
HOGS tCMBER) UV-amwh 
51X2 ■■OlJJAorm ALB 46.90 

5627 45X7 Jun 9* 53X0 53X5 

«SJ7 rnnu M 91X0 SLtfl 

SXO 46T5Alig94 87.10 31 J0 

49X5 414003*4 OJA 

SLSD 4SJ0Dec94 48X0 40J7 

48X0 RA 95 4SJ0 40.90 

9 60X0 Apr 95 4*60 6480 

51 JO 50.10 Jun95 «X SOBS 

EfLirias NA. nas.sdes AMO 
Thu'senonEnt 31.103 UP 632 
PORK BELLIES IOUM AMP-c 
Si mBtoP SAM 55-10 

61X0 4QJ0MOT 94 55.50 BN 

4UD JfJoXtta BX0 54.15 

59X0 42X0 AUB 94 5U5 53X1 

67.13 39.10l%b« 5835 5925 

58X0 38X0 Mar 95 

61X0 320 MOT « . 

Ed. Mat NA. WAMte* 2208 

Thu'aaapiM 9.958 off 6 


76X0 

7A17 

72X0 

73X5 

7197 

73X5 

74X3 


11X2 

80X0 

80X7 

01.45 

II.IO 

■us 

81X5 


5M0 

47.10 

47X0 

48X5 

4447 

50X0 


7455 

7A27 

72XS 

73X7 

74H 

73X2 

74X7 


i aarfe 
01X0 
08X0 
SUS 
81 J5 
0125 
81 XS 
81X5 


6410 

46X0 

50X5 


•sssr 

5125 

5485 

53J5 

9430 


55.05 
55X5 
54 W 
5U5 
5490 
5435 
5450 


*0X0 34001 
—4W D.T73 
—0,12 11741 
—0.13 9X29 
—OX5 9 r S4* 
— OXB 911 
—0.13 IS 


—0.15 2X44 
-430 3.1 » 
-412 3,104 
—025 2X75 
-0.15 3M 
-020 342 

-025 227 

— 0.10 12 


*U5 9JB 
*0X1 11X06 
*0X1 2X00 
*0X5 2X75 
*413 1X42 
*BJS 2.104 
*030 241 

♦418 M 
*423 H 


*1X5 IS 
*0X0 4JS2 
*0X1 3X54 
*431 542 

♦021 52 

3 


Food 

COFFEE C MCSQ 37-MtK.-cMhMrli. 
9475 6l3rt?!6 »XS »» »» 

9450 43JBMW* 1160 OJ3 81.15 

■7JD 4490 JU 94 BUO 86X0 B90 

81X0 40X0 SM* 9* MX0 8405 8470 

9TM njODacM SS Sfi 

8TJ0 7490 Mir 95 8*25 8425 86.10 

SiS 

I? JO 85X0 M *5 . _ 

Ezl sates 4092 Thus, sates WJW 


8485 *435 02 

8U0 *460 36486 
*0X011.705 
*0XS 5.729 
*440 3412 
*0JS 1.117 
*450 151 

♦ 060 3 


0109 

BiXOI 

04.15 

86.90 

87X5 

•8X5 


Season season 
Htah Law 


Own Htah Lon Case On OpUM 


Season Season 
HWi Law 


Open HWi Low Oom Ota OPlW 


TTkysopeninT six to up s u 

SUCAR-WORLO IT (NCSEJ iiueteaMpk 
12AT 430 May 94 1121 12X6 11.90 1111 -ran 42J2D 

12X0 9.19 Jul 96 1T35 12J7 12.10 1229 —0X2 36X77 

11-95 9X2CW96 11J9 11X3 11X0 1179 *02134048 

J1XB 9.17 Mar 95 I1J0 1TJS 1T2D 1135 +0X6 0371 

11X8 1457 May 95 1129 11J9 1129 11J3 +0XS 1,717 

11X2 1057 Jul 95 1125 1119 1125 1120 +0X5 1X10 

11X0 10570(395 1124 *405 309 

EsLsefcs 23X42 Thu'S, sries JM97 
Ttei'i open I nt 1 42X72 up 34 
COCOA (NCSE) 10 made Mm- 1 ear kn 
1348 978 Mot 96 1715 1Z35 1211 1131 +15 64664 

1345 999 Jul 91 1260 1240 1237 1254 +15 19X64 

1377 1020 Sep 96 1343 1278 12SB 1277 +W 9,166 

V3B 1061 Dec H 1308 1318 1394 1313 +11 ' ~ 

UTO miJMa-95 1335 1336 1328 1363 +11 

MO till May 95 1343 +11 

1607 1225JX95 T3B3 +11 

1350 1273 Scp 95 1400 +11 

1637 1 330 Doc 95 _ 1425 +11 

ESI.H4N 6X90 Thu'S. SWMJ IW 
TlmT* open Int 9*255 011 1283 
ORANGE JWCE (SCTW lsXH8>-«aMsaarte. 

13425 BOO Mar 96 109X0 1HL00 10030 109 JO -415 — 

liras 89X0 May M 112.15 112.15 11025 111X1 -025 4748 

135X0 10X50 Ai 96 ITA50 11475 11X50 113.90 -460 5X12 

13+50 10X50 SCO 96 11620 11625 115X0 114.10 -OX5 2M 

136-00 100X0 Nov 96 11325 11*25 114X0 1I44S -493 1270 

132X0 I03J0JO19S 115X5 115X5 114-50 114.95 -450 

134.25 106X0MOT9S 11625 ll&JD 114,15 II4J0 — 025 

Ed- Kies NA. Thu's- sales 952 
Thu's open kit 79X33 off *6 


iSS 

3,216 

681 

205 


IIS 


94400 Xm 94 95200 95200 95X10 95X20 -80695X49 

J43J0 5iP 9* 9522 ttOH 95210 93220 -OT347X69 

♦0210 Dec 96 9AM0 96800 96200 *4790 -90283,176 

90260 Mar 95 96X50 96X50 94560 94X50 —100266,333 

90210 Jun 95 *6330 94230 *1260 96270 —100193241 

9U10S4P 93 94100 9A100 *4030 94X60 — 10015UI0 

91.180 Dec 75 91830 nX30 93250 93270 — I00121JT7 

-M0WWTO 

sates NA, Thu's, sales 337^2 
Thu*iop wi kit 2X74754 alt 8354 
HHTOl POUND (CMER) Saar co unt - 1 point anunii lOJIlOl 
1- 5150 1X674 Jim 94 1^80 1X904 1X818 1X870 —12 25X17 

1X9M 1X640 S6P 96 1X610 1X840 1X790 1X840 -10 418 

1XW 1X500 Dec 9* 1X850 1«6 1X780 1X820 -10 30 

EU.sales NA. Thu's. sates 14978 
TWs open Int 252)5 OH S3 

OJteJIteNDCUJIB (CMER) li W «r.l H H ln t, HM i 
48712 02330660-94 47252 

02294 Jun 96 02300 02309 47290 02292 

47290 Sep 96 02287 02291 02774 47279 

02209 Dec 96 (L7Z74 42274 02274 02266 

__ 47292 Jun 95 47250 47230 02250 02237 

&;Satos NA Thu's. sdes 4216 
Thu^ open int 66J36 up 1307 


95890 

95570 

95180 

95X00 

94230 

9A520 

96L280 

94220 


02805 

02740 

47670 

0-7522 


f*. 




.-'r ? 


—16 152 


—10 

—13 

—19 


617 

18 


Metals 


—23 64787 
-23 2253 


— 30 47X89 
1X41 
386 


9123 
10220 
91 JO 
14295 
103J0 
101.90 
0920 
99 JM 
91 J* 
9120 
90X0 
91JS 
91.10 
89X0 
80JO 
9490 


M BRACE COPPER (NCMX) a» In.- cants net. 
1 07 JO 73JBSflnr!M 9200 93J0 92.00 92X5 

74-91 APT 96 92X5 91X5 92X8 92J0 

73X0MOT96 91X5 9295 9120 9220 

7A10Jun« 91 JO 91 JO 9120 91X0 

7420 Jul 94 91X0 91.95 9480 91 JS 

TUB Sep 94 9125 91X0 9485 9120 

7575 Dec *6 9450 9120 9020 9490 

7420 Jon 95 91 -SSS 

73X0 Fan 95 91X0 

6270 MOT 95 9223 9225 9425 71X0 

74X5 May 95 9450 9490 9480 9I.K 

7400 Jul 95 9120 

7520 Aua 95 9125 

79.10 SOT 95 9125 

7520 Oct 95 91.10 

7725 NOV 95 91X0 

8020 Doc 95 91X5 

Jan « 92X5 

Ed. tries 13X00 Thu'S, tries 9X69 
Thu's open In* 69X34 

SB-VHf (NOVO uootmroA-aMsiaorearei. 

55*5 34*XMar« 5*45 542J 561 x 5<U 

5640 51 8J Apr *6 543X 563X 5610 5612 

55SJ 771 .0 MOT 96 545X 5*4J 5625 5432 

545X 371 X Jul 94 5*9-0 530.5 5*7X 567X 

561 J 374J5EPW 5S1X 5SM 351X 551.6 

579 _fl 38DXDacW 5640 5645 55BX 556-1 

5640 401XJOTIM 559.9 

572J 414JIUOT9S 545X 54SX 54SX 5649 

5B6X 4140 May 95 549X 

595 X 6240 Jul 95 576.7 

5452 4HX5OT95 5792 

5902 539XDec95 5B7X 

Jan *4 5900 

Est. fates 19X00 Thu's, stiles SJ2S 
Thu's open kit IT2JJ7 ott 3379 
PLATMUM (NJUERJ V Inw m^tUSan nr liar at 

335X0 Apr 94 400X0 AMX0 400X0 402X1 
428X0 357X0 Jul *4 4320 4DSJ0 601 JO 403X0 

412X0 364000(594 401X0 404X0 403X0 4D3J0 

412X0 374^JJtm95 data 

614X0 390X0 Apr 93 406X0 40*00 406X0 40100 

Esttria NA Thu's, sates 3JO 
Tlw'aapan kit 22X73 0* 965 

OOU7 (NCMX) Mi he* at- amm ett Int aa. 

39120 373X0 Mcr 94 374X0 37110 371T0 387.10 

*1650 SliJO Apr 9* 3(7X0 387JO 36*20 387X0 

350X0 37450MOT94 38820 

41720 339XBJUn94 3W20 39410 388X0 387.90 

41100 361 JO Aua 96 391 JO 37220 391.00 372X0 

417X0 364X0 Oct 96 37170 394X0 39320 39100 

3*300 D»C 9* 39670 397 JO 396X0 39720 

363J0FM>95 40020 

346-80 Apr 99 40320 40320 403.TO 40170 

341 JO Jun 95 *Kjg 

41U0 38450 Aua 95 409 JO 

41320 414200095 4T12D 

429X0 402X0 Dec 95 4112D 41520 41520 416X0 

eslsote* 24000 Thu's. sriea 21236 
ThtrtaowiH 143X83 DP 455 


+465 2X40 
*455 1,159 
+4TO42J41 
+450 923 

+435 11291 
+455 1852 
+465 3X66 
+070 KB 
+ 020 2S 
♦470 1X46 
*470 447 

+430 4(7 

+OX 472 
+470 
+440 
+OX5 172 
+ 1.15 169 

+1.15 


+ 52 1X69 
+*8 II 
♦ 4fl 68270 
+61 I0J84 
+62 *224 
+62 9X65 
+ 6X 

+64 1019 
+15 1,963 
*6J 270 

+62 
+66 996 


GERMAN MARK (CMER) Si 

0X133 45607 Jin 96 45090 451*6 45859 4S7D 

ax«s 0X6oa Sec 9+ axes® 0x077 45047 asasi 

ggw 0-5990 Dec *6 0-50*5 0X860 4J86S 0XS66 

Bd-sota* NA- Thu's. sous dojn 
Thu's ppan In t 7IAS2 up 1583 

JAPWESETHN (CMER) lPwy«n-lpaH 

DXOTMma0OT71JijnM 4009<g400M960. >?. **m.00i>*53 
OXrawajXOBMISep M a«l9«HOXO95H0X0»4950XI»5O3 
O0O9aiO4OO7575DecM 0X0955* 

^-sries NA. Thu's, soles 17X18 
Thu's o pen te* 49,941 up 206 

FRIV+C (CAAS*) spermne- 1 BaMaaualimaen 

rawia 0x933 — d 32297 

SiSS&S*. W ® 7S aw7S aL4TO0 M*61 —17 » 

47105 44950 Dec 96 0X957 —17 37 

Bd. HUM NA. Thu's. sriBS 19236 
Thu’s Open rrt 32X89 off 350 

Industrials 

COTTONS (NCTHJ BMOT-cwnivl 




b» 

$*a\. 

■A 


r. “ . * 


K 


pi. 


79X0 

8415 

76X5 

7400 

74X0 

75X0 

76X0 


57X7 May 96 7140 

56-30 Jul *4 7428 

59.51 0094 7420 

59X8 Doc « 71 JO 

6220 Mar 95 7220 

66X0 May 95 71X5 

7020JUI95 7130 


r'l 

<‘j.M 


7*10 

75,10 

7576 

-0X1 223« 

* : 


76X0 

76X0 

76.32 

-0X3 13XH 



74X0 

73X0 

76X5 

-065 

2X52 



71.90 

7130 

71 -55 

—035 11501 



72X0 

72.10 

72J7 

-0X4 

sn 

• 


73JS 

73X5 

7335 

-032 

191 . 



7170 

73X5 

73X5 

—066 

39 



Thu’s oc+n Int Sajbf nfl 81 

WAT1NBOH. (NPEtl p.W**., 


4420 

43X0 

43X5 

43.ro 

4425 

4525 

4675 

4720 

48X0 

49X0 

4920 

4825 

4820 

4725 

47X0 


+1X0 9.923 
+110 10X7+ 
+180 1,163 
+1X0 570 

nxo 


+420 
+4X0 58.177 
*420 
+4X0 39X57 
+470 7X00 
+4X0 +297 
>4X0 13.144 
+4J0 X110 
+4J0 1X60 
+100 U19 
+100 
♦ 118 

+520 3287 


5*25 42X0 Apr 94 4420 

2» +)20MoyM 43.10 

£8X0 41.60 Jun 94 4320 

gXO +225 JUI 94 4170 

5SX0 «2S Aua 94 44X0 

g.17 44405OT96 4140 

gJO 452DOd« 46X0 

»» 4620 Nov 96 47X0 

SSS £X5Dec»+ «XS 

4325 Jan 95 49.1S 

»JS 4820 Feb 95 4925 

57-® 47.95 Mar 95 4J0 

.'S OS Apr 95 47X0 

5J20 47X0 May 91 47.75 

nxo 4720 Jun 95 47X0 

SJJ24 47.6S Jul 95 48X0 

49^1 SepW 4920 49.70 
sales NA. TTWisrios 26247 
Tb^sownint 119X37 off 839 

UGHT SWEET CRUDE (HMERJ 1XO0BM- 
9-S£“-« 1+291495 1643 

14.12 May 94 14X5 14*2 um 

1428 Jun 94 14X4 MA6 tan 
1444 Jul H 15X1 1103 1484 

JfJfAuOM 15X5 1110 15X0 

*27SfP« 7520 1525 15X8 

14.99 Delta 1529 15JS ljjr 
fiJNovW 1528 ?1C 11B 

15.53 Das 96 1550 )(j uu 

1147 Jan 95 11X0 5M 

™ 1674 

I486 1195 1188 

1195 15.9S li?5 


43.90 

42X5 

4225 

4320 

4430 

4140 

46AS 

47X5 

48X0 

«X5 

4925 

6820 

47X0 

4725 

47X0 

«X0 

49.00 

■6920 


4447 
4324 
4320 
4320 
46X9 
4559 
4629 
47 J* 
4826 
49X9 
4920 
4129 
47X9 
47X9 
46X9 


2BX0 

21X5 

2028 

2028 

3028 

2023 

20X9 

20X0 

I7J8 

19X0 

20X4 

19X1 

1923 

2020 

1723 

1890 

19X4 

2080 

1722 


Financial 


96X4 

9521 

9137 

9112 


U5T.8KXS (CMER) (1 

9624 9602 Jun 94 94X8 9688 9605 

94X9 JS65&E09* 9S24 9S2S 9170 

9*10 93JTDk*4 9SX1 95X1 9SJ7 

IWOT 95 

EtaLtates NA. Thu's. MteS 2.969 

Ttart open Int 42XU alt BTO 

ilUanix 'wKSnShS E 1»Si V r5 mmm 

am es""* w -” w - n iss= is ^ 

Eri.sries 68200 Ws totes 7U45 
Wsooenlnt 20X311 aft 710 

K YR. TREASURY (CBOT] SiDOXoaertn- 63>vMol Kflixa 
114TO* 106-00 MaT-941 09-17 109-19 WM9 109-10— 18 1IJII 

09.173 


-0X5 3X971 
—OX4 4X77 
-4UJ7 2219 
—8X8 1 


29,786 


1186 Aflr 95 
%X5 May 95 
1620 Jun 95 
■628 Jul 95 I6J0 
I643AUD9S 

JHJ&H 14JB 1627 
,AJB 

ss ^ uo sS sar-^ETO-^ 


1*44 1128 


162? 

1420 


6250 

61X0 

61X0 

4020 

40X0 

54X0 

4615 


44X0 May 94 44X0 

M9SJW94 4645 
45X5 Jul 94 46X5 

45 ID Aua 94 46JT5 , 

SiSSSJ 3 

Ett. sates J. 

TTW toapilM 120.284 w 234 


46X5 

4620 

4620 


4100 

46X5 

46X0 

4115 

4525 


W2S 

Ui* 

l*-90 

15X0 

1110 

15X0 

1132 

15X6 

1155 

1168 

1181 

1192 

16X3 

1114 

16X5 

1635 

IMS 

1625 

1182 

17X5 


4192 

4656 

4188 


4631 

<5X1 

44J1 


*033 uan 
♦0.13 50J61 
-40 36X70 
+8.18 22,175 
-ran 9X58 
+un 1836 
+0X2 109 
+0X2 6X93 
+0X2 10,10 
+0X2 3J38 
+8X3 UM 
+0X2 950 

+40 668 

+0X7 455 

+0X1 
♦023 

+401 M 
+0X7 


+826 51.111 
+4X3 97J00 
+40 49X81 
+0X2 36007 
+OX2 15X70 

♦ 0X219X91 

+082 12® 
+0X2 9259 
*0X2 19265 
+401 7289 
+0X2 4069 
+0X2 7.172 
+402 3LB9 
+407 3X76 
*0X2 14X90 
+401 1275 
+0X1 162 

♦ran 

♦ 0X1 13X77 
♦am 


— ran 27X9* 
+418 67JX5 
+0X2 22X01 
+0X7 IXB- 
*0X7 7,160 . 
+0X7 4X66 
+0-ZT 
+0X7 


1 


■S: . 



Stock Indexes 

UFCoewLifiDex (cm en 

twiH SISS S ga ss 



J!H! !2H9 JunMiooxt «»ds tw-ji ioo-oa— so 

H !5-S! S0O94 107-16 107-17 107-07 107-09 — If 
J2J"2 Dec ** 104-21 104-25 106-17 Mi-17— X 
111-87.108-47 Mar9SWteC 106-06 105-30 105-30— X 




MOT9STOM& 106-06 105-30 10500- 

119,119 Thu-6, fates 142X29 
lint 302X25 UP 1403 


"otwiiw* iui*-it w-au — no 27^0 266JD 7T7 l, n. — — «+w muw h jd — oab 

91-0# Jun 9* 109-20 109-25 108-10 HI-12 -IX 349246 EsTrotei n!a. D ^Ih. J ?1£5 »-?5 S63J5 -0X8 

n-n Sepw 1«*-a 106-27 107-26 197-24- 31 29 JO* TtortSSLtw 

.2-19 ttac94M7-Zl IB-73 MD-O* IB-88— 30 aCS w ,8 ° 

'®-8* Mor 95104-25 107-00 104-15 106-18— 29 1X46 

.W-H Am »5 105-29— 20 66 

JM-7* s+p 95 18S-W- 27 U 

Hte-O Oc95MB-80 105-86 W-25 106-21- » 27 


118-88 

114 - 20 

115- 19 _ 

lit;; 5«1 95 105- to— 27 

ltt-14184-g] Dec*5W54B 105-86 »44J 104-25— 21 

EB- Wte. |BpX0C Thu'S. SriM 469219 

Trar&apvilfif 441437 ww 

M^^ALK^VoT)^, Msd 

96 96-10 96-17 94X16 96-06 — 11 8,104 

IK® *}iZ Junta Ti-U 95-18 *5-81 95-86 — 30 15X« 

VS-17 9 4-14 SopM td ITT . 21 jq 

32296 an 1» 

EUROOOU - a RS (CMER) HnriteiMOTrimea. 


SsJr'i’.-: 

f.+ v ' 


Moody's 

Reuters 

D-J. Futures 

Com. Research 


Commodity Indexes 

Close 


1X08X0 

1,01.90 

143X9 

22157 


Previous - 
1X11.18 
1430J0 
14*85 * 
22122 































INTERNATIOWAL HERALD TRIBUNE, SATORPAY-SUNDAY, MARCH 19-20, 1994 


Page 11 


EUROPE 


" 4 0 ^!i 

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Cost Cuts, U.S. Recovery 
Brighten Bayer’s Outlook 



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LEVERKUSEN, Germany 

The German chemicals giant, Bay- 

AG, said Friday that business 
was showing marked expansion af- 
ter a four-year slide, and that it 
aimed for 15 to 20 percent growth 
in 1994 pretax profit. 

“The start of the 1994 business 
year was thoroughly encouraging,** 
said the chairman, Manfred 

Schneider. 


cost-cutting have reached more 
than 900 million DM a year. 
Bayer's group net profit fell 12 



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Profit in the first few months of 
this year showed significant im- 
provement due to cost-cutting mea- 
sures, Bayer said 
Group sales grew in January and 
February, buoyed by the U.S. re- 
covery, although sales in Germany 
continued to fall. 

The company spent 550 million 
Deutsche marks (S325 million) last 
year modernizing its business, and 
says that the economies from its 


German chemical companies 
have been plagued by falling earn- 
ings since me start of the decade as 
demand from the recession-hit 
manufacturing industry for basic 
chemicals, such as plastics and fi- 
bers, receded. 

Bayer said the brighter trend for 
the group started at the end of last 
year and that pretax profit rose 18 
percent in the fourth quarter. 

"The positive economic develop- 
ment in America is behind this,” 
Mr. Schneider said, “as are the 
more favorable currency rates and, 
above all, the success of our mea- 
sures to strengthen competitive- 
ness." 


He said Bayer aimed to increase 
pretax profit in 1994 between 15 
and 20 percent. 

More jobs would be cut this year, 
he said. The target is to have a 
group work force of at most 
150,000 in 1994.Altheendqf 1993, 
Bayer employed 151,900. 

“In Germany there trill again be 
a reduction of at least 2,100 jobs, 
while we expect employee numbers 
to be broadly unchanged abroad.” 
Mr. Schneider said. 

He said Bayer would try to find a 
solution to the problems posed by 
its poor-performing agrochemicals 
ana textile dyes activities this year. 

Bayer rivals Hoechst AG and 
Schering AG last year joined 
forces, halting their agrochem i cals 
activities in a new company. Sales 
erf crop protection products have 
been dented by European Union 
reforms, which encourage fanners 
to use less land. 


Thyssen Rejects Quitting Steel 


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Compiled by Our Staff From Dispatches 

DUSSELDORF — Thyssen 
AG's management rejected a pro- 
posal at its annual stockholders 
meeting Friday that the company 
reconsider its involvement in steeL 

Its chief executive, Heinz 
Kriwet, said high returns from the 
steel business in the late 1980s had 
' helped Thyssen sharply increase in- 
vestment in its capital-goods and 
trading activities. 

That situation may return, he 
said, once the ste el makin g onh 
Thyssen Stahl AG has completed a 


reorganization to cut capacity and 
unit costs. 


Mr. Kriwet ruled out any equity 
offerings for Thyssen until a “sub- 
stantiaT profit is in sight 
Thyssen Stahl had a loss of 994 
million Deutsche marks ($588 mil- 
lion) in the year ended Sept. 30, 
1993, and will report a “high" loss 
for the current year as well, Mr. 
Kriwet said. 

The shareholder proposal to re- 
view Thyssen’s involvement in steel 
came in the same week that 
KlOckner-Werice AG said it was oo 


longer a sted company after selling 
control of its remaining steel opera- 
tions last month. 

( Bloomberg, AFX) 


■ Hoogovens Talks Survival 
An internal report by the Dutch 
■ iti-ttlrrmlrer Hoogovens NV shows 
the company concerned about its 
survival in the face of overcapacity, 
an inadequate financial buffer 
against price wars, a small domes- 
tic market and marketing limita- 
tions, Knight-Ridder News Service 
reported from Amsterdam. 


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uKe because .• 1 
fid erta 


Credit Lyonnais Loss Is Said to Be Huge 


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Compiled by Ow Staff From Dispatches 

PARIS — Credit Lyonnais de- 
clined to comment Friday on a 
magazine report that it would un- 
derstate its net loss by a factor of 
five for 1993. 

The report says that the anting! 
loss actually totals 26 billion francs 
(54.2 billion). 

According to the weekly LeNou- 
vel Economist e, the state-con- 
trolled Credit Lyonnais, France’s 


largest commercial bank, will post the magazine termed “current pro- 
a loss of “only" 4 5 billion francs, visions/* or bad loans to small and 
Provirions for bad loans win be medium-sized companies. 


mmimfreri by shu ffling off many 
questionable loans to a property 
holding company, the magprine 
said. It said Cr&fct Lyonnais would 
take just 1 Union francs for “ex- 
ceptional” charges, while (he real 
figure should be 22 5 billion. 

The bank will, however, take a 
charge of 15 billion francs for what 


The Hank will publish last year’s 
results on Thursday. It declined 
comment on the magazine report 
In another development, the 
bank said it would sell some of the 
assets of BTF, the bolding compa- 
ny run by the poHtidan-emrepre- 
nenr Bernard Tapie. 

(Bloomberg, Rollers) 


i- Tech Highway 
Seen as a Route 
To Jobs Growth 


By Brandon Mitchener 

International Herald Tribune 


HANNOVER, Germany — 
The information highway, its 
advocates assert, is the key not 
only to video on demand but 
also to a country’s international 
competitiveness and jobs for 
the people who build and sup- 
ply it. 

When it enters full service, it 
will carry an endless caravan erf 
iniays, sounds and digitized 
data, they say. 

But what does the informa- 
tion highway look like? In Hall 
3. booth D33 at the CeBIT tech- 
nology fair under way here, the 
fast lane is a black metal box 
with blinking lights that stands 
about as taS as a hold-room 
fridge. 

Despite its inauspicious ap- 
pearance, the little machine, a 
parallel-processing computer 
called an nCUBE plays back 
digital video dips from three 
current films and a Whitney 
Houston concert simultaneous- 
ly. It is capable of handling 
hundreds more. 

Similar machines may some- 
day give instant, affordable ac- 
cess to vast libraries of informa- 
tion, multimedia enthusiasts 
say. 

In the meantime, the nCUBE 
and other new hardware on dis- 
play at the world’s largest com- 
puter and telecommunications 
convention here are, as forerun- 
ners of new technology, acting 
as catalysts for the creation of 
new work. 

Peter W Listen, managing di- 
rector of nCUBE Europe, a unit 
erf the black box’s California- 
based manufacturer, said the 
biggest money to be made on the 
information highway will be not 
in the end-user hardware, which 
is dominated by the United 
States and Japan, but in the soft- 
ware, cable and computer com- 
panies that control access. 

British Telecom PLC, which 
recently chose nCUBE ma- 


chines as the hardware founda- 
tion for interactive multimedia 
service trials in Kesgravc. Eng- 
land, is planning to invest £6 
billion (S8.9 billion) in fiber op- 
tics, he noted. 

Local telecommunications au- 
thorities and private industry in 
most major European countries 
are looking at the same technol- 
ogy and Germany, the biggest 
single market in Europe, p lan*; to 
start its own trial later this y ear . 
Mr. Wusien added 


Ronald Buck, nCUBFs vice 
president for marketing, said 
the biggesL boom in the multi- 
media economy will be “provid- 
ing new applications and con- 
text," that provide a stable 
niche for local industries. 


While hundreds of comput- 
ers such as nCUBE will be 


needed to move d? gjti7eti data 
from point to point, legions of 
workers will be needed to digi- 
tize the data to be moved Just 
converting the contents of the 
Library of Congress into digital 


images could keep people busg 


for more than a decade, 
then be up to software develop- 
ers to write programs to make 
the data readily accessible and 
hardware manufacturers to of- 


fer equipment to present the 

easily ; 


data i 


and effectively. 

“We’re talking about hun- 
dreds and thousands and mil- 
lions of set-top boxes," said Mr. 
Buck, referring to the high- 
powered desktop computers 
that will be needed to run the 
multimedia programs. 

One such computer is Ap- 
ple’s new line of PowerPC ma- 
chines. While the hardware is a 
product of the United States, 
the software that will be crucial 
to its commercial success is an 
international affair. 

At a demonstration in Han- 
nover, Apple trotted out several 
German software manufactur- 
ers to show that its technology 
creates work for local software 
partners. 


Mirror Bid 
For Paper 
Is Geared 


Investor’s Europe 


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The Associated Pros 
LONDON — Mirror Group 
Newspapers PLC won a Fleet 
Street takeover battle Friday, gain- 
ing control of The Independent, a 
troubled newspaper badly wound- 
ed in a price war. 

The bid from a consortium led by 
Mirror Group cleared its last hurdle 
when the government said that tbe 
Monopolies and Mergers Commis- 
sion vrauld not review the deaL 
Journalists at Tbe Independent, 
worried that Mirror Group would 
interfere in their editorial policies, 
had argued for an inquiry. 

It remains unclear hew Mirror 
Group will deal with the Irish mag- 
nate Tony O’Reilly, a rival bidder 
who won clearance Friday to in- 
crease bis stake in the company to 
29.99 percent. 

“He’s just a minority sharehold- 
er," said a spokesman for the win- 



rung bidden, who say they will 
he board - 


Sources: Reuters, AFP 


llMemdooel timid Tribune 


keep Mr. O’Reilly out of the 1 
room. “He can squeal and shout all 
he wants, but that’s all he is.” 

Mirror Group, run by Robert 
Maxwell before his mysterious 
death at sea in 1991. teamed up with 
two newspaper partners. El Pais of 
Spain and La Repubbfica of Italy, 
and The Independent’s founding 
editor, Andreas Wttttam Smith. 

The consortium recently accu- 
mulated a stake of 62 percent in 
The Independent's parent compa- 
ny. Newspaper Publishing PLC, 
outmanenvenng Mr. CReuly. 


Very briefly: 


Commerzbank 
Buys Into Comit 


• fltfen SA said it and a group of banks would increase their stake in 
Aerofiueas Argentines to 85 percent; under the agreement, the Spanish 
carrier will subscribe to a capital increase while it and the banks will 
convert to equity $400 milli on in loans to the Argentine airline. 

• Club Mbfiterrante SA, the French tourism operator, said its sales for 
the first quarter ended Jan. 31 rose to 1.87 billion francs (5327 million), 
up 19 percent from a year ago. Its U.S. subsidiary, Oub Med lot, 
reported net income for the quarter of SI 1.7 million, up 6.3 percent. 

• Nesdd SA said it would offer 1,578 lire (95 cents) a share for the 
remaining 38 percent erf the Italian frozen foods group Italgel SpA. 

• Gillette Co., tbe U.S.-based shaving products manufacturer, said that it 

would dose a factory near Seville, Spain, cutting 246 jobs. 

Bloomberg, AFX.AP. Reuters 


Bloomberg Business New 
FRANKFURT — Commerz- 
bank AG said Friday it had bought 
3 percent of tbe Milan-based Banca 
Commerriale I tab ana. 

Commerzbank said it bought the 
stake from tbe Italian gove rnmen t 
as part of its program of s elling off 
state assets. Tenns of the acquisi- 
tion were not announced. 

“We see it as a strategic partici- 
pation,” a Commerzbank spokes- 
man. Christian Franck, said. “BC3 
was interested in having a few core 
shareholders. That fits with our 
plans too." 


Castorama Profit Up 28% 


Bloomberg Business News 

PARIS — Net profit at Caslor- 
ama, the French furnishings and 
do-it-yourself chain, swelled anoth- 
er 28 percent in 1993, staying in 
line with an average annual gain of 
27 percent over the past four years. 

Castorama Dubois Investisse- 
ments SGA, the leading do-it-your- 
self chain in Europe, on Friday 
reported a 1993 net profit of 375 
million francs (564.6 million), com- 
pared with 292.1 milli on francs - 


Analysts said Castorama’s suc- 
cess proved that the do-it-yourself 
industry was virtually recession- 
proof because homeowners wanted 
to make their own improvements 
rather than pay high-priced profes- 
sionals. 


Sales rose 11.7 percent to 13.48 
billion francs, from 1231 billion in 
1992. The company said it expected 
sales of more than 15 billion francs, 
up 103 percent, this year. 


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Asian Markets 
, Tumble Amid 
fear Over Bates 


Compiled by Our Staff From Diuwcha 

HONG KONG*- Hong Kong 

shares fell 4 percent Friday L insu* 
timonal investors continued to quit 
the market amid persistent con- 
cerns over interest rates, traders 
said. 

. The Hang Seng index of 33 lead' 
mg stocks closed down 380 82 
paints at 9,13131. taking its losses 
for the week to about 77 3 points, or 
7.8 percent. 

Investors have been unla ding 
Hong Kong stocks since the U.S. 
Federal Reserve Board pushed up 
interest rates on Feb. 4, said Paul 
Tagg, managing director of Mathe- 
son PFC Ltd. Higher rates on 
bonds, especially in the huge U.S. 
market, make stocks relatively less 
attractive to investors. 

The UJS. central bank's move 
reminded investors they should re- 
turn to focusing on fundamentals 
such as earnings growth rather than 
simply chasing yield, Mr. Tagg 
said. Investors sold Hong Kong 
shares because they realized the 
stocks were priced higher than fun- 
damentals warranted, he said. 

Eddie Kwok, manager at Nikko 
Securities, said some unit trusts, or 
mutual funds, were having to sell 
Hong Kong stocks because their di- 
pots were redeeming their holdings. 


“It’s a self-fulfilling prophecy r 
said Tony Smith, research director 
at SBCI finance Asia. Investors 
were trading for short-term profits, 
he said. “They think it’s going to go 
lower and they can buy the shares 
back cheapo* tomorrow," be said. 

Tokyo’s Nikko 225 average fell 
U2.71 points, or 0.60 percent, to 
end at 20,469.45. 

Other Asian markets also ended 
the day down. Singapore fell 23 
percent and Kuala Lumpur and 
both Manila indexes dropped, with 
brokers saying they were influ- 
enced by the fall in tne Hang Seng. 

Singapore's 30-share Straits 
Times Industrials index fed 49.63 
points to 2,104.02 because of what 
brokers said was widespread for- 
eign and local selling sparked by 
die sharp falls in Hong Kong. The 
Kuala Lumpur index fell 20.14 
points to 1,007.60 in thin trading. 

The Manila Stock Exchange 
closed at 2,657.98 from an opening 
of 2,71331 while Makati skidded 
to end at 2,65231 from 2,708.04. 

“The market was spooked by 
Hong Kong’s very steep decline," 
said Lome Bate of Baring Securi- 
ties Inc. in Manila. "This prompted 
short-term players to abandon the 
market for now." 

(Bloomberg Reuters) 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 19-20 , 1994 

MIMIs Getting Back on Track 

Miner’s Stock Rises as It Unwinds Diversification 


By Michael Richardson 

International HmM Tribune 

MELBOURNE — MIM Holdings LttL, 
me of the largest zinc miners in the world and 
the eighth biggest copper producer, has not 
been a sparkling financial performer of late. 

With two of its mam markets, Japan 
Western Europe, deep in recession and its 
operations weighed down by high costs and 
unprofitable investments, inducting an exten- 
sive involvement with Metallgeseilschafi AG 
in Germany, MTM reported a net loss of 18.5 
million Australian dollars ($13 million) for 
the six months ended Dec. 31. 

Yet the company's share price has been 
buoyant in the past few months. The stock 
closed at 3.17 dollars Friday, down 3 cents on 
the day but up almost 66 percent since last 
Ocl 1, 1993. 

Analysis say investors expect a resurgence 
in prices for copper, zinc, lead and other 
industrial base nxttals over the next few years 
as economic recovery spreads from the unit- 
ed Stales to Europe and Japan while strong 
growth continues elsewhere in Asia. 

An upward trend in copper is already evi- 
dent The price has risen more than 20 per- 
cent since November, which translates mio 
an increase of more than 52 million dollars in 
MI M’s annual profit. At around 93 U.S. 
cents a pound, though, copper is still well 
below its peak of around $130 in 1987-88. 

Investors also seem to be impressed with 
MIM’s program to reduce costs, dispose of 
noncore assets and develop mines in Austra- 
lia and Argentina that could double its pro- 
duction of copper, zinc and gold by the end of 
the decade. 


“We are looking to focus our operations on 
what we see as our core business id mining 
and mineral processing," Norman C. Fussell, 
MIM’s managing director and chief execu- 
tive; said in a recent interview. 

To reduce debt and build capital to pay for 
expansion, the company agreed last month to 
sefl a 13.85 percent stake in the Canadian 
mining house Cotninoo Ltd. for 215 million 
dollars. In January, MIM signed deals to sell 


Investors expect a 
resurgence in prices for 
base metals as economic 
recovery spreads. 


minority holdings in two other minin g com- 
panies, Reaison Goldfields Consolidated 
Ltd. of Australia and Granges Inc. of Cana- 
da, for 96 million dollars. 

The financial crisis ai MetaflgesePschaft 
has “certainly accelerated MIM’s desire to 
reduce its passive investments and increase 
its operational control,” Glenister Lamont, 
senior resources analyst at Potter Warburg 
Securities Ltd, said 

MIM diversified in the 1980s by making 
passive investments in North American min- 
ing companies, buying coal mines in Austra- 
lia and entering the zinc and copper smelting 
business in Europe, mainly with units of 
MetallgeseDschafL 


The aim was to reduce the company’s reli- 
ance on its giant copper, zinc, lead and silver 
mines centered on Mount Isa in the Austra- 
lian state of Queensland But most of the 
investments produced losses or poor returns. 

Chris Bain, senior research manag er for 
resources at ANZ McCaugban Securities 
Ltd., said MIM was right to build on its 
strengths in mining and mineral processing. 

But, he said, for the company to remain a 
leading global player it would have to 
strengthen its presence in Asia by establish- 
ing zinc and copper smelters in addition to 
those it controls in Aust ralia and Europe. 

MIM and its joint-venture partner. Inter- 
national Musto Explorations Ltd of Canada, 
signed an agreement in January to spend 
$600 million to develop a gold and copper 
deposit at Bajo de la Alumbrera in Caiamar- 
ca Province in Argentina, about 1,000 kilo- 
meters (625 miles) northwest of Buenos 
Aires. Production is expected to start in 1997. 

“It’s a world-class deposit, and they paid a 
bargain price to get it," said John MacKin- 
non, a base metals analyst at McIntosh Bar- 
ing Ltd 

Many analysts expect MIM to sell its 33 
percent stake in MetaUgesdlschaft if at- 
tempts to restructure the German group raise 
its stock price. 

But disposal of a holding of almost 25 
percept in the American silver, copper, lead 
and zinc producer Asarco Inc. is unlikely to 
occur quickly, especially if MIM returns to 
strong profitability. Asarco, which has his- 
torical ties to MIM, holds 13.1 percent of the 
company's equity. 


CHIPS: Japan Meets a Target Honda Weeds Out Lackluster Managers 


Continued from Page 9 
oriented” approach that Washing- 
ton look in the recent negotiations 
under the new trade framework be- 
tween the two nations. 

But Japan, saying it had a bad 
experience with the semiconductor 
accord, refused to agree to any more 
numerical trade targets. A deadlock 
on that issue led to the collapse last 
month of the talks on automobiles, 
insurance, medical equipment and 
telecommunications. 

Since then, the Clinton adminis- 
tration has been pressuring Japan 
to yield to US. demands. Japan’s 
concessions last week in a cellular 
telephone trade dispute, combined 
with the sharp rise in semiconduc- 
tor market share, could reinforce 
the administration’s belief that 
pressure on Japan works. 

One reason for the muted re- 
sponse to the new figures by the 
American side is that it has been 
disappointed before. In the fourth 
quarter of 1992, foreign share rose 


by more than 4 percent and inched 
above 20 percent, just in time to 
meet the deadline An overconfi- 
dent American industry pro- 
claimed that market access prob- 
lems were virtually solved and a 
new era had begun. 

But in the first three quartets of 
1993, the market share dropped 
steadily. 

“Our hopes for sustained pro- 
gress in opening the Japanese mar- 
ket were dashed last year by the 
sharp decline in foreign share m the 
next three quarters," said Andrew 
Procasshn, president of the Semi- 
conductor Industry Association. 

He said on Friday that Japan 
should not become “complacent" 
again, and he called for foreign- 
market share to grow in 1994 by the 
same rate it did m 1993. which was 
2.7 percent higher than in 1991 

Japan says it sees no need for a 
new market-opening measures be- 
cause the agreement is already 
working. 


Complied by Oar Staff From Dispatches 

TOKYO — Honda Motor Co. 
said Friday it would adopt a new 
personnel policy that threatens un- 
productive managers with demo- 


Tbc carmaker will also improve vehicles dropped 93 percent to 
incentives for employees deciding 163,267 units, giving the company 


to take early retirement 
Honda’s move echoes chan; 
other car companies that. 


don and pay cuts, a move analysts with weak d emand and overcapaci- 
said is part of a broader whittling ty, are struggling to cut costs, im- 


a 31.4 percent share of Japan’s from To 
market. Its exports were down 113 forecasts, 
percent to 124,919 units. 

Nissan’s sales in Japan fdl 14.9 


away of Japan’s lifetime employ- 
ment system. 

“Japanese carmakers must grasp 
the nettle of employment reform 


1 struggling to cut costs, im- percent to 142,965 units. Its exports 
prove management flexibility and slumped 30.1 percent to 45,070. 
link paychecks more to perfor- (Reuters, AT, AFX) 

manre and less to seniority alone. B Low Wage Rises Forecast 
Previously, Honda has cut pro- — ^ 


and Honda is starting to do so,” duction hours at some plants and u ^ creascs deaded .“\ **“* 

said Andrew Blair-Smith, an ana- shifted workers to sales outlets. The - vear ^ s ^ >ru ?8 wa S c negotiations. 


lyst with Barclays de Zoete Wedd company also has introduced per- 


Sec urines. 

Nihon Kdzai Shim bun, Japan's 
leading financial newspaper, said 


formance-based bonuses for its 
managers. 

In other news involving Japanese 




Page 13 

ASIA/PACIFIC 


pore:- 







. ■ .-wn*. r s m u; 




tSS-'*: #*» 




Jakarta 


-'Bppn^ap'; , ” vvNa 

Sources; Reuters. AFP 




jv.soimh* • 

i.. Mn n*|li| A .i Y i rt iii K iix ' ji L - 

Uuemwtaoal Henld Tribune 


known as shunto, are Kkdy to be 
the lowest ever, Reuters reported 
from Tokyo, citing economists' 


Private economic institutes pre- 
dict an average wage increase of 
less then 3 percent for the year 
starting April 1, the lowest on re- 
cord. The average last year was 3.89 
percent. Management negotiators 
m many industries will present 
their first offers next Thursday. 


Very briefly: 

• NEC Corp. and Hewlett-Packard Co. will jointly develop compact, low- 
priced ink-jet color printers, a spokesman for NEC said. 

■ Asafai Mutual Life insurance Ca said it planned to cut its work force by " 
7 percent, or 650 people, in the next three years. 

• Kanfcakn Securities Co. was ordered by the Japanese government to 
suspend its transactions with corporations for two weeks starting next 
Friday; officials said the brokerage had resold securities on which major 
customers were showing losses with promises to repurchase them from 
the new buyers at higher prices, an illegal practice that helps clients avoid 
reporting losses on their accounts. 

• Janfine Internationa] Motor Holdings LhL, a unit of Janfine Matbeson 
Holdings LhL, said its 1993 net profit rose 23 percent, to $733 million, as 
its European and Australian businesses staged a recovery. 

• The Singapore International Monetary Exchange said it had obtained 
licensing rights to trade futures and options on the new Nikkei 300 stock 
index; the Simex said it would continue to list the Nikkei 225 slock index 
contract. 

• Neptune Orient Lines Ltd. said its 1993 group pretax profit rose 160 
percent, to 95.6 million Singapore dollars ($60 million). 

■ DuPont Go. opened its first office in Vietnam, where it hopes to develop 
its business in the insecticide; construction and textile sectors. 

• Taiwan is to cut tariffs on 74 items by as much as 50 percent at the end 
of March, in line with demands from the United States, a customs official 

Said. AFX. AFP. Knight-Ridder 


the program would have a “great automakers, Toyota Motor Corp. 


impact” on other industries. 
Under the Honda program. 


and Nissan Motor Co. both said 
Friday that their domestic sales, as 


managers who f afi to win promo- well as their exports, fell in Febro- 
tion within right to 12 years will be ary from their levels a year before, 
demoted and iheir salaries cut by as They said the drop were a result of 
much as 30 percent, a company recession and suffer global price 
spokesman said. The program will competition stemming from a high- 
affect about 4300 of die company's er yen. 


43,000 employees. 


Toyota's domestic sales of motor 


LVMH 

MOET HENNESSY . LOUIS VUITTON 

1993 NET INCOME OF 3,574 MILLION 

Consolidated LVMH Mofit Hennessy Louis Vuitton net income for 1993 amounted to FF 3.574 million, up 19 % from the 
1992 level. This figure includes non-recurring income of FF 602 million, primarily reflecting capital gains on the disposal 
of RoC. Excluding non-recurring items, consolidated net income totalled FF 2.972 million, basically unchanged from the 
comparable 1992 level. 

Consolidated sales in 1993 totalled FF 23,819 million, an increase of 10 % over the prior year. Income from operations 
rose by 2 % to FF 5,614 million. 

Major Consolidated Highlights 


■a ; r; ; 

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In FF millions 

1992 

1993 

• Sales 

21.658 

23,819 

• income from operations 

5,486 

5,614 

• Net income. Group share, 
excluding non-recurring items 

3,007 

2,972 

Net income. Group share 

3,007 

3,574 


Following a difficult first half, the recovery in a number of geographical markets important to LVMH, which generates 85 
% of its sales outside of France, had a very favorable impact on the Group’s sales in the third and particularly fourth 
quarters of 1993. The strong growth in sales recorded in late 1993 continued In January and February 1994. In the first two 
months of the year, consolidated sales grew by 28 % over the comparable 1993 period. 

The major trends by segment of activity in 1993 were as follows : 


Consolidated Highlights by Segment 


In FF millions 


Income from operations 



1992 

1993 

1992 

1993 

• Champagne and wines 

5,245 

5,444 

780 

776 

• Cognac and Spirits 

5353 

5,846 

2.286 

1,910 

0 Luggage and leather goods 

4700 

5,665 

1,869 

2,318 

■ Perfumes and beauty products 

5,487 

6,128 

809 

852 

• Other 

673 

736 

-258 

-242 

LVMH 

21,658 

23,819 

5,486 

5,614 


Champagne and wines : (Moet & Chandon, Veuve Clicquot, Pommery. Ruin art, Mercier, Can ard-Duch fine.) 

In a highly competitive environment resulting in strong pressure on prices, LVMH’s champagne and wines segment 
recorded a 7 % increase in sales volume in 1993. This increase, particularly notable in the fourth quarter of the year, 
compensated the higher cost of inventories and thereby enabled the segment to preserve its profitability. 

Cognac and spirits : (Hennessy, Hine. F.O.V.l 

In the cognac and spirits segment, the rapid increase in sales to China was not sufficient to offset lower consumption in 
Japan which, combined with higher raw materials (eaux-de-vie) prices and important marketing efforts, resulted in a 
decrease in income from operations. 

Luggage and leather goods : (Louis Vninon. Loewe, Berluti) 

The luggage and leather goods segment experienced growth in all of its markets, reflecting the extension of existing lines, 
the launch of a new Louis Vuitton line for men (TaTga), and the expansion of the retail network. Income from operations 
increased by 24 %. 

Perfumes and beauty products : (Christian Dior, Givenchy, Christian Lacroix, Kenzo) 

In a worldwide market characterized by marginal growth in 1993. the Group's perfumes and beauty products activities 
recorded significant increases in sales and market share. This stems in particular from the segment's active program of 
product launches, including new skincare products at Parfums Christian Dior (Dior Svelte and Capture Lift) and a new 
cologne for men at Parfums Givenchy (Insensd). However, the costs associated with these new launches together with 
higher advertising and promotional expenditures have slightly hindered the growth in income from operations. In addition, 
Kenzo perfumes, which recorded a 42 % increase in sales in 1993, will not be fully consolidated until 1994. 

Guinness PLC recorded a 17 % drop in net income in 1993, while its income from operations rose by 4 %. 

Financial expenses rose by 4 % in 1993; this reflects costs associated with the restructuring of LVMH’s debt which will 
enable the Group to fully benefit from lower interest rates in 1994, Excluding these costs, financial expenses would have 
decreased by 6 % last year. 

In 1994, the continued improvement in worldwide economic conditions - together with the pursuit of the Group's long- 
term strategy aimed at striking the right balance and exploiting synergies among LVMH's various brands and activities in 
wines and spirits an luxury goods - should lead to a very siguificant increase in profits. If the trends of the past several 
months continue, LVMH's consolidated net income should rise by at least 20 % in 1994. 

The Board of Directors of LVMH has reviewed the 1993 financial statements of the Company. To simplify the Group's 
legal structure following the restructuring of LVMH's partnership with Guinness, the Board has decided to propose to the 
Annual Meeting of Shareholders of June 17, 1994, to merge LVMH and Jacques Rober. Jacques Rober would then 
disappear. The only asset of Jacques Rober, which has no debt on its balance sheet, is a 44.7 % interest in LVMH. As a 
result, the planned streamlining would be financially neutral for LVMH shareholders. Reflecting the five-for-one split of 
the LVMH share on Monday, March 21, 1994, the Board of Directors will also propose a 10 % dividend increase, to FF 15 
per share, to the Annual Meeting of Shareholders- 

LVMH, THE WORLD'S LEADING LUXURY PRODUCTS GROUP 








Friday’s Closing 

Tables include the nationwide prices up to 
the closing on Wail Street and do not reflect 
late trades elsewhere. Via The Associated Press 


139 Vu 

- - 18 3b 7A. 3b» 

- - 75 2H 2b 2b *Yi 

~ _ 467 U IK 19m 144 

-S IX 6V. M M •«) 

- 144 2477 Fife TUfe 2b — V. 

- 20 101 5b 5% 5V6 +'4 

- - 3*5 6b 6% 6% — Vt 

- 35 32 6* 6'A 6% _ 

.051 J 8 24 9ft 9« 9b - 

.161 1.9 20 437 a*, m SVi-Vl 
JO 1J, 13 19 an 28% 28b -% 

- 9 68 4Vk M 41A 

MO J 21 7408 19% 19b 10b 

- 13 3 3b 3b 3Vi— V« 

- 17 20 3% M M>V« 

- - 10 i« 6 b 6 W +H 

- _ 3 Sb M » — W 

- - 1139 2b 2 Vm 2\i „ 

_ 30 300 lBVi 179, IB — b 

_ 25 TOO 6 V. 8Vi BV% — b 

- 5 U8 214 311 2V%— >fe 

-93 SO 6 V. 6b <W _ 

1-37 1031 _ to 13% 13% IM ♦ % 

a 11 » IS 1514 15 15V. tb 

J4 U - a *9 W «t _ 

-49a 7. _ 106 9% M » *b 

■40 4.1 17 10% 9K 9b — V. 

-8.4 3b 3b 31k —b 

- 69 lee n io% n vk 


- 69 168 11 10% 11 *% 

-74 34 9 2 ^ 

1J3 87 3 133 » 17% lib — Vk 

!■£ 4J 5Q 41% 4016 41 -V* 

-B7 -4 421 5484 129k 12b 12% *b 

J8 11 11 7 13b 13b 13b *% 

- - 148 3b 3b 3b - 

- - 96 9b 9 9b — % 

- - 396 3 2%S, 3 _ 

- 28 7494 34% 36b 36% -b 

- — 312 21% 20% 21% *% 

- - 7 J9% 29b 29% + % 

- - 20 6% BV4 8% — % 

- - 4 TV. 2 % 2 % _ 

,•= - *2 4% 4b 41 VS, ♦%, 

Me 63 _ 29 9 9 9 _ 


. — 49U4 ?f 3% 3 »*m *b 

1J0 12 _ 15 23% 28'V Tab 

- *J 204 u 6b 5b 6 *b 

- - 1149 15% ISb 15b — b 

- - 4M 16% 16% 16% — % 

U0 144 _ 23 14 15% » * % 

]-40 <34 _ 14 lib inj lib -% 

’■SJH - S "V* "b — b 

-480 3-9 _ SB 17b 17b 17% _ 
40 C\ 16 1# 4 74% 14&5 14% ♦ % 

-78- 10 .3 |2 jg {’* Ul 

-32 14 14 9632 20b 19b 19b Z 

Z !>“« & & £ ; 

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1=0 43 52 "vuZZ SS %% T2 

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1-08 105 _ 3168 10% ICPfe 10% _y? 

.10 M 9 38 7b 7 7b — b 

48* 24 - 1 18b lBb IB V, — b 

2JB0 1.4 IQ 1 139 139 139 ~b 

06C 3 ... 68 B% 8b 8% — b 

- 99 85 189k 18b 18% - 

... _ S 60 4b 4 V b AH u — V. 

'•» o B 26 18b 18b 18% — b 

■“ 14 7? 34 28b 78% 70b *% 

■^7 1.9 31 33 26% 26% 26b • % 

- - ’ lift , 1 b ,tV* ‘b 

- - Z2D 117 117 117 _ 

- 31 663 51% 51b Sib -b 

- - 3S 2'A 9V„ 3Vu — b 

~ - 61 4% 4% 4% _ 

- - 51 ]« 71, n „. 

„ - - .10 7b 3b 3% — b 

45 11.1 - 166 6% 5b 5% — b 

- _ 20 9b 9V« 9% . b 

-M 9.1 - 92 5% S% SVj . % 

40 lOfl ... 161 4b 3% 4 ♦ % 


Bb 7%C1M 
9V, 3%CMIQs 
3% l'feCSTEnf 
5% IbCVDFnn 
V-i, V,CXR 
77 79%Cnblu«n 
l '4 VCalpne 
Fife IV., Cartoon 
24b IBbComtarx 
15% 10 CAAarce 


346 10.2 

- 25 


165 BH Bb Bb _. 

181 9b 9 9b —Vi 

76 2 lb l'Vi, — V„ 

135 4b 4V„ 4% -% 

47 Ik* lb IVu 

977 40% 58 66% -1% 

20 % » % - 

101 2 % 2 b 2 % ■ v, 

13 23% 73% 73% _ 

II 12 % 12 % l?b ■ *» 


23% Bb KelyOG 1J0 112 51 

ISb VbKMama — — 

Ab WuKoyEno - 12 

5% 2%KB*m - - 

23H12bKM>y - * 

10b 4bKlnVui - 38 

9% 7 KaorGq -42 

W„ 2bKaaEwt«rf - - 

12% SbUBInd .06 3 12 

Zb vusaa — 11 

17b 14% Laodaiji” 48 S3 14 

4% 3 undsPc — - 

Mb 5 Lartaz - 8 

9b sb Loser _ 17 

7b 2bLsrT«Ol - 38 

2 VuLsrTcwt — — 

9% SbUHKap - - 

7b sbLeofflFn - 44 

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AfarcA /9-2ft 1994 
Saturday-Sunday, 
Page 15 




£!95P 


fIRST COLUMN 


^ K 3 — •’ si 


Managerial 

Personality 

Problems 


Casting an Eye on Funds’ Liquidity 


”Y .v. .. . >‘i>i 4 a^V ••%'•; 


By Conrad de Aenlle 


O NE long-serving indicator of Ameri- 
can stock market sentiment — and 
hence direction — has turned murky 
in the Last few years. Mutual fund 
liquidity, measured by the percentage of fund 
assets that managers keep in cash, is supposed 
to dry up before the market falls and increase to 
extremes before an advance. But in the last two 
significant declines, in 1987 and 1990, cash 
levels stayed high and the indicator did not 
provide the warning it should have. Since 1990, 
its record has remained spotty. 

The liquid assets ratio stood at 83 parent in 
January, the most recent month for which the 
Investment Company Institute had compiled 
figures. That's up from 8 percent in December 
and about the same level as in the spring of 
1991, when the Dow Jones industrial average 
was below 3,000, almost 1,000 points away 
from what so far is its all-time high, set several 
weeks ago. Since then it has hovered between 
72 and 9.6, historically quite ordinary num- 
bers. 

The last extreme — and useful — reading 
came at the bear market bottom in the fall of 
1990, when the ratio hit 12.9 percent, the high- 
est ever recorded in the 30-plus years that the 
ICI has kept track of it During the 1960s and 
1970s, by contrast, readings in the 4- and 5- 
percent range were routine. 

There are several opposing forces in today’s 
fund market that lend to herd the liquid assets 
ratio toward the middle. 

“We know (here's a larger percentage erf 
retirement funds reflected in the data,” Betty 
Hart, ICTs chief spokesman, pointed out. “At 
least a third of the accounts, perhaps 40 per- 
cent, are retirement assets. That money is by 
definition longer term, and it is our belief that 
people just don’t move that money with the 
same rapidity as they might shift assets that are 
not in retirement funds.” 

That allows fund managers to be more daring 
and keep less of their assets in reserve as cash. 
On the other hand. Mrs. Han remarked, mud) 
of the money in customers' ordinary accounts is 
treated much differently. 

“When the liquid assets ratio was created, 
first, shareholders couldn’t switch in and out of 
funds like they can today ” she said. With assets 
more mobile, managers have to hang on to 
more of h in cash. 

She noted, too, that there is a Jar greater 
variety of equity funds now, and so “individual 
indicators probably lack the predictability that 
analysts thought they had in the past” 

Fund switching is only one of the new com- 
plexities of the fond business that, with faster- 


I S investing in shares a good thing? The 
results of looking at the investment per- 
formance of any major market over the 
DMl twenty for thirty, or forty) years 
reveal that this is an easy question to answer. 

And that answer is a resounding, if qualified] 

yes. 

The caveats are that risk should bespread, 
and that the investment should bo over 

a long period. All major markets have out- 
stripped the enemy of personal saving — 
inflation — in the second half of this centu- 
ry- 

Of course, as soon as there is talk of 
diversification of risk and a long-term hold- 
ing, the next phrase on our lips has to be 
“mutual fund.” For mutual funds offer ac- 
cess toa variety of markets through an easily 
understood medium, and even their market- 
ing literature underlines their nature as an 
investment for the long term. 

So why is the world’s fund industry run- 
aning the risk of getting itself a bad name? 
There are two reasons. One is the industry’s 
own fault, the other is not. 

Perhaps the biggest flaw in the way mutu- 

today is their lack of communication! Many 
fund management firms, especially the U.S. 
groups, like to emphasize the cult of person- 


ality. The public reads promotional material 
that tells them a fund is heme managed bv a 


that tells them a fund is being managed by a 
star, and they bny. What they buy, of course, 
is not so much the fund, but the star. But 
what happens when the star’s performance 
fades a little? Or when the star is lured away 
to shine in another group’s galaxy? Very 
little, is the answer. 

It would be unreasonable to expect fund 
groups to trumpet poor performances from 
trusted managers, or to point out that key 
employees have been lured away. But u 


investors are brought in on the cult of the 
personality. they should at least get a full 


personality, they would at least get a full 
statement of the investment manifesto when 
the manager changes. This is not always 
done. It should be. 

The undeserved opprobrium for fund 
manages is the fault of the regnlators. Man- 
agers often look bad because of strange local 
regulations which are either too strict, or too 
lax, and often unsuited to the increasingly 
international nature of fund investment 


MB. 


moving markets, force managers to seek more 
room to maneuver, meaning more cash. 

“I think there’s so much variance; a Fund 
manager is put in the difficult position of trying 
not only to forecast the market, but to forecast 
how his shareholders are going to react to what 
happens in the market,” said Bill McBride, 
international editor at Upper Analytical Ser- 
vices. “He faces problems in big moves. When 
the market moves up, the problem is investing 
cash and finding good investment ideas; that's 
been increasingly hard. When the market's 
down, it’s a matter of jettisoning positions that 
one thought were good, then of redeeming 
shares." 

Managers of funds sold through brokers have 
an easier time of it, he added, because share- 
holders tend to keep their investments nearly 
twice as long as those in direct-marketed funds. 
Likewise, some funds have a core of stable 
institutional shareholders and so may need to 
keep less cash. 

Two other recent developments complicate 
matters, but they help to push cash levels lower. 
One is the widespread use of derivatives. A 
fund manager who would otherwise raise cash 
to take a more defensive posture will instead 
sefl stock index futures contracts or buy pul 
options. What has also changed is the demand 
of many shareholders that their fund manages 
stay fully invested and not miss the slightest 
market advance. 

John Balled, head of equity portfolio man- 
agement at Massachusetts Financial Services, 

said such demands would never influence man- 
agers at his company. 

“We manage the funds in the best interests of 
shareholders,” he declared. “If people don’t like 
the management of any particular fund, they’re 
free to sell the securities. They shouldn't and 
don't impact portfolio managers’ perfor- 
mance.” 

But be added that the philosophy at Massa- 
chusetts Financial is to remain dose to fully 
invested whenever practical. 

“We make the assumption that investors 
want to be invested in the type of fund they’re 
in,” he said. “If you knew the Great Depression 
crash was coming up, sure you'd do something 
about it, but there isn't one fund that’s em- 
ployed a successful cash strategy that I'm aware 
of. If you look at those few managers who 
raised cash before the crash of *87, they’ve had 
poor performances over time. 

“Trs a positive-bias game, the stock marke t. 
You’ve got to be much smarter than most to call 
the turns, and most managers have proven quite 
average." 

Bearish sorts say such thinking prevails 
around marke t tops and that is why the liquid 
assets ratio works. They explain away the rela- 
tively high ratios during a tim e in which many 
other sen signals are flashing by pointing to the 


Mutual Funds 


Page 16 

Choosing a mutual fund 
European market evolution 


Page 18 

The emerging market fan dub 
U.S. funds ever-bigger 
Picking portfolio managers 



I i 

••! Liquidity assets ratio of U.S. equity mutual funds 

I 12 i i — “ n — 


unprecedented and persistent flow of money 
into funds over the Last several years. 

“Mutual fund managers always say it’s just a 
matter of money coming in and they haven't 
been able to put it into the market,” said 
Bernadette Murphy, a technical analyst at M. 
Kimmelman & Co. “They always say that, but 
it's still the case that when cash levels are low, 
the market tends to fall and when they’re high, 
it tends to rise. Whatever the cause, it still 
works as an indicator.'’ 

Not perfectly, though. She conceded that it is 
“probably belter at oiling bottoms. Cash can 
stay at relatively low levels for a long time.” 
Despite the changes ova the decades, bottoms 
usually look like bottoms, with the liquid assets 
ratio climbing to 1 1 or 12 percent. 

But the low-water mark has crept higher; 


j 4000! 

i | Dow Jones industrial average 
■3000! 


;2000r 


Sources . Datastream, investment Company Institute 


*0 " *93 | 


ImcnuiKicul HeiuU Trihmc 


even if optimists take courage by noting that 8 
percent historically has not been a worrisome 


percent historically has not been a worrisome 
level, others say that history is not what it used 


to be. 

“In recent years, the low point was 7.75 to 8 


Income Funds Thrived 
On the Slump in Rates 


percent,” Mrs. Murphy said, “so it means we're 
at the Iowa end of the ranee of cash to assets 


at the Iowa end of the range of cash to assets 
since the early ’80s.” While she said she finds 
that to be “not alarming , I would be more 
comfortable if there was more cash in the bond 
funds.” Although the liquid assets ratio has 
been applied almost exdusivdy to equity funds 
as an indicator for the stock market, the level of 
cash in government bond funds, which has held 
near 1 percent for several months, is extremely 
low. 

Mr. McBride, loo, is getting a bit anxious. He 
noted that “funds tend to have more cash at the 
end of the year. The managers are rethinking 
their portfolios, especially after a good year. 
The inclination is to say, Tm not going to find 
value here. I'm not going to move quickly hoe 
to get that money invested.' ” But that hasn’t 
happened. “I don’t see a huge, inordinate 
amount erf cash in the funds for the situation 
we're in now, this time of year, where the 
market is,” he said. “That doesn't speak well for 
the market.” 


By Rupert Brace 


where in the world. In practical terms, howev- 
er, investors are most likely to have noticed it 


a, investors are most iitceiy to have noticed it 
in the United States, Europe, and Hong 
Kong. Most of Asia has few shares with 
reasonable yields because they are much 
more expensive than elsewhere. 

The standard explanation for this high lev- 
el of performance during the early economic 
cycle Is twofold. Looked at from the inves- 
tor’s point of view, he is willing to pay more 
for income when interest rates are f alling , so 
income shares tend to rise. 

From the company’s point of view, life is 
easier when interest rates start to fall and the 
economy peeks up. Those with high payouts 
in a recession are often those which are re- 
garded as being in trouble, and possibly un- 
able to maintain dividends. Therefore they 
are the ones with the most to gain. 

European statistics from hucropal, which 
measures investment fund performance, bear 
this out. Daring the past three years, when 
European governments have been cutting 
rates to stimulate growth, the average equity 
income fund has given a total return of 27.3 


P ERHAPS the biggest tingle cause of 
the great inflow of small investors’ 
money to the mutual fund universe 
has been the decline in interest rales 
in the United States and, latterly, in Europe. 
Equity income funds — which are meant to 
provide an income — seemed the natural 
alternative to many investors. But, paradoxi- 
cally enough, they have given a better total 
return during the last three yean than equity 
growth funds — which are meant to provide 
the best growth in capital 
But John Rockmann, senior investment 
manager at M&G Group in London, regards 
this as far from strange. He says it is natural 
for high-yielding equities to do relatively well 
at the beginning of an economic cycle. “They 
outperform at the be ginnin g of the cycle; 
they then go into a period of limbo; and then 
start to underperform at the end,” he rays. 

Richard Mace, portfolio manager of fidel- 
ity International Growth & Income Fund, 
said that high yielding shares outperform in 
the early days of an economic cycle every- 


The Money Report is edited by 
Martin Baker 


i returned 18.9 pocenL 













r 



Page 16 


INTERNATIONAL HERALD TRIBUNE, SATUHDAY-SUNDAY, MARCH 19-20, 1994 


THE MONEY REPORT 


c< * 




To Sell on Continent, Funds 


tl;i> 


■irk 1 ' 




Strive to Bridge Cultural Gap 










By Jacques Nefaer 


PARIS — “What do Napoleon 


Competitors are harsher, saying 
that Fidelity had not made an ef- 
fort to understand, the market it 
was entering, simply assuming that 


ID, Prince Talleyrand, the Duke of French investors would respond to 
Ricfadien and Pfafleas Fogg have in the American hard-sell approach. 


^6 \ 

O 




□ 


common?" asks an ad in a French “They were too aggressive with a 
personal investing magazine. Turn- selling style the French weren't 

ftu» mnA thn maJw loomr thet ** flwikani PoirhanV. 


ing the page, the reader learns that ready for," said Graham Fairbank, 
“they all cbose the financial exper- head of Pubfifme, Barings' Paris 


rise of Barings." 

The ad, by Baring International 
Fund Managers (France) SA, fflus- 


advertising agency. 

He said that “up to now, Sica vs’’ 
— as French mutual funds are 


trates the challeng e . facing the called — “weren't sold, they were 
world’s major investment fund bought" 


managers as they try to figure out 
how to win the investor's confi- 
dence and break down cultural 
historical and traditional barriers 


‘ The few fund managers that are 
actively pursuing the cross-border 
market are taking different tacks in 
their mar kfriPB , advertising and 


Nteobe Aiaa/IHT 


in order to sell their shares across distribution approaches. 


Europe's borders. 


Fidelity, in its comeback, has ini' 


In Choosing a Fund, Look for a Brainy Manager 


Despite a Europ ean Co mmi s sion bally focused on Germany, Swit- 
directive that legally opened the zeriand and Austria, where it has 


way for cross-border sales of funds toying to encourage such in- 

in the late 1980s, the task has been tennediaries as banks, insurance 


C HOOSING a mutual fund under 
relatively sunny skies can be 
daunting enough. But the recent 
volatility in global bond and equi- 
ty markets has made such a decision even 
more intimidating, particularly for the small 
or novice investor. 

With thousands of funds to choose from 
internationally, the questions involved in 
even beginning to narrow down the Odd are 
myriad: How relevant are past returns? Are 
some fund companies better than others? 
How useful are investment newsletters? Is a 
specific lime frame needed? How much risk 
to court? And a pertinent question of the 
moment: Should one be afraid of emerging 
markets? 

Investors trying to choose a fund without 
the assistance of a professional financial ad- 
viser often start by studying published per- 
formance tables compiled by such fund- 
tracking organizations as Upper Analytical 


By Philip Crawford 


if a fund is consistent in the past," he added, 
“the odds favor it being consistent in the 
future." 

Do-it-yourself investors also frequently 
turn to some of the hundreds of available 
market newsletters for help, some of which 
concentrate solely on analyzing funds or 
have model fund portfolios. One publica- 
tion, the Virginia-based Hulbert Financial 
Digest, even rates the newsletters by showing 
investors how they would have made out if 
they had followed each publication’s advice. 
But rating the past performance of newslet- 
ters in regard to the future involves, of 
course, the same pitfalls as rating individual 
funds. 


fund to fund, and investors can often be 
shocked to see their reported return whittled 
down by several percentage points. Guaran- 
teed funds, for example, are notorious for 
having to return 5 or 10 percent before inves- 
tors ever see a penny. 

“If a fund company’s charges are signifi- 
cantly out of line with those of most others, 1 
won't even consider using them," said Roger 
Gonsalves, a director of Holden Matthews, a 
firm of independent financial advisers in 
London. Mr. Gonsalves added that, in steer- 


need the money in one year, three years, or 
20 years? Do I'want rising dividend*? Do I 
want some international exposure? Do I 
want a value fund or a growth fund? And, 
naturally, bow much ride am I willing to 
court?' Each decision you make narrows 
down the Dumber of funds to choose from 
significantly." 

Assuming that the term “risk" means the 


so daunting that relatively few in- companies and investment advisers 
teraational fond managers have distribute its 25-family umbrella 


willing to invest the tinv*. re- fund. It is also spending big in 
sources and money to establish adverting —“several million dol- 


tbemsdves in the huge dontinwital lars,” Mr. Storms said — to gener- 


fund market 


ate direct sales and, at the same 


is office new accounts for 10 per- 
cent of total Baring fond sales 
according to Julian Rameau, maqg . 
aging director. . . . 

A different approach is b ein g" 
followed in France by Flemings," 
which decided in 1989 to market its. 
F lagship fund primarily through its ■ 
own direct sales force. • 

Martial Chainet, managing gg." 
rector for Fleming Finance SA,' 
said be oversees 98 financial advis-", 
era — up from 70 last year— who 
sell Fleming unit trusts, as wd] as 
insurance and real estate products" 
developed by outside partners. He” 
aims to eventually build a sales' 
force of 500. 

The expensive and risky strategy, - 
he said, was required because oftbe* 
poor alternatives. Independent ft . 
nanrial advisers, he said, were of 
pom- quality, lacking any protest 
skmal statute or qualifications. The 
big banks were more interested in' 
selling their own funds, institution-*' 
als such as retirement foods were- 
too conservative, shying away from,' 
international markets. And, lot*-" 
ing at Fidelity's experience, he con? 
duded that France was not yet," 
ready for direct marketing. ■ 


“There’s a sense that the fund thne, underpin the efforts of the 
regulations have worked well for intermediaries. 


By the end of 1993, Mr. Chainet 
said, Fleming's French sales force!’ 
had collected 1.5 billion francs 
from 5,000 customers, or about,. 
300,000 francs a customer. He aims! 
to add 1 billion francs to the total ■ 
in 1994. 

Rodney Williams, a director -, 
with Flemings Fund Management^ 
in Luxembourg, said Frances the" 
only country m which Flemhra. 
employs a direct sales force. It sells 
through intermediaries in Germa-’ 
ny and Italy. 

“You have to think European, 
and act locally " Mr. Williams s aid. 1 
“You have to respect local customs ' 
and procedures.** “ 

Despite the differing distribu- 
tion approaches, fund marketers 
agree that the biggest hurdle 
breaking across European bordeo 
is to build enough confidence so] 
investors wfil feel safe putting their* 
money in a “foreign" fund. „ 

“In all our investor focus groups^, 
two words come up consistently -p. 
tradition and stability,’' Mi!- 
Storms said. 

Looking ahead, fund promoters 
say Europe holds great potential 
for cross-border fund marketing, 
particularly as stale-run pension' 
systems face long-term funding cri- 1 ' 
ses and Europeans are forced tb 
think more about investing for. 
their retirements. 

“The pension situation wfll dom- 
inate what we do here for the next; 
10 years.” Mr. Storms said. ' i 


just a few and have yet to be taken The Luxembourg-based Fidelity 


probability of losing money, there is, of 
course, a conventional wisdom regar ding 
which types of securities, or funds investing 
in them, bold the highest risk. Treasury 
bonds and notes have often been perceived 
as the safest securities, followed perhaps by 
highly rated corporate and municipal bonds, 


ing diems toward the products of this or that 
fund company, he also felt that the fund 


and Momingstar. Such an sp- 
ies caution, however, as it can be 


proach takes caution, however, as it can be 
difficult to resist rushing one's nest egg into a 
fund that has showed terrific returns over a 
recent time period. Analysts emphasize that 
past performance, while useful as a guide, is 
obviously not a foolproof predictor of future 
returns. 

“The point of historical information is to 
provide some technical indicator for the fu- 
ture and to see how you are likely to have 
fared in the past." says Christopher Poll, 
Micropal’s chief executive. “But looking at 
two arbitrary points in time says nothing. 
One needs to look at the consistency of 
returns, and also at the fund’s volatility." 

Mr. Poll said that if a fund's performance 
was in the upper quartile in its sector for 
three consecutive six-month periods, such a 
record constituted a basic consistency. “And 


Let’s say, however, that you’ve scanned 
volumes of historical data and have found 
some funds that show a consistent trade 
record of high returns relative to the market 
conditions in which they were achieved. Is 
that where the search stops? Not advisedly, 
say experts. Ringing up the fund company to 
investigate matters such as who is currently 
managing the fund (it may not be the same 
person who racked up the impressive gains) 
and the particulars of the fee structure is also 
a prudent thing to do. 

“When you’re buying a fund, you’re buy- 
ing brains," said Cdla Quinn who runs an 
investment advisory firm in Omaha, Nebras- 
ka. “I want to know that those brains have 
been through a bear market Also, the fund 


industry has expanded so much in recent 
years that one has to ask, ‘Where have ail 


years that one has to ask, ‘Where have ail 
these new managers come from?* Maybe not 
all of them have quite the amount of experi- 
ence one would want" 


tuna company, he also teit that the fund 
manager’s skill was the primary consider- 
ation. They're the ones we ultimately put 
our trust in," he said. “They meet with the 
companies, go through their accounts, and 
are in a position to see where the companies 
are going." 

Some financial counselors say that retail 
investors would also be wise not to accept 
general descriptions of a fund's investment 
objective, such as “health care" or “ small 
European companies.” Why? Because re- 
questing a detailed outline of the portfolio 
can yield valuable additional information. 

“If you’re buying a car, you don’t just take 
the salesman’s word for it that it’s a great 
deal you spend a lot of tune checking it out," 
said Somers White, a management and fi- 
nancial consultant based in Phoenix, Arizo- 
na. “Yet people will commit their liquid 
assets to a fund that they may not know 
much abouL At least take a look at the 
portfolio and see if there are a few names you 
recognize.” 


advantage of by many," said Brian Fund now claims assets approach- 
M. Storms, managing director of “S S3 in Europe, up from 


Fidelity Fund Management in S600 million 14 months ago. Nearly 


Luxembourg. 


15 percent of the volume is coming 


While legal obstacles have disap- “T? ^ , Mr \ Stor ™ 
peered a fund approved in any 


blue-chip equities, and on down through the 
layers of d&t and equity instruments that 


According to some estimates, half the fund 
managers in the United States have less than 
five years' experience managing a fund, and 
only 10 percent have 10 years' experience or 
more. 

Charges, of course, can vary widely from 


According to Miss Quinn, making a few 
elementary decisions at the outset of the 
search for a fond can effectively narrow 
down the intimidating range of products. 
The paramount consideration, she says, is 
assessing one's own financial needs. “You 
have to ask yourself questions like, ‘Do I 


layers of debt and equity instruments that 
carry varying and constantly chang ing de- 
grees of specula lion. 

The ‘risk’ decision is an emotional one," 
said Miss Qnnm.“If yon don’t feel comfort- 
able with yonr investment, you’ve made the 
wrong investment.” 

The emergence of new global nnn tun has 
also made geography one of the criteria for 
modern-day fund picking. The stellar 1993 
performance of many Pacific Rim markets, 
for example, attracted billions of dollars 
from investors in the United States and 
Western Europe: 

Mr. Poll of MicropaL noting that all mar- 
kets have their ups and downs, said that 
investors seeking fund products should in- 
deed diversify geographically. He suggested 
a strategy of placing a third of one’s invest- 
ment capital in each of three areas: one's 
home country, developed international mar- 
kets and emerging markets. “With emerging 
markets, it's also important not to take a 
short-term view and not to panic when 
there's a downturn," he said. “It you sit with 
it, in the long term you'll make si gnifican t 
sums of money." 


country of the European Union can Europeans $400 million worth of 

he sold fn «nv nthZ-Tth* merit,,- sbarss m multlCUIiency fund 


be sold in any other — the institu- 

tional barriers remain formidable oa *“ ® Bermuda. 


to would-be newcomers. 


Mr. Storms is planning to return 


“The competitive environment is roFra^-withinseveral aKmths," 
ich that vnn are im nearnsf mnior but this tune, m pursmt of a “loilg- 


such that yon are up against major ^ 

banks that bistoricallyh^ had a term ^tohftribuuon strategy 

J _ racmirt inifiqllir ah mIm- thrAnnli 


lock on the business and which still °“ «!« ; through 

present outsiders with a significant ^nuance companira and I smaller 


distribution challenge," Mr. 
Storms said. 

Fidelity, in fact, since 1991 has 


banks that may not have their own 
funds to offer. 

“I don’t imagine that the ing 


Continent. In 1987, the American * Crt<il1 ^ ™ tm B 


investment fund giant banded into 
France — the second-largest fund 


for my arrival" be said. 

A similar approach is being tak- 


market in the world — and quickly “ m F^re by Baring, whose tiir- 
found out that its American mar- gel market is not the final investor, 


ketmg experience was useless in 
this market It tried a direct-mar- 


but rather about 100 financial in- 
termediaries who, the British com- 


tain* approach thru, combined wfflcmbuMStKally 

with'dHtaTeets of Ihuyear’s Octo- 

30 utterance product to their cus- 


ber crash, proved a resounding fail- tommT 

u ^««5 y 50011 P? 1 ? °H L Hie strategy has been cost effec- 
“We didnl have a weB thought- five. With its focused marketing 


out business strategy," Mr. Storms program, supported by 
admits in^ hindsight “We weren’t million francs (S 175.000) 


prepared. 


around 1 
of adver- 


tising investment last year, the Par- 






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CNTERJSATIONAL HERALD TRIBUNE, SATlfRDAY-SinVDAY, MARCH 19 - 20, 1994 


Page 17 


THE MONEY REPORT 


New Markets: A Case of Nerves 


By Iain Jenkins 


*W" N emerging markets, there 

■ are, say some analysts, a 

I number of telltale signs that 
stoe prices are about to col- 
i^e. and none of the signs has 
anything to do with the “funda- 
mental valuation" of companies. 

One classic warning bdl is when 

taxi drivers start giving up their 
jobs to speculate fuD-time on the 
booming stock market. It hap- 
pened in Taiwan in the late Ms 
when people dropped their jobs to 
trade shares just before the market 
crash. Today it is going on in Po- 
land with speculators springing up 
aO over the place as the Warsaw 
index hits new highs. 

'“It is a sure sign that a market is 
overheated and time to sen,” said 
Peter Scott, chairman of Beta 
Funds, an emerging market spe- 
cialist in London. “Often people in 
these markets don’t have the expe- 
rience to realize that the boom 
can’t go on forever. There is always 
an overshoot.” 

ft is this overshoot that makes 
investing in emerging markets a 
nerve-racking experience. Inevita- 
bly it is a rollercoaster ride: Stock 
prices race up and then come crash- 
ing down again. So how does the 
investor know when is a good nW 
to or sell a mutual fund in these 
volatile areas? 

-The first rale is that price-eara- 
ings ratios, price-to-book ratios or 
the other “gizmos” used by ana- 
lysts to find “value” in developed 
markets are useless. Investors have 


However, sometimes they are money drying up,” said Bill 
too optimistic and get in too soon. McBride of Upper Analytical Ser- 
To add to the difficulties, few of vices in New York. “These markets 
the people who poured money into are unlikely to recover until the 
emoting market funds last year get U.5. market becomes more set- 


Managed Funds: Be Sure to Get What You Pay For 


By Dig by Lamer 


the chance to meet Polish taxi driv- 
ers, or talk to Mexican stockbro- 
kers, or even have access to the 


tied.” 

He argues that U.S. money. 


kCTs, or even have access to the which was behind much of last 
wtatts. As a result a lot of them year’s gains in emerging markets, 
were sucked into funds dose to the will slay doser to home for the time 


A USEFUL service, or just an 
extra layer of charges? That is 
the central question for individ- 
ual investors who want profes- 
sional advice on which fund to choose. 

Not surprisingly those most vociferous- 
ly in favor of employing someone to 
choose a portfolio of funds are the portfo- 
lio managers themselves. They claim to 
have the time and expertise available to 

make investment decisions that private 
clients cannOL By closely monitoring a 
range of managed funds, they say. they 
can spot exactly when to buy and sell to 
the best effect 

Alternatively there are those who say 
that, in spile of such grandiose claims, 
portfolio managers frequently fare no bet- 
ter than investors making their own choice 
of funds. If this is true, those opting for 
managed portfolios are paying charges on 
top of those levied by the underlying man- 
aged funds and getting nothing in return. 

Portfolio managers admit this is some- 
times true but say it is easy to sort out the 


January peak on many exchanges. 

In 1993 record amounts of cash 
— estimated at 520 billion — was 


will slay doser to home for the lime 
bong. Bonds are starting to look 
attractive in American ana Europe 
which will take attention away 


pumped into emerging market eq- from Asia. Latin America and east- 
imy funds. By the end of the year em Europe, 
there were 638 funds managing an Some big fund managers, such as 


estimated 580 billion. This volume Scudder in America, are more opti- 
of money helped chase these fash- mis tic They see the recent correc- 


i enable markets upwards. They lion in some markets as a good 
seemed to offer far better returns buying opportunity. For them, 


than developed markets or staying many of these emerging mar ke ts 
in cash. will resume their upward march 

“Emerging countries are growing when financial marker stabilize. 


at four times the rate of Western But whether these emerging mar- 


economies. They have become in- kets fall another 20 percent or the 
crcasingly accessible for invest- recovery starts now there is no 


meat. And last year the final catar doubt that investor rr>nfiriimr» win 
lyst came with the economic return to these faster growing econ- 

I.T~ U- f ■ _ w ■ j r. : T-t . . - • 


liberalization of China,” said Peter omies. The constant refrain from 
Jeffreys, managing director of emerging market “bulls” is that de- 


Fund Research. 


veloping countries contain around 


But beginning in mid-Januaiy. 80 percent of the world’s popula- 
many emerging markets went uon but only account for around 20 


good managers from the bad. Robin 
Knight-Bnice, who heads Knight Wil- 


Fund Assets 


rdy on quirky anecdotal evi- 
dence or instinct. 


Other than monitoring taxi driv- 
en there are a best of pet theories. 
Everyone has a view. One Wall 
Street fond manager starts to sell 


when 25-year-old brokers, who 
hkve only been in the buaness for a 
year, start to call him by his first 
name. “It means they are cocksure 
and riding for a fall," he said. 

When it comes to deciding the 
right time to buy and emerging 
market fund the calculation can be 
even more difficult. The secret is to 
use share price charts to pick up the 
bottom after the country has had 
one of its habitual corrections. The 
ptbblem is that as soon as you sign 
the cheque your chosen market 
drops another 20 percent. 

. Another technique is to watch 
the Asian ex patriate community 
Irving in Berlin, New York or Lon- 
don. When they start investing 
mriney in their homelands it is of- 
ten a sign that confidence is retum- 


sharply into reverse. Investors who percent of world GDP. 
bought at the wrong time are learn- 
ing the full, cruel meaning of the 

joke circulating in the financial f : 

community that “ eme rging mar - |. 
kets are markets that you can’t j 

enwge from in a aash.” I itottml fund assets in biSoas-" • 

Shortage of liquidity means that "of deftare ' ' . • 

any seffins oressure is maamfied 

causing nSrkets to pltmgelrther • .*»’ "ft A®*™* 
than on Western stock exchanges, j " “ 

So far this year the scenario has 
unfolded in Turkey Much is down | • • 
over 60 percent and in Malaysia, [ - rifely BK 
Singapore. Hong Kong and the 
Phmppines to a lesser extent. ! 

Local speculators are often ! TRS§||| 

blamed for the panic filing that ! ."S* 
causes the sharp swings. But, today *%’ > 
much of the “hot money” comes T|^B( 

from Western investors, primarily 
the mutual funds that are nervous * \ 

about their performance. Markets MMk~ % .7 

with the highest percentage of 
Western money are often the most * ' j 

One consolation for the investor *SsLJBB* ■ 
is that mutual fund groups have f, . :*;■ • 

performed better than the indexes 1^11 HR’. ’ x- * 
in emerg in g markets over recent •• ; 7 
weeks. This is partly because the "■ 

managers avoided some of the du- ■wfofff ■ 

bious recent flotations and because ? 1 

many foresaw a correction. 

However, the shakeout may not .'TU.-v • >»' 

be over yet. “Not all the speculative b 

froth has been washed out. Essen- ?£.. 7-= 


Knight-Brace, who heads Knight Wil- 
liams, a firm of financial advisers in Brit- 
ain, said there are several key questions 


clients should ask portfolio managers be- 
fore parting with any cash. 

“You should always ask for perfor- 
mance figures,” be said. “I wouldn't 
dream of investing with a portfolio man- 
ager who was unable to stow me a good 
track record.” 

He adds that some portfolio managers 
refuse to do this and claim the variety of 
individual portfolios makes it impossible 
to put together meaningful past perfor- 
mance figures. 

“Some portfolio managers say there are 
too many variables involved, or say the 
performance dqxnds on when the portfo- 
lio was invested,” he said. “Nonsense. In- 
sist on seeing at least a representative 
portfolio.” 

He says that investors should also look 
at the resources the manager has. A one- 
man business will be hard-pressed to fuDy 
monitor a range of portfolios and may end 
up turning in a mediocre performance: 

“No matter bow many people at (tinner 
parlies try to tell me they sit at home and 
do the whole thing themselves I r emain 
unconvinced. My desk is littered with re- 
search. Some HI read, some Fll pass on to 
colleagues, but most of it will end up m the 
bin unread. There isn’t the time to take it 
all in. so trusting all that to one individual 
is a high-risk business.” 


Finally, he recommends that investors 
choose a portfolio manager who takes no- 
tice of what type of portfolio they wanL 
“There are too many advisers out there.” 
he said, “who think that XYZ fund is great 
for everybody. Instead they have to be 
prepared to tailor a portfolio to your spe- 
cific needs.” 

The individuality of each portfolio is the 
main selling points of many services. Man- 
agers often promise to construct a portfo- 
lio geared purely to each investor’s needs. 

While this makes it templing to believe 

each investor is given their own manager 
devoted to earning them money this is not 
usually true. Like- minded investors are 
simply grouped together in a single portfo- 
lio according to whether they are looking 
for capital growth, income, guarantees ana 
so on. 

Some investors will inevitably buy into 
a portfolio just before the weighting be- 
tween underlying funds is changed. They 
pay to be invested in certain, funds only to 
crane out »e»in almost immediately. 

Brent Peny, a portfolio manager with 
Morgan Grenfell in London, says this is 
rarely the case. Where it does happen the 
portfolio manager may have prevented the 
investor losing money be or she might 
have had they invested directly in the 
underlying fund. 


“If you go back to July 1990 there had 
been a possibility fra one or two months 
that something might be going on between 
Iraq and Kuwait. It could be that before 
that blew up. with the best intentions in 
the world, you put in half your client's 
money. Then two days later the decision 
may have been made to pull out After that 
the market fell by about 30 percent. What- 
ever the client lost coming out on the day 
the market started falling would certainly 
be less than if he stayed in.” 

Although the general debate over 
whether or not a managed portfolio brings 
any tangible benefits may never be con- 
cluded, there are two areas where portfo- 
lios appear to have a distinct advantage. 

One is their tendency to help investors 
hold their nerve when the market they are 
following takes a down- turn. Mr. Knight- 
Brace claims too many investors are 
prompted to move in or oat of funds at the 
wrong time. They often buy at the top of 
the market and sen at the bottom — the 
opposite of what they should be doing 

The second, and possibiv more tangible 
benefit, is the economy of scale available 
to some portfolio managers that private 
investors can rarely match. Large inves- 
tors are able to negotiate discounts with 
fund managers winch are passed on to 
their portfolio investors. 


After High-Flying ’93, Investors Consolidate Gains 


By Judith Rehak 


A 


s the first quarter of 
1994 draws to a close, 
the U.S. mutual fund in- 
dustry is still riding the 


collective high of 1993, when its 
total assets broke through the S 2 






raw 




dally, we are seeing the flows of Source: Securities Industry Assoc. 



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total assets broke through the S2 
trillion barrier to its current S 2 L 2 

t rillion 

Sales of stock, bond and income 
funds totaled $56.8 billion in Janu- 
ary, according to the latest figures 
from the Investment Company In- 
stitute; the industry's trade associa- 
tion. Thai's compared with $37 bil- 
lion in Jammy 1993. 

But there are unmistaka ble signs 
thm investors are growing more 
cautious. While not bailing out of 
funds altogether, they are retreat- 
ing from those where they see risk, 
shifting into more conservative ve- 
hicles, or even parking their cash 
until the dust settles in bumpy mar- 
kets. 

“The major story here is that 
over the past several weeks we have 
still had cash coming into our equi- 
ty funds, but there has been a net 
outflow in our braid funds,” said 
John Reilly, a vice president with 
Massachusetts Financial Services, 
a Boston money manager. But be 
emphasized that money was not 
leaving the fond complex. “Rather, 
we’re seeing far more in exchanges 
into our money market funds. It's a 
defensive move;” 

There are other signs that the 
bond fund boom is winding down. 
As yields on 30-year U.S. Treasury 
bonds flirted with 7 percent last 
week, a full percentage point rise 
once October, investors were ap- 
parently heeding repeated warn- 
ings about the damaging effect of 
rising interest rates on fixed income 
investments, particularly longer- 
term vehicles. The fund giant Fi- 
delity was reporting that more than 
90 percent of its braid fund sales 
were in short-term offerings. Mon- 
ey flows at FrankKn/Tcmpleiofl, a 
major bond fund manager, were 
moving from longer- to shorter- 
term funds as wefl. “Because we're 
broker-sold, it looks as if our inves- 
tors are being advised to shorten 
their maturities,” said Virginia 
Marans, a spokeswoman. 

Nervous investors are also 
switching into equity offerings. 
Cash flow into equity rands soared 
to an all-time record of $183 bil- 
lion in January, and for the first 
time since 1985, there was mere 
money in stock funds than bond 
fundi according to Betty Hart of 
the Investment Company Institute. 

But with fears that the stock 
market is overpriced, many inves- 
tors are opting for less risky equity 
funds. At Oppenheame Manage- 
ment, the second-best seller right 
now is its Total Return fund, which 
is mostly conservative equities with 
a small fixed-income component. 

“I can it the ‘Chicken Little' 
fund,” said Jon Fosse], Oppenhd- 
mer’s president. Also finding favor 


with investors are asset allocation 
funds, conservative vehicles in 
which the portfolio manager 
switches among equity, bond and 
other sectors. This category has 
been attracting money at Fidelity 
and T. Rowe Price, the Baltimore 
no-load manager, where a best sell- 
er this month has been its Spectrum 
Growth Fund, which invests moth- 
er Rowe Price funds, ranging from 
U.S. small companies to interna- 
tional equities. 

The international investing craze 
that swept the United Stales in 
1993 has boosted assets of foreign 
equity funds to 20 percent of all 
equity funds. Investors pumped a 
whopping $6.9 billion of cash into 
overseas funds in January, topping 
all stock categories. One reason: 
The year-cud performance parade 
which showed an average total re- 
turn for non-American equity 
funds of 39.40 percent, compared 
with 1234 percent for their domes- 
tic counterparts. 

International sales have tailed 
off at some groups since the Janu- 


ary peak, but the rush is still on at 
those with long-established reputa- 
tions in overseas investing. 

“Far and away our best seller is 
our international stock fund,” said 
a spokesman fra T. Rowe Price; 
whose six no-load international ve- 
hicles accounted for 70 percent of 
equity sales last month. The Tem- 


pi rton Foreign fluid led the pack at 
Fianldin/Templeton, followed by 
its entry in the red-hot emerging 
markets arena, the open-end Tem- 
pleton Developing Markets Trust 

But the most surprising sign of 
investor jitters is the renewed alllure 
of money market funds, which at 
less than 3 percent returns do not 
even keep pace with inflation. 
“We’ve seen a tremendous increase 
of cash flow into money market 
funds,” said John Woerth of the 
Vanguard Group, the largest pur- 
veyor of no-ioad funds. “People 
seem to want a safe harbor.” The 
stray was echoed elsewhere. 

At Franklm/Templeton, 53 per- 
cent of February sales were mto 
money funds. “People just don’t 


want to commit to a long-term in- 
vestment right now,” said Ms. Mar- 
ans. “It’s kind of a pulring place." 

At the end of the third quarter of 
1993, mutual funds owned 103 
percent, or $617 billion of the U.S. 
stock market, exceeded only by pri- 
vate pension funds. Few in the 
fund industry expect the heady 
days of double-digit returns and 
huge inflows of cash to continue 
indefinitely, but few forsee any 
mass exodus either. 

One in every four UJ5. house- 
holds, about 28 percent, now owns 
mutual funds, in contrast to 6 per- 
cent in 1980, according to a 1992 
study conducted by the Investment 
Company Institute. A typical 
shareholder’s household has an in- 
come of $50,000 and financial as- 
sets of $1 14,000, excluding real es- 


tate and a company pension plan. 
About 60 percent of funds are sold 
through brokers, who are paid a 
commission by investors who want 
advice and handholding, and are 
generally a bit older than the aver- 
age shareholder age of 47. No-load 


fund families who sell directly to 
investors have a firm grip an the 
other 40 percent of sales. Their 
shareholders are somewhat youn- 
ger, more sophisticated and self- 
directed investors. 

Many fund groups see a g in g 
baby boomers as driving growth in 
the coming decade. Last week. 
Wells Fargo Bank launched a mu- 
tual fund family directed at afflu- 
ent baby boomers, which will have 
target dates from 2,000 to 2,040 
whoa shareholders will need the 
money. “They’ve spent a lot buying 
homes and cars, and now they’re 
moving into their higher earning 
years where their objectives be- 
come planning for college and re- 
tirement,” said Mrs. Hart of ICI. 

If there is one wild card for fund 
purveyors, it is the rmBions of first- 
time investors who bought funds 
when rock-bottom interest rates 
drove them out of bank CDs and 
money-market funds. It is too soon 
to leu if they will revert to their 
former habits as interest rates move 
up. 


OUTSTANDING RETURNS 










a 


-.jSofeirjerisB QSBaappi • 




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Gartmoie Hong rang . Rendei^HFf^^ 37223 ' 

JF * " ” ; _■ • 44&41 * Asian De Wfepm efe 369.45 : 

Gam ton —---- 44354 Jtogw'Gi^.Jsp SrefrChs. .. i ^... 36&55-' 

Cwortal Secunlies Hong 7 43^30 j^FSCUSSnHidr'Q 364.68: 

Aema(FE)AslaTrust...^- — _ 435 ^ 36237- 

* Sctawtets Asia Hong Kong — ■ ^ 16 JF ^ .36207, 


JF Eastern ZZ 419.29 ' Jhvesco Hong'Kbtg S CbhaL^.l 3gL5Bl 

Indosuez Hong Kong...-.-- . _ 415l43 r^j ufe/Baring Malay* Shg^^i... ’ 36121 ; 

BaitoglUF Malaysia &S*ng #£& GT Hong Kong 361:04 

JFPhSpptns - 3 397.45 ProsperityErtierg^MaJl<ms__.:..^,_ 359JJ3 

Gamut Investments...^ - 395.44 GT Hong Kong A Share.-..™ — 358.69 

Abbey Asian Pacific 3964 ! Gaitmore Pacific Growm..—^..: 357.27 

Baring IUF Hong Kong ~ .. ..•/ 1 


1 .".T- Sr 


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nDCndhicnt.Aihn««edreidbW ■ 
■tti no UdaBlni as; 

• UK LTD £120 5 

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• BAHAMAS S500 S 

• B.V.I. $500 * 

• DSlAWABE $295 ■ 

• GIBRALTAR £250 ■ 

• HONGKONG $350 ■ 

• IRELAND £225 m 

• ISLE OF MAN £250 f 

• JERSEY £495 5 

• PANAMA $500 S 

• W SAMOA $750 ■ 

OVna Butt atf hum CdpenlBE ■ 

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returns requires skill in j 

timing and judgement ^991 

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GUINNESS FLIGHT 


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bufAw Ctdnm. FluJd U [Cwnacy) Umrd. FO B.n 150. Si Mct Port. Gimn CY1 30H. CWI kU Td (44) 4»l 7I2IM fiu. (44) 481 TliKij 

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* Soorce Mnagars pttlsha] price* (or A* Inumunral Accaiutenin UarngMi Currency Ford Greet inceflH fetmttad, oSer to bid besii Iron) 2B5JQ, sang tan 

cahnAlBd price fer oseb yiv. ISM cglcdataa bs a l«m fm year ptriiuinaica 1 US 9 - 14 JJE Pan pvfarnence it n« nnssvay a Quida to Die boure. The vabit of tha 

bwtswam »d &» mcona irisns (ran il may U ai wel n rsa and is aoi fliwanaed.HK a*pefWem«ii lus bom issued Midi tba approval of Gunned ftjht Global Asia 
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For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. '■ 


* — 1 

World News. World Views. f 

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For subscription information, please call: 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 19-20, 1994 


Page 19 


Of Market Corrections, Global Recovery, and Opportunities in India 


.>• Members of a panel of experts 
.*j# economics and investment of - 
Hjrr their opinions on the world’s 
£ najor economies, currencies and 
’1? I. jncial markets. 


Outlook 


This does not, however, remove 
the p ossibility of a large correction 
between now and then. 

In the United States, short-tom 


and especially following the recent 
corrections. 

The most important factor in 
managing bond portfolios this 
year, is likely to be currency man- 
agement, where sooner or later a 
significant strengthening of the 


Y mtcu . 3liUC5 . snon-wnn ^ partrculariv against 

“ ft B^^Sdtheendofthc 
I fniTw/ because the year, total returns on bonds in Eu- 

iwasSaas aArtmit 


*;i *v- V' : ’X-y rates three years ago to low levels to 

rfi reduoe the severity of the recession. 

S jKamiPy--.. . Wage pressures remain subdued 

,-i ' ! m the United States, and the prob- 

a g§a$|* ability of a considerably stronger 

3? Hffl d oD^ over the next 18 months 

should also be disinflationary. The 
* rise that has already occurred in 

^Howard flight, director; SSSjSfflKS&S 

^Guinness Flight l®* interest rates, combined with 

t-ihlnhal A«w market weakness may 

■ *!• °* > “ Asset also serve to slow the pace of the 

£ Management U.S. recovery. 

* . In Continental Europe, bond 

H ■ markets have foreshadowed lower, 

gi; G iveri «* sharp appreciation in short-tenn interest rates where the 
jjfSqnity and bond prices, a correc- downward slope of yield carves 

^tion in the market locked ineviia- had become too steep. 

This has now happened. The Short-term interest rates are like- 
3: issue for investors is whether this jy I0 continue to fall further in 
^fOTruaentsamajor turning pomt, or Germany, France, Italy and Spain, 
Whether market weakness will be which in turn, can be expected to 


^Howard Flight, director, 
^Guinness Flight 
?-.iGlobal Asset 
Management 

I , 

O " 

i:i' (Sven the sharp appreciation in 
^Seqnity and bond pnees, a conce- 
ption in the market looked inevita- 
*?ble. This has now happened. The 
tissue for investors is whether this 


, rcucrai ^ main 

Reserve having reduced interest previously articulated, is thstinvefr 

K2s».«,2S!3EE 

w ^riitTecttsion. ^ Qf tota i from ■_ 

lies or bonds as is 1993, to repeat 

m the United States, and the prob- ihemsdvesin 1994. 



, r >i „ - , . which m turn, can be expected to 

* followed by recovery. suppon bond markets and to lead 

' T? e U -S- eoonomy is now m its to further falls m bond yields. Brit- 
ji^j'd of recovay with recent ain is something of a halfway house 
^ robust growth, although the growth between the United States and con- 
&*** of the last quarter 0^993 are tinental Europe. Short-term imer- 
vMjr to slow during 1994. The est rates are Kkdy to fall mamnally 
^.Bnush ^momy appears to be fol- further, particularly if the j^ycho- 
^.towing behind the United Slates, logical impact of the tax increases 
-‘although the recovery is less well occurring this spring turn out to be 
established. more negative than many expect. 

In Cont in e ntal Europe, the core Many investors remain deeply 
-'economies of France and Germany skeptical of Britain’s ability tor* 
i Remain weak At best, 1994 will see strain inflation given the past re- 
% very modest growth. Italy is follow- cord, and what is perceived as a 
--;hig a coarse more similar to that of weak government. Much wiD de- 
. Britain, virile the Spanish economy pend on the extent to which the 
v; remains weak. Banlr of England acts in an inde- 

f. \ The Japanese economy shows no pendent fashion in manag in g the 
i? signs of recovay and is experieno- money supply, even if it does not 
j; mg something dose to depression, have statutory independence. 

’ by Japanese standards, as a result In Japan, whether short-tenn in- 
4 , of both excessive yen strength and terest rates fall even farther will 
4 {he slowness of the bureaucracy in depend on whether the admmistra- 
-r actually spending the fiscal stimu- lion actually manages to spend the 
knts agrred — there is the eqtiiva- massive fiscal stimulus promised, 
H Jent erf $250 billion of expenditure and on the extent to which the yen 
. yet to be made. remains significantly overvalued, 

r | As a whole this does not present What all tins amounts to is that 
;tfae case of a my strong global dearly the greater part of the scope 
'recovery and it is difficult to unag- for capital gains from bonds in die 
: me all the mature economies mov- present global economic cycle is 


Christopher Kwiecioski, 
investment manager, 
Banque Indosuez, 

Global Private Banking 

A look in the rear-view mirror 


occurring this sprin g him out to be l® 1 panelist does not come too 
more negative than many expect. unnaturally. How good was the in- 
Many investors remain deeply vatment adWa? Abowall, and on 
skeptical of Britain’s ability tore^ a buy ' imd ‘ bold baas ’ thercwcrcno 
strain infiaticsi given the past re- 
cord, and what is perceived as a ™"_i 
weak government. Much will de- RDI 

C on the extent to which the £££ 
of England acts in an inde- 


major misses, one or two disap- Emerging equity markets have 
poutments perhaps which were become a more accepted asset cate- 
treated as market conditions ^ry for international investors and 
changed. Overall, ddlar-based in- the recommendation to focus on 
vestors with a medium-risk profile Southeast Asia and Mexico turned 
should be smiling today if they had out to be timely as did the caveat 
followed the recommendations about their vulnerability to rising 
made 10 months ago. With a little interest rates. Despite the recent 
help from the markets? Yes, but corrections, their returns have so 
fund managers are paid for identi- far exceeded the initial estimates, 
fying market opportunities and Finally, the high yield dollar debt 
acting upon them. securities, both sovereign and cor- 

Core inflation has essentially sta- porate have performed strongly un- 
billed in the 3 percent to 35 per- tfl the U5. bond yields began back- 
cent range in the past two years ing up. On balance, it has become a 
after more significant improve- good run; we hope you have en- 
roents during 1990-91 and that the jciyedit(and benefited fromit). We 
consensus has tended to imderesti- certainly did. 
mate the strength of the recovery. 

This helps to explain why we ^ 

took issue with the bond bulls who 
saw a weaker economy as the mam 
market support in the final months 
of last year. Occasional opportu- 
nistic trading advice in precious 
metals and mining shares was not 
off the mark but required good 

liming . 

Following the interest rate cycle* 
in Europe proved to be more of a 
challenge, just as the Bundesbank 
continues to live up to its reputa- 
tion for wrong-footing the markets. 

Clear sailing may not yet be ahead 

but at least the market can breathe ■ 

easier, we hope Last summer's 
storm on the European currency Anna Tong, director, 
markets Hew ova and convergence Aetna Investment 
became fashionable again. 

As for matters, ittook a bit of Management 
courage to recommend Japanese (Hong Kong) Ltd. 
equities in the past year or so. Ex- 
cept for a r da Lively brief nerve- 
wrecking period in late 1993 how- The good news surrounding the 
ever, the Nikkei’s movements recent euphoria for the Asian Sub- 
within the established trading continent is that there appears to 
range have provided opportunities be no turning bade on the econom- 
for investors, especially those who ic reform movement in India in the 


were quick on their feet 


private and public sectors, and the 


economy has already begun to re- 
spond well to change from a com- 
mand to a market-driven economy. 
Our real concern relates to the 
stock market which has had a spec- 
tacular run in recent months large- 
ly driven by the enormous foreign 
interest and falling domestic inter- 
est rates. 

The problem is quite simple? 
Corporations are very optimistic 
and hope to expand capacity and 
become more efficient before th«r 
protected industries are opes to 
foreign competition. With tight 
balance sheets and a strong slock 
market, corporations are turning to 

depositary receipts, convertible 
bonds and stock markets for capi- 
tal, in a market that is beginning to 
be flooded with paper. There is a 
real risk of the market reaching a 
saturation point. 

The stock market remains the 
focal point of the public and pri- 
vate sector as a source of capita] 
and a number of efforts are being 
made to reform the “old boy” net- 
work and handle the evor-mcreas- 

stock scandal two years ago. The 
stock market has again caught the 
attention of Indian domestic retail 
investors who control 60 percent 
(compared to foreigners’ 5 percent) 
of the $70 million daily turnover in 
the market and are increasingly 
playing an indirect role through the 
launching of numerous domestic 
mutual funds. 

“Professional investors” abound 
and the number of billboards ad- 
vertising rights issues, initial public 
offerings, and mutual funds should 
be reason enough to make investors 
very nervous. 

The market should achieve 30 
percent per-share earnings growth 


this year, barring major dilution- 
it strikes us that the Subconti- 
nent is dangerously fashionable at 
the moment and there is too much 
paper floating around for the Indi- 
an market to see a sustainable rally. 
Given India’s history of periodic 
political and social “accidents" and 
the number of domestic investors. 


investors will likely get a chance to 
buy this market at lower levels and 
have little to gain from moving in 
aggressively now. Nevertheless, in- 
vestors Over the long term will not 
be able to ignore their market given 
its low correlation to the rest of the 
world and the growth potential it 
offers. 


I GETAHXED I 
RATE FOR YOUR 
SAVINGS 


up to 


5 . 00 %= 5 . 53 % 


If you can deposit £10,000 or more and are 
looking for a guaranteed return on your money 
you can now take advantage of the attractive rates 

paid by Lombard for longer term investments. 

I £10,000 -£24,999 I 

■ Tra«« I euneeu Bit COMPOUND m 


5 years 
4 years 
3 years 
2 years 


GROSS%PA 

5-00 

4.75 

4.375 

4.125 


INTEREST* 

5.53 

5-10 

4.57 

4.21 




aiva- massive fiscal stimulus promised, 
jtnre and on the extent to which the yen 
remains significantly overvalued, 
sent What all tins amounts to is that 
ohal dearly the greater part of the scope 


George Soros to Introduce 
2 New Funds Next Month 

Hedge fund manager George Soros is ex- 
panding his stable with the in traduction of two 
new vehicles on April 6. The Quantum Industri- 
al Holdings and the Asian Infrastructure De- 
velopment funds will seek to raise up to $1.4 
billion and $100 million respectively. 

A key group of shareholders in the new 
vehicles wul be investors in the funds already 
traded. The Quantum, Quasar International, 
Quantum Emerging Growth and Quota funds 
are all making distributions to their investors 
which may be taken in cash or, subject to 


mg forward together before the sec- now behind us; there remains which may be taken in cash or, subject to 
^ (Jnd half of 1995. This in torn worthwhile scope for bond yields maximum percentages and clawbadt, as shares 
"suggests that it is unHkdy that eq- to fan farther and far capital in the new funds. 

J- nity markets will peak before 199> an bond investment in Europe, Edgar Astaire, a London-based broko - that 


J-nity markets will peak before 1995- an bond investment in Europe, 
in the bun market cycle that largely as a result of the prolonged 
1 started in 1991. nature and severity of recession. 


Edgar Astaire, a London-based broko - that 
distributes Mr. Soros’s funds, says that there is 
already considerable interest in Quantum In- 


dustrial shares, which are changing hands at a 
premium of 5 to 8 percent ahead of flotation. 

The mmimnin investment is 1,000 shares 
(officially priced at $100 each) in Quantum 
Industrial, with a 500-share minimum for the 
Asian fund. Charges run at 2 percent annually, 
plus 20 percent of profits. Readers are advised 
that these funds are high-risk investments. 

For more information, call Edgar Astaire in 
London at (44 7 1) 925 2555, or fax at 925 2625. 

Vanguard Group Offering 
An Emerging-Market Fund 

The emerging markets fond craze sweeping 
the United States has hit Vanguard Group, the 
bigno-load fund manager. 

The fund family is scheduled to join the 
crowd seeking profits in countries like Thailand 
and Brazil in May. But tmlite nearly all of its 
competitors, it mil offer an index fund, which 


will buy and hold equities rather than actively 
trading them. The fund will track a special 
index created by Vanguard and Morgan Stan- 
ley, whose Emerging Markets Free Index is a 
widely followed benchmark. 

The new Vanguard offering is attracting at- 
tention because it will be a low-cost offering in 
developing markets, an arena which is known 
for above-average expenses. With a minimum 
of trading, the mid win have a 2 percent intial 
transaction fee and a 1 percent redemption fee. 
pins annual expenses of 05 to 0.7 percent of 
assets. By contrast, one of the most popular 
actively traded vehicles, the Templeton Devel- 
oping Markets fond, carries a 5.75 percent 
front-end load, and annual expenses of 225 
percent 

For more information on the Vanguard 
Emerging Markets Index fund, call (800) 962- 
5056 m the United States. 


"Imaeft it mUiml ummfij to pm a higher return on yoox money. For 
Binqile £10,000 depotired Bar 5 ye*u becomei £12,762 eqnhalenr to 5J>3% 
pa gross. Hjghsr ism arc paid for amounts of £25,000 and above. Aa these 
are fawl mm accounts unthdcmls before o m i w tiy are not permuted- The 

rnin jJjm qnored awwmf itia EuL nmnat intmim* rnmtiii nnril 

F&r further information and an application form simply fill in the 
coupon and send it to Lombard orcall us anytime on 071 409 3434 
quoting reference 1470 orFaxus on 071 629 3739. 


Lombard 1 


DEPOSIT ACCOUNTS / 

Ten CUaXUknem, j • 

Lombard North Central He Banking Services Department 1470, 4^ 

12 Mount Street, London WIY5RA. 

(SiiWuirmfiwriiti 

NAME CMr./Mni.'MsB/Msi 

ADDRESS 


L Begtaered In England No. 337004. 

Ijunhard Htwe, ft Print— Way, i wfliW ftm FyBHI IMP, Fn^torirt 

GnaaiMca mane no dedoertanafbmlcrate m. Rates correct at rime tf feme to pres* but mar ai 
Weamnme that afl our ousmmea base complied wkfa Joed irpifaHknistaen sending ftuxb 
to U s d md for deport. 


Friday’s Closing 

’ ' Tables include the nationwide prices up to 
„ ' the dosing on Wall Street and do not reflect 
% Jate trades elsewhere. Via The Associated Press 



f| 

=i ill 



O Future world 

INVESCO • j ^ • - 

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Markets Fund aims to achieve above average 
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jesting tomonovi 


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{ INVESCO International Limited. INVESCO House. 
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! Please send me fuH details of the Global Emerging Markets Fund, 

j indoefing a copy af the prospects 

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Thi Fund npaitol INVESCO Fmtar SiUo, • UK bcognlwd Cofcdhw Inmomri Setww baud n Unwnboug qucnwl on The FijidodainnwuMlnUScUMbid ywj 

or n ary Ireety eomonia* curancy and »« ul •Khmg# far you fre« of Pl«as« am«, hi******, ** In nnw*y MdutvjB tan emm the iota c# feu irManxm* ft, /nvtsm 

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Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, MARCH 19-20, 1994 


SPORTS 



Norway’s Skiers 
Close the Season 
WithaBigDay 


Reuters 

VAIL, Colorado — Jan Einar 
Thorsen woo the season-ending 
men’s super giant slalom to seize 
the super<i title, and Kjetil Andre 
Aamoat clinched the overall crown 


on a glorious day for Norway at the 
World Cup Finals. 


Triumph for both Thorsen and 
Aamodt, who finished fourth in the 
race Thursday, came at the expense 
of Marc Girardellt of Luxembourg, 
the five-time World Cup champi- 
on, whose 10th place finish put him 
S points behind Thorsen for season 
honors in the supcr-G. 

Tborscn won the race in one 
minute 15.82 seconds. Lasse Kjus 
gave Norway more reason to cele- 
brate by finishing second in 
1:16.26. 


Hans Knaus of Austria spoiled a 
Norwegian sweep by taking third 
place in 1 : 16.40, two-hundredths erf 
a second faster than Aamodt, a 
triple medalist at the Ullehammer 
Olympics. 

Aamodt, with an unassailable 
285 point lead over Girarddli with 
two races to go, became the first 
Norwegian ever to win the Worid 
Cup overall championship. 

Third place in the season’s 
standings went to the American 
Tommy Mae. 

Moe, who won the downhill and 
took silver in the super-G at the 
Olympics, finished sixth in 1 : 16.49. 

Thorsen said he skied aggressive- 
ly because he wanted to snap a 
string of two fourth-place finishes 
in the super-G standings. 

“I didn't expect at all to win,” 
said Thorsen, who was shut out at 
Lfllehammer. “My goal was to have 
a great run because I was tied for 
third in the standings," with Gfln- 
ther Mader. 

Austria’s Mader was 12th in the 
race in 1 : 16.86 and finished fifth in 
the standings behind Aamodt 


Girarddli would have captured 
the super-G crown — the only dis- 
cipline title be has not won — if he 
had finished eighth in the race. 

“I had a bad run in the lower 
part" said Girarddli, who needed 
to be 13-hundredths of a second 
faster to add to his collection of 
three slalom, two downhill and one 
giant slalom championships. 

It was a bad day for the Swiss, 
who saw two of their top racers falL 

William Besse, who won 
Wednesday’s downhill race, was 
taken to a hospital with a knee 
injury, and Marco Hangl had a spill 
that cut him around the mouth. 

At 22, Aamodt has already won 
10 Worid Cup races, two world 
championship golds, an Olympic 
gold and four other Olympic med- 
als in addition to the coveted over- 
all World Cup championship. 

"I had more victories last year 
than this year, but I was better all- 
around this year, from slalom to 
downinU," said Aamodt, who won 
five races last season compared to 
three in this one. 



i DavU Ate/AgseFn oo-FYnoe 


Norway’s Jan Einar Thorseo diargiBg to victory in the super gant slalom, which allowed him to also capture the season’s super-g title. 


“Last season looked better. 1 had 
more victories. But I think this is a 
better season. Among my goals this 
year was the Olympics, but the 
most difficult goal, the highest val- 
ue, was the overall title and this I 
accomplished.” 

Aamodt said he had great re- 
spect for Girardelli, 30, but felt he 
bad shown that he belongs on top 
after coming close to dethroning 
the Austrian-born racer last year. 

“It’s a fantastic record to win 
five overall titles," Aamodt said. 
“That’s a hard thing to do. I will 
not focus on winning five titles. I 
win focus ca being a better athlete. 
The goals will come.” 

“I think Marc won his first over- 
all title at 21,” he added. Tm one 
year behind already.” 


Parma Draws Benfica for Cup Semifinal 


Reuters 

GENEVA — Parma of Italy, trying to be- 
oome the first dub in the history of the Cup 
Winners' Cup to retain the trophy, was paired 
with Benfica of Portugal what the semifinal 
draw was made on Friday. 

The other semifinal will be between Arsenal 
of England and Paris Sl Germain, whose offi- 
cials were visibly delighted that they had avoid- 
ed bong paired with Parma. 

In the UEFA Cup, Intemazionale of Milan 


and Cagliari will meet in an all-I talian semifi- 
whfleKa 


nal, while Karlsruhe of Germany will play Aus- 
tria Salzburg. 

The first leg of the semis of both competi- 
tions will be played on March 29 or 30, and the 
return legs on April 12 or 13. 

The Parma president, Giorgio Fedraneschi, 
compared Benfica to the dub’s great team of 30 
years ago that won the Champions’ Cup twice in 
the early 1960s. He predicted a tough game 


against the Portuguese, but added, “Our current 
team is good enough to beat whoever it plays.” 

Paris St Germain, unbeaten since August, 

second Iej^ofan eventual final at home, ^hey 
did not get tbeir second wish but managed to 
avoid the strong Italians. 

“We are at least half-satisfied," said the 
team’s sports director, Jean-Michd Moutier. 

Arsenal, bidding to reach the final of the 
competition for the first time since losing the 
1980 final to Valenda of Spain on penalties, 
appeared equally satisfied with the draw. The 
managing director, Ken Friar, said: “The good 
ihinr “ ** * ’ 


Kflhner. “First of aQ we wanted to play Salz- 
burg, then we wanted to play the second game 
of the final at home. That is what we got" 

But the two Italian teams still in the UEFA 


were less happy at being drawn against 
'as the i 


each other. It was the second straight round in 
which Cagliari has drawn Italian oppostion; 
they defeated last year's UEFA Cup winners, 
Juventus, in the quarterfinals. 

*Tm unhappy for two reasons,” said the 
Inter Milan vice president, Giorgio AbbiezzL 
“Firstly because they’re an I talian tanm, and 
secondly because they’re a strong team." 



punched the air in delight after the UEFA 
president, Lennart Johansson, drew them 
against Austria Salzburg. 

“This is the ideal a motion for us," said the 
Karlsruhe marketing manager, Reinhardt 


■ □tampions’ Cop Final Set in Athens 
UEFA said Friday that the Champions’ Cup 
final would be bdd at the Olympic stadium in 
Athens on May 18, Renters reported from Zu- 
rich. The Cup winners’ Cup final will be played 
May 4 at Padten Stadium in Copenhagen. It will 
be the Gist major European final in D enmark. 


Prosecutor Backs 
Harding Decision 

Her Plea Prevented ’Media Frenzy’ 


T#- 


\1T 


Compiled bp Our Sufi Fran Dispatches 

PORTLAND, Oregon — The prosecutor in the Nancy Kerrigan i 
assault case says that despite evidence that might have convicted 
Tonya Harding on more serious charges, justice was served by 
offering her a plea bargain arrangement cm a angle felony count of 
interfering with the prosecution. 



frenzy that would 

the prosecutor. Nc . , - 

mah County, said Thursday. “And at the end of the day, that might 
not have achieved more than this plea.” 

In the plea bargain agreement announced Wednesday in district 
court, Harding admitted to conspiring to hinder prosecution. 

She received a probation of three years, fines of $160,000 and 500 
hours of community service. She also agreed to resign from the U.S. 
Figure Skating Association, a move that effectively ends her compel- ! 
ithre career. But as part of the bargain, Harding is allowed to travel 

way fonnfeal for a movie^basSTon the skater's life. 

Zev Braun, bead of Zev Braun Pictures Inc. in Los Angeles, 
confirmed Thursday that his company bad signed a deal with ' 
Harding for an undisclosed fee to produce the only “authorized" 
version of her life story. 

“There’s a provision in our agreement that Tonya will participate , 
in doubling her own skating," said Ken Schwartz, the company’s 
executive vice president 

Terms of the movie agreement weren’t announced, bat Harding 1 
win receive substantially less than Kerrigan did in her $2 mQlion -. 
agreement with Disney. 

A source dose to the Kerrigan case said that Harding had enough t, 
money to meet the obligations of the plea bargain, rail after that 
would be “tapped out" 

Oregon has a law requiring convicted criminals to him over 
prooeeds from movies or books about their crimes to a state food. A 
The victim of the crime can then sue to get some of that money. 0 

However, a similar law in New York has been ruled unconstitu- 
tional and Oregon authorities say they do not plan to enforce it 
Also Thursday, the U.S. Figure Skating Association tentatively 


decided to proceed with a disciplinary hearing against Harding in 
Tne association's nine-member executive committee con- 


late June. The association’s nine-member executive committee con vj 
vened via a telephone conference call on Thursday to discuss a _] 
number of issues regarding Harding, including its position should 


of the skating association. 

Ferguson said there was also discussion about stripping Harding 1 
of her national championship, but nothing was decided. * ‘ 

“We’re malting a list," Ferguson said. 

Last week, a federal judge in Portland postponed until late June a 
disciplinary hearing that Harding was to face before a skating 
association panel. Although the association still wants to proceed -1 
with it, some people are questioning its ability to conduct a disdplin- 
ary bearing now that Harding has resigned from the organization, 
Ferguson said. ' 

“We haven't accepted her resignation,” Ferguson said. “Maybe we " 
want to suspend her instead.” (NYT, WP, AP) 


/ 


* 


SCOREBOARD 


BASKETBALL 


2*9 24 V* 


NBA Standings 


EASTERN CONFERENCE 
Atlantic Division 



w L 

Pd 

GB 

New York 

44 19 

M6 


Orlande 

3i 25 

M3 

6 

Miami 

36 27 

sn 

a 

New Jersey 

32 X 

516 

llto 

Boston 

22 4D 

JS5 

21V9 

Philadelphia 

21 42 

-333 

23 

Washington 

19 44 

J02 

25 


caetral DMrioa 



AIKmta 

43 IV 

494 



Chicago 

41 22 

451 

TV. 

Oevetond 

36 27 

^71 

7VS 

Indiana 

33 28 

541 

9Vj 

Charlotte 

27 34 

443 

13VZ 

Detroit 

17 46 

57B 

26W 

Milwaukee 

17 44 

570 

XW 

WESTERN CON PE RE NCR 



MtdviaS Dtvtuan 



W L 

Pel 

OB 

Houston 

44 T7 

721 

_ 

San Antonia 

45 19 

703 

VS 

Utah 

43 21 

472 

2M 

Denver 

31 31 

500 

13W 

Minnesota 

17 46 

570 

X 

Dallas 

1 56 

.125 

37V* 


Pacific Dtvfafan 



x-Seattlo 

46 16 

742 



Phoenix 

41 21 

461 

5 

Portland 

x a 

5*4 

9 

OoMen State 

X 27 

571 

MW 

LA Lakers 

2S X 

410 

2DV* 

LA Clippers 

23 V 

271 

73 


locraraon ta 32 41 

x-dtadied playoff spat. 

THURSDAY'S RESULTS 

Milwaukee x n as is- a 

Now York n 30 u at— MS 

M: Edwards 7-12 44 21. Baker 1-22 Ml 29. 
N.Y.: Ewing 1M6 44 Mason B-tO M 17. 
RebouMte— Milwaukee 35 (Bakar UJ, Now 
York at (Ewing 13). Assists Milwaukee 1» 
(Barry 3). Maw York X2 (Anthony 0). 
oaflas 24 22 M M— M 

Moral 3D 31 » 17—119 

D: Jackson 1IM0 44 2& Looter 5-8 68 17. M: 
Rico IMS 2-2 K Seikalr 10-12 1-10 2A Re- 
bounds— Dallas 44 (Williams *), Miami 4f 
(Salkaly 14). AsiMs-OallaB IV (Jackson «), 
Miami 31 (Straw 111. 

33 21 31 22—107 
0 21 21 21—92 
S: Ksrn»5-12 11-13 21. Gill 7-11 M 19. Payton 
M2M019.M: S. King 4-11 Ml T7, Wat 7-1] 04 
14.Robo«nd»-Saattto43(Kanipl4}.MJflnasa- 
lo S2 (Brawn 1C). Assists— Saattia 30 (Payton 
I), Minnesota 26 (Williams 11). 

OOMMSMO 20 27 13 29- 99 

HaatoR B n M 39—112 

G: Mullln 9-22 » 22, Senwall 940M 21. H: 
Thorne 0-14 54 21. Maxwell 10-19 2-3 25. Re- 
borants— Golden State SO (Webber 9), Houston 
4fl (ThoTp* 21). Assists— Go Man State 21 [Ow 
•nfc -tannings 5), Houston 29 (Maxwell B). 
Dmvor 23 25 30 26-M3 

LACSppers 22 X 25 39-99 

D: Mutombo 7-9 740 21. Abdul- Rout 9-172-2 
21. Stlth 3-10 11-12 17. LA.: Wilkins 10-22 1S-19 
35, Harper 10-234427. Rebounds— Denver St 
(Mutembo 13), Los Angelas 60 (Outlaw, Jack- 

sons). AssW»-Oenvorl9(R.winkims6), Los 
Angeles it Uodaon 5). 


HOCKEY 


NHL Standings 


EASTERN CONFERENCE 
Atlantic DMston 



W 

L 

T Pis BP OA 

N.Y. Rangere 

44 

21 

6 

94 253 

193 

New Jersey 

4b 

21 

10 

98 257 

186 

Washington 

S3 

X 

■ 

72 226 

217 

Florida 

X 

29 

w 

X 191 

ltd 

PNtodelphfa 

31 

32 

7 

69 25D 262 

N.Y. Islandws 

X 

72 

8 

68 242 

227 

Tampa Bay 

25 

37 

ID 

60 194 

271 

Northeast Dtvtstan 



Montreal 

37 

32 

12 

86 246 

202 

Pittsburgh 

X 

23 

» 

84 29 

246 

Boston 

X 

23 

12 

•< 240 203 

Buffalo 

36 

27 

8 

80 236 

119 

Quebec 

79 

34 

7 

65 ZX 

234 

Hartford 

23 

41 

• 

54 1*1 

341 

Ottawa 

11 

53 

8 

X 168 

339 

WESTERN 

CONFERENCE 




W 

L 

T PIS OF GA 

x-Detroh 

41 

X 

5 

87 301 235 

x -Toronto 

X 

72 

II 

87 234 201 

Daflos 

X 

25 

10 

X 236 219 

Chicago 

34 

29 

1 

76 213 198 

St Louis 

33 

27 

9 

75 21* 232 

Winnipeg 

X 

44 

8 

48 214 295 


Pacific Division 





! snot 


THURSDAY'S RESULTS 
Ptftsburab 2 1 i—4 

Boston 0 11—4 

First Failed: P-O. Brown 18 IU. Somueto- 
seni; P-Frondo 25 (Murphy, Jew). Second 
Period: B-Bqurqueia (Sweeney, JuneouJiA 
Jagr 29 (Stroke, Murphy). Third Parted: B- 
Oates 77 (Bourque, Kvurtainov); (op). P- 
StraM 29. Shots or gaol: P (an Graev) 14 
4—17. B (an .Barrarao) .13-144-35. 

Now Jersey 6 3 3-4 

Belfote 0 0 1—1 

Second Period: NJ.-Chonk* 17 1 Richer. Al- 
bolln); NJ.-RIcher 29 (Chonka. Driver); 
NJ.-Guerin 17 (MMen, Zeleaukln). Third Po- 
rted: NJ. -Stevens 15 ( Pefusa. McKay); NJ.- 
Gucrln 18 (Ml lien, Stevens); B-Moller 2 
(Plante); NJ.-Nlcholli 15 (NMarmayer, Lo- 
mteux). »oti on goal: NJ. (an Fufr) 6-14 
11—31. B (an Brodevr) 9428-39. 

6 10—1 
2 6 3-4 

First Period: Q-Basran 10 (Sunton, Gu- 
sarov); Q-Butdwr 3 (Sondln). (sti)Jecond 
Period: H-Kren 19 (Pnrap. Prangor). 
(pp).TWrd Period; Q-RJcd 24JshK3Gusarov 
5 (Ftset). (on). Shots an goal: H (on Fterf) s- 
137— 2S Q Ion Reese) 9-M1-S9. 

N.Y. Islanders 1 1 1—4 

Detroit 6 • 1— I 

First Period: ILY.-Turgoon 33 (King, Mo- 
toUnv). (pp)Jtcond Period: N.Y^Wno 27 
I Thomas, Turgeon). Third Period: G-Prt- 
moau 22 (Sheppard, YSorman). n.y^kmo 28 
(Thomas) ten). Shots an goat: N.Y. (on Es- 
tonia) 4 65 17. D (an Hextall) M0-1 l-OO. 
Ottowa 1 1 o-2 

y— ^ Jeso 6 1 4—1 

First Period: O-Outon l (McUwalit, Ya- 
shin). Second Ported: OGuinn 2 (Dtaeen); 


&J--G<roenlov 16 (Gaudreou. Whitney). Shots 
aneeat: O (on Irbe) 7-13-7-27.SJ. (on Biiiing- 
ten) 6-7-5—20. 






BASEBALL 


Major League Scotse 


PRE-SEASON EXHIBITION GAMES ' 
T hers O oVs Gomes 
Florida 4. Oevtkmd 5 
51. Louts A Kansas City 6, tta, 12 Innings 
Minnesota 4, Boston 0 
Detroit IT, Texas 10 
AMtxrtc 5, Montreal 2 
Houston 2, Cincinnati 1 
Las Angeles 4, New York Mels 3 
Son Francisco a Son Diego 2 
Gotorodo Ira) 4, Oakland (a) 1 12 Innings. 
Oakland (as) 4. Colorado (sc) 3 
Seattle M, Milwaukee 4 
Batltmare 4, PMIodolPhki 3, II InrUnes 
Chkaao White Sax 1 Pltfs&urgh 2 
Toronto X New York Yankees 2 
Chicago Cubs 10. Calltornta 4 


UPTON CHAMPIONSHIPS 
Thsrsday, In Ker Rfscayna, Florida 
Meal Staples Ouarterflnnlj 
Andre Agassi (24), United Sftdtedet Staton 
Edberg C2). Sweden. 74 (47). 62; Patrick 
Ratter. Australia dot. Jim GrabU United 
States, V4» *4. 6-1. 

' * W o m en Steeles Semifinals - - - 

Stetfl Grot 11), Germany, det.Urxfcov Dav- 
enport (7). United States. 60. 7-6 (7-3) ; Natella 
Zvereva (9). Belarus, def. Brenda Schulte 
(23). Holland. 64, 64. 


Worid Cup Skiing 


CRICKET 


SECOND TEST 

AMtrana vs. Saute Africa, Second Day 
Friday, in cepe Tew* South Africa 
South Africa 1st famine*: 361 all out 
Australia 1st fnnlnas: 113-1 

SECOND TEST 

England vs. West ledtee. Second Day 
Friday, in Georgetown, Guyana 
Enetend tel tatenes: 313-7 


Result* Ten der at ibe note world Ora 
Seper-akxif statem Arab event la Vofl. Coto- 
rode: 1, Jan Elnor Thorsen. Norway, 1 minute 
1532 seconds; 2> Lasse Ktus. Norway, 1:1626; 
3, Hans Ktntis. Austria I : MAO; < Kletil Andre 
Aamodt, Norway . 1:1442; 5. DanM Mahrer. 
Swfteerlamt 1:1645; A, Tommy Mow United 
State* 1.-1649; 7, Arte Skoaraof. Norway. 
1:1450; A Kyle Rasmussen. United Stans. 
1:1441; 9. Fredrik Nytoerg, Sweden. 1:1644; 
18, Marc Glrordeni, Luxembourg, 1:167< 

11. Luc Alphraid. France. 1:1632; 1Z 
Guenther Mader. Austria 1:1636; 13, Homes 
Trtnfcl. Austria 1:1644; 74, Patrick Orrnab 
Austria 1:17.19; 15, Cary Muttea Canada 
1.-17J3; 16. tte Werner Perothoner, Italy, and 
Markus Wasmrior, Germany. 1:1735; lXAr- 
m(RAa(nger,AustiiaV.1745:l«.FranckPto- 
cara Franca 1:1740; 20, Daren Rahlvea 


United Statea 1:1U7; 2L Casey Snyder. Unit- 
ed States. 1:1840. 

Beniamin Meiqulond, Franca dlsquilfted; 
WIHtam BeseaSwl tier kind, avlsttan Maw, 
Austria Marco Hang), Swtteertand. Atasean- 
dra Fattori. Italy, and Jure Kaslr, Slovenia 
did not finish. 

Final standings fat the monk World am So- 
per-utanf i tolora: 1, Thoraen, 200 Points; ZGlr- 
ordeHL275;XMo*2«2;4.Ai*nodt.2B7;&Mader. 

m. 6. Scaordot 2£E; 7. Ktus. 194; B.T52;TrtaK, 

Austria 165; 9, Knows. 152; tft Wasmotor, 141. 

11. Mateer. 141; t2, Porathaner, 140; 13. As- 
eingsr,134.- 14, Rasmussen, 114; 15.MuHen.74; 
16. Berne, 17.Alphmt4A; 18. PattorL64; 19, 
Hanoi, 55; 20. Nyberg, SL 
Meets Worid Cep overall standings: 1. Aa- 
modt 1.292 petals.- 2. GlrartMIL 1407; X Ai- 
berto Tomba Italy. 004; 4. Matter. 791; A 
Trlnfcl. 701; 6. Moe. 6SD; 7. SkoordoL Ml; X 
Klua 427; 9, Thorsen. 625; IX Mutton, 531 
11. Orrttau 529; iz Base, 515; U Kosir, tea 
481: 14. Plccora466; 15, Mayor. 453; lx Thamm 
Stangosslnger, Austria 4H; 17. Mrfver. 443; IX 
Bernhard Gstrabk Austria 436; i9.Nyberg.434; 
2X Michael Van Gruetegea Swfnerfand, 39X 


tired os chief executive officer hut will esnte- ' 
ue as board riwirman. >1 -■ 

l_A. RAIDERS— Matched the Denver " 

cos* oflbr tor Thn Brawn, wkte reahrac _ . 

MIAMI — Named John Gamble streralii ~ 

coach. I - .'. 

PHOENIX— Agreed to terms with Larri) — 
Centers, running bock. Will change name to 
Arizona Cardinals, pending approval inn : J 
it* NFL. Signed Cfvde Simmons, defenttfx 1 
and, to a moltlvear contract- ■■ ■ 'Ti£fcr-.- 
PITTSBURGH— Asreed to terms wUhnv^*' ' 
Seals, defensive lineman, on Xyoar axitratt 
SAN DIEGO— 5 toned Courtney Hall, crib - . 
ier. and 5cnft McAlister, punter. TermlmM, 
their rights to BialM Wlnter.defemlve toddx 
WASHINGTON— Agreed to term* «flh 
John Gesek, offensive llnamtm, on 3-year cNh 
tract. Stoned John Gesefc,oHraislve llhe e m d ifa 
to S-vear contract. 

f 


Mi 


■2 1 - ■. 




FOOTBALL 

Nafloeal Football L 

ATLANTA- -Agreed to terms with Kevin 
Rosx defensive back. 

CHICAGO— Released Jim Horgauah.«tar- 
terbodc. 

^J3ENVER— Named Jim Fmi assistant 

INDIANAPOLIS— Signed Jon Hamfc defen- 
sive end. 

KANSAS CITY— Jack Steadma n has re- 


UBPA CUP 
Q u arter fina l, 2d tog - ' _ 

Intemazionale, Ugly 1. Borvssta Dortmund . 
Germany 2 ,* 

Inter win *3 an ogprooole * 

EUROPEAN CUP DRAWS - - 

UEFA Cup ' 

Sent Meal , {i 


Austria Salzburg. Austria, vs. Knrtsrutie.Ger' 
many 

Cagliari, Holy. vs. Intemaztonote, Itotv * 
_• Cop Wlonerf Cap 
Paris St. Germain, France, vv Arsenal, Eoe- 
Icera J 

Bentlca Portugal, vs. Parma, Holy 


■ raivgiRI rwilltu, IIU>F Ti,^ 

Motches la be played an a home and one? - 
basis on March 29 or 3D and April 12 ot 13»“ ' ' 
It* flr» named loom ot home In the tint I 



It’s now bean easier to subscribe 
and save wdh aur now 
toffjraa: 

Just call ui today d 
05437437. 


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Page 21 


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The Associated Press 
Qcmson, trailing by foa 


ak*i:ir.£."’U": 

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; Nirr^ir. ..... 


or b<xi.- - 

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"■ -a. “•if. k — jwwm*, uouiiis uy iuut points 

Xia ‘r l “fcej ** 1 wilh ils best player on the 

' r'l'K' **s kJ‘ end1 ’ lK ^ an lo P 1 ^* 

“ - c ' That’s press, not choke. 

: ^ And that press, early in the sec- 

.:■ - - , ;r L ‘Si'-rw nd half, is not something Andre 
; ,u> ''ifiitT'yovain will forget, it helped the 
“ l! :' , nic\ fj/flgei* to a convincing victory 
" !r,c ii\ JATwisday night over Soumern Mis- 
_ .. , , ' ^^issippi in the opening round of the 

; ; Cl - r 'evlai HT. 

‘ ^ ‘You could just see it in their 

"... • iiN),j7 yes," said Bovain, who finished 

V ' ^ ijj. JWemson’s 96-85 victoiy with 20 

:j ; joints. “They were confused, they 

, ~ - r : • aiu^^idn’t know what to do with the 

‘ It seemed like they were 

• ’• ■' ■■ • ,,t: *g 2 ired to handle It, like they’d nev- 
, r seen it before." 

^ The Golden Eagles (15-15). who 
r - * ^‘ot 17 points from Glenn Wisby, 
^rare forced into 19 second-half 

’ - r ..-.. jrnovers. 

7 ■ « irS “We l“d just two turnovers at 

half ana then went bananas 
. v ben Qcmson put the press on,” 
«,_••. j." “.V t Southern Mississippi’s coach, 

• ; i: C L K. Turk. “We had every kind of 
_ _ r ; v, . . iolation that you can think of." 

Qouson also got 19 points and 
^[^[j rebounds from Devin Gray to 
^ dvance to a second-round meeting 

' " ,J, ‘ *• against West Virginia. 

_ The Tigers (17-15) trailed 52-48 

;■ •* iriiiaj.fld bad star center Sharone Wright 

f ru !-im^the bench with four fouls when 
J ’ • ■ ir. csio^^ach Qiff HDis called for the press. 
1/.' It inunedialdy paid off as the 

■br-'. -JKfJlenison guard Lou Richie had 
’ ' r /- '• : k')ffitsjrees!ealsand five points over the 
'• "-rcj. three minutes to give the T3- 

V • - : " j_ ; i* pyauggn a 63-57 lead. 

’• - ■' v :'^: ,L^VTBanora 103, Qmi^is 79: In 
lUanova, Pennsylvania, Kerry 
: - .rp-jkrjJnleshad a career-high 34 points 

■ f - “i Viflanova’s biggest output of the 

: ason. 

-- T -.-c .-rii- Kittles scored 16 points during a 
- ' _.r "^-6 VDIanova spurt in the second 

‘ ... a j-r. ,'alf, making it 6o-46 with just over 
.. minutes left. During the surge, 
--r; - .rr 'fjvaittles had two steals. VDIanova 

^6-12) will play Duquesne in the 



The Auoaated Press 

Rasheed Wallace fueled a late run 
that helped defending champion 
North Carolina avoid what would 
have been the biggest upset in Na- 
tional Collegiate Athletic Associa- 
tion tournament history with a 71- 
51 victory over feisty Liberty in the 
First round of the East Regional on 
Friday in Landover. Maryland 
Wallace had six points in a 16-0 


surge thathelped the pranked SdSTTs 

and top-seeded Tar Heels advance enabled Marquette to pull away 

to the second round for the 13th fte&n !tM)ii}n:N<mi r rutimne 


Dan Cross drove the lane for a MIDWEST REGIONAL 
running one-hander with 72 sec- Oklahoma St 65, New Mexico 
onds left against the Dukes. Greg St 55; On Friday in Oklahoma 
Wiliams made a 3-pointer with 48 City, the Cowboys overcame a sub- 
seconds left as Florida went ahead par game by Biyant Reeves and 
62-60, but Clayton Ritter made two shook off New Mexico State in the 
free throws 15 seconds later. final eight minutes. 

SOUTHEAST REGIONAL Randy Rutherford scored 28 for 
Marquette 81, SW Lousana 59: the fourth-seeded Cowboys, who 
On Friday in St Petersburg, Flori- struggled throughout the game 
da, Damon Key scored 24 points against New Mexico State’s aggres- 


MDDWEST REGIONAL gave them their 19th victory in 20 
Oklahoma St 65, New Mexico games. 

St 55; On Friday in Oklahoma WEST REGIONAL 
City, the Cowboys overcame a sub- Virginia 57, New Mexico 54: On 

par game by Biyam Reeves and Friday in Sacramento, California, 
shook off New Mexico State in the Harold Deane made two foul shots 
final eight minutes. with 23 seconds left to cap seven th- 


Randy Rutherford scored 28 for seeded Virginia's comeback from a 
the fourtb- seeded Cowboys, who 15-point deficit in the second half 
struggled throughout the game as the Cavaliers won. 
against New Mexico State's aggres- gg/nes played Thursday- 

sve zone defenses. The Aggies Wls.-Grecn Bav 61. Calxfonu 


Oil SU>uppj'TV Anocawd hew 

Peppenfine’s Bryan Parker driving past Makbtar MiDaye of Michigan, which prevailed in overtime. 


straight season. 

Liberty, the Big South Confer- 
ence champion, made a strong 
showing for 30 minutes in its first 
NCAA tournament game. But the 
Flames were held scordess for 
nearly seven minutes down the 
stretch, a slump .that proved fatal 

Boston College 67, Washington 
Sl 64: In Landover, Gerrod 
Abram broke a tie by making two 
free throws with five seconds re- 
maining, and Boston College over- 
came a miserable first half to beat 
Washington Slate. 

In games played Thursday: 

Pennsylvania 90, Nebraska 80: 
In UniondaJe, New York, the 
Quakers dropped the Comhuskers 
to 0-5 in the NCAA tournament as 
Barry Pierce scored 25 points and 
Jerome Allen 19. 

George Washington 51, Ahk-Bir- 
mmgfaam 46: Yinka Dare, the Nige- 
rian center, scored 16 points for 
George Washington. The Colonials 
scored just 20 points against the 
Blazers in the second half. 

Florida 64, James Madison 62: 


from Southwestern Louisiana. 

Key scored 13 points in the sec- 
ond half, and Rodney Eford, who 
finished with 20 . helped power the 
decisive burst that carried the War- v 
riors past the Ragin’ Cajuns. 

Kentucky 83, Tennessee State 
70: In Sl Petersburg, Florida, Ro- 
drick Rhodes and Andre Riddick 
scored 22 points to lead Kentucky. 
The Wildcats led 25-24 at halftime 
before opening up an 1 8-point lead 
midway through the second half. 

In games played Thursday: 

Purdue 98, General Florida 67: In 
Lexington. Kentucky. Glenn Rob- 
inson scored 8 of his 31 points 
against the Golden Knights during 
a 10-point Boilermaker run. 

Kansas 102, Tm-Chattanooga 73: 
Richard Scott had a career-high 26 
pdnts to lead the Jayhawks, who 
held the Moccasins to a season-low 
30 percent shooting. 

Alabama 76, Providence 70: 
Freshman Antonio McDyess had 7 


against New Mexico state s aggres- jg games played Thursday: 

sve zone defenses. The Aggies Wls.-Green Bay 61. CaBfontia 
trailed just 53-52 with 8: 17 to play, 57 ; i n Ogden, Utah. John Martinez 
but then went eight minures with- added 13 points, including three 3- 


out a point. 


pointers, for the Phoenix, on their 


Tulsa 112, UCLA 102: In Okla- second trip to the tournament. La- 
homa City, Gary Collier scored 34 mond Murray had 18 points and 
points as Tulsa ran out to a 29- Jason Kidd 12 for the Golden 
point lead in the first half and held Bears, who shot just 34 percent, 
on to upset fifth-seeded UCIA It Missouri 76, Navy 53: Norm 
was the first time Tulsa had won a Stewart pulled all his starters when 
first-round game in the tourna- the Midshipmen led 20-17 with 
meat. 5:50 left in the half. The subs, who 

In games played Thursday: averaged a total of 8.6 points a 

Michigan 78, PeppenEne 74: In game during the season, gave Mis- 
Wichita, Kansas. Jirwan Howard souri a 12-6 spurt while playing 
scored 28 points for the Wolver- nearly five minutes, 
ines, who weren’t assured of victory Syracuse 92, Hawaii 78: Law- 
until Jimmy King made two free rence Moten scored 29 points, in- 
throws with 12 seconds left in over- eluding seven during a crucial sec- 
time. Pepperdine missed its first ond-half r un, and John Wallace 


four shots of OT. 

Massachusetts 78, SW Texas Sl 


added 24 for the Orangemen, who 
returned to the tournament from a 


60: Lou Roe scored 21 points and one-year absence caused by probar 
Mike Williams had 20 for the Min- tion. Trevor Ruffin had seven 3- 


utemen, who took a 56-40 lead on 
Dana Dingle's rebound basket with 
10:02 left. 

Texas 91, W. Kentucky 77: B. J. 


pants in a 10-0 second-half ran for Tyler and Roderick Anderson 
the Crimson Tide, who went 8 - for- helped Texas overcome a second- 


17 from 3-point range and had a 
44-30 rebounding advantage. 


half deficit with a 12-2 run that put 
the Longhorns ahead 56-52 and 


pointers for the Rainbows. 

Wisconsin 80, Cinrimiad 72: Ra- 
shard Griffith scored 22 points and 
grabbed 15 rebounds, and Michael 
Finley had 22 points for the Bad- 
gers. Dontonio Wingfield sewed 20 
points and grabbed 10 rebounds 
for the Bearcats. 


Hero or Villain? 3 Coaches Walk Along College BasketbalVs Fine Line 


, S-'Sfc. 

!*VBT tfcS 'T- 

rC **u*sa- 
i-r. - 


2 F. — 

1 K. 

--wwHr- 

!C. : 

. > * 


' 7 r. West Vwginia 85. Drtldson 69: 
i Morgantown, West Vir ginia, 
ervires Greene sewed 19 points, 
d West Virginia took advantage 
Davidson's mistakes. 

After trading baskets eariy. West 
..^ irginia (17-11) took advantage of 
rmovers, and used a 15-2 surge to 
V 7 ‘.v'"'*) up 20-7. Hie Mountaineers out- 
.... : . I'". ‘^'bounded Davidson (22-8) 40-33, 
hDe the Wildcats committed 19 
- s : ^nmoversand shot fast 42pocenL 

: .j j..^ Old D odbbod 76^ Manhattan 74: 
Vt • -~i Norfolk, Vlrigina, Kevin Swann 
■■ •“ nk four free throwsin the final 22 
"i . 7 : .!^ctmds to secure the victory for 
:V ri.-i-ld Dominitm (21-9) over Manhai- 
; ■ / ^ ^(19-11). 

• IV . J -Tr Kansas State 78» Mississqqu 
... —.'-tale 67: In Manhattan, Kansas, 
r skia Jones shook off a two-game 
■ -r looting slump and scored 20 
Jmits to lead Kansas State (1 8- 12), 
. c « : hich next jDays Gonzaga. 

..Jones had eight total points in 
S: ansas State's last two games, bnt 


By Thomas Boswell as Smith Chaney is a man in th 

Washington Past Saner marniaini; his halanr^ most of the til 

W ASHINGTON — To an even greater degree ically, goes over the edge. Perhaps 
than other coaches, college bosketbalTs lead- handled it worse than Knight, 
ers live in a world that combines the pressure to For some, Smith is a whiner, : 
succeed and the intoxication of success. Over a overly pious. For others, he’s the uli 
lifetime, it's a hard combination with which to cope, freak overcoach. A couple of his C 
You're treated like a god, not for years but for laden with future National Basket!* 
decades. Through your entire state, or perhaps stars, couldn’t have accomplished 
your whole re- — — been entrusted to the team masc 

giou, you are a Vantaqe Smith even inspires a mild pity. H 

symbol of the p nf . 51 m for a person who reads Kierkega 

winner, the ro,ni public life conducted almost ent 


Sffl! Vanta9 e 

winner, the Folnt X 

teacher, the 

nxdder of youth. Yet every day, you wake up 
scared as heD. Unlike leaders in other fields, you 
are not cut an iota of slack. Young, ambitious men 
are tunneling under your throne, day and night. 

If you doubt the distorting power of this life- 
style, watch Bobby Knight, John Chaney and 
Dean Smith in the NCAA tournament Eari Re- 
gional Few coaches have managed the challenge 
of constant stress and ceaseless deification as weD 


as Smith. Chaney is a man in the middle who 
main tains his balance most of the lime, yet period- 
ically, goes over the edge. Perhaps none has ever 
handled it worse than KnigtaL 
For some, Smith is a whiner, a sore winner, 
overly pious. For others, he's the ultimate control- 
freak overcoach. A couple of his Carolina teams, 
laden with future National Basketball Association 
stars, couldn’t have accomplished less if they’d 
been entrusted to the team mascot To a few. 
Smith even inspires a mild pity. How depressing 
for a person who reads Kierkegaard to lead a 
public life conducted almost entirely in ritual 
cliches. Years ago, if you asked Smith an honest 
question, there was a visible pause as the candid 
truth flashed across his mind, then was wrestled 
into submisaou. Now, the pause is gone. 

All in all however. Smith, who won his 800th 
game this month, has left a coaching canon that’s 
enormously admirable. History requires certain 


couple those standards with the demand for huge 
success, career longevity and strategic innovation, 
you cut the field way down. 

Smith might be the only active coach on that hsL 
Chaney has carried a heavier burden than 


Chaney may not have digested his experience 
yet Millions of people saw his tantrum. Doesn’t he 
hope that this NCAA tournament can give the 
public a more sympathetic memory of him? 

“The people who know me are the people who 


Smith, having accepted a role as a leader among count,” said Chaney, his natural toique turned 
black coaches. What a mix: local deity, first avail- tighter. “And I can count those people. I can't 
able scapegoat in defeat and leader of your people, worry about the people who don’t count" 


Over the years, Chaney erupted occasionally, 
revealing a bit of tinder-box bully. He probably 
deserved a comeuppance. But not the one he 
inflicted on himself. How can be ever truly live 
down his “TH kill you” performance at the press 
conference of the Massachusetts coach, John Cali- 
pari? How can you ever view a coach the same 
after he’s admitted — screamed, actually — that 
he tells his players to use borderline thug tactics? 

Some maintain that Temple should have disci- 
plined Chaney more severely. Why bother? What 


minimu m requirements in its coaching heros — greater punishment could anyone wish on a man 
gional Few coaches have managed the challenge honesty, sportsmanship, the capacity to teach than that he halve his public rniutation — built 
of constant stress and ceaseless deification as wdl young adults as well as coach athletes. Once you over a lifetime — in a minute of anger? 

Mark Is a Steal for Sonics’ McMillan sidelines 


With hick, and two or three Temple victories, 
Chaney may leave a different taste behind him at 
season’s end. He doesn’t deserve the trophy for 
Worat Coach Behavior. That really ought to belong 
to Knight. After all Chaney merely told Cahparu 
TH kick your ass.” Knight stood before 17,000 
Indiana fans and said he wanted to be “buried 
upside down so my critics can kiss my ass." 

Presumably, any coach at a respectable institu- 
tion would have been fired for such public com- 
ments. Bin In diana University still answers to the 
stale of Indiana, so Knighi's safe. 

“When I saw him say that," said the George 
Mason athletic director. Jack Kvancz, “I thought. 


‘He’s crazy.’ But then they showed the In diana 
crowd giving him a standing ovation and I 
thought, ‘No, they’re the ones who are crazy.* ” 
So far this season Knight has kicked either his 
son, who plays for him, or his son’s chair, missing 
his son by a hair. He head-butted another of his 
players during a chcw-ouL Or, accidentally head- 
butted one of his players. 

Knight likes to be the center of conversation at 
this time of year. He doesn't have to worry. He is. 
Even his coaching colleagues wonder and worry 
about him. but none will go on the record. The other 
night, within a single minute, Knight showed how a 
man can be both a diamond and a lump of coal He 
was asked if he approved of the 3-point shot 
Heanswered: “No. A 10- or 12-pointlead built 
through better basketball can be shot down loo 
easily. It's like catching trout with worms. You 
ought to catch 'em with flies.” 

Next question? 

Why end you teD your critics to kiss . . .? 

“It just shuck me,” he said, “as something that 
would entertain me a little bit.” 


_ u. Vt” ,‘ 


yj, 7 shots. 

■ ='- ;j Gonzaga 80, Stanford 76: After 
.-tanford (17-11) rallied to tieit 63- 

_ 3 with 6:32 left, Jon Kinloch .made 

• '-v" 3- point jumper to put visiting 
• ; V, v "iiJonzaga (22-7) up for good. 

Brigham Young 74, Arizona 
. ; ; 'i^tate 67: With starting guard Kurt 

* ...» Christensen hurt and Russell Lar- 
--» on on the bench with foul trouble 
or nme min utes of the second half, 
(22r9) still triumphed at 


The Associated Press 

Nate McMiHian is a thief — and 
proud of ft. 

“This is a great accomplishment 
for me," McMfllian said after steal- 
ing his way into the Seattle Super- 
Somes’ record book. “Coming into 
this league, I wasn’t sure 1 belonged 
here. So to lead a professional team 
in steals and assists is great.” 

The National Basketball Associ- 
ation leader in steals, McMflHan 
had three more Thursday in Seat- 
tle’s 107-92 victoiy over the Minne- 
sota Timberwolves to become the 
SuperSonics' all-time thefts leader 
with 1,150, breaking Fred Brown’s 
mark of 1,149. 

The victory, Seattle's 12th 
straight over Minnesota, dating 
back to December 1990, also 


SuperSonics, who have the NBA’s Knicks 105, Bucks 83: The 
best overall record (46- 16) and best Knicks shut down visiting Milwan- 
road record ( 21 - 12 ). kee on just three points in the final 

And defense was the key. 5:59 to tie the NBA post-shot-dock 


"The difference tonight, winch record of hd 
isn’t surprising in terms of the way 90 points in 
Seattle has won ballgames, is that The record * 


Knicks 105. Bucks 83: The Mansell Sets Australia hidyCar Mark 

P ** 5 SURFERS PARADISE, Australia (AF) — Nigd Mansell broke his 

SSL 0 ? own qualifying track record by almost three seconds on Friday as he tods 

5 provisional pole position for Sunday’s Australian IndyCar Grand Prix 
record of holding opponents under a Ulnrace 


NEWS EVENTS WHICH COULD AFFECT 

YOURUFE: 


i rerms oi me way w pamis in «gut straight games. Mansell who won the IndyCar championship as a rookie last year, 
ballgames, is that The record Syracuse 0 ^ 4 ^ ^ minute 35.683 seconds in his Newman-Haas Lola- Ford 

Nationals m the 1954-55 season. 3iamd ^ Z795 ( 4.527 kflometeis) Surfers Paradise street circuit. 

BLIGHTS Heat 115, Mavericks 98: In MI- His previous record, set in qualifying last year, was 1:38.555. 

ami Rony Sdkaly had 28 points, Mansell's speed of 105. 160 mph was considerably faster in the opening 

r way too much,” 14 rebounds and four blocks as the qualifying sesrion than his nearest rival Midiad Andretti, who docked 
’s coach, Sidney Heat remained the NBA’s honest 104.979 mph (168.943 kph) in the new Reynard-Ford. Andretti, the 1991 
raed ft on in the team, extending its record lo 13-3 scries champion, is returning to IndyCar racing with Oup Ganassi's team 
rting pressing us rinc* ihff AO-Star break. Miami has 3^® a disappointing year in Formula One. 

“ aiwarf 11 Bans 11 German Soccer Fans 

F loose balls.” Qi ra scored 24 prams and COMO, Italy (AP) — Eleven German soccer fans, who damaged a 


auto race. 

Mansell who won the IndyCar 


NM HIGHLIGHTS 


we turned it over way too much,” 
said Minnesota's coach, Sidney 
Lowe. “They turned it on in the 
second half, starting pressing us 
and trapping us. They became 
more aggressive and got their 
hands on a lot of loose balls.” 

Shawn Kemp led Seattle to its 
ninth victory in the last 11 games, 
finishing with 21 points, 14 re- 
bounds and four steals. 

The Timberwolves have lost 21 


Heat 115, Mavericks 98: In Mi- 
ami Rony Seikaly had 28 points, 



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last 13. 

Glen Rice scored 24 points and 


Brian Shaw 13 points and II hotel and resisted police in a rampage before a UEFA Cup ma 


dinebed a playoff berth for the of their last 24 games. 


7 Ex- Adviser Is Jailed 

i 

" In Miami Fraud Case 

■; y New York Times Service 

■rsr. . , MIAMI — A former assistant academic adviser at the University 

Miami was sentenced to three years in prwomendmg the first case 
v federal-aid fraud involving an athletic program at a major 

.. — university in the United States. , . 

. The government, which investigated the c^e for nearly three years, 

found S&eadviser, Tony Russell had bdped studcmtsffl^By 

receive- im to S3 400 a year in U.S. aid, totaling more than $200,000. 

5100 from o f 

_ . ' the students for about $15,000 from 1WB9 to WW- i^: 0 _ 01 
RnssdJ acted alone, tire government 91 

current or former Miami students — including 85 aihleres to 
' improperly receive financial aid. Russell resigned m June 1991. 

/ from the federal Pdl ffant pro-am, whiefata 


assists. Friday received suspended sentences ranging from 16 to 18 months in jail 

r , . „ , , _ „ ... and a five-year ban Iran Italian stadiums. 

Jimu^ Jadkstm led .Dallas with The Borussia Dortmund supporters were convicted by a local court of 
- ”“ vcn “ s suffered cauS xng damages, drunken harassment and resisting police. Two were 
their 10th straight loss. also convicted of causing personal injuries. The 1 ! Germans were part a 

S rf about 100 fans who caused extensive damage to a hotel in the 
lake resort ct Bdlagio on Wednesday night. They were in Italy lo 

the UEFA Cup quarterfinal match between Interaazionale and 

Borussia at Milan's San Siro stadium. 


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Gain European Final Four For the Record 

JT Nick Price of Zimbabwe fr 


Compiled by Our Staff Fro m Dispatches Madrid on Tuesday. 

ATHENS — Panathinaikos of The magic of Panathinaikos’s 
Athens beat defending champion Njdt GjuK^who 

Limoges of France, 87-73, and rank 30 poim^helped fte Ctoeks 
CMympiakos of Piraeus beat Buck- book their ticket to the Final Four, 
ler of Bologna, 65-62. to advance to Pa n at hin aikos made an explo- 

the Final Four of the European sive start and led 33-9 midway 
basketball club championship in through the first half as the famed 
Td Aviv next month. .French defense was repeatedly 

In the games to be played April caught off-guard. 

19-21, the two Greek tuarns will The Greeks insured victory five 
face rar. b othis in the semifinals, minutes before the end what they 

Barcelona crushed Efes Risen of scored nine unanswered points to 
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a match agains t its local rival Jo- Barcelona’s Enrique Andreu 
ventut Badalooa in the other semi- scored 14 points and Jos4 Monc- 


Nick Price of Zimbabwe finished bis round with six straight threes to 
lake a two-shot lead Thursday after the first round of the Nestle 
Invitational golf tournament in Orlando, Florida. (AFP) 

Monica Sdes, the Yugos lav-bom framer world No. 1 tennis player, 
who has not played since being stabbed by a spectator in April became a 
U.S. citizen Wednesday. (Reuters) 

Soccer referees, traditionally the men in black, will wear fuchsia- 
colored uniforms aL the 1994 World Cup in the United States. FIFA and 
the sportswear maker Adidas announced Thursday. (Reuters) 

Quotable 

• Manager Tom Kelly, listing two attributes of pitcher Keith Gara- 
gozzo, wham his Minnesota Twins drafted from the New York Yankees' 


GiBaiflwah 

Gmacfl 

bgand 


^ ■— « «— Real ten) added 


yj when they * Manager Tom Kelly, listing two attributes of pitcher Keith Gara- 
red points to gtizzo, wham his Minnesota Twins drafted from the New York Yankees' 
Limoges. organization: “He’s left-handed and he's breathing.” 
ine Andreu * Hank Egan of the Univerrity of San Diego, on his 21st year of 
i Jos£ Mone- coaching Division I basketball: “The only thing that surprises me about 
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Page 22 


DAVE BARRY 

The Irregularity Strain 


M IAMI — Mutant constipat- 
ed worms. It’s a topic we all 
THINK about a lot; but what do 
we really KNOW about it? 

The answer, I am pleased to re- 
port, is: more every day, thanks to 
the efforts of a professor named Jim 
Thomas in the genetics department 
of the University of Washington in 
Seattle: Thomas has an entire lab- 
oratory devoted to studying irregu- 
larity in worms. 

I learned of Thomas’s work 
through one of his alert graduate 
students, Creg Darby, who sent me 
a Lengthy scientific paper that 
Thomas had written. In an accom- 
panying letter, Creg wrote: “Notice 
that Jim was not merely content to 
describe how worms poop. Oh no. 
We geneticists are a twisted lot, be- 
cause we LOVE mutants, so Jim 
went and zapped worms with nasty 
chemicals to make MUTANT 
WORMS THAT ARE CONSTI- 
PATED. Really, it's all there in the 
paper. I know you can't understand 
most of it, so 1 have highlighted the 
word ‘constipated.’ " 

Creg — who is not afraid to use 
ra mtaHration for em phasis — add- 
ed that “JIM'S RESEARCH IS 
FUNDED BY THE U-S. GOV- 
ERNMENT! HE IS SPENDING 
TENS OF THOUSANDS OF 
DOLLARS OF TAXPAYERS’ 
MONEY TO MAKE CONSTI- 
PATED WORMS!!!!!!!!!” 

Let me state that, as a taxpayer, I 
would much rather see my tax 
money spent on mutant constipat- 
ed worms than on the Senate Judi- 
Commitlee. Not that there is 
a huge difference. 

But as a journalist, I feel a funda- 
mental responsibility to you. the 
public, to check out stories that in- 
volve the use of your tax money for 
scientific projects in cities that have 
good mxTobrewery beer. So 1 went 
to Seattle. Thomas’s office is located 
in the university's Health Sciences 
Budding, which is very scientific. 1 
'say this because of the bulletin 
bauds. Back in the ’60s, what I was 
in college, our bulletin boards were 
covered with announcements of fes- 
tive events such as dances, concerts 
and the violent overthrow of the 
U. S. government. Whereas the first 
bulletin board I saw in the Health 
Sciences Budding had this posted on 
it “A KERATIN 14 MUTATION- 
AL HOT SPOT FOR EPIDERMO- 
LYSIS BULLOSA SIMPLEX- 
DOWUNG-MEARA.” 


I wasn’t sure that it was medical- 
ly safe for a layperson to even 
LOOK attbese words, sol scurried 
on up to Em Thomas’s laboratory. 
It was cluttered with scientific 
items sneb as peiri dishes, beakers, 
test tuba; radioactivity warnings, 
deadly chemicals and graduate stu- 
dents eating their lunch. I did not 
immediately see any worms; Pro- 
fessor Thomas explained that the 
ones he studies, called Caenorhab- 
ditis elegans, are only one millime- 
ter long. 

Jim Thomas loves his worms. 

“We think they are the coolest 
organisms in the world,” he told 
me. 

What makes these worms espe- 
cially cool for constipation studies 

is, (1) you can see right through 
them, and (2) they poop every 43 
seconds. I know this because I saw 
them myself. 

□ 

Next Thomas led me to a micro- 
scope, where I saw some live worm 
action. Basically what these worms 
do all the time is crawl around in 
dishes full of food, eating, pooping 
and having sex. It is guy heaven. All 
they need is tiny TVs with remote 
controls. 

The male worms, by the way, are 
total sex Fiends. They try to do it 
with everything they bump into, 
including other males. 

I also looked at some mutant 
constipated worms, who were 
bloated and definitely not as lively. 
They reminded me of people in 
laxative commercials. 

PHARMACIST WORM: You 
don’t look so good today, Ed. Is 
it . . . irregularity? 

CUSTOMER WORM: You said 

it, Mr. Feemley! I haven’t pooped 
in over 90 seconds! 

I asked Jim Thomas if there was 
any possibility that his research 
would ever, in a zilli on years, have 
any practical benefits for humans. 
He couldn't think of any offhand, 
but he allowed that it might con- 
ceivably be possible. 

That is good enough for me. I'm 
glad that we're funding this re- 
search. In fact, I would strongly 
support spending more money in 
this area, as well as any scientific 
endeavor that has the potential to 
benefit mankin d. And here I am 
thinking of the microbreweries. 

Knight-Ridder Newspapers 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 19-20, 1994 


The Life and Adventures of Jiri Menzel 


International Herald Tribune 

P ARIS — Back in the brazen 1960s. the filmmakers 
known as the Czech New Wave triumphed with work 
that was as anarchic in its way as more heated American 
and European films but that also had a mocking and 
pastoral tenderness. Then, in 1968, the Russian tanks 
rolled in. Such directors as Ivan Passer and Milos Forman 

MARY BLUME 

went Wist and lost something in translation. Jiri Menzd, 
whose “Closely Watched Trains'’ bad won an Academy 
Award for best foreign film in 1967, stayed on and after 
making “Larks on a String” was banned from filmmaking 
for five years. 

“Larks on a String,” a comedy based on short stories set 
in 1930s Czechoslovakia, was finall y released 20 years later 
and won a Golden Bear at the Berlin film festival During 
his banishment from films, Menzel directed plays and acted. 
As one might suppose from a poker face that makes Buster 
Keaton look giggly, be specialized in comic roles. 

He directed plays in Paris, Switzerland, Germany, Fin- 
land, Sweden and Yugoslavia and returned to films when 
the ban was lifted. In 1991 he directed the movie of Vadav 
Havel's stage adaptation of “The Beggar's Opera” by John 
Gay. 

Havel's play owed nothing to Brecht's version, which 
Menzd finds humorless and dry. “Havel showed how easy 
it is to misuse language, that’s the motor of the piece. By 
the time he finished it. he was banned.” 

Havel, setting the play in 1 920s Prague, emphasized the 
collusion between police and thieves. By the time Havel 
had been freed and elected as his countiys president, the 
work had taken on resonances about the collusion be- 
tween certain dissidents and the secret police, similar to 
that of East German intellectuals and the StasL “At the 
end, Havd made a speech saying I swear I wrote this play 
16 years ago and not today.” 

In all Menzel has seen a lot of politically induced time 
lags, so it is not surprising that his new film, “The Life and 
Extraordinary Adventures of Private Ivan ChonJan,” has 
been years in the making. 

It is based on a Russian novel by Vladimir Voinovich that 
was smuggled out of theU&SJl. via the YMCA in Paris, as 
the works of Pasternak andSoteemtsyn were, and published 
in the West in 1969 (“The Soviet Catch 2T as written by a 
latter-day Gogol," said The New York Tunes). It has since 
been published in some 20 languages, including Japanese. 
Haring made Tun of the army, the party and the KGB, 
Voinovich lost his citizenship and moved to Munich. The 
book finally came out in Russia in 1989 and was praised for 
its “liberating power of laughter.” 

In London, lie producer Eric Abraham was introduced 
to the novel by his wife, Katia Krausova, in 1986. It has 
taken seven years to pull off the production, six of them 
waiting for Menzel to be free. 

The film is backed by Abraham's Portobello Pictures, as 
well as by French. Italian and Grech money and a Russian 
company with the unfortunate name of Trite. 

Abraham took the bold derision of filming in Czecho- 
slovakia with a Russian cast that Menzd describes as “the 
cream of cream” and in the Russian language. “I learned 
Russian at school because I had to,” Menzel said. “In the 
past I did not always like the sound of the language, but 
from the actors in the film it sounds very pleasant.” 

The film, which will be shown at the Cannes festival in 
May, is set m 1941. Cho nlrin (Gennadi Nazarov) is a jug- 



Cortwi ind bar 


Menzel (left) with Gennadi Nazarov.star of “TheUfeand Extraordinary Adventures of Private Ivan Chonkm.” 


eared recruit sent by army bureaucrats to guard a downed 
Russian biplane in a remote village, and then forgotten. 
The village, with its thieving Communist leader, its vodka 
still hidden behind a party banner, and its plump and 
eartby young postmistress (Zoya Buryak), with whom 
Chonkm falls in love, serves as a microcosm and as a 
contrast to heartless officialdom. 

The young couple is charming and the fact that the film 
is set on the eve of an atrocious war adds to its poignancy. 
“1 Irate war and I also hate war films because most war 
films love war,” Menzel said. 

“When I was a little boy, just after the war, there were 
many black-and-white films about Russian heroism. But I 
wanted to show that the war in the Soviet Union was not a 
victory against the Nazis but the start of a great tragedy. 
The regime betrayed the Russian military because it 
believed in Hitler until the very last minute. The Russian 
army was bigger than the German, but they had no arms.” 
In the film, the addled army mistakes Chonkm for tire 
enemy and attacks in arctic gear although it is full sum- 
mer, their rifles lacking bullets. Chonkm and his girlfriend 
climb happily into the little airplane and fly away. 

Now 53 and wearing the rosette of a French Officer of 
Arts and Letters (“No one in Prague knows what h is”). 
Menzel attended the famous FAMU film school where 


Milan Kundera taught comparative literature. The Czech 
New Wave, he says, gained strength from having to work 
undo- the constraints of the Communist regime. 

“Now we can say everything. When you can say every- 
thing, there is nothing to say. 

“There is too much stuff now that is sophisticated, 
quasi- intellectual, showing off. It’s too bad, the same thing 
is happening in Germany and the result is that audiences 
prefer American films. The super-artistic wave is really 
dangerous.” 

The special brand of Czech humor — knowing and 
pointed, out without sarcasm — can be traced bade to the 
violence following ibe Hussite movement of the 14th 
century, Menzel says. “Since then, there is official and 
unofficial thinking. Everyone learned to think two ways — 
to agree and to be subversive. Czechs are always skeptical 
They know how to survive, ft is in their blood.” 

The great Czech comic classic about the military is of 
course Jaroslav Hasek’s “The Good Soldier Schwrik.” 
Why did Menzel choose to film the Voinovich novel 
instead? For one thing, “Schwefk” has been filmed often 
and unsuccessfully, he says. 

“It is too big, with not enough drama. Chonkm is more 
dosed, even if the subject is bigger. And it has love and 
tenderness. I don’t think Hasekuked people very much. 
Voinovich has a heart” 


PEOPLE 


' Imperfect 9 Pavarotti 
Delays Manila Concert 

Luciano Pavarotti postponed his 
Manila concert Friday evening less 
than an hour before it was to begin. 
The opera star had caught a cold 
that be said made his voice less than 
perfect and “I do not want to stag? 
a concert winch is not perfect." Or- 
ganizers announced the postpone- 
ment to Monday, while many of the 
country’s social elite waited outsjje 
the concert hall with tickets that nad 
cost as much as 5900. One of those 
who came and left disappointed was 
LraeJda Marcos, the former fust 
lady, who is out on bail pending an 
appeal of an 18-year jafl sentence for 
corruption. The postponement 
means Pavarotti mil have to caned 
one of two concern in Kuala Lum- 
pur. 

□ 

Hank Wntiams Jr. will visit Japan - 
for the first time in 10 years, with 
two concerts next month in Tokyo , 
and CMla. “It's been 10 years since 
Hank has performed in Japan, and 
that was mainly for the American 

military personnel stationed there.” 
Merle Kilgore, his manager, said. 
“This time he’s going over to enter- 
tain his Japanese fans.” 

O 

A car dipped Gene ShaSt while 
he crossed a street in Sl Peteisbuig 
Beach, Florida, sending the musta- 
chioed movie critic for the “Today" 
show to a hospital with a broken teg. 

□ 

Prince Charles will make his First 
visit to Russia in May. The prince's 
trip will center on Saint Petersburg, 
where Business Leader Forum, of 
which Charles is president, is work- 
ing to help preserve works of an 
and literature in the city's museums 
and galleries. £ 

□ ■ 

Ozzy Osbomne has discovered a 
stunt even more dangerous than 
biting the heads off live bats: invit- 
ing his fans to join him onstage. •- 
Osbourne made that invitation at a 
March 28, 1992, concert and start- 
ed a stampede. His attorney calm - 
it “a really stupid thing to do" and 
an Orange County, California, jury 
agreed, ordering the heavy-metal : 
rocker to pay $60,000 to an electri- : 
dan trampled in the stampede. 


EVTERNATIOIVAL 

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Forecast for Sunday through Tuesday, as prowled by Accu-Weatrier. 



North America Europe Asia 

Mild spring weather will Northern Ireland through Rain will spread northward 
surge Mo Uie Eaa Sunday Scotland to western Norway though southern Japan and 
and Monday. Rain wil toBow win be windy Monday and southeastern Korea early 
by Tuesday. Showers and Tuesday with bursts of next week. Heavy snow is 
thunderstorms will move heavy rain. Cold weather possible from North Korea 
northward toward Chicago tram Oflto to Stockholm Son- through Manchuria- Cold air 
and Indianapolis Monday, day and Monday will give will knls southward toward 
Snow w*l blanket the Upper way to mkter weather Tues- Beptg by Tuesday. The rest 
Midwest end western day. Dry. worm weather wSI ot China will be mild early 
Ontario. Houston will be continue from Madrid to this week. Bangkok will be 
sunny end warn. Raris Into early next week. &urwyandhot 


Middle East 


Latin America 


Today 
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25/77 

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19C6 a 29/04 

19*8 

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9/48 

P« 

Luxor 

33*1 

1000 a 

30/BB 

7/44 pe 

FVodaJanebo 32/89 

24/75 pe 32*9 

24/73 

PC 

F&yadi 

20/79 

14*7 a 

28*2 

14/57 pc 

Sartip 

27*0 

12*3 • 27*0 

12*3 

a 


Isgand: B-swvry, p e-parOy cloudy. c-Ooudy, Bh-showere, Mhundereexma, r-raln, si-snow Hurries, 
tot-snow, Hoe, HMWesffier. AH maps, forecasts and dots provided by Aco Wwrt hsr, Inc. e 1994 


Asia 


Today 




High 

lam 

W 

HU*. 

Dnr ft 


G/F 

OF 


OF 

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BBntfah 

33*1 

sent 

1 

33*1 

25/77 pc 


13*5 

409 


13*5 

104 pC 

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20*8 

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c 

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Mu&i 

34*3 

23/73 

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22/71 pc 

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33/91 

22/71 

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33*1 

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Saol 

10*0 

002 

S 

7«4 

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Shanghai 

18*1 

6«3 


15*9 

7/44 pc 


30*8 

24/73 

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24/75 pc 

Topol 

21/70 

14*7 t 

73773 

16*1 pc 

Tokyo 

12*3 

1/34 

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W*0 

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Africa 


Ngtara 

21/TO 

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20*8 

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CapaTown 

27*0 

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23/73 

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23/73 

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31/88 

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82*9 

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Norobi 

25/77 

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ttoila 

21 no 

9 MB a 

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12*3 pa 

North America 


Andwaps 

■8/18 

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-18* pc 

Marta 

22771 

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a 

23773 

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Benton 

5/41 

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10*0 

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12/53 

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■ 

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22/71 

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7/44 

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pc 

12*3 

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HonoUu 27/BO 21 /TO pc 26/TB 20*8 pc 

Houston 77193 16/BI pc 28775 15/59 I 

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New York SMS 1/34 pc 10/55 4*9 * 

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Sadie 10/50 4 *9 5ft 10*0 2/35 e 

Toronto 3/37 -4*5 pc B/4S 3*7 C 

W h efttogtan 13/55 104 s 17*2 SMS i 


The Special Relationship, Interior Decorating Chapter 


By Victoria McKee 

New York Times Service 

L ONDON — Several of Jane Churchill’s 
redoubtable relatives have been instru- 
mental in bringing Britain and the United 
States closer together, through dynastic mar- 
riages, political alliances and the unifying influ- 
ence of interior design. 

Her great-aunt Nancy Lancaster is the artful 
American who revolutionized the English de- 
sign company Cblefax & Fowler and redefined 
the “English country house look” for the Eng- 
lish. A great-great-aunt was the American Nan- 

8 1 Astor, the first woman in the House of 
ominous. Through her marriage to Lord 
Charles SpeoCCT-Cli urchiU, she is linked to Sr 
Winston Churchill whose family was famed for 
its trans-Atlantic alliances. 

Now, Jane ChurchflJ is taking a touch of New 
York City style into British homes. Since micL- 
Januaiy. Churchill (whose correct title is Lady 
Charles Spencer-Churchill) has been taking 
British television viewers inside a variety of 
Manhattan apartments. 

She and Annie Charlton, her co-host and a 
fellow English interior designer, are visiting 1 1 
seminal New York City homes for this first 


trans-Atlantic series of their popular design 
show. “Finishing Touches,” shown on the Brit- 
ish television network ITV on Fridays at 11:30 
A, M. through April 29. 

The New York homes include the exotic 
duplex of Geraldine Stutz, the former Henri 
Bcadd president, who now publishes art 
books; the gothic lair of Stuart Prvar, still best 
known for having been a friend of Andy War- 
hol; the peach-colored modem penthouse of 
the British-born novelist Barbara Taylor Brad- 
ford; the eclectic living quarters of the band 
leader Peter Duchin and his wife, the writer 
Brooke Hayward, and the “refined Enghsb- 
ness” of the Park Avenue apartment of the 
interior designer Mark Hampton. 

Some of ihc homes are on the cutting edge of 
contemporary Manhattan chic: the habitats — 
opulent and minimali.su respectively — of the 
designers Arnold Scaasi and Vicente Wolf, and 
the SoHo loft of the furniture dealer Michael 
Connors. But most of them seem to owe more 
to great English bouses like Blenheim Palace, 
the family seat of the Spencer-Churchills, and 
Cliveden, the Astors’ stately home. 

“It’s all inspired by the English aesthetic 
movemenu" Kvar said of his collections of PQk- 


ington pottery and pre-Raphaehte paintings. To ;; 
the surprise of Churchill and Chariton, he said " 
Warhol's tastes had been similar. Pivar's home 
“had a sort of ‘Addams Family' feeling," Chur- 
chill recalled with a delicate shudder. “You never^ 
knew what you were going to find in anycomenT, 
she added. “There was a lot of dust — be Irka'-"" 
dust because it's ‘natural’ — and we found a 
book on disemboweling in the bathroom!” 

These are not the type of finishing touches 
she wants to advise British viewers to emulate, : 
although that is the idea of tbe series: to inspire 
“the sincerest form of flatteiy.” 

Among those that better lend themselves to ; 
imitation in England, she said, are “Geraldine 
Stntz’s wonderful canopied bed that is actually V 
a no-poster but gives the impression of bangs 
four-poster, thanks to panels of material se- 
cured from the ceding that cascade down the; 
four comers.” 

"Brooke Hayward had very cleverly painted 1 
some canvas curtains to disguise the fact ti&> : 
there was an old freight-elevator opening^ 1 
hind the piano,” Churdhfll said. “And shtirof 


her l 
fed! 
rat-1 


Peter have the unusual idea of letting guests rat - 
off books instead of mats at the table. J.tJglk 
mine was on David Hockney!” 


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COUNTRY 

ACCESS NUMBER 

COUNTRY ACCESS NUMBER 

ASIA/PACIFIC 

Ireland 

1-800-550-000 

Australia 

0014-881-011 

Italy* 

172-1011 

CMiwJBCh* 

10811 

r>rhn»nia>ln- 

155-00-11 

Goam 

018-872 

Lithuania* 

8*196 

Hang Kong 

800-1111 

Uuemhnurg 

0-800-0111 

India* 

000-117 

Mato* 

0800-090-110. 

Indonesia*' 

anu-aoi-io 

Monaco* 

19a40U 

Japan* 

0039-111 

Netheriaads* 

0&O22-91U 

Korea 

009 -U 

Norway* 

800-190-11 

Komua 

11* 

'Poland**** 

040104800111 

Malaysia* 

800-0011 

Portugal* 

05017-1-288 

New Zealand 

000-911 

Bnnwnla 

01-8004288 

PMHpptaefl* 

105-11 

■xnela-tiMoscow) 

155-5042 

Saipan* 

255-2872: 

Slovakia 

0042000101 

Singapore 

HOO-Ol 11-111 

Spain 

9009900-11 

Sri Lanka 

430-430 

Sweden* 

020-795-611 

Taiwan" 

0080-102884) 

fall loa,,ll| 

JWIUtlWIH 

15500-13 

Thailand* 

0019-991-1111 

UJL 

0500090011 

EUROPE 

MIDDLE EAST 

Armenia** 

8*14111 

Bahrain 

800001 

Austria**- 

022-903-011 

Cyprus* 

080-90010. 

Belgium* 

078-11 -0010 

Israel 

177-100-2727' 

Bulgaria 

00-1800-0010 

Kim/afe 

800-288 

Croatia* • 

99-38-0011 

Lebanon CBetntiO 

426-801 

Oeccfa Rep 

00-420-00101 

Saudi Arabia 

1-800-100 

Denmark* 

8001-0010 

Twtay* 

00800-12277 

Fhdand* 

9800-100-10 

AMERICAS 

France 

19*-001Z 

Argentina* 

001-800-200-111 1 

Germany 

01304)010 

Belize* 14 

555 

Greece* 

00800-1311 

BoBvta* 

0800-1111 

Hungary- 

OOa-SOO-OIHI 

Brad 

0008010 

Ireland** 

999-001 

Oitla 

001-0512 


Colombia 


98 P - 11 - O 010 


Costa Rlea*a 

114 

Ecuador* 

119 

EJSaJvadot** 

190 

Guatemala* 

190 

Guyana*** 

165 

Honduras** 

123 

Mexico*** 

95-800-462-4240 

racare^n (ManamaO 17* 

Panamas 

109 

Peru* 

191 

Suriname 

156 

Uruguay 

004)410 

Venezuela** 

8001 1-120 


CARIBBEAN 


Bermuda* 


1-S00-872-2881 


- British YJ. 


1-800-872-2881 


Cayman 


1-800872-2881 


Grenada* 


1800872-2881 


Haiti* 


1800872-2881 


Jamaica** 


001800-972-2883 


Ncth- Arrftl 


0800872-2881 


■Sl KkryNevts 


001 - 800872^-2881 


1800872-2881 


AFRICA 


Gabon* 


5100200 


00*801 


Kenya* 

Liberia 


00111 


08oo-m 


Malawi** 


■797-79? 


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rcfimr-ciunm cu ciMBry cuDIng I u m-u, itwt itan U rourartin Aid Law-URc 

Uiit-*VT>-fcCTi)ifcr'-TCT/hL--flK)nciiup |i ivaiv«iiniiig l4Qbnfliu0si 

avr Wort* Cwmttt-lMSYM: l»4ialUfe h> mjnd mihc ^uiHbiii MJ Omt 

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Tidhlk [4kJo^iequlicUcpi-4ii'fci*i.» phmmnikriJLiluinc 

"lUiSe phone* urpfcpnrcanllnriaii tom DMCKMMMmi 

Iroa nu^BWAKiv iMrii 


101-1992 


•M*ynr*he«ralitile/n*nc-i«> pfeim 
“Cwfctl caDtoff nrtjr 

Sutffl totoMhkr torn jfl 

A AWitt-TTMuJ Jed tone 



© 1994 ABST