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Herald 


INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Saturday-Snnday, May 14-15, 1994 





Toughens Curbs 
mocracy Activists 

Step Undermines 
Efforts to Show 
Rights Progress 


Entree 


By Kevin Murphy 
™ Jonathan Gage 
Tniw * 

^ Sjrf£ !dgn com P ani « 

increSS-iv ' b? 

aElZtlr 3 large market share in 

SS4SSS 

aJpnonues m a bid to mod<W “{£ 

8 TOS“ m >- Chin*, ofriciaksaid! 
And with competition for Chinese or- 

tSEPFV «• is f«pw?d» 

around for the most adw.taaUi* deaU 
and to withhold joint venture aarcemente 
whM u is unable to find one. " 

“hfany companies bring along average 
Panels and sdi is eqm£ 
S“. t c ^ d J aalll, « aJone," Mr. Liu sSff 
-*?“ does not mean we will repel such 
rimshed products, but what we need more 
u toi improve our technoloeicaJ level here 
in China. 

“Take Boeing and McDonnell Douglas, 
for example, where we have joint manu- 
facturing,’' he said, “They help us with 
components, but not with a comprehen- 
sive technological cooperation." 

Tins is about to change, he indicated. 

The view at Boeing Commercial Air- 
plane Group is different. Boeing is consid- 
oing inviting the Chinese into a consor- 
tium to build a new 80- to- 100-seat 
commercial jetliner if production proves 
feasible, sakt RooakI. B. Waodard, tlie 
convoy 

Boeing officials here insisted that the 
company, which sold one in seven of its 

aklineis to China last year, was working to 

transfer technology to Chin* 

The company also said it was helping 
'China to develop air-traffic control sys- 
teras and other infrastructure to expand its 
commercial airline capacity. 

“If you are going to be a respected 
insider in China, you have to. respond to 


By Lena H. Sun 

H'ashingrofi Past Service 

BEIJING — China has amended its public 
order law to broaden the already extensive 
powers of the police to detain and restrict the 
activities of pro-democracy and labor activists, 
as well as religious and national minority 
groups, official papers said Friday. 

Although China has released some activists 
m the last few weeks, including six relidous 
dissidents in the last two days, the new regula- 
tions, which take effect immediately, essentially 
^ve authorities the legal basis to detain anyone 
they regard as a threat to the system. 

l? c • sc ?KL and dirust of the regulations will 
make it difficult to support claims bv U.S. 
officials that China is making progress on hu- 
man rights. To the contrary, they underscore 
what nghts advocates and other analysts have 
been saying: that there has been an overall 
deterioration in China’s human-rights situation 
m the last year. 

Reports of new arrests, torture and secret 
trials dwarf the number or known releases of 
political or religious prisoners. A group of Ti- 
betan nuns had their sentences extended for 
singing nationalistic songs in prison. Several 
political activists detained around the rime of 
Secretary of State Warren M. Christopher s 
visit to Beijing remain in police custody, includ- 

mo fTlin^’e mnM Ua.-* L- j- ? 1 . «• • . 



No. 34,588 


PLO Police 
Take Control 
Of Jericho as 
Israelis Leave 


Cheering Crowds Hurl 
Candy, Not Rocks, as 
Long Occupation Ends 


By Clyde Haberman 

Aten- York rimer Service 

JERICHO — The last Israeli soldier left this 
anciem town on Friday, ending Israel's 27-year 
occupation and giving Palestinians control over 
the First West Bank foothold for iheir hoped-for 
independent stale. 

A force of about 460 Palestinian fighters- 
turned-policemen rode into Jericho, automatic 
rifles thrust skyward in triumph, and took over 
a freshly evacuated army base and fenced-in 
police station that had been Israeli headquar- 
ters. 


The police station in particular, dominating 
the central square, was a hated symbol of occu- 
pation for the Pales tinians and a target of 
countless rocks and bottles hurled in anger. 
With the Palestinian police in place, the jubi- 


lant people of Jericho deluged them with candy 
in celebrations that stretched i ' 


• p, . ; ° — — viwivii y, uniuu- iiiiiiiiiiiiiii 

IT “ Wa 

You don t have to be Einstein to figure this w 3 

out,” said Robin Munro. Hons Kons director . 

Jews Are Welcome, Jericho Police Say 

D„ T, : J ti_ er a_l. r , .... 


into the night. 

As in the Gaza Strip — Jericho's partner in 
Palestinian self-rule, where hundreds of police 
officers started moving in three days ago — 
residents beat drums and danced, thrilled to see 
the Israeli flag replaced by a Palestinian banner 
over the police station. 


it," said Percy Barnevik, president and 
chief executive officer of ABB Asea Brown 
Boveri Ltd., the multinational heavy 
equipment and power generation compa- 
ny. of the trend toward greater technology 
transfer. 

“It is a long-term, cumbersome, ex- 
tremely demanding exercise,” said Mr. 
Baraevik. who has nonetheless made tech- 
nology transfer a key seffing feature of Ms 
Sprawling group’s commitment to the Chi- 
nese market. 

“There are companies that have taken 
short cuts, and it doesn’t fly in China,” he 

See TRADE, Page 5 


^ . - figure^ 

out, said Robin Munro, Hong Kong director 
for Human Rights Watch/ Asia. “I defy anyone 
to produce a statistic to support the claim" that 
the human-rights situation is getting beLier." 

Even though China officially rejects the link- 
age between trade and human rights, it has 
become customary for Chinese authorities to 
release some political and religious prisoners as 
a gesture to Washington in the weeks before the 
decision on Beijing's low-tariff tradina privi- 
leges. These releases are aimed at Western audi- 
ences; they are not reported in the domestic 
press. 

On Friday, authorities announced ±e release 
of five religious dissidents, three of whom were 
sentenced to “re-education through labor” for 
Jhetr participation, in an outlawed Protestant 
congregation. One man; a 50-year-old peasant; 
was tortured- and beaten during interrogation 
and left hanging upside down in a window 
frame, according to Amnesty International. 

The official press did not say when they were 
chased, only that the five had “behaved them- 

On Thursday, authorities released on parole 
a Chinese woman jailed since 1990 on charges 
of trying to overthrow the government through 
religious activities. But that same day, two 
dissidents were arrested in Shangha i according 
to their family members. 

President Bill Clinton must decide in three 
weeks whether there has been enough rights 
progress to warrant renewal of Beijing’s most- 
favored-nation status. With billions of dollars 
worth of trade at stake in the world's largest 
emerging market, the administration is under 
increasing pressure to find a way to renew the 
states unconditionally without losing credibil- 
ity on human rights. 

The new regulations adopted Thursday by 
the legislature will make Mr. Clinton's job 
tougher. The regulations allow authorities to 
crack down on members of unapproved rdi- 

See CHINA, Page 5 


They jumped joyously onto trucks and buses 
bringing in the new office 


By David Hoffman 

Washington Pan Sen-ice 


JERICHO -— Sergeant Lutfi Hassan. wearina neatlv pressed areen 

inmtPC SittH IhA • n rm ■ n y.f .L. ¥*_l ■ «■ * , , c 

pped onto the soil 


— — — ;*>-“»** — uokkiu. wealing ncan 

faugues and the insignia of the Palestinian police, slept 
of the West Bank on Friday for the first time in three decades and 
immediately was sent to guard the Shalom al Yisrael Svnaaogue here an 
anaent Jewish landmark. ' “ 


If the Jew want to come here, they are welcome.” Mr. Hassan said 
as young Palestinian refugee boys gawked at the new Kalashnikov 
assault nfies earned by his contingem. “There is no war here. We are 
here to keep this place safe, and keep the peace process going.” 


Only a Tew weeks ago. Mr. Hassan and 500 fighters in the Palestine 
Liberation Army s Al Aqsa brigade were stationed near Baghdad, many 
or them veterans of nearly 30 years of warfare against Israel. 

But in a remarkable scene, they crossed the Allenbv Bridge from 
Jordan into the West Bank on Friday afternoon and. after a tumultuous 
parade around the central square, look up their new roles as die Jericho 
police, the first tangible evidence for a wearv Palestinian population that 
self-rule had arrived. 

According to interviews with a dozen of the newly arrived policemen, 
most of them have spent the years since the 1967 Middle East War in 

See JERICHO, Page 5 


West and Russia Badk 51-49 Bosnia Split 

ConniiM hi Ow tliiff Fnu, C J.l , . . . . 


Compiled by Oar Staff From Dispatches 

GENEVA — Foreign ministers from the 
United States, Russia and Europe agreed Fri- 
day on a new strategy to relaunch Bosnian 
peace negotiations and called on the warring 
sides to accept a cease-fire of at least four 
months. 

The m inisters, including Secretary of State 
Warren M. Christopher and the Russian for- 
eign minis ter, Andrei V. Kozyrev, endorsed an 
listing peace plan that would give 49 percem 
of Bosma-Herzegovina to the Bosnian Serbs 
and the rest to a Muslim- Croat federation. 

In a communique after six hours of talks, the 
ministers rejected Serbian demands thai re- 
sumption of negotiations be linked to the cas- 
ing of United Nations sanctions on Serbia. 

But they held out the possibility of a phased 
suspension of the sanctions after the Serbs 
withdraw to “agreed territorial limits" under a 
peace agreement. 


European delegates greeted the communique 
as the first meaningful common policy state- 
ment between Washington, Moscow and the 
European Lfnion since the Bosnian war began 
more than two years ago. 

They said they were particularly pleased that 
Mr. Christopher had explicitly agreed to en- 
dorse the SI-to-19 division of temiory — the 
most important plank of a plan issued by the 
European Union last year. 

The communique said a U.S-brokered Mus- 
lim-Croat federation would have to be set up 
within the 5 1 percent target, noi with 58 percem 
as agreed previously bv the Muslims and the 
Croats. 

Also participating in the meeting were minis- 
lers from Britain. Belgium, France, Germany 
and Greece, as well as Hans van den Broek of 
the European Commission. 

All but Belgium and Greece are represented 
on a new “contact group on Bosnia." which the 


micisiers instructed to get negotiations moving 
within two weeks. 

The participants reaffirmed their commit- 
ment lo Bosnia’s territorial integrity within its 
present borders and added a warning to “all the 
parties concerning the unaccep lability and 
risks of pursuing military solutions." . 

The ministers expressed “strong concern” 
that the recent assault by Bosnian Serbs on 
Gorazde had delayed the peace process and 
also noted with concern recent military activity 
around the northern town of Breko. 

The talks were held under a threat by France 
to pull out its 4.000 peacekeepers, the largest 
contingent in the 17.000-member United Na- 
tions force in Bosnia. France wanted the Unit- 
ed States and other countries to pul pressure on 
the Bosnian Croats, Muslims and Serbs into 
making peace before winter. The warring sides 
did not attend the meeting. The Bosnian Serbs 

See BOSNIA, Page 5 


_ _ officers, a mixture of fresh- 

faced recruits and grizzled veterans of the war 
against Israel years ago. 

“It’s indescribable," said Mohammed Khali l, 
who works on an experimental farm. “We’re 
happy because our own people are ruling us, 
not the Jews.” 

The Palestinian police guns were a source of 
endless fascination, especially for many young 
men who reached out lo touch the barrels or 
who took turns posing for pictures with the 
officers’ Kalashnikov nfies. 

The weapons were not supposed to be load- 
ed. Bui at least one was, and it led to the first 
violent death under self-rule when a boy play- 
ing with a rifle accidently fired it, killing his 9- 
y ear-old brother and wounding bis aunt and 
another child. 

The officers, in green uniforms and berets 
included a captain named Abu Imad, who had 
left for Jordan with his family after the 1967 
Arab-Israeli war and who later joined the Pales- 
tinians’ Al Aksa Brigade, based in Iraq. 

“When I saw my people, I forgot the 27 years 
of exile.” he said. 

With the transfer of authority here and still 
more Israeli outposts turned over to Palestin- 
ians in the southern part of the Gaza Strip, the 
Palestinians have Lakes charge of roughly half 
the area that is to fall under their self-govern- 
ment as part of the peace agreement between 
Israel and the Palestine Liberation Organiza- 
tion. 

In coming months, self-rule is supposed to 
spread beyond tiny, relatively isolated Jericho 
to the entire West Bank, and within two years 
negotiations must begin on what ultimately is 
lo happen to the territories that Israel has held 
since its victory in the 1967 war. 

To a degree, self-rule in Gaza and Jericho is 
an experiment, still aborning, to see how the 
Palestinians manage their own affairs. But for 
most people in the territories, the arrival of the 
police this week from staging areas in Egypt 

See PLO, Page 5 


Kiosk 


juage BiTF - A-peafc in Boston, was a 
Circuit CoU JLr f or [hefinst vacancy of the 
finalist la ^SJ,cv. That slot went to Ruth 
Clinton pr» carn - 
gader Gmsbuig- 


„ n { the 49 youths arrested m 
bu -^ >hol^e mMagdebutB, Gar- 
1 -foragner provoking sharp 

*. (page 2) 



I 


Berlin’s Long Good-Bye Begins as Amis’ March Away 

D,. DUi. A.i-: ... - . ... w 


By Rick Atkinson 

Washington Past Service 

BERLIN — Even now, nearly a half-century 
Uuer, Ruth Ritter vividly remembers her first 
glimpse of an American soldier in Berlin. 

It was in the summer of 1945,” she said. “I 


was 14, and we were standing in line for food! 

slowly drove past We 


as 


always, when a jeep slowly 
waved, shyly at first, and then someone said. 
The Anris are here!’ We couldn’t really believe 
it, be cause all we had seen were Russian uni- 
forms. It gave us hope that firings would get 
better.” 


TOngs got better, for Berlin, for war-devas- 
ued Germany, ' " ' — 


tated Germany, for Ruth Rilier. Now, as the 
days dwmdJe until the last U.S. troops leave 
Berlin,'the city is sparing no effort to show its 
appreciation, Mrs. Ritter, who will watch the 
Amencans depart as she watched them arrive, 
has already displayed her gratitude to the 
Anns — as Americans are widely called in 
Romany - by mailing off aH five of her 
daughters to UA soldiers. 

’ll s painful to see the Americans go” she 
sud this week at her home in southern Berlin. 
"Weran treaty imagine life here without these 
boys. They’ve always been here.” 

Added her husband, Jo achim Ritter, who 


met his wife in 1949. three years after being 
released from a U.S. prisoner-of-war camp: 
‘^Berlin will be colorless without them. They 
simply belong to the city.” 

The long good-bye has begun. Fifty sched- 
uled farewell events will culminate in formal 
departure ceremonies on Sept. 8. 

For many Berliners. this is a bittersweet sum- 
mer. The good-byes signify the end of occupa- 
tion, the removal of the last Russian troops 
from German soil and ihe full restoration of 
ramified Germany's sovereignty; yet it also 
marks the end of an era in what one resident has 
called “the most. pro-American city in the 
world." 

Americans and Germans alike also worry 
about how to bolster trans-Atlantic ties given 
the imnjuieni departure of all U.S, forces from 
Berlin and the drastic scaling back elsewhere in 
Germany. About 16 million American soldiers 
and their families have lived in Germany since 
the late 1940s, forging a relationship that 
evolved from one of victor and vanquished to 
something closer to kinship. 

“What do we do now?” a senior Foreign 
Ministry official asked What should be done to 
make sure that, as former Foreign Minister 

See BERLIN, Page 5 



In Monday’s installment, two analysis 
examine the effects of the information 
revolution an the world — specifically on 
the Atlantic community once known as 
“the West” 

James Fallows, Washington editor of 
the Atlantic Monthly and the author, 
most recently of "Looking at the Sun: 
The Rise of the New East Asian Econom- 
ic and Political System notes the long- 
awaited information revolution has in fact 
already occurred, although most nations 


don ’t understand the threats and opportu- 
nities that technology presents to them. 

i Given these threats, what should now 
bind Americans and Europeans as the 
cornerstone of the “West”— as democra- 
cy? freedom and prosperity once did, be- 
fore governments lost their monopoly on 
determining the ties between nations ? 

That question is addressed by Jean-Marie 
Guihemto, who is the author of “La Fin 
de la Democratic” (Flammarion). 

In Monday’s Herald Tribune. 


^11 Street’s Drug ProWeiu: Discreet but Pervasive 



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By Benjamin Weiser 

ktcisi n-fk tUmUnffcn Past Service 

NE W YORK — He is one of Wall Street’s high flyers: 
preswent of a prestigious old-line investment firm, annually 
earning mUious of dollars. And, for most of the last decade. 
P® 2 »e who know him say, he has been a regular user of 
cocame. * 

he was able to keep it under control. But 
otnere are not so lucky: On Wednesday. Warden Lazard. 44 . 
^chairman of W.R. Lazard & Co.. Wall Street’s largest 
™®g|Owned money-managemem firm, was found dead in 

rtttSDnsgh hold room, Ms body lying beside an almost emptv 
Vodk l“? d a covered with white powder. Local 
““Donnes prelimmarify put the cause of death as an aedden- 
™ drag overdose. 

Last month, Larry Kudlow, who had resigned as chief 


economist for Bear. Steams in New- York, was described as 
breaking down in tears as he discussed an addiction to cocaine 
and alcohol in a New York Tunes article headlined “A Wall 
Street Star's Agonizing Confession." 

Tht use of drugs on Wall Street was supposed to have 
disappear^ with the aid of the 1980s’ go-go ySrs and the age 
of excess. But Mr. Kudlow and Mr. Lazarcfand other less well- 
known cases have brought new attention to an old subject: how 
pervasive drug use is in the financial community and how Firms 
are confronting the issue. 

“The problem is definitely as bad. if not worse, than it was 
1U years ago. said Robert Strang, a former Drug Enforcement 
Admirnsiration agent who went undercover on Wall Street in 
the 1980s and today runs a private investigative concern that 
counsel' Wall Street companies on dreg and alcohol abuse. 

The major difference today, Mr. Strang said, is that drug use 


ly being 
leys or the 


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sold or used in bars, drug use is confined to the 
bathrooms. 

“It’s isoteted; it stays within groups of users," Mr. Strang 
said. You don t snort it at mixed parties like it used to be.’* 

Arnold Washton, a Manhattan psychologist who specializes 
m Mitetance abuse therapy and treats many elite drug users in 
New York, said that the incidence on Wall Street SiTno 
different than m other highly pressured and highly conroensat- 
ih doOW* or professional athletes — and 


job sectors — - like doctors or professional amides — am 
that where casual users might have backed away slightly, “i* 
people who have been using it all along aren’t uangif“- 
We have not seen diminished numbers of — 
said. “They report to us that they * 
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INTERNATIONAL HERALD TRIBUNE, SATITUUY-SUNDAY, MAY 14-15, 1994 


Violence 
Erupts 


Germany 


Youths Released 
Wounded 


After 4 


8f ■■ 0 


By Steven Kinzer 

New Ycvi. Tima Service 

MAGDEBURG. Germany — 
At least four people were stabbed 
and 49 others were arrested in an 
outbreak or anti-foreigner violence 
in this eastern German town. 

Ail but one of the 49 arrested 
were released before dawn Friday, 
and the one who remained in custo- 
dy was held only because a warrant 
was outstanding for his arrest on an 
unrelated charge. Officials said 
they were not sure they had enough 
evidence to bring charges against 
any of those involved in the as- 
saults. 

In the face of sharp local and 
national criticism of the quick re- 
leases. police officials here sought 
to defend their actions. They con- 
ceded that the police had been slow 
to respond to the assaults and 
pledged to carry out further investi- 
gations. 

Chancellor Helmut Kohl’s chief 
adviser for mailers relating so for- 
eigners. Cornelia Schmalz-iacob- 
sen, said the attacks in Magdeburg 
marked “a new and horrifying high 
point" in the wave of xenophobic 
violence that has spread across 
Germany since the country was re- 
unified 'in 1990. She said police 
response suggested that officers in 
the eastern stales were not suffi- 
ciently trained or equipped to sup- 
press rightist violence. 

"Human beings are bei ng hunted 
down as they were in the worst 
times of the SA," Mrs. Schraalz- 
Jacobsen said, referring to the ter- 
ror squads that served Hitler. 

Police officials said the assail- 
ants in Magdeburg were led by 
young men known for their far- 
right political views and their pro- 
pensity for violence. The majority 
of them, however, were described 
as drunken hooligans and skin- 
heads, who acted out of generalized 
resentment at social conditions 
rather than clear racist or anti-for- 




WORLD BRIEFS 


2 Englishmen Guilty in IRA Blasts 


LONDON (AP) --Two En glishm en were convicted Friday of coi’V 
Anting an Insh Republican. 4 ' 1 


Army bombing campaign last 
included blasts outade Hatreds department store m 
train. 

Ta- 

bomb on a* tram from London to Ramsgate, about JOff mite 
kilometers) to the east, caused severe damage. Tbe jury also 


two of possessing exploaves and firearms. 

Mr. Hayes was also convicted of plotting 
the London area, none of winch exploded. The judge said’diat 
Mr. Hayes had been convicted of more crimes, be could not 
between the two bombers “on the scales of wickedness” — 

same jail term. V\V 



Mexico Invites UN Electoral Role -TS^ 

MEXICO CITY (LAT) — The government has asked the IJifajS ' . 

Nations to provide technical assistance to national observers of Ur* - v : '.‘ ' : 

presidential elections on Aug. 2V and to issue a~repQct ou-MeticoYa^V' T - i J ' 

computerized electoral system. L V' A* 

UN officials said they were acting on the request, raadein a letter * ,i1\* | > Vi * 

May 10 and made public Thursday. This is the first tirocthai Moieoji-; ’ if I* * ? 


country geuera33y acknowledged to beplagued by decuon fraud, hajew^V, 1 
asked for such help. ; r I, 

The request is the latest in a series of moves to improve the crediMi#' - i . ^ - IlM 
of the feoeral elections. The govanment has permitted audits of vofc£ ^ j| it * * * 
registration rolls, organized toms of electoral computes and eana^^W* 1 , . .. 

sioned surveys from pollsters with a reputation for mdcpeatkaK».Tv5 ir ‘ ■ 

>•-• • • • . • ^0 

SEOUL (AFP) — The navies of Japan and South Korea will bddthor ‘ 

first exercises together when they take pan in U^.-Jed Rimpac mmet /■- . ^ •;* 

vere in the Pacific from May 26, the Defense Mnristry ajinoanced ' r r _ _ - -. f ****?.._ © 

r TVSo iv jiI t La CmilL Yama'b tJiml tim* in fWn Lt awnro T — •■ m* 'liff ‘'S . ^ V 


fbnJD RnUBovk* Re«m 


A Sarajevo resident handing out newspapers to government soldiers as they marched in the Bosnian capital on Friday. A truce with Croats has been a boon to the army. 


For Bosnian Army, Time Is a 



eigner ideologies. 
Thui 


lursday was Ascension Day. a 
holiday in Germany, and by mid- 
day groups of intoxicated youths 
were gathering in and near Magde- 
burg’s city center. At around 3:30 
P.M.. a gang of them surrounded 
and began to beat five African asy- 
lum-seekers. The five fled into a 
caTe owned by local Turks, and 
their attackers pursued them, 
smashing windows and terrorizing 
patrons. 

“They shouted, ‘We're hooli- 
gans! Germany for the Germans! 
Foreigners Out!’ ” recalled a wait- 
ress in the cafe. 

Faced with the onslaught sever- 
al Turks in the cafe grabbed knives 
and, according to police, slabbed 
four of the assailants. All were said 
to have been seriously wounded 
but not in danger of death. 

For many hours after the stab- 
bings, gangs of Germans and non- 
Germans roamed the streets, dash- 
ing repeatedly. The 30 policemen 
who responded to the original 
alarm were reinforced to a strength 
of more than 200 by late Thursday 
night 

All of those arrested were local 
men under the age of 25. according 
to Magdeburg's senior police offi- 
cial, Antoni us Stockmann. 

“In the chaotic circumstances, it 
was not possible, despite our ef- 
forts, to determine which of the 
people we arrested were responsi- 
ble for specific acts," Mr. Stock- 
mann said. 

“This was not simply an eruption 
of anti-foreigner feeling, and the 
peipetraior5 should not be de- 
scribed as exclusively rightist radi- 
cals.” he asserted. “Most of them 
are not rightists in any way. The 
majority were simply going along 
with a chain of violence in which 
alcohol played a key role.” 

Conditions in Magdeburg, which 
is the capital of Saxony ^AnhaiL 
formerly in East Germany, reflect 
those in many eastern towns. Un- 
employment is officially' put at 20 
percent. 

Nearly all of the stale-sponsored 
youth dubs where young people 
spent much of their free time be- 
fore unification have been closed. 


By Roger Cohen 

.Vfw- York Tima Service 

VITEZ. Bosnia-Herzegovina — For the first 
time in 25 months of war. the Bosnian govern- 
ment feels that time is on its side in its military 
struggle against the Serbs. 

Throughout Bosnia, officers in the Bosnian 
Army appear buoyed by the end of fighting 
between Muslims and Croats two months ago. 
Although the full effects of this cease-fire have 
not been felt, the Bosnian Army is now more 
mobile, less stretched, and somewhat better 
armed. 

Here in central Bosnia, where fighting be- 
tween Muslims and Croats was prolonged and 
bitter, a tenuous peace bolds, and British offi- 
cers stationed in Vilez with the United Nations 
peacekeeping force say the Bosnian Army is 
now getting some arms and amm unition up 
through Croatia despite a UN aims embargo. 

“The federation between Muslims and 
Croats has brought a significant shift” said 
Major Rod Tracey, a British officer. “The Bos- 
nians are still terribly short of ammunition, but 
they are getting some in. There are also the first 
signs of Croats and Muslims working together 
against the Serbs, in the Zepce area and up near 
Maglaj.” 

Apart from improving the Bosnian Army's 
supply of weapons and ammunition, the new 
alliance with the Croats has brought much- 
needed fuel into Bosnia. This has vastly in- 


creased the mobility of the Bosnian Army, 
analysts say, and part of the highly effective 7ih 
Brigade, which formerly fought the Croats in 
central Bosnia, is moving to the sensitive Olovo 
and KJadanj fronts against the Serbs. 

The fact that (he Bosnian Army is now fight- 
ing one war rather than two has already tough- 
ened the negotiating stance of the Bosnian 
government, and the vote on Thursday by the 
U.S. Senate calling on President Bill Clinton to 
unilaterally lift the arms embargo on Bosnia 
will only reinforce this trend. 

In new talks Friday in Geneva, international 
mediators were hoping at least for a temporary 
cease-fire — of three or four months — to allow 
time to negotiate. 

But a temporary cease-fire in the current, 
finely poised military situation is a highly sensi- 
tive issue. Because the Serbs are aware that time 
may be working for the Bosnians, they are 
reluctant to accept a three-month truce that 
may only leave them fighting a considerably 
reinforced Bosnian Army at the end of the 
summer. 

Instead, the Setts want an open-ended cease- 
fire across Bosnia. But Haris Silajdzic. prime 
minis ter of the Muslim-led Bosnian govern- 
ment. and his top army officers are deeply waxy 
of freezing Serbian territorial gains in place, 
and apparently convinced that, with time, they 
can push back the Serbs on (he battlefield. 

International military observers in Bosnia 
are, however, not yet convinced that — without 


a lifting of the arms embargo — the Bosnians 
have the power to roll back the Serbs, whose 
superiority in heavy weaponry and in ammuni- 
tion remains overwhelming. 

“Every lime the Bosnians mount an assault, 
the Serbs are in a position to lob shells onto 
TuzJa. TravniL Olovo. or even Sarajevo.” Ma- 
jor Tracey said. “This has been a pattern 
throughout the war. and will continue.” 

Major Cyrille Prayer, a French officer work- 
ing a i a European Union military observer in 
TuzJa. said Serbian infantry appeared demoral- 
ized. disorganized, and poorly motivated. De- 
spite the Serbs' hugs superiority in tanks, artil- 
lery. and gunvihis infantry appeared incapable 
of occupying and holding ground. 

Apart from activity against encircled and 
weak Muslim enclaves like Gorazde or Srebren- 
ica. Serbian forces have shown little ability to 
make inroads against government troops. 

“If the Serbs had a real infantry, they would 
have finished with Bosnia a long time ago.” 
Major Frayer said. 

On the other hand, a superior 3nd more 
motivated Bosnian infantry — made up largely 
of Muslims who are fighting to return to their 
home towns — still appears to lack the anti- 
tank weapons and artillery cover to make sig- 
nificant inroads on the Serbs. Moreover, with a 
very long from to defend, the Bosnians lack the 
forces to mount two large offensive actions at 
once, and ?o put the Serbs off balance. 


Tehran Denies 
It Sent Cargo 
Of Explosives 


Compiled tn Ovr Staff From Dupauhes 

ZAGREB, Croatia — An 
Iranian diplomat on Friday 
denied a report that an Irani an 
cargo jet that landed in Cro- 
atia 10 days before brought 
explosives for the Bosnian 
Muslims, saying that the cargo 
consisted of food. 

But a Bosnian Army source 
confirmed the report. 

The Croatian government 
also denied the report, in The 
Washington Post, that an Ira- 
nian Air Force transport car- 
rying at least 60 tons of explo- 
sives and other materials for 
weapons production for Bos- 
nian M uslims landed at Za- 
greb on May A 

But a senior Bosnian Army 
source said the Bosnian gov- 
ernment forces received their 
share of the explosives after 
Bosnian Croats look one- 
third. he said. 

(Reuters, AP) 


Pacific Naval Games to Start May 26 


This will be South Korea’s third time in the biennial exercise Wg 1 
first time in maritime exercises with Japan, a ministry .spokesman said. -' 
The exercises wiD be staged in the West and Mid-Pacific region, fan ' 
May 26 through July 16 by the navies of the United States, AustraHa, 
Canada, Japan and South Korea to secure maritime transportation roots: ; 
and promote combined operational capabilities, he stud. • •' <“- 




Peacekeeper Politics in South 

PRETORIA (Reuters) — South Africa’s new national defense 
said Friday that any decision about its partitipatioh in foragn pese. 
keeping was political. 

A South African National Defense Force statement said tfee.ue* 
constitution made provision for South African peacekeeping operations, 
but it added that involvement beyond the borders of South Africa wfiss 
“political decision.” 

Colonel John Roll, a spokesman for the force, said there had boa 
several questions from the press about possible South African ] 

(ion in foreign peacekeeping operations, specifically in 


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Clinton to Get His Oxford Degree - • 

OXFORD, En gland (Renters) — President Bill CSnion will 
receive a degree from Oxford University when he visits Britain m 
June, university administrators said Friday. ■ 

The sheepskin will complete an academic career that Mr.Ginton 
began, but did not finish, 26 years ago. He studied politics as' a- 
Rhodes Scholar at University Colk$e, Oxford, from 1968 to 1976, 
but left to study law in the United States. 

He wiD receive the degree of Doctor of Civil Law by Diploma® 
June 8 at the end of a European trip to mark the 50th anniversary of 
the D-Day invaaon. 


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French Investigate Tapie Over Yacht 


As EU Chief, Labor Party to Move Fast to Pick a New Leader 


Russia Pact 


UNIVERSITY DEGREE 

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TlmufrConeaisraHomoSagJy 
(310)471-0306 ext 23 
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Fax er send detailed resume for 

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600 N. Sepulveda BlvG, DepL 23 
' i Angeles, CA 90049 


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Agtnce France- Prose 

BONN — A treaty of association 
between Russia and the European 
Union will be at the top of Germa- 
ny's agenda during its forthcoming 
presidency of the ELI. Foreign 
Minister Klaus Kinkel of Germany 
told President Boris N. Yeltsin on 
Friday. 

Mr. Yeltsin, on the last day of a 
three-day visit to Germany, met 
with Mr. Kinkel to discuss cooper- 
ation between Moscow and the 
North Atlantic Treaty Organiza- 
tion. 

Mr. Kinkel said after their talks 
that he had pledged that Bonn 
would make the treaty “one of the 
top priorities of the German presi- 
dency of the Union.” 

Bonn takes over the six-month 
rotating EU presidency from 
Greece on July I. 

The statement added that much 
of the meeting centered on new 
European security arrangements. 

Mr. Kinkel expressed hope that 
Russia would soon play an active 
role in European security policy by 
joining the NATO-proposed Part- 
nership for Peace program. 

The statement added that Mr. 
Yeltsin said he would sign the ac- 
cord “soon," although Russia 
wished “to set out in a protocol the 
specific content of the cooperation 
between NATO and Russia.” 

Mr. Kinkel. echoing an earlier 
pledge by Chancellor Helmut 
Kohl, also reassured Mr. Yeltsin 
that Germany would back Russian 
efforts to obtain full membership 
of the GATT world trade accord 
and of the Group of Seven industri- 
alized nations. 

Russian membership in the 
NATO partnership program re- 
cently ran into snags after NATO 

carried out air strikes in Bosnia last 
month and after Moscow demand- 
ed special status in the program. 


Reuters 

LONDON — Leaders of the Labor Party, 
seeking to maintain pressure on Prime Minister 
John Major, said Friday that they hoped to 
move quickly in picking a successor to John 
Smith, who died after a heart attack on Thurs- 
day. 

A drawn-out Labor leadership struggle pit- 
ting modernists against traditionalists could 
cost momentum in the campaign to the 1997 
general election and take the spotlight away 
from Mr. Major’s woes. 

After grief-stricken colleagues met to son out 
the leadership situation, the party chairman. 
David BlunketL said on Friday: “The opinion 
appears to be that we should try and do that by 
mid-July.'’ 

He said the timetable would be decided at a 


meeting or the national executive committee on 
May 25. 

Labor is ndins high in opinion polls, com- 
fortably ahead of Mr. Major's divided Conser- 
vatives! Mr. Smith was still celebrating Labor's 
victory in local council elections when he died 
of a heart attack in his London home. 

Labor, the Conservatives and the centrist 
Liberal Democrats called off campaigning for 
several days before next month’s European 
parliamentary election as a gesture of respect 
for Mr. Smith. 

Party elders fear delaying the choice of a 
successor until the party's annual conference in 
October would be disastrous. 

Neil Kinnock. who stepped down after La- 
bor's fourth consecutive election defeat in 1991 
after initiating a modernization of the party 


that was continued by Mr. Smith, said of his 
successor: 

“His view would be. without any question, 
thai we should pick up the traces as quickly as 
possible in order to sustain the momentum that 
he contributed so greatly to achieving.” 

The leading contender for the succession is 
the party's home affairs spokesman. Tony 
Blair, a 4 1 -year-old Scottish barrister who has 
stolen Tory thunder by pressing for tougher 
law-and-onier measures. Bo okmake rs on Fri- 
day made him favorite at 5-1 

He and Gordon Brown, the party's finance 
spokesman, are fellow modernizers as well as 
close friends. They f3ee a hard decision in 
deciding whether to stand against each other. 

Margaret Beckett, wbo took over as tempo- 
rary leader after Mr. Smith’s death, may also 
enter the race. 


PARIS (Reuters) — French prosecutors have begun a lax-frend 
investigation of Bernard Tapie, the business executive and politician, 
after an official complaint about his luxury yacht, judkaal sources said 
Friday. -Y 

The investigation focuses on possibly improper tax benefits gained by 
registering Mr. Tapie's 74-meter yacht Phocca as a comnocud vessel, 
even though he used it exclusively for his personal benefiC-fhe sources 
said. 

Mr. Tapie, a self-made millionaire propelled into the spotlight throoeh 
his ownership of the successful Marseille soccer team, is running for ue 
European Parliament in next month's election. The former .cabinet 
minister heads the small Leftwing Radicals Party in the June 12 vote. 


China Names 13 to Hong Kong Panel 


HONG KONG (AFP) — China has appointed 13 more members toils 
Preliminary Working Committee. Beijing’s shadow policy-making body 
5 Koi 


in Hong K.ong. 

The committee is charged with mapping out Hong Kong’s post-1997 


political system in conjunction with top Beijing officials, led by Foreign 
~ Qian Qichen. 


Erik Erikson Dies, Life-Stages Theorist For the Record 


Minister' . 

The latest appointments included Paul Cheng, the dbairman of Iacb- 
cape Pacific, a unit of Incfacape PLC; Wong Ying-wai, former depmy 
trade and industry director-general; and Arthur Garda, a former govern- 
ment ombudsman. New members from the Chinese side included Goo 
Fengmin, the Chinese team leader of the Chinese-Bntish Joint Loins 
Group, and Wulan Mulun, the deputy director of Xinhua press agency in 
Hong Kong. 



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New J tv* Fima Smicr 

NEW YORK — Erik H. Erik- 
son. the psychoanalyst who pro- 
foundly reshaped views of human 
development, died Thursday at a 
musing home in Harwich. Massa- 
chusetts. He was 91. 

A friend and disciple of Sigmund 
Freud. Dr. Erikson was a thinker 
whose ideas had effects far beyond 
psychoanalysis, shaping the emerg- 
ing fields of child development and 
life-span studies and reaching into 
the humanities. 

He was best known for the the- 
ory that each stage of life, from 
infancy and early childhood on. is 
associated with a specific psycho- 
logical struggle that contributes to 
a major aspect of personality. 

That represented a quantum leap 
in Freudian thought, suggesting 
that the ego and the sense of identi- 
ty are shaped over the entire life 
and that later experiences might 
help heal the hurts of early child- 
hood. 

Dr. Erikson's influence, com- 
pounded by clinical studies of chil- 
dren, a teaching post aL Harvard 
University, popular lectures and 
best-sdling books on Mohandas K. 
Gandhi and Martin Luther, per- 


vaded many layers of society, from 
education to medicine to law io 
biography to psychiatry to low- 
brow culture. 

His popular recognition reached 
a peak in the 1970s. particularly 
because or his identification with 
the development of “identity cri- 
sis." a term he coined. 

The term “psychobiography." 
which he did not originate, was al.=o 
associated with his name. His most 
significant contribution, however, 
was the concept of a malleable and 
changeable ego in adults, a depar- 
ture from traditional notions of an 
ego fixed early in life and persisting 
to its end. 

A key element in Dr. Eriks. in's 
theory of successive changes in per- 
sonality and. hence, modification 
of the ego was that the dynamics of 
the society in which a person lived 
determined the extent of ihe roolu- 
lion of the change:.. 

By placing the individual firmly 
in a societal matrix, he was able to 
suggest the degree to which politi- 
cal economic and social s> items, 
all exterior forces, mold a person’s 
interior emotional life. 

In that manner Dr. Erikson 
sought a union between psycho- 


analysis and the social .sciences. 

As a pioneer in the study of the 
life cycle, he considered that it con- 
sisted of eight crucial stages. 

The stages are infancy, or the 
oral sensory stage, in which the 
emotional conflict is between basic 
trust and mistrust; muscular-anal, 
in which autonomy conflicts wtth 
shame and doubt: the locomotor- 
genital. where the conflict lies be- 
tween initiative and guilt: latency, 
in which the positive component is 
industry and Lhe negative is inferi- 
ority: adolescence, where the iden- 
tity crisis, or role confusion, nor- 
mally occurs: young adulthood, in 
which intimacy vies with isolation; 
adulthood, in which the crisis poles 
are geceralivily and stagnation, 
and maturity, or old age. when de- 
spair threatens ego integrity. 

Oeanth Brooks, 87. Author 
Was ‘New Criticism' Pioneer 

NEW YORK t NYTj — Cleamh 
Brooks, 87. an educator, author 
and Southern literary critic who 
helped spread the principles of the 
New Criticism movement through- 
out American universities, died of 
cancer Tuesday at his home in New 
Haven. Connecticut. 


The New Critics advocated dose 
reading of literary texts and de- 
tailed analysis, concentrating on 
semantics, meter, imagery, meta- 
phor and symbol as well as refer- 
ences to history, biography and cul- 
tural background. 


A Portuguese pflot and a flight mechanic were MM Friday when rfwr 
unarmed jet fighter crashed into a beach during a NATO training drill® 
the northern Spanish coast of the Mediterranean, a Spanish Defend 
Ministry spokesman said in Madrid. 




I'-C. 




Suspected (skunk extremis ts shot and kffled three policemen in two 
incidents Friday in southern Egypt, police officials saii 


'.vaijj... 




Heinz- Werner Meyer, 61, 

Led German Labor Group 

BERLrN (NYT) — Heinz-Wer- 
ncr Meyer, 61, the leader of Ger- 
many's labor federation in the tur- 
bulent years since reunification, 
dial of a heart attack Monday at a 
clinic in Siegburg. Germany, near 
Bonn. 


TRAVEL UPDATE 




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A Day for Savoring Dutch WlndmiHs 




AMSTERDAM (AP) — Visitors to the Netherlands can take 3 J*® 
peek behind the scenes at more than 650 windmills Saturday as the Dot® 
celebrate National Windmill Day. All shapes and sizes of windrotOs 


Mr. Meyer was bead of the Fed- 
eration of German Trade Unions, 
or Deutsche Gewerkschaftsbund, 
known as DGB. His conciliatory 
style won him wide respect and his 
success in guiding the union federa- 
tion at a time of high unemploy- 
ment seemed to have assured him 
of re-election at a convention set 
for next month. 


Day. All shapes i - 

be open to (he public, including several newly renovated examples 
_ About a thousand windmills still exist in the Netherlands. More than 
six hundred are still operating, most for grinding wheat and 


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water. Earlier this year the Ministry of Culture pledged up to 1 
guilders ($53 million) to preserve the re maining mills. 


In the arid- 1800s there were about 1 0,000 windmills keeping the 
or the Dutch economy turning. But with the advent of steam and in® 
electric power, the mills eventually sailed into the industrial sunseL 


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Marcbette Quite, 84, a biogra- 
pher of Shakespeare, Chaucer and 
Ben Joqsoq. died of pneumonia 
May 6 at the 
Home in Montclair, 


A dripping strike that has paralyzed French passenger feny service^ 

North Africa was declared illegal Friday. A coart ordered ship .V' v : r : ■ . 

back to work as union negotiators rejected a management proposal 
settling the dispute. (Rente?) 


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Rampant safely riokitioas at fom- PUfippiBe airports, indudingsqo« Mr 
tomes alongside runways, led the government to dose the airport* ^ 









ed of pneumonia Friday. The four airports were Dipolog on Mindanao island: Bacotod ® > r V “ r ''wzr: a itchj 

Madison Nurang the central Philippines; Cauayan north of Manila, and San Jose sooth® w . 

lair. New Jersey. tbecapitaL (Reuters) -;V • ** 


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tin Americans Reject Use of Force to Unseat Haiti Military 


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MIamt jV** Timn Venice tervention as a means for unsealing the 

recent w am . r ' le Pinion administration's “Untiy's military leadership, which over- 
[ o setii c Ha*?®* S hai f° rcc "tight be needed threw the eleaed president, the Reverend 
sJs have l i on S-niniiiiig political cri- Jran-Bcnrand Aristide in September 1991. 

in ih„ £ MU'Ckiv vtimvt CtTAna nnnneitinn DinlntnAK cniH ih^ mill *»i ih« AAC 


Diplomats said the split at the OAS 
occurred after the United States. Argenti- 


»»ve uuifkiv T® r 5 **«*“«« 

“te SciiiB rri uJU* 1 f ron 8,°Pe? all “; 

at toe Orea ■ sc H 5siot t of the Haitian crisis Clinum’s own recent statements, saying 
^ashinmr 1 aaUon of American States in toat the use of force should not be ruled’ oui 
Eei«aJ? lon P" Wednesdav Rr^it iw in Haiti. 


^uadnr > n t 11 fc '* u » u ‘*y. «azu. reru. 

force under an ™ gua >' ^cctcd the nse of In the end, because of the breadth of the 
Latin Arn ' circum s t *mces- opposition, the proposed reference to force 

lionallv bee n CnG5n coualrifiS haw tradi- was dropped from an OAS resolution con- 
by q, c ' °f I " aiu ?y intervention detuning Haiti's military for appointing an 

history of ourhL which has had a interim president to replace Mr. Aristide. 
MejiicoXanada d ' p L°I? a Fy “ toe region. “The secretary-general is a man who 

• and Cuba have all also feds very strongly that we should not re- 


sort to toe use of force." said Hugo de Zda, 
Spokesman for Joao Baena Soares, the 
head of the OAS. 

“There is a lot of margin for political 
pressure and diplomacy, which he feels can 
Still work. But under no circumstances 
does he feel that we should use military 
force.” 

American officials who have alluded to 
the possibility that force might be neces- 
sary to restore democracy to Haiti have 
usually said that any such' force should be 
constituted from a variety of nations and 
operate under a mandate from the United 
Nations or the OAS. 

But diplomats at both organizations said 
that strong sentiment against armed inter- 
vention in Haiti would complicate and pos- 
sibly block forming a multilateral force. 


At the UN. official* said that current 
plans called for bringing in a small force of 
military trainers, whose mission would be 
io separate Haiti's police from its armv and 
begin retraining each. 

But this would begin only or.ee Haiti's 
present military leadership had abandoned 
power. 

A similar mission empowered by the 
Security Council was aborted in October, 
only two weeks before the negotiated date 

for Mr. Aristide's return, when a mob of 

army sympathizers firing small arms rioted 
near the piers where a ship carrying about 
200 Canadian and American military 
trainers was scheduled to dock. 

Officials said that any foreign trainers 
would have to be accompanied by a "dis- 
suasive force." Asked what this meant, one 


U.S. Army Exercise 
Simulates Invasion 


un*J? rA,I "* a!edpras 


cS ihJ, C ? mpl , elcd a exer ~ 

... «-t .simulated an invasion of 


Haiti tU d ™ 311 evasion of 
Friday™ Bos,on Gl °be reponed 


firmedVh IIaiy s P okesw °man con- 
iK, but declined to 

venting ^ or inter- 

ve ntion m Haiti. 


^ m ^jtotng that happens in this 
^sphere, whether it be a troop 
movement or an exercise, people 


yc trying io tie to reports of a Haiti 
invasion, 


toSn, - said Ma jor Jamie 
RMch. It s just not valid.” 

w Sr week exercise involved 
“OOO nuutary personnel includ- 
*ng Marines and army Special 
Forces, as well as jet fighters, heli- 
copters, amphibious vessels and a 
submarine, the Globe said. 

The paper said the timing and 
tne tactics of the exercise, called 
Operation Agile Provider, was de- 
veloped with Haiti in mind and 
could be used to turn up the pres- 
sure on Haiti's military leaders to 
quit. 

President Bill Clinton has not 
ruled out military intervention. 

Major Roach said the exercise, 
which began April 25 and conclud- 
ed Wednesday, was planned more 
than a year in advance. Shesaid the 
attack scenario did not even men- 
tion a Caribbean nation. 

“it was a Southwest Asia scenar- 
io." Major Roach said by telephone 
from Norfolk, Virginia, hei idquar- 
ters of the Atlantic Common d/ L We 
just placed it in the United States." 

Captain Tim Hoyle, an Atlantic 
Command spokesman whose area 
of responsibility includes Haiti, de- 
nied that the exercise was staged 
specifically with Haiti jn mind. 


The bulk of ibe operation look 
place off the coast of North Caroli- 
na, but troops also trained near 
Savannah, Georgia, and unproved 
an airport on the Bahamian island 
of Great Inagua. Most of the sol- 
diers were American, but there 
were s mall detachments of Dutch 
and Surinamese military. Major 
Roach said. 

Tie newspaper noted that U.S. 
military exercises in toe Caribbean 
were relatively routine. But uniden- 
tified military sources lold the 
Globe toat toe operation, in its tun- 
ing and tactics, had been planned 
with Haiti in mind. 

At toe same time, the sources 
conceded that toe exercise could 
also be an effort to turn up the 
pressure on Haiti’s military junta to 
allow the return of exiled President 
Jean-Bertrand Aristide. 

During toe exercise, Marines 
used North Carolina and Puerto 
Rico as mock landing sites. 

Special Forces, some of whom 
landed by submarine, took out 
mode enemy command posts and 
radio stations. And Marine fighter 
jets flew more than 200 practice 
sorties, sources said. 



A gasoline vendor filling it up in Port au Prince this week in an area known as “Kuwait City’ 


I'hn NK‘t'i'fififc*' 'THr A^vukd Ptrv 

because of the black marfcet fuel available. 


No Hint That CIA Was On to His Spying, Ames Says 


By Walter Pincus 
and Bill Miller 

fyaihbtgton Post Servlet 

WASHINGTON — When Al 
drich Hazen Ames got a call to go 
to his Central Intelhg 
office, toe moming_of Feb 


grace A^ncy 



A Safer Cigarette 


By Philip J..Hilts 

Yen' York Tima Soviet 

WASHINGTON — Tobacco companies not only knew of the 
hazards of smoking by toe early 1960s but had already discovered 
and patented a critical step for making a safer cigarette. 

The idea was to heat toe tobacco rather than bum it, tons avoiding 
toe process that creates most of the hazardous substances in tobacco 

Sn $!own & Williamson Tobacco Corn, a subsidiary of toe London- 
based British- American Tobacco PLC. put the idea to the test in a 
ciaarette, code-named Ariel according internal company documents 

obtained by The New Yoric Times. . 

The prototype was granted a patent m 1966 but was never 

m The t Snpany decided against pressing toe saf« product toward 
the nmrkei rbrfear toat they would make thor other products look 
bad, according to company documents and interviews with scientists 


working on toe projects, 
Another 


was that smokers 
ereforc would not buy 


Another likely reason, toe doamients 
might find toe cigarettes less satisfying i 

^TWnas Fitzgerald, a spokesman for Brown ft Williamson, said: 

rbrmerratotoyeeof a lawSrm that worked for Brown ft Wpliamron. 
f0 ??“ r .S„ y »,hn knowingly uses stolen information is in fact 



Mold, assistant director 


said in an telephone interview this week that his wrap 
P r " j - noarpite in research that began in 1955, and that 


. Y* -rj a safer cigarette in researen rnai 
toeP^^^^^She tISne day in 1^ toat there 

bad ^ t X C ra^ 

lawyers, that toe con^J ^ d fo a paper for publication. 

but we were! iiitsmdwhit the results were. 

did, how *«tod uan ^ ^^oned in memorandums and 

Al ^5 -IftSm to? eSy!960s was “Project 0100, an effort to 

Ufljcd1 ^ SSStafEnSt brougt a decade ago by 
The papere were ,“J Jude cancer Wore her case was 

Rose the «>be awarded damages 

tl* Umted Statw. : 

inasmokto£babtopf»* & documents, toe And 

According a to gready on the cBteeKMMJub- 

cigarette and cm down the amount o[ secondhand 

^fhaw ^ potential fire hazatd, as later 

ve ^om of sunder f^^SSnies not 10 procesi with Iks 
^. e decision at totoa»«S^ macWebated mteraaUy. 
hazmdous dgarettK nas ^ Some of the reasons include 

WgKS S SetSta*. *a< ^ 

were hazardous. . marketing problems, that is, the 

toe iSTwhat Irookers were used to.- 

dJSS-SffilS 5 S? • + !“ 1655 

aD if a l out to be justified when R. J. Reynolds 

on the ^ after theeariy sua»sof toe 

w for a pa “‘’ **“ ~ 

lS«^,Sinitialiy h ? d ^£^Mno™dnms e^asSafear 
S^^^^Son about smohingandpf 

cofflP^^cJSd down- 


bad no inkling that his almost nine 
years of supplying secrets to Mos- 
cow for S2.5 million was about io 
be ended. 

He had been under FBI investi- 
gation for almost a year, but Mr. 
Ames said in an interview this week 
that he had no him he was under 
sunickm. 

in fact, government officials 
would have p re f erred to delay ihe 
arrest, according to recent inter- 
views with investigators and law- 
yers involved in toe case. 

Despite months of wiretaps, 
searches and surveillance, they had 
not gathered what they considered 
enough evidence to guarantee con- 
viction of Ames on an espionage 
charge that would lock him up for 
life. But they worried that he might 
catch on to them and flee. As Mr. 
Ames was planning to travel to 
Russia on Feb. 22 on CIA business, 
the Federal Bureau of Investigation 
believed it bad to act. 

FBI officials still hoped toat 
shortly after dawn on Feb. 21, Mr. 
Ames would leave his house, and 


they could catch him placing a tell- 
tale chalk mark on a mail box as a 
signal to his Russian handlers. 

When Mr. Ames failed to leave 
his house, they decided to set in 
motion the arrest by having Mr. 
Ames’s supervisor call him to work, 
using toe excuse toat an overseas 
cable had come in that needed his 
help u> answer. 

A block and a half from the 
Ames’ house in North Arlington. 
Virginia, his 1992 Jaguar was 
forced to the curb by two cars with 
flashing lights, and nc was arrested 
by FBI agents. For years, Mr. 
Ames said, he had lived “with a 
kind of fatalism" of eventually be- 
ing caught. 

Bui be said in the interview that 
he bad decided to keep going until 
he reached toe retirement age of 55 
in 1997. The Russians had provid- 
ed an incentive to stay in tne CIA 
and continue passing secrets: (hey 
had told him months earlier that 
they had set aside an additional 
$1.9 million for him. 


He also had reason to think the 
CIA did not suspect him. Only last 
December, he said, he was told by 
superiors that he would be rotated 
out of his position in the Counter- 
narcotics Center, where informa- 
tion of any value to the Russians 
wa> scarce, and seni back to the 
operations directorate, where he 
again would be handling the agen- 
cy's most classified secrets. 

"I was encouraged to think I’d be 
gelling an interesting ji-b in April. 
May or some time this spring, he 
said from the prison ir. Alexandria. 
Virginia, where he is beginning to 
sene a life sentence without parole 
for conspiring io commit espio- 
nage. The subsequent search of Mr. 
Ames's car and house produced ev- 
idence beyond the investigators' 
dreams. 


A cheer erupted at the FBI's 
command center when agents 
heard that in Mr. Ames's car a 
piece of white chalk was found with 
a blue mark on iL That was the first 
significant breakthrough of the 


For Vietnam Veterans, Suicide Hits Home 


By Kent Jenkins Jr. 
and Charles W. Hall 

Washington Pass Service 

WASHINGTON — Thrown 
into “a demon rage" by toe suicide 
of Lewis B. Puller Jr., Tom Ed- 
monds went to toe Wall toe Viet- 
nam Veterans Memorial to mourn 
a fallen comrade. But the rage — 
the war Mr. Edmonds still carries 
inside — would not subside. 

“God, I*m tired of this.” Mr. 
Edmonds, of Falls Church, Virgin- 
ia, wrote in an anguished poem he 
sent to a group of fellow Vietnam 


veterans on toe Internet computer 
network. 

“Please no more. 

“But God doesn’t answer. He 
never did. Not then. Not now." 

It all came rushing back Thurs- 
day, to Mr. Edmonds and countless 
others in the Washington area and 
beyond — all toe buried memories 
and ancient buns of a war that 


stopped but never really ended. 


Ex- Wile of Guard 
Named in Clinton 
Suit Kills Herself 


The Associated Press 
SHERWOOD, Arkansas — The 
former wife of an Arkansas state 
trooper who served as a guard for 
Bill Clinton and is a co-defendant 
in a sexual harassment lawsuit 
against him died in an apparent 
suicide. 

Kathy Ferguson, 37, was found 
dead of a gunshot wound to the 
heed Wednesday at the home of her 
boyfriend, toe authorities said. Her 
death was bang investigated as an 
apparent suicide. 

A note thought to be written by 
Ms. Ferguson was found near her 
body. It indicated problems in her 
relationship with her boyfriend 
Bill Shelton, the police said 
There was no known connection 
between her death and her former 
husband, Danny Ferguson, who 
said Thursday that the two had 
been divorced for about four years. 

Mr. Ferguson, an Arkansas 
trooper, is named in a lawsuit filed 
last week by Paula Corbin Jones, a 
former Arkansas state employee. 
She alleges that in 1991 Mr. Qin- 
ton, then toe state governor, made 

unwarned sexual advances io her in 
a hoteL Her la want said Mr. Fergu- 
son had invited her to toe meeting 
with Mr. Clinton. 


Puller, the author and Viet- 
nam veteran who shot himself at 
his suburban Washington home 
Wednesday, was more than a sui- 
cide. To Mr. Edmonds and others. 
Mr. Puller was an agonizing sym- 
bol. a casualty of war. 

“I’m extremely angry, and I find 
it very painful,” said Mr. Edmonds. 

who suffers from post-traumatic 
stress disorder and receives full dis- 
ability pay. b But mostly it scared 
me. Because I can understand the 
reasoning behind his derision.” 

Mr, Puller, a Marine who lost his 
legs and parts of both hands in a 
land mine explosion in Vietnam, 
wrote a Pulitzer Prize-winning 
book about his ordeal. He had re- 
cently struggled with deep depres- 
sion and addiction to prescription 

drugs. 

The White House issued a state- 
mem saying that Mr. Puller's death 
“reminds us all of toe grier that still 
haunts so many of America’s veter- 
ans today." 

At toe Vietnam memorial, where 


toe names of those killed in toe war 
are inscribed on ihe stone walls, 
strangers spoke or Mr. Puller in 
tones of pride and respect. 

“1 think his death is a direct 
result of the Vietnam War. mean- 
ing his name should go on the Wall 
like all the others." said Joe Steele, 
a former Marine u ho runs a veter- 
ans center in New Jersey. He said 
Mr. Puller's suicide should give 
Americans “a sense of remem- 
brance of those men still out there 
who need help." 

Mr. Puller’s death also renewed 
lingering questions about how well 
Vietnam veterans as a group have 
adjusted to life after the war. 

“So many of these combat veter- 
ans are just trying to numb their 
pain.” said Jonathan Shay, a psy- 
chiatrist who has written a hook on 
Vietnam veterans with post-trau- 
matic stress disorder. “Some do it 


with alcohol or drugs- Some do it 
by being a workaholic." 

Recent studies suggest, however, 
that Vietnam veterans are no more 
prone to suicide than the rest of toe 
population, according to David 
CTarJt. director of toe Center for 
Suicide Research and Prevention in 
Chicago. 

Charles R. Figley, a specialist on 
post-traumatic stress disorder who 
is based at Florida State Universi- 
ty. said studies of Vietnam veterans 
showed that 15 percent suffered the 
disorder. 

For many veterans, ihe initial 
psychological wounds are com- 
pounded by other life problems, 
like troubled marriages. “The vast 
majority of Vietnam veterans have 
moved on in their lives.” Mr. Figley 
said. “But for 15 perceni toe rem- 
nants of toe war continue to affect 
ihem." 



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THE 


AMERICAN UNIVERSITY 
OF PARIS 


deme. 


were 1 


diplomat said: a smaller number of soldiers 
equipped with “larger means and binder 
weapons." 

Under toe original training mission, onlv 
selected foreign officers deployed to Haiti 
were to be allowed to cany sidearms. The 
other trainers would have been unarmed. 

If the Haitian Army continued to refuse 
to relinquish power, a diplomat said, an 
"enforcement mechanism" would be re- 
quired io clear the country's docks and 
perhaps round up ihe top echelon of Hai- 
ti's military leadership. 

"This is a plan with three scenarios.*’ a 
diplomat said. “Each time we go to a high- 
er level that would require a new resolution 
and a new debate in the Security Council. I 
don't know bow difficult toat would be. 
but it has to be faced." 




APOLITICAL NOTES A 


Clinton Accuser Gets Legal Defense Fund 


day. evidence that Mr. Ames in- 
deed had been leaving white chalk 
marks on blue mailboxes as signals 
to toe Russians. As more evidence 
poured in from the house search, 
including notes between Mr. Ames 
and his Soviet handlers, toe govern- 
ment changed its strategy for deal- 
ing with Mr. Ames and his wife. 
Rosario, who had also been arrest- 
ed. 

Initially. Rosario Ames was 
viewed as an accomplice who could 
be turned into a cooperative gov- 
ernment witness. But after finding 
incriminating material in the Ames' 
house, prosecutors realized they 
would not need her to help build a 
case and focused on her as a co- 
conspirator. 

Weeks later, she became the 
linchpin in plea bargain negotia- 
tions with Mr. Ames; in return for 
his guilty plea and his agreement io 
tell all about his spying, prosecu- 
tors agreed to bring a lesser charge 
against her and held out the possi- 
bility of a relatively light five-year 
jail sentence for her. 


WASHINGTON — A group of Christian activists, saving ii was 
standing up lor the rights of women, has launched what ii describes 
as a broad- based appeal to help pay the legal fees of Paula Corbin 
Jones, the former Arkansas state employee who is suing President 
Bill Clinton for sc.\uai-hanissmcnt. 

But a leading feminist group quickly turned down an invitation to 
endorse toe fund. It said it would refuse to “take the right wing's 
bail" by stating a position on Mrs. Jones's allegations of harassment 
and civil-rights violations against Mr. Clinton. The allegations 
relate to a 1991 encounter in a Little Rock hotel room. 

The creation of the Paula Jones Legal Defense Fund was an- 
nounced by Patrick Mahoney, executive director of the Christian 
Defcnse Coalition. He said he would aggressively seek donations for 

the fund, keeping the names of alt contributors anonymous. 

As a national spokesman for the militant anti-abortion group 
Operation Rescue. Mr. Mahoney frequently has clashed with femi- 
nists. Bui he insisted Thursday that "sexual harassment knows no 
political boundaries" and challenged feminist groups to help publi- 
cize his fund — and support MrsT Jones's cause — in ihe same way 
they embraced Anita Hill following her allegations against Clarence 
Thomas before he was confirmed as a Supreme Court justice. 

"What angers me now is this — the National Organization for 
Women should be selling up this legal defense fund." said Mr. 
Mahoney . "The Fund for the Feminist Majority should be setting 
up this fund. Bui they have chosen io tot politics get in the way."” 

NOW's president. Patricia Ireland, said in a statement that her 
group was "monitoring" the Jones lawsuit. 

A 27-year-old former clerical worker. Mrs. Jones alleged in a 
lawsuit last week that she had been asked by an Arkansas suite 
trooper to meet Mr. Clinton at a state-sponsored conference on 
May 8, 1991. when Mr. Clinton was governor of Arkansas. After 
she did so. she said. Mr. Ointon made a series of unwanted sexual 
advances. 1 1 VP) 


House Raises the ‘Nanny Tax’ Threshold 


WASHINGTON — The House voted unanimously to overhaul 
the "nanny tax" that helped torpedo the nomination of Zoe Baird 
for attorney general in the early days of the Clinton administration. 

The aim is to promote wider compliance with a tax law that the 
federal government estimates is ignored by three out of four employ- 
ers of household workers. By failing to pay the tax. employers 
effectively cheat employees of state retirement benefits. 

By a 420-io-Q rollcall vote, the House approved a bill that would 
raise the threshold for paying Social Security taxes. Now. employers 
are required to pay the tax when an employee's wages reach S50 a 
quarter. Instead, the bill would require employers io pay taxes on 
wages of SI, 250 annually and higher. f LAT) 


New Jersey Senate Passes a ‘3-Strike* Bill 


TRENTON. New Jersey — The State Senate unanimously ap- 
proved legislation that would require mandatory life imprisonment 
for a person convicted of violent crimes on three or more occasions. 

If the bill becomes law. as expected, a person convicted on three 
occasions of certain violent crimes in any jurisdiction would be 
sentenced to a mandatory term of life imprisonment with no 
eligibility for parole. 

Crimes covered are murder, manslaughter, aggravated assault, 
kidnapping, sexual assault robbery, and possession of a firearm, 
explosive or destructive device for an unlawful purpose. (Nttl 


Quote/ Unquote 


Senator Robert C. Smith. Republican of New Hampshire, oppos- 
ing a bill passed by the Senate to restrict abortion protesters: "Some 
day this is going to haunt you. There's going to be another political 
issue that you’re on the other side of. And you're going to regret this 
vote.” (Nm 


Away From Politics 


■ Two men have been convicted of kidnapping the daughter of the 
casino mogul Steve Wynn and holding her until they got a SI.45 
million ransom. Jurors deliberated about five hours before finding 
Ray Cuddy, 47, and Jacob Sherwood, 22, guilty of all charges 
stemming from the July 26 abduction of Kevin Wynn from her Las 
Vegas home. 


• The owner of a car-repair shop in St. Louis, Missouri, who 
admitted to having let the r efrigerant from a car’s air-conditioner 
leak into the air has become the first person prosecuted under a 
federal law intended to protect toe atmosphere’s ozone layer by 
tightly regulating such cl 


• Harvard University, which already has the largest endowment of 
any private university in toe nation (S5.8 billion), opened a campaign 
Thursday to raise S2. 1 billion over the next five years. “Harvard is in 
a time of relatively scarce resources," the university’s president, Neil 
Rudenstine, said as he announced what officials said was toe biggest 
fund-raising drive in the history of higher education. 

• The rate of premature, low-weight births in toe United States 
increased 18 percent in toe 1980s after declining steadily through the 
1970s, federal health officials said. The increase was due in part to 
toe higher number of babies born to women who are older, who fail 


to receive prenatal care and who have twins or triplets, toe Centers 
for Disease Control and Prevention said. ap.N)T 


r 


te LA ROCHELLE, 5 Place de ftUma Paris 8 

Seafood and : 

■ include I 



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Al mejer oidt Mih 

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Opai 7/7 N PAR OUSTS BASIS NEVER FM. 

1 , rw du Mem fibber T iL aMJO.lt 

PAKBJM ) 

LE TOTT DE PARIS 

Donee Rato* every Scour day nigh 
daring a 8 p m. wA gottonon* 
xaeadtim and Wb rrwBc <t IE 

Tttf DE RARE entire lOriiloor 

and me Eiad low. 

FF 295 ind. dimer and dondna- 
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decor Excellent wines A mineral walen. 
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PAUS 6th 

PARIS 17th 

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The Franora Rmnurcrt 

faang Eotae StGonnomJe*^ Tradliand 
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T.: 12 61 1270 Opene»eydoyunli2e.m 

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American rapaura# of the 3ff> 

laav Guacamale, Hone. Rrtn. lundl menu 

6€ FF. 7 days and male hem 8 am to 2 a.m. 
Foana 5L-Gemoi»dtt-fras. 22. me Guiaume 
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ALGOLDENBERG 

Mrio henngs - IWami - Cream cheese baad 
and fax homemade ■ Cheue rale & d me 
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Td 42.27.34.79 Every day up ta midrign. 

YUGARAJ 

Hoicd os fte bea hrten resfeuantin Frorae 

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DA MEO PATACCA 

Trastevere. Red famous hr fan bod, nufc & 
bUore 00153 Rome. Puz.93.t.. 58331006 

PASS 7th 

LA PETITE CHAISE 

Dehciou* cutline at tire okfatl ratauram in 
Pw* Menu 170 IT deJy. 36, rue de GrcneJe 
Tel.: (1) a 22.1 3.35. Open in August 

VBMA 

KERVANSARAY 

Turkish & injl specialties, fabi>er bw best 
lofcar. Mohlersir.9. 

Tel: 5126843 Air amilfcrad 80m. Obaa 
Noot»3ji^ 6 pm-lanL, emepi Sunday. 

THOUMIEUX 

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79 rue S -Oorrimque. Td • |l) 470549/5. 
Near InvdidesTcnRinci 


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Page 4 


SATURD AY-SUN DAY, MAY 14-15, 1994 





Herald 


INTERNATIONAL 

PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Haiti: No Rush to Invade 


F-mil Jonassaint, a former Supreme Court 
justice, was sworn in Wednesday as president 
of Haiti by a minority of legislators with the 
backing of the military junta. It was a dear act 
of defiance toward the international commu- 
nity, which last week voted in the United 
Nations to intensify sanctions against Haiti to 
force its illegitimate rulers to step down and 
allow the return of the exiled president. Jean- 
Bmrand Aristide. In response, some mem- 
bers of the US. Congress and other observers 
have begun talking more seriously about the 
use of military force to oust the coup leaders 
and allow Father Aristide to return. 

That would be a mistake. Mr. Jonassaim’s 
appointment does not materially change the 
situation in Haiti. The new sanctions, set to 
begin May 21. should be given a chance to 
work. The pressure they will exert on the 
country’s rulers will be just as uncomfortable 
whether or not they are living under the cha- 
rade of a legitimate government. 

In addition, many members of the Organi- 
zation of American Slates oppose any kind of 
military intervention. France agreed on 
Thursday to participate in a UN force to help 
Haiti assemble a democracy after Father Aris- 
tide's return, but refused to take part in any 
intervention to oust the junta. It is unlikely 
the United States would attempt to intervene 
on its own, and unilateral action would also 
be unwise, given the unhappy history of 


American meddling in Haiti. But the adminis- 
tration can take some helpful steps short of 
sending in the troops. 

Most of these steps are outlined in the bill 
introduced by Representative Ronald Del- 
lums of California and Senator Christopher 
Dodd of Connecticut. Perhaps its most ef- 
fective provision is a complete cutoff of com- 
mercial air traffic with Haiti. The UN sanc- 
tions approved last week only apply to 
private air traffic, and therefore stop short of 
complete isolation of the country. The bill 
also calls for the United States to organize a 
multinational force to patrol the border with 
the Dominican Republic, where contraband 
crosses regularly into Haiti. 

President Bill Clinton can announce that 
the United Slates is cutting off all its air 
traffic, and ask other nations to do likewise. 
He can also make a strong case for all UN 
members to follow the Security Council's 
recommendation to freeze all assets of Hai- 
ti's military officers. 

Mr. Clinton's advisers should bear in 
mind that, until now. the measures taken 
against Haiti’s military have merely created 
inconvenience for the junta and its support- 
ers in the Haitian elite. They should stay 
calm in the face of the junta's defiance, and 
allow more stringent measures a chance to 
have their effect, before resorting to force. 

— THE NEW YORK TIMES. 


For Justice on Death Row 


The Congress seems bent on adding dozens 
of death sentences to the U.S. criminal code. 
At least the House, trying to retain some 
balance in the pending crime bill, has includ- 
ed a measure to reduce racial bias in adminis- 
tering capital punishment. 

Not so the Senate, which ignobly has voted 
to keep the House’s proposed Racial Justice 
Act out of the final crime bill when a Senate- 
House conference committee meets to recon- 
cile their versions. 

The Senate has instructed its conferees to 
resist the House measure. Conferees often ig- 
nore such instructions and should do so again, 
especially when they have a chance to curb the 
death penalty’s notorious racial disparities. 

The measure would allow defendants to 
show a pattern of biased sentencing in their 
jurisdictions that taints their death sentences. 
They might show, for example, that only Afri- 
can-American defendants were executed for 
certain crimes, or that for certain crimes death 
was decreed only when the victim was white. 
The prosecution could still prevail by justify- 
ing the sentencing patterns and particular 
sentences cn nonracial grounds. 

Senator Alfonse D' Amato, Republican of 


New York, the author of the Senate's resolu- 
tion. denounced the racial justice measure as a 
“quota ML” contending that it required equal 
numbers of all races on America's death rows. 

That is the same phony sloganeering Mr. 
D'Amato used in opposing the 1991 Civil 
Rights AcL But this time the Senate, by a vote 
of 58 to 41, bought the argument. Perhaps the 
conference committee, with Justice Depart- 
ment help, can find clarifying language that 
would save this worthy provision from Mr. 
D' Amato's caricature. 

Opponents falsely charge that this safeguard 
would shut down the execution chambers. 
Some supporters would like to abolish capital 
punishment, but decidedly not all of them. 
Racial justice has adherents who favor or are 
reconciled to the death penalty but yearn for 
assurances that it can be inflicted fairly. 

Surely inquiry is justified when only one 
execution since 1976 involved a white who 
killed a black, and when all of Attorney Gen- 
eral Janet Reno's recommendations for death 
sentences so far involved black defendants. It 
is the House that needs to stand firm, redeem- 
ing the Senate’s flirtation with racial injustice. 

— THE NEW YORK TIMES. 


A Sharp Eye on Congress 


It is amazing how many senators who 
really did not want to ban lobbyists' gift- 
giving to members of the U.S. Congress de- 
cided to vote for the ban anyway. Last week, 
an amendment to gut a gift reform bill spon- 
sored by Senator Carl Levin, a Michigan 
Democrat, drew 39 votes. But on Wednes- 
day, only four senators opposed final pas- 
sage of this strong gift ban; 95 voted yes. The 
explanation is that most members of Con- 
gress know that the gifts and “charity” golf 
excursions now permitted look terrible to the 
folks back home. The Post’s Helen Dewar 
captured the Senate mood, describing it as 
“grumpy but image-conscious." 

The folks back home are right: the gift- 
giving should be banned. We understand why 
some Washington restaurateurs lobbied 
against these reforms. Fewer lobbyist-paid 
lunches could cut their trade. But the fact that 
the take from these practices was big enough 
to inspire the restaurant owners to action is 
precisely why they should end: The culture of 
pricey lobbying is not healthy for democracy 
or for Congress's standing with the public. 

A tough fight lies ahead because a House 
gifts bilL passed earlier this year, is substan- 
tially weaker than the Senate's. Some senators 
who voted for Mr. Levin's bill even though 
they dislike it will be privately encouraging 


their House colleagues to resist compromise 
in the coining House-Senate conference. Mr. 
Levin should stand firm and point out to the 
House Lhe reality reflected by the margin of 
the Senate vote: This issue is now veiy public, 
arid opponents of reform cannot hide behind 
procedural maneuvers. 

Some of the House provisions will not 
stand up well under public scrutiny. For ex- 
ample. the House bill bans a lobbyist from 
paying for entertainment and meals for mem- 
bers, but it would permit executives of the 
company that the lobbyist works few to pick 
up the tab. This creates an absurd “designated 
diner” situation: A lobbyist for Acme Con- 
solidated Widget could take a congressman 
out to dinner and the company could pay the 
freight so Long as one of its vice presidents was 
along to put down his credit card. 

The House bin permits those much-publi- 
cized “charity” golf and tennis events and also 
.thaws lobbyists to contribute to legal defense 
funds for members. These and other House 
provisions should give way to the Senate's 
more stringent roles. Senators voted as they 
did this week because they knew the public 
was watching. The House-Senate conferees 
should be made aware that the public wifi 
be watching them too. 

— THE WASHINGTON POST. 


Other Comment 


Numbed to Genocide 


Genocide, according to Jared Diamond, a 
research biologist at the University of Califor- 
nia at Los Angeles, is a behavior that Homo 
sapiens shares with the other primates, nota- 
bly with the two extant species of chimpanzee. 
Attested in several other species, gen code is 
particularly well-documented among pri- 
mates. Field research has shown clearly that 
bands of chimps exterminate rival bands 
down to the last member. As for the normality 
of genocide in humans, its empirical frequen- 
cy — Mr. Diamond counts 17 occurrences 
between 1950 and 1990 alone — is disturbing 
confirmation that, in this of all instances, the 
immoral is not unnaturaL 
Do humans have a collective genetic capac- 
ity for genocide? In morality, as in all human 
achievement, humankind often challenges na- 
ture. We are genetically programmed to like 


sweets, for example, but our original environ- 
ment. in which they were rare, has been suc- 
ceeded by one in which they are harmfully 
abundanL A correction is called for. Our 
collective capacity for genocide, fatally en- 
hanced by technology, cafls more urgently for 
a similarly collective correction. 

Unfortunately, as Mr. Diamond and observ- 
ers have noted, genocide induces a psychic 
numbing not just in its victims and perpetrators 
but also in those who merely witness or hear of 
it. The ape in us, so to speak, knows enough 
about ape destructive capability to run from 
the right and sound of mass murder. But the 
ape's repugnance may indeed be like the crav- 
ing for sweets: undeniably natural but. in the 
contemporary context a harmful reaction. 

Measures to neutralize the gen odd a! ten- 
dency are encouragingly widespread and ef- 
fective. Bui they are not yet infallible. 

— Eos Angeles Times. 



International Herald Tribune 

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Haitians 




and Stephen Soli^i r P. 

ASHJNGTON 


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lomatic means, it is cl 
policy is not w 
democracy .and 
are now on the hue. 

Yet it is doubtful that tfc 
hensive embargo/ 

United Nations 




work either. Goods watconfin^ 
enter Haiti from ~ 


public, and Haiti’s 
wQl find ways not 
themselves from the 



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China: limited Trade Won’t End the Labor Abuses 


RVINE. California — As the Clinton adminisira- 


Tl 

X tion backs away from using the most drastic of 
trade sanctions to promote human rights in China 
— that is, ending its nwst-favored-nation status — 
one of the compromise plans being most seriously 
considered is to impose more limited sanctions, 
directed only against enterprises owned by the state. 

Those who support this proposal argue that by- 
trading only with enlerprises owned and managed 
by the private sector or involved in joint ventures 
with foreign capital the United Slates would be 
encouraging the most progressive sectors in China, 
while exerting pressure on the state. Most of the 
objections to this proposal have to do with its 
impracticality and the difficulty of enforcing it. 

I would suggest that there is another, more 
important problem: that many of (he private enter- 
prises in China are responsible for some pretty 
nasty human rights abuses of their own. For the so- 
called entrepreneurial sector in China contains a 
huge number of businesses that accord shameful 
treatment to their employees. 

True, some firms in this sector rely partly on 
technically trained, sophisticated personnel. And 
these staff do get pensions and other protection. 
But many of these firms, especial ly in the rural and 
suburban areas and the ones developed with Hong 
Kong capital depend primarily on near-destitute, 
undereducated manual workers drawn from pov- 
erty-stricken areas of the countryside that are 
experiencing huge labor surpluses. These workers 
are treated as a labor reserve, people who "come 
when beckoned and leave when dismissed " in the 
words of a Chinese periodical. 

As with any migrant labor the world around, 
these peasant-workers are handed the dirty jobs. 
They receive few or no benefits and have "no job 
security. An apt comparison would be to the miser- 


By Dorothy Solinger 


the workweek consists of six eight-hour days. 

ifor 


able workplaces of mid- 19th century England as 
described by Charles Dickens. 

In one representative joint venture, where the 
partner is from Hong Kong, workers are given two 
10- minute rest periods a day, during which more 
than 200 women must compete for two toilet stalls. 
Not surprisingly- many cannot contain themselves 

while waiting at their ma chin es. 

Appalling conditions abound in various firms. 
Sixteen- to 18-hour days with no extra pay are 
common. In some Japanese firms in China, if a 
worker is late, he or sne has to stand outside and 
suffer humiliation for an hour. (Such practices are 
also reported in Taiwanese. Korean and Hong 
Kong firms in China.) Cursing, beating of workers, 
deductions of their wages and bonuses, and arbi- 
trary firings are not uncommon. 

Chinese journalists writing in a magazine in 
Guangdong Province revealed thaL in the entrepre- 
neurial sector (including both foreign-funded and 
Chinese firms in the rural areas) of the Pearl River 
Delia 12- to 18-hour days, seven-day weeks. 20- 
minute lunches, and a total absence of labor pro- 
tection, sanitation and injury compensation are the 
rule — all flying in the face of state regulations. 

There are" grim tales of fires, such as one in a 
Shenzhen factory in November 1993 in which 84 
workers, locked in to prevent theft, burned to death. 

As compared with these "entrepreneurial" 
firms, those in lhe state sector treat migrant work- 
ers with at least a degree of dignity: Most tran- 
sients’ jobs are guaranteed by three- to five-year 
contracts, and many offer low-cost medical care, 
some bonuses and" subsidies. At least minimal 
sanitary and safety standards are observed, and 


Benefits may be far skimpier for peasants than 
Lhe permanent urban regulars in the state firms. But 
in reports and interviews on treatment of rural 
migrants, there are no stories of a total lack of 
benefits, at assaults on workers' digrrrty and bodies, 
of poisonous exposures, excessive overtime, embez- 
zled wages or frisks and searches, as we find repeat- 
edly in press reports cm the foreign-funded vai tures. 

Why this discrepancy? Primarily because while 
C hina is in the midst of a transition away from 
socialism, this does not mean it is going to step 
directly into the sort of mature capitalism that we 
in the West tend to associate with a market econo- 
my. In those areas where the state is hugely absent, 
the transition to welfare state capitalism as we 
know it does not lake place easily or rapidly, just as 
it did not in the WesL 

Instead, what we see is a raw, unadulterated 


lam’s 6 : 
into I 

(her diplomatic 

ker a deal by which thenn&awW ’• 'k - 
era would step down Fn&w ;; ' 

Jean-Bertrand Aristide ** 

are almost certain io fadLTbeI^^ : 

High Command has no ituet^?^.' 
per mi t tin g him to crime Iwfc' , 

Yet without the return 
Aristide, the winner of dfe qs%t£# > . - • 
and fair election ih"theJagg rra f>v 
Haiti, it is impossible to concowrfi ; - r 
settlement that would hdp reeai: p " 
lish a legitimate democratic g^. . 

meni in Port-au-Prince. - L- ' 


. 'i-.wafr-- • 

.. i, . 

... 

.j . ; i-es-tf# 
. ... ifcS: 


■::r* 


managed to scare off a Ul-iS ?.! *' 
vessel in October, the nxieifcaj \r' 
military intervention ntigti r " 
ficed. Now, nothing short of ahm] 
force is likely to succeed; ' 

A military intervention hftjiaa 
and should not be undertaka hr ih 
United States alone. In Haiti, 
lateral intervention would ui 
nationalist reaction. In the 


Ml) -TJJtrf 

f-l, i-i 

' 





laissez-faire capitalism, made possible m part by 
it decades of Communist Party role 


the fact that 
have undermined the role of law, given workers 
little opportunity to organize, and allowed local 


party officials to rule much as they please. 


-irrns in the state sector, however, are at least 
somewhat affected by the regulatory dimate and 
the tradition of benefits and welfare that have 
shaped socialist work places for some 40 years. 
Granted, workers in tne state firms also suffer 
under the authoritarian rule of the party. But the 
regulations of the state continue to provide some 
protection for workers — at least until the day 
when more “entrepreneurial” reforms destroy 
this legacy altogether. 


The writer is a professor at the University of 
California, Irvine. She contributed this comment 
to The 


he Washington Post. 



on the Golf Course? Are They Serious? 


N EW YORK — Somebody once 
asked Art Buchwald whether it 
was hard to keep coming up with 
great ideas for his humor columns. 
Why, not at all he said, not in a 
counuy that sends a cake to Ayatol- 
lah Khomeini 

That’s all there is to it. These hu- 
mor fellows just loll around. Now 
and then they reach out for a piece of 
real-life wackiness nobody could pos- 
sibly make up. No research^ no inter- 
views. no nothing. For this they get 
paid huge amounts of money. 

So I have to assume An Buchwald 
or Russell Baker has already spotted 
the lead editorial in The Wall Street 
Journal of May II. But if not. I offer 
it to them in "gratitude for columns 
past and favors expected. 

The Journal comes up wiih a really 
terrific idea for President Bill Gin- 
ton. The editorial tells him how to 
tear up the promises in his own exec- 
utive order linking continuation of 
low tariffs to China with some human 
rights progress by the Communist 
government, and still come out loofc- 


Bv A. M. Rosenthal 


ing shiny with honor, a regular hero. 

Golf. Just one round of golf. 

The Journal wants the president to 
forget all about that linkage stuff, 
which it dunks is a lot of nonsense that 
would hun trade with China and dam- 
age China's “entrepreneurial class.” 

Lots of Americans in the China 
trade have been putting pressure on 
the president to walk, run or wiggle 
out of the official promises he made 
to Congress and tne American and 
Chinese people last May. 

Mr. Clinton has until June 3 to 
rr. .’:e up his mind. The Journal is 
happily confident he will not live up 
to his commitments to use economic 
pressure as a way of getting the Chi- 
nese Communists to go a little easy 
on torturing prisoners or allow dissi- 
dents to speak up a bit 

The Journal reports approvingly 
and correctly that that is the word out 
of Washington, “notwithstanding Chi- 
na's continuing disdain for minimal 
human rights norms.” But it does seem 


concerned that changing his mind and 
breaking his word on China might 
make the president look bad. 

So the editorial says that all the 
president has to do is io play a round 
of golf with two Asians Dot admired 
by Beijing — the president of Tai- 
wan. Lee Teng-hui. and a feisty Hong 
Kong legislator, Martin Lee — and 
make sure there are plenty of photog- 
raphers around. 

Flanked by these two. Mr. Clinton 
can announce that he is renewing 


u la ting to China’s dictators.” The 
golf game will prevent dial, it says. 

Now, 1 read The Journal with re- 
spect f think its business coverage is 
coming along fine and is a potential 
challenger to (hat of The New York 
Times. Generally 1 have a high rate of 


approval-nods about its editorials. 
So I 


China's law-tariff trade privilege for 
people. Thei 


the good of the Chinese people. I neir 
presence will be a "rebuke" to the 
Beijing Communist leaders that pre- 
sumably will make tears rise to their 
eyes as they continue exporting their 
goods to the United Slates — four 
dollars' worth for every one they buy 
from the United States. 

But if he makes a decision to break 
his word without a gesture toward 
Asia's democrats. The Journal fears 
“Mr. Clinton will appear to be capit- 


Clinton Learns How Right He Was 


■^yASHTNGTON — A year ago. 


President Bill Gin ton gave 
an interview to several of us from 
"Hie Washington Post ihal sheds 
light on what has happened to him 
and to America since then. 

The theme of his remarks was 
that “change is not easy." At the 
end of the interview, he" stood be- 
fore the fireplace in the Oval Office 
and red led to us a passage from 
Machiavelli’s "The Prince." 

In a hoarse voice, he said. "Listen 
to this: ’ll must be considered thai 
there is nothing more difficult to 
cany out. nor more doubtful of 
success, nor dangerous to handle, 
than to initiate a new order of 
things. For the reformer has ene- 
mies ... and only lukewarm de- 
fenders.' '' He must confront what 
Machiavelli called “the incredulity 
of mankind who do not truly be- 
lieve in anything new until" they 
actually experience iu" 

Mr. Clinton had been in office 
less than four months a\ lhe time, 
but already had experienced the 
ups and downs that have continued 
to mark his tenure. He had lost the 
bailie over Zoi Baird and had been 
buffeted on gays in the military. 

Bosnia was a nightmarish dilem- 
ma then, as it is now. and the frus- 
tration showed. "I want to get it 
resolved." he said. “I’d like to go on 
“•ilh something else. 1 wish I didn't 
have ip spend so much time on it.” 

But nothing would be easily re- 
solved on that or other questions. 
Bade then, Mr. Clinton was wres- 
tling with the choice of a Supreme 
Court nominee. It had been eight 
weeks s'mee Justice Byron White had 
announced his plans to retire, and it 


By David S. Broder 


would be four more until Mr. Gin- 
ton finally chose Ruth Bader Gins- 
burg to replace him. A year later, 
and anotiier Supreme Court vacan- 
cy. and again, another prolonged, 
public agonizing over the choice. 

Mr. Clinton, we now know, does 
not make dedsions easily. He likes 
to walk around a problem and ex- 
amine it from all angles. He is not 
exactly a Harry Truman when it 
crimes to resolving his doubts and 
not second-guessing himseir. 

Nonetheless, on nis main assign- 
ment. to promote economic growth 
and jobs, he has held to his course 
and produced results. The interview 
with The Post a year ago was inter- 
rupted by a phone call from Dan 
Rosie nkowski. reporting that the 
House Ways and Means Commit- 
tee. of which he is chairman, had 
just passed the Clinton economic 
plan by a straight party-line vole. 
The president wasjubilanL “They 
got them all." he exclaimed, refer- 
ring to the unanimous Democratic 
vole. "They got them all.” 

The economic plan was approved 
by Congress, and today’s U5. 
economy is a far healthier "one than 
that of May 1993. Unemployment 
is down from 7 percent to 6.4 per- 
cent. despite a change in the formu- 
la that probably adds a half-per- 
centage point to the count. The 
NAFTA agreement which Mr. 
Gmton fought successfully to get 
through Congress last falf is pro- 
ducing the predicted boom along 
the border with Mexico. 

Even in Michigan, where labor 


union and Democratic Party oppo- 
sition to NAFTA was centered, 
things are going so well that a De- 
troit newspaper recently headlined, 
“Michigan's Economy Sets a Hoi 
Pace.” with unemployment at its 
Jowest level in 20 years; 96,000 new 
jobs were generated in April alone. 
If everything is so good, then 


why do so many people — includ- 
[ — feel so bad? In 


ing the president 
a self-pitying moment during his 
recent televised town meeting in 
Providence. Rhode Island. Mr. 
Clinton whined that "I've been 
subject to more assault than any 
previous president," by people 
poking into his past. 

He has forgotten the jibes other 
presidents endured. Foes ques- 
tioned the legality of Lyndon John- 
son’s first Senate victory. Richard 
Nixon was reminded endlessly of 
the Howard Hughes loan to" his 
brother, John Kennedy was ac- 
cused of letting his father buy his 
election and Ronald Reagan of liv- 
ing off the charity of rich friends. 

But it is not just Mr. Clinton who 
is in a pout; the whole counuy is. A 
month before we interviewed Mr. 
Clinton in 1993. 71 percent of these 
Polled by The Post and ABC News 
said that the country was “seriously 
off on the wrong track.” Last month. 
69 percent were of the same view, 

Mr. Clinton said in that year-ago 
interview that if he could relieve - a 
lot of the economic uncertainty out 
there.” he was sure people would fed 
better about the nation’s prospects. 
The uncertainty has been reduced — 
but the pessimism persists. 

It seems Machiavelli was right. 

The Washington Past. 


was struck by the thought 
(hat maybe the editorial was some 
kind of joke, a piece of irony. 1 
called lie Journal and was told 
pleasantly enough that no — they 
meant it. A round of golf was indeed 
their proposal — a glistening New 
World Order of appeasement 
through sport. 

But somehow I do not think it 
will work. My problem may be that 
after having spent nine years asso- 
ciating with Asians in my reporting 
days at the early United Nations 
and six years living among them as 
a foreign correspondent. 1 did not 
find them the intellectual dolts, 
spineless fools and malleable 
wood-headed puppets The Journal 
takes them to be. 

How in heaven can usually intelli- 
gent people become so insultingly 
condescending, so sorrowfully in- 
sensitive as even to think that Asians 
or any other people are so dense and 
unaware of truth as to take a pfaoto- 


There is an ahemarivg! mg kibiWj 
intervention. A UiL-kd codon 
could indude forces from Ganah, 
Venezuela and the Caribbean. Sadi si 
approach might receive UN soppm 
once it became dear that the streat- 
ened sanctions were not voddngJif 
even if both the -UN.' and the GAS 
balked, the effort would be sera a 
legitimate in the eyes of most Haitim 
Defeating the small hgjhtiy mul 
and poorly trained Haitian imEtarj 
would not be hard., >. 

The real challenge would come 
not in winning the “war" but n 
securing the peace Getting id is al- 
ways easier than getting ont Yet an 
exit strategy is entirely tenable. He 
United States could take bn (be li- 
on’s share of the imtidiGperiMa. 
But most of the manpovo Tor the 
subsequent task of proridme securi- 
ty and establishing a reliable indige- 
nous force capable of manttaiimg 
law and order could come from oth- 
er countries in thecoaliti<>n. < ‘ 
Indeed, one advantage of such as 
intervention is that it would make it | 
possible to disarm and demoSSa 
the Haitian military. In comparin 
with a political settlement, inwM 
the top brass presumably would lx 
sent into exile while the rest of tlx 
military remained essentially faStt 
the replacement of this tapadpB 
rabble with a more honest sadjfr 
sponsi ve security force would pwy 
improve the long-term pro spects fo r 
decent and democratic govamaa. 

To be sore, such an opoiw 
would bring casualties. It would a* 
^ F° re *8 n trootK^m^ M h t ^ 

itv conditions' were created- 


equivalent of standing by a human 
rights pledge made by the president 
of the United Stales? 

No, it will not and cannot be seen 
that way in Asia, all nicey-nicey. If 
Mr. Ginton breaks this promise he 
will, of course, be seen as a man who 
is neither to be honored nor consid- 
ered of consequence — all through 
Asia and nowhere more dearly and 
contemptuously than in the govern- 
ment chambers of Beijing. 

The New York Times. 


security conditions were a 
And there is no guarantee ft 
result in the establishment of 
during democracy. ' 

Yet, the alternatives are 
Tougher UN sanctions will (wj* 
stroy Haiti, lifting sanctions 
entering into some cosmetic ai rM ffj 
meat with the current regime wxffl 
constitute a Wow to the caiw « 
democracy, not just in Haiti W® 
the hemisphere. It would fo™® 
erode the credibility of theunfl™ 
States, which can no longer anum ® 
speak loudly while carrying 
stick. And organizing a legion^ 
tian exiles to liberate tne 
would lake too long and re®"® 
substantially more bloodshed- . 

As a rule, mflitiny fora can** 
itself create conditions df tfcJttW; 
But it can provide an 
otherwise might newer com* 


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the lesson ofP&nanra and Orera®*- 11 >£?•>,. 

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should be applied in Haiti. 




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Mr. Haass was a sermr i , - , 

the National Security Om i 
the Bush administration. Are j-, --. . 

a former Democratic 
from New York. 


comment to The 




IN OUR PAGES: 100. 75 AND 50 YEARS AGO 


1894: Inartistic Stamps 


PARIS — The great artistic event of 
the hour is not the Salon of the 
Champs- Elysees. Nor is it the Salon 
of the Champ dc Mars. It is the fail- 
ure of the competition for the designs 
of the new postage stamps. Several 
hundred artists sent in designs, but 
they were all. without exception, so 
bad that none of them were accept- 
ed. It seems probable that there will 
be a return to the old system, under 
which the State gave a" commission 
direct to an artist of position. 


propo 


am 


sit ions and will preset 11 
«U1U considers that its most 
lam task is to bring about 
lions. Scheidemann to 
formed by the leaders of 
and Democratic parties ^ 
followers are openly oppose® 
signature of fie Versa^o Ig 
conditions and will recau ^ 
members from the Govenjn*?\.. 
should be decided tosign the 


1919: Dreadful’ Terms 


BALE — In his speech at the sitting 
of the German National Assembly in 
Berlin yesterday [May 12], Premier 
Saieidcmaim said that the Peace con- 
ditions are unacceptable. Scfadde- 
mann also called the terms outra- 
geous, murderous, throttling, 
strangling, enslaving, excommunicat- 
ing and everything dreadful. The 
Government Has presented counter- 


1944: 

LONDON — [From omJfcfJJS 
edition:] American-Bffliw^^^ 
plans for acceptance of 
surrender are almost comp®*"? & 
can for the utter dissoJmiOT 
Prussian-built army. Tins war* » 
for Germany are said to difro^. 
the last war’s in that tbey^^JL^. 

dpr" rather than “aimistKC P^2nr 


der" rather than . 
als. Among the dad* 
worked out are those 
what German territory 
under control of the A moww* 
British and the Soviet artwe- 


v. 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 14-15. 1994 


Page 5 





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’s President 
Crackdown 


Ke y to Prosperity 


® E *JiNG _ ^ A * aftAa an end to comipiion. The demon- 

and siahii;. e ' Vears strations had paralyzed the capital 

Square S'* the *** spread to many pans of the 
of pro- country. J 




dung (o H. re P r ®ssioni was right 

^I^^BioPresiS 
into a turned 


who IkI' J £ sr ^id Mr. Jiang, 
Panv % ^ the CommmuS 


for m aodSL 0 ^ P^Sra™ of re- 


quicker 



irne 


Minist- 


Mahathir Moha- 


,5n Thun<ia y- 

Mr. tnwrpreted 


Pranrunenw^,"!™; 15 and ^ 

wa-ning m 10 them 35 a cIear 

to d,r42Se ;emplatiDBa 

raouthpi^'J 21 Jians was the 

'ty or ih^ ders S ores ^ w 

said. raessa S e - one diplomat 

„ ’S, Was c ornnmnist Party 
*" Shanghai at the time of 


leader 

.u r - “MBiiguaj ai u 

^1^^? Square massacre 




■^■emaih. which makes his ca- 

s™r;L of,hc “ i '™pp'S- 

ccrriim ! , more ^Sorficaats ac- 
tordmg to some analysts here. 

thatii^r 11 ® ^ history showed 
mat the Communist lead»ship had 

June ^ l989 ' ^ ul W 
adif^- demonstrators, who were 
advocating political liberties and 


Unknown hundreds, and per- 
haps thousands, of demonstrators 
were killed in the dusk-to-dawn 
milivary assault in which members 
or the People’s Liberation Army 
shot their way through the city into 
Tiananmen Square, where hun- 
dreds of thousands of Chinese stu- 
dents, workers and intellectuals 
had been demonstrating for six 
weeks. 

“History shows that anything 
conducive to our national stability 
is good.” said Mr. Jiang, who rose 
to power after a purge of leaders 
who were seen as too sympathetic 
to the demonstrators. 

His comments, carried promi- 
nently in the party paper People’s 
Daily and other major newspapers, 
are likely to be repeated in coming 
weeks as China's people — and the 
world's press — reflect on the 
events five years ago. 

“Without the resolute measures 
taken then, China would not have 
enjoyed today's stability,” the Xin- 
hua press agency quoted Mr. Jiang 
assaying. 

“In the past five years. China has 
enjoyed economic development, 
social stability and improved liveli- 
hood of the people, thanks to our 
consistent efforts to take stability 
as an overriding priority.” he said". 

“Facts prove this is" absolutely 
correct," Mr. Jiang said. 

(Reuters. AFP) 



UN Fears 
New Round 



In Rwanda 


Compiled hr Our Staff From Dispatches 
KIGALI. Rwanda — Renewed 


fighting between rebels and army 
,loref- 


troops blocked aid deliveries l 
ugees on Friday, and officials said 
the discovery of S8 hacked bodies 
in southern "Rwanda could mean a 
resurgence of ethnic savagery. 

In Tanzania, giant UJ5. S tar lifter 
planes landed at a remote airfield 


near Lake Victoria, bringing relief 
ds of Rwandan 


supplies for thousands of 1 
refugees ir 


_ , ■■> , . . GowJJiikc»'A|HiceFraiice-Prese 

Rwandans like these have taken a precarious refuge in the sports stadium of the capital, Kigali. About 20,000 people have sought shelter there and in hotels and churches. 


CHINA: Tougher Curb on Activists 


Continued from Page 1 


gious groups, members of ethnic 
groups who call for independence; 
and political dissidents. They add 
18 new offenses to reflect “newly 
emerging public security problems 
in the country.” according to the 
Xinhua press agency. The provi- 
sions were initiated by the Ministry 
of Public Security. 

Officials declined to provide a 
full text of the offenses. But accord- 
ing to official reports, these are 
among them: 

• Carrying out activities under 
the name of a social organization 
without registration. 

• Organizing activities of super- 
stitious sects and secret societies to 
disrupt public order. 

• Disturbing public order and 
damaging people's health through 
religious activities. 

• Stirring up conflicts between 
nationalities., hurting, their unity < 
andincmngsqraratkmpf national- 1 
ities. 

• Fabricating or distorting facts, 

spreading rumors or otherwise dis- 
rupting public order, or doing harm 
to the public interest through other 
means. - • 

One offense in particular— “dis- 
obeying supervisory provisions 
while individuals are under surveil- 
lance, deprived of political rights, 
nr on nmbation or parole” — 


Olympic Committee was to an- 
nounce whether Beijing or four 
other cities would play host for the 
2000 .S umm er Olympics. 

But he angered authorities by 
continuing his calls for democracy 
and meeting this spring with the 
State Department's top offldaJ on 
human rights. 

He was re- arrested April 1 and is 
being investigated for unspecified 
“new crimes." IBs case exemplifies 
the continuing persecution that 


dogs political prisoners once they 
are released 


eased. 

Under the new regulations, those 
who commit any of the 18 offenses, 
but whose violations are not seri- 
ous enough to warrant c riminal 
charges, can be held for up to IS 
days detention and fined up to 
3,000 yuan, about 10 months of an 
average worker’s wages- 

Because the regulations come 
under -the category of admrnistra-7 
tive law, the police have the power 
to determine whether an offense 
has been committed, ?nd to impose 
punishments without any judicial 
process. Amnesty International has 
criticized the new regulations be- 
cause they give Chinese police even 
greater power to detain and punish 
“anyone whom they deem is op- 
posed to official policies.” 


or on probation or parole 
seems aimed at former political 
prisoners. These individuals are. 
usually subjected 10 numerous re- 
strictions after their release. 

Mr. Wd. for example, has been 
accused of violating the conditions 
of his parole. After nearly 14 years 
in jail he was released last Septem- 
ber days before the International 


Arabs Pressing 
Cease-Fire as 
Yemenis dash 


Reuters 

ADEN, Yemen — Southern 
Yemeni forces reported a 10th 
day of clashes with their 
northern foes on Friday as 
Arab League officials tried to 
broker a cease-fire in the capi- 
tal. San 'a. Evacuation of for- 
eigners continued. 

A southern military stale- 
meat said the South W3S coun- 
tering northern attacks in the 
mountainous Dhalea region, 
which lies on a key road to the 
southern capital, Aden. 

A northern military spokes- 
man said on Thursday that 
northern forces bad captured 
the province and city of Dha- 
lea, 100 kilometers f60 miles) 
north of Aden. Fighting was 
also raging at Anad. 60 kilo- 
meters north of Aden, and in 
Abyan Province, east of the 
southern port 

Independent verification of 
military claims was not possi- 
ble. 

An Arab League mission, 
led by Assistant Secretary- 
General Mohammed Said Ber- 
eqdar met government offi- 
cials in San'a and were to meet 
President All Abdullah Saleh. 

The war broke out on May 4 
after months of feuding be- 
tween Mr. Saleh, a conserva- 
tive, and Vice President Ali 
Salem Baid, a socialist, over 
the balance of power between 
north and south in a unified 
Yemen formed in 1990. 


PLO: Palestinian Police Take Control of Jericho as Israeli Forces Pull Out 


Continued from Page 1 

and Jordan set in motion a march toward 
statehood that they believe is irreversible. 

Jericho, with its population of 15.000, loom> 
large for now in their dreams. Here is where the 
PLO will establish headquarters in the territo- 
ries. Here is where Yasser ArafaL the PLO 
chairman whose portrait is everywhere cow. 
plans to make a triumphant emty next month, 
an intention that he reaffirmed in Tunis. 

About 1.500 of an authorized 9,000 police 
officers are now on duty in Jericho and Gaza. 
Officials expect the rest of the coastal strip 10 be 
in Palestinian hands by the middle of next 
week. 

Although no Israeli soldiers are now based in 


the Jericho district, some are permitted to enter 
it for joint patrols with Palestinian officers. 

Those patrols began Friday — four armed 
Israelis in a jeep follow ed by four armed Pales- 
tinians in a van. 

But that aside, the Palestinian officers have 
yet to take up their duties in earnest either in 
Jericho or Gaza, for the first days are 10 be 
devoted to becoming familiar with the terrain. 
Similarly. Palestinian civil authorities have yet 
to take control in either area. 

The PLO has named 15 of the 24 members of 
a new Palestinian National Authority that is to 
oversee the self-rule, a partial action taken 
somewhat hastily to show skeptics that it is 
indeed getting ready to take charge. 


But Gaza and Jericho are still in a twilight 
zone, with the Israelis almost out and the PLO 
not quite in. That does not mean that the two 
places have stopped functioning, though. Most 
critical services, from hospitals to schools, were 
effectively run by Palestinians even under Is- 
raeli rule, and the real issue now is whether the 
change in management mil be smooth. 

In Jericho, people were more than prepared 
to give themselves the benefit of the doubt. 

Their celebrations, although sustained, were 
not as exuberant as those of last September, 
when the town exploded in rapture as Israel 
and die PLO signed their first peace agreement 
on the White House lawn. This time, curiosity 
and amazement competed with joy. 


JERICHO: Palestinian Policemen on the Beat Say Jews Are Welcome 


Continued from Page 1 

service of the Palestine Liberation 
Organization, roaming the Arab 
world, serving as fighters in the 
1982 Lebanoa War, and later serv- 
ing in the Palestinian brigade in 
Iraq. 

They were not anxious to discuss 
what they did in Iraq. 

"It’s none of your business,” 
snapped Mr. Hassan. 

While they came prepared with 
uniforms that appeared freshly tai- 
lored and carried weapons without 
a scratch on them, most of the 
fighters said they had no idea what 
they were going to do as the new 
Jericho policemen. 

Many of the Palestinians in the 
territories whom they have come to 
protect speak Hebrew from years 
of working inside Israel, and are 
well acquainted with the Israelis 
after a quarter ceniuiy of close 
proximity and conflict. But A! 
Aqsa Brigade fighters have had no 
first-hand contact with Israel ex- 


“I wanted to kiss the ground." he 
said in the courtyard of the Pales- 
tinian barracks, which had been 
vacated just hours earlier by the 
Israelis. Although he now stood 
less than a half-hour drive from 
Jerusalem. Mr. Mussan said he had 
never met an Israeli, never even 
uttered the greeting “Shalom” 
When asked how he would feel 
working in close proximity with Is- 
raeli soldiers whom he had long 
fought Mr. Mussan said. "The sit- 
uation just forces us to deal with it. 


A duty is a duly, and it is far 
removed from feelings.” 

But his personal views, he said, 
were bitter. 

“The inside feeling I have is a 
different thing.’* he said. “They 
have to leave our homeland. When 
the Israelis came and took our 
lands, they did not have discus- 
sions. they’ did not negotiate. When 
we take back our homeland, we will 
not discuss or negotiate about iL” 

Sami Tamari. 30. left Bethlehem 
when he was a child at the time of 


the war. In recent years, he said, he 
was a “fighter and politician” in 
Jordan, Kuwait, Baghdad. Syria 
and Lebanon. 

“For a while 1 was president of 
the Union of Palestinian Stu- 
dents," he said when asked whether 
be had an occupation. “It was the 
revolution.” 

But now the Palestinian fighters 
have reached a new stage, he said. 

“Wc were in a fight, but now we 
are in a peace,” be said. “We have 
to understand that phase.” 


f ugees in the first American mili- 
tary venture in Africa since the So- 
malia operation. 

Relief officials here had thought 
that fewer reports c*f killings meant 
that the ethnic bloodletting had 
slackened recently, but 88 students 
were found hacked to death Thurs- 
day in southern Rwanda. Seven 
people were killed with machetes in 
the capital. 

“This is an indication there 
might be more grotesque untold 
stories behind the lines that are not 
aoressible to us or to the press,” 
said Abdul Kabia. a United Na- 
tions spokesman. 

Meanwhile, Tutsi-led rebels and 
Hutu-dominated array troops skir- 
mished with small-arras and mor- 
tar fire, again stopping food deliv- 
eries from reaching refugees in the 
capital. 

A brief lull in the exchanges of 
rocket, artillery and mortar fire al- 
lowed relief workers to hand out 
some food Thursday to about 
15,000 people living under UN pro- 
tection in Kigali. 

On Friday, gunfire echoed from 
wide areas of the capital but the 
heaviest concentrations came from 
the airport road and from Kan- 
ombe camp, an army stronghold 
adjacent to the airport defended by 
three battalions. 

The students* bodies were found 
at a school in Gikongoro. about 85 
kilometers southwest of Kigali. 

Mr. Kabia said the seven people 
murdered with machetes in Kigali, 
found near the Red Cross building, 
were killed on Thursday. 

“My concern is more of these 
incidents win be discovered when 
international organizations have 
access behind the lines currently 
held by militias and other forces.” 
he said. 

An estimated 100,000 to 200,000 


people, mostly civilians, have been 
killed in the da 


slaughter between the 
majority Hutu and minority Tutsis, 
" UN and 


the 


aid groups say. 
Militias, composed mostly of 
Hutu youths organized by extrem- 
ist political parties, are believed re- 
sponsible (or much ol the butchery. 

(AP. Reuters) 


Dli^UT T\r. rwn r a • 5 1# 1 4 cepi as warriors. Their view* about 

OEiUJLoIN: lhe Amts March Away their new neighbors, the Israelis. 

^ were mixed — some were hopeful 


UNEQUIVOCAL MARKS OF PRESTIGE 


J.ur.u:-! !• -< utn 


TRADE: 

China Wish List 

Continued from Page I 
added. “There are long memories 


' Continued from Page 1 
Hans- Dietrich Genscher once put 
it. “the Atlantic doesn't get wider?” 

Assuming that the schedule re- 
mains intact, the farewell festivities 
in Berlin will step up as the weather 
warms. In mid-June, the three 
Western Allies will march together 
for the last tune, and in mid-July 
President Bill Clinton will bdp 
dose down the Berlin Brigade, 
framed to protect the city when the 
Berlin Wad went up in 1961. A 
farewell for Russian troops — to be 


added. " i — aUeijied by Prudent Boris N. 

everywhere in China, ujf p®0" Yeltsin and Chancellor Helmut 

Honm thev don t forget iL u ~ , . 


pie down, they don’t Kohl - wffl take place Aug. 31. 

voustav with them, they remember A j ready> troop strength 

here has dwindled to 2,000, com- 


you stay ' 

11 Both ABB and Boeing, along 
with Caltex Petroleum Corp. and 
Peregrine Investments Holding 
I id_ were leading sponsors of a 


man from Brooklyn. In 1980. her 
daughter Asirid married Sergeant 
First Gass Temo Deleon, of Ontar- 
io, California. In 1989, Jeanette 
married David Freeman of Gaies- 
ville. North Carolina, who came 
here as a GI and stayed as a civilian 

In 1992, Nicole married Staff 
Sergeant WHliaro Boyden of Bos- 
ton. Thai Nicole’s twin, Patricia, 
married Sergeant Boy den's buddy. 
Sergeant Chris Favorin, from 
Pennsylvania. Collectively, they 
have provided the Ritters with. 1 1 
German-American grandchildren. 

“I’m convinced if we hod five 
more girls, we'd have five more 
American boys in the family,” Mr. 
Ritter said. 


of cooperation, others ambivulem 
and suspicious. 

Abu lssam, a 56-year-old soldier, 
handed his unloaded weapon to the 
admiring boys at his knees. The 
boys gleefully toyed with the weap- 
on and squeezed’ the trigger. Issam 
said that since 1967. he had served 
in Jordan. Syria. Lebanon, Algeria 
and Iraq. Asked what kind of po- 
lice work he intended to do in Jeri- 
cho, Issam said. “Fust to defend 
democracy, second to keep law and 
order, and third to help mv peo- 
ple.” 

Wael Abdel Mussan. 35, a cap- 
tain who was born in Jordan, said 
be had long dreamed of the return 
to the land of his parents. 


pared with 7,000 in 1990, and most 
of them will be gone by the time the 


economic conference otgmbrfjtf 


Sept. 8 ceremonies take place. 

Tie U.S 


Se iniomtional Herald Tribune 
ind China’s State Coitunissioofor 
Rttirucumtig Econo** Systans. 

... 

SSSfflpASsgSS 

Son for Restructuring the Econ w CAR£ packages fiOTAmen- 

ca, crammed with powdered milk, 


S. Army is now busy va- 
cating barracks, deconsecrating 
chapels and shutting down schools. 
The American quarter here, which 
will revert to the Goman govern- 
ment, is beginning to lode a bit like 
ost town. 

ow 63, Mrs. Ritter belongs to a 


DRUGS: Problem on Wall Street 


Contmued from Page 1 

firms." Even before Mr. KudJow 
and Mr. Lazard. there was growing 
concern among some Wall Street 
executives about the use of drugs 
among employees. Some firms 
started employee assistance pro- 
grams, making treatment available 
confidentially. 

But other firms did not start such 
programs because they were con- 
vinced they did not have a problem, 
doctors and others say. 

“Geariy, denial is the order of 


‘ L frjK ^“Sja^ corned beef and chewing gum; her 

willing lodoiti he said, mother’s earning dollars by wash- 

^ Sraas often do not- ineyai . ^ inking Gi fatigues; the u, c day- said Jack Lawn, former th« good news is that l don't 

Slv more conservator ing Airfift ^ 194&49 and the q™ Enforcement Administration about it every day,” said W 

i«r want to owmy marK Anrt if tons of candy dropped 00 Ikfle administrator who is now chief of riiggms, a prracrpaJ and director of 
J”" .ransfer technology- , parachutes by U.S. polots banking operations for the New York Yan- human resources at Morgan Sun- 
“« do. it is fl0t neW * teClU1 into Tempefltof Airfield; the defi- feces and has consulted on drug- “We make it very clear to peo- 
, ' De * jujj "Ich hiit an Berliner ” speech by abuse issues with investment firms. P* that this is something we have 


“This is not something we gener- 
ally want to talk about." said a 
Mnrill Lynch spokesman adding. 
“Merrill Lynch is againsi drugs.” 

“We don’t wish to comment 
about the policy or discuss iL” said 
a spokeswoman for Bear Steams, 
where Mr, Kudlow worked until he 
resigned in March. 

A few Wall Street executives 
were not so reticent to discuss therr 
philosophy. 

“We do think about it — 1 think 
think 
William 


jjje other band^£Wj®£ p^dcnt John F. Kennedy when The subject is so sensitive that 


is more be visited BerBn after the wall was few leading firms were willing to 

coDipau* 4-urf j na ns.** Mr. •• discuss (hor programs even in gen- 

Then, the weddings. In 1969, her era! terms, and most refused 10 
eldest d aughter . Eva. married Jerry -comment or be identified fra this 
Wolfe, a U.S. Air Force enlisted article. 


ucts 

but 


2SSESS5*.- 1 -' 


pie that (his is something 
pot in place, that we fund because 
we believe that it adds value to the 
Morgan Stanley franchise. 1 don’t 
mean this in the sense of malti ng n 
a nicer place to work but 1 mean 
commercial value." 



«c« i®* BOSNIA: West and Russia Call for a 4-Month Truce 

•*rhincsc ZflOw 


China b ** 


♦Chinese 


said Zhou 




head of Co which has *‘ 
citinery Groups ^ million in 
more ““.r^mriManfl 


help the out-gunned Muslim-led 
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showed little inclination to revive s tep, however, the Senate also vot- 

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r)mc g. talks and said they would ed, 50 to 49, to require President 
if thM« was a Bos- sm ni.«m , n y}\] 


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to lift 

_ _ if 

the United States or any other 
country begins supplying aims to 
Bosnian Muslims. Russia and Ser- 
bia are traditional allies. 

Ejup Game, a member of the 


Bosnian presidency, said the US. 
vote to end the embargo wutild 
help get the Sobs back to the table. 

Bosnia’s prime minister. Haris 
SHajdzic, said he was cautious 
about resuming negotiations. 

“The problem is that we’ve been 
through negotiations before, and 
each was accompanied by aggres- 
sion and attacks from the Serb aide 
to create pressure,” Mr. SHajdzic 
said. “We want to know what are 
the guarantees we won’t be at- 
tacked — not assurances, firm 
guarantees.” 

(Reuters. AP. AFPi 




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3 Page 6 


TUESDAY, JUNE 14, 1994 


Heralb 


DVTERJVATlOiVAL 



(tribune 


PUBLISHED WITH THF. NEW YORK TIMES AND THE HASH INK TUN POST 


Mixed News for Europe 


Tbe crispest summary of Europe’s pariia- 
meotary election is that, with a single excep- 
tion, this was a vote not about Europe but 
about 12 separate countries, it will send no 
tingle down the spines of those who seek a 
Europe prepared to act as one. Turnout, at 
around 56 percent, was slightly lower than io 
the previous election in 1989. And those who 
did vote overwhelmingly wanted to say tilings 
about their national politics, not about the 
politics of Europe as a whole. 

What they said was bad news for John 
Major’s Conservatives in Britain and Felipe 
Gonzalez's Socialists in Spain. Just as pre- 
dictably, Silvio Berlusconi's new Italian gov- 
ernment was given the Euro-slot previously 
occupied by the scandal-smashed Christian 
Democrats. The vote confirmed the German 
opinion polls’ earlier good news for Helmut 
Kohl, whose steadiness under fire in economic 
hard times now gives his Christian Democrats 
a chance of bedding off the Soda] Democrats 
in Germany’s own election in October. 

By the all-Europe test, this was parish- 
pump voting. The exception was in France, 
where the pony led by Philippe de ViJJiws 
won a startling 13 seats. These people go to 
the European Parliament to resist the central- 
izing power of the Maastricht treaty. They did 
far better than the German anti-centralizers 
led by Manfred Brunner. In that contrast lies 
a potential test for the European Union. 

The new Parliament’s Christian Democrat- 
ic contingent is bigger than expected, mainly 


because Chancellor Kohi did so well in Ger- 
many. The Christian Democrats want a feder- 
al Europe, and will hope to point the Union's 
governments in that direction when they meet 
to talk about the Union's future in 1996. But 
no great change in Europe can happen with- 
out the joint consent or France and Germany. 
And it will be harder for any French govern- 
ment to agree to new centralizing moves now 
that the French doubters have won a foothold 
in the European Parliament. This road for- 
ward looks even stonier than before. 

There is. however, another road that sud- 
denly has a clearer dew ahead. The most 
important Euro-vote of the past week was in 
none of the Union’s 12 countries. It was in 
Austria, whose people on Sunday said with a 
clear voice that they wished tojoui the Union. 

The Austrian vole makes it likelier that 
Sweden, Finland and Norway will say the 
same when they hold their refereadums later 
in the year. That will make it easier to argue 
for extending the Union deeper into Central 
Europe, to lake in Poles and Czechs and 
Hungarians — maybe even Slovaks and Slo- 
venes — as welL The widening of the Union 
will not be easy. It will mean battles about its 
farming policy, about the distribution of its 
regional aid. about the shape of its future 
constitution and about the purpose of the 
entire enterprise. But a wider Union is the one 
thing that most Europeans dearly seem to 
want by the millennium's end. 

INTERNATIONAL HERALD TRIBUNE. 


Change in Mexico 


Mexico’s political life is moving far from its 
accustomed track. The presidential election is 
on Aug. 21, and the long-dominant Institu- 
tional Revolutionary Party, the PRJ. is heavily 
favored to win. But for the fust time since 1929 
this is not an absolute certainty. And that is not 
the only evidence of fundamental change in 
Mexicans’ attitudes about the generally benign 
but highly authoritarian one-party system that 
has been naming their country. 

The PRTs candidate, Ernesto Zedillo, is a 
highly skilled technocrat, but he lacks the polit- 
ical experience of his assassinated predecessor. 
Luis Donaldo Colasio. Now that the part)- is 
under unusual pressure, one question is wheth- 
er Mr. Zedillo will allow himself to be pushed 
into compro mi ses with the party's old-line 
bosses, who are by no means ready to share 
power and patronage with other parties. At the 
top of the PRI there is a real desire to open up 
and dean up the electoral system, but there has 
always been a strong temptation to resort one 
more time to the old tradition of vote- rigging. 

Until recently it had seemed that the major 
challenge to the PRI would inevitably come 
from the left. But the left has been fading in 
the polls, and the real opposition is now on the 
right — the National Action Party and its 
candidate. Diego Fernindez de Cev alios. One 


consequence is that the North American Free 
Trade Agreement with the United States and 
Canada is not turning into much of an issue. 
Most voters seem more interested in which of 
these two parties can best lead the country 
through rapid change and growth driven by 
the foreign competition to which the Mexican 
economy is now exposed. 

The PRI has been damaged by its mishan- 
dling of the response to the Colosio assassina- 
tion in March. President Caries Salinas de 
Gortari set up an investigative commission 
that has now resigned in a body, charging that 
the government never gave it the authority it 
needed for a genuinely independent inquiry. 
The president also appointed a special prose- 
cutor. who first declared that the killing in- 
volved a conspiracy, (hen some weeks later 
acknowledged that there was no evidence that 
it was anything but the work of a lone gun- 
man. The effect has been to generate clouds of 
suspicion and conspiracy theories. 

In the past a Mexican presidential election 
has been little more than the ritual enthrone- 
ment of the PRTs choice. This year it’s differ- 
ent. For the fust time in, the life of all but the 
oldest of voters. Mexico is moving toward 
results that are not totally predictable. 

— THE WASHINGTON POST. 


ihan to Clinton 


Of the Eve congressional committees han- 
dling heath care reform. Senate Finance may 
well be the one with the best chance of putting 
together a bill with enough Republican sup- 
port to carry the full Senate. Its makeup of 1 1 
Democrats and nine Republicans encourages 
bipartisan bargaining. That is why the odd bill 
proposed last week by its chairman. Senator 
Daniel Patrick Moynihan. is important. 

Viewed as a health care plan, the bill disap- 
points. It borrows in modified form the presi- 
dent’s idea of requiring employers to pay for 
workers’ insurance. But it would allow indi- 
viduals to use outside regional purchasing 
cooperatives: that invites the healthy to peel 
away and leave the chronically ill And Mr. 
Moynihan shrinks bade from proposing a 
linril on the tax deductibility of premiums — 
the best way to get consumers, and therefore 
health plans, to pay attention to costs: be 
thereby proposes a market-based system with 
noeffective market incentives. !n a word, odd. 

But Mr. Moynihan was playing politics, not 
health economics. And his touch appears deft. 
He offered a bill that, despite differences, 
borrows heavily from the Clinton plan be- 
cause he knew it would Fail — proving once 
and for all that the president’s plan cannot 
win and that horse trading is essential. 

The Moynihan bill will not attract moder- 
ate Republicans, like John Chafee of Rhode 
Island and John Danforth of Missouri, or 
conservative Democrats, like David Boren of 
Oklahoma, because they are not ready to 
accept a strict employer mandate. After the 
plan fails in committee, Mr. Moynihan knows 
that the key players will have to make a fateful 
decision: either compromise or walk into the 
November elections with no reform in hand. 

The disturbing outcome of last week's goings 
on is that "no bill" seems an increasingly popu- 
lar option. Republicans like Representative 
Newt Gingrich of Georgia and Senator Phil 
Gramm of Texas are gearing up to go before 
voters and take credit for saving them from, in 
their view. President Clinton's version of social- 
ized medirine; and the right-wing tug seems to 
be driving the powerful Senate minority leader. 
Bob Dole, away from compromise, perhaps 
afraid that his colleagues will sf/cc firm up if be 
makes a deal with the White House. 


There are plenty of Democrats, like Repre- 
sentative John Dmgdl of Michigan, who are 
also threatening to pass. They privately ex- 
press a willingness to go into November blam- 
ing the Republicans for the death of health 
reform rather than accept a bill that backs 
away from Mr. Clinton's lavish promises. 

Ending 1994 without a bfll would squander 
a historic chance to guarantee citizens of the 
richest nation that medical catastrophe will 
no longer lead to financial catastrophe. The 
legislative season w3l be shortened by the 
elections. The only force big enough to turn 
the politics around in time is the president. 
And he will have the opportunity when he 
brings Mr. Moynihan and the Finance Com- 
mittee's ranking Republican. Bob Packwood, 
to the White House on Tuesday. He should 
state unequivocally what compromises he 
could swallow in order to get a bipartisan deal 

That might mean phasing in universal cov- 
erage more slowly than he originally pro- 
posed. It might mean exempting, for now, 
small employers from an employer mandate. 
Independent studies show that more than 92 
percent of the population, accounting for per- 
haps 97 percent of health care expenditures, 
would be covered by reform that required 
insurers to sell coverage to every applicant at 
identical rates, with government subsidies for 
low-income families. There are many ideas 
around for picking up the stragglers. 

Mr. Moynihan has put the ball in Mr. 
Clinton's court, which is where it belongs. 

— THE NEW YORK TIMES. 

Other Comment 

Russian Sacrifice for D-Day 

1 thought the Normandy campaigners came 
off well last week: but my own thoughts dwelt 
heavily on the people of Russia. Between 
Hitler's ill-fated invasion of the Soviet Union 
in 1941 and D-Day. oar Russian allies lost 
some S3 million combatants, 49,000 tanks 
and 30.000 airplanes. Yet they were still hold- 
ing down about 200 Geiman divisons on the 
eastern front — W. F. Deedes, commenting in 
The Daily Telegraph (London). 



Internationa) Herald Tribune 

ESTABLISHED 18S7 

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Co-Choumm 

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Dirraeur dr Ui PubUnOicn: ftefionift Swmvni 
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SA. M capital de 1.200.000 F. RCS Nanterre B 7J2021I26. Commission Parian* No. h I S3. 
IW. Irtema&gdHemid Trim. AH rights rcsmri ISSN. ONNSOFl 



For 

BjAnthowy Le^ 8 


r Crispy crow with most favored noodles — God, I love Chinese food ! 9 

A Serious Setback for Human Rights Diplomacy 


N EW YORK — BiD Clinton was seeking to 
solve a political problem when he snapped 
the link between China’s human rights practices 
and its American trading privileges. Yet by re- 
warding rather than p unishing China's rejection 
of reasonable American human rights demands. 
President Clinton damaged the credibility of 
American human rights diplomacy everywhere. 
That is no small loss. 

Two decades of intenniUeni and occasionally 
successful US. human rights pressure on behalf 
of, among others. East European dissidents. 
South African blades and victims of Latin Amer- 
ican juntas made a difference to thousands of 
individual lives and made it easier for democrats 
in those societies to fight for political change. 

The unhappy consequences may sot be con- 
fined to citizens in dictatorships. Values can 
unite and inspire Americans in ways that brutal 
realpoHtik or money lust cannot Campaigns 
against arbitrary imprisonment torture and 
forced labor and in defense of free expression 
broaden the appeal of American foreign policy, 
drawing ordinary citizens into world affairs. 

Even after a heavy business lobbying cam- 
paign, polls showed strong popular support for 
using trade leverage to expand human rights. But 
the rhetoric of mega-profits and jobs in the hot 
China market eroded Washington support for 
trade sanctions. Mr. Clinton then shoved aside 
what had been a unifying expression of American 


By David C Unger 

ideals in the name of economics and geopolitics. 

The message to the world’s repressive regime* 
is now painfully dean U.S. threats to impose 
economic sanctions to enforce human nghts 
standards can in most cases be safely ignoreolf 
your market is aoractive, your support for U-S. 
diplomacy unreliable and your military power 
menacing, you ran abuse your citizens at will, 
regardless of promises that you may have made 
to Washington or international agreements that, 
you may have signed. 

Why should China's leaders now think twice 

ing aStnraTwarlare or^Tlbet or intimidati^ 
domestic and foreign journalists? And if the 
United States puts human rights pressure on 
smaller, weaker nations, tike Haiti or Singapore, 
they can credibly claim to be victims of a great- 
power double standard that allows twisting the 
arms of the weak but not of the strong. Such 
bullying may work, but it lacks moral force and 
invites a nationalist backlash. 

Recent American human rights diplomacy was 
launched nearly two decades ago by the moral 
idealist Jimmy Carter. Although directed at dif- 
ferent targets, the diplomacy was enthusiastically 
pursued by his anu-Communist successor, Ron- 
ald Reagan, before being shelved by the Reulpati- 


hker George Bush. Prcsidait Bush was riot inter- : 
ested in using American leverage for human . 
rights. But human rights sanctions remained a O 
credible tool for use by a future president 

China, for example, had to think' about the-! ■ 
possibility of a tougher stand Try Mr. Bosh’s 
Democratic successor. By deploying' Iranian . 
rights pressure and then retreating at the fust' 
sign of resistance. President Clinton has sacri- 
ficed that credibility, perils for years to come. 

American foreign policy cannot pivot exdu- 
stvdy, or even mainly, around human rights. •. 
Hardheaded issues of anfitaty security and eco*- ; 
nmnic interest are compelling and must form the 
centerpiece of any sensible approach. Yet tdr 
deserve and win the support c£ the American 
people, a foreign policy must also reflect and ./ 
advance American values. * * • • r - -. 

From the days of the Monroe Doctrine,' first : 
formulated as apolicy of keeping the Americas 
free from Old wold imperialisms, to tbegrF 
sading zeal of the Cold War, succcssfuIAmeri- 
can foreign policies have always contained a 
strong idealistic component. With the Evil Em- 
pire rolled back and the United States physical- . 
ly secure, that idealism requires .a new and 
constructive focus if America is toremaurintef- 
nationally en g a ged “ . 

It is ashame^m morewaysthan oitothatMr. 
Clinton caved in so easily on human rights. 

The New York Timex: 


criod^Ctontegn pcOicy * 
wavering and thmks.be can bluff ® 

action against hwVnnetear wapons 
program, he is making ajnpB&e. 

P On this issue ihe 'admmistraUOT s 
watchword is resolution. So I b*b 
after conversations here. I do not 

sense the tentattyencss »at has 
marked the search for effective poli- 
cies in Bosnia and Haiti . 

Th e American national. security 
interest ih-tfie Korean dticfcar ones; 
tioriis ovetpowenngjy clear. U fie 

or ' 10 yearif ftonr/now North Kona 
'were- -making .numbers of nuclear 
weapons arid 

sQe systems, to Iran or Iraq or other 
rogue regimes,. it. would be a differ - 
eat -wbriuT-^- an. intqlerabty.-more 

dangmms one. V. .. . . ‘ , . • 

For three years. under Presidents 
George Bosh arid Bill Clinton, tne 
United States . tried to deal with the 
probfcm *y diplomacy. The North 
Koreans responded by 'bobbing and 
.weaving, indicating at times that .they 
wcnld alfow ft® inspection of their 
nodearf^dfities if jhe United. States 
opened' ^pTorriatic relations, then 
abruptly ■ barring international in- 
spectors frbminie';site that would 
Have shown whether they had divert- 
ed nudearfnel to bomb^ making. 

. Now the Omion administration is 
moving to economic sanctions. Over 

-L! . »• A 


spectra's from: 


agreed on a sanctions package with 
two crucial partners, Japan and 
South Korea* The Japanese govern- . 
mwit -was other less reluctant about 
the idea than had been reported, or 
die United States brought it around. 
The plan is for sanctions to be 

^yseweff^ri^K^ra remains ' 
in transmit/ Far example, a ban on 
; North Koreans in' Japan sending ; 
roct ne^bc^ — they send as much as 

imposed nntihlK second phase. But 
. the mtke,p®&age"haj.btea agreed 

middoes hotfune tp berenegotiated 

with Japan orSouth Korea. - 
Tbe W^qncstkxi inark on sanc- 
tions is Coina, North Korea’s neigh - 
borandsappUcr of the one import cin „ 
which it is most dependent: ctL The 


Back to 'Reform,’ 50 Years After Bretton Woods 


W ASHINGTON — This year 
brings the 30th anniversary of 
the international conference at Bret- 
ton Woods, New Hampshire, in July- 
1944 that established new rules fontie 
global monetary system. The Bretton 
Woods agreement created the Work! 
Bank and the International Monetary 
Fund, and set out the’ system govern- 
ing major nations' exchange rates. 
Dollars, with a precise value in gold, 
were at the center of the system. 

The Bretton Woods agreement un- 
derwrote a period of global prosperi- 
ty from 1944 through the mid-1960s 
by maintaining fixed exchange rela- 
tionships among the major curren- 
cies. Then inflationary cracks began 
to appear in the system. 

In 1971, after a celebrated meeting 
at Camp David. President Richard 
Nixon broke the link between the 
dollar and gold, creating a system of 
floating exchange rates. Since then 
governments have tried to “manage” 
the float, or to keep exchange rates 
within acceptable ranges. But success 
has been elusive. 

Now, in the post-Cold War era, 
there is increasing talk of “reform" of 
the monetary system aimed at restor- 
ing, at least in part, the fixed-rate 
concept that began in 1944. 

A commission headed by Pan! 
Vokker, the former Federal Reserve 
Board chairman, will issue a report 
this summer suggesting adoption of 
formal “target zones" for exchange 


By Hobart Bowen 


rates, long advocated by the Insti- 
tute for International Economics led 
by C. Fred Bergsten. Mr. Bergsten 
would limit fluctuations of the dollar 
against the yen, the Deutsche mark 
and so on to a “zone" plus or minus 
10 percent of an agreea-npon figure. 

Unexpectedly. IMF Managing Di- 
rector Michel Camdessus said in a 
speech last week to the Bergsten 
group that a move toward target 
zones would allow for a more stable 
and predictable economy. But in 
Spain on May 9 he conceded that he 
had not dealt with “the more funda- 
mental question of the central anchor 
of a stable world system.” 

la the Bergsten scenario, the IMF, 
rather than the Group of Seven, 
would have responsibility for manag- 
ing exchange rates. Without that 
function. Mr. Bergsten warns, there is 
lirtJc excuse to continue the IMF as a 
separate agency: it could be merged, 
instead, with the World Bank. In the 
fall, at the annual IMF/Worid Bank 
meeting in Madrid, all these issues 
will be discussed. 

What would loom most important, 
especially to business people, is any 
way to reduce the volatility of ex- 
change rate fluctuations. Many of the 
recent high-profile hedge and deriva- 
tive fond operations were triggered 
by a private effort to create insurance 
against wild swings in exchange rates. 


But it is easier said than done, as 
former Treasury Secretary James 
Baker discovered when he tried to 
set up a system in between fixed and 
flexible rates, at the famed Plaza 
Hotel conference in New York in 
1985, again in Tokyo in 1986, and 
then at the Louvre m 1987. 

Trade imbalances remain political- 
ly troublesome after these exchange 
rate experiments. The experts are 
back at the drawiqg boards, seeking 
that elusive formula for currencies 
that will create just enough stability,, 
but not rigidity; and just enough flex- 
ibility, but not huge gyrations. 

The significance of Mr. Camdes- 
sus’s endorsement of reforms to re- 
duce the volatility of exchange rates 
is his implied blessing of the present 
rates as close to the right one& Japa- 
nese officials, who have seen the mar- 
kets boost the yen close to 1 00 to the 
dollar fit was 360 td tire dollar at the 
end of World War JI), will not like 
being locked in at that rate. 

Chilton administration officials are - 
skittish about endorsing precise target 
zones. Lawrence Summers, Treasury 
undersecretary fra: monetary affairs, 
doubts that governments can get the 
rates “right” If the markets challenge 
the rates, Mr. Sommers disputes the 
notion dial they can be defended - 
merely for central bank i nter v ention in 
the foreign exchange markets. 


In Taiwan, a Bubble Threat With a 


T AIPEI — Japan’s bubble and its 
aftermath are well known. Hong 
Kong ,is in (he throes of one, with the 
familiar meny-go- round of cheap 
credit feeding’ property and sioct 
booms. Taiwan, despite being shel- 
tered by controls on inflow from last 
year’s world liquidity boom, is show- 
ing similar signs. 

Didn't Taiwan have its bubble 
back in 1990. when the stock index 
went from 4.000 to 12.000 and back 
to 4J0Q0? True. But that bubble was 
created by liquidity in an economy 
that for several years ran a trade 
surplus of more than 10 percent of 
GNP. where hank loans to deposit 
ratios were only 60 percent and do- 
mestic credit was only half of GNP. 

The boom and bust had Gttle eco- 
nomic impact other than to redistrib- 
ute ownership and wealth and make 
the Taipei stock exchange into one of 
the world’s busiest: even in 1993. a 
duD year, its turnover averaged more 
than SI billion a day. nearly double 
that of Hong Kong, The current Tai- 
wan bubble is different. 

The pace of adjustment io a strong 
currency and high wages has exceed- 
ed expectations. Domestic demand 
has fowmed, while U5.-enforoed ap- 
preciation of the currency and double 
digit wage rises have led many indus- 
tries to move to cheap-labor locations 
in Southeast Asia and China. The 
ending of travel restrictions has made 
Taiwanese into some of the world’s 
most eager tourists, spending a colos- 
sal 575 billion last year. 

The net result of all this is that the 
trade surplus is down to around 2 
percent of GNP and the current ac- 
count is ratiy in the black because of 
earnings on its $85 bfifion foreign 
reserves. Meanwhile, S5 to S10 billion 
a year in capital is moving ouL 


By Philip Bowring 


All this is good news for neighbors 
and trading partners, fear Taiwan con- 
sumers and even for many industries 
which have sbtfted into nigh value- 
added activities. A combination of ex- 
pertise and mobile capital is making 
Taiwan an ever more inqjortam player 
in elec troni c s and computer peripher- 
als and pabting its plastics and fiber 
companies to more than hold their 
own in the global marketplace. 

There is bad news. too. While do- 
mestic mamTfMpfm-fng investment has 
been shiggish. there has been an ongo- 
ing boom in land prices and private 
construction. &ock prices have had a 
bumpy ride since 1990, but land prices 
have been boqyed up by ever increas- 
ing amounts of credit A speculative 
budding boom has been spurred by 
tjumgys in land use regulations. 

The situation is dangerously un- 
sustainable. Underlying demand is 
real enough. Taiwan’s bousing stan- 
dards fall far short of its attainments 
in oUjct fields But few can afford the 
sky-high prices. Apamueai prices in 
Taipei are between 10 and 15 times 
average household ireomes. 

Even with 30-year mortgages, that 
explains the ewer growing inventory. 
Estimates of the cumber of empty 
apartments range from 550,000 to 
700.000, m a coonny ofjust23m3- 
Ikn. Axri the buikfing goes on. Vacan- 
cy rates for new offices arc 30 percent 
in Taipei and higher elsewhere. 

The government is keeping interest 
rates low in an effort sunuitaneosuly 
to arrange a soft landing for real 
estate and banking sectors, and help 
manufactured exports by weakening 
the currency. The policy may succeed 
with exports. Matty dewlopeo will be 
safe bettuse they -acquired land before 


the price boom. But no rare can dis- 
pute that in the past fair years domes- 
tic credit has risen try 110 percent 
while nominal GNP is up less than 40 
percent and the ratio of bank loans to • 
deposits has risen to 90 percenL 

without bis land price falls — - 
which would hurt government reve- 
nues as well as deveknieis — Taiwan 
may be headed for a stamp in domes- 
tic investment. Yet the necessary price 

fafi. which tbedr vriopc raareresirohg, 

Thetmnlu; stilTaS^ bav^mwority 
state ownership, so there wouM be no 
question of coQapscs. With inflation 
under 4 percent, an increase in infla- 
tion to provide a soft landing is toler- 
able. As for the economy as a whole, 
its export orientation — and weaken- 
iqg currency — provide alternatives . 
not available in Japan,~wbere a rising 
yen added Co the deflationary impact 

of the bursting of the babbie: 

if private investment' stumps, the 
government could speed up its own, 
recently curtailed m&sstuctuze: in-' 
vestment. For now, the Easier money 


central bank has brought stock prwes ■ 
back above the 6.000 mark from 
4,000 a year ago. But attics .suggest 
that this is merely helping ttvpush 
cash-strapped developers and banks . 
with poor asset quality into shallower 
water farther from ftie shore. . ; 

For once, foragi investors may not ' 
have been booted. Foreign institu- 
tional money, moving, in asfajt as, a." 
reluctant central bank wSTaBowi goes 
mostly into manufacturing stocky es- . 
pecxaUy electronics, plastics and tex- 
tiles. financial , and co n st r ucti on rec- 
urs are being avoided But Taiwan is 
suffkieatiy small and enough manu- 


- Mr. Sumners fedS that- it would 
also take tnatupulation. of interest 
rates. And that might nra c o n trary to 
an adnrinistratioii s domestic agenda. 
No American, president would be 
happy if he woe forced to. put the 

nation through a domestic recession: 
to defend the dollar's ^termtintwi - 
exchange into 

Treasury Secretary Uoyd.Bentsoi 
continues to look on the Group of 
Seven as the vehicle for international 
cooperation, Mr. Summers said He 
does not plan to transfer, exchange , 
rate management to the -IMF- The . 
role Mr.Srmmias sees for the IMF cf 
the future is -less involvemenr with 
tire indrtis&Miiatiran^-exdiange rate 
problems, and more with the devel- 
opment needs of the Third World. 

The Qmton vision of international 
monetary reform, as outlined by Mr: 
Summers, is aimed at “widerung" the 
process rather than “deepening" h. 
The buzzword is “shared prosperity" 
in the post-Cbld War era., 

It is less a replication rtf Bretton 
Woods than a focus :ou micro issues 
(such as jobs, as discussed at tire 
recent conference in Detroit) and oh 
inclusion of other countries m the 
dialogue, in the pattern of the North 
American Free Trade Agreement 
Next on fine: extension ofJMAFTA- 
fite privileges to 24 Caribbean ^ 1 
lions at a Miami conference at the 
end of this year. ; 

The Washington Post, V . . 


facturejshavedabbledtnprppmyde- 
vdopmenf that a bad afcodeot iri that 
sector would have wider rmnffications. : 


will induce the authorities to speed tqj 
Sberafization and mak e s erio us efforts 
to develop .Taiwan.*! a xegkmalser- 
vice as writ m mauufaemnna center. 
Itefor^ner irntynotbeabretobity , 
those empty apartments, bm refugees 
from Hong Kangfs even more absurd 
reaLestate prices and artcertam politi- 
cal future could fill some of those 
empty office blocks. ' •' 

{ntentmiaTtaf Haxdd Tribune. 


of sanctions. But there are afecrsrais . 
that if is worried aboutthe msrabflity / 
caused by the Uuriear policy of Its * 

one] can ; 

besnne'lhal they will persuade Kim D * 
Sung to back down on his nuclear 

tfictatorxhip 5 ^ igtorc^ul£ccpm-“ 
tom Bat the country’s economy is in 
teniWeshaperand sanctions will at a 
.mhrimmTi increase dm pain. 

; It wfll in any event take much de- * 
.termination for the Untied States and * 
its friends to see the pd Ecy through. . 
North Korea ’wffl imdoubtedljr float * 
new negotiating ideas*, as h has al-~ 
ready started tado. Rea] results will „ 
DOtcoroe instantly;-; ; ? ■ ; .■* ■ 

What are the results that the Clin- * 
ton polity seeks? and mosl im- . 

portant, to prevent diversion of nucle- 
ar fuel to weapons aL^as future — by 
opening : the .critical processes . to in-- 
spection. SoeoruC toJriti out, ^ "as best 
inspectors stiUcaa, what happenedin 
the past, so (hat toe uorfd does not, 
seem to be wiidting at past vidations'i 
of North Kraea’s obligations under, 
tbc Nooprofifcrafioc Treaty. 

. Some obseryeri are critical of the 1 
phased sanctious plan as too slow, ; 
too weak. Botou tins problem steadi- • 
nesalimort important than speed. 
Fortfarap om her &oqitid: fix. Talk of ^ 
a preemptive strike on North Korea’s., 
nudear faahties tgnorcs the reality- 
tbatjmch a strike could spread nude-” 

. ar fafioot over much of Asia. And ^ 
North'Korea would -sorely respond 
by attacking the South — whose capi- ' 
laLSeouLiSTHst 50 kflbmcters from.- 
the border. The allies would win the 
war, batata heavy cost in casualties. ' 

. lie best "Wty to show firmness is to - 
beef «m the U-S. railhaiy force in 
.South Kraea, now 37,000 strong. Tbe'.- j 
Clinton administration has sent Pa- f 
trioUneales aiid taken other undis- 
dosed .measnres requested by the*^ 
K Hrun a nding ^mneral, Gary Lock. I 
thin k n sh ould take the demonstra-- 1 ' 
five further., step of reodnjgone or*, 
more additional force umis/The Kim 
Bovernmenti, after all, has said it' 
would regard sanctions as an act of _ 
war. Sanctio n s must be accompanied - 
by a strengthened detenenL . 

Presidait GSntoia has n6t yet m ven - 

fin al approval to the obi for 
m Pyotig 3 «ng Who, ^ 
ooes, ne- should explain the states 
and tos measures to the public. 

• ' The ffew York Times. 


m QUB PACES: 100, 75 AND 50 YEARS AGO ' 
18M; CoreanGdsb 

. PARIS ; — Africa Knot the.riatybpa.-:,. VlJO .Kmsjf reesritiy arrived in such a V 
tineat which canses anxiety Jo .$»■: ^g^mqr-Ctiiidition .&ai even snear 
PWrersof Eorofto Area b oontribut- - 1«u^whok^e butchers refus^to' 
ingita share, 4otf the fatest nafcemty Md for it 

caved-from Coca is tatyrhmg bdt: ; '-r-f---: 

^wn vAesfier or notrt ts specif' AMERICAN 4TH DI “ 

directed gainst fore^p*rs?. aouid ' V^QN .NEAR MONTEBOURQ 
sudi.proverto be New York edition' l”' 

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interfere. Another- Easton Mon lebourg and Carentan this “ 


would be moet waksnaHc; ; 

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is man to man 
with deadly figh 
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allowed to rot daily. A ta ViBette 


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mm. lwt all they can do 

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international her\ld tribune 



ART 

Saiurdtiv -Sunday, 

May 14-15. 1994 

Page 7 


In N. Y. Sales, Star Quality Amid Duds 


■ « j. , . Tmnihi r l recnf«U-Smifr> 

Washington show puts his frenzied art into balance. 

The Essence 
Of de Kooning 


By Paul Richard 

Washington Pan Service 


W ASHINGTON —De Kooning at his best is the stormi- 
est of masters. His brush strokes book and sweep. His 
figures fly to pieces — a breast becomes a rolling eye. 
shoulders a horizon. There’s always been a rolling 
turbulence about Mm. Nothing in his an moves in one way only. 
Figurative, abstract, avant-garde yet old-fashioned, it owes as much 
to jazz and the crackle of Manhattan as it does to his countrymen 
Vincent van Gogh and Frans Hals. De Kooning has just turned 90. 
Holland-born and trained, that giant of the New York School is the 
United States’s Dutch Master. No living painter has done more to 
loosen and extend the easel painter's an. ' 

“Wflkm de Kooning: Paintings.” which opened this week at the 
National Gallery oFAit. does something unexpected: li allows the 
artist’s frenzied pictures bee rein, yet puts than into balance. This 
show hurls itself upon you like some curling, crushing wave — yet 
even as it does so it nukes de Kooning’s oceanic art absolutely dear. 


Irucrnanonal Herald Tribune 

N EW YORK - In the 
most sharply contrasted 
two-round match ever 
played on the auction 
scene, the market has just demon- 
strated its vigor where Impressionist 
and Modern Art is concerned, as 
well as the cool professionalism of 

the new buyers. 

Attempts at playing games with 
them are ruthlessly sanctioned by 
ihe buyers, as Christie's was the First, 
to learn on Tuesday — a lesson that 
Sotheby's was prompt to a$ust to 
on Wednesday within the limits of 
feasibility. 

That money is available in abun- 
dance for pictures wGJ hardly be 
questioned after S102 million — 

150-6 million at Christie's, 551 5 mil- 
lion at Sotheby’s — was spent in just 
two evening sales. Some extraordi- 

SOUREN MEUKIAN 

nary prices were paid for top-of-the- 
basket works, even though none of 
these fell into the unforgettable mas- 
terpiece category. 

Sotheby's led with ihe phenome- 
nal Sll. 662^00 given for Gustav 
Klimt’s portrait of a woman done 
shortly before the artist's death in 
1918. The square picture, 100 by 
100.3 centimeters (39 by 39.5 inch- 
es.), which belonged to the late bil- 
lionaire Wendell Cherry, is large 
and, as such, rare. But it is not in 
the crisp, tense style of the roaster's 
younger years. Done in the pastel 
colors of Impressionism, it has an 
introspective quality that goes back 
to a century-old tradition of Euro- 
pean portrait painting. This makes 
the price, which set a world record 
for Klimt, even more astonishing. 

The other star in Sotheby's 
Wednesday sale could not have 
been more different. Mondrian’s 
geometrical composition done in 
the years 1939-1942, is an ump- 
teenth variation on the gridlike de- 
sign with Mack lines crossing at 
right angles and squares of color 
lodged here and there. It is in im- , L , . , , 

maculate condition, a rare feature compatible with the artist s outlook 
in Mondrian’s fragile and frequent- ? earcd to logical construction, was 
restored De Stgl period pictures, i5^®^ ercn, • ^ ls $700,000 to 
ie picture dim bed to $5.6 mil- $900,000 estimate was the only tru- 
lion, which is just about right, pro- ^ surrealist feature. No one moved 



A phenomenal $11,662,500 was paid for Gustav Klimt's portrait of a woman done shortly before his death in 1918. 


the de Kooning retrospective id years ago at the Whitney in New 
York, bur it’s nowhere near as scattered. Nor is it as mixed as the 
Hirshhora’s recent survey, that record of a friendship between 
painter and collector that opened last October just across the MalL 
This show aims for grandeur. Its curators sought the painters 
finest works, and for the most pan got. them. Rightly they excluded 
Ms big galumphing bronzes, Ms hatf-cartoonv sketches, and the 
scribbles be produced (with his left hand) while staring at the TV. 
Like most improvising chance-takers, de Kooning often missed He 

seldom does so here. ...... , 

This show scans his long career, or at least ns tugh points, and 
locks them into order with such crispness and finality you can almost 
bear the dick. It opens with Ms portraits from the last years of the 
'30s, those greenish haunted studio scenes so indebted to Picasso and 
to his friend John Graham. It closes — or, more accurately, sort of 
fades awav with his airy and untroubled whitish open canvases of 

1986. 

•'Willem de Kooning: Paintings ” will travel to New York's Metroool- 
itan Museum of Art and then to the Tate in London after it chses here 
SepL 5. 


fessionals say. 

While it tested the waters on 
Tuesday, Christie's also enjoyed 
considerable success with two of its 
star pictures. At the beginning, lot 2 
was a Fauvist landscape of 1905- 
1906 by Maurice de Vlaminck. It 
has a lyrical rhythm created purely 
by color. At S6.7 million, 50 percent 
more than the high estimate, it be- 
came the third most expensive Vla- 
minck. 

Then there was a wonderful 
Cubist stSl life done by Picasso in 
1913. Lighter tones than usual 
combined with the dancing rhythm 
of the vertical elements made the 
picture sing. It sprang to a prodi- 
gious $63 million. 

jtten off with a bang in 
die first three lots, Christie's sale 
suddenly ran oat of steam. A still 
life of a fruit bowl and pipe done by 
Braque, in an elongated format that 
makes it difficult to sell, pulled 
gh. Redeemed by its exquisite 
tones and a rhythm that plays 
bn its horizontal! ty, it managed a 
creditable $497,500. 

Bat Christie's had no such luck 
when it came to real duds. A spoofy 
portrait of a woman sewing, loosely 
painted by Picasso in 1906, hardly 
justified a M5 million to $2 million 
estimate. The gouache on board 
crashed unsold at Sl.l million. A 
Fernand LAger of would-be Surre- 
alist inspiration fundamentally in- 


as it fell flat on its face at $400,000. 

A third mistake in aesthetic as- 
sessment nearly killed Gauguin's far 
more ambitious “L’Aven a Travers 
Font-Avai.’’ The year 1888 pro- 
duced sublime landscapes. But this 
is not one of them. The bottom strip 
gives the impression of having been 
hastily smeared over, and so does 
another green patch over the house, 
as if Gauguin had decided to expe- 
dite an unfinished work. The land- 
scape hardly belongs in the $5 mil- 
lion to $7 million range as suggested 
by the estimate The auctioneer 
wisely let it go on a $3.8 million bid 
— $42 million with premium. 

It is never very helpful to recog- 
nize that estimates are unrealistic 
while a sale is under way. Further 
concessions were made ail the way- 
down the financial scale, some- 
times on perfect nonentities such as 
a 1 948 Dubuffet that few would be 
able to tell from the woik of a 
promising young cartoonist in his 
teens. It fetched $36,800. 

When it came to the bigger lots 
where Christie's enjoyed no leeway, 
the havoc was considerable. A 
Cubist composition by L&ger dat- 
ing from 1913, “Contraste de 
Formes,” might have been worth 
533 million to 54.5 million if Lhe 
it surface had not been wrecked 
later varnishing. The Lfcger was 
unsold as bidding stopped aL $2.4 
million. 

The portrait of Annie Bjarne 


painted by Modigliani in 1919 fell 
victim to the fact that it was leftout 
of Ceroni's catalogue raisonne. 
Connoisseurs did not like it well 
enough to go along with the $5 
million to $6 million estimate and 
less experienced buyers, who have 
heard 100 times that inclusion in 
the Ceroni is the guarantee of au- 
thenticity. were too scared. The 
portrait (which is documented 


from Day One) dropped dead at 
53.5 million. Add an unspeakable, 
possibly unfinished, Monet view of 
a pink canoe in murky waters 
bought in at $4.2 million, and the 
pattern was set for a difficult eve- 
ning. It ended with exactly half the 
works failing to find taken. 

Sotheby's could have fared even 
worse had h come first. Here, too. 
there were cases of overestiraation. 


One of the would-be star pictures 
was Monet's Venetian view of San- 
ta Maria della Salute seen beyond 
the Grand Canal broadly (some 
would say coarsely) done in 1908. 
This flopped at 55.7 million. So did 
Brancusi’s “Bird,” an abstract mar- 
ble carving at $6 million, that car- 
ried an estimate of $7 minion to $9 
million (given on request). Offered 
around New York in previous 


months according to dealing 
sources, it was. they say. doomed 
from the outset. Not through lack 
of money or interest in Brancusi, 
though. Tdo von Watzdorf. a for- 
mer Sotheby's expert turned art 
dealer says that a “sublime" ab- 
stract Brancusi sculpture incorpo- 
rating wood and stone was sold for 

510 million in the United Stales 
within the past Tew months. 

Fortunately. Sotheby’s came sec- 
ond in the chronological sequence 
of the big evening sales and its 
experts were accordingly in a posi- 
tion to alert some of the vendors to 
the risk of sticking to the estimates 
and assorted reserves. This surely 
helped in unloading some seeming- 
ly hopeless works. A very awkward 
Degas sketch of a woman bending 
as she dries herself beside a bathtub 
was knocked down to its buver at 
$290,000. its 5500.000 to 700.000 
estimate notwithstanding. A 
skimpy watercolor by Paul Klee. 
“Sirasse bei Mila Mazzaro.” done 
in Sicilv in 1924, was sold on a 
$ 1 1 0.000 bid. under the S 1 50.000 to 
5200.000 estimate. 

Higher up the financial ladder. 
Chagall's “Pay sage de Paris." late 
( 1978) and pair, miraculously found 
a buyer willing to bid up to Sl.l 
million ($13 million with premium), 
if not nearly as high as the SI 5 
million to S2 million estimate. That 
such paintings should sell at all says 
a lot about the bullishness of the 
market. In the event. Sotheby’s got 
away with 50 out of 69 lots sold a 
real score with so much dead wood 

Perhaps the soundest indicator of 
a bubbling market was to be found 
in the daytime sales, less ambitious 
in scope. There, auction houses take 
greater care in giving realistic esti- 
mates. At Christie's, the morning 
and early afternoon sales Tuesday 
gave the feeling of bustling activity 
with more than 78 percent or the lots 
selling When it came to the estate of 
the late historian of Impressionism, 
John Rewald which consisted most- 
ly of minor, often insignificant, 
drawings, picked up purely for fun 
or pleasure in the course of a life- 
time, the proportion rose to 100 per- 
cent sold All this should give food 
for Lh ought- 

Some urgent soul-searching 
about estimates, reserves and the 
rules that should keep competitior. 
between the Big Two within limits, 
is required Otherwise, a replay of 
the 1990 crisis might be witnessed. 


ART EXHIBITIONS 


LONDON 


PARIS 


★ THE ART OF VIETNAM ★ 


Ends 24 Mav 


BOOKS 


CERTAIN TRUMPETS: 
The Call of Leaders. 

Jr Gariy '“if 

pages. S 23 . Simon & Schuster. 

Reviewed by . 

Michiko Kakutani 

asm®??® 

surprise. Tnjrnpe ts: The Call 

high school Slo- 

dents. docs wills con- 

^ djusl whom ^ ^ h 

other 


JSI » 

reas olb ' 

,V sorts Of does 

* ^ 

■ va *“SS toward the ob* 
uikes oLb era ,-<,»*• he writes. 

^ kUld ° f 
t object df'&eflai type* 
tip at ^ iidisringuisb^ 

rrs should be ^ 

*.*% &£'■**«*# 
jijyoftnew* 

n pracuce)- fae adds. 

jfS£5i 


other areas: “Gen. Grant proved 
that a great military commander is 
not necessarily, by reason of his 
martial success, a good political 
leader in an electoral democracy — 
as Lyndon Johnson proved that a 
superb Senate leader can make a 
poor president." 

Raving laid out these observa- 
tions in a brief introduction. Wills 
proceeds to offer the reader 16 cat- 
egories of leadership (deetoral, 
radical reform, diplomatic, nub- 
iary chari sma tic, business, tradi- 
tional constitutional intellectual 

church, sports, artistic, rhetorical 
opportunistic and saintly), along 
with 16 examples of each tyfw and 
16 “antitypes” (that is, individuals 
who exemplify “the same charac- 
teristics by contrast”). 

Franklin Roosevelt, for example, 
is his choice as electoral leader, 
while Adlai Stevenson is ms chota 
as electoral antitype. Ross Penn a 
his choice as business leader, while 
Roger Smith, the former chief «eo- 
otj-ve officer of General Motors, is 
his choice as business, antitype. 

In the first plat*, this fnsqr meth- 
odology results in soinchightyarbi- 
Voices. Why « Socrm^. fw 
instance, held up as a ppdimn d 
intellectual leader 
52V Voltaire or Martin Lutherf 
Why is King David designated as 

exempt of chammaoc 
leadership, instead of, say, Mao or 

also makes for snort. 

f^SpSsthaiquicldyde- 


portraits, portraits that are too cur- 
sory to give the reader a real sense 
of the subject's achievements. 

In these pages, there are a few 
broad generalizations about the re- 
lationship between leaders and 
their followers, and some predict- 
able observations about charm, vi- 
sion and the wfflmgness to compro- 
mise. 

Many of Wills's chapters simply 
point out the obvious: that the 
“singleness of purpose” possessed 
by radial leaders can release them 
“from responsibility to many com- 
peting interests” and from “the 


general immobility induced bv 
‘balanced* leaders;" that “keeping 
as many channels open as possible 
is the diplomatic imperative;" that 
"an artist can be successful impor- 
tant and influential without being a 
leader.” 

Given Wills's generous gifts as a 
writer, Ms portraits of individual 
leaders are consistently entertain- 
ing, even if they are superficial and 
heavily based on secondary 
sources. 



ROY MILES GA I EERY 

29 Bruton Street London W1 

Monday-F.riiiay _9am-6pm • Saturday 9am- lpm 

Tel cpli one 071-495 -4747 


GflVERNY 


Michiko Kakutani is on the staff 
of The New York Times. 


-Ssffl - 


auction sales 


IN FRANCE 


PARIS 


m DROUOT RICHELIEU 

UM 9, Rue Drouot, 75009 Paris -Tel j (1) 48 00 20 20. 


17,1994 


Room 12 at 2 p.m. - JEWELS - SILVERWARE.' MUlON-KOnEKT. Ip, rue de b 
Orange Uadltrc. 7W» PARIS. Tel: (!) 48 00 » 44 - ft® <» 4B 00 <W 

—Wednesday, May 18, 1994 

i 2 at 3 pm. - ANTIQUE DOCKS. M1LLON-HOBEKT. 1<J, rue de la 


Oral®.' BatdBrt. 75009PARIS. TcL (1) 48 00 9P 44 - < J > 4B M 96 5R 

-Friday, May 20, 1994 


Room 15 at 2 p.m - JEWELS - FURNITURE AND QUIETS DART. MIUjON- 
ROBEKT, 19. we de la Grange Batdrm, 75009 PAMS. Td : lit 48 no 97 H 
ftuutl) 46009*5* , , 

■ Wednesday. Mav 25, 1994 


■ Room? 3T 2J0 prn - COUFQTORS CLOCKS. MtLLDN-BOBERT, 1 m rw tk- b 
Orarqte HatdEhe, 75009 PARK. TeL- ( 1) 48 00 P9 44 • Fas: (I MR 00 5& 

. Room 3 at 2.15 pm ■ ANTIQUE AND MODERN BOOKS included Mr. Rnt» Li 
(Uusiraicd books. Expert; M. Courvoiswr. On view at th« expert: Library 
■Giraud-Uadm*. Tb1 .: (J) 45 48 30 *8 - Pax: It ) 42 84 W 87. From JUuncfov Jt. lu 
Saturday 21 May. ADERTAJAN, 12, rue ftsvan, 75002 PARIS T d.: U» 42 M ST 
07- Fax; (l* 42 61 59 57. In NEW YORK please contact Kctiv Malsonnukv S 
Co. Inc 16 East 65th StnxrL fifth floor, N.Y. 10021. M»iw. 1212} 7^7 Vi 97 "37 
LA -Fax: (212) 681 14 34. 

Eoontt 5 * 6 £ M. Coquenpot. ADER 

TAJAN. 12. roc fttvart 75002 PARLS. tW. : flj 42 til 80 07 - Rasuf I > 42 ft| YJ 
in NEW YORK pjgy fpnaa .fegy.Maisontomc St Ox Inc. 16 Elm 65th Sinvt. 
nfth floor, N.Y. 10021. Fhnne (212) 737 35 97 /737 3* 13 - Fax: (212i m H M 


- Room 2 at 2.15 p-m - OLD — 

TAIAN. 12 me fxm n. 73002 PARIS. Td-- (1) 4; 
in NEW YORK pkasc oontaa Kmy Matonrout 
fifth fioor. N.Y. 10021. Phone: (2I2J 73735 97/ 


Friday, May 27, 1994 

D master drawings. Ex 


IS, Expert; M. dc liji'Ct, ADER 
6 l f» 07 - Fax- 1 . 1 1 42 rjl 39 
c St Co. Inc 1(> Em Suv-t 
38 13 - Ftixr I2J2) ffi] 14 


CLAUDE MONET MUSEUM 0N GIVERJVY 

THE HOUSE - CLAUDE MONEY 'S GARDENS 
THE WATER-LILY POOL 

Open everyday except Monday, from 1st April 10 51 October 
IO a.m - tl p m without interruption. 

West highway, dir. Rouen, exit Bon mixes near Vernon (Eure). 
■■ ■ ■ Information: ( J6) J2 51 28 21 ______ 


HUGIJETTE BERES 
FRANCOIS PERREAU-SAUSSINE 

’(Enures choisies ” 

XIX & XX Cent toy 
Paintings , Drawings, Sculptures 
25 May - 9 July 

GAI.ERIi: HI GUETTIi BERES 
25 Ol AI VOLTAIRE PARIS MI 

Tel: 33 (1) ri 61 27 91 - Tax: 33 (J.) 49 2" 95 88 



|W* buy and sail Japanese Antiques of 
tfta Edo and Mefll Periods: 
l RneSatsura. Iman. Japanese dwni«. 
|brona9S. Samurai swords, fittngs and armor 
(14th century enough iswi cemurv I 

flying cranes antiques, ltd. 

1050 Second Avenue Gaiety c$5 
New YorV N v :<K 123 
Tat(?lZj22»^eXi • Fa? i?l?l2£r>J601 


Auctions 

May 28 

To adt t-rf/xi • 
please rontart 
your nen res l HIT 
office, rcpivscntoltiv 
or in Pa rift: 

Brooke PILLEY 

Tel: 133-1 > 46 37 93 S3 
Fax: f-33-D 46 37 S3 70 




Spink 
deal in 

English Painiingsand Watercolours 
Oriental. .Asian and Lsbtmic An 
Textiles - Medals - Miiiiaria 
Ctrins ■ Bullion - Banknotes 


SPINK 

MINK A SON l.l D 5. ii A. ~ KING ST. 
VT J.tMhS'S. I.oNLKtN. 
I'Ntll.WjSWlt mjS Thl If] ulii'j 
I.W.iri vyjs--.-, TELFX. s|i.T|] 


GALERIE SCHMIT 

396, n» Saim-HonorE - 75001 PARIS 
(33 1) 42 60 36 36 


MAITRES FRANCAIS 
XIX' - XX' SIECLES 

MAY 4 - JULY 12 



■ 

IT. 

".SAX 

] 


COLLECTORS 

GUIDE 


HARRY FANE 

wishes to purchase old 

CARTIER 

obicets: 

cluck-., cifj.in.uc cases, prrwdcr boxes, 
desk acccswino. phnio framw. etc 
Mcajc ennuct: 

OBSIDIAN, London 

Tel: 071-930 8606 Fax: 071-830 5834 



R. V. MILOUX 

4-28 May, 1994. 


GALERIE ART & PATRIMOINE 

22, rue das BJancs-Manteaux - 75004 Paris 
Tel.: (33-1) 42 71 98 01 Fax: 42 71 06 56 
Tuesdav-Saturdav 2-7 p.m. 


SWITZERLAND 




LUCERNE, Switzerland 

? 

f Mugeuixi 

Rosengart Donation 

A collection of important 
late works and exhibition 
“Picasso photographed by 
David Douglas Duncan" 


SANTA VE 


NA GEN • DEW EY 

SANTA FE 

Quality Old 

NIV1JO A MEXICAN TEXTILES 

505-898-5058 
Bsl 1975 


K M St V N r L \. 


MOATTI 


MAY 6-21, 199* 

' ,N E X 111 )l ill ll.% y 

Old Master 
Drawings 

A‘i 

Jack Kilgore & 

Co., Inc 

154 PAST 7 1 ,T -STREET 
YEW YORK, NY 1002 1 

TEL GD)i5>01 lip 
FAX (212)650- 13 S? 

M os-Sat: 10 io o 

s u N . 8 ; J o 1 o <; 


(S 


9928 
SI 71 


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International Herald Tribune, Saturday -Sunday, A fay 14-15, 1994 


<>.->--..., . ... 


Page 9 


H^BlNDixi 1 1 .2011 

by BfownS 101 ? 1 ^ inves Sfe'sioS s S f° Ck lnde * ®- ^Posed of 


7 — wuni 

1992 = 100. 


World Index 

5/13/94 close: 111 20 
Previous: 111.10 



Asia-Pacific 


Appro*, waghgnq: 32 % 
ClOSft - 12859 Prw.- 129 . u 



,t iL-w - .•> 
90 ^ujusaUU 


North Am erica 


A M 
1994 


D J F M A M 
1993 1994 


Approx, weighting: 28% 
Close 92.03 Prw4 91.82 


Latin America 



The mux tracks U.S. doBar values of slocks irr Tokyo, New York, London, and 
Argentina, Australia, Austria, Belgium, Brazil, Canada, ctdc, Denmark, Fmfand, 
France. Germany, Hong Kong, Italy, Mexico, Netherlands, Haw ZMmd. Norway. 
Singapore, Spain. Sweden, Switzerland and Vononwla For Tokyo. New York and 
London, the ndex Is composed of the go top issues in terms of market capkotoaSon, 

otherwise the ten top storks am tracked. 


1 Industrial Sectors f 


Fn. Pm. % 

daw don change 


Fit 

don 

An. 

don 

% 

chnge 

Energy 

11232 112.11 40.10 

CapMQoodi 

112.17 

11123 

40.85 

UfflNfM 

116.47 116.81 -0 29 

RawHUmtab 

125.46 

12423 

4099 

Bnanca 

116.76 116.90 -0.12 

Coosumar Goods 

95 £2 

96.17 

-026 

Services 

115.44 11439 4 0J9 

Mbcsleosous 

125.66 

12526 

4022 

For mate Mamatfon about lhe Index, a booldBl is svaSabie free of charge. 

Write to TiB> Index. 181 Avenue Charles deGettie. 92521 Notify Cedex, France. 


U.S. Prices 
Edge Up 


In April 

Health Costs Rise 


But Energy Falls 


Compiled hr Our Staff From Dispatches 

WASHINGTON — Consumer 
prices edged up 0. 1 percent in April 
as a big drop in energy and moder- 
ation in food costs helped offset the 
biggest rise in medical costs in al- 
most a year, the government re- 
ported Friday. 


The Labor Depan mem said the 
it ad vane 


modest April advance in its con- 
sumer price index was the best 
showing since January, when there 
was no change. Consumer prices 
bad been up 0.3 percent in both 
February and March. 

Medical-care costs shot up by 0.6 
percent in April, the biggest ad- 
vance since a 0.7 percent rise in 
May 1993, with drugs, medical sup- 
plies and care posting big gain*. 

With the overall price modera- 
tion in April, consumer inflation 
for the year has risen at an annual 
rate erf' 23 percent, compared with 
the 2.7 percent gain last year. 

The yield on 30-year bonds, 
which had hit an 18-month high of 
7.63 percent earlier in the week, 
retreated Friday on the good infla- 
tion report falling to 7.50 percent 
in late trading. 

The government said the 0. 1 per- 
cent rise in consumer prices last 
month reflected the fact that ener- 
gy prices were down 0.4 percent. 
The turnaround came from a big 
drop in home beating oil costs, 
which were down 1.9 percent. 

Food prices rose a slight 0. 1 per- 
cent in April as a sharp 2,3 percent 
drop in fruit and vegetable prices 
helped to offset price increases in 
several other food categories. 

In another report the govern- 
ment said Friday that business in- 
ventories dipped 02 percent in 
March, the fust 
months. 


A New (Middle) Age Spin 

European Firms Woo Aging Boomers 


By Patrick Oster 

Washington Post Scrrue 

BRUSSELS — Wednesday used to be the slow- 
est day of the week for B & Q. Britain's leading do- 
it-yourself retailer. But B & Q has stoned offering 
10 percent discounts on Wednesdays to customer* 
who are at least 60 years old. and now it is one of 
the chain’s busiest days. 

Across Western Europe, a small vanguard of 
market-sawy companies is preparing for Lhe aging 
of its customers. In the next 25 years, the number 
of Europeans 50 or older will mushroom from 120 
million to 165 million as Europe's postwar baby 
boom generation ages. 

“We’re not talking a niche,” said Danielle Barr, 
director of Third Age Marketing, a London com- 
pany that advises marketing to consumers over 50. 
“They'll be the mainstream.” 

With money in their pockets, leisure lime on 
their hands, declining physical abilities and long 
life expectancies, members of this generation will 
dominate market tastes as they come to constitute 
half the adult population. Companies hoping to 
lure them will be forced to advertise, design and 
package goods and services differently. 

U.S. companies have been responding to the 
graying market for years. But until recently.' Europe- 
an companies have' done btlle. Marketing opportu- 
nities for the over-50 group in Europe were not as 
clear because of the lack of a unified market unui 
the 12-nation European Union created one last year. 

Even now. European companies are scrambling 
to catch up with European subsidiaries of U.S. 
parents, which are aggressively applying American 
practices. Many still are learning to market products 
on a pan-European level to any age group. 

European companies “need a good shaking.” 
said Frankie Cadwell of Cadwell Davis & Partners, 
New York consultants who cut their teeth on aging 
U.S. baby boomers and are now doing the same in 
Europe, backed by the London advertising giant 
Saatchi & Saatchi Co. “But once a few people do it 
successfully and make a lot of money, others will 
follow." he added. 


At B & Q. the Wednesday discount offer has 
been so successful that the company now wants 15 
percent of its 15, 000-employee workforce to be 50 
or older. B & Q’s ads. which once stressed youth, 
now feature older workers. 

But Mr. Cadwell said that age labels must be 
resisted. “Think attitudes, not age.” he said. 

The French vacation company Gub Mediter- 
ranee SA reserved its resort in Marrakesh. Moroc- 
co. foT 156 tourists ewer the age of 50 last fall. 

“It's hardly the ‘sun. sea. sex and sand’ image 
people associate Cub Med with.” said Stefan 


f We’re not talking a niche. 

Thev’ll be the mainstream.’ 

* 

Danielle Barr, director of Hurd Age 
Marketing. 


Geissler. 59, who recently retired as the company’s 
deputy director of development 

Manufacturers are pl anning bow to deal with 
the failing eyesight hearing and reflexes of older 
customers. Stefano Marzano. chief designer foT 
Philips Electronics NV of the Netherlands, said his 
company was making such concerns a bigger pan 
of its product design. 

“Improvements will benefit all customers.” he 
said, “but disproportionately they should help old- 
er consumers.” 

Glare-free color liquid-crystal displays, for in- 
stance, will make it easier for everyone to read 
computer screens. But older consumers, more af- 
fected by glare, will benefit most 

Companies with youth-oriented brands face 
marketing obstacles. 

Levi Strauss & Co.’s European strategy has been 
to pitch its form-fitting jeans to the under-] 9 set. 
Any attempt to broaden the brand's age appeal 
would undermine its current strength, said reter 
Jacobi president of the international division. In- 
stead. Levi Strauss recently introduced its loose- 
cut Dockers line in Europe. 


France Vows 
To Stop British 
Flights to Orly 


Ctmpikd 6i Our Staff Frm Dispatches 

PARIS — France is determined 
to prevent British airlines from car- 
rying out plans to fly into Orly 
airport next week. Transport Min- 
istry sources said Friday. 

British Airways, Air UK and 
TAT airlines said they would ig- 
nore France’s refusal to allow them 
to use the international airport 
south of Paris and would begin 
service between London and Orly 
on Monday, as permitted by a Eu- 
ropean Commission ruling.' 

But the French sources said that 
without an accepted flight plan, no 
pilot could take off without violat- 
ing international regulations and 
endangering his passengers’ lives. 

A spokesman for the Transport 
Ministry would say only that “all 
possible cases have been contem- 
plated and studied." 

A ministry spokeswoman, Sever- 
ine Lebre, said on Friday that 
French officials were talkin g to 
British officials to uy to prevent 
the flights. 

She said France was seeking to 
delay the flights for a few weeks 
because of congestion at the airport 
and wanted reciprocal access for 
French airlines to London's Heath- 
row airport. 

“The principle of open skies is 
not in question," she said. “France 
is opening its skies to competition. 
It just asks for a few more weeks, 
perhaps till mid-June.” 

The British airlines, backed by 
their govenunenL are insisting that 


they are entitled to start flights to 
Orly next week in accordance with 
a European Union order that 
France open three domestic routes 
to competition: Orly-London, 
Orly-Toulouse and Drly-Marseille. 

British Airways said it would 
stan its London- Orly service on 
Monday. The British government is 
backing the airlines. 

In London, a Civil Aviation Au- 
thority spokesman noted that the 
easiest way for France to prevent 
BA and other airlines from serving 
Orly was to reject flight plans, 
which pilots must submit an hour 
before takeoff. 

But a BA spokesman mam rain ed 
that “there will be no problem" nor 
any reason for flight plans to be 
rejected. The first scheduled flight 
to Orly is due to leave Heathrow at 
6:50 A.M. Monday. 


French Transport Ministry 
; reach 


sources said Friday that the Fr 
government did not question “the 
principle of opening the Orly-Lon- 
don route to British companies as 
soon as posable.” 

But they said it was normal for 
the government to reject a “fait 
accompli” by the airlines. 

Foreign competition through 
Orly is also seen as a threat to Air 
France, the French national carri- 
er, and its domestic subsidiary, Air 
Inter. 

Hie routes through Orly are cov- 
eted by foreign companies because 
domestic French flights leave from 
the airport. (AFP, Reuters) 


GATT Chief to Chino: Year-End Entry Not Likely 


A gmee France- Press? 


decline in three 


O Inte rn atio na l Hamid Tribune 


U.S. consumer attitudes on the 
economy were mixed in early May. 
compared with April, according to 
analysts familiar with a survey re- 
leased Friday by the University of 
Michigan. 

The survey’s consumer sentiment 
index fell to 91.5 in early May from 
92.6 in April. (AP, Knighi-Ridder ) 


BEUING — Peter Sutherland, 
director-general of GATT, all but 
ruled out on Friday the possibility 
of China rejoining the world trade 
body by the end of the year, calling 
Beijing’s timetable “extremely de- 
manding.” 


China has staled its aim lo be 
included at the inception of the 
World Trade Organization, which 
is scheduled to replace the General 


Agreement on Tariffs and T rade on 
Jan. 1, 1995. 

“It is still going to be extremely 
difficult, with the best will in the 
world, to achieve that time frame,” 
Mr. Sutherland said at a joint press 
conference with China'a Vice For- 
eign Trade MinisterGu Yongjiang. 

China, a founding member of 
GATT, left the postwar organiza- 
tion after the Communist party 
came to power in 1949. Beijing has 
made it dear that it attaches great 


political significance to readnns- 
sion before the new year. 

Mr. Sutherland said he had seen 
signs of “genuine will and flexibili- 
ty” from the Chinese during his 
visit, but added that doubts re- 
mained over the transparency of 
China's foreign-trade regime, espe- 
cially its policies governing import 
quotas, licenses and standards. 

“1 do not wish to minimize the 
amount of additional discussion 
that has to be undertaken,” he said. 


Mr. Sutherland's remarks con- 
trasted with Mr. Gu’s assertion that 
China had already made large ef- 
forts to comply with GATT re- 
quests for import tariff and other 
reductions, as well as for increased 
transparency. 

Mr. Gu, the chid Chinese negoti- 
ator at GATT, also accused some 
countries of creating “political ob- 
stacles" to China’s re-entry and of 
making-excessive" demands. 

As China is 


is not yet a developed 


ECONOMIC SCENE 


Dollar Off, Growth Up — Go Figure 


Weak Isn’t Always Bad Inflation Is Unlikely 


By John M. Berry . 

Washiitgum Post Service 
WASHINGTON — When the 
value of a nation’s currency is fall- 
ing on foreign exchange mattes, 
there is a tendency, almost regard- 
less of circumstances, to view the 
decline as that country’s fault If 
something were not wrong — po- 
litical problems, poor economic 
policies, high inflation --then the 
nation's currency would not be 
weakening, would it? 

Much of the discussion about 
the dollar’s recent weakness 
astainsl the Deutsche mark and 
vra has been along those hnes, 
- - - ^ U.S. administration s 

_ . ... trait/* 


with uk — 

touah talk about Japanrae trade 
Hamers, President Bill Chnton s 

pace at which 

SSSP-iSSKS 

rising 

*> °° “ -an signal that some- 

gESSttg 

por examprc- aDCe proudly 
Ronald -—feting dollar 

pointed. wj*5 suea gtfu though 

SEW* 
jffiSSW-"* ratts 


and sucking up foreign capital. 
This led to much laiger U^. trade 
deficits as American exports were 
priced out of foreign markets. 

The dollar’s current weakness 
may be more a sign of problems 
in Japan than of problems in the 
United Stales. It has followed a 
significantly different course 
against the yea than against the 
mack The doSar has gone up and 
down against the mark in recent 
years. Against the yen it has fall- 
en more or less steadily. 

Why the difference? Part of the 
answer is inflation. Japan has had 
consistently lower inflation rates 
than either Germany or the Unit- 
ed Stares. AH other things being 
equal, cunency^ values normally 
to reflect inflation differ- 
among countries. 


By Peter Passell 

New York Tunes Service 

NEW YORK — The economy 

isstiflmodcst by the benJrmark 
of other recoveries. A handful of 
commodity prices are inching up, 
but there is no evidence that setf- 
by 


en 


Another large part of the an- 
swer, which is particularly rele- 
vant to this year’s fluctuations, is 
the flow of foreign capital into 
and oat of each country. To sum- 
marize: The evidence suggests 
that because of the weakness of 
their domestic economy, Japa- 
nese companies areseOmgdoILar- 
denonrina ted assets, p ushin g up 
the value of the yen. 

Several years ago. Japanese in- 
vestors were eager to put money 
See SCENE, Page 11 


sustaining inflation driven 
wages is in the works. 

The president is a Democrat, 
but cm the critical issues of tax- 
ation, spending and regulation be 
is acting more like a deficit-fear- 
ing conservative. 

Why, then, have the bond mar- 
kets reacted so perversely to what 
the Federal Reserve Board la- 
beled a long range pre-emptive 

strike against inflation? why 
have the big central banks had to 
repeatedly intervene to stabilize 
the dollar against the mark and 
yen, just when the interest-rate 
advantage to holding assets in 
dollars is rising? 

Some wouldpoinl lo President 
Bill Cfim oc’s flat-footed policies 

toward Japan and China, which 
have unsettled major trade rela- 
tionships. Some fear that the 
Democrats wfll revert to free- 
spending form, once they come to 
their fiberal senses. 

But a more plausible explana- 
tion for the markets’ jumpiness is 


offered by James Tobin, the No- 
bel laureate in economics who 
advised President John F. Kenne- 
dy. “The markets are fighting the 
last war,” he contended, behaving 
as if the inflation of 1979 is just 
around the comer. 

In the view of some very re- 
spectable economists. Washing- 
ton has already gone too far. The 
Fed’s initial moves to raise short- 
term interest rates in February. 
Mr. Tobin insisted, were at best 
premature and, arguably, based 
on spurious evidence of inflation 
in the making. 

Commodity prices always edge 
up during economic recoveries, 
be pointed out, just as they go 
down during recessions. What 
would have been worrying (and is 
nowhere in sight) was a sign that 
wages were rising in response to 
die increased demand for labor, 
creating the conditions for cost- 
push inflation. 

While it is true that the tighter 
the labor market, the greater the 
risk of bottlenecks that would 
generate cost pressures, Mr. To- 
bin insisted that “Alan Green- 
span doesn’t know where this 
‘natural rate’ of unemployment 
is, any more than I do.” 

Richard Cooper, an economist 

Sec INFLATE, Page 11 


CURRENCY A INTEREST RATES 


CHOW* 9 ’ 


Amptroaiu 

£££, u® >- » Si » «s JS S5 IST-iS - 

Sr oS s «• s “ aus £ 


May 13 

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UB HST. S5 4 ®8 «£■“ — 


Eurocurrency Deposits 


May 13 


pollor D-Mark 


SwlM 

Franc 


French 
Sterling Franc 


ECU 


1UI 


5W5V. 

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2Vk 214 
Tk 3«, 
1W 4111 


Sources; Reuters. Bloomperg. Merrill 
Lynch, Bank of Tokyo. Commerztonk. 
GeecnweU Montagu, Credit Lyonnais 


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London 
etew York 

US. dollars per ounce. Lanoon othrtai *>• 
tags: Zurich and New York PpcmnranOCtoy 
me prices; New York Came r (June) 
Source: Reuters. 



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with the stains of a developing coun- 
try.” 

■ China Mnllg Export limits 

China has indicated its readiness 
to consider possible voluntary ex- 
port restraints lo curb the explosive 
growth in its textile exports to Ja- 
pan, government sources were 
quoted as saying Friday in an 
Agence Fran ce-Pr esse dispatch 
from Tokyo. 


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«’ Page 10 


1 MARKET DIARY 


INTERNATIONAL HERALD TRIBUNE. SATUR DAY-S UN DA\ , MAY 14-15, 1994 


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Blue Chips Gain 
In Mixed Market 


Comptkdtiy Oar Stuff From Dispatches 

NEW YORK - Blue-chip 
stocks ended the day with a modest 
gflin as caution overcame a sharper 
rally linked to rising bonds. The 
overall market was mixed. 

The Dow Jones industrial average 
rose 6.84. to close at 3.639.68. but 

ULS. Stock* 

dedin ing New York Stock Ex- 
change issues edged out advances. 
For foe week, the Dow industrials 
fell 9.82 points. 

Over-the-counter stocks were 
weak, and the Nasdaq composite 
average closed at 716.92, down 2.69. 

While Philip Morris supported 
the blue chips, a slow-growth out- 
look for Cisco Systems hurt other 
computer-networking companies 
and pressured the technology sector. 

Trading was sluggish amid linger- 
ing speculation (hat the Federal Re- 
serve Board would raise interest 
rates next week, when its poLicyraak- 
in g panel meets, traders said, despite 
some positive inflation news. 

“That’s the real reason you've 
seen volume dry up." said William 
Lord, vice president in equity trad- 
ing at UBS Securities Inc. About 
253 million shares changed hands 
cm the New York Stock Exchange, 
lagging the 332.21 million on 
Thursday. 

The Labor Department said Fri- 
day that consumer prices rose a 
mere 0.1 percent, good news for 
inflation-sens live bond prices. 

The benchmark U.S. Treasury 
bond was up 23/32. to 85 11/32. 


Trade Talks Progress 
Gives Dollar a Boost 


‘■i i 

\iK « 

$ i 

i 

u 

a 
w 
U 

y< 


Compiled by Oar Staff From Disparates 

NEW YORK. — The dollar rose 
to a one-month high against the 
yen on Friday in New York amid 
<jgns that trade talks between the 
United States and Japan could re- 
sume soon. 

A modest rally in the bond mar- 

Foralffi Exchange 

ket and speculation that the Feder- 
al Reserve Board will raise U.S. 
interest-rates next week helped the 
dollar gain against the Deutsche 
mark and other currencies. 

The dollar ended at 105.035 yen. 
up from 104125 at the dose on 
Thursday; at 1.6705 Deutsche 
marks, up from 1.6683: at 1.4261 
Swiss francs, up from 1.4243. and 
at 5.7290 French francs, up from 
5.7155. 

The British pound ended at 
$1.4990, down from $1.4998. 

Trade Representative Mickey 
Kan tor’s office said Friday that 
Mr. Kan tor and Foreign Minister 
Kqji Kakizawa of Japan agreed 
daring a phone call to try to resume 


WORLD STOCK MARKETS 


Hong Kong 


Wwisrsi'Ktumr W6JQ m 


Market Closed 

The Brussels stock 
market was closed Fri- 



Vo Allocated Pr«ii 


Daily closings of the 
Dow Jones industrial average 


with the yield sliding to 7.49 per- 
cent from its Thursday close of 7.56 
percent 

Citicorp was the most-active 
New York Stock Exchange issue 
and ended the day at 36ft. up H. Its 
chairman sold 25 percent of his 
holdings in the bank. 

EMC Corp. followed, falling 1’/* 
to 15ft. The company was one of 
the computer networking concerns 
that fell with Cisco, which fell 5 J /« 
to 23ft. Cisco told analysts its order 
backlog has declined and that reve- 
nue from one quarter to the next 
may grow at about 8 percent rather 
than foe historic 12 percent to 15 
percenL 

Philip Morris was No. 3 on the 
New York Stock Exchange, gaining 
iv 4 to close at 52ft. Speculation is 
rife that the tobacco and food com- 
pany may agree at a May 25 board 
meeting to separate its businesses, 
which could boost the company's 
value to about $70 a share, analysis 
said. ‘Tin rooting for a split-up of 
the company," said Rebecca Bar- 
field, an analyst at CS Fust Boston 
Corp. 

Microsoft's slock was added to 
the Standard & Poor's 500 Index 
Friday, meaning that investment 
funds which pick slocks based on 
the makeup of the index will buy 
the shares. The slock touched an 
all-time high of 98ft, before falling 
back to close at 96ft. up 2. 

Time Warner gained 1ft to 38ft 
on a published report that it would 
be a takeover target of QVC. 

(Bloomberg, Knigfu-Ridder) \ 



Do w Jones Averages 

Open High Low Last O'*. 

Indus 3650.98 3665.03 343? 37 345* 60 ■ <J4 
Trcm 1570*4 1574.37 1SSS.M I5S7.TJ-1S47 
Urn 170^2 17*.38 H6.S6 170JB ■ 2 

COOW 127037 1271.71 I742J2 176? 53 -1 d 


Standard & Poor's indexes 

High Law Close cirge 

Industrials 52017 511-53 — 108 

rS 3BU-09 376-01 37U8-3.W 

Utilities 150.24 l-U-65 15023 -1.01 

Fume «-S0 *10* *3.51 +018 

SP 500 +JJ.7? 441.71 444.14 +OJ* 

SP100 4IZJB 40020 411-So +0.0* 


NYSE indexes 

High Low Lad dig. 

Comeablo 244 IT 3MJB 7457s -0.30 
Industrials 304.43 303.31 303 -K —0.10 

Transa 740.05 137.76 237,50 —739 

Ulllift 2QI.IO 199 J8 301.10 -1JO 

Fmanw 307.7* 706.35 707 69 ■ 039 


EUROPEAN FUTURES 


Metals 

Close 

am ask 

ALUMINUM CHWl Grade) 
DoNors pw mrtrjc ton 
Sdoi 1JZ5.00 132*00 

Forward 135150 135JJ0 

COPPER CATHODES (H*n 
Delian per meteictwi 
Seal 2188.00 219040 

Forward 2178J0 217050 

LEAD „ . . 

Dollars per metrK ton 
Spoi 481JD 48150 

Forward 4W00 

NICKEL 

Dollars per metrictou 

5oc1 628540 629S40 

Forward 63eiM *370.00 

TIN 

Dollars Per metric ton 
spot 550000 551000 

Forward 554040 5S7M0 

ZINC (Special Hid* Grade) 

5 r ,, p ,rn ’m n ™ 

Forward WLOQ '77V.M 


previous 
Bid aa 


130100 1302.00 
UMM 132900 
Orode) 

1121 40 2123.00 
311800 3114310 


441.50 44150 
47800 479 DO 


5050.00 58*800 

5730.00 594800 


5380.00 538&DO 
5*40.00 544800 


9S0D0 951-00 
971J00 97240 


N O J F M A M 

1993 ■ • 1994- 


NYSE Most Actives 


Cnioorp 

EMC S 

pnllMr 

TelMa* 

Sw Airis 

AAntorlDS 

AMR 

CnfCrd S 

Ml cries 

DuPoni 

dirrur 

ConEd 

RJRNab 

AT&T 

GIL+Ol 


VoL High 
47401 17‘* 
44323 17ft 
34474 MW 
34553 SM 
39433 76'-* 
35341 45** 
243M 55*9 
33820 16ft 
Z2152 33 
22U5 *0 
21352 *Sft 
20485 275* 
30434 4'+ 
19480 53 
19579 57*4 


NASDAQ Most Actives 


Oscos 

Intel s 
Mlcsrt 
WeHfleet 

RoditoC 

3Com 

Pertaas 

Oracles 

AicenaC 

MCls 

ARI Net 

Afriasrt 

MovleFn 

Novell 

DeilCptr 


Vo L HW 
447240 25*9 
64403 S8ft 
56097 97 '.v 
51643 65'A 
3*665 11*5 
33252 SSft 
26474 14V, 
24734 314* 
23985 15V, 
23417 22>Vi, 
22595 Sft 
2173* 16'* 
20452 12 
19433 18*4 
192S6 2446 


Last CM. 

23'.. —5*1 . 

58*9 —ft. I 

94*6 *2 

63V, — 8 I 

11 Via 

55 —l** I 

13V* — '•*i 

31 Mi — 

15 

22*9 -ft 
Sft -2 
15 
10 Vi 

18". * *6 
24 ft -IW 


NASDAQ {Indexes 


High Low Last Chg. 

COMBMite H? 14 714.12 7IS74 —3.87 

Industrials '** 60 738.99 739J9 —5.17 

Banks 702.9* 700J* 703.01 -0 97 

insurance WI-SI 88X58 884.47 —1.44 

Finance 907.45 hJSJ? 904.47 -0 95 

TranSB. 7IZIJ 702.97 703 01 —7*3 


ABflEX Stock Index 

High Law Last dig. 

133 35 432.04 432.57 — 0.7B 


Dow Jones Bond Averages 


20 Bonds 
10 Utilities 
10 Industrials 


NYSE Diary 


Advanced 

Declined 

Unchanged 
Total issues 
New Highs 
New Lows 


AMEX Most Actives 


formal trade talks, which broke off 
in February. 

Many traders bought dollars af- 
ter the Kantor statement, speculat- 
ing that the U.S. administration 
had stopped calling for a strong 
yen to curb Japanese exports ana 
preferred to negotiate an end to 
Japanese trade barriers. 

“ Kantor s announcement gave 
the market a clearer idea of the 
Clinton administration's plans for 
trade with Japan." said Jack Sta- 
pleton, senior corporate foreign-ex- 
change dealer at Standard Char- 
tered Bank. 

“Optimism about trade helped 
the dollar rise against the yen to- 
day." said Lisa Finstrom, currency 
analyst at Smith Barney Sbearson. 
But she said the dollar would not 
sustain gain* against the yen unless 
the Japanese economy rebounds. 

“If you have a weak economy, it 
doesn’t matter how many trade 
barriers you lower. The Japanese 
need to buy things from us before 
the dollar can really rise.” 
(Bloomberg, Knigfu-Ridder, Reuters) 


cnevSfi * 

E»pC-A 

IvaxCP 

Echo Bav 

KirOv 

ENSCO 

Chiles 

SPDR 

Rovt*OS 

HanvCHr 


VoL HWi 
9928 71*% 
8*53 IH 
7152 17'% 
638* 10*. 
3748 1876 
3579 IWi. 
3390 4 V 
3213 44^/ u 
3025 4V1. 
2886 6 


Low Las) 
19 V; 194* 
!»i, 1V„ 

16** 17'A 

10*9 10*9 

1SV-I 18'% 
2«»i, 3*6 

446 4*i 

44"/ h 44Wu 

3*V 4 

H- 5L, 


AMEX Diary 


Aovonced 
Deciineo 
Unchanged 
Total Issuer 
NawHiatK 
Now Lour, 


Market Sales 

Todav 

4PJTI. 

NYSE 25i« 

AMU U-2 

Nasdaq 27SJ3 

In nUllians. 


NASDAQ Diary 


Advorud 
Oedmea 
Unchanged 
Tata) Issues 
New Highs 
New Lows 


ID29 1207 
ID94 97.' 
668 644 

2791 2830 

18 24 

HO 133 


Oese Prev. 

270 291 

303 284 

228 230 

801 HK 

7 » 


1425 1565 

1565 1418 

2019 7024 

5009 5007 

54 42 

111 1Q3 


Financial 

High Law Close Change 

MONTH STERLING (LIFFE) 

C5M400 - OtS Of 190 PCI 

Jim 94-71 94*8 94.W — 101 

CM 74.4V 94-40 94^7 + 004 

rw 9403 93.90 VL07 + 009 

Sir V3J3 93J6 93.52 +O.IS 

jS, 92.9* 92J1 9196 +OI2 

Cap 9147 92J8 9i4* +011 

Dee 92.07 91.B9 92fl1 +OII 

Mar 91-4* 91J5 91.64 +009 

j^; 91.40 91 J5 91.41 +OC8 

; Sen *1J2 91.17 91 Xt +O0* 

Sic 9UJV 9ij|7 run +007 

Min- 90.95 9088 90 93 +DJ07 

Esi. volume: 64422. Open Ini.: 5064158. 
3-MONTH EURODOLLARS (LIFFE) 

51 million -ptsafIM pci 
J un 95JJ0 94.96 94.96 — 005 

Sep 94 94.77 9474 — OIO 

Dec 917B 93.7* 93L75 — OIO 

Mo> 9356 93-5* 93-53 —009 

juo N.T. N.T. 9377 —0.10 

N.T. N.T. 93JW —007 

E&l. volume: 144. Open lid.: 10,100 
MMONTH EUROMARKS (LIFFE) 

DM1 million - Pts aflO* pet 
Jun 95.09 95 06 9507 —002 

Sip 95J4 95J1 9573 UnCtL 

Src 9575 9577 9573 —O01 

Mgr 95.14 9S.I1 95.1 J Unctl. 

jSi 94^9 9L8* 9A88 — lUn 

Sep 9A44 9460 9462 —002 

S5,C 9441 9477 9479 —004 

Mar 9474 94.19 9472 —003 

Jun 9409 9400 94.03 -004 

Sea 9190 9083 03.B* — O01 

c£c 9373 9370 91711 — am 

Mar 9X57 9374 9X55 — 0J1 

ESI. volume: 85-120 Open Hit.: 1JQ4J9X 
LONG GILT (LIFFE) 

<30000 - PIS B 32rMs ol 108 PCI 
Jun 105-08 103-27 1054)4 +14)2 

5ep 104-00 18306 104-00 +0-31 

Esi. volume: 67.381. Open Ini.: 177720. 
GERMAN GOVERNMENT BUND (LIFFE) 
DM 290000 - pts of 10t PCI 
Jim 95J9 w.97 9X27 — 077 

Sep 98.97 94.45 9474 - 101 

Esi. volume: 124.947. Open InL: 709.111 

Industrials 


High Low Losl Settle OVO* 

BRENT CRUDE OIL 11P6I 
U A. dollars per barreHoh °' 1 « 

Jon 16.72 J*E JJm +0J6 

1L29 AW IAW 1A.14 

S a its its its its 

S 69 k its? + + £i 

ftb NJi N.T. N.T. 1AM +0.1° 

Esi. volume: 56,922 . Open W. 157A72 

Stock Indexes 

High Low Close Change 
FTSE 100 (LIFFE) 
ia per fade* «J»» 

sS 316M 31657 -31D 

^ 317*0 31 7 A0 31AL0 -3U 

Esi. volume: 1440A Open Int.: 55,171. 

TnoMottt was ctosed Frtttev. 

Sources : Mailt. Associ a ted. Press. 
London inl'l Financ ial F utures Evcftanse. 
inn Petroleum Exetumae. 


Gticorp Chief Pares His 

h., lmai inh n S Reed, the Gtkoro 


Spot Commodittoa 


ComiMOdlly 
Aluminum, la 
Coftco. Brar.10 
Copper elearol rlto ib 
Iron FOB. Ian 
Lead, lb 
Sliver. Iror oi 
Steel (scrap i, (on 
Tin. ID 
Zinc. Ib 


Today Prey- 

0601 0591 

0.94 0.94 

ijii ijn 

21300 21100 

034 B34 

578 572 

13773 13773 

14819 1463? 

04507 04507 


Dividends 

Company Per Ami Pay Rec 

STOCK SPLIT 

Creative Tech7 lot 1 wilt- 
DuPont Canada 3 lor 2 spill. 

INCREASED 

Equity Residential O .495 4-24 7-B 

Flrsl Chleapo Q « _ 7 -l 

Fremont General 0 -18 A -30 7-39 

REGULAR 


High Low 
i GASOIL (IPE) 

I U7. dollars per metric 


Jun 15400 15300 

Jul 1 54 JO 15375 
Aug 15S75 15425 

Sep 157.25 15475 

Oct 159.75 158.75 

Nov 140.75 160 JO 

Dec 1*300 141.7S 

Jan 16275 161.75 

Feb N.T. N.T. 

Mar N.T. N.T. 

Apr N.T. N.T, 

MOV N.T. N.T. 

Esi. volume: 11714 . 


Last settle arge 

tan-lots of 106 tom 
15300 152.75 +0J5 
153-50 15175 +1JW 
155-00 155.00 + 0.75 
15*75 15*75 + IJM 
1 59 50 15950 + IJM 

160.75 1*170 +1J0 
16275 16275 + ITS 

142.75 14100 + 1.W 
N.T. 161 SB +200 
N.T. 160-00 +2JW 
N.T. 15850 + 200 
N.T. 157-00 + 200 
Open Int. 89754 


AMRE Inc 
Allied Cop Corp 
Allied Cao II 
Allied Cap Lending 
Amcosi indusf* 

CBI Indust 
Corollno P&L 
Citizens Boat MO 
CoorsAdoloh 
Ecno Bay Mines 
Family Dollar 
Grey Advertising 
Household Inti 

I nil Flavors 
Kollmarpen Corp 
Leoaett PWi 
Maytag Inc 

Monk-AusHn 
Morrison Kmxtsen 
NFS Financial 
PacKICorp 
Paine Wb Premlrad 

Paine Wb Prmlnlrm 

PolneWbOrm TrFr 

Plains Petrol 
Providian core 
PutaStorope XVI 
Ravmond James 
Roodwav Svcs 
Spar Aermaace 
Texaco Cap MIPS 
WestonGeo 
Wynns Inti 


O J)3 6-27 7-H 
Q JO (L17 6-30 
Q J5 6-17 6-30 
O 75 6-17 6-30 
O .12 6-6 6-26 

O .12 B-24 9-16 

a .425 7-n y 

Q -27 6-3 6-30 

a .125 5-31 6-15 
S 3075 6-15 6-3? 
Q JJB5 6-15 7-15 
Q 8125 6-1 6-15 

Q JO 6-30 7-15 
Q 77 6-22 7-8 

Q XU 5-2D 6-1 

a .IS 5-27 4-15 
a .125 6-1 6-15 

Q SMS 6-15 7-7 

Q 70 S-2S 6-27 
O -12 5-27 6-14 
Q 77 7-22 6-15 
M .075 5-23 5-31 
M .0594 5-23 5-31 
M M13 5-23 5-3) 
Q 6-13 6-30 

Q 70 6-1 6-15 

Q 77 6-30 7^jB 

Q .08 6-6 6-27 

O J5 7-15 3-1 

g Oft 4-20 7-4 

M .1432 5-27 Ml 
g .175 6-15 7-1 

D .11 5-31 4-30 


ft's easy to subscribe 
c> Great Britain 
just tnfl t oll tree: 

0 800 89 5965 


(hotmaali ►Payable in Conod Ion tamto; m- 
mantMv; a-quorterly; s-scmt-amwal 


Certain offetinp of seeuriiles. neancial 
services or nucrcsa ca reel esme inACUicd in 
ibii newspaper ue not authorited in certain 
jumdicucxB m ntiich the Intema^nuJ Hen!d 
Tribune is diurihned. inctndinj the United 
States of America. «nd do out eonstitutc 
afTrrinp of securities, services or interests In 
these jurisdictions. The lnicnrjtional Herald 
Tribune assmocs no mpontibilny whatsoevrr 
for any advatisesienD tor offerings of any land. 


French Employment Up Coffee Hits 5-Year Hig h 


Reuters 

PARIS — France, dogged by 
record unemployment despite 
slow economic recovery, an- 
nounced Friday that the num- 
ber of nonfarm payroll jobs 
rose 0.1 percent in the’ first three 
months of 1994 to show the first 
quarterly rise since 1990. 

The Labor Ministry said pay- 
rolls were up that much over the 
previous quarter. This was a 
sign that the rise in unemploy- 


ment, now at a record 12,2 per- 
cenu is slowing. The state sector 
was noi included. 

The 0.1 perceni rise came 
mainly from an increase of 0.6 
percent in the service sector, 
while jobs in construction and 
industry continued to fall. Non- 
farm payrolls were down O.S 
percent by the end of March 
1994. compared with the similar 
month of 1993. 


Bloomberg Business News 

NEW YORK — Coffee soared 
to the highest price since it has 
traded fredy on the world market, 
amid increasing concerns about 
available supply" from Brazil. 

On other commodity markets, 
copper rose as stockpiles fell. 

Coffee for July delivery rose 625 
cents to $1,157' a pound on the 
Coffee, Sugar & Cocoa Exchange, 
the highest since the International 




Coffee Organic tion abandoned its 
quota system in July 1989. 

Now, prices are rising amid con- 
cern that Brazil's crop, the world's 
largest, will be smaller than expect- 
ed. Brazil exported 772 million 
pounds (352 million kilograms) in 
April, down 48 percent from March. 

Copper prices rose above SI a 
pound for the first time since Janu- 
ary 1993. after stockpiles in London 
fell to their lowest in a year. 


5* » pa, off book deb, 

^&^.££S35£b! 

.^ shares to repay bank loans be wok cntloffSS^sSk 

■" (WobeTlWS for >boet $15 mfllwa: ; 

shares at about $25 each. . 

SEC Chief to Target Broker 

WASHINGTON (AP) — The Securities and EwiangeQ^ni^^:. ; 
preparing lo launch a myor new campaign aimed at 

h&fec" 

AsBoSarion^of 

iiTSmWand other cases in which brokers ddiberatdyso^’i®^ 
unsuitable or risky investments. . ' - • ' 

UI Mr. Levitt's speech wifl ooataw 

“raise the sianda^ of pracuce m broker safes, • 

including a “comprehensive look at foeway 

era.” The second initiative examines brokg the^fta.| 0 

Turner Reports Loss of - - 

ATLANTA (AP) —Turner Broadcasting System buLtqie rfeJFndjj 
a $14 million loss for the first quarter, saymg the owts Of_televisiM& 
Winter Olympics and absorbing two mane studios hurt Ks botUxnlnc, 
The lossrarapared with a deficit of S286 uujton m the^mepenodlag . , 
vear The 1993 results included a one-time $306 nmuon t^aqp.rtftteiio 
an accounting change that erased what otherwisewwild fcvehwiit Cfl ' 
mill inn profit. Revenue tor the January-March 1994 quanertm^a^ 
million, compared with $398 million a yew earlier. ^ 

Turner's TNT cable television network televised a porfloti ; rf fc- 
Winter Olympics in Lfflehammer. Norway, in a pntnerslnp wfoh,CB& 
That cost Turner about $32 million. Turner completed its acqnmtSa of 
the film studios New Line Cinema and Castle Root ntmunuot did 
bought the part of Hanna-Barbera that it did not already; oWL^Jhnc 
deals added $ 127 million in expenses. . . . . 

Tiirin American Nations in Aocoid^ ; j 

MEXl CO CITY (Reuters) — Mexico. Colombia and Yeneziida bit ! 
reached a final accord on a free-trade agreement, the Mexi^sOmtitnt \ 

Ministiy said. , . . , ; C ^ 

The accord struck in Bogota creates a free-trade DfocmrneAnBncHE, 
following on the North American Free Trade Agreement andtrootjo 
deals linking Mexico to Chile and to Costa Rica. - . 

The accord goes into effect on Jan. 1, 199S, pending kgisktbc 
approvals in the three countries. It would gradually fewer Dmffrad 
other trade barriers among the three nations. Like NAFT^ it jto 
standards for commerce and establishes a dispute-resolution medianm. 

Warren Buffett’s Firm Triples PiSfi 

NEW YORK (AP) — Berkshire Hathaway Incu the investment cod- 
glomerate run by the multibOlionaire Warren Buffett, said Fridaj tfa 
first-quarter earnings more than tripled, largely because of inwarian 

gains and the effects of a 1993 accounting change. ' '• 

The company had earnings of $132.89 million, or Sll2jG a dot, 
compared with $29.75 million, or $25.8 1 a share, in the 1993 fiRiqurta. 
Berkshire does not report quarterly revenue figures in earnings refcass. 

Japan and U.S- Will Resume Talks 

TOKYO (AFP) — Foreign Minister Koji Kakizawa of Japan sgrad 
Friday with Mickey Kantor, the U.S. trade representative, to nsana 
stalled trade talks between their two countries, offidalssakL . . v 
The agreement was reached when the two ministers - talked by tele- 
phone. the Japanese officials said. News rqxirts in Tokyo said that Japan 
and the United Slates were expected to hold subcabinet-level taBaoes 
week in Washington to discuss trade. . 

Sozaburo Okamatsu. vice minister for international affans at ue 
Ministry of International Trade and Industry, and Sadaytdi Esyssk 
deputy foreign minister for economic affairs, are expected io njmsenl i 
Japan at the meeting, the reports said. 

The talks, mainly designed to cut Japan's chronic huge ti»fc am® 
with the United States, have been suspended since Febrimj,«a 
Morihiro Hosokawa, then the prune minister, told President Ml Ginn® 
that Japan could not accept U.S. demands to set numerical tarots in 
cutting its trade surplus. Mr. Hosokawa said that such. ungcB .wwkl 
undermine free trade. 




Seas cji Season 
Hrtrf! Low 


Own rfgn Low Close Ox) On Int 




Vo Associated Press 


Season Season 
Itgh Low 


Caen High Low Oase Qtg Oo.inl 


Sao Paulo 


Johannesburg 




AECI 

Aiiedi 

Anglo Amer 

Barlows 

Blwoor 

Bufteis 

De Beers 

Drietanreln 

Gen cor 

CFSA 

Harmony 

H*g»reeiij steel 

Kloof 

Nedbank Gro 

Randtoniein 

Rusohit 
SA Brews 
Si Helena 

Welkocr 
Western Dees 


26 26 
no no 
330 224 

39JS StM 
9 150 
46 44 

110105.75 
5550 5150 
-»J» 9M 
100 99 

25 23 

29 a 

45 44 


Roodtonlrta 41JD 41JD 

Ruutdt BOJ5 BIL50 

SA Brews iUfJSiiS 

Si Helena NA NA 

SctsoI 24.75 74JS 

Welkon- NA. NA 

Western Deep 143 15? 

mS2!':l!X£li 55,iJa 


Madrid 

BBV E40 3250 

Bco Central Hlsp. 3020 2945 

Banco Santander 6300 *420 

Donato 1150 1150 

CEPSA 3030 3000 

Draaadas 2370 ZHO 

Endeso 6450 6650 

Ercrra 170 170 

Iberdrola 909 977 

Rensel 4650 4570 

Tesoeaiera 3S50 3JS0 

Telefonica 1020 wo 

tussrygr :mM 


Boncodo Brasil 24.13 25J0 

Banana 12412 12.40 

Brodescn 17^*0 I7JD 

Brahma 340339.99 

Paronopanetna 22 aim 

Petroftras 1101153)1 

Telebras 44.10 48.10 

Vale Rla Dace 111 112 

Varto 140 161 

?1&i ,5a5^ 



Toroy I rat 
TosMDa 


Montreal 


Atam Aluminum 2Wj 2BH 
Bonk Montreal 25V, 25 

Bell Canada 47V, 43>t 
Bombardier B 2ffH »Vj 
Cambler 171% 174* 

Cascades BV, m 

Dominion Tent A 644 61% 


DanofttMA 
MacMillan Bf 
Noll Bk Canada 
Power Cant. 
Quebec Tet 
Quebecer a 
Q uebecor B 
Teteahsbe 

univa 

Video! rrm 


121* 13 

10ft 
026 p* 
2D 196. 
Mft 24 
I9V. 19H 
19ft 19 'm 
IBft IBft 
,5ft A 
1«% 14ft 




AGA *C8 3*1 

Asea a U* *3* 

Astra A 140 is* 

Alias Caaco 510 510 

Eftctniivx B 430 423 

Ericsson 345 336 

Esselle-A 130 127 

Handehbanken 114 m 

investor B 208 302 

Norsk Hydra 25150 248 

Procardia AF its 131 

Sandvlk B I3C 127 

>2S 729 

S-E Banker 55 53 

Skandto f 13* is 

Skaraka 193 IBS 

5KF IS* 1S7 

Mora 449 44i 

rnriieberg BF 120 115 

Vaiva 7«s 732 

ggsssFsasto'”** 


*05 9J9 
4A1 4.44 


134 133 

!?3 188 


Zurich 


91S 910 
410 420 

1105 1102 


.17* 12? 

3460 1430 
8700 8700 
.*82 9*0 


161% 16W 
I5VS 15ft 
Aft 6ft 
21 20ft 
JJft 31ft 
47ft 47ft 
26 'A 26 
1SU 15V. 
25ft 25ft 
N.T. 004 
oje ojo 
9ft 9ft 
7ft 7V. 
(J» 5V. 

29ft 29 Li 
20ft 30ft 
12ft 1711 
2S 22 
A2D 4Vi 
91% 9'i 

+40 <40 
21ft 21% 
21ft 22 
006 006 
2Cft 20ft 
075 076 
14ft 14ft 
IL8S 083 

3J5 L60 

6ft A’b 
18% IB' 1 * 
Aft Aft 
(3.46 M6 


Adlfl Inti B 251 252 

Alusulsse B new 661 451 

BBC Brwn Bov B 1778 1274 
CIBO Gelgy B 910 B9S 
CS Holdliws B 603 58. 

Elektrew B 348 364 

Fischer B 1565 1500 

Inierdiscnuni B 2150 3145 
0 „ 820 810 
Landis Gvr P 915 910 
Meevenpfc* s 410 430 
Nestle R 1105 ||03 

Ocfllk. Buchrle R 15] m 
PoraesaHldB 1660 1640 
Roche HOD PC 4360 6340 
Safra Republic 179 jjy 
Sonde: B 3660 •»*»< 

Schindler B 8700 8700 

5ulur PC *82 960 

Surveillance B jioo 2040 
Swiss Bnfc Corp B 400 37B 

Svrtsa Relnsur R 600 577 

smsiair r ^4e 710 

UBS B im 1086 

Winterthur 0 710 68* 

ZurlcnAUB 1325 1278 

RHsntfar 


TO OUR 


mnm 


IN 

GREAT BRITAIN 


been easier 
to subscribe 


I* I 


Grains 

WHEAT (CBOTI Maumwivm.4MiivluM 

372 100 MovM 116ft 117 ITS 115 -OJD 93 

3J6 194 Jul 94 3.11 3J1 Ill's 3J0V,— a01 ft 27J33S 

U7'/< 102 5»«J 3J5'1 325ft 123 321ft— 0.01% 6.B07 

345 3JJ9 De:*4 USV, 135*. 123ft LIT.— 0J1 7.754 

154ft 327 Mar 95 329 3J9 3JB 13* -O.Wft 618 

14S 116ft May *5 3J5 -oooft 50 

3.43ft 111 hi 95 320 321 320 32D%-0J»ft I3B 

ESI. soles 6jno Thu's, soles 6JM 

Thu’s open ini 42^44 oH 3*9 

WHEAT (KBOT1 snttaHMnan- »*ir, dw bmrri 

3-7* Vi 19a Moy *4 323 323 XZ3 121 -OOI 30 

155 197 Jul 94 323 124 131ft 132ft— 0.01ft 13297 

155ft 102ft Sep *4 325 325ft 324 324ft— 0.01ft 3.724 

1*0 3.11ft Dec 94 32V': 122ft 321 321ft— 0.01ft L499 

353ft 325 Mar 95 124ft -O^lft 438 

114 321 ft May 9S 329ft— 080ft 17 

324ft 123 V5 Jul 95 323 ft— 0.00ft 17 

Ed. sates N.A. Thu's, sates IASS 

Thu's op en ue_ ^JWW oH 534 

CORN <CBOT) S^HbunwtnuTt-iSDParspcf buU«* 

116ft 228ftMavfJ 759ft l*0ft 259 140'A 1*00 

316ft 741 Jul 94 259ft 341 IStft L6l —050ft 134, 138 

2.97ft 240ft 5cr> 94 251ft 253ft 751ft 253ft— 0J»V. 335*6 

223ft 226ft Dec 94 L45ft 147ft 244ft 146ft -0.00ft 78558 

2J*ft 2 48V, Mar 95 251ft 2J4ft 257ft 254ft_moft B534 

182 153 Mqy»2J7 151ft 257 UBft-OJIOft 972 

183ft 254 Jul 95 2-58 7JH6 157ft 259ft-0JBft 2225 

248rt 2.43 DK95 246 246ft 245ft 246ft— OOI IJM 

F7-.T. sates 17400 Thu's, sales 31.744 
Thu-SDPenlnt 262493 ad 456 

SOYBEANS (CBOTJ 1400 DU liwmip- Mn Mf taM 

751 5.92W May 94 649ft 6.71 666ft 669ft-O02ft 3493 

750 594ftJiH 94 6t6 647ft 644 655ft— 0.02ft <4.13* 

735 678 Aug 94 4J9ft *41 ft 658V. *59V._ OOTft 1X032 

689ft 617 Sen 94 634ft AJSft 635 426'..— OJ32 7453 

757ft S.SSftf*^94 6.17 610ft 6l*ft 6.18ft— (UlOft 44.3*0 

6 01 613 Jan 99 614 614 623ft 625 — COO' > 4J11 

673ft 611 Mar *5 «2* *23 629 6J1 —041'. U7D 

6. 70 til Mav95*J0 U3 UO Ul -000 ft 527 

675 614 Jul 95 *51 625 623 624ft— 0 01 781 

650ft 5.81 ft Hoy 95 609 6D9V, 607 608ft-Q.D3 1434 

Esi. sates 33-000 Thu s, sates 38JM2 

Thu's open mi 141585 up 618 

SOYBEAN MEAL ICBCm laiton, MUnwin 

ZEL00 184.40 May 9J 18600 147.00 IBS40 I86JX) -040 1.717 

735.00 16510 Jul 94 11650 18750 16610 16*20 —a 60 36.004 

223.00 1B5XOAU094 18550 16650 18510 16960 —040 11586 

71 0JM 18350 Sen 94 IB3J0 184.00 Iff). 10 18350 —CL 40 8.745 

TO*m 180.1000 94 18020 18070 16000 180.10 — O.M 6265 

20*20 1 79.00 Dec 94 178 80 17920 17840 77190 -8J0 1 7,078 

20QJM 179J0 JOn95 179JJ0 ISO 00 17140 17940 -0.10 1434 

1*4.00 1 01.20 Mw 95 18140 10140 1I1JM 181.10 -020 1,120 

19150 111J»May95 18140 181.00 181.00 181 0Q 270 

16610 16250 Jul 95 18240 18940 182 J» 187.10 —040 104 

ESI. sates 14400 Thu's, sales 12419 

Trersopen Ini 65. rn aH 644 
SOYBEAN OIL (CBOT) «aooo u-«wim la 
mjs 21 20 Mov 94 19.00 19 05 18.B1 19 AS - (UO 2,909 

29 JO 2145 Jul *4 948 19.00 28J1 78.96 1941? 

79.9 2145 Aug 94 851 2669 7AM 26*6 —046 12489 

28.01 22.405CP94 28.05 26.14 17.95 MU —CUM 10288 

27 jO 27 10OC19* 3745 27.9 2740 27.19 —041 7.774 

2745 U lOlftH 24.40 3*45 3613 2643 —006 15.875 

2685 2Z65Jrei95 2615 269 7600 2610 —09 2,585 

2665 24JONlar9J 2190 2195 2160 1190 -0.10 1.190 

36*0 76*7M0v» VJ0 21 70 2545 159 -0/5 640 

26® 76*5 Jul 95 25 50 15.50 2545 2540 -OI5 153 

Est. sates iaom Tlw's-sdes 17423 
TIWS open 8U 93,927 □« 662 


Livestock 

CATTLE (CMER) xunu-onn.*, 

75-77 6747 Jun 94 68 IS MID 4642 67.15 —0 77 27,129 

7187 4687AU094 67 ® 67 40 46JJ5 H® -045 17.720 

7610 69 42 Oct *4 70JB 70.05 S8.K5 6940 —0.45 11,933 

7630 70 40 Dec 94 71.9 7140 70.15 7042 -040 0444 

7JJ5 70 40 Fob 9J 72.12 7112 7140 71J5 _cjt 4,5*5 

75.K) 72JI7Air95 CLD5 7125 7175 73.12 — 0.1 5 1061 

7140 W.70An9S 7040 -0.10 49 

Est. sales 24.70 Thu's- sohst »Mt7 
Thu s oopn )rn 72.174 UP 415 
FEEDER CATTLE ICMERI SB400 tev- unh car te 
44.® 7540 May 9* 7617 7612 7512 7540 -047 2,613 

8X00 7635 Aug *4 77 65 77 75 7640 77.45 -042 6.805 

*t.Et 76J0SepW T7M 7790 7600 7742 -0J8 1.39? 

|135 7440 Oa W 7745 77 Ji 7675 7748 -0.73 1.341 

8800 77^ Nov 94 7EJM 7120 1747 7815 —OJE 1J7B 

80.05 74-57 Jfln 9* 7745 7775 76» 77^1 -nns 413 

HOIS 759Q6SarM 7653 7640 76® 74U — OM ® 

7685 76*0Aar*6 7*40 7*40 7*12 76.40 — OJ* ] 

Est. sales 1A» Thu's, saw 1.991 
Thu’s open m 144713 ue 23 
HOGS I CMER] oniiL-nmwB 

5627 4iJ7Jun94 4947 49.9} 4&A5 «47 —0.1113.701 

SSJ7 45-30 Jul 94 4940 4940 48K5 49 _ojq 8.475 

a® 46J5AuoM 045 47 JO OJQ -QJ7 3.198 

49JS 411700a 94 M3J 44 77 4314 4347 -040 2J20 

HUB 4XJ7SD4C94 U 75 4675 43.90 4431 -OJB 1,101 

SJJH S'ISPPJS 9675 *4,75 4639 44J1 -030 532 

4680 *0 90 Afir 9S 43 70 *J»0 4120 6L50 —0,17 7SS 

5>-5D 4740 Jun 95 *,70 *675 *8.50 48.10 -4L15 75 

«.9S *670 -O.I5 5 

Es>. sales 173* Thu's sates 4485 
Ttu 1 5 Doen *rr131 ] up 3» 

PORK BELLIES I CMER) OMte-MteMt 
*UB 41 J 7 MOV 94 46 ® 4670 *H 0 41 » -087 219 

63 JO 39 JO AH 7 * 45 90 4610 44 JB 46 « -IK JLTS* 

59.50 42 JDAUB 94 0.95 4605 42.10 47 5> — IJ 3 1418 

61,75 3910 FPO *5 SIJ 5 SU 5 HL 30 SO 15 — 1.15 2 ® 

6090 3660 Mar 9 S 49 J 5 — 0.97 M 

52 . to sun MOV *5 SI.® — IJH 13 

51 JO n«JUI9.'. 51 Si I 

S9Ji *9.95 Ayq 95 49.75 I 

pjt sates in* Thu's, sates 1.796 
Thu'sapenini 7.910 atf 01 


11 JO May 94 19.00 29.05 IftBl 19 AS 
3 US Jut M 348 19.00 2671 2696 


—047 2.613 
—013 6.005 
-OJS 1 .39? 
-an 1.3*2 
— OJ72 1J7B 
—0.05 413 


-all 13.702 
-aso 8495 
—0-17 3,198 
—a® 7JM 
-OJB 2,601 
—8 JO S3J 
— 627 TBS 
—0-15 75 
—a '5 5 


-0 87 719 

-LS5 5.784 
— 1J3 14» 
-LIS 2® 
-a97 74 

-l» 13 


12.50 9.15 Jul W 1115 1ZJ5 11.75 11.98 

111? 9C0dM 110* 13-10 1178 11J73 

11-74 9.17MOT95 1167 11 JO 1145 1143 

1146 1 047 May *5 1147 11J4 11J2 1146 

1 14* '0-57 Jul 95 1144 1167 1144 11.64 

1U5 10510095 1141 

1 1 -35 1058 Mar 9* 1158 

Esi. sales 25427 Thu's, soles 16732 
Thu’sapenini 117J10 up 1924 
COCOA (NCSE) lomrcm-ipt'iai 
IJ65 99* Jul 94 1276 1304 1258 1274 

1377 1020 Sea 94 1298 1325 1285 1298 

13W 10T1 Dec 94 1334 1357 1322 1330 

1383 1077 Mar 9S 1366 1376 1365 1345 

1400 1078 MOV 95 1270 1270 1270 17® 

1407 1225 Jul 95 1*05 1420 1410 1416 

1350 11*5 Sea «5 1427 

U45 1290 Dec 95 1443 

1400 1350MCT94 1491 

1380 1225 MOV 96 1390 <*02 13*5 1394 

Esi. sates 16-OOS Thu's. Ida 20J62 
Thu’s open uc KUW up 2410 
ORANGE JUICE (NCTTf) 1*4(0 *».- atete ft 
13U00 89 3M Stay 94 93-00 91X8 9615 9615 

IliOO 92. 90 Jul 94 94-50 9SL30 9240 93-75 

134J0 95JM5«P94 96-50 77.33 9SXB 9S.10 

IJ4.00 9625NOV94 98JW 9600 97AS 9675 

mm 97.70 Jan 95 10015 10025 98JM 98J0 

17625 99JSMar9S lOIJO 10145 100JO 9935 

II4JS 1 03.75 May 95 TIC-50 102J0 HKLffl 10195 

I19ja 10imj o i95 101.95 

HL5D I II AO 5co95 I04A0 

Esi. sates HA. Thu's, sates WG 

Thu's open ml 71,254 un 331 


Metals 

HI GRADE COPPER INCMX1 BXMte.-unnix.li. 
102.20 7X60 May 94 100A0 1WJW 10660 102.75 

94-50 74. 10 Jun 94 100 JO 10120 108.30 IQ2JG 

102.95 7* JO Jul 94 10040 101.90 10610 101 JO 

10130 7690 SOP 94 99 JO 100.® 9840 10OJO 

101.90 75JSDec 94 9690 9680 97J0 98J0 

TSJ» 76.90 Jon 95 97 JS 

99.00 7X00 Fl* 95 97X5 

107 JO 7X1X) Mar 95 95J0 77-50 94.90 »*J5 

94.50 7646 May 95 *6.15 

94J0 78X11 Jul 95 77 JO 97 JO 97 JO 9SJ5 

77 JH 75-M Aua 95 9940 9940 9740 101.00 

9400 79.10 Sep 95 9445 

72J0 7SJOOct9S 99.® 

9200 77 JS Nov 95 9190 

91® 8600 Dec 95 9170 

9245 »-50 Jan 96 93J0 

92-25 4Z 70 MlT 76 7X50 

9*40 9*48 Aar 94 9*_SS 

Esi. sates 214)00 Thu'S. SdteS 11416 

Thu's open Int 64.178 ah 1479 

SILVER (NCMX1 uanin-MiMiMH 

582.0 J714Mav«4 5424 542.0 527.5 5400 

5460 SI 5-5 Jun 9* 5469 

586J me Jul 94 545J) 5*60 5400 543J 

5904 3745 Sap 94 S4VO 5530 544.0 5464 

9*7.0 3860 Doc 94 5574 5AI4 553 0 5S64 

SMJI «1.0Jan95 5SX 

40*0 41 64 Mar 45 5414 5614 5414 5644 

40*5 41 60 May 95 5710 577X1 5714 5762 

6100 004 jut 95 577.0 S774 5774 S76J 

5654 **34 Sep 95 SK4 

6244 S3»4Dec95 5927 

Jan 74 5 tsj 

S94 5 5864 Mar 9* «QO 

Esi. sales U-000 Thu's, sates 24465 
Thu sepen Int 114.014 oh 170 
PLATINUM 1NMER] X ire. ot- awn am im u. 
43740 35740 Jul 94 40 IJM 40*00 399.50 403.90 

SSS «3JM 406XM 40340 405.70 

47950 37*40 Jan 95 ®*50 40940 4O4J0 407 90 

®B40 39040 Apr9S 407 JO 407J0 409JD «990 

ESI. sates NA. Thu's, sotes 2.574 
Thu's open 1m 21441 up 34 
§£*-D (NCMXl l®en>ax..dcMartnr Ireva* 

372.M 378X8) May 94 MM 

41720 33920 Jun 94 38240 3B2.90 306® 381 JO 

Jul W ‘ton o n 

41540 341 JO Al® 94 38*70 38SS0 383J0 384X0 

41740 34440009* 38B40 38940 386.90 38770 

TUjSmIs 39240 392.W Jjg 

417.00 344-50 Apr 95 

?Si'S^ in S MM Uln 401 00 ‘WITH 

412-50 38650 Al® 95 4U.1B 

*1X30 4161000 95 TiSj? 

*2940 *0650 Dec 75 

43*50 41158 Feo 94 4 njn 

». sofas xi. aw Thu'x sates 37423 
TtWlOPOiM U3JS7 an 1028 


—617 53^7? 
— 0.11 *0-535 
-045 1M75 

♦ 042 2.82? 

♦ 042 1JZ7 

♦602 513 

♦0JD 39 


— 14 VMS 
—13 I6J84 
-17 0417 
—13 10,974 
-32 31 
-13 2.780 
—13 SM 
— 13 879 
-13 3 

-13 *895 


-690 384 

-0140 11818 
—630 3.791 
-030 1,272 
— 0XH 2,19* 
— 6J0 748 

—630 

-0J0 


+ **5 2.724 
*4.10 1458 

♦ XTO40JM 

♦ 3J0 6139 
*220 5401 

♦ 105 

♦ US 

♦ 1J5 2-254 

♦1JO 

♦ 040 551 

-145 

♦ ojo 

♦ 245 
*140 
-010 
—OJO 
-OJO 
*1*5 


+40 394 

■ *D 

♦ *0 82*34 
+*0 6379 
t*0 11*30 
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INTERNATIONAL HERALD TRIBUNE, SATTJRDAY-SUNDAY, MAY 14-15, 1994 



EUROPE 


^oss in Quartei 
Sends Unilever 


umbling 


Bloomy Busintu ^ 

AMSTERDAM ir -i .i/ 0 *A e Amsterdam stock «- 

CSroup’s nrsiKjuaner change Unilevcr shares were down 

profit slipped 5 £2J* er «5* I 5 8u ,Jdcr s ($2.94) to 1953 euil 

Undon * Unilever shL 

shares tumbling on d 52 P^ 06 10 £,0 -3- 

a»d Aimtertani stock mLta. " in ‘T hC i cl i? Ie abouI Unilever bo- 
Th« - m g one of the stod^ that produces 


■n. — — '*vw markets. ; — -™ui vuus*n uc- 

The Bntish-Duich cimk one of ih« stocks that produces 

PMncts conglomerate mS!S er * Sleady 10 P 6 ™ 11 annuli growth 

£*55? E?:« *» M&8-. 


g-W-nfS®®^ “~,-"sadRobvr^n, 

of years." 


$SiSiW£3?£ 

Jj*e W the Swedish brcwerfrK 


Alitalia Sets 
Union Talks 


Rearers 

«i,i W 5 AN unprofit- 

able state earner Alitalia Air- 
lines said its unions would be- 

011) nMn^n#^. _ .1 


gin negotiations next week on 
s for major layoffs and 


plans , a j Wa 

cost cuts to save the company 
officials said Friday. 

The managing director, Ro- 
berto Schisano, has been 
quoted in the press as warning 
that the troubled airline can 
survive for only 500 more days 
without the rescue plan. It 
calls for a 20-percem reduc- 
tion in the labor force over 
three years. 

Company executives said 
formal talks on the plan would 
begin on Tuesday. Alitalia^ 

losses soared to 343 billion lire 

($215 million) last year. 


gone for a couple 

Unilever has two parent compa- 
nies: Umlever NV or the Nether- 
lands and Unilever PLC in Britain. 

The corporate entities release 
figures simultaneously in each 
country, adjusted to meet local fi- 
nancial regulations and using each 
nation s currency. 


Expressed in pounds, pretax net 
million from 


Prog 1 to £449 „ irom 
M40 million while sales were up 4 
percent, to £6.70 billion. 

1°. *he first quarter, per-share 
eanungs declined to 15.74 pence 
from 1 5.80 pence a year earlier. 

The Dutch company said that on 
a constant rate of exchange basis, 
net profit increased only 2 percent, 
to 815 million guilders. 

Tbe dollar sold for 1 .84 guilders, 
on average, during the first quarter 
of 1993 and 1.93 guilders during 
the first three months of this year. 

Analysts surveyed this week had 
estimated that the company would 
disclose earnings between 806 mil- 
lion and 845 million guilders. 

In Europe, operating profit went 
up 7 percent, to £303 million. The 
chairman, Morris Tabaksblai, said 
that trading conditions remained 
difficult and sales increased only 
modestly, to £3.64 billion from 
£3.62 billion. 


Unfulfilled Promise in Bulgaria 

Political Chaos Brings Economic Reform to a Standstill 


By John Poxnfret 

tVasAirtgton Pint Service 

SOFIA — Almost five years after the col- 
lapse of communism catapulted this Soviet 
satellite nation onto an independent course. 
Bulgaria finds itself caught in a spiral of crisis 
and decline, the early promises of democracy 
and a free-market economy unfulfilled. 

Economic reform has ground to a halt. 
Since the government launched its privatiza- 
tion program three years ago. only one medi- 
um-sized company has been sold, a sugar- 
processing plant in the Black Sea part of 


Burgas. The political arena is (lining with 
chaos. The trac ~ 


— fractious Parliament has not 
passed a piece of important legislation in 
more than a year. 

“At least we're not Yugoslavs," said Lina 
Ivanova, the owner of a debt-ridden health 
club, quoting a popular saying here referring 
to the war in Bosnia-Merzegovina. 

Last month, the country's president. Zhe- 
lyu Zhelev, demanded the government resign, 
accusing it or failing to push economic re- 
forms. Mr. Zhelev is the head of state. 

In an interview, Mr. Zhelev spoke of the 
need for “a firm hand" that was “bordering 
on dictatorship in the economic area." 

“This is the only alternative.” said the 59- 
year-old philosopher, who was expelled from 
the Communist Party in the 1980s for urging 


reform. “We’ve learned the hard way." 

The troubles of this nation of 9 million 
people provide a lesson to other countries in 
the former Soviet bloc that are moving to- 
ward a market economy. 

In many ways, Bulgaria's hard times can be 
blamed on the failure or unwillingness of its 
two posl-Communist governments to main- 
tain an effective coalition that supports re- 
form and is capable of defeating opposition 
from former Communist bosses and the 
once-powerful security apparatus. 

On a broader level, the impasse in Bulgaria 
highlights a debate occurring throughout 
Eastern Europe, even in its more successful 
capitals. One side backs stability and concili- 
ation with former Communists; the other 
believes the collapse of communism and the 
Soviet bloc was not the end, but the begin- 
ning, of a revolution. The aborting of that 
revolution, the latter group argues, is a main 
source of Bulgaria's problems. 

By far the biggest beneficiaries of Bulgaria's 
failure to push economic reform have been the 
people threatened by the changes: former 
Communists and members of the security ser- 
vices. A triangle of interests — entrepreneurs 
with Communist pas is, managers of state-run 
factories and bureaucrats in still-powerful 
ministries — has emerged to block change. 

Exploiting business and political connec- 


tions that in some cases stretch around the 
world, many of these people have become 
fabulously rich running private trading com- 
panies that buy from and sell to Bulgaria's 
state-run factories, creating a bizarre eco- 
nomic subsystem in which production is 
state-run but profits are private. 

One company. Multigroup, for example, has 
a commodities trading firm in Switzerland, a 
casino in Paraguay and a Virginia-based com- 
pany believed to be involved in trading coal 
and investing in the United State. 

Another company, Rosim, exports an aver- 
age of 24 million bottles of Bulgarian wine a 
year to Britain and is that country's top 
supplier of red wine. 

Essentially, private trading companies con- 
trol everything sold to the factories and mar- 
ket their production too. Such enterprises can 
be lucrative through kickbacks or manipula- 
tion of antiquated accounting methods. The 
private trading companies can make windfall 


profits selling raw’ materials at market prices, 
buying f inishe 


uying finished goods at low prices and then 
selling them at a profit. 

As the state-run enterprises slip deeply into 
debL the private trading companies reap’ huge 
profits. Because Bulgaria's political system is 
too weak to tolerate raaory closures and high 
unemployment, the state readily provides the 
factories with loans to stay in business. 


Investor’s Europe 


Frankfurt ■; ; - 

PAX 


London • . 
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ParisK 

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Stock' index : ' '. 3 '. . 


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2$&7s 

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$8S , V 

9504)1 .;-.9 

Sources: Reuters, AFP 

lntemabonal HcnM Tritane 

Very briefly: 


GEC Buys Ferranti’s Defense Businesses 


Compiled by Our Staff From Dispatches 

LONDON — General Electric 
Co. of Britain has purchased Fer- 
ranti International PLC's British 


defense-systems business, paving 


the way for the sale of Ferranti's 
other business, Ferranti's receiver 
announced Friday. 

No price was disclosed, but pub- 
lished estimates put it at about £30 
million ($75 million). 

Ferranti has been in receivership 
since GEC withdrew a penny-per- 
share offer to buy the entire com- 
pany on Dec. 1. Arthur Andersen, 


Ferranti’s receiver, said the sale 
would make it easier to sell other 
Ferranti units, including its satel- 
lite communications business. 

“Now that the future of the de- 
fense businesses is secure we have 
completed a large pan of the jig- 
saw” said John Talbot, an Arthur 
Andersen partner. 

GEC will incorporate the two de- 
fense businesses — Ferranti De- 
fense Systems Integration and Fer- 
ranti Simulation & Training —into 
its GEC- Marconi Ltd Tbe 1.100 
workers in Ferranti’s defense busi- 


nesses will be employed by Marconi. 

Separately, the British Ministry 
of Defense is backing GEC to buy 
Ferranti's 50 percent stake in a so- 
nar joint venture with Thomson- 
CSF of France. The ministry wants 
to prevent nuclear-submarine tech- 
nology from falling under the con- 
trol of a foreign company. That 
business is not in receivership. 

Arthur .Andersen said it proba- 
bly would not negotiate the sale of 
Ferranti’s component-manufactur- 
ing plant until all the other busi- 
nesses are sold. The factory makes 


printed circuit boards, avionics for 
military aircraft and other defense 
equipment 


Ferranti Defense Systems Inte- 
gration is based at Bracknell New- 
port, Pagnell and Portsmouth. 


Ferranti Group started sliding 
into bankruptcy four years ago 
with the discovery of a large-scale 
-Diving fake cc 


fraud involving fake contracts at its 
U.S. subsidiary, International Sig- 
nal & Control, bought in 1987. 


(Bloomberg, AFP) 


• Telegraph FIX, the British newspaper and magazine publisher, said 
first-quarter pretax profit rose more than 25 percent from a year earlier as 
advertising sales increased 18 percent. 

AP. Bloomberg, Reuters 


Investors Warm to Metallgesellschafl Changes SCENE: The Failing Dollar INFLATE: Growth sua Modest 


CangtUed by Ovr Stiff From Dispatches 

FRANKFURT — MetaUgesellschaft AG's 
stock jumped 17 perce n t Friday on optimism 
over the company's restructuring plan and a 
bank's recommendation of the shares. 

The German metals and muring conglomerate 
reportedly plans to cut 7,500 jobs in an attempt 
to save 4 billion Deutsche marks ($2 billion X 
with most of the benefit oomuq* this year. 

The company^ staff magazine, MG Infor- 
mation, said savings in personnel costs would 
be about 550 million DM. Among oversavings 


! are purchasing-cost reductions of 500 
lion DM, 1 billion of asset disposals and 
general cost reductions of 500 million DM. The 
company also plans to save 600 million DM by 
reducing supplies, 600 million DM via debt 
reduction, 160 million DM by reducing invest- 
ments and 100 million in real estate sales. 


In Frankfurt trading, Meiallgesetlsc haft's 
stock rose 42 DM to 243 DM per share 


“There’s a lot of interest in seeing the share 
higher ahead of a likely capital increase.” a 


London dealer said. “In addition, we had talk 
of a recommendation from LIBS.” 

An analyst at Union Bank of Switzerland in 
London confirmed the bank had recommended 
MG, which was rescued from near collapse 
earlier this year by its creditor banks. He re- 
fused to dte specific details. 

MetaUgesellschaft was driven to the brink of 
bankruptcy late last year when its U.S. subsid- 
iary Metallgesdlscbaft Grip, was forced to 
abandon oil positions in the futures market at a 
cost of 23 billion DM (AFX, Reuters) 


Continued from Page 9 


NYSE 


i2Morfii 
High Law SocH- 


Friday’s Closing 

Tables include the nationwide prices up to 
the dosing on Wail Street and do not reflect 
late trades elsewhere. Vte The Associated Press 





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abroad and they did, buying U.S. 
Treasury securities and other 
bands, stocks and real estate. Japa- 
nese concerns also spent billions 
buying American companies and 
building new factories in the Unit- 
ed States. 

That oulfiow of capital — which 
required the Japanese to sell yen to 
get the dollars to invest in the Unit- 
ed States — helped bold down the 
yen’s value despite Japan's persis- 
tent trade surpluses. 

But the Japanese economy began 
to run into trouble when the Bank 
of Japan raised interest rates to 
prick a bubble economy in which 
Japanese stock and real estate val- 
ues soared. As the bubble burst, 
much of that voluntary capital out- 
flow dried up. Al that point, the 
value of the yen began to appreci- 
ate in earnest. 

Stephen Axilrod. deputy chair- 
man of Nikko Securities Interna- 
tional in New York, said the yen- 
dollar relationship “depends to a 
great extent on whether the inves- 
tors in Japan continue to invest 
abroad." He added. “About a year 
or so ago. the Japanese institution- 
al investors lost their nerve and 
stopped investing abroad and at 
home and fled for cover.” 

They have fled with a vengeance 
this year, according to Carl B. 
■Weinberg of High Frequency Eco- 
nomics. a New York consulting 
firm. 

“It seems that during March in- 
vestors in Japan were net sellers of 
foreign bonds by 513.1 billion." 
Mr. Weinberg said. Meanwhile. 


foreign investors were buying, net, 
$11.7 billion worth of Japanese 
stocks, for a total portfolio capital 
flow into Japan that month of 
$24.4 billion. 

That came on the heels of a $17.9 
billion inflow in February and 
$10.7 billion in January, each of 
which was at the time the highest 
level of capital inflow ever record- 
ed. • 

Mr. Weinberg said there is anec- 
dotal evidence that a large part of 
the foreign money flowing into 
Japanese stocks is actually coming 
from foreign subsidiaries of Japa- 
nese companies. 

“Japan’s investors are withdraw- 
ing funds from foreign markets at a 
record pace to cover liquidity needs 
at home." Mr, Weinberg conclud- 
ed. 

In the first three months of this 
year. Japan had a $34 J billion sur- 
plus in its current account, which 
includes trade, tourism and some 
other international transactions. 
That meant that the Japanese were 
accumulating that much more in 
foreign currencies than they were 
paying out. That tended to make 
the yen relatively scarce and put 
upward pressure on its valua 

At the same tune. Japanese in- 
vestors were bringing home their 
money, which meant they were sell- 
ing their investments in dollars and 
other currencies in exchange for 
yen. And those transactions also 
pushed the yen upward. 

“If you have a huge surplus and 
your investors are not going to re- 
cycle it. then your currency is going 
to go up.” Mr. Axiirod said. 


Continued from Page 9 


at Harvard who advised President 
Jimmy Carter, shared Mr. Tobin's 
skepticism about tile Fed’s stance. 
The pervasive sense that foreign 
manufacturers are ready and eager 
to take a chunk of America's mar- 
kets, be noted, makes employers 
more resistant to wage demands 
and workers less militant than in 
past recoveries. 

Just how much the slack product 
markets in Europe and Japan and 
the fierce competition from low- 
wage Mexicans, Brazilians and 
Chinese have reduced labor’s mox- 
ie is a matter of conjecture. 

The opinion dial the Fed has 


overshot is also reportedly held by 
adminisi 


some members of the administra- 
tion. Bui their voices have been 
muled, perhaps because there is lit- 
tle expectation that tight credit wilJ 
actually choke off growth. 

Mr. Cooper of Harvard won- 
dered, though, whether the san- 
guine assumption that all the Fed 
has really done is to stretch out the 
recovery is correct. Some forecasts, 
he pointed out, suggest that a 
“growth recession” — a period of 
positive growth but at a rate insuf- 
fidem to absorb new entrants into 
the labor force — will sd in before 
tiie 1996 election. 

To be sure, the majority view 
among economists is still that both 
the tuning and the size of the Fed's 
increases in interest rates were pru- 
dent. 

“The main point is that the econ- 
omy isn’t very far from fuD employ- 
ment,'’ said Benjamin Friedman of 
Harvard University. But whether 


problem is largely one of presents 
lion rather than policy. “Short 
term rates always go up in this 
stage of the business cycle," he 
said. “What’s new is that the Fed is 
talking about it" 

The Fed’s idea, presumably, was 
to get the maximum anti-inflatior 
bang from the minimum tightening 
of credit from its new show ot 
openness. But the psycholqgica 
spin apparently was reversed, with 
the markets assuming that the 
Fed’s break with precedent was evi- 
dence that the financial gnome? 
were concealing the really bar 
news. 

Still to be seen is bow the tem- 
pest over bond rates and the dollaj 
will play out in economic growth 
and employment. 

It will not change the govern- 
ment’s behavior, Mr. Gordon ar- 
gued, since the Fed has already 
gone about as far as it will go on 
interest rates and the White House 
is bound to a passive fiscal policy 
by the deficit reduction law. 

_ Mr. Tobin is not-so-qirieliy wor- 
ried, though, that what he sees as 
the Fed's bumbling foray against a 
remote threat of inflation will do 
great damage to businesses that 
need cheap capital to grow. I 
“The markets just aren’t sophis- 1 
healed about economics," be la- ■ 
meats. 


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• Penrod Rieard SA of France and Beijing Winery agreed to form a joint 
venture, Beijing Pernod Rieard Wines Spirits, with expected 1994 safes of 
about 80 mini m francs ($14 million). 

• L’OreaJ SA, France's largest cosmetics company, said consolidated 
sales rose 5 percent in tbe first quarter, to 10.69 tiiilion French francs 
from 10.16 billion francs a year earlier. 

• The Central Bank of Ireland is cutting the rate on its short-term lending 
facility to 6h25 percent from 6.50 percent and its overnight deposit rate to 
3 percent from 3JZ5 percent 

• The Spanish central bank cut its main lending rale a quarter point, to 
730 percenL 

• Western German wholesale prices rose 01 percent in April from the 
previous month, and 0.5 percent from a year earlier. 

• ISS-In tentationai Service Systems A/5, a Danish industrial cleaning 
company, has postponed plans to seek a listing on the New York Stock 
Exchange because of unfavorable U.S. market conditions. 


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the Fed’s initiative was l 
or overkill, it remains a puzzle why 
tbe bcnad and currency markets 
have been behaving as if double- 
digit inflation is just around the 
comer. 

Robert Gordon, an economist at 
Northwestern University, said the 
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TRIBUNE. c*Ti:HnAY-STWPAY. HAY 14-15. 1994 


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13 7 2006 mi 19J6 Wn® . 


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Friday's Closing 

Tables include the nationwide prices up to 
the closing on Wail Street and do not retted 
late trades elsewhere. Via The Associated Press 


mi 12 Mcnfli 

l?‘ HW Low StOC* 


ov nd PE IPOs H» LowLddOiBe 


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L . "'zE 

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t - Vino 
I Vlns. 


9V. 8'- AIM Sir .47 El . 

37 1«'AALC - 3 

U 84* AM Inll n - ■ 

14V* 7K.AMC , - 1 

MW 20'— AMC pf - ■ 

S U/«AFtC — 2 

4V. f ’.API Hid , -. ■ 

76V* 72 ABM F pf _ 

H'u li'i,A5R J3el2J 

7SW4I*.Arr Fd 771 P 41 
8W TV* Ad-Com - 1 

5 3i*AcmeU ... 

3'<u U-ACIUjn - ! 

6'* 4 AdmHsC -• , 

6'* S'AAdvFin 

IS** 9** AdvMoo 

si* WAovMedT 
10'* 3ViAdMdP» 

S'* 31’nAdvPfwi - 

16’ -» P .AlrWd - 

4"j I' nAirCOO 
7 V. S** AlomcD 
13'. BWAlKiW , ... 

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1 7 ' 1 tWAildRvh 
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6>, I'.Aioriain - 

ij'.j ' ..Almn&r -. 

JJ 55": Alcoa Bf 3.75 67 
71, 4W Am ON ... 

2IUI7 AFsfRn 1J0 8.2 

« 1* 26W AmHirt .15 J 

I'V,, l'*AExBi „ . — 

14'* 3** AIM BJ 1.44041.1 

16' . ISM. AIM BS 1.44 9J 

141*1 H* AIM 06n 481 3y 
IS 11% AIM tin ,J3« 7.4 
47 3M*A»roel 105c 7 J 
17% 1 1 '■« AmLiSf S JOB 4., 
n>*1J%AMZeA 64 3 4 

14’* BWAmPagn _ 

IS'* 9 ARcSIr 150 ISO 

8*. a'-.ASdE 
J'. ■'..AmSfird 
S r,»T«3< - 

13% 7'iA mpaj 
2** ",l» Amom wl — 

14% e'.AfTTWtWf J4 75 

53% 9% Andreas - 

4% I’.AmaMIa 
IS 1 * WAnoPar lASOc _ 
t‘. 3%Airunc© 

14’* S'-t Aoroan n - 

4% 3'* Anzt-d "25o 5 4 

11'.. 7+j A rVRil 
3 « nAimim ■" 

10 raArrnwA 

12'i 4%Aftlvm - 

4% ?'«Asireic ~ 

1<, 'jAstrfwf 

11% f.. Atari . _ - 

6% f iAiwin 03 b 5 11 

». • . anwlM - ■, 

lf% f,*Aud*a* - 13 

4% %.Aod-e 
12% 6 AunwEI 

2% F'l.AfCon 


79 8% JV» B'A ■ 
1937 30'* 29% 30. 

B 8v* d B% 8% 

13 10 10 10 

137 22 21% 21'* 

33 Sfv„ 3'i% 3"Vi, 


41 23% 73 23% 

300 2 1% 1% 

44 44 % 64% 44% 
S3 7 4% 4% 

5 3% 3"« J'<* 

« Sin. 2V* 2V.. • 
27 P* 5% S% 
50 2** 2'* 7 1 -n ■ 

72 IT',. 13’;, 13% 


8 *'.5 6% 6'i 

16 3'* J'* 3'* 


184 8'.. 7% F* 

17 2% 2% 2% 


39 16% 16% 16% 

6 m-., 1»* '** 

140 A Di'.i 4% 

7 9% 9% *■» 

im 3% 3'. 3% 

303 S'. 4'» 5 

HOC e0% 60!i 60% 
847 7% 7 7 

11 10’ 1 10% 10% 

2 46 46 46 

440 1% 1%, r* 

6 3% ?VJ 3% 

30* 1S% 16* ■ 15% 
77 12% 12% 12% 
14 I?'., IJ'* 12% 
1 4S 45 45 

17 17 17 17 

\6l 19% 19 l» 
2S« 9 8% 8% 

33 10 9-% 10 

239 3% d 3‘* 1% 

4 •' 1 •' '.''.I. 


31 3% 3>. J% 

191 9% 8% ?'* 


40 IV, l'Zi. 1"-. 
112 14% 14 14'* 


904 14% II'. 14% 

13 uO.i 6% *>'ii 

10 1't 1% 1'. 

93 6>, 6'-, 6' , 

14 10‘. 10% 10% 


103 4% 4% 4% 

8 8 ?. 8 


39 r'-i 7; ■ • ; • • 
II S% 5% 5'.I 
49 2% T;h 2'v« - 

1149 5% 4'%! 5% 

JO S’ : Fi 5% ■ 

IAS % % % 

56 14% 14', 14% 

838 1% 1 1% 

70 7'.. 7 7 

155 2% 2' » 7^1. ■ 


h »a . on 

j . ij'. p 


_ ... 134 
_ _ 41 

_ _ 105 
_ 39 SS 
-131 4Q 
_ 10 139 
_ _. 529 
_ _ S3 
_ 17 71 

19 IS » .1* 


431 56 17 140 

34 1.1 II 3 


L. 9 113 
06e J 25 779 


7% J% 
30% 30% 
4% 4'V 
23% 23'* 


_ 173 49 

J7 10A _. 8 

33 I' M TO 

Si 62 _ 1 

A9o 7J _ 0} 

AO 631 m * 


E ■ ire 

Ji IS 10 167 
46 2J 14 5 

.75 5.1 30 

.07 J 71 6384 
JB U 10 33 

"■ 75 1* 

_ _ 4SI 

„ 76 15S7 
_. . 54 

_ _ 6 
.. 19 37 

_ „ 229 
48e 56 _ 76 

. 74 15W 

1JO 5J - « 

:, ! « 
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7 JO Uyi W 63 
1.60 1E1 IB f 
1.60 147 _ It 
.686 El .. 42 






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J*e 3.4 17 
J8e ZJ M 


32 1.9 13 139 
8653 

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India Opens 

Phone Business 
^PrivateFirms 


new 

nouuced Friday lhat it JSi* 
P^vate compii^ L^'^ahow 
wnfcft to opS tEF* ud 

^octworg^^c sa- 

S14 bilUoTS 

India’s antiquated idLS^^ 012 * 

y® and at providins 752; sys ' 

liamenc by tSSJ? 8 ^- 1 " 

s^jsSsss*: 

“With “ ■_ 35 h™ areas. 

SSESSSSiffi 

EWfSfiS 

Mns m India with no political in- 
““*** or money lo pay bribes, 

now have to wait up to five years 
lor a connection, which may not 
even work when they get it An 
es “ i natcd three mDhon people ate 
00 ■ *“ list for tdepbcnes. 

and the list is growing by nearly 20 
Percent every year. But the list, say 
a °atysts, is expected to vanish 
when foreign companies bring pro- 
vide phone services. 

U j. West Inc. and Motorola Inc. 
have already applied to the initi»» n 

government In rim inWihnno w 


vumo, aiuujBu say, are eageny 

waiting to enter the huge Indian 


SasssKs 

SSBttfKBSS 

avaiuSe in “ 

^DCed cou runes. Hardware manu- 
*®J u rc and extra services such as 
ramo-pagiqg and mobile cellular 
plan! 6 S ^ SlefflS 318 ®ho part of the 

.P°hcy document whose 
thane a “idecomnmni cations for 
JJ*! was released on the eve of 
Pnnae Minister P.V. Narasimha 
JtMs departure for a visit to the 
United Suites. Mr. Rao is expected 
to meet with American telecom' 
mum cations executives. 

i P? P® U ^ document said that 
India s telephone distribution aver- 
age per 100 persons is 0 . 8 . com- 
pared with 1.7 in China, 2 in Paki- 
stan and 13 in Malaysia. Tens of 
thousands of villages have no 
phone connections at all. 

The document said the policy’s 
aim was to ensure that all of the 
more than 500,000 villages in India 
had a phone connection. 

(AFP, Bloomberg, Reuters) 
■ Ouna Targets Year 2000 
China hopes to develop one of 
the world’s three biggest telecom- 
munications systems by the end of 
the century, the official news agen- 
cy Xinhua said on Friday, Reuters 
reported from Beijing, 

Oiin a aims to finish its new tele- 
communications network by 2000, 
m a revamp costing 360 biffion yuan 
($41.4 trillion), Xinhua quoted Com- 
munications Minister Wu Jictman 
as saying. Mr. Wu said the govern- 
ment's five-year plan for telecom 
development had already been 
drafted, and involved knitting to- 
gether main optical-fibre cables with 
a network of moM e-phone sys tems. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SIINDAY, MAY 14-15, 1994 


Disney Woos Japanese 

Samurai-Bond Issue Targets Individuals 


Bloom btrg Bmnca News 

TOKYO — WaJt Disney Co. is betting that 
Mickey Mouse mania and historically low interest 
rates in Japan mil prompt individual investors 
here to snap up a major corporate bond offering 
next month. 

The U.S. entertainment giant is working on plans 
to sell about 30 trillion yen ($288 million) worth ol 
samurai bonds — issues denominated in yen and 
sold by foreign entities in Japan — to individual 
investors, said executives at Nikko Securities Co.. 
financial adviser and lead underwriter for Disney. 

The bonds will have a maturity of less than rive 
years to offer individuals an alternative to putting 
their money in bank savings deposits and invest- 
ment trusts, the Japanese equivalent of mutual 
funds, said Yoshimori Rikukawa, international 
finance manager at NDcko. 

Disney is (me of a growing number of compa- 
nies, Japanese and foreign, trying to raise money 
among individual investors in Japan. 

“Japanese individuals own more than 1,000 tril- 
lion yen in financial assets,” Mr. Rikukawa said. 
“The problem is most or (his is in savings accounts 
that pay individuals very little: That's why it makes 
sense for corporations to sell bonds directly to 
individuals, lo offer them higher interest rates than 
wha| they get at banks." 

Disney njoys tremendous brand-name recogni- 
tion among the Japanese, who are among the 
world's most devoted fans. About 16 million visitors 
swung through the port ds of Tokyo Disneyland in 
the business year ended March 31. up from about 10 
million when (be paik first opened a decade ago. 

While Disney does not own Tokyo Disneyland, 
it does receive considerable royalties from the 
park-owner and operator. Oriental Land, an un- 
listed company mostly owned by the developer 
Mitsui Fudosan Co. and the commuter line Keisei 
Electric Railway Co. 

Disney’s timing is fortunate because interest 
rates in Japan are at historic lows. That has driven 
savings deposit interest rates to below 2 percent in 
most cases. Stocks do not offer much of an alterna- 
tive for the individual investor. While the Nikkei 225 
Index is up 16 percent for the year, Tokyo's political 
gridlock, the soaring yen and uncertain economic 
outlook, make Japanese equities risky. 

To be sure, investors certainly have reason to be 
skeptical of the bond offering, for all is not peachy 
in Disneyland. The company took a $350 million 
charge in its fourth quarter as a reserve against its 
exposure to the Euro Disney park in France, now 


undergoing a financial overhaul, and analysts say 
another $90 million in write-offs is not out of the 
question. 

Still Disney’s steady cash flow from its home 
video business, bolstered b> such classic offerings as 
The Jungle Book" and “Bambi," as well as the 


The company is counting 
on Mickey mania and 
historically low rates. 


consumer-products division, helped propel its sec- 
ond-quarter profit up 16 percent, to S248J million, 
in the quarter ended March 31. Revenue rose 12 
percent, to $2.28 million from $2.03 million. 

At least in Japan, credibility will not be much of 
problem, either. Wall Disney has an AA-minus 
credit rating from Standard & Poor’s Corp., and an 
Al, rating from Moody's investors Service Inc. 
Those are not top gradings, but “both of those 
ratings are higher than those of Japanese bonks 
where most individuals keep their savings.” Mr. 
Rikukawa said. 

If Disney can pull off a successful sale among 
individual investors, it could save itself a pile of 
money. Institutional investors would demand a far 
higher return, because they would value the Disney 
bonds like a corporate loan. The long-term prime 
rate in Japan for five-year corporate loans current- 
ly is 4.4 percent. 

“A company Like Disney can sell bonds at a 
lower cost," Mr. Rikukawa said, “because it's 
eliminating banks and institutional investors that 
take a cut for serving as intermediaries between 
individual savers and corporate borrower.” 

Disney is not the only company hoping to tap 
the deep pockets of Japan's inditndual investors, 
whose collective financial assets are about 10 times 
Japan's 73 trillion yen national budget and dwarf 
the 160 trillion yen in assets managed by Japan's 
27 life insurance companies. The trend started on 
April IS, when Sweden made the decision to sell to 
Japanese individuals 20 billion yen in two-and-a- 
half-year bonds lhat pay 3.25 percent interest, with 
Nikko as lead underwriter. 

That was followed by on offering from the electric 
cable maker Furukawa Electric Co., which sold 20 
billion yen in three-year bonds with a coupon rate of 
33 percent to individuals. 


Page 13 

ASIA/PACIFIC 


Malaysia 
Is Balding 
Inflation 

Agcnce France'Prase 

KUALA LUMPUR - After 
seven boom years, Malaysia is 
fighting inflationary pressures ex- 
acerbated by rising spending and 
profiteering, analysts said Friday. 

A national campaign to fight in- 
flation is to be launched by Prime 
Minister Mahathir bin Mohamad 
on Thursday. It aims to curb exces- 
sive price increases and get Malay- 
sian consumers to spend less. 

The inflation rate of 3.6 percent 
last year was considered relatively 
low, given the country’s 8J percent 
economic growth, but analysis said 
that soaring wages, ample liquidity 
and arbitrary price increases are 
putting pressure on prices. Many 
economists predicted inflation 
would rise to a 4 J percent rate this 
year and 4J percent in 1995. 

“There is a psychological trend 
among our traders that prices of 
goods must go up every few months 
regardless of whether there is a gen- 
uine rise in inflation," said Ramon 
Navaratnazn. the chid 1 executive or 
Bank Bunih 

The inflationary trend was re- 
flected by the overall 7.4 percent 
increase m prices of noncontrolled 
foodstuffs in the first quarter, com- 
pared with the corresponding peri- 
od last year, Mr. Navaratnam said. 

“These price increases are do- 
mestically generated and not im- 
port-inflated,” he said. 

A precursor of the main anti- 
inflation campaign was the classifi- 
cation on Wednesday of bread as a 
controlled item. 

Analysis said the dynamic 
growth of the Malaysian economy 
over the last seven years, at an 
average rate of 8 percent a year, 
had led to an estimated 70 percent- 
to-IOOpercent surge in the income 
of the middle and upper classes. 
The boom also brought an influx of 
foreign funds for capital and mon- 
ey-market investments. 


Hong Kong • 
Hang Seng 


Singapore 

StmRsTimcs.. 


Tokyo 

Nikkei 226 





, «B3 F • 1»4 IBS 

Etehangd .' Index. ' 

Hong Kong Hang Seng .» 

. Singapore .st raits Timas" 

Sydney. AB Ordinaries 
Tokyo -- ' n; ' Ndcket.225 
Kuala Lumpur Composite . 


, / • 4 ' t*83 •' : .1894' 


...487946 /. 

228&I2 . ” ' 

: 2*17000 2,041^':^^. 
"302711.75 20.224.24 *023 ’ 
■ 1.0G4.SS r 890B2 • ; 


Seoul . Composite Stock aso.45t- 952.4S > 

.Taipei - - . Weighted Price . 6,061.35 SJW^S .- +5p*T 

Manila ■ ’ P$E ■ : ' 2,93728 2.94#: f 6 ' 


■PSE. • 


(. dataarta . ’ • Stock index ■ • =«?A0 465.53 ■ ' • J, f&4fr=| 


New Zealand . NZSE-40 = 


2,105.69 2,09aS0' +0.58 { 


Bombay' . • ' Nafonalincteit f«851.42 iJaS"’ 


Sources: Reuters. .AFP 


InKnunomi] Haild Tribune 


Very briefly : 

• Sooth China Morning Post Publishers LtiL publisher of the largest 
circulation English-language newspaper in Hong Kong, said its net profit 
climbed 29.2 percent, to 135.7 million Hong Kong dollars ($17 j million}, 
in its financial third quarter ended March 31. The company put out a rare 
quarterly earnings report because a new English-language competitor 
started publishing in February, analysis said. 

• Mitsubishi Motors Gap. said it had agreed with Mitsubishi Carp* 
Japan’s largest trader, along with Malaysian and Chinese concerns, to 
study a joint venture to develop the' Chinese automobile industry. 
Mitsubishi Motors also said that details of its $50 million joint venture to 
produce cars in Vietnam with Vietnamese and Malaysian partners were 
approved by the Vietnamese government. 

• Kawasaki Seed Corp* the only big Japanese steelmaker not to curtail 
capital spending tins year, announced plans to streamline its steel 
activities and to cut the number of its board members by six. 

• Japanese bank lending in April grew 0 3 percent, compared with April 
1993, a low growth figure that snowed banks were writing off nonper- 
fonning loans, the Bank of Japan said 

• Hughes Aircraft Co. said h was to be awarded a contract to supply 

satellite control equipment for Malaysia's first telecommunications satel- 
lite. Bloomberg. Reuters. AFP 


Exxon Returns to Inrlia 
Alter 18-Year Absence 


BAT Won’t Take Over ITC 


Bloomberg Business News 

BOMBAY — Exxon Corp. 
said Friday it was returning to 
India after an 18-year absmee. 

Exxon signed a memorandum 
of understanding to give Hindu- 
stan Petroknm Corp. the right to 
blend and market lu brican ts and 
petroleum products under the 
Esso brand name in India. 

7he agreement, signed Thurs- 
day in Bombay, marks the first 
lime Exxon has sold branded xR 
products in India since tire gov- 
ernment there bought the com- 
pany’s assets in 1976. 


"This agreement represents a 
sgnificant advance in our strat- 
egy for reestablishing our pres- 
ence In (he rapidly growing In- 
dian markets,* said Kwa Citing 
Seng, chairman and managing 
director of Esso Singapore Pte. 

Exxon is the latest foreign oil 
company to aim for the Indian 
hibncanis market. So far, Caltex 
Petroleum Corp. and Mobil 
Corp. of tiie United States and 
the British-Dwch Royal Dmch- 
/ Shell Group have teamed up 
with smaller Indian companies 
to blend and sdl lubricants. ■ 


Reuters 

BOMBAY — The In dian ciga- 
rette company ITC Ltd. will not 
sell control of itself to its British- 
based partner BAT Industries 
PLG ITCs chair man said Friday, 
ending weeks of speculation. 

“BAT will not have a majority 
shareholding,'’ Kishan Lai Cbugh, 
the chairman, said. He said the 
agreement with BAT, which has a 
3! percent slake in ITC was 
reached in London last week. 

ITC, India's second-biggest pri- 
vate-sector company, behind Reli- 
ance Industries LttL, has bea the 
subject ol heated debate recently 
after newspapers reported that 
BAT was seeking to raise its stake 
in ITC to 51 percent. 


Analysts say the ITC-BAT case 
reveals the vulnerability of several 
leading Indian companies to take- 
over attempts from foreign multi- 
national partners after the opening 
up of the Indian economy under a 
reform program initiated in 1991. 

Mr. Chugh said BATs attempt 
to acquire ITC was discussed in 
London. Mr. Chugh, who opposed 
the takeover, said (hat Indian fi- 
nancial institutions, which own 
about 39 percent of ITC had sup- 
ported him. 

Analysts say BATs recent acqui- 
sition of American Tobacco from 
American Brands Inc for $1 billion 
and the Indian government’s recent 
ban on companies selling shares to 
foreign partners at discounted rates 


may have dampened BATs enthu- 
siasm for the takeover. 

Mr. Chugh said ITC would not 
sdl a majority in any of its other 
businesses either, except possibly 
in insurance and banking. 

ITCs application to open a bank 
is awaiting approval from the coun- 
try’s central bank. 

Mr. Chugh has said that ITC has 
an ambitious program to expand in 
sectors from holds and edible oils to 
financial services. This year it is to 
launch two Euro-share issues total- 
ing $100 million to fund Us hold 
and paper businesses. 

The company has set a target of 
SI billion in exports in five years, 
compared with $255 million in 
1992-93. 


Bad Loans 
Hit Sumitomo 

Agence Fnmre-Preae 

TOKYO — Sumitomo Life 
Insurance Co. suffered a one- 
time loss of 130 billion yen ($1 
billion) in the year ending 
March 31 after writing off bad 
loans, industry sources said 
Friday. 

The sources said the write- 
offs were the first ever by a 
Japanese life insurance compa- 
ny. and they were offset by 
sales of real estate and securi- 
ties, which raised 80 billion yen. 

Sumitomo’s unrealized 
gains were estimated at 2 tril- 
lion yen. 


Liberalizing Taipei Invites 
Foreign Insurance Firms 


Agence Frunce-Presse 

TAIPEI — Taiwan will shortly 
let all foreign insurers join their 
U.S. counterparts to operate on its 
soil as part of an effort to liberalize 
the economy. Finance Ministry of- 
ficials said Friday. 

Since 1987, Taiwan has permit- 
ted only American companies to 
participate in the local insurance 
market. 

blow, insurance companies from 
other countries will be allowed to 
set up subsidiaries on a reciprocal 
basis, officials said. Foreign insur- 
ers can file license applications to 


the Finance Ministry from June 3 
to Dec. 1 

Each applicant must hold a mini- 
mum paid-up capital of 2 billion 
Taiwanese dollars ($75 million), of- 
ficials said, and the ministry’s De- 
partment of Insurance will need six 
mouths to process applications. 

The move is in line with liberal- 
ization required by the General 
Agreement on Tariffs and Trade, 
which Taiwan is seeking to join. 

Twenty-two UJS. life and proper- 
ty insurance companies currently 
compete with 29 Taiwan insurers on 
the island, while 23 other foreign 
insurers have set up liaison offices. 


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IN SATURDAY’S 

INTERNATIONAL 
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TODAY 
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FOR AN INT'L. GENTLEMAN TO START A WONDERFUL FUTURE 
TOGETVESL, 

PLEASE CALL- CX> GERMANY lO) WU363 4900 OB If 79 







































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May H-/5 , 1994 
Page 14 


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FIRST COLUMN! 

Advice: It’s 
What You 


For Do-It-Yourself Investors. Find the Discount 






> L »-,y •• 

II s ' 

aS^.r-.r - 


By Barbara Wall 


fntermediarfesr 


Pay For 


K ITCHEN table slock pickers 
have, for a variety of reasons, 
chosen to dispense with the ser- 
vices of portfolio managers in fa- 
vor of independent action. 

If you fancy pitting your wits against 
professional stock selectors you will still 
need to enlist the services of a stockbroker to 
execute buy and sell orders on your behalf. 
Boutique-style advisory firms will probably 
not be interested in your money if the trans- 
actions are for small amounts and dealing is 
infrequent. A popular alternative is an exe- 
cution-only share Lrading service, as offered 
by the likes of Fidelity U.K.. and Charles 
Schwab, another American investment-man- 
agement company with offices in London. 

An execution-only stockbroker carries out 
the trade and does Lhe associated adminis- 
trative work, but. technically, he does not 
give advice. Accounts in which one can exe- 
cute not only equity trading, but also deal in 
unit trusts, mutual funds, and corporate and 
government bonds provide the most flexibil- 
ity to investors who want a diversified port- 
folio. 

Not all of the brokers surveyed offer such 
a wide investment choice, and many restrict 
deals to the U.S. and British markets. 
Schwab, for example, is only prepared to 
deal in U.S.-listed securities and U.S. mutual 
funds, while U.K-based Sh a relink restricts 
its trading to equity trading, though it does 
provide access to European markets. Fideli- 
ty offers a more comprehensive service, deal- 
ing in equities, unit trusts and mutual funds 
in more than 17 markets worldwide. 

You may be tempted to opt for a service 
with low commission charges on sales and 
purchases, but this can be a false economy. 
The way a deal is carried out may also 
influence the overall transaction costs. As 
most of Europe's largest stocks are listed on 
all the principle exchanges, the broker has 
the choice of buying at the center of greatest 
liquidity — often the company's home base, 
or buying shares listed on his local exchange. 
It is not always easy to tell if you are getting 
a good price. 

Justin Urquhart Stewart, director of busi- 
ness planning for Barclavsbare U.K.. said. 
“The U.K. market trades more overseas 
stocks than any other European market, and 
the price is usually better than that quoted 
on the exchange in the company’s home 
base.” 


EARING in mind that even the 
best-informed and most single- 
minded people frequently need 
good advice, the question has to be 
asked: What is it? What, for example, is the 
difference between comment and advice? 
Everyone thinks they can distinguish easily 
enough between them, but this sometimes 
proves to be surprisingly difficult. 

The First lest is a semantic one. Advice 
recommends a course or action. Comment, 
tending Loward statement as opposed to im- 
perative. is much more neutral. 

Financially, there is another useful test. 
Advice is lha't which is paid for. whether you 
take it or not. The lawyer or accountant who 
offers advice which is not taken will happily 
send out the bill and. quite rightly, sue if it is 
not paid There are even those in the advising 
professions who are never happier than 
when their professional advice is not taken. 
First, they still get to send the bill. Second, 
they can’t be sued if the client, having fol- 
lowed his own instincts, finds himself in a 
mess. 

Yet this lest too has its exceptions. Unfor- 
tunately there is a brand of adviser who does 
not get paid if his advice is not taken. Imag- 
ine sitting opposite a private banker — the 
most august and respectable of advisers — 
who says at the end of a two-hour discussion 
that your finances are in excellent shape, 
that he couldn't honestly recommend a bet- 
ter home for your assets than the spread of 
deposit accounts, bonds, equity and deriva- 
tive funds in which you have them now. The 
banker's advice is to go home and sleep J 
soundly. 


ONT wait for this to happen in 
the real world. Because even at the 
top end of the “advice” market, 
what you're getting is a sales and 
counseling service. If you don't buy, the 
adviser doesn’t eat. 

Dearly, an accountancy-style fee system 
would be desirable. But the financial world 
works by selling products, and a fee system is 
at best a remote possibility. Meanwhile, 
when taking “advice.” find out what the 
adviser is making on the deal. Now that's 
good advice. 


Page 15 

International money transfer 
Dealing on-line at home 


Page IT 

Multifunds as a medium 
Mid-market intermediaries 
Low-cost private banking 



If the broker is prepared to do some 
groundwork you may save money on the 
deal. Some companies have a wide spread id 
their share price. If the broker goes to the 
market makers in that company's shares he 
may be able to negotiate a better price than if 
he dealt at the trading screen spread price. 

The charges levied by execution-only bro- 
kers are generally higher for foreign transac- 
tions. Sharetink charges a minimum supple- 
ment of $108 for European deals, and 
Fidelity's commission raLes for European 
transactions can work out to be twice as 
expensive as for British or American trades. 

You may be better ofF approaching a bro- 
ker in the target market. Mansion House in 
Hong Kong charges 0.25 percent of the value 
of transactions made in Hong Kong, or a 
minimum of $38, substantially less than the 
rate offered by other discount houses for 
trades in Hong Kong. 

Of course, setting up accounts with differ- 
ent brokers in a variety of countries may not 
be practical. Keeping track of all your in- 
vestments is bound to prove time-consum- 
ing. and there may be other charges lo take 
into account, such as custodial fees. If you 
are paying custodial fees to more than one 
broker, the overall costs will probably offset 
any savings made on the commission rates. 
There is a lot to be said for holding all your 
investments in one account. 

While most execution-only brokers deal 
exclusively in equities there may be occa- 
sions when you require access to collective 
investment vehicles. 

“Lately, there has been a lot of interest in 
European privatization issues,” said Mr. Ur- 
quhart Stewart. “If you are based in the 
U.1C, and you want to buy shares in a 
recently privatized French or Spanish com- 
pany, the transaction costs can prove very 
expensive if you are dealing direct. For deals 
below $7,500 investors would probably be 
better off opting for a unit trust or invest- 
ment trust which specializes in these invest- 
ments.” 


INVESCO 


INVESCO Fund 
Performance Comparisons 


EUROPEAN WARRANT FUND* 

(From 3rd May, 1993 to 29th April, 1994) 


ASIA TIGER WARRANT FUND' 

(From 3rd May. 1993 to 29th April. 1994) 


l 300 

N 

D 

? 250 


200 

p 

E 

? 150 


1 0 I 

1-50 S 

Mjv W —17 > p Oci No% Dec 94 Pot Mjr Af» Mi, 


R 200 

O 

m 150 

A 

N 

C 100 



Mjv J s' J*J : .e Sop Oc* Doc 94 FHn “-Tor 


’ INVESCO European Warrant Fund (U.S.S)'+ 146.54% 
■MSCI Europe (U.S.S) + 15.35% 

So jrc.' Wi:rop ol otic'-ic-c-io* . no rviome |IJ £. Si 


■INVESCO Asia Tiger Warrant (U.S.S) +110.44% 
■MSCI Pacific e/ Japan (U.S.S) - 31 98tc 

Scukc Vii tpjl e' rr-lO'thor. no in«©i*it IU S Si 


FUND OBJECTIVE 

iq provide snaroholiders with capital growth from a highly geared 
investment m the European equity ma4er through equity warrants 


FUND OBJECTIVE 

To provide shareholder with capital growth from a highly geared 
investment in the Japanese equity market by means of a portfolio 
o! Japanese equity warrants. 


PREMIER SELECT 

GLOBAL EMERGING MARKETS FUND 

(From 3rd May. 1 9^3 to r°th April. J90J) 

1 200 r -i ini 


EUROPEAN ENTERP1SE FUND 

(From 3rd May. 199J ^ 29th Apnl, 199£) 


: w‘ii Cyi I>>: 94 r.-U ifjm Ap, May 


100 

P 

i 

TJ 

150 


C 

0 



P 

c 


75 

C 


135 


pj 

D 



T 



50 

'j 

E 

130 


c 

P 


Z5 

r 

H 

O 

R 

115 


rg 

f. 



u 

u 


0 

E 

r 

90 



'-cr C - Nc„ c-k 94 f-fc U’t ip, 


■ INVESCO PS Glob. Emerg. Mkts (U.S.S) - 3348% 

■ MSCI World Inde. (U.S.S) + 9.60% 

T-m-i lihI srlr-Mo-oMor. no mcome (U S.S) 


■ INVESCO PS Euro. Enterprise (U.S.S) + 27.o3% 

■MSCI Europe (U.S.S! + 15.33% 

$nune t»VTpa' o^or-to-e— na income lU S S) 


FUND OBJECTIVE 

To ach ie.- Imp-term capital growth from a highly geared portfolio 
of Asian c-cj't*. warrants. 


FUND OBJECTIVE 

To achieve lor.g-Mrm cap.tal growth Irom investments m the smaller 
companies ano special situations of any European Stocl Market 


* Investors should note that equity warrants are a highly geared 
form of investment and therefore are categorised as high risk. 
Typically they should form no more than 1-2% of an overall 
balanced portfolio. 


.^vesting 


f °*norrovf 


INVESCO International Limited 

INVESCO House, Grenville Street, St. Helier, 
Jersey JE4 8TD. Channel Islands. 
Telephone: (DS34) 73114 Facsimile: 10534) 68106 


To; Sales Support. T 

INVESCO International Limited. INVESCO House, ' 

Grenville Street. Sr. Helier. Jersey JE4 8TV. Channel Islands. ! 

Please send me full cetails of the t 

O European Warrant Fund □ Asia Tiger Warrant Fund I 

□ t* 5 Global Emerging Mkts Fund Q European Enterprise Fund 1 


ADDRESS 


POSTCODE 


HT 140594 


‘lYssdliincj at ct Discount ExeKaition-o^st^^ 

^ Minimum ■ Minimum • -fcbntbi&stiiim ■ . ■ Conmitesfcm / ; .^#0$ 

Company . commteaoj tfeai ■.. . , 1 ■; ... \ .. «* SIOSOO , • . ■ ■■»”! 


Minimum ■ Minimum 

commission deal .. 


Commission 
•; <HT,$$eao. 


imm 


Barclay share* 


S33 U.K. trades 
S68 non -U .K. hadas 


Fidelity" 


Charles 
Schwab (4)'** 
Share centre 
Sharelink 


ms&ttfc/tsdSa $8&ttiUre<fes 
S87^QowmK’: .ST25nohAJ-K 

.'SebliKtf ■Std5U.tC..h«djas % . 
J $S&59s4JS.' Hern S7550 as. trades . 
Sf8?-: •• -'•••• ' $239 - ^ 

■ $89U,S^ttades. ■■'■S1TGU.S. trades'- 


[ytmusii: 


afc-rsr?f 


./j mM 


S19 

S30 UK. frades . 
S38re>n-iOt &ades 


S5Z5UjC»afes. 

S68 UK. ttades ■ 
375 ttk tracfeS'- 


5^5e-uX'fe®tes" : 


$S7UJCtiwi» . / ' 
ST42^0 U.S. trades 


Mansion House 
iHong Kong) 


ffor gj.tratteg, riamtKi o a^ewent,qf 
. 0^5% corarrfesiQri bh Hqhg Kong traded; ■ . . ■ 
/ 4%4»n6n4fo09Kbnglra<fes.'- 




rtfe 





Source. Company reports 


Similarly, for those who require exposure 
to the emerging markets — few execution- 
only brokerages offer access to these markets- 
— an emerging-markets fund may be prefer- 
able to direct investment. Most execution- 
only brokers avoid dealing in unit trusts and 
other funds because they are messy* and 
time-consuming. 

A spokesman for Fidelity said; “There is 
always a time lag between placing the order 
and buying the units. To begin with, the 
broker has to get an indicative price for the 
units, clear this with the client and then go to 
the unit trust management group to find the 
next price at which to buy into the fund.” 

The way in which funds are priced is also 
confusing. With unit trusts, investors pur- 
chase units at the offer price and sell them 
back to the management group at the bid 
price. The difference between the two prices 
is called the bid/offer spread, which is usual- 
ly around 5 to 6 percent. 

The offer price is calculated by taking the 
lowest market dealing price for shares in the 
unit trust and adding dealing costs, stamp 
duty and undistributed income. The bid 
price is arrived at by taking the highest 
dealing price and then subtracting dealing 
costs and uninvested cash. There is also a 
cancellation price, which is the price at 
which some fund managers will buy back the 


units if the investor changes his mind within 
14 days. 

The pricing of open-ended collective in- 
vestment funds, such as SICA Vs. is much 
easier to understand. There is basically a 
single pricing structure with no spreads. The 
funds are repriced every day and the prices 
move according to the value of underlying 
assets in the fund. On any given day the price 
at which you can buy into the fund or sell 
will be the same. 

“The way in which a SICAV is priced is no 
more advantageous than, say, a unit trust" a 
Fidelity spokesman said. “However, open- 
ended collective investment vehicles are far 
more sensibly structured and the regulatory 
restrictions are less onerous for riskier in- 
vestment undertakings such as the emerging 
markets.” 

Another point to be aware of is the dis- 
tinction made between load and no-load 
funds. With a no-load fund there is no up- 
front charge, or fee when shares are ac- 
quired, but investors will probably have to 
pay a penalty when they move out of the 
fund — after all. brokers have to get their 
commissions somehow. All other funds carry 
a front-end charge that is incorporated into 
the purchase price. 

Both pricing systems have advantages and 
disadvantages. “If investors opt for a no- 


The Money Report is edftedly . . 
Martin Baker ~y.h- \ ' 


Fidelity International Investor Service 



Trade at 


a 


in 


worldwide 


If you make your own investment decisions, Fidelity’s International Investor Service offers a 
simple and inexpensive way to access world markets. The service is specially designed to meet die 
needs of expatriate and international investors and offers substantial discounts over traditional foil 
cost stockbrokers. 

Currency conversions are done at no extra charge when associated with a managed fund or 
securities trade, and our linked, multi-currency offshore Money Market Account pays gross 
interest on all uninvested cash balances. 

What’s more, you have the reassurance of the Fidelity name — one of the leading and most 
respected stockbroking and fund management groups in the world. 

Call or write for details and an application. 


• Trading in UK. US. Continental Europe 
and other major markets 

• Access to over 3,000 unit trusts & 

mutual funds 

• Discount commissions over full cost 
stockbrokers 

■ Multi-currency Money Market Account 

• Callfree dealing numbers from Europe 

This advertisement is issued by Fidelity Brokerage Services Limited. 

mem her of The London Stock Exchange and The SFA. 





I To; Fidefih Brokerage Service; Limned, 
j tingmood Place. TADttORTH. Surrey KT20 6RB. L'niKd Kingdom. 

I Please and me mure inloniUlMn and an app lirjii un lor Fidelity 
I Investor Service. 


| Mc'Min'VIis; i Ffaw pr.tr. i 


! .Udnss. 


Call (44) 737 838317 

UK Callfree 0800 222190 
9^14 - 9pm I K time ( 7 days ) 
Fax (44) 73 / 830360 anytime 


i Td Vi _ 

| boduinv 


bnfot ipktx cirdel 


fiir. call -.tiu k> jhww am qmstimK mu m» have) 


Fidelity 

V'v Brokerage 

We cut commission - not service. 


I oA3a> I 


!Z*-" 




: 


Footnotes; (t) £2(S3} per*oWtng.Ain. STS per quarter (2) No cost 

AustraSa. Hong Kong. South ASttoa, U.S. {4* 10% discount on coavnissfejo charged ' 

Barclay sti are': offers acces s to unft trusts. Qrits and mutual funds-; Mutual tend comrnt^ton Scalp i 

Barcteyshare cftaigas S16 per UM trust deal. FktaOy": Access fp-mutuai tends and unit trusts. CXfets {fecw*S4j»4W5 : 

from t% to 3% ort tfeafe above £7500- Schwab*: Offers tteCQtmteoh'fnMtuff 

Source. Company reports 


load fund they can choose.exacily when lfo, .] 



r .< 

■ 

W::- -, - ■ 

- 'r&i. 

jPfX- : •* 

. i.m 
. y.ig- 

Itvy;--- 

••• I'M 

* 

■- - J ."^fe 
• •• 

” ... 

i ‘TTC 




want to pay the commission and get (ft 4 | 
the fun<L Moreover. i 

meets there may be no 
Fidelity spokesman sajd,a«Jtfing^ 

“On the other hand, by payipgin npfei 
charge, investors know exactly 
paying For example, if tbeirorit-end 
is 1 percent, this is the maxirintin jdhk(- im* 
tors will pay. With a no-loadftmd t&vak 
of the fund may have risar ^aqdy by be 
rime the investor decides to jrehnqirisk Si 
holdings, and, if be has to pay l peram4 ] 
the fund value as a ‘get ouV- peoa^lix. 
ultimate cost to the investor mftbesHbst** 
tially higher.” .'.,.-1-7. 

Finally, it is worth finding,- oat H thfcjw- • 
ker offers discounts on fim«i pRiriia»- 
this is only an advantage forfiudtdutkm 
a front-end charge. While- Schwab ;o8tn 
discooms on U.S. mutual ftmd^ : aagniSiapi 
proportion of these funds do not-Knr * 
front-end charge. Fidelity .offers 
on U.K. unit trusts, all ofiaW^sga 
front-end charge- Its discounts start m fa- 
chases of £5,000 ($7,500) and ; ii>'#ion 
much as 3 percent of the initial chaijey 




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tefcesade ‘1 ,‘^'H 
& fee bcjav*-"/ tf ^ 
t -• x- 

4t£«d > £ 

OtXQal ~ ■■‘T’.j.r 

wuh 

la’Tc^ur*. " £ '•^ 
K »TCti: u^- 

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of the spr;-; :*£ 

ate Its \i 

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fewa _.. ~_" ••>■ 

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wltelSS?. 15 ?* of year most of 


iraagbe UteToiw 0 * 1 * 011 ' But 
“J^gaMbefenlid^ 6 scena rio: 
bonified to discover ?? day reson vou are 
YOT baidy * missi^ 

tan to the hotel, let to P»y for a 

22“*“™ for ^ “ V ,“ » f 


“‘ wuu uoaation for the 7; "77 . or 

rch ™ fKeh£ is also « onL f ^ ” JghtS ' A 
rants* *u«i — ._ — . uul or the question be- 


<*** tickets wdpac^ 1 “ c ^oo be- 
away, or so V n/ *** “Wy tacked 
wallet. “ you ***&, in the misting 


jytf the hot/ Bc ? cr ° 5 ' 
tess embarrasS^^ e i/? ow . u,Unsts - A 

^Ogh U* »* tofSSX^; “ W 


“rougtr the nose for a u W 

transfer, though *Ki*. a lele 8 ra P luc money 
fl im'iH i. it wigb this may prove time-coo- 


MateSSSSS 

»avic« no w guarantee automatic imema- 
tioflal payments around »k* r.i„_L «r 


ttxial payments around 5e doE 


^ tramte via a 

:■'■ ' ^catedworidwide. If you are stuck formon- 


„ » - « /UL dil 

a in«id or relative can pay the desired 

~ ff? -eaxest tttSfi 


— “r“ w Western Union 

®“ ^ect the foreign cuiren- 
c y eqmvaietu from a recipient agent nearest 
JS2“» minuted ag^i^k 
mdndra^armaaes, grocers and travd bu- 
JJ^sraamy of which are q>en late and at 

The cost of the service wiH depend on the 
transfer amount. A money transfer of $450 

2 ^ JK? ^ 2 transfcr amount 

? ®**?S 10 51*500 will set you back $70. 
Baipr trSulfivan, Western Union's sales and 
marketing director said, “Nobody has ever 
contained about the cost of the service 
Onr customers are just relieved that their 
holiday has not been ruined.” 

Western Union has also helped travelers 
caught up in potentially dangerous situa- 
tions. “One gentleman telephoned Western 
Union m a state of panic because his daugh- 
ter was stranded in Thailand without money 
or accommodation. We were able to t ransf er 
money to his daughter within 15 minutes." 
said Mr. O’Sullivan. 

American Express also offers a same-day 
money-transfer service. Their “MoneygranT 
enables the transfer of up to $7400 in less 
than 10 minutes. The service is not restricted 
to American Express cardholders and is 
available at more than 12,000 locations in 61 
countries. While most banks will happily 
arrange a telegraphic transfer, few offer a 
cut-price instantaneous money transfer ser- 
vice, and of these that : do, the service is 
generally restricted to ahandfhl of countries.' 

The Royal Bank of Scotland’s Interbank 
Online Service is available to customers of 
the bank and its afffliarud Hankie in France, 
Spain and PratugaL The service costs $10 to 
$27, depending on the transfer amount In 
addition, * charge is usually levied by tire 
recipient bank. .... 

A wider choice of services is available if 
you can afford to wait a few days for deEyexy 
of the money. A straightforward foreign- 


International Money Transfers 




Account 

****** .AMftau* ; . . Agents 0etoy . wttb : 




Maximum 


Awerfcw, : 

Wrateygram 

61 countries - Anwr.C- auto, -."•oo 
v branches 

sioo-ssoo^sss 
• $5,000-57,500=5150 

■S7$»y: 

&C draft & . 

wortdwide '/inoartarts J;7days yes 

£12 


Tafagiaiphfc-.." 
»?Wtier::.;r . . 

wortdwkJe - akist 2-* .. no 

"banto ; "« ; “ i days 

S27-$53 



France. , . CCFB- 3 days y~dq . 
Belgium, "..CN5P '''•‘.5 days 

Germany, . ..4benk* : ,^ s 7days * 

ttaiy. i-.-.WWBPV' - : 8 days 

Canada . «.'•• .* '1 7 days 

£5 

a a ' ; '1 

*>.**'• !: 

^raociwqo^::. 

woddwtde varies > yus - 

£5(2) 


ash ■ % - 

.RtSay * 

,' ■ . t # *..% # N 

y, a X » ‘ 

*• • ' * 

Germany tkwsnra^JaA: 6 days yes 
Italy i C^erttofrafeoo ■. 

France £ed&£<3 

U.S., Spain : .= 

Denmark 

Canada • -j 

£9 

•■$3500. k 

.r .’ 1 ‘ 

\ % » . / 

’• V. 4ti . 

W&Ax;- 

France, , „■ auto. • yes- 

Spain, 'Bo«oSareaa(ier- 
PratugaJ >£ BCt '-*’ ' 1-' 

£7-£18 
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Source: Company reports 


Italian Bonds Nicely Survive 
Nation’s Political Troubles 

Rumors of the death of the Italian bond 
market have been exaggerated. Whether the 
markets like the new government or not, the 
returns for April show a net gain to dollar- 
oriemated investors of 1.28 percent, accord- 


ing to figures published by Kemjjer Invest- 


ment Managem ent Company . 

In local currency terms, the Italian bond 
market broke even, unlike the other 20 mar- 
kets monitored by the firm. The rest lost 
money, with the worst returns coming from 
Swiss bonds, which were 2.47 percent worse 
on the mouth. The best performer was the 
Irish market, just ahead of Italy with 1.67 
percent. 


Schroder Investment Offers 
Fund for the Tokyo Market 

So there is somewhere other than Latin 
America to invest after all Schroder Invest- 
mem Management Ltii, a London-based 
mutual fund firm, is introducing a fund 
aimed at the hitherto unfashionable Japa- 


nese market If nothing dse, this vehicle has 
novelty value amid the glut of Latin Ameri- 
can funds unveiled recently. 

Schroder Japan Growth will be available 
beginning June 7, and will invest in the first 
and second sections of the Tokyo market 
The fund wffl be managed from Tokyo by Ed 
Memer, who also manages Schroder's Japa- 
nese Smaller Companies fund. 

“We believe there is now increasing evi- 
dence of a recovery taking hold in certain 
areas of the Japanese economy," said Jeremy 
Hill, a director of Schroder Investment Man- 
agement. “We are recommending that our 
retail investors invest now.” 

Shares in the ftmd (which come with war- 
rants) are priced in pounds. 

For more information, call Schroder in 
London at (44 71) 382 6000. 


worldwide. The latest development is an 
extension to the system that links Master- 
Card, CIRRUS and Europay, with 2400 
ATMs having been added m Turkey. More 
than 3400 machines will be connected by. 
tire summer tourist season, according to a 
Europay spokesman. 

The Eoropay/MasterCard/CIRRUS net- 


work has now grown to more than 172.000 
machines in 55 countries, according to Euro- 
pay figures. 


ATM Networks Push On 

With Worldwide Expansion 

The fmarrw -tal pioneering of automated, 

idler machines continues. The two big net- 
works. Vi» airt MasterCard, are competing 
to buOd ever-larger systems of linked ATMs 


Trust to Limit Death Taxes 
Unveiled In Virgin Islands 

Interested in asset protection? A new off- 
shore trust plan is on the market from a 
British Virgm Island -re gis tered company, 
OJF.S. (International) Ltd. The plan is de- 
signed to limit inheritance tax liability for 
indivHiiials domiciled in Britain. 

Readers are strongly advised to seek pro- 
fessional advice before entering such 
schemes. 

For more information, write 0.F5. care of 
Trident Chambers, P.O. Box 146, Wickhams 
Cay, Road Town, British Virgin Islands. 


Information Highway: Brokers Rev Up 


By Baie Netzer 


Imnujuooal Herald Tribune 


currency bank draft takes about a week to 
process and costs about $18 for transfers of 
small amounts. A less-expensive alternative 


smau amounts. A Jess-expensive alternative 
is the Ttea Net service offered by partners of 
the UJL-based Cooperative Bank in France, 
Belgium, Italy, Germany and Canada. A flat 
fee at about $740 is chaiged for transfers of 
up to $7400. The Cooperative Bank guaran- 
tees that the money will arrive in a specified 
time: three days for transfers from Britain to 
France, and eight days from Europe to Can- 
ada. The service will shortly be available for 
transfers to and from the United States. 

National Westminster bank in Britain has 
recently introduced a transfer service for 
small amounts for international clients. A 
spokesman far the bank said: “Until now, 
the cost of remitting funds from the U.K. 
abroad has been subject to variable agents’ 
charges levied by the overseas banks han- 
dling the transaction. We offer our custom- 
os a fixed price, fixed delivery service." 

The service, NatWest Relay, allows cus- 
tomers to send payments up to the equiva- 
lent of $3400 in local currency directly to a 
recipient’s bank account in any participating 
country for a flat fee of £9 ($14). The bank 
guarantees payment within six days, though 
a spokesman said that 4 days was the norm. 
Since announcing the proposed scheme in 


“The service is aimed at customers who 
need to make low value, regular payments 
abroad," said a spokesman for Nat West Re- 
lay. “It can be used by businesses to settle 
Nils and pay pensions, dividends or salaries. 
While personal customers can pay magazine 
subscriptions, overseas mortgages and gen- 
eral purpose payments." 


F OR a great number of 
individual investors, U.S. 
discount brokers have at- 
tained the stature of 
grass-roots her os. They are the lit- 
tle guys who undercut the hefty 
commissions of full-service com- 
petitors by elimin ating cold-call- 
rng, aggressive brokers and volumi- 
nous research reports. The key to 
their success is obvious: They real- 
ize that many investors dread noth- 
ing more than a broker with a tip. 

The growing success of computer 
trading programs has brought dis- 
count brokers to realize a deeper 
truth: Many investors prefer not to 


talk to anybody at all Just hand 
keyb 


Visa, the international credit card group, 
plans to offer a money transfer service to 
cardholders within the next few months, but 
it still has a few problems to iron out. 

“Research shows that 40 percent of pay- 
ment transactions in Europe are destined for 
countries outride Europe, particularly the 
United States,” a company spokesman said. 
“If the transfer service is to be effective, it 
must be available worldwide. However, Visa 
has encountered legal and regulatory prob- 
lems in relation to U.S. banking laws." 


February with Ccmmazbank in Germany, 
leditoli 


Crcdito Itafiano in Italy and Socihte G6n6r- 
ate in France, NatWest has co n cl ude d bilat- 
eral agreements with banks in the United 
States, Spain, Denmark and Canada 


Finding a cheap and efficient internation- 
al payments service is not easy, especially if 
you need to send money to countries outside 
the European Union. Pay particular atten- 
tion to foreign 'Currency transaction charges, 
conversion rates and hidden bank charges in 
the recipient country. Finally, it is worth 
finding out if the transfer service shoulders 
the responsibility for lost or delayed pay- 
ments. While all of the providers surveyed 
said that they would accept liability and 
make the necessary compensation, this is not 
always stated in the contract. 


them the keyboard if you please 
and they will trade electronically - 

For investors living abroad, the 

enhanced* by money saved** on 
phone costs and access to on-line 
stock quotes 24-hours a day. Some 
discount brokerages even slash 
their commissions by 10 percent 
for investors who use their comput- 
er trading services. 

Only a handful of U4. discount 
brokers have introduced computer 
trading and only one, Charles 
Schwab, has specifically marketed 
its software to international clients. 
But there are at least three other 
U.S. discount brokers that allow 
international customers to trade 
via computer. To take advantage of 
the services, investors need a com- 
puter, a modem and communica- 
tions software. 

Though both Fidelity Brokerage 
Services and Charles Schwab have 
made aggressive forays into Eu- 
rope. Schwab has been far more 
aggressive in marketing its comput- 


er trading services. Last October, 
Schwab introduced its Equalizer 
software (limited to IBM and IBM- 
compatible computers) to Europe. 
The package costs $69 initially and 
there is an 58 monthly fee for ac- 
cessing account information and 
slock price quotes. Commissions 
on computer-executed trades are 
10 percent lower than normal com- 
missions. 

Schwab’s program routes inves- 
tors through local European nodes 
of CompuServe, an international 
data network. As a result, investors 
who use their computer to dial into 
the Schwab network pay only the 
cost of a local phone call rather 
than the typical international rates 
they must pay to call a Schwab, 
broker in the U.S. 

Indeed, a few Schwab customers 
discovered the advantages of com- 
puter trading before the company 
could make its software available 
in Europe. 

“It was amazing the routes some 
of our international customers 
found to piggy back off of other 
dau bases and into our system," 
said Ginger Otis from Schwab's 
service enhancement division. 
“They could bounce into the U.S. 
from abroad, hop to Dussddorf, 


get back in through Texas and then 
book 


up with us somehow. 

More than 50.000 U.S. custom- 
ers currently use Schwab’s comput- 
er trading program. Since October, 
the software has proven most pop- 
ular with customers in Britain and 
Germany, the company said. 

The discount broker Quick & 
Reilly also offers a computer trad- 
ing program known as Quick Way. 
Though the company does not ra- 
rer extra discounts for computer 
trades, investors can access the 
company's system without pur- 


chasing special software and with 
no annual fees. Users may connect 
to Quack Way through Compu- 
Serve, America Online or through 
the brokerage’s own computer. 
Quick & Retry's service can also be 
accessed with Macintosh comput- 
ers. 

Quick & RdBy has no European 
offices. But because the brokerage 
was among the first to offer com- 
puter tradmg through CompuServe, 
U4. investors living abroad quick- 
ly caught on to the idea of buying 
and selling stocks electronically. 
Today, investors uring the service 
from outride the United Stales are 
concentrated in Germany, Saudi 
Arabia, Japan and Guam, accord- 
ing to Lesley Zuke, spokesman for 
the brokerage. 

At Los Angeles-based Pacific 
Brokerage Services, or PBS. inves- 
tors with a minimum of $1,000 to 
invest can open an account and 
trade with PBS- On line using 
AT&T’s data network. Customers 
pay a $50 one-time fee and 25 cents 
a minute while connected to the 
system. Commissions ate charged 
at 2 cents a share. 

Computer trading at PBS is 
heavily marketed. Literature seal 
to investors encourages investors to 
compare computer tradmg costs at 
competing discount brokerages. 

“The problem with Schwab and 
FidetityU that to trade with them, 
you have to buy their dumb 
software," says PBS president Ste- 
ven Wallace. “Onr rates are proba- 
bly the best available for this type 
of on-line service." 

Nonetheless, for investors who 
stick with Fidelity, they must buy 


1992. However, unlik e Schwab, the 
European office is not planning cm 
selling software outride the U4. 
anytime soon. 

“Because we don’t sell our soft- 
ware internationally, the customers 
that have it outride the U.S. are 
basically customers who took it 
abroad with than,”says Drama 
Moms of Fidelity’s U.S, unit. 

Still, Fidelity representatives say 
their European discount brokerage 
business is booming. In the last 
year, the company has tripled its 
dient base and added toll-free tele- 
phone numbers for investors in 
Britain, France and Germany. 
Though investors can’t avoid 
kmg with someone, at least 
won’t have to pay for it 


- o 


t 


the company’s Fidelity On-line 
“7.95 


Xpress software (549.95) in the 


tinted States. Fidelity’s American 
arm has offered the program since ( 


OFFSHORE 

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CONSISTENT EXCELLENT PERFORMANCE 
The Morgan Emp Growth Torn * the 

tep perfohtntn? Eur^ptat 1 Gnwrth Trtrst in it* ’cctor 

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K ^taCott^ttJEunpe.-^ 

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For further details please call us today on 
44 71 826 0826 or 


complete the coupon below. 

To: Morgan Grenfell Investment Funds Lid,, 
20 Finsbury Circxu, London EC2M I UT, 

Please send me further details of the 
nroan Grenfell European Growth Tru 


Please send me further details of die 
Morgan Grenfell European Growth Trust 


Full Name. 

Address — 


MTWirt* 


.Postcode. 



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Don't k-r M-nr l«rJ earned money get lew In a sea 
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liictilrtj! -uperb piw rales r*f interest. and letting you 
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Fora Um.r ritnmi'n vmir invounent, return our 
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1/We would like to open a Higb Interest Cheque Account for 
Z (min £10,000). Cbeqnes should be made 


psyabte io Bristol & West International Ltd. Please write your name and 
addressdearly on the reverse of your cheque. 


J J Pfaue tick tftchu for fall detail! on (be wide i 


| ofnvinpK^tfuabrolhMe from Bristol Ct. Wot faHatuOamd. 


NAME CMRmRS/MS/MS) 


ADDRESS 


KKTCOOE 


nahonalitv 


PMEQPmfH 


Please send m Mr. Donald Tew, Bristol & West International, 

High Interest Cheque Account, PO Box pi l.St Peter Port, 
Guernsey, Channel Islands. Te£ 0461 720609, Fax 048 1 71 1658. 


BRISTOL £r WEST f&X 

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j AIG Emer p Ukn Eld Fd S 100.3854 

WA)G Eurear Fund Pic Ecu 1272677 

waiG Euro Small Co FdPICJ 15106*9 

v AIG Europe Fd Pic— S ITMBftJ 

w AIG Japan Fund S 117X9)7 

0 AlG Japcn Small Cos Fa — l 1U8 

w AIG Latin America Fd Pic J 121)449* 
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m Alpha Futures Fd IMcr JI1A 
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0 CS Fixed I SF F4. 17V4 SF 

0 CS Fixed I DM 1% 1/ve DM 

0 CS Flved I Ecu 1 0/4% l/*t_Ecu 

0 CS Swiss Franc Bond A SF 

d CS Swiss Franc Bond B SF 

0 CS Bond Fd Lire A/B Ul 

0 CS Band Fd Pesetas A/B Plus 

0 CS Germany Fund A DM 


BANQUE SCANPINAVE ENSUISSE-CENBVA 1 0 CS Germany Funa B 


w Intel bond Cm 5F 78.12 

w Intel sec Chi SF 21*15 

w Swhsfund CM SF 14»JE 

BANQUE SCS ALLIANCE-CREDIT BANK- 
(*T2a J*t28l. Geneva 

wPleloar North Am EaulllesS »S»S 

w P lei ode Europe Eauliles — Ecu 13U1 

w Ptetade Asia Padftc Ea S 7150 

w P (el ode Envlronmenl Ea — 5 m3 

w pletade Dollar Bonds S WJ7 

w Pleiade ECU Bonds Ecu 10632 

w Ptehate FF Burch F F 105.84 

iv Pletede Euro Canv Bands— SF KOI 

nr Pletede Doliai Reserve I *32 

» Pietade ECU Reserve Ecu 1 01*7 

•* Pleiade SF Reserve SF 10204 

w Plciode FF Reserve FF 10107 

BARCLATS INTL FUND MANAGERS 
Hang rang. Ten (8521 8261*00 

d China IPRCt I *0*9 

0 Hong Kong 5 02146 

d Indonesia S llASB 

0 Japan I 1(1*8 

0 Koto % 13.143 

0 Malaysia 1 24.171 

0 Philippines s 24*59 

0 Singapore J 17.779 

0 Thailand s 32090 

0 South EO-.I Asia S 11490 


0CS Euro Blue Chips A DM 

0 CS Euro Blue Chips B DM 

0 CS Sliart-T. Bond S A S 

d CS Shart-T. Band S B S 

a CS Shart-T. Band DM A DM 

0 CS Shart-T. Band DM B DM 

d CS Money Market Fd S S 

a CS Money Market Fd DML— OM 

d CS Money Market Fd i i 

0 CS Money Market FdYen_Y 

0 CS Money Markel Fd CS a 

d CS Money Market Fd Ecu -Ecu 
d CS Money Market Fd SF _SF 
0 CS (Money Market Fd HF|_F1 

0 CS Money Markel Fd Ul Lit 

0 CS Maiey Market Fd FF FF 

d CS Monev Market Fd Pta Phjs 

d CS Money Market Fd BEF JF 

0 CS Oeko-Prolec A _DM 

0 CS Oefco-Protec B DM 

0 CS Narth-Amerlcan * * 

0 CS NaHtvAmerlcan B S 

0 CS UK Fund A C 

0 CS UK Fund B E 

0 CS France Fund A FF 

0 CS France Fund B -FF 

0 CSEimml —OM 

d CS Italy Fund A Lll 

tf CS Italy Fund B Lit 


BARING INTL FD MANORS (IRELAND) 0 CS Netherlands Fd 


LTDISIB RECOGNIZED! 

IFSC HSE. Custom Hse DockLDutL 447162MODB 

w High Yield Bond — % 921 

•* IVorMEtend FFR FF 5724 


0 CS Netherlands Fd B- 

d CS FF Band A 

d CS FF Bond B 

0 CS Capital 5FR TOOL- 


BARING INTL FD MNGRS (IRELAND) I 0 CS Capital DM 2000 


LTDfNON 5IB RECOGNIZED) 

A ^ |rp|l(i _ 1 

» Japan TerJmokjgv l 

w Jaoan Fund s 

vr Japon New Generation 1 

» Malaysia & Singapore 3 

w North America s 

w Octopus Fund S 

■* Pool It Fund S 

n international Bond —— * 

w Europa Fund % 

iv Hong Kong S 

» Tnslar YTarranr I 

m Global Emerging MVIs S 

w Latin fl merlin s 

* Currency Pund__ — 4 

i* Cuirencv Pune Managed i 

» Korea Fund n 

n> Baring Emerg world Fa S 

BDD GROUP OF FUNDS 

nr BOD U5S Cash Fund S 

» BDD Ecu Cash Fund Ecu 

w BDD Swiss Franc Cenft 3F 

w BDD in!. Bona Fund-USS S 

w BDD Ink Band Fund- Ecu —Ecu 
w BDD N American Eoulty Fdl 
w SOD European Equity Fund Ecu 

m BDD A/. I cm Eaultr Fund i 

n BOO U5 fmoli Cop Fund _J 

n Eurollncnctere Fixed me F F 

w Eurutln MultKv Bd Fd FF 

BELINVEST MGMT (GSY1 LTD 

w Bellnvesl-Ormll S 

■* Beiinvest-GwtMi s 

w Belinvesl- Israel 3 

w BeilnveV Mmhbona 6 

«* BeilnveM-Superior 1 

BNP LUXEMBOURG 
INTER CASH 

t France Monttoire FF 

> France Securlle FF 

I Inlor Cash DM DM 

/ Inter Cash Ecu Ecu 

I imer Cash CBP ( 

I Inter Cosh USD S 

I inter Cosh Yon Y 

INTER. MULTI INVESTMENT 

■I Privatisations Inn invest S 

w Telecom invest s 

INTER QPTi.WUM 

w inltroaM USD S 

w BEF- LUF BF 

w Muitkievises DM DM 

iv USD 5 

w FBF_— FF 

n ECU .Ecu 

INTER STRA7EGIE 

.• Austrolle S 

■v F-cnce FF 

■v Europe du Ward t 

w Europe du Centre DM 

n Europe duSua Ecu 

w Jopqn Y 


0 CS Capital DM 1*97 DM 

0 CS Capital Ecu XM Ecu 

0 CS Capitol FF 2000 FF 

0 CS Japan Megatrend SFR—SF 
0 CS Japon Megatrend Yen_Y 

d C3 Port! Inc SFR A/B SF 18IS22 

0 CS Porll Bed SFR 5F 102*27 

0 CS Porti Growth SF R SF 

0 CS PorH Inc OM A/B DM 

0 CS Portt Bal DM DM 

0 CS Porn Growth DM DM 

0 CS Port Inc USS A/B I 

0 CS Port Bal U51 * 

0 CS Parti Growth USS 1 

0 CS Port Inc (Lire) A/B Ltt 

a CS Port Bal (Lire! A/B Lll 

O CS Parti Gro (Llrel A/B Lll 

0 CS Ea Fd Emerg Mkte i 

0 CS Ea Fd Small Can U5A_S 

a CS Eq Fd Small Eur DM 

d CS Ea Fd Lot America S 

CUBS! TOR FUND 
d Cum tar Eon AMon Ea 1 99.15 

2. C JK5 l i 0 LS™ Gwm SUO-P0-* »*22 

□ARIER HE NTS CM GROUP 

Tel 41-22 708(8 37 

0 DH Malar Markets Fund SF 10I9UX) 

0 pH Mandarin PerHollo sf ibojub 

0 Hentxh Treasury Fd SF 10*95.00 

a Sanural Portfolio SF 329.40 

DISCOUNT BANK GROUP 

wMuftkurr. Bond SF 137X42 

w Dohal Bond I I mix 

w Euravc* Eoulty. __Ecv I1AS6 

■vN. America Eaultv S 13*&2B 

w Pacific Eaultv— j 118X98 

DIT INVESTMENT FFM 

d Concwntin + dm wm 

0 inti RaiienHmd * nu 

DU BINS SWIECA ASSET MAHAOEMENT 
Tel : ISO?) *45 MOO Fax : (Uti Hi 1488 

b Htghfarlape Cailtol Cara S 12036JI 

mover look Pertormance Fd-S 201731 

m Pacific RIM Oo Ffl S 10k37 E 


INTERNATIONAL HERALD TRIBINE. S ATL RD A Y-S inv DAY. 3LAY 14-15, 1994 


ADVERTISEMENT 


wAmertouedu Noni i IBAJ 

wSud-Est Asiattaue j 1*5® 

w Gtobal — * M *- 62 

BUCHANAN FUND LIMITED 
c% Baik of Bermuda LM: (WW JK^OO 

I Global Hedge USD 5 3J* 

t GteMI HedgeGBP 1 

r European S Aite^c__—j M 

caISecentrale DESBAWUES pop. 

iv FruCtllur • ActlWB Fies C_FF 93W.1J 
0 FnictUu* - ACt KW Euro D Jai IBga 

“cotterSv E rtier. Growth— 5 177.(3 

:aseiSE=^> ® 

w Cotionder F-SpotIsii Pto *1*5^0 

w Cadonder F-US Health CareS «JB 

w CaUander Swiss Growth— SF 1SL93 

CAMPBELL (BERMUDA) LTD 
w GIH li Bl ihittona l 11 Apr)— S *4SJ>1 

CANADIAN INTERNATIONAL GROUP __ 

0 C) Canadian Growth Fd — CS US 

rf Cl North Amertcon Fd CS 7A0 

a ci Poaflc Fund — Cs 14^5 

d Cl Global Fund CS 

0 Cl Emerg (Markets Fd CS 8-S3 

d Cl European Fund O 

d Conada Guar. Mortgage Fd CS IL47 

CAPITAL INTERNATIONAL 

w Capital inn Fund S llj-g 

wCaHtat Italia SA s *L28 

CDC INTERNATIONAL „ 

w CEP Court Terme FT 174091.16 

wGFI Lang Terme FF 151778X49 

CINDAM BRAZIL FUND „ . „ 

d Clndam Equity Fund S ILiJ'f 

d Clndam Baton art Fund S I0*.1B*3 

CITIBANK (LUXEMBOURG) i*. 

POB 1373 LmemMxiTB Tel. 477 *5 71 

0 a Unveil Global Band S 

0 CJffnveU FGP USD S JOI.™ 

0 atlnvesi FGP ECU— Ecu 127*5 

0 Citlnvest Selector S 137X38 

0 Chtoirrencies USD S 

d atlcutrencies DEM_ DM J4XD0 

d CtttCurrencles GBP C ,142-tZ 

d CHtcuirenctes Yon — -Y '2»*P0 

0 cm port NA Equity 1 n/34 

0 Clttoart Coni. Euro Eaultv -Ecu 11825 

d aitoart UK Eaultv c l*S2> 

d CUtaart French Equity- — FF 1471S4 

0 Dllport German Eaultv DM W21 

0 atloart Jaaai Equity Y 48W.W 

d atlPOTl IAPEC * 715^ 

d Cltipon Eamec * 77-?Z 

0 O I loan NAS Band * 

0 Cl llport Euro Band Ecu S*00 

d Managed Currencv Fund — S 14*34 

CITIBANK (PARIS) SA. 

nr Cltl 96 Cap GM S *822.*2 

CITFTSUST 

wUSS Equities S 232^«1 

iv US S Manw Markel S 15.77112 

w USS Bonds - — - — S . 

WO II kmd 4 1 409.712a 

mCltlperfarmance Ptft £A_S ls I®Uf 

w The Good Earth Fund S 1126271 

COMGEST (33-1)447*75 H ..... 

w Comgast Asia S [2J*.1S 

iv Camgest Europe.. 5F 126584 

CONCEPT FUND 

b WAM Gtobal Hedge FdL. — S lffikll 

A WAM Inti Bd Hedge Fd 1 *»l U» 

CONCERTO LIMITED . „ 

m NAV 15 April W4„ 1 _ ***1 

COMTEK ASSET MANAGEMENT 
Cowen Enterprise Fund n.V. 

wCtassASns S LD9.89 

wCknaBShs S 1MU* 

CREDIT AGRICOLE 
INDEXI5 

0 Index 15 USA'S&P 500 5 1880 

d Index bJtjpcn/NOclei Y 1B0XJ3 

0 IndexlsGBiWFTSE ( U? 

d Indexl4 Frorxx/CACfl) FF 157S) 


INTERNATIONAL FSJNDS 


May 13, 1994 


Quoiattena SBppfiod by (and* Spied- KM >xh( value */otatioa» are supgfied by tho Fundo Ibtfed with die MI - mORSdr. 

H» nar 9 Mi«fBBH*taae^bW|iiHK»trfquot 0 »M«uw^ (ovary two weMaT, W-FiguUNyjpJ-twfca 


w Aston Eaultv Fd -S '^*8 

■v European Evul lr Fd— — S ‘2W 7 

EVEREST CAPITAL (809)2922208 
m Everest Capita Inti LIO — S I3U* 

FIDELITY INTL INV. SERVICES (Lot) 

0 Discovery Fund 5 20.(3 

d Far East Fund S I2J7 

0 FM. Amer. Asxts J 19458 

0 Fid. Amer. voiue iv s ii2077jm 

0 Frontier Funa 5 14.44 

d Global tnd Fund S 1924 

d Gtebcd Selection Fund 1 2X29 

0 International Fund S 7024 

d New Europe Fund S I3J* 

0 Orient Fund . .A 130.92 

d Special Growth Fund S 41.18 

0 World Fund 5 H*S 5 

F INMANAGEMENT SA-Lugano{41 .91/23931 2) 

w Delta Premium Coro,-. — _S 120 x 00 

FOKUS BANK A.S. 472 438 555 
w Sartfonds inti Growth Fd-2 C.*8 

FOREIGN « COLONIAL EMERG MKTS LTD 
Til : London 071 42B 123* 
d Argenlintan Invest Co SkxrvS 24.73 

0 Brazilian Invest Co Slcav — » 2X72 

tf Cotemhten invest CoSkpvj i7j» 

0 Latin Amer Extra Ytoto Fd 5 10.1243 

d Latin America income Co 5 9.91 

0 Latin Amertcon Invest Co_s 9.19 

d Mexican invest Co Slcav — 5 3e.i* 

0 Peruvian Invest Co Slcav — S !5J>! 

FUND MARKETING GROUP (BID! 

P.0, Bax 2001. Hamilton, Bermuda 

mFMG Global (31 Mar 1 S 1X62 

nt FMG N. Amer. (31 Mar) — S 1042 

mFMG Europe (31 Atari S 10.98 

mFMOEMG MKT (31 Mar) -1 1X01 

mFMG O 131 Marl— 5 *.18 

FX CONCEPTS (BERMUDA) LTD 

■v Concepts Fore* Fund S *JS 

GAIA CURRENCY FUNDS 
w Gala Hedge II 5 128.73 

iv Gala Hedge ill 5 1X57 

■v Gala Swiss Franc Fd SF 4&8S 

iv GAIA Fx 1 1SUM 

m Goto Guaranteed O. I 5 8*87 

in Gala Guaranteed Cl. i ! s 8X91 


HA5ENBICNLER ASSET MANGT GeSJnDH. 

m Hasenbichler Cam *0 5 87V.W 

w Hkreenhlchier Com Inc 5 12X90 

w HnsenWaner Dlv S 1 37.70 

wAFFT S 14575C 

HDF FINANCE,Tel(D-l)4074445*F0Z <076*455 


GARTMORE INDOSUEZ FUNDS tl/OS/M 


Tel : (352) 44 54T4 470FOX : (3S2I 4* $4 23BOND 0 Asia Super Growth . 


w Mandlnves! Europe F F I3e*3* 

wAtendlnvestCroissmce FF 1467.25 

w Mandinvesi Opp Intlea FF 1)3X85 

w Mondtovest Emerg Growih.FF 135*88 

» MandlnvESi Futures FF 1327.49 

HEPTAGON FUND NV (5999-415555) 

/ Heptagon QLB Fund S 9X31 

mHnnogonCMO Fund S 70.60 

HERMES ASSET MANAGEMENT LTD 
Sermuda: (809)2*5 4000. Lu*:(3S2i404 64 tiEstl- 
maied Prices 

m Hermes European Fund — Ecu 150*5 

m HerntCS Nartn American FdS 2S9JD 

m Hermes Askxi Fund S 3B0 JO 

mHerme5 Emerg Mkts FuntLS 126.78 

m Hermes SI rotrgies Fuitd__5 68780 

m Hermes Neutral Fund 6 11381 

m Hermes Global Funa S 6474* 

m Hermes Bond Fund Ecu 1275 49 

m Hermes Sierling Fd 1 10*52 

m Hermes Gold Fund i 4 Il71 

INCOME PARTNERS (ASIA) LIMITED 

w Aston Flved Income Fd S 1X284 

INTERINVEST (BERMUDA) LTD 
C/O Bank at Bermuda, Tel : 809 7954000 
m Hedge Hog & Conserve Fd_S 9J8 

INTERNATIONAL ASSETS FUND 
X Bd Royal. L-7449 Luxembourg 

» Europe Sud E Ecu 9*.oo 

INTERNATIONAL MGMT INCOME FUND 

d AmerNue du Hard S 1 00 At 

0 Europe Contlnenlale DM ioq.92 

0 Extreme Onenr Angkwi»on/3 10074 

d France -FF S3176 

a nolle LIT 101341 DO 

0 Zone Astoltoue Y 1002' 00 

INVE5CO INTL LTD, POB *71, Jersey 
Tel: 44 534 731 14 

0 Maximum income Funa C 0.9800 

0 Sierling Mngd PHI £ X 1820 ■ 

0 Pioneer Morkeis. l 58050 

0 Okascn Global Sirainv S 17J600 


PORTFOLIOS 

d DEM Band DIs 582 DM 6.48 

0 Dlverbond Dls27» SF XII 

d Dollar Bond DIs 223 i 21*2 

0 European Bd DiS 1.19 Ecu 1 JO 

d French Franc Dis IU9 — FF 1118 

d Gtobal Bonl — DIsXIS 6 1*7 

EQUITY PORTFOLIOS 

0 ASEAN— S 831 

0 Asia Padtic S *87 

0 Continental Europe Ecu 15D 

0 Developing Markets 1 389 

0 France- FF 11.78 

0 Germany . ■ PM 587 

0 Internal tonal S 256 

0 Japan. Y 27880 

0 North America— — S X53 

0 Switzerland — SF X62 

0 United Kingdom C IJ6 

RESEPVE FUNDS 

d DEM _DlsSJ99 DM 6868 

0 Dollar Dl5 2885 3 X15B 

0 French Franc FF I2J1 

0 Yen Reserve— ,V 266.9 

GERNOR FUNDS 

London : 071-49*4171, Geneva : 41-22355530 

w Scottish World Fund A 45X6709 

w State Sr. American S 348.97 

GENE5EE FUND LM 

m (Ai Genesee Eagle S 1355* 

w(B) Genesee Short S 7182 

m ICI G ene se e Opportunity 1 15289 

w (FI Genesw Nan-Equity— S 13878 

GEO LOGOS 

w II Straight Band B Ecu 1061.16 

wll PodBcBendB SF 1435J5 

GLOBAL ASSET MANAGEMENT 


0 Nippon Warranl Fund S 

0 Asia Tiger Warranty — 5 

0 European Warranl Funa S 

rf Old w.w. 1994 S 

PREMIER SELECT FUNDS 

0 American Growth 5 

0 American Emernvtoe S 

d Asto Tiger Growtii s 

0 Dollar Reserve 5 

0 European Growth S 

0 European Enterprise S 

d Global Emerging Mar tets_S 

a Global Growth S 

0 Nippon Enterprise 6 

d Nippon Growth i 

a UK Growth ( 

0 Sterling Reserve ( 

0 North American Warrant S 

O Greater China uws 5 

ITALFORTUNE INTI- FUNDS 
w aass a (A»ur. Growth itoLii 

iv CIOSS B f Global Eaultv I 5 

w Class C (Global Bond) S 

w Class D (Ecu Bondi — Ecu 


JARDINE FLEMING ,GPO Bax llMBHq Kg 


d JF ASEAN Trust S 

0 JF Far EostWrm Tr \ 

C JF Glohal Canv. Tr S 

0 JF Hong hang Trust — __S 

tf JF Japan 5m Co Tr Y 

rf JF Japan Trust— — V 

0 JF Malaysia Trial 5 

d JF Pacific IflC. Tf 1 

d JF Thailand frost S 

JOHN GOVETT MART HAM) LTD 
Tel: 4*624 - 62 94 20 
w Govett Man. Futures ( 


OFFSHORE FUNDS1I Athol SI Aougias.1 at Mai w Govett Man. Ful. USS. 


w GAM Arbitrage S J9477 

w GAM ASEAN S 40734 

w GAM Australia S 21X54 

w GAM Boston S 34820 

m GAM Cargill Minnetonka S 10154 

w GAM Combined —DM 128.74 

w GAM Cross- Make! S 10787 

w GAM Europeai s 9233 

w GAM France ff 190875 

w GAM Franc-val SF 27BJB 

wGAMGAMCO S 70*75 

w GAM High Yield S 15*IJ 

iv GAM East Asia Inc — J 70*16 

■V GAM Japan 1 87981 

w GAM Money Mkts USS S itiMi 

d Da Sterling I 10186 

d Do Swiss f raw SF 10IJ2 

0 Do Deutxtiemark DM 181.92 

0 Do Yen Y 1002*00 

w gam Allocated mu i-Fd s I63JH 

W GAM Emero Mkts MIH-FdJS 16X60 

w GAM Mlll-Eurape USS S 13687 

w GAM Mm-EUfttoe DM DM 13*90 

w GAM Mltl-Glabal USS— S 17X15 

w GAM Market Neutral S 11089 

IVGAM Trading DM DM 12AJ3 

w GAM Trading USS S 16*97 

■V GAM Overseas S 16187 

iv GAM Pacific S 88*73 

w GAM Select tan i 62XS3 

w GAM Slngapare/MatoYSla _S 701 a] 

w Gam SF Special Bond— SF 13188 

iv GAM Tvche S JSX62 

iv GAM U5. S 197.13 

wGAMut investments S 83167 

w GAM Value S 12786 

iv GAM Whitethorn S 19533 

iv GAM Worldwide S 69132 

w GAM Bond USS Ofd S 14X14 

w Gam Band USS Special — s 18082 

» GAM Band SF SF 101.94 

W GAM Bond Yen > 1460580 

w GAM Bond DM DM II»8l 

wGAMBandl 1 15B.W 

wGAM (Saeclal Band 1 13882 

IV GAM universal USS S 14838 

■vGSAM Composite J 33582 

SWISS REGISTERED FUNDS41-1-422 2626 
MuMebadtSlrasse I7XCH B03*Zurlcn 

0 GAM (CH) America SF 153.10 

0 GAM (CHI Europe SF ®Xiy 

0 GAM (CH) Mondial SF 16538 

0 GAM (CHI Pacific 5F 290.16 

SEC REGISTERED FUNDS 

135 East 57rd Street J4Y 1B02X3IW8HW2D0 

W GAM Europe S 89.77 

w GAM Global s 14185 

"GAM International S 188.71 

w GAM North America 5 8*88 

m GAM Pacific Basin 8 18*36 

IRISH REGISTERED UCITS 
Eartelart TnrroceDublm X 3S3-I-674IWU0 


w Govett S Gear. Curr S 

w Govett S GiU BaL Hdge 5 

JULIUS BAER GROUP 

0 Baerbond. SF 

a Conbar SF 

d Eauiboer America S 

d Eauiboer Europe SF 

0 5FR ■ BAER SF 

d j lock bar 5F 

0 Swlssbar SF 

0 Liau toner .. ,S 

0 Europe Band Fund Ecu 

d Dollar Bwid Fund _S 

0 Austro Bond Fund At 

0 Swiss Bond Fund- — — SF 

0 DM Bond Fund DM 

0 Convert Bond Funa SF 

0 Global Band Fund DM 

d Euro Slack Fund Ecu 

0 US Sloe! Fund S 

d Padllc Slock Fund i 

d Swim Slack Fund SF 

d Soectol Swiss Slock 5F 

0 Japan Stock Fund— — r 

0 German Stock Fund DM 

0 Korean Stock Fund s 

0 Swiss Franc Cash SF 

0 DM Cali Find— —DM 

d ECU Cash Fund Ecu 

0 Sierling Cash Funa c 

d Dollar Cosh Fund. 3 

a French Franc Cash FF 

KEY ASSET MANAGEMENT INC 

mKev Global Hedge S 

in Key Hedge Fund Inc S 


Kl PACIFIC ASSET MANAGEMENT INC 


w G AM Amertaxw ACC DM 

w GAM Eurooa Acc DM 

w GAM Ortenl ACC DM 

iv GAM Tokyo Acc DM 

w G AM Total Bond DM Acc — DM 
w GAM Universal DM Acc — DM 


GLOBAL CAPITAL MANAGEMENT LTD 


B«rmwda:lB09) 29*4080 FaxKBtHI 29S6180JWH 0 Dollar Medium Term 


m Kl Asia PodCc Fd Ltd. S 1 1 74 

KIDDER. PEABODY 

0 Chesapeake Fund Ltd S 269*14 

o III Fund Ltd S 111700 

b Inn Guaranteed Fund S IJOL57 

O Stonehenge Ltd S U5*W 

LEHMAN BROTHERS 

d Aston Dragon Pori NV A — S «.40 

0 Asian Dragon Port NVB — I ?J« 

O Global Advisors II NV 6 S 

0 Global Advisors 1 1 NV B — S 
0 Global Advisors Port NV A.S 1033 

d Global Advisors Port NV bjs 1028 

0 Lenman Cur aov. a/B s 783 

O Premier Futures Adv A.'B.S 9JJ 

LIPPO INVESTMENTS 
24."F Libia Tcwer Cenire.87 Gueenjwav.Hk 
Tel (8521 to' 6888 Fa. 1852) 5«6 0388 

w Java Fund 3 BJO 

IV Atean Fixed inc Fd_ S *.F 

w (DR Matter Markel c d 5 I2«r 

» USD Money Market Fd J 10 j0 

iv Indonesian Growth Fd— S 18.9J 

w Asian Growth Fund S IQJ9 

tv Asian Warrant Fund 5 485 

LLOYD GEORGE MNGMT (BSD 865 MM 

w Antenna Fund 5 16 24 

• LG Aston Smaller Cos FC_I liJW): 

» LG India Fund Ltd S 1409 

LLOYDS BANK INTL (BAHAMAS) LM 
Ltevds Americas Portfolio 1809) 322-871 ( 
w BokiKsd Moderate Risk FdS 9.3s 

LOMBARD. ODIER S Cl E -GROUPOBLIFLEX 
LTD (Cl) 

0 Multicurrency — J 3173 


GLOBAL ST RAT EGI ES LTD 

w ICI Financial & Metals * 

w (D) Global Diversified S 

w (FI G7 Currency S 

, w (HI Yen FlncmckA s 

nr(J) Diversified Rsk Adi S 

wIK) Inti Currency & Bond_S 
iv JWH WORLDWIDE FND-S 


GLOBAL FUTURES & OPTIONS SICAV 


m FFM Ini Bd Progr-CHF Cl -SF 97.1* 

GOLDMAN SACHS 

wGS Ad| Rale Marl Fd II S 953 

m GS Gtobal Currency— — -J 12*281 

w GS Global Eaultv S 11.96 

w GS World Band Fund J 1X23 

nr GS World Income Fund — J 980 

OOTTEX FUND MANAGEMENT 

wG. Swop Fund Ecu 1(6733' 

GRANITE CAPITAL IMTLGROUP 

iv Gnntta Canital Eaultv S 05857 

w Granite Cart taiMki Neutral* xaw 

■vGrailte Capital Mortgage _S 074*93 

GT ASSET MANAGEMENT (IRELAND) LTD 
Tei : (447 71-710*547 

0 GT Asean Fd A Shares I 7S.7D 

0 GT Asean Fd B Shares s 7*37 

dGTAsla Fund A Shares s 2 *JI 

d GT Asia Fund B Shorei S 2(88 

0 GT Asian Small Comp A ShJ 
0 GT Aslan Small Coma B 5hS 
0 GT Australia Fd A 5haies_$ 

0 GT Australia Fd B Shan-v_l 3153 

0 GT Austr. Small Co A Si S 2 6.8 5 

0 GT Austr. Small Co B Sh S 37.06 

0 GT Berry Jaoan Fd A Sh—S 2197 

0 GT Berry Japan F0 B Sh s 34.12 

0 GT Bond Fd A Shares —S 1932 

0 GT Bond Fd B Shores S 1939 

d GT Bio & Ap Sciences A ShA 
0 GTBto SAP Sciences BSfU 

0 GT Da Her Fund A Sh S 

0 GT Dollar Fund B Sh S 

0 GT Emerging Mkts A Sh S loja 

0 GT Emerging Mkts B Sh S 19.16 

0 GT Em Mkt Small Co A Sh A 
0 GT Em Mkt Small Co B Sh A 
wGT Euro Small Co Fd A Sh A *259 

wGT Euro Small Co Fd B Sh A *284 

0 GT Mono Kong Fd A Shares* 

0 GT Hong Kang Fd B Shares* 
d GT Honshu Pathfinder A Sh* 

0 GT Honshu Pathfinder B Sh* 
w GT Jap OTC Stacks Fd A !H 
w GT Jan ore Slacks Fd B Sh* 
wGT Jan Small Co Fd A sn_S 
wGT jap Small Co Fd B Sh_S 

w G.T. Latin America Fd $ 1931 

0 GT Shwteata Bd Fd A Sh S 

d GT Strategic Bd Fd B Sh— s 
d GT Telecomm. Fd A Shares* 1*36 

0 GT TWeconnn. Fd B Shares* 14J9 

r GT Technology Fund ASn_S 538S 

rGTTeehnotogv Fwid BSh_S 5*15 

GT MANAGEMENT PLC (4471711*5*7) 

0 G.T. BJotEdi/Heatfh Fund_s M 86 

0 G.T. Drulscfttand Fund___S (335 

0 G.T. Euroo* Fund— —A 51A5 

*6.7. Global Small Co Fa i w*? 

o GlT. inveStmem Fund. S 95 

w GlT. Korea Fund * *23 

wG.T. Newly i no Counlr Fd_J 57.90 

wG-T. U5 5mall Cumponles_S 2*34 


0 Dollar Long Term S 

d Japanese Yen Y 

0 Pound Sterling — „[ 

d Deutsche Mark DM 

d Dutch Flwin FI 

0 HY Euro Currencies Ecu 

0 Swiss Franc 5F 

d US Dollar Short Term — _s 

0 H Y Euro Curr Dlv Id Por Ecu 

0 Swiss Mull Icurrercv SF 

d European Cietcikv Ecu 

0 Belgian Franc BF 

0 Convertible * 

d French Franc FF 

d Swiss MultFDIvWcnd SF 

0 Swiss Franc Short-Term — SF 

d Cwodtan Dollar CS 

0 Dutch Florin Mulli F< 

a Swiss Franc Divid Par— SF 

0 CAD Mulllcur. Dlv CS 

d Mediterranean Cun- SF 

0 Convertibles SF 


MALABAR CAP MGMT l Bermuda I LTD 


m Mo labor Inti Fund I 19.0° 

NUN INTERNATIONAL FUTURES 

mMIrti Limited ■ Ordinary s u m 

mMitd Limited - income * ill* 

mMhil GM Lid ■ Spec Issue — * 37.48 

mMJTTGMLM-NovMH S 2137 

mMtol Gld Ltd - Dec 1994 S 113Q 

m Mint Gld Ltd -Aug 1995 S 15.23 

ai Mini Gtd Currencies— * 755 

m Mini Gld Ciwrtndes 2001 S 7 90 

in Min' So Re* Ltd 1 BNP) S 10157 

mAThena Gld Futures * 1X56 

mAthona Gtd Currencies * 9.04 

mAlhenaGtd Financial* lnc_S itui 

m Athena Gtd Financials Can 3 11 . 7 * 

mAHL Capitol MkteFd * 1113 

mAHL Commodity Fund 5 932 

mAHL Currency Fund S 9 .IB 

mAHL Real Time Trad Fa —* 1 (lb? 

mAHL Gtd Real Time Trd — S IMS 

mAHL Gtd Cap Marx LM . .* 9.95 

mMopGoaromeediTtaLW—i 881 

in Map Leveraged Recov.LW 3 lum 

171 MAP Guaranteed 2000 1 9.77 

, m Mini G GL Fin TOO S ?.)3 

1 MARITIME MANAGEMENT LTD 
73 Front St Hamilton Bermuda (Bgvi292 9789 
w Maritime Mil -Sector I Lid _s 09730 

iv Marl lime GJbl Beto5erln_S kilim 

vNWWme&iN Delta Series 8 7993 * 

ir Martime G(bl Tau Series * 799.44 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 

m Class A s 11*73 

d Class B s 11*87 

0 Ftadflc Convert. Shat S *735 

MAVERICK (CAYMANI (Ik9l M9-7947 

iTi Maverick Fa * 147J867 

MCKINLEY CAPITAL PARTNERS. LTD 

»7i The Corsair Fund Ltd * 11X17 

MEE5PIER50N 

Rakln 55 1012kk, Amsterdam (20-57111881 


EBC FUND MANAGERS (Jerter) LTD GUERNSEY CAPITAL MANAGEMENT LTD 

t-3 Seale SI. SI Helter . 0534-36331 EBC TRADED *- G CMGtaC al Set Ea. * 104.91 

CU RRENCY FUND LTD F LIGHT FD MNGRS (Gnsvy) Uff 


d Carttai s 

0 income * 

INTERNATIONAL INCOME FUND 

0 limn Turin _ . 1 

0 Long Term ■ dmk DM 

ERMTTAGE LUX USSAOHJI) 
wErmllage Inter Rate Stmt _DM 

tr Ermltooe Srb Fund 5 

w Ermltooe Aslan Hedge RJ_* 

» ErmlMBe Eure Hedge Fd DM 

w Ermlnoe Crosby Asia Fd -8 

* Ermltooe Amer Hdo Fd * 

w Ermltoge Emer Mkts Fd S 

EUROPA FUNDS LIMITED 

0 Amertam Eaultv Fund S 

0 Amertam Option Fund S 


GUINNESS FLIGHT FD MNGRS (GiBerl LM 
G UIHHEM FLIGHT GLBL STRATTOY FD 

a Gtecai bokl 5 3 * 

2 WM» , Htohlncwne Band—* ZX65 

0 Gill Ac Band . t inju 

* HI?" <nc Bond. c 2139 

d Global Faulty » 91 am 

0 American Blue Oup * 1*0 0 

0 J ons ana PneHie $ 12)38 

0 UK— * Mil 

d European * 11X99 

FL, OHT INTL ACCUM FD 

2 R?£55i5? ,T ! art “oney OM 8981 9 

d US Dollar Monev j 3X402 

2 ^.P P Jl0r HW Vd Bgnd__J J4J9 

0 In* l Batonad Grti S 15.96 


w AsW Pat Growth Fd N.v.—S *a«8 

nr Aslan Capital tioldlngi 5 59 jj 

w Askm Selection Fd N.V FI 9*c* 

w DP Amer. Growth Fri N.v._s 35 m 

m EMS OHshore Fd N.V._ FI i nrun 

w Europe Growth Fund n.v. _fi 4*91 

w Japan Diversified Fund S 5X99 

w Leveraged Cm Hold S 5987 

w Tokro Pa* Hold, n.v * 2 mum 

MERRILL LYNCH 

d Dollar Assets Panlaito * 180 

0 Prftnv Rote Parthrtta— . S irmo 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

t ; CVS* A * gj* 

0 Class B S 854 

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AUSTRALIAN DOLLAR PORTFOLIO 
0 Category A As 1*19 


CANADIAN DOUAR PORTFOLIO 

0 Category a Cl 

0 Category B .« 

CORPORATE HIGH INCOME PT”L 
0 Ctaa A-l * 


as - Australian Dollars: AS - Austrian Sctvm 
Lit - Rohan Lira: LF - Luxembourg Francs jh 
Noi Communicated; o - New; 5 - suspended 


e • misquoted earlier; mkh i 


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i; z; bid priaa.* 


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EUROPEAN BOND PORTFOLIO (DM) 

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0 doss b-i £ 

EUROPEAN BOND PORTFOLIO IU54I 


0 Class A-l gK 

0 Class A ? 

rf Class B-l_ — * 

tf Class B-2 — 5 . 

POUND 3TEPLING PORTFOLIO 

a Category A J 

0 Category 6 l 

US DOLLAR PORTFOLIO 
0 Caiecnry A > 

0 Categor, 3 - * 

YEN PORTFOLIO 
d Colevor/A — T 

MULTm/PRENCY EC'NO PTFL 

0 Class A J 

it Class 5 - — * 

U5 FEDERAL SECURITIES PTFL 

a Class A— — J 

d Class B 


MERRILL LYNCH EQUITY / CONVERTIBLE a Asta/Japon Emerg. Growth* 


BASK VALUE PORTFOLIO 

0 Class A 5 I4<J 

rf rtr.yt a 8 1X83 

CONVE PTIBLE SECURITIES PTFL 

0 Class A * 

0 Class 6 5 138) 

GLOBAL ALLOCATION PTFL (USS! 

tf Class A — J 10A1 

0 Class B — 5 1135 

GLOBAL EQUITY PORTFOLIO 

0 Class A * 13-14 

0 Class B * g J8 

EURO EQUITY PORTFOLIO 

0 Class A * '4 

a Class B a urn 

LATIN AMERICA PORTFOLIO 

0 Class A ^ T4J2 

d Class B J 1*84 

WORLD NATURAL RESOURCES PTFL 

a Class A — s 1»80 

a cuss 3 * 11.13 

DRAGON POPTFOLTO 

0 Class A S 1586 

0 Class 3 » 1S.44 

MERRILL LYNCH TNC 1 PORTFOLIO 

tf Cloos a S 8.72 

d Class B -j 

0 Class C 1 *72 

MERRILL LYNCH MEXICAN INC PORT 
0 Mexican Inc S Ptti Cl A. — t 9-6* 

0 Mevtcan inc * PHI Cl B. S 989 

tf Me. lean Inc Peso Pill Cl A3 8.9* 

tf Me>iam(ncPeMPtHCIB.S 8.44 

MOMENTUM ASSET MANAGEMENT 
w Momemum Novell ier Perl— S 10034 

mAAcmenlum Rainbow Fd * M645 

riMomefTlum R»P R.U * S7J9 

mMomenlvm Slort master — * 151 JT 

MORVAL VONWILLER ASSET MGT CD 

vr WlHer Te I earn . ... -5 ».70 

wWiiiertmos Wilierband Coal 1536 

w Wll left unds-willertjond Eur Ecu 1247 

w Wlltertunas-Wllteroq Eut _Ecu .1*36 

>v Wlllerliinds-Wilirrea l lai v_Lit 1*28880 

nr Wlllerhinds-Wllleroa NA — * 1182 

MULT IMAN AG E R N.V. 

iv Cash Ennoncemeni — S 9 33 

w Emerging Markets Fd S 2151 

w European Growth Fd Ecu (585 

tr Hedge Fund J 11*5 

iv Japanese Fund— — >' 863 

w Mars e: Neutral 1 HL53 

w world Bona Funa -Sou I2J* 

NICHOLAS-APPLEGATE CAPITAL MGT 

iv NA FleilDle Growth Pd S 14082 

wNA Hedge Fund S 13285 

NOMURA INTI- (HONG KOHG) LTD 

tf Nomura Jakarta Fund S 8.95 

NORIT CURRENCY FUND 

wiNfFiisn J 320.95 

mNCFDEnA DM E95A* 

I7INCFCHF SF 92* T9 

mNCF FPF FF *46080 

mNCFJPY 0269580 

mNCFBEF — BF 2703100 

ODEY ASSET MANAGEMENT LTD 
21 Grasvenor S'.Ldn WIK 9FEA4-71-49* 2998 


w Esorll Eur Perm Inv Tst — Ecu UJMl 
» Euroa Strareg Imneahn fd —Ecu JM570 

isaasasta ^g ™ 

8 Optloesl GtotflT Fi* UKomeDM 17, ^5 

WPB^I Drat tor GrtiNV~» 

I Selection Horizon.. FF 81131« 

ft VldcVre Arhsie — * erwun' 

ROTHSCHILD ASSET MGMT (CJ) LTD 
mNemrtxr Lrverowd HM_ J rtf 31 * 1 

SAFOIE GROUP/KEY ADVISORS LTD 


tf Oder European DM 

iv Daev European I 

>* oaev Eur at Grown inc DM 

w Oaev Europ Growth acc — DM 

w Ciaev Euro Grth Sier Inc — - 
iv Oaev Euro Grth Sler Acc — i 
OLYMPIA CAPITAL INTU INC 


mKev Diversified 'nc fd LiaJ 1LS24I6 

SAFRA REPUBLIC HOLDING 

TV Republic GAM- — — 5 Ml-S 

w Republic GAM A me ri m -5 TU» 

w Reo GAM Em m I* Gtobal J 1B.W 

iv Rep GAM Em SUMS L®t AmS }«» 

wReouWicGAMEuraseSF-SF 12235 

w PeduMiC GAM Europe ■UJH5 307.14 

wReBUblleGAM.GrwtnCHFJF 10757 

w Republ to GAM Growth r—i 101.13 

tl RenubUc GA/J Growth USS5 I50» 

>v Republic GAM Opportunity J 

w Republic GA.M Paatlc S M887 

tr Republic Gnser Dol Inc— 5 1IU2 

w Republic Grtsev Eur Inc — DM 1037 

w Republic Lai Am a|»c_ — S W.18 

w Republic Lai Art Argent.—* 

w Republic LCt Am B rati I * 1048B 

IV Republic Lot Am Mexico — S 1DM7 

IV Republic Lai Am Venez. — S 87.W 

w Rep Salomon Sirot Fd Lid -* 7)50 

SANTANDER NEW WORLD INV. 

mCnmrnander Fund S 1W062 

in Ezptarer Fund S 107 JM 

SKANDINAVI5KA ENSKILDA BARKEN 
S-E-BANKEN FUND 

tf Eurooo IflC — j * 059 

0 Flan-on Osrem me s o.9o 

0 Global me . * l-Oi 

0 Lakamedel Inc — J 032 

0 varlden Inc —5 J* 

a Japan Inc. Y HteK 

tfMilloinc — — -J t 059 

0 Sverige Inc — Set. I0J4 

0 Nordamerlka inc -* 0-5 

<7 Te* rota'll Inc 5 1.05 

0 Sverige Rant-tana inc SeV 10*49 

5KANDIFONDS 

0 Faulty Inn Acc s 1784 

0 Eauffy Inti Inc S Ifji 

tf Eaultv Global * 154 

0 Faulty Nat. Resources S ..ISf 

tf EauiN Japan — -V 11X0S 

0 Equity Nordic S 3-al 

d Eaultv n v — i 158 

tf faulty Conlliiefital Europe J 1.70 

tf Equity Medilernmean S 188 

e EauiN North America 5 1.94 

tf Eaultv Far Eos' S 4 a2 

0 Inn Emerging Merkels * 151 

tf Bona inn Acc 5 1X30 

0 Bond mil I nr - - - — S 752 

0 Bond Europe acc s 154 

0 Bold Furooe inc 5 (LM 

d Band Sweden Acc Sek 1733 

0 Band Sweden Ire Sek 1081 

tf Bond DEM Acc DM 158 


tf Bond DEM Inc DA 

0 Bcna Dol tor US Acc * 

a Band Doner US inc S 

d Curr. US Dollar s 

0 Cuit. Swedish Kronor Set 

SOC1ETE GENERALE GROUP 


William* House, Ham ill on HMII. BermudaTel: I SQGELUX FUND (SF) 


B09 292-1018 Far : B09 795-2305 

» Pmsburv Group 

iv Qlvrnoia Securlle SF — 


iv wincii Eastern Drosan- 
tr winch. Franlier 


W v/inch. Gl Sec Inc PI (Al._ 
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F 

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w SF Band* A U5A 

w SF Bond* B Germwtv 

iv SF Bonds C France 

w 5F Bonds E GD.. 

wSF Bonds F Japan 

w SF Bonds G Europe 

w Sr Bands H world wide. 


wSF Bands J Belgium 

w SF Ea. ¥ North America — S 

wSF Eo. L W. Europe Ecu 

wSF Ea-M Pad He Busin _ — Y 
wSF Eq. P Growth Countries 5 

wSF Ea. O Gota Mines * 

<r SF Ea. R WorlD Wide S 

w SF Short Term 5 France — FF 
w SF Short Term T Eur. Ecu 


sv Winchester Thai land S 30J 

OPTIMA FUND MANAGEMENT 
73 Front St. Hamilton. Bermuda 80» 7«*«S8 


W Omlroa Emerald Fa Lid — S 

» Dstimc c un« — S 

iv Optima Futures Fund— * 
1 * Ctetlmo Gtoboi Fund — — 1 
w Opllma Pencvto Fd Ltd — S 

w Ootima Short Fund 5 

ORB (TEX GROUP OF FUNDS 
tf Orbllec Asia Pec Fd — — » 
a Orbliev Growtn Fd —5 


tf Orblle* Henlln 8 En.ir Fd J 
d Orbite. Japan SmolICcoFd* 
tf Oiijite* Natural Res Fd ^ — CS 
FACTUAL 

tf Eternity Fund LIU —5 

tf Irifinitr F.irri iu 

o Star High Yield Fd Lid S 

PARIBAS-GHGUP 

» Lu»ar — S 

tf Porvest USA B S 

0 Parvest Japan B Y 

a Porvest Asto Paeil B 1 

o Porvest Eur wB — Ec 

a Porvest Holland B Fi 

0 Porvest France B FF 

0 Porvect Germanv B— — DAI 

tf Parvesl Gbll-Dollnr B S 

tf Porvest Obll-DM B D.V 

tf Porvest ODil- Yen B i 

0 Pcrvesl Owl-Gulden B .FI 

0 Porvest OWFFranc B FF 

d Pcrvesl Obi i-S ter B — ... — r 
0 Porvest Obli Ecu B__ — Eo 

tf Porvest OblFBelu* B LF 

0 Porvest S-T Dollar B 1 

tf Porvest 5-T Europe B Ea 

tf Porvest S-T DEM B ON 

tf Porvest 5-T FRF B F F 

tf Porvest S-T Bel Plus B . BF 

a Pcrvev Gtobal B LF 

0 Parvsil Int Bend E 5 

0 Paruest OtilH.ua B Lii 

tf Parvesl Ini Equities B_ S 

0 Parvesl UK B l 

O Parvesl USD Pkn B S 

o Parvesl S-T CHF B SF 


a Parvesl Obll-DKK B-_ 

PERMAL GROUP 

t Commodtiies Lia 

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/ EuroMir (Ecu) Ltd 

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■ P.CF Vattrance (Lu*l FF 

w P.U.F. Valbond SFR iLuil -SF 
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w P.U.F. Vaffxmd GBP ILuxl.c 

* P.U.F. vaibana DEM 1 Lux ■ DM 

■ P.U.F US * Bd PHI (Lur)_S 

w P.U.F. Model Fd Ecu 

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iv P.U.T. Eur. Omari (Lu* 1 Ecu 

b P.U.T. Gfotnl Value I Ur* ) —Ecu 

w P.U.T. E uroval (Lux i Ecu 

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m Inti Small Coe DOM) s 


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27.75 

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SODITIC ASSET MANAGEMENT INC 

w SAM Brazil J 14552 

» SAM Diversified * 13X55 

w S AM- McGorr tteoge S 10B.93 

* 5AM Oopcrtunit. S 12TJJe 

nr JAM Strategy — S 115.79 

mAionaSAM S 12754 

tv GS AM Comoosne S 33502 

SR GLOBAL FUND LTD 

mSR European S I0M2 

mSR Asian S I0*a0 

rr.Sfi Inlemaimnai i lliUT 

SVENS KA HANOELSBANKEN SJL 
Me Bd de la Petrusse. L-2330 Luxembauni 

b Shb Band Fund 5 56.13 

iv Svenskc SeL Fd Amer Sh i 1541 

w5venskaSel.Fi; Germany _S 1158 

» Svenska Sel. Fd inti Bd Sh -1 1251 

w Sver.Ma Set. Fd mn Sh S 5X38 

ft Svenska SH. Fd Jaoan Y 391 

W Svenska sel. Fd MIH-MJ- i —Sek 1 1*74 

iv Svenskc Set Fo. ■tacit Sh S 738 

•v Svenska SeL Fd Swed Bds_Sefc M19J4 

w Svenska Sel. Ftf Sylvia Sh _Eai 142X86 


SWISS BANK CORP. 

O SBC 100 lnde« Fund SF 

0 SB I Equity PHI- A us! ra 1 . 0 — AS 

0 SBC Canity PHI-Canaao CS 

tf S3C Equity Pm-Eurooe Ecu 

tf SBC Ea PHt-Netaeriands — FI 

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0 SBC Bona Ptfl-Au*lr * B AS 

0 SBC Bond PHI-CanS A CS 

d SBC Band Pifi-CaaS B CS 

0 SBC Bond PlfHJM A DM 

tf SBC Bona PHI-DM B DM 

tf SBC Band PHI-Dutch C. A_F 1 
0 SBC Bond Pm-Dutcn G. B_FI 

0 SBC Bona Ptfl-Ecu A Ecu 

tf SBC Band D !fi-Ecu B Ecu 

0 SBC 3ona PHT-FF A FF 

rf 5BC Bond Ptil-FF B FF 

0 SBC Bona PHI-Plas A/B Ptas 

tf SBC Bond PtlFSIerlmg A _J 
tf SBC Band Ptfl-Slernng B __t 

0 SBC Bond Portal lo-SF A SF 

0 SBC Band PortfiHio-5F B SF 

0 SBC Bond P1IMJ5S A S 

0 5BC Bond PHI-U5S B * 

0 SBC Band PH 1-Yen A Y 

0 SBC Bond PHI- Yen B v 

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0SBCMMF-BFR BF 

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0 SBC DM Short-Term B DM 

0 SBC MMF ■ Dutch G FT 

0 SBC MMF - Eai Ecu 

0 SBC MMF - Esc EK 

tf SBC MMF - FF FF 

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0 SBC MMF ■ Sterling C 

0 SBC MMF -SF SF 

tf 5Bv MMF - US ■ Dollar S 

tf SBC MMF -U5S/II S 

tf SBC MMF - Yen Y 

tf SBC GltH-Ptfl SF Grth SF 

tf SBC GlW-Ptfl Ecu Grth Ecu 

0 SBC Gtbl-Ptfi USD Grth S 

d SBC Glbl-Ptfl 5F VWA SF 

tf SBC GfW-PtfJ SF Yld B SF 

0 SBC Glbl-Ptfl Ecu Yld A Ecu 


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PROAIEH INVESTMENT FUNDS LTD 2 SBC Gtotptfl USD YW flZj 

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m Premier us Eauiw Fund _* I iro.99 J SBC GtaFPifi EcillneAZZlai 

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m Premier Sovereign BdFd -5 811.4$ 2 sir Fixn ES- a — 

m Premier Gtobal B0 Fd * T472JS 2 ,452 !!* 5 — J 

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171 Premier US Eaully Fund —i 

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m Premier Sovereign Bd Fd -5 

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PUTNAM 

tf Emerging Hlih Sc. Tnni 1 

w Putnam Em. into. Sc. Trirtta 
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w Quantum Fund N.V. T 

w Quantum Industrial - I 

ft Quantum Reoftv TrwM S 

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iv Quasar mn Fund N.v s 

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QUARRY MANAGEMENT LTD 


TeUghoite : BN ■ «4*4ra)Focsimlle : 809 . 9*9-8062 S EmStaT* — 

tf Alias Arbitrage Fd Ltd * 98z» 2 

0 Hesoens Fund Ltd * 100.90 2 ^SPr°!™[ io r 

0 Meridian Hedge Fd LW s/s 5 101 59 2 

tf Zenith Funa Ltd i/s_ _s j 662 2 PSJJ 1 80 

REGENT FUND MANAGEMENT LTD 2 ftaSiVStlw 

nr New Kona Growth Fd S ij.9* S 

iv Nava Lot Pacific Inv Co S 473d 

w Poetfle ArtHtraoe Co _S ».,9 TEMpSS™fai 

m RJ- Country Wrnl Fd i 259 *4 J RK2BE22LS 1, 

tf Regent GWAmGrth Fd_J SJOSI 5 nlSrlSSn^ 

a Regent GRsi Euro -4 iw 5 

a Regent GM tail Grth Id S jjot 2 t2SL l Sr,? mBa 

d Regent GIW Jag Grth Fa— S X9720 2 

0 Regent GM P«ii Basin 1 4 j*7* 2 

tf Regent Glbl Reserve S Xt*98 2 f ISSUE? 

tf Resent GIDI Rexuron S X6412 2 nSSFfllhrsr 

d Regent Glbl Tiger 5 3*001 2S5*5 I iJl!? ) 2 W " 

0 Heeem GIW Ux Grth Fd * I™ 2 us'tS2JSL523 

t* Regem Moghul Fd Ltd 3 9jl 2 

m Regent Pacific Hag Fd 5 1119791 tf Emerotao Mkls 

tf Regent Srt Lanka Fd S 9.93 TgSSi cywVg ; 

w Undervalued Assets Ser l_S 1 1.19 

ROBECO GROUP rmwru^rr 

P08 97X3000 J Z Reiter dcuri 131)100-11274 


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tf SBC GIN- Pin Ed! Inc A Ecu 

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tf SBC Gtaf-PtfT USD I IK A % 

tf SBC Glbl-Ptfl USO Inc B 1 

0 SBC Glbl PtfHMI Growth —DM 
0 SBC Glbl Pffl-OM YM A/B _DM 
0 SBC Gtai Ptfi-DM Inc A/B-OM 

0 SBC Emerging Markets s 

0 SBC Small 8. Mid Cops Sw_SF 
tf AmerleoVWor — — — _S 

tf Aiwlnuntar | 

tf AuoPontolta 1 

tf Convert Bend Selection SF 

0 D-Mark Bond SWecUon DM 

0 Dollar Bond Selection * 

0 Ecu Band Selection Era 

tf Florin Band Selection FI 

0 FranceVotor. FF 

tf GermantaVaTor DM 

d GoldPortfoUo S 

tf I tv-rta valor Pta 


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For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 3^- 




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^ Shopping Around for a Stockbroker 


iUchard 

Stephen 


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lam b^c professional standards, vestment advisers and Siockbro- 

T“ e lust considerations in evaju- kers, or APCIMS, publishes a di- 

INanCIaL advice aUn ® *? adviser are the size and rectory of virtually all private client 
.l s scope of the firm and the amount of stockbrokers operating in the Unil- 

control the investor is willing to “* V1 -- J J 

auiust. investors also need to de- 
cide how much risk they are ready 
to assume and be prepared to de- 
scribe their overall investment 
aims. 


F JJJfrtei tbonsdves as ex- 
/^gators of the 

“vestors, private 

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their cSSSinL,^ lheir 0051 11131 
his compass. 9Vl ^ a,0r has mislaid 


ed Kingdom and in Britain’s off- 
shore territories. In the United 
States, a similar service is provided 
by the National Association of Se- 
curities Dealers in Washington. 

Generally, investors control the 


I* »»nh 


seen*. Or._ , . loc *l 


p , — MV.UUJ, U1TMIUI 

Brokerages range from large investment decisions in their ac- 
nrtns with an international pres- counts unless they decide to assign 
race 10 modest partnerships. The discretionary authority to their 
smaDer firms will make great play' brokerage firm. Discretionary au- 
ot their “oersonal service" fer- thority, also known 35 portfolio 


aatJt >ns remain »».- 


recommen- 


r°^ although n5 ° s * popular 
SfiS 10 ? on 
be well a ,5S n ? ,daUo n s would 


« well advkeri^^r-" 5 wouid 


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broki 
tive. 
find i 


^Pjmaiy history of any 
arm or sales n>nn-«» n .'>- 


information is harder to 


ta- 


“personal service." Cef- 
tainly ihcy can be attractive both to 
first time investors and to those 
d isil lus i oned with the less personal 
sendee provided by firms that con- 
centrate on corporate clients. 

But investors should not fight 
shy of aU the bigger brokerage 
firms simply on the fear that they 
will have no time for the s ma ll 
investor. They can provide the 
greatest range of financial services 
and often the most sophisticated 
advice. Many, due to the recession 
and a decline in corporate activity. 


d'LT *” 8 " *° W ° Pnra “ 


F>-f 


attest that their members 


meetcer- 


In Britain, the Lon don -based 
Association of Private Client In- 


management, enables the firm’s 
sales representatives to make in- 
vestment decisions without first 
consulting their clients about the 
price, the type of security, the 
amount or the timing of traosac- 
■ tions. 

The risks in selecting this meth- 
od are obvious. The Nasdaq stock 
market authority in Washington 
warns private investors not to give 
discretionary’ authority to their 
brokerages without first seriously 
considering whether this is appro- 
priate to their investment aims. 

Many investors retain control 
over their investments by hiring ex- 
ecution-only stockbrokers or by 


limiting their firm's power to advi- 
sory services in which the broker 
consults clients on the purchase, 
sale and retention of shares. 

Bui, according to Duncan Ram- 
sey, a private-client stockbroker at 
County Nat West in London, in- 
creasing numbers of investors as- 
sign their brokers discretionary au- 
thority because they don’t have the 

time or the expertise to manage 
their own portfolios. “There is a lot 
of speculative dealing in the execu- 
tion-only market,” he said. “Most 
clients warn a more long-term ap- 
proach." 

Reports of advisers who run off 
with their clients’ funds are the 
stuff of nightmares. But these are 
rare. The biggest problem for inves- 
tors is that the business of stock- 
brokers and other financial inter- 
mediaries tends to be driven by the 
commissions generated by trades. 
Clients may be advised to buy and 
sell frenetically when their best op- 
tion is to sit tight. 

Nasdaq identifies “an excessive 
number of transactions in your ac- 
count” as a key warning signal to 
investors that their broker is not 
acting in their best interests. Other 
warning signs include recommen- 


dations based on “inside” or “con- 
fidential'' information; so-called 
"guarantees” that diems will not 
Jose money on a particular transac- 
tion; and a preposed sudden shift 
in clients' investments, cither into 
higher risk securities or into a sin- 
gle product. Also, a recommenda- 
tion to switch an investment in a 
mutual fund to a similar fund can 
signal trouble. 

“Unless there is a legitimate in- 
vestment purpose, a switch recom- 
mended by your sales representa- 
tive may simply be an attempt to 
generate additional commissions,’' 
warned Nasdaq in a recent bulletin 
to private investors. 

with so much at stake, investors 
understandably find selecting an 
adviser daunting. But Geoffrey 
Turner, chief executive officer of 
APCIMS. contends that stockbro- 
kers are much more approachable 
than most investors realize. 

“Shop around,'' advised Mr. 
Turner. "Stockbrokers are in the 
service business and investors are 
their customers. They are much 
more open than they used to be. Go 

and see than, describe your portfo- 
lio and ask them what they can do 
for you.” 


Cautious? Can’t Make a Decision? Try a Multifund 


By Conrad de Aenlle 


T HE theory behind funds 
of funds is simple 
enough: You can never 

t# ■ j- . “1* 100 raany managers. 
If individual fund managers can 
b«t their own markets, then an- 
other astute professional might be 
abte to figure oat when the others 
MU be at their best and worst and 
allocate money accordingly, there- 
by beating the markets even more. 

Nice idea, but it’s been a tough 
sen. A number of competing trends 
in the fund business make it harder 
or easier — mostly harder — to 
convince investors that the extra 

layer of management will give them 

enough added value to mah- it 
worth the cosL 

There has been an evolution in 
the fi n ancia l service industry to- 
ward lower-cost operation. To cus- 
tomers who are getting used to the 
idea that it may not cost a fortune 
to make a fortune with a profes- 
sional money manage^ the idea of 
paying for that extra layer of man- 
agement may go against the grain. 

The trend that works in the favor 
of funds of funds is the increasing 
affinity for personal portfolio man- 
agement, and it is the cheat who 
wants this land of help that the 
fund companies are targeting. "A 
person comes to us and caa’t make 
the decision where asset allocation 
should be,” smd : Giw Xhtmen, 
bead of offshore funds for the 
Gartmorc group. 

Multifunds, as they axe also 
known, are intended as a ha ppy 
medium between a conventional 
fund arid individual management. 
Gaiunore offers a service in which . 
customers state their preferred lev- 
el of risk— there are four choices 


There is also a choice of domi- 
cile, with a 21-component fund in 
Luxembourg and a Jersey-based 
fund with 24 subfunds. Hie mini- 
mum investment is $10,000 in Lux- 
embourg and $25,000 in Jersey. 
Clients choose the currency they 
want to concentrate in. too- The fee 
for the service is 0.75 parent of 
assets per year, pins the expenses of 
the individual subfunds. 

Mr. Cremen said that investors 
in muhifunds are cautious types, 
and that interest generally goes up 
when the markets are shaky. Thai’s 
why business at Gartmore has been 
brisk lardy. 

“We're finding much more sales 
into the service’' than into the un- 


dent financial advisers. They jus: 
set up a fond to do it.” 

One of the biggest providers of 
multiftmds is Global Asset Man- 
agement, which runs $3.4 billion in 
29 funds of funds, each investing 
wholly outside the GAM family. 
The feeling is that clients can buy 
GAM'S own funds directly, and 
that including them in a multifund 
would amount to an unjust double 

rbftrprng 

“It seems to us not the way to do 
things,” remarked David Ginsberg, 
managing director of CAM’s mul- 
timanager group. “We’re trying to 
get clients the broadest range of 
talent available, so we don’t put the 


'Most funds of funds don’t wildly 
outperform or wildly underperform in 
general . 9 


— and their money is pot into an 
appropriate portfolio. 


t Afi four in- 
vest uT the same component funds, 
only with different allocations 
based on the risk level 


subfunds, Mr. Cremea 
said. “People are nervous about the 
markets, especially after last year’s 
bull run. Tbey’ie less positive on 
where to put money. 

“It’s difficult for the average in- 
dividual, even with [a fair amount 
of) money, to know whether to be 
in Hong Kong stocks or German 
bonds or whoever. You’re paying 
for tiie vigilance, mating sure your 
money is hot so modi where H 
shook! be, but that it’s not where it 
shouldn't be.” 

To tiy to more closely match the 
service provided by personal port- 
folio managers, more managm arc 
looting farther afield when they set 
up there funds of funds, choosing 
funds outside their own range. 

“Mort rue their own funds,” es- 
pecially in the United States, said 
BSQ McBride of Upper Analytical 
Services. “In other markets, groups 
are set up almost acting as indepen- 


in-house guys into the G AM-la- 
beled Tmiltiraanagw funds.” 

Because of the wide scope of the 
allocation process. GAM charges a 
IJ percent annual management 
fee. the minimum investment is 
$20,000. 

Rothschild offers a service called 
libra that invests in outside funds 
and comprises half a dozen portfo- 
lio models based cm investment ob- 
jectives. Trevor Ash, managing di- 
rector of Rothschild Asset 
Management in Guernsey, said the 
service had attracted about 2,000 
clients and £150 nuDion ($225 mil- 
lion). The niip i i ni i i i i investment is 
£50,000, and there is a l percent 
management fee. 

Figuring out if the advisers who 
do the allocation are earning their 
keep .should be pretty easy, Mr, 
Ash noted. “The value of funds of 
funds is the performance of the 
fund versos those of individual 


sub-funds, getting value above and 
beyond underlying fund perfor- 
mances” 

Adding that value has proven to 
be the main shortcoming of many 
multifunds and is the reason that 
this segment of the industry is not 
growing as Tast as its providers 
wonld like. 

“These days there aren’t that 
many funds of funds, if you look at 
the assets,” said Mr. McBride of 
Upper. “Most funds of funds don’t 
wildly outperform or wildly under- 
perform in general.” 

A compilation of results by Up- 
per shows that compared with 
global equity and global bond 
fends, a group of 48 offshore multi- 
fimdsdid about the same or a little 
worse than equity funds and some- 
what better than bond funds. 

Oneof the selling points of funds 
of funds is that they shine during 
declining markets. This dovetails 
with the cautious nature of tbeir 
clientele. But the worst showing the 
multifunds turned in, Lipper 
found, was daring the first three 
and a half months of this year, 
when just about every market on 
Earth stumbled. Global equity 


funds, surprisingly, lost only 0.55 
percent on average and bond funds 
fell 3.07 percent The multifunds 
gave up 3.1 percent 


People who track the fund indus- 
try say that many obstacles will 
remain in trying to grow the multi- 
fund business and that it will al- 
ways occupy a small niche. 


“They're not very popular at this 
stage, primarily because people 
who run funds of funds haven’t 
been able to find the performance 
when you add in the extra layer of 
fees,” said John Rckenthaler. edi- 
tor of Mornings tar Mutual Funds. 


April Market Scoreboard 

Best Performers ■■■■;. •;C"^ •/ ■ 


’Mon'.. 

Apr83Q change 


- New York Stock Exchange; 

• Ac^aQpa^^— "843 

toggntCorp.. 

Parker HarwfoCwp. - 4338 22 J 8 . 

..AroiSwicoPaimaum Carp. sfrftf • - z & . 

pSCCoRwreavc^onaCap.,: — tft'4'.’ 



EscadeSJamm 

&ca4aVcczu3A 


< San Vorajg — 


PtaafGfc®.... 

Kauftafe. 


-mrip 2&0 
WMfciOGl ■ ■ 

i'sns::" 


resj gun u l ag Sagpm —. 

out* : 

Rutgsrsws*?.. 


vs*m. 


Paris Stock Exchange: 

lasrSJ. 

Schneider jex Spepj-— 45 

etAquftane — ...4; 


iol ' ■; ■ Atop 





Faxsne-PousefieCSdA 




taw Grom 

-GNK_. 


Ashtey{Laur:$Hok8ng».^; — 
Simon Engkwffiing. 
RacMSeceunk s . 




fc&oa DerfcoOa.—: — 
JaswifteW 'iamca.2 ' • • 


■" SSjFatonx? Cb3v‘". ; - ~ 

SvSo 

r«w it niiv » vm^*4| 4 W B A v 

*«h8UbisNf^perN^ 







Intnrumaaal Herald Tribune 


Private Banks Go Shu 


mu 


ling? 


EW technology and 
portfolio management 
methods, and more ag- 


N Srth^ds, and more ag- ties tothe fundmanagos or bro- 
eressive marketing, are. kers. The profiferatron of custom- 


private banking. Other services are* vate-banJdng accounts can be 
offered through banks that have opened there with as little as 

£75,000, 


iZte nrt mining advantap of traditioMl private banfa. as wdl 
jomtneiicnui^^b ^ promte to lower there raimmum account 


the services 

banks. After holding to. yam 

above an unofficial threshold of $l 
million, the mmimre® account size 
has fallen at many banks to not 
much more than $100.000- 
With much of the admnnstratrve 


sizes to stay competitive. 

The Mercury fund group is one 
that offers a range of private-bank- 
ing services for those who are wdl 
off, but not exactly rolling in 
dough. Clients meeting the 


or about $120,000. 

“It has given ns the ability to 
achieve volume and scale quickly’ 
and has allowed us to spread our 
overhead,” observed David Terry, 
director of marketing for the pri- 
vate bank. “If you Kuril it to £1 
million, you’re Bring to have to 
charge them a fair bit” 

— CONRAD DE AENLLE 


No. 1 

OFFSHORE COMPANY 
SPECIALISTS 


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The factors driving the world’s commodity 
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Page 18 


BNTERNATIONAL HERALD TRIBUNE. SATURDAY SUNDAY, MAY 14*15, I994_ 


- ... : r - 


■< •■■.' 'c.A 
•.' :r 

- .-■ i ffis 

. 

T_.' i • ^yi :^u-jr 



: ’ Th 
12 M * me 

MX*1 


] fit- 


5> 3 


Yanks, Cooking 
At Home, Win 
7 th Straight 


Like Old Days 



Can Do No Wrong in Q|l||f 


The AwximeJ Frcss 
Ah. home, sweet home. Even in 
New York. 

Benue Williams hit a baser load- 


game away in the niiufa when the 
Indians rallied for three runs. 

But in the lOih. Mike Stanley 
reached on a fielding error by Jim 


ed stride in ihe 10th inning Thurs- Thome at third base and moved to 
day as the New York Yankees won second on Polom* s single. 

_ . - _ - ■ t4«v than r^llPI'Al Fnr 


in 




s& 5 ■i? 

fi;: ri/ista 

Hi* Iftilne 


their seventh straight, 7-6, over the 
Geveland Indians, losers of 9 of 
their Iasi 10. All seven victories 
have come ai Yankee Stadium. 

The victory improved New York 
to a major-league best 23-10. 

“I feel like we can’t lose." said 
Luis Polonia, who had as a pinch- 
hitter singled in the 10ih for his 
I.OOOth hit in the major leagues. "I 
feel like we’re going out to win 
every game. I think everyone feels 
the same way. I don't think anyone 
can beat us right now." 

Holding a 6-3 lead, the Yankees 
were one out away from putting the 


The Associated Press 

Terrible now, the Philadelphia 
Phillies yearn to be average. 

The defending National League 
champions, firmly in last place in 
the NL East with a 13-21 record, 
beat the visiting Pittsburgh Pirates, 
6-4, Thursday night. 

“It’s something we can build off 
of" said Pete [ncaviglia, who dou- 
bled twice and hit his fifth homer. 

He pointed to several reasons 
wby the victory could boost the 

NL^ 

Phillies out of the cellar and back 
into contention. 

One was that Tommy Greene, a 
16-game winner last season, got his 
first victory this year. Greene, who 
began the season on the disabled list 
with a sore right shoulder, allowed 
10 hits in ax innings, walking three 
and striking out five. But he only 
allowed one run, and the Phillies 
had a four-run lead when he left. 

“Our main concern and goal is to 
get back to .500,” said Lenny Dyk- 
stra, who went 3-for-4 with an RBI. 
“Everyone in this room knows we 
haven't played the baseball we’re 
capable of playing yet.” 

However, first baseman John 
Kruk was to undergo arthoscopic 
surgery on his right knee Friday 
and will miss the next three weeks’. 

Kruk, who missed the first six 
games of the season after having a 
cancerous testicle removed March 
8. will have loose cartilage taken 
out of the area where the right hip 
bone joins the lower leg. 

Cubs 8, Cardinals 6: Pinch-hitter 
Shawon Dunston broke a ninth- 
inning tie with a two-run homer as 
Chicago rallied from a four-run 
deficit in St. Louis. 

The Cubs, after a 7-6. 1 1-inning 
loss Tuesday, began the game 1-20 
when trailing after seven innings. 

Mark Parent led off the ninth 
with a single, his third hit Two 
batters later, Dunston homered on 
the first pitch from Rob Murphy. 


Sieve Farr then relieved Eric 
Plunk and intentionally walked 
Mike GaJlego to load the bases. 

Williams, who entered the game 
in an O- for- 19 slump and is still 

AL ROUNDUP 

batting just .198 after three hits, 
slapped a 2-2 pitch from Farr past a 
drawn-in Eddie Murray at first 
base to score Stanley. 

The Indians committed four er- 
rors in losing their fifth straight 
game. The season, which began 
with a promising 12-7 start, has 
slowed to a crawL 

Tigers 6, Athletics 5: Travis Fry- 
man broke a sixth-inning tie with a 
sacrifice fiv. and Chris Gomez ho- 
mered as Detroit, playing at home, 
handed Oakland its 20th loss in 22 
games. 

The A’s stranded i 1 runners and 
lost their fourth straight and eighth 
in nine games. 

Red Sox 3, Brewers 1: Roger 
Clemens held visiting Milwaukee 
to two hits, striking out eight be- 
fore leaving after seven innings 
with an apparently minor leg prob- 
lem. He lowered his ERA to 0.80 in 
his last six starts, covering 43 in- 
nings. 

Ricky Bones matched Gemeos 
for seven innings, but left after giv- 
ing up four hits and with two run- 
ners on and one out in the eighth. 
Graeme Lloyd came on and al- 
lowed a two-run single to pinch- 
hitter Tim Naehring that made it 3- 
0. Bones bad entered the game with 
a major league-leading ERA of 


SCOREBOARD 

r-vr- ~ •- i, 

' : «.> 3 2 ■ -Xi.-'Y • : - O 

Major League Standings , 


By Jack Curry 

\i/h 1'i'rf 7 'iiim i Crriur 

NEW YORK — When a team iv ^oing well, runner;, 
score when thc> should be thrown out al the plate: players 
batting nearly .500 don't start, but pinch-hit late in the 
game and drive in key runs: batten, get hits after they fail 
to sacrifice runners to second, and living barrels of broken 
bats distract fielders and turn outs into base runners who 
score winning runs. 

The Yankees are going well. 

At the moment, they can do no wrong. At the moment, 
they can count on the opposing team to make plays that 
help them win. especially teams that arc going poorly . The 
Cleveland Indians are going poorly. 

The Indians' latest loss to the Yankees served as a 
classic example of the so-called breaks coins the way of 
the winner and against the loser. 

“That's exactly right." said Mike Hargrove, the luckless 
Indians’ manager. ~ 


, -If we hit a cutoff man. he’s oat al ihe plate. Hargrove 

Exhibit A. Trailing by ihe 'i ankses rallied lor four . |he culolT man very often. . . ' , 

runs in the seventh inning. The Indians might have short- - K ; h n hvin° left field instead of his usual position to 

circuited i he rail;, h.id they properly executed a relay JJ • jF = h - field |jfc c that, my arm is a lot 
into- to the plate and snuffed out the first run. But they = • iin feet If I miss the first guy. I'm looking 

-Wow.- but rv, ten jo hit the **£ || ***** 

TTiorae never made a play, and GaRfigo scored ihe tjting- 

"One thing !'--l noticed about our winning streak: We ™"- Wj . one . in lhe and runners at . 

?\y. hard ever d.iv \ve ao out and make things happen. Exhibit B. witn one out in Q r i ea j ne 

GjIL-® a fir,. «lh a fadofTsfi-le.' Bemie first and seeoni Buck Shnwafcr l^d hs ctece ofettmg 

W lijtjms dn'led ..'line Jri.e into the left-field comer. Jin, WV 

P-anJolph i* need Gulley home, bu, Gol!e S o had barely anaiM the e, chSI “nS|. 

rounded third when NVayne Kirby s throw came sailing m handed Paul O NctU - . handed Derek 

from left field. Last sei^on, as a rookie. Kirby led the prompting Hargrove to bnng m the left-handed Derex 




major league-- in outfield assists with 19. 

This throw, however, passed over the first two relay 
men. shorts* o!' Alvaro Espinoza and second baseman 
Carlos Bjcrei. ,md ihe ball hit the ground just before 
rctu. hine third baseman Jim Thome. 











‘ / ? 
c* V 

Sr. -4 











*• 


\ " 


^crV\ r 

W j * 











IL-ar. llj, Vrjm- y«u- Ftjfcf 

Paid O’Neill, batting an AL-leading .473. came on as a pinch hitter and belted a tie-breaking two-run double. 


LiiliquisL . 

“Paulie is the honest hitter we have. Snowaltcr said, 
■if > ou have a chance for him to help you late in the game, 
vou" have to take advantage of it." 

But why was O'Neill on the bench in Use first place? 
Here was a man leading the league in batting average by 
8" points (.4731. in on-base percentage by 98 points (.5751 
and in slugging percentage by 144 points (.846). Why 
wouldn't S ho waiter start him even though the Indians 
starting pitcher. Gins Nabholz. was left-handed? 

“It's bard not to play him." Showaiter said, “but wre 
have to keep other guys ready to play. If you let guys at 
for three weeks, you can't say shame on them if they can t 
help you when you have an injury, y ou say shame on the 
manaeer." , , ■ 

Instead. Showaiter had O’Neill available to bat for 
Lcvriiz and. batting against LilliquisL he slugged a fly ball 
over Kirbv’s head' for a tie-breaking, two-run double. 

Exhibit C: After the Indians staged their own rally in 
the ninth and tied at 6-6. Mike Stanley ted off the Yan- 
kees' half of the 10th with a grounder to third. But he 
broke his bat on contact and the barrel raced the ball to 
Thome. The ball won, but so did the Yankees. 

“h was a routine ground ball." Hargrove said. “But 
how do you ignore the bat? It's not something you can 
work on.’ I'm not making excuses, but it's a little discon- 
certion to see a bat flying your way." 

Thome said: “I tried to get out of the way, and the ball 
went under my glove. I didn't know where the bat was, but 
I knew it was coming that way.” 

Stanlev reached First on the charged error. 

Exhibit D: Luis Polonia then batted for Gerald Wil- 
liams and w as supposed to sacrifice him to second. But he 
fouled off his first attempt and didn't make the second, 
taking a strike instead. 

"I screwed up and didn't gel the bah down," Polonia 
said. “I had to make up for it.’’ 

He lined a single to right sending Stanley to third, from 
where he scored the winning run on Bemie Williams's 
single. 

The Yankees, with help from the downtrodden, are 
making winning look easy. They just have to keep doing it 
for about Five more months. 


Tia'AWcici^a^ 

TORONTO 

has scored <S&«£b! ” 

playoff gbflsySl^ 1 
career that bas-Jonf 
HaQ 

. The " 65 &: 
far." he safdifte* 
pte Leafs beai^e 
3-2, 

providing a - icasoii&sa&j 
Thmsday^ night: W: 
The shot 

Jose net t»T>bng 









Loi Angola* 

Colorado 

SanDlooo 


AMERICAN LEAGUE 



East Division 

W L 

Pet. 

GB 

Now York 

23 10 

±17 

— 

BaUlmore 

31 10 

.627 

1 

Boston 

72 12 

M7 

19: 

Toronto 

17 17 

500 

tvs 

Deiralt 

15 1* 

484 

7 

Cnicaaa 

Ceniral Division 
10 14 

563 

_ 

Kansas City 

16 15 

-516 

}VS 

Milwaukee 

17 16 

J15 

lVr 

Cleveland 

14 17 

■452 

39» 

Minnesota 

15 19 

.441 

4 

California 

Wait Division 
15 a 

-429 

_ 

Texas 

13 16 

.419 

_ 

Seattle 

13 19 

■406 

Vs 

Oakland 

9 25 

-265 

5W 

NATIONAL LEAGUE 



East Division 

W L 

PCI. 

GB 

Allan tg 

21 11 

456 

_ 

Montreal 

18 15 

545 

3«b 

New York 

18 15 

.545 

JW 

Florida 

18 16 

529 

4 

Philadelphia 

13 21 

-382 

9 

Cincinnati 

Control Division 
22 11 

467 


Pittsburgh 

17 15 

-531 

4W 

St. Louis 

17 15 

531 

4V> 

Houston 

17 16 

515 

5 

Cnicaaa 

10 22 

-313 

11VJ 

San Francisco 

West Dtvhioa 

18 16 

529 



Thursday's Line Scores 

AMERICAN LEAGUE 
Oakland *21 eoos 4 * 

Detroit Z20 111 DBx — 6 7 1 

Jimenez. Nunez HI. Toy lor itJ.Horsman i?i 
end Slelnoadi; Moore. Bo?vcr 151, Dev Is i7j. 
Groom <01. Gordlner Ifll and Kreuier. W— So- 
ever. TO. L— Torlor. O-l. Sv— Gordlner in. 
HRs— Oakland. Bermo (5i.Dernilt.Come;rj|. 
Cleveland Old S82 M3 e-4 » 3 

NOW York 030 0M 4M 1 — 7 11 I 

<10 inning*) 

Nachotz. Mesa I7|, Llllkmlst *71. Plunk <71. 
Forr (101 and Alomar: Perot Hitchcock <71. 
X.HemondM (*) and Stanley. W— AJteman- 
dez.3-0. L— Plunk. 3-3. H Re— Cleveiana. Belle 
1*1. Murray (8). New York. Stanley (51. 
MlhraollM 000 «M 001 — T 4 3 

Basted NO IN Ox-9 S 0 

Bene*. Lloyd <81, and Mafheny; Clemen*, 
K.Rvan »). Russell (*) and BM-ryhlll. Row- 
land <tl. W— Clemens. 4-1. L— Bonos, H 
Sv — Russell fVJ. 

NATIONAL LEAGUE 
Ctl ICO BO IN IN 133—1 13 I 

St. Louis HI 130 180—4 9 3 

Bui linger. Otto M>. Wendell <51, Crlm <71. 
Myers <*) and Parent. Wilkins <*); UrbanL 
Aracita <6), Perot (0). Rodriguez (0). Hobrcn 
<B). Murphy (*j and Poenazzl. W— Crlm. 2-fl. 
L— Murphy, M Sv— Mvers t«l. HRs-Chl- 
caoo. Dunston (2l, Parent <11. Hemande: <11. 
PlttsbaroD Ml ON 030-4 M I 

PhJladelpWo 010 3K 00x-4 13 T 

Umlltv Hone <41. R.Manzonlllo (el. Mlceil 


(81. Tomlin III and Slainiii. Parri-Ji («,'• 
T.Grecne. Wesi |7|. Siocumo i?j. D Jones 18 1 
and Dauiion. W— T.Grecne, i -a. L — Z-Smirn. J- 
1 3v— DJanes IS). HRs— Pill suurnn. j.Seli 
<31. Philadelphia, tncavigha i«>. 

The Michael Jordan Watch 


KMIulSU 10 16 » 

LOME 10 17 0 

Friday's Results 
Scidu 11. Kinielsu 5 
Nippon Ham fi. Or I* * 


THURSDAY'S SAME: J«raan w«nl J-nr-r 

witn two rbis. inducing :h._- game -winner is Thursday’s NBA Semiflnai9 

me nlnlh innln-j. a, Birmingna-n dvl-o'ej - — - 

Jacksonville 5-4. He had on <nrHd .Injlfinme inClono 1* 1] tS 13—4* 

llrir and an Rfli-llclocr'i, ctiaicc ,n the Mura. Attanla 34 33 1* 37—43 

Inlnenlnrh. he broke mc*-J ti- »,:l,a iwouu: Series Ilea l-l 

single thol wired Kevin COL>aMin. Indiana: D.Davis 7-10 0-3 4, Mcr.e* S-1J M 


SEASON TO OAT £ : Jordon Is hiMinn i?s u. smits J-1504) 8, Miller M37-*12, Workman 

tar-109) wflti sit doubles. U PBis.31 strMcculs. n M /. ADovIs 4-8 M 8. Scott 
notaroc njma*d lOsiolen trews In He Fleming j- 4 1-1 9. Mi:cheli040-0a Williams:- 

tias hod nino i.*i nis ic:i him-* <ioitki. 4 KVfl 4. Tarois 77-95 li-io y9. 

Immmmmm, I Anonta: V4snnuio 8-13 4-5 ia WUIIS *-3C 3.5 

Japanese Leagues tol xencok 4-10 m a. A-jgman ;-a 3.5 7 . aiov- 

lock 4-10 2-2 1 1. Lang 0-5 0-0 a Enio M 3-t 14. 
Central League Whoilov MO-02. Ferrell >9 J-5 laKedelMW) 


Central League 



W 

L 

T 

Pci. 

GB 

a Totals 36-09 17-26 *2. 

Yomlurl 

30 

10 

0 

667 

— 

3-Polnt goals— Indiana 4-10 I Me Key 1-2, 

Yokult 

IS 

14 

0 

517 


Workman 1-Z Scon 1-2. Miller UI.AtkwnaM 

Chunlchl 

14 

14 

0 

530 

5 

I Ehlo 1-1. Ferrell l-l Blaylock 1-51. Rebound- 

Hanshln 

n 

15 

c 


t 

s—inaiona a I D.oavis ifll. Aiicn»6? iwmis 

Hiroshima 

12 

16 

0 


7 

151. Assists— indlcTia IS (Miller, Workman 5). 

Yokohama 

i: 

:r 

0 

4|4 

'■r 

Allan la 28 1 Bioy lock 131. Total tauls— Indtanc 


Friday'* Result 
YakMKjrr.Q IS. Yomiuri 1 
Cbunlchl 7, Hiroshima 2 
Hcncnln 9. Yakuh 5. 12 Inning-. 

Pocinc League 



W 

L 

T 

PCI. 

GB 

DakX 

1« 

10 

0 

635 

_ 

Selou 

11 

10 

0 

643 

IS 

Orix 

1J 

14 

0 

432 

5 

Nlaaan Ham 

13 

1* 

1 

.450 

6 


a, Atlanta 30. TcchniceO— A.Oavh. Augmon. 
Denver « 24 34 »— »n 

Ulan 33 30 35 27—1*4 

Utah leads series 3-0 
Denver: Ellis M 9-10 2a R. Williams 7-15 1-3 
14- MUlatUDO 14 5-10 7. ABdul-ROuf 7-17 44 23, 
Sll Ih 3-4 3-34. Pack 4-1 04-4 12. B.WI It lams 44 0- 
0 5. Rogers 1-3 (HI 2. Totals 31-72 37-35 *4. 

UtaB: Corbin 3-10 3-2 8. Malone 14-23 44 32. 
Soencer M 3-4 «. siockten 4-12 4-4 12. Homa- 


cek 34 3-4 7. Humphries 3-96-4 12. Ctiombors 5- 
10 2-3 12. Benoit 5-12 1-2 12. Crotty 0-1 M 0. 
Hanaro 0-0 M 0. Totals 39-91 25-32 104. 

3-Point goon— Denver 5-)j (Abdul- Raul 3-7. 
fLWIIIIam* 1-2, Ellis M, Pock O-l. Rogers 0-11. 
Utah 1-4 (Benoll 1-4. Humphries 0-2). R»- 
bounds— Denver 50 (Muiombo 131. Uton 58 
(Malone 12). Assists— Oenver 17 [Pock 4). 
Ulan 24 (Slocklon 01. Total fouls— Denver 25. 
Utah 2s. Tor*- 'cols— R.Wli lloms, Muiombo. 
Berv.lt. Deny* 'legal aetense 4. Denver e«- 
ceuivt timeouts Flagrant foul— Chamber*. 

Thursday's NHL Swilflnal 

San Jose 0 I I 0— I 

Toronto | o 1 1—3 

Series lied 3-3 

Flref period— 1, Toronto. Clerk 5 CGHmaur, 
Gim. 5:26. Penalties— Cronin. 5J (crass- 
checking). I:l«; Osborne. Tor (goollg Inier- 
ferencc 1,10:49: Rouse. Tor ( slashing ), 15:43; 
Zezet. Tor igoalto imerierence). l*:4l 
Second per too— 2. Son Jose. Larionov 4 
iGaroanlov,Ozailnsn).B:«3.Penaines— Whit- 
ney. SJ (stashing}, :30; Letebvra, Tor {cross- 
check log). ;30: Eltatt, Tor (frigging). 6:23; 
Duchesne. SJ (holding). 11:45. 

Third period— 1 Toronla Clark a (Gin. Mir- 
onov>,5: 32 (BP). 4. Son Jose, Norm 1 1 Dohleni. 
7:38. P enalt i e s O ttHnsh. Sj Unterterence), 
4:3*; Anarevchuk, Tor Unrerference). 9:2H. 

Overtime— 5, To ront o. Gartner 5 (Gllmour. 
Rwse), 1:53. Penalties— None. 

ShonangcaF-San JOS97-B-7-0-2Z Toronto 
13-3-7-1—24: power-phnr oaportwUttes— SJ 0 
at 4: Torantg I of 3; goalies— sj. irbc, 7-4 (34 
ihots-21 saves). Toronto. Potvln. 7-5 <22-20). 


ITALIAN OPEN 

In Rome 

Mon*t Slitgteir Quartortinafs 
Boris Backer IB). Germany, del. Michael 
5 lien 121, Germany, walkover; Pete Sampras 
(l). united States, dal. Andrea Gaudeml, Ita- 
ly. 4-3. 7-5; Goran Ivanisevic (41, Croatia, del. 
Jocco Eltlngh. Netherlands. 7-4 47-SI. 6-3. 

OHRMAN OPEN 
lii Berlin 

women's Singles. Qu or tsrWnatt 
Anka Huber <71. Germany, dot. Elona Makar- 
ova Russia 6* 4-1; SWB Grot <11. Germany 
dgf. Julie Ha lord. France. fr3. 7-5; Brenda 

Schultz (ID Netheriands. del. Ann Grossman, 
US. 6-2, 4-2: Jana Novotna (3). Cinch, dot. ines 
Gorracnategul. Araontina 6-2. 4-1 

ill'll to' ' 

Tour of Spain 

RHOtts Worn Frktar** Nth stage. I7S kilo- 
meter* (IN miles) tram AvBa to Segovia: I. 
Marino Alansa Spain. 8anosta4hour*2l mirv 
utes4secands; 2. Roberta Pasnia Italy. Navi- 
oore, 6 mlrwtas-t* second* bemndi 3. Riccardo 
For coni, Italy. Amore-Vlla 6:51: 4. Roberta 
Loaoun. Spcln. Lotus-pgstlne. *:J7; 5, Nostor 
Mara Colombia Krtme. 7:32; A Manuel Pov 
cuoL Santa, Artioch. soma time; 7, Tort Ro- 
mlrtoer. Seri tier tend, Mape!-Ckjs,B:Q5;B, Ale* 
ZuollaSwilioriand.ONCE.8:1Q;9,PMraDel- 
gada Spain, Bonesta. *. 1.1 ia Mlkai Zorroboi- 
tta. Spain. Bantsto, s.t. 

Ovarati standings: 1. Romtager. B6 hours 31 
minutes 54 seconds; X Zarrabeltla 5:20 be- 


fnxtr ' 

forced a seventh mtd 
on Saturday ai^t; 
Conference aentifeBL 

wifi meet VancoBWr ii 
eoce final beghTOHQf 
■■I jlid ' 

it hit Irt 

Gartner said“Ucaokfa v 
a pretty 'goat', wt Tt.Jccka 1 ■ 
from my ... . 

Wendd- Gark : ; 
other twogoals. .... . r?.-; .- 

Igor Larionov^anS 
scored for ihe 
appeared; torhafejitel 
ropes. Then forwaid iia. 
iov came ^ - 

the game when he 1 
a post 73 seconds ^ 

Garic’s second goal, 

at 3:32 of me t^ petidd 
Sandis Ozohnshwasja 

teiference peahy. Flar; 

Todd GilTs tongshotp^ifat. 

A mistake by GiB tha’a : 
Norton’s goal at 7:3^'to nstoa 
2. Gars weak itetin 
went to the Sharks’ Uif f 
quickly passed out front 
who slammed the pu&p$ 
Felix Potvin. >; 

“We didn’t couxdmjn^Bg 
selves in a pcemoawteut ' 
would be needed,” Gartp 
“It’s a great sense of 




titnd.-3LDatgodo7:i8; 

Rincon, Co l ombia ONCR. t34r* t* _ 
lone. France. Lotus- FnoHseirlKlIrUukig 
roz, Spain, CastadMoncI^ Tteikl VDM 
Aporido, Spain, Bonsstn.t%Tl;LHragN 
Escartln. Scain, MapeKtetli*afl 
LonfranOil. Italy. MmotomMuMt 


lit 


BASeBAli ^" 5 
Amoricen Imn- • 

AL— Suspendsd Eric Antaw,RpMl«d 
lloktar. tar 4 games far cbotataCidaRdP 
tag gam* agotnsl Boston m dat l 
SEATTLE— C tamed 
or, off waivers from LMAnSBto»liri»Nm 
him taCataarv. PCL. DtatoolBSMmHh* 
ri*. pitcher, tar psstsn tmfr-yj. T.': 

MuUiMMil IMN- •• 
CHICAGO— PiiMWkdJW*rgoi^kh*JJ 
154MY dtaablad IM. mroacfft* »**» 
voted Frank Coafflln «&*. *■! »* 
tfJaabM list •- 

n.y. mets— cintawd 

fielder, ori wrtwgra T tam Uomi l tll NldlP* 
Dim to Norfolk. 1U- / Cj 
PHI LADELPHIArPlff-W»lV*ll«J 
or.on 15-doy disabled fftt RraOid B»«i 
pitcher, fnm'nwdM.Eb:-'- 
Pittsburgh— P ot MorkDm^-p^ 
an 15-doy tfl s o M ad INtCatytdug ■)»»*** 
pttenor, tram Buftato AA. .. -. •/ 
ST. LOU!S— Adtvotad Wwf an* 

pifehw, from l«oifi«»oBN O&ag * 
Frank cimaraBlf dlcte. te *-****Z 
san oiESQ-aai mgytg TifcRwj 

or. off vvahmr* froa» PW^F*lv 
forms vrtth Lse GuatteraK Pi 
pitchers, on m k iu r NOW * g* 0 "*? ; 




















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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, MAY 14-15, 1994 



Page 19 


SennaKWed 

fy Car Debris 


77if*/t 


ssocia/edj> rcu 


monte carlo — , 


Sfflnawaskilledb7a na r Z^ 1011 

striking Jhds hS S? ofhlScar 
autopsy report 3CCOrdln S u> toe 




r*™. “? Mad injury from which 


be died." MaTT/^i - 1TOm which 

fIA,^d^° Sley ' PnSitolof 

died May 


SS=r*=-S "Mol 




jtttfir-. The autopsy 


w» peitonned in Bologna the 


next 


Mosley said it was not yet known 


2£S3RfL **** lo crash at a 
speea of 310 kph (192 


EZLTS u ?P° < 192 m phj. Te- 
data has so far failed to 




’ AJJ on-board camera in Senna’s 
car that could have provided vital 

V £F T 0 ** al ^ tirae of 

crash, Mosley said, but its signal 

,TkS°,L 0ae °{ 115056 ^8 P'cked 

up by the momtonng helicopter. 


Sweeping Changes Are Imposed on Grand Prix Racing 

FLA Acts as Wendlinger Remains in Coma 




JV V . 



Heinz -Harakl Frentzen (from left), Gerhard Berger, Johnny Herbert and Michael Schumacher leaving the dm ere’ mo oting 


As Stich Backs Out, Sampras Looks Ahead 


By Ian Thomsen 

Internationa/ Herald Tribune 
ROME — An intriguing domestic colli- 
sion was avoided Friday when the No. 2 
seed, Michael Stich, pulled out of his Italian 
Open quarterfinal with the suddenly day- 
friendly Boris Becker. But that's mostly a 
German concern. 


Of universal importance is the attempt 
lata- this month by the world’s top- ranke d 
player, Pete Sampras, to complete a consec- 
utive Grand Slam - — four in a row — on the 
day of Roland Garros. After winning his 
quarterfinal Friday against the imwiHwi 
Italian, Andrea Gaudenzi 6-3, 7-5, Sampras 
now is looking forward to a semifinal on 
Saturday against another unseeded Europe- 
an. Slava Doscdel of the Czech Republic. 

Dosedal, ranked 51st in the world, aided 
the bid of Jim Courier to win (he Italian 
Open for the third straight year. In their 
Friday quarterfinal, Dosedal took a first-set 


drubbing, then turned around and whipped 
the No. 3 seed, 1-6, 6-3, 6-4. Also ended was 
Courier’s string of 15 match victories at (he 
Italian Open. 

Sampras has been haring trouble with his 
forehand this week. He has been guilty of 
attempting winners at the wrong time ad- 
mitting that on day he lacks the court sense 
which he has carnal on the fast surfaces. He 
controlled the first set a gain™ Gaudenzi, 
who at 17 was winning the 1990 U.S. Open 
juniors tide just as the 1 9-ycar-old Sampras 
was winning the men’s title. 

The second set became more work for 
Sampras after Gaudenzi had recovered three 
break points to hold serve in the first game: 
Thereafter, Gaudenzi — brave with the Cen- 
ter Court audience behind him — fought for 
everything, including every dose line call. 

Trailing by a break point, Sampras served 
three straight aces to hold serve in the fourth 
game, then waited until Gaudenzi was will- 
ing to be broken in his final service. These 


are signs that Sampras’s uncertainty on clay 
might be overwhelmed by his newfound te- 
nacity, which came into bloom with his vic- 
tory last summer at Wimbledon — where be 
beat Courier. 

According to the No. 1, Courier's ability 
to reach that final on grass would be similar 
to Sampras’s advancing to the final at Ro- 
land Garros. So we are left with yet another 
example of tennis’ misguided leadership — 
its inability to turn the Sampras-Courier 
rivalry into a Magic Johnson-Lany Bird son 
of thing. That responsibility will probably be 
taken up by Courier’s sponsor, Nike, which 
takes on Sampras this summer. 

In the other half of (he draw here. No. 4 
Goran Ivanisevic beat Jacco Etingh of the 
Netherlands, 7-6 (7-5), 6-3, to earn a semifi- 
nal against Becker, who should be rested. 

Becker leads his rivalry with the younger 
Stich, 5-3, haring won their last two meet- 
ings at Wimbledon and this year indoors al 
Stuttgart. The 25-year-old Stich called in 


sick with an attack of lumbago, which in any 
office is greeted with suspicion. 

“Pain is felt In lower lumbar region and in 
both legs with consequent loss of muscular 
strength,” read the medical report of Stich's 
examination Friday morning. "Pain is felt 
when pressure is put bilaterally on the lum- 
bar region. These are the only symptoms 
pertaining to the injury." 

The Gorman press was busily investigat- 
ing another symptom not pertaining to the 
injury. Stich’s wife, Jessica, was s Lopped for 
speeding at 2 A.M. Thursday and was ac- 
cused of driving while over the alcohol limit. 
She was driving a courtesy car lent from the 
previous week's tournament in Hamburg. 
Jessica Stich is a celebrity at borne for her 
role in a soap opera, in which she portrays a 
doctor. 

Her husband’s withdrawal was further 
douded by reports that Stich’s brother. An- 
dreas, is to be married Saturday in a suburb 
of Hamburg. 


Hawks Tie Series, 1-1, Holding 


The Associated Prea 

The key dement, Lenny WBkens 
preached when he took over as At- 
lanta’s coach Iasi June, was de- 
fense. And that's what the Hawks 
stressed in the second game of their 
Eastern Conference semifinal se- 
ries against the Indiana Pacers. 

The result was immediate and 
dramatic. 

Holding the Pacers to the fewest 


The Pacers’ 69 points broke die 
league-low mark of 70, shared by 
Golden State against Los Angeles 
in 1973 and Seattle against Hous- 
ton in 1982. 


1 The lass snapped a 12-game win- 
ning streak dim began for the Pac- 


Atlanta surged to a 61-42 lead 
halfway through the third quarter, 
then withstood a run that dosed 
the Pacos to 65-57 on Reggie 
Miller’s 3-point shot with a second 
left in the period. 


The Pacos, who shot 31.8 gr- 


NBA PLAYOFFS 


pants in NBA playoff history, the 

Haw! 


.*awks got 20 points each from 
Danny Manning and Kevin Willis 
to win, 92-69, Thursday mght and 
tie the series at 1-1. 

“This was a huge turnaround lor 
ns after we were embarrassed! the 
other night," Wilkens said of At- 
lanta’s 96-85 loss in the senes open- 
er Tuesday nigbL 


era with eight gantt left in the regu- 
lar season games, continued 
through a three-game sweep of Or- 
lando in the first round of the play- 
offs and then fi te series-opening 
defeat of Atlanta. ' 

Games 3 and 4 will be played 
Saturday and Sunday at Indiana 
before the best-of-7 series returns 
.to Atlanta on Tuesday night. 


SIDELINES 


cent for the game. and only 
percent in the final quarter, when 
they bad seven of their 17 turn- 
overs. 

Mookie Blaylock added 11 
points, 13 assists and 10 rebounds 
for the Hawks, the fourth triple 
double of his career. 

Jazz 104, Nnggets 94: Kari Ma- 
lone, defying Denver shot-blocker 
Dikembe Mu lorn bo, scored 32 
paints as Utah, playing at home, 
took a 2-0 lead in its Western Con- 
ference s emifinal 

Malone, who also had 12 re- 
bounds, repeatedly took the 7-foot- 
2 Mutombo to the hoop, twice 
drawing fouls cm made baskets as 
the Jazz successfully defended their 
bomecourt advantage. 

Denver plays host for Games 3 
and 4 on Saturday and Sunday. 
Game 5, if seeded, will be al Utah 
cm Tuesday. 

Mutombo blocked eight shots, 
while Mahmoud Abdul-Rauf had 


South Korean Heeled to FIFA Post 

KUALA .LUMPUR '^^ScSdlwSSeASmFooSS 

Cup campaign, Mong Joo ^™^ socc er’s world governing body, FIFA. 

Confederation sy^-P^. H industries’ founder Ju Yung Chung. 

Chung, son of HyimaaJ ^ / viaofy m was seen as a big boost to 23 points for Denver before leaving 
trounced his twjl from J PJjj 5 WorW Cnp finals in 2002. die wme whh a bruised right knee 

^outh Korea s bid to has hy Sheikh Ahmad Fahad al Ahmed as feteinthe same. 

*Chung got 1 ! .votes- Muhammad Hammam al Abdullah of 

“ Ml’ T%Jo° SJTTE- of Japan's Worid Cup 

campaign, received only two votes. j. o ' 

G«HTouBianienKD^f^^J m 

Open, forcing ^ffSc in Dallas was also hit by ram. it 
already had been reduced n j 

TZ. fc™. Snain in Tour of Spam 
A First for Ml ™„ Ata**-****"® 

PAWZUELOSSp™^ Tow 

S^SSS^S^ff , ** 


Intern the game. 

The Jazz, leading by three prams 
as die fourth quarter began, got 
three baskets from Malone in the 
first 4:28, his 16-foot fadeaway 
jumper build the lead to 86-78. 

Back-to-back dunks by Benoit 
and a jam by Chambers poshed the 
marg in to 13 with 2:01 to play. IBe 
Jszz got their final point, ana big- 
gest lead, when Mutombo was 
called Tor a techni cal with 21 sec- 
onds left, and Chambers made the 
free throw. 



ju tomb TV Hns* 

Karl Malone, drawing a foul on a think, defied shot-blocker 
Dikembe Mutombo and scored 32 points as Utah won. 104-94. 


Compiled by Ow Staff From Dispatches 

MONTE CARLO — With two 
drivers dead and a third in a coma, 
the International Automobile Fed- 
eration decided Friday it was rime 

to take drastic measures to make 
Grand Prix auto raring safer. 

Overriding its agreement with 
the Formula One teams, FIA uni- 
laterally imposed sweeping regula- 
tions designed to reduce speeds in a 
sport where cars are sometimes 
clocked at 360 kph (200 mph). 

Some of the changes are to be 
put into effect for the Spanish 
Grand Prix on May 29. 

“Anything that needs to be done 
— anything that we think usefully 
can be done — will be done,” said 
FIA’s president. Max Mosley. “We 
don’t have any choice in the mat- 
ter” 

He announced the changes hours 
after most of the active Formula 
One drivers reorganized the long- 
moribund Giand Prix Drivers’ As- 
sociation and called for improved 
safety. 

FIA has been under pressure to 
act since the deaths of three- time 
world champion Ayrton Senna of 
Brazil and Roland Ratzenbeigerof 
Austria in high-speed crashes dur- 
ing the San Marino Grand Prix on 
the weekend of April 30-May 1. 

Then, on Thursday, the first day 
of competitive raring since Senna’s 
death, kail Wendlinger of Austria 
crashed as be was wanning up for 
the opening qualifying session of 
the Monaco Grand Prix. He re- 
mained in a coma Friday at a hos- 
pital in Nice. 

The new regulations apparently 
violate the Concorde Agreement, 
which stipulates that the Formula 
One teams and FIA must agree on 
any major changes. 

“The time has come, because of 
the gravity of the situation and the 
force of public opinion, to push 
aside such considerations and do 
what is right in the general interest 
of the sport,” Mosley said. “What 
we want to put forward does not 
meet with everyone’s approval.” 

He did not indicate which For- 
mula One lewnt were likely to ob- 
ject to the new regulations, which 
will reduce downforce, increase 
minimum weight limits and im- 
prove protection for the driver in 
the cockpit. 

Mosley said the technical 
changes that will be put in place for 
the Grand Prix in Barcelona will 
reduce the cars’ downforce by 
about 15 percent, which will, in 
turn, cut speeds. Those measures 
are: Reducing the size for the diffu- 
sor. an aerodynamic section of the 
exhaust escape at the rear of the 
car; reducing the size of the front 
wing end plates, and reducing the 
size of the front wing. 

For the Canadian Grand Prix on 
June 12, lateral protection for the 
drivers' beads would be increased 
by enlarging the size of the cockpit 
sides, thus increasing the weight of 
the cars, and the use of commercial 
fuel will again be made mandatory 
instead of the so-called “jungle 
juice” fuel with additives. 

“We wiD invite each fuel supplier 
to nominate 100 gas stations and 
we will go and obtain the fuel from 
those stations." Mosley said. “In 
other words, we are going to buy 
fuel from the pump and give it to 
the teams.” 

Front suspensions must also be 
strengthened to prevent wheels 
from being easily detached during 
a crash. Senna's autopsy showed he 
was killed by part of his suspens 
striking his helmet. 

Mosley also said that a number 
of aerodynamics-related technical 
regulations to further reduce speed, 
approved for 1995, will be intro- 
duced at the German Grand Prix in 
Hockenbeim on July 31. the mid- 
way point of the 16-race season. 

Cars will no longer be flat on the 
bottom, but wCU have a “step” built 
into them. This would cut tbeir 
speed, particularly at comers, while 
adaptations to front and rear wings 
will have the same effect 
And starting next season. Most- 
ly said, FIA wants the teams to 
reduce downforce by 50 percent, 
while engines will have to be re- 
duced to 600 horsepower from the 
current maximum of about 800. 

Other safety measures, such as 
the use of airbags and foam and 
driver restraints, were bring stud- 
ied. he said. 


Drivers Gerhard Berger of Aus- 
tria, Michael Schumacher of Ger- 
many and Christian Fittipaldi of 
Brazil, along with retired two-time 
world champion Nild Lauda, will 
bead the drivers’ association, which 
has been dormant since 1982. 


“The GPDA requests represen- 
tation and recognition within FlA 
to improve the safety of Formula 
One,” Lauda said. 


For die Record each at Houston and Mflwaukw, 

Dd Ham* *^‘^eLc^S eIes second straight race in 

SSK? “TS 

sstaatfs,--**' 



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Mosley, who last week said For- 
mula One drivers “aren't really in- 
terested in safety.” welcomed the 
move and said, “I think it’s very 
positive that the drivers should 
want to participate in the dialogue 
about rircmt and car safety.” 


In Nice, doctors at Saint Rocb 

Hospital said Wendlinger was bo 

ing kept on a respirator m an artifi- 
cial coma to ease the strain on the 
contusion to his brain. One doctor 
said that the next 48 hours would 
likely be decisive. 

The Saubcr team said it would 
not take pan in Sunday’s race. 

None of the change will be in 
effect at Monte Carlo, although the 
constructors agreed at a meeting 
’Diursday night to impose a speed 
limit of 80 kph in the pit lane. 

Michel Boeri, head of the local 
organization which runs the race. 
emph as i zed the race would go on as 
scheduled. 

(AP. Reuters, AFP) 


Mosley: Blaming Changes 
In the Rules Is f Absurd’ 


Reuters 


MONTE CARLO — Max Mosley, president of FlA, categorically 
denied Friday that the banning of high tech drivers' aids this season 
has had anything to do with 


le spate of accidents in Formula One 

racing. 

“The reasons for four of the five aorideuts” at the San Marino 
Grand Prix “are known with reasonable certainty and none had 
anything to do with electronic aids or active suspension.” Mosley 
said. 


He said that the changes have “merdy removed certain devices 
which one or two teams had in 1992 and most had in 1993. The 
changes have restored conventional suspension technology. Ten of 
the 12 years without fatality have been without these electronic 
devices.” 

Asked if the rule changes were introduced solely to “improve (he 
show” Mosley rqAed; “No, the changes were to eliminate the 
tendency for computes to take the place of drivers and to reduce the 
gap between rich teams which had access to the technology and poor 
teams, some of which did not 


“it is absurd to suggest that a driver of (Ayrton) Senna's ability 
' ‘ well 


would be troubled when less skillful drivers manag ed perfectly 
without these devices.” 

To suggestions that removing active suspension systems must make 
cars more difficult to drive and therefore more dangerous, he said: “A 
badly set-up car on conventional suspension is difficult to drive. But 
this is an everyday problem known lo all racing drivers, even 
beginners. It is not dangerous. 

“By contrast, drivers were constantly complaining that a malfunc- 
tioning active suspension system could be extremely dangerous and 
unpredictable. There are many examples of tins erf which the most 
obvious was the Bezger-Warwick incident at Estoril last year.” 

Mosley also denied that Senna was against having the drivers’ aids 
removed. 

“No, Senna led the campaign against them,” Mosley said. “He said 
in an interview with The tunes in London that he wanted to drive his 
car himself, and not have it driven by computers. The removal of 
driver aids was supported by drivers in innumerable interviews.' 


Mosley’s comments have been supported by drivers in Monaco. 

ry that be feared technology, such as 


Gerhard Berger said Wednesday l _ 

active suspension, more than anything else and bad had “many very 
big accidents because of the failure of this sort of technology. 


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The Hairball Vacation 


j a MiG at Mach 2.4 


M IAMI — Summer vacation is 
almost here: Soon it will be 


IVl almost here: Soon it will be 
lime for you parents to pile the kids 
into the car, show them how to 
work the ignition key, then watch 
them roar off down the street, pos- 
sibly in reverse, as you head back 
into your house for two weeks of 
quiet relaxation. 

I am pulling your leg, of course. 
You have to go with them. You also 
are required, by federd law, to take 
them to at least one historical or 
natural site featuring an education- 
al exhibit with a little button that 
you’re supposed to push, except 
that when you do. nothing hap- 
pens, because all the little light 
bulbs, which were supposed to light 
up in an educational manner and 
tell “The Story of Moss,” burned 
out in 1973. But this does not mat- 
ter. What matters is that this is a 
memorable and rewarding and, 
above all, enjoyable vacation expe- 


rience that you are providing for 
your children whether they like it 
or not. 


“DAMMIT YOU KIDS,” you 
might find yourself explaining to 
them, “IF YOU DONT TAKE 
THOSE LEGOS OUT OF YOUR 
LITTLE BROTHER’S NOSE 
AND COME LOOK AT THIS 
EDUCATIONAL EXHIBIT 
THIS INSTANT, I SWEAR I 
WILL NOT TAKE YOU TO THE 
OYSTER KINGDOM THEME 
PARK.” 

□ 


This situation demonstrates why 
you should never set out on a fam- 
ily summer vacation without a 
complete set of parental threats. 
You cannot simply assume that 
when your children have, for exam- 
ple. locked somebody else’s child 
inside the motel ice machine, you'll 
be able to come up with a good 
parental threat right there on the 
spot- You need to prepare your 
threats in advance and write them 
on a wallet card for easy reference. 

YOU (sternly!: If you kids don’t 
let that child out of the ice machine 
this instant. I'm going to . . . (re- 
ferring to wallet card) . . . DON- 
ATE MY ORGANS. 

FIRST CHILD: Huh? 

SECOND CHILD: He’s reading 
from his driver’s license again. 

YOU ( referring to another wallet 
card): O. IC, here we go: V m going 
to TAKE AWAY YOUR GAME 
BOY. 


FIRST CHILD: We don't have a 
Game Boy. 

SECOND CHILD: Jason threw 
it into the Water Whiz ride back at 
Fez Adventure. 

YOU (in a very stern parental 
voice): All right "then, we’ll just 
have to BUY ANOTHER ONE 
□ 

Yes, you need stricL discipline on 
a family vacation. You also should 
have some kind of theme for your 
trip, and this year the theme that I 
am recommending is: Hairballs 
Across America. Your first stop is 
Garden City. Kansas, home of the 
Finney County Historical Society- 
Museum, which features, according 
to news reports sent in by many 
alert readers, the largest known 
hairball in captivity, not counting 
members of Congress. This hairball 
measures 37 inches in diameter and 
weighs 55 pounds. That is what we 
in professional journalism call “a 
big hairball.” 

1 called up tbe historical society 
museum director. Mary Warren, 
who told me that the hairball was 
graciously donated by a local meat- 
packing plant, which found it in- 
side the stomach of a cow. After 
you tear them away, your next stop 
will be the nearby Midwestern slate 
of Indiana (motto: “It's Also Pretty 
Flat”), where you will be visiting 
the city of Alexandria. This is the 
historic site where it took three men 
to pull a giant hairball out of a 
manhole last year. 

“We thought we had a goat.” a 
city sewer official was quoted as 
saying. 

□ 

Needless to say. this hairball was 
not caused by a cow. Cows do not 
fare well in the sewer environment, 
because of the alligators. This hair- 
ball was formed by people taking 
showers, and having their hairs 
wash down the drain and clump 


International Herald Tntvnc 

ARJS — No one wants to look at vacation snapshots 


P ARIS — No one wants to look at vacation snapsnots 
of beaches, roiling countryside, or even — things have 
come to this world-weary pass — of gold panning in 
Lapland or torpid turtles in the Galapagos. It is lime to 
aim higher — 25 kilometers \ 15 miles) into die sky. for 
example. 

A Florida company called MIGS eic.. Inc. has since 
October sent more than 100 tourists into empyrean space 


4 ^ 




ratkSK? k 



frooii 


betyof -opted 


MARY BLUME 


together in a giant mass. 
Tragical ] y — and this 


Tragically — and this is yet an- 
other argument for stricter federal 
guidelines — tbe giant hairball was 
left outside, and it disintegrated. 

“Just thin It. kids!” you should 
tell them. “Right here in this town, 
there was a hairball THE SIZE OF 
A GOAT! Isn’t thaL amarine? 
Kids? HEY! YOU KIDS COME 
BACK HERE!’’ 

You should never have left the 
keys in tbe car. 

Knighi-Ridder Newspapers 


in cash-hungry Russia where everything these days is for 
sale, from Kim Philby’s fedora to solar-power cells. 

“Send in vour helmet size . . . your dream is ready to 
fly." says the company’s promotion cassette. 

Before takin g the controls of a supersonic fighter air- 
craft with a flight plan they have helped to design, most of 
MIG ctc.’s customers have experienced nothing more 
exciting than bumping along in commercial aircraft. The 
flight packages range in price from S7.000 to $50,000. 
depending on the program chosen. Hotels, meals and a 
Moscow tour are included. Those who wish to take their 
flight suits home with them pay an extra SI CHI. 

Customers sometimes look a bit green on landing, says 
the company's Moscow manager. Marina Zaikovskaya. 
the daughter of a Russian test pilot grounded herself by- 
motion sickness. But they tend to croak out the same 
enthusiastic words. 

“I have made a list.” Zaikovskaya says. “Incredible! is 
what 90 percent say. The other 10 percent would be 
distributed between Marvelous! Great! and ft’s betier 
than sex!’’ 

The founder of MiGS etc., talking by telephone on a 
visit to Moscow, is Kent Ertugrul. 30. who used to work in 
investment banking and in computer software for drive- 
through hamburger restaurants. “We didn’i really think of 
it as a btisinessSwe just put it out to see if people were 
interested and they were. You can't do any market re- 
search for this sort" of thing, you just have to throw ii out 
and see what happens." 

The aircraft the company uses — MiGs and the Sukhoi- 
27 — are at the Zhukovsky- air base near Moscow. Negoti- 
ations to use them with lop English-speaking test pilots as 
instructors were surprisingly easy. Ertugrul says. “By and 
large, there is less red tape in Russia than anywhere else. 
Things are in a tremendous state of flux right now — 
people are looking for opportunities, new things to do." 

Customers, who come from the United States and 
Europe and will soon be flying in from Japan where 
Enugrui has signed a contract for zero-gravity flights, 
begin in an L-39 jet fighter trainer with their own private 
instructor. With their instructor, they then fly a real MiG- 
29 with a maximum speed of Mach 2.3. a MiG-31 Fox- 
hound, an interceptor that can reach Mach 2.4. or the SU- 
27 which can execute the famous cobra maneuver in w hich 
the aircraft pitches to an angle of attack of more than 90 
degrees and recovers to a normal flight aLtitude within 
seconds. No previous flying experience is necessary. 

“If you have piloted a single engine aircraft it doesn't 
really help anyway,” says Julia Ragona, the company's 
Florida-based sales director whose ear problems prevent 
her from testing her product “Jets and aerobatics are a 
very different thing.” 

The customers have ranged in age from 16 to 72. They 
first undergo a physical at the airbase to see what they can 









iel 


fisc* played 


' room. . ■ 






Rician) Beura/IHT 


lake. “If you can fly in a commercial aircraft you can fly in 
one of these." says Ragona. “The question is how many 
maneuvers you can do or how man y G's you can pull.” 

Those who are not up to a cobra, a wing-over, an 
Immelmann or even a loop or a roll can simply aim tbeir 
MiG into the upper atmosphere where they can see the 
Earth curve and. perhaps, feel it move. 

The company’s intimate Flight program begins with 
five combat Hying lessons on the L-39 and culminates in a 
mock MiG or SU-27 dogfight in real planes in which a 
customer combats a f riend or — and this has happened — 
a spouse. 

On the last day of dogfigbting. a panel of judges reviews 
videos of the combat and declares the winner, who re- 
ceives a silver-plated helmet signed by the test pilots as 
well as video tapes of the dogfights, edited and set to 
music. 

Those who feel deprived by Congress's recent strictures 
on automatic weaportscan also enroll in a Military Adven- 
tures program in Sl Petersburg. It offers an opportunity 
to fire 3 Kalashnikov machine gun or a rocket-propelled 
grenade launcher and to drive a T-80 turbine-powered 
lank and lei off a shell or two. The company has also 
begun to offer rides in training craft that simulate weight- 
lessness and future possibilities are unlimited. Ertugrul 
says. 

“There’s a lot to be done with using tbe military indus- 
trial complex for tourism without getting into the Rambo 
world or the Soldier of Fortune world, which we definitely 
want to avoid. There's a lot of fun stuff you can do.” 

Dogfights, assault weapons: Ertugrul could be accused 
of encouraging military freaks. “1 think it's quite the 


opposite,” be says. “I am personally not a gjm freak or a 
military freak at all and if we have made a point of not 
advertising in publications addressed to that market, 
though believe me the opportunity is there, it’s because 
we’re not interested in that sort of customer. The way I 
look at it this is probably the best use anyone has found 
for tins stuff. Its sole purpose was to kill people and what 
better way to use it than for fun?” 

It’s a white knuckle sort of fun, but only if tbe customer 
wants it to be, Ragona says. “You can a roll at a high G or 
a low G. depending on now you take it. You can do a 
variety of thing s at low G and have it be fun bat not white 
knuckle.” 

One attraction for the Russians, she says, is that tbe 


venture brings publicity to the aircraft manufacturers 
whom she describes as the Russian equivalent of Boeing or 


whom she describes as the Russian equivalent of Boeing or 
Lockheed with an eye to the nonmilitary market. 

The financial arrangements between MIGS etc. and the 
Russians are about the only thing that is stiS top secret. 
The pQots have pronounced themselves extremetv satis- 
fied. 

Ertugrul sensitive about recent world headlines con- 
cerning a Russian airliner, emphasizes his own pilots’ s kin. 

“What you have to bear in mind is that the pilots we’re 
working with are the best, they’re die test pilots who do air 
shows overseas. To associate them with ordinary air force 
pilots or Aeroflot would be a mistake.” 

There have been no mishaps so far but the company 
warns that its programs are inherently dangerous and 
requires its customers to sign a release form. At least they 
needn’t worry about tbe pilots — thev are all more than 15 
years okL 


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21/70 13/55 
21/70 10*1 
18*1 14*7 
16*4 1305 
19*8 11*7 
N/75 16*1 
12*3 1/34 

21/70 13*5 
3/71 14*7 
19/M 6/43 
21/70 10*1 
17*2 12*3 
21/70 12*3 
1200 3/37 

20/79 14*57 
0/40 4 *35 

1509 4*9 

3/71 14*7 
11*2 0/43 

23/73 16*1 
21/70 13*5 
20*8 9/40 

22/71 14*7 


Tm 
W High 
OF 
pc 18*0 
ill 17*2 
pc a/7i 
a 20*2 

i 23/73 
pc 29*4 
PC 23/73 
I 22/71 
PC 76V9 
■ 20W 
pc 23/73 

• 17*2 

pc 1407 
pc 26 79 
ah 24/75 
l 23/73 
pc 1203 
pc 23/73 
pc 22/71 
ah 19*0 
A 19/66 
pc 23/73 
1 20-79 

9 10*1 

ih a/71 
pc 23/73 
a 17*2 

• 22/71 
i <9*8 
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• 10*0 

S 27*0 
pc 1407 
9 13*5 

ah 25/77 
pc 13*5 
ah 24/75 
Sh 33/73 
pc 22/71 
* 24/75 


Low W 
or 

1102 ah 
13*3 I 
1203 9 
17*2 a 
1509 pc 
17*2 9 
1102 I 
10*0 sh 

14*7 pc 
0/40 m 
14*7 C 
7X4 c 
6/4o r 
15*9 9 
12*3 pc 
13*6 pc 
4 OB c 
10*1 pc 
17*2 9 
1203 c 
1102 c 

8/46 ih 
1509 pc 
5/41 pc 
1162 pc 
14*7 a 
5/41 r 
10*1 pc 

11*2 9h 

11/52 pc 
4/39 • 
10*1 • 
3/37 c 
6M3 ah 
11150 PC 
5/41 c 
17*2 9 
13*5 pc 
11*2 c 
11*2 pc 


Today Tomorrow 

High Low W KJgti LOW W 
OF OF OF C IF 




W h> 


Bangkok. 

ft** 

Hong Kong 
Unit 
No* Mi 
Seoul 
Stiar^ui 

Totarc 


33«1 24C* pc 
27*0 1004 | 
29*4 74.75 pc 
3S/9S 24/75 PC 
30/100 25/77 s 
n-70 17*2 r 
J0 .-79 19*8 ih 
32-09 23-73 pc 
31 -W 23C3 %h 
S.TI 13-55 pc 


33-91 25/77 pc 
32*9 16*1 pc 
29 *4 24/75 pc 
34.93 24/75 ih 
40-104 26 79 i 
23-73 14 57 ih 
27*0 16*4 CZ 
Him 2373 l 
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JoMream 


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North America 

Denvor through Calgary 
province will be very warm 
early ne«t week. A storm wW 
bring soaking rain to Port- 
tand. Ore., and San Francis- 
co Monday into Tuesday. 
Pttlsbur^i to Boston w*J be 
warm and humid Sunday 
with acflllered rains. Dry. 
much cooler weather wilt 
arrive eady next week. 


Europe 

Lisbon io Madrid will be 
damp Sunday and Monday 
with plenty of clouds and 
scattered rams. Cooler 
weather and ram will over- 
spread Oslo and Stockholm 
Sunday into Monday. Rome 
through Athens wit! have 
sunny, very warm weather 
Sunday through Tuesday 


Asia 

Shanghai will bo dry and 
very warm the ne»1 several 
day 9. Showers will dampen 
Tokyo Sunday and again 
Tuesday Beqmg and Seoul 
wkl be (fry and pleasant early 
next week. Hong Kong will 
be warm and humid wtih a 
stray shower or two Tropical 
Storm Page will re-curve 
saxheasl of Japan 


Alj»iro 

24/75 

16481 

» 24/75 

17/82 1 

CopoT^wn 

23/73 

13/55 

1 23.-73 


CaaaUlanca 

10/64 

13/55 

pc 21/70 

12.53 pc 

Hararo 

22/71 

10.50 

pc 21/55 

11/52 pc 


wee 

29/79 

1 31- -88 

»/79 r 

Nata*. 

21/70 

11« 

pc 22/71 

1355 10 

Tui« 

30/86 

16.481 

1 23/84 

18 84 s 

North America 


Middle East 


Latin America 


Today Tin-ofioii 

High Low W Mtfi Low W 

OF OF OF OF 

23/73 16*1 a 25/79 16*4 3 


7 odwf Tomorrow 

Mgh Low W High low W 


Ctecaflo 

□ararar 

PetrrW 

HmUu 

Howfcoi 

Vaahnqe h i 


Oceania 


17*2 10*0 pc 17*7 9/48 pc - 

16*4 11*2 a 19*6 12*3 pc 


29*4 12/53 1 32*9 19*6 S 
22/71 0/46 a 24/75 13/55 1 

21/70 11*2 • 34/75 1S*9 • 
36/97 15*9 a 30/10010*4 a 
40-104 32/n 1 40704 23/73 ■ 


CIF Of OF C* 
Buenos Mas 2679 14,57 a 3475 14*7 pc 

Caracas 31*8 19*6 a 30*6 31/70 a 

Una 21/70 17*2 a 21/70 17*2 pc 

Wojco Oy 24/75 12.53 I 26/79 17/53 pc 

RoHMawo 33/91 19*0 pc 31/96 19/66 c 

Soraago 2577 3-J0 s 33/73 11/52 pc 


Legend: Wunny. PC-partly oouey. c-dou-Jy. sh-showera. t-lTunderciomw. r-rajn. sFwrow •antes. 
sn«ww. Hea, W-We*her. All maps, forecant and data provfded by Accu-WMher, he- « 1994 


12*3 20s 

25/77 10*4 
23/73 12*3 
26/79 14*7 
22/71 9/46 

24/75 13*5 
27/00 21/70 
31*8 22/71 
23*73 15/59 
31*0 21.75 
20-68 10*0 
17*2 8*3 

29*4 22/71 
23.73 13*5 
30*100 23/73 
20*0 11*2 
16*4 11.52 
21/70 9/46 

27*0 14*7 


Wl 12/53 2.36 pc 

Sh 29*4 17/62 * 
* 20*8 12*3 pc 
t 21/70 8 ■•46 sh 

pc 2679 0-46 1 

pc 21.70 10 *0 Wl 
DC 29-84 22.71 pc 
pc 29*4 17*2 c 
pc 24.75 15/59 pc 
pc 31*8 22/71 pc 
di 20*8 0/46 pc 

pc 18*1 7/44 Wl 

pc 30*6 23/73 pc 
1 2373 13*5 pc 
1 30-100 22/71 a 
1 10*4 11*2 pc 

Wl 17*2 9/46 Wi 

pc 16*4 7/44 Wi 

S 26-79 14*7 pc 


By Henry Kamm 

,Vph Yr+k Times Service 

A THENS — While drivers all around them 
in this traffic-choked capital perform their 
customary impatient concert of blowing horns 
and squealing fires, archaeologists are meticu- 
lously sifting through a yawning excavation, 
longer and wider than a football field. 

Athens is building a badly needed subway, 
and the S2.8-biilion project has provided a 
boon to archaeology. 

They are digging on Syntagma (Constitution) 
Square, the busiest in Athens, in front of the 
Parliament and at the Tomb of the Unknown 
Soldier. At this site and the 20 other sites of 
future stations, excavating machines are laying 
bare stratum after stratum of the many cultures 
that made Athens a fountainhead of civilization. 

“Here we are in the shadow of the Acropolis, 
digging five subway stations,” said William G. 
Stead, the construction project's genera] man- 
ager. Much has been found to rouse archaeo- 
logical passions. Some finds were unexpected, 
while others confirmed accounts of Athens 
written through the ages. 

In from of Parliament, for instance, tbe digs 
laid bare a vast public bath of tbe Roman period 


that no ancient chronider had described. The 
tops of the columns for its sieam room, marvel- 
ously preserved, lay about two feet under the 
surface of Amalias Avenue, where the flow of 
heavy traffic never seems to cease. 

Surprisingly, said Olga Zachariadou, the 
Culture Ministry archaeologist in charge of the 
site of the Syntagma Square station — the main 
hub of the Metro system — antiquities covered 
by the asphalt of streets lie closer to the surface 
than those in fields, where soD accumulates. 
While there has been some digging under Ath- 
ens for utilities, there has been nothing before 
on this scale. 

Constantine Sards, an archaeologist working 
for Attiko Metro, the project’s management 
company, pointed out several tali food-storage 
bins, resembling round stone wells, from the 
Byzantine era. 

Next came remains of a Roman aqueduct. 
Beyond, tbe archaeologist showed traces of the 
dned-up bed of the Iridanos River, mentioned 
by Plato. Scattered around were tombs of the 
early Christian era. One yielded the skeleton of 
a dog, probably buried next to its master. An- 
other contained toys — terra-cotta animals on 
bronze wheels. Stead said — perhaps buried 


with children. An aq uedud^fBathe 
tury B. C. lay near the rivohai^fcrtia 
Roman baths were the reawfeif uaqttd 
in which bronze statues woe&i {rotate 
the cemetery. (MI lamps feja^ngaotieR 
mgs were found in the baths- 


iaii v 


T 4 ? 

I III 


Mie xUi 


The Culture Mimstr y k jeakasfr go 
the discoveries for sfiidy beforemvi 
public to see them. Sams raid dattbes 
excavations would provide grist lor d 
dissertations for yeais to come 
So rich are the excavations, Zacfca 


"fc:. 


said, that had the Syntagma sitel 
anywhere but in the center of i 


anywhere but in the center of aoty* 
never be covered over again- But M&d 
way tunnels being carved in the rockf* 
the discoveries, officials derided thoti 
way to preserve them. ' ' , y 

What the Metro excavations 
than movable dgects, is bring 


bulldozed for the. sobway stan an&Jt » 
very, very hard, of course," Zadnn*» J 
“We’re happy becanscwehavea voywp 
to excavate, but, on the other han 4 
very much.” 


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426-801 Neth-Antfl OW* 

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