Skip to main content

Full text of "International Herald Tribune , 1994, France, English"

See other formats



INTERNATIONAL 







? O 

// 

m > 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Monday, May 30> 1994 


The ' Perception Gap 9 
Blurs Picture in Bosnia 

WLal die UN Sees as Move to Peace 
May Instead Be a Step Toward War 


By John Pomfret 

Washington Post Service 

TRAVNIK, Bosnia- Herzegovina — Lieuien- 
ani Genera] Sir Micbae) Rose, ihe commander 
or United Nations troops in Bosnia, took a 
delegation or NATO officers to meet General 
Mehmed Aligic early last week. 

At the appointed time, the Bosnian Muslim 
general burst into the room, sucked in his 
formidable stomach and jerked his right band 
into a snappy salute. 

Nonplussed. General Rose extended his arm 
to shake the Bosnian's hand. The UN com- 
mander, a by-ihe-books British officer, does 
not salute a man not wearing a haL But General 
Aligic — gloriously incorrect, and one of the 
most successful mili tary leaders of the mostly 
Muslim Bosnian army — refused a handshake. 

The NATO commander for Southern Eu- 
rope. Admiral Leighton Smith, stepped in and 
saved everyone a bit of face, participants in the 
meeting mailed. Looser American rules allow 
had ess salutes. General Aligic. his salute re- 
turned and his pride intact, settled into his seat 
and the meeting began. 

The brief standoff in this beautiful Bosnian 
town dramatized the gap in understanding be- 
tween officers of the UN operation here and the 
military men of the warring Bosnian factions. 

Denizens of different cultures and different 
worlds, using different maps to fight different 
wars according to different rules, they can nei- 
ther shake hands nor salute when they meet 

The ramifications of this gap in perception 
are significant, affecting everything in Bosnia 
from the peace process in Geneva to cease-fire 
agreements on the ground. It is one of the 
reasons why what seems to be a step toward 
peace in LIN eyes can. in other eyes, turn out to 
be a stumble toward more war. 

General Rose, bom S3 years ago in Quetta, 
then a British colonial garrison town in what is 
now Pakistan, cites the Prussian military think- 
er Karl von Clausewitz to sum up his evaluation 
of this conflicL ‘The war.” be said with the film 
belief of a former war college commandant 
schooled in the logic of NATO strategy, “has 
long ago reached its limit of exploitation.'* 

General Aligic, 47. part Turkish vizier, part 
Communist commissar, trained in the arts of 
protracted struggle in a culture where Occident 
and Orient collide, begs to disagree. 

“We don't make war here on the basis of 
West Point.'* he said. 


General Rose predicted, for example, that his 
masterpiece, a successful cease-fire around Sa- 
rajevo that rode on the back of a NATO ultima- 
tum last February, would spread rapidly across 
Bosnia. Instead, it was followed by a decision 
by the Bosnian Serb military leader. Raiko 
Mladic, to attack the UN “safe area” of Gor- 
azde. precipitating another crisis. 

One of the great successes of the UN opera- 
tion in Bosnia, hammered out in tandem with 
American diplomatic efforts, was the March 
peace settlement between Croat and Muslim 
factions that fought a war for more than a year 
in central Bosnia in parallel with the main 
conflict pitting the Muslim-led government 
a gains t Serb secessionists. 

Lieutenant Colonel John McColl. command- 
er of British forces in the region. General Rose 
and the American diplomats and military offi- 
cers who brokered the accord saw it as the 
be ginnin g of a process that would spread into 
the 72 percent of Bosnia held by the Serbs. 

Charles E. Redman, U.S. special envoy to the 
Bosnian peace talks, says that now that Mus- 
lims and Croats have stopped fighting, they 
should sign a peace agreement that would give 
them S 1 percent of the country and the Serbs 49 
percent. 

But General Aligic commands a corps of 
Bos nian fighters at least half of whom lost their 
homes in Serb ethnic cleansing. He leads to see 
the Muslim-Croat deal not as a harbinger of 
peace but as the f jcfliiator of more war. 

“The federation means open roads,'* be said. 
“Open roads mean guns. And that means my 
men can go home.” 

While General Rose was idling him that 
continuing the war was “pointless," Muslim 
infantry and Croat tanks were attacking Bosni- 
an Seri? positions near Tesanj, northeast of 
Travnik, in a joint probe marking the first time 
in more than a year that the Croat militia had 
fought alongside Muslim forces in central Bos- 
nia. 

General Rose called the fighting “minor skir- 
mishes.” Bosnian commanders view the re- 
newed cooperation as steps toward bigger ones. 

One of the goals of the Tesanj attack appears 
to be to cut a road running south from the Serb- 
held town of Te&iic that supplies Serb gunners 
on Mount Vlasic. a peak overlooking Travnik. 
General Aligic’s men have recently attacked 
Serb positions there. 





Mr. Solzhenitsyn leaving Vbrfivostok on Sunday to visit Popov Island with sons Yennoferi, left, and Stephan and his wif e, Nstafia. 


By Serge Schmemann 

New York Times Service 

VLADIVOSTOK, Russia — In one of his 
early short stories, “Matryona's Heme,” Al- 
exander L Solzhenitsyn wrote a bauntingly 
prophetic passage about a prisoner coming 
home from the labor camps. 

“In the s umm er of 1953 1 was coining bade 
from the hot and dusty desert, just foliowing 
my nose — so long as it led me back to 
European Russia. Nobody waited or wanted 
me at any particular place, because I was a 
little matter of 10 years overdue. I just wanted 
to efface myself, to lose myself in deepest 
Russia ... Lf it was there.* 

Vermont is no hot and dusty desert, and 
the 10 years turned to 20. But Mr. Solzheni- 
tsyn is in a sense following his nose back to 
European Russia as he begins a trek across 
Siberia for which he has no plan or schedule. 

The question is whether there is a Russia 
that awaits or wants him, and whether his 


For Palestinians, Promised Aid Is Elusive 


By David Hoffman 

Washington Post Service 

BEIT HANINA. West Bank — Inside the 
nerve center for Palestinian economic revival 
Deputy- Managing Director Hasan Abu Libdeh 
is waiting for the phone to ring. 

In fact, be*s still waiting for the phone to be 
installed. So far, the Palestinian Economic 
Council For Develop mem and Reconstruction, 
die agency set up to translate billions of dollars 
in foreign aid into jobs and prosperity for 
Palestinian self-rule, does not have a single 
telephone line. 

The Palestinians say Israel's military govern- 
ment in the West Bank is blocking their request 
for telephones. The military government says iL 
is a problem of poor West Bank infrastructure. 
Either way. it is a clue to the uncertainty swirl- 


ing around the ambitious dreams of Palestinian 
economic renewal and the global rescue plan 
that is supposed to make it happen. 

After the self-rule accord was signed in Sep- 
tember between Israel and the Palestine Libera- 
tion Organization, nations around the world 
promised to help the nascent Palestinian Au- 
thority rebuild after 27 years of Israeli occupa- 
tion. At a U-S. -sponsored conference in Wash- 
ington. $2.1 billion was pledged to the 
Palestinians over five years, including 5600 mil- 
lion for the first year. 

Seven months later, the global rescue pro- 
gram is looking more like a mirage. So far. only 
a tiny fraction of the money has trickled in. 
And now that the Palestinians and Israelis have 
started to implement their agreement, the Pal- 
estinians are facing enormous financial prob- 


Rwanda Killing’s End: A Rebel Victory? 


By Keith B. Richburg 

Washington Post Service 

NAIROBI — With the world horrified by the 
bloodshed in Rwanda but paralyzed by confu- 
sion, indecision or fear, many aid officials, 
human-rights advocates and Africa watchers 
now are hoping for a victory by rebel forces to 
end the tumult. 

Such a scenario now seems likely, with the 
Rwandan Patriotic Front rebels improving 
their no&itions in neighborhoods around the 
capita). Kigali, while advancing on the town of 
Gitarama. headquarters of Rwanda’s rump 

government. 

With the rebels occupying much of Kigali, 
including the international airport, ihe fall of 
Gitarama would make a complete victory for 
the rebels all but certain. leaving them in con- 


trol of most of the country except the west and 
southwest. That would allow the rebels to dic- 
tate the terms of a cease-fire and would leave 
them in a position to try to form a government 

Many who have watched Rwanda's horrors 
say a rebel victory would relieve foreign govern- 
ments of witnessing mass slaughter while fail- 
ing to muster the political wfl] to try to slop it 

“There is some thinking that if the rebels win, 
maybe that would take care of the problem for 
now,” said Pauline Baker, a scholar on .Africa 
with the Washington office of the Aspen Insti- 
tute. 

She said some African policymakers were 
harking back to the “Ethiopian scenario" of 
May 1991, when the Bush administration virtu- 
ally invited an advancing guerrilla army to 
enter the Ethiopian capital Addis Ababa, as a 


way of ending that country’s long civil war 
while providing for an orderly transition after 
the fall of the dictator. Mengistu Haile Mariam. 

Another Rwanda scholar, interviewed in 
Brussels, said a rebel victory “is what every- 
body is hoping for.” 

But this scholar said that policy might in the 
long term prove “very unwise,” since it was 
unclear how the rebels, representing Rwanda's 
long-oppressed Tutsi minority, would be able 
to form a broadly representative government 

“The RPF looks like the angel in this thing,” 
she said, “But to let the RPF win creates anoth- 
er Burundi where you have a tiny minority in 
charge.” 

The populations of both Rwanda and Buntn- 

See RWANDA, Page 5 


TFI 


Unmaking of Clinton’s China Policy 


.Yen fort' Times Service 

The following article is based on reporting by 
Thomas L Friedman, Elaine Sciohno and Pat- 
rick E. Tyler and was written by Ms. Sciolinn. 

WASHINGTON — Warren M. Christopher 
was m China, and the president was Furious. 

The secretary of state's high-profile trip in 
>larch was supposed to have been the capstone 
if the administration's strategy of working in- 
tensively with Beijing to resolve their dispute 
over human rights. 

Instead, things were getting worse by the day. 
Mr. Christopher was trading insults with the 
Chinese authorities, who were preoccupied 
with their annual National People's Congress, 
and he was facing harsh criticism from the U.S. 
Chamber of Commerce in Beijing, 

As President Bill Clinton watched his China 
jolicv heading over a cliff, he exploded in from 

. Newsstand Prices | 


Andorra 9.00 FF 

Antilles 11.20 FF 

Cameroon .. 1.400 C FA 

Egypt E. P.5000 

Frcnce 9.00 FF 

Gobcn 960 CFA 

Greece 300 Dr. 

Itfllv 2600 Lire 

ivcrvCcost .1.120 CFA 

Jordan l JD 

Lebanon ...USS 1 JO 


LuxemtwurgML. Fr 

Morocco 12 Dh 

Qatar 8.00 Rials 

Reunion ....11.2Q FF 
Saudi Arabia ,.9.00 R. 

Senegal 960 CFA 

Spain -2Q0PTAS 

Tunisia ....1.000 Din 
Turkey ..T.L. 35.000 

U.A.E 8. JO Dirti 

U.S. Mil. lEur.l SI. 10 


Business Looks Good 

American companies and Chinese officials 
acted swiftly over the weekend to expand 
trade relations following President Clinton's 
decision to renew Beijing’s special trade sta- 
tus. Among those industries affected are: 
civil aviation, insurance and oD. fPatte 19) 


of aides in the Oval Office, “What the heil is 
Chris doing there now?” 

The president's outburst, say aides, reflected 
his frustration not only with his secretary of 
state but also with a policy that seemed to be 
turning from a success into a tar baby. 

In the end. Mr. Clinton would renew China's 
trade privileges and abandon an agonizing an- 
nual ritual oT linking renewal of trade benefits 
to improvements in Beijing’s human-rights per- 
formance. 

The story of how he got there, reconstructed 
in interviews with senior administration offi- 
cials. legislatorsand business and human-rights 
leaders, is a tale of broken campaign promises 
and fierce interagency’ battles, secret diplomacy 
and 1 1 th-hour indecision. 

Mr. Clinton decided on the central issue of 
extending the trade benefits months before his 
announcement last Thursday, although he was 


still ehan^i ?<2 his mind about the details until 
the finai moment 

When Mr. Clinton began his presidential 
campaign, his views on China were shaped as 
much by his immediate political needs as by 
arguments about geopolitics. 

The Senate majority leader. George J. Mitch- 
ell of Maine, and the AFL-CIO favored nsmg 
the threat or withdrawing “most favored na- 
tion" benefits from China if it did not improve 
its human-rights reerd. Candidate Can too, 
who needed their support to win the Democrat- 
ic Party nomination, was not about to contra- 
dict them. 

When it came time for the new president to 
(haw up his policy last year, Mr. Mitchell and 
his allies in Congress threatened to pass legisla- 
tion withdrawing China’s trade benefits if Beij- 
ing did no; do more to ease repression. To bead 
off such a law, with its inherent inflexibility, 
Mr. Clinton asked his aides to draft an execu- 
tive order that would mollify the Democrats in 
Congress but re main vague enough to allow the 
president to change course a year later. 

With no senior member of the administration 
opposing the idea, Mr. Clinton signed Presiden- 
tial Executive Order 12850 at the White House 
on May 2?. 1993. It renewed China's trade 
benefits for another year but said China must 
meet two “mandatory" conditions to win an- 
other extension m June 1994: end restrictions 

See POLICY, Page 5 


“deepest Russia" is still there. Mr. Solzheni- 
tsyn has left no doubt of his ardent longing to 
devote his accumulated authority and Ms 
final years to helping his beloved rodma, his 
motherland, recover from “the plague of 
communism.” 

But in the first formal press conference he 

NEWS ANALYSIS 

has ever bdd in his homeland be was far 
stronger on criticism than on constructive 
ideas, in fact he had nary a good word to say. 
of anything. 

Walking through the Saturday market in 
the main square of Vladivostok, he noted not 
the abundance but the prices, which he said 
made bis eyes “pop out of my head.”. 

The adoption of foreign words into Rus- 
sian reflected “an illness of our soul." Yegor 
T. Gaidar’s reforms were “brainless.” Mik- 
hail S. Gorbachev’s perestroika was “hypocri- 
sy." Russia's politics were a “false democra- 


cy." The new states around Russia were 
ar tificial and were o p p r e ssin g Russians: Po- 
litical parties were a “hoax.” 

Most Russians would probably agree with 
much of die above, ana there were a 'few 
bursts of appreciative applause at the press 
conference. But it no longer takes a dissident 
to criticize Mr. Gaidar or to bemoan prices, 
and these were conqdaints heard constantly 
in the streets. 

What Mr. Solzhenitsyn offered on the posi- 
tive side of the ledger were some vague ideas 
on democracy — a s tron g central government 
and strong local governments, honorable 
renutiHates — and proposing a self-critical 
nonaggressjve patriotism as Russia’s unifying 
idea. 

True, the writer is ooly.at the start of his 
odyssey across Russia, and he said he was 
prepared to shape and revise his views. And 
there were intellectuals, most notably MH-_ 

- See RETURN, F^e 5 - 


Kiosk 


lems that they are woefully unprepared to solve. 

For now. Palestinians in the street are still 
celebrating the arrival of their own police force 
in the Gaza Strip and the West Bank town of 
Jericho. But the best and brightest Palestinian 
technocrats arc deeply worried about what will 
happen when the celebrations fade, when the 
people on the street discover that the govern- 
ment under their own Dag cannot deliver the 
same services that the Israeli occupiers did. 

“WeU be drinking a lot of unsweetened cof- 
fee.” Mr. Libdeh said. “It wfll be the real life.” 

The reasons why the money has not yet 
started flowing from abroad are complex and 
bdp illuminate the uncertain nature of the new 
Palestinian experiment. 

Yasser Arafat, the PLO chairman, who sin- 

See MONEY, Page 5 


t / 



,-v>/ 


r, W . 

■:>? ■ 

- , ¥¥•* 

4 , ‘ ' 
A- .;< f*. ’..V. ' 

s, - >y •• * 


; ".:k ry 

i : ; 

v \ ■ ; 8? • 
•. K *; y r t. 

; - -> ;■ ; 

... ■ ' /. . 




Atua KbecadckSA 


Mr. Horn, wearing a brace f or injuries in a car crash, leaving a voting booth Sunday. 

Hungary Ex-Communists in Majority 


BUDAPEST (AFP) — Hungary's former 
Communists won a parliamentary majority 
of at least eight seats Sunday in runoff 
elections after four years of conservative 
rule, (he national election center said. 

Revamped as the Hungarian Socialist 
Party and led by Gyula Horn, the foreign* 
minister in the Communist government that 
fed in 1 989, the former Communists were 
certain of getting 197 seats out of 386 in the 
National Assembly, with 99.92 percent of 
the vote in, the center said. 

Hungary thus appeared set to join Poland 
in shifting back to the left in a backlash 
agains t the pain of market-oricated refor ms 


Fifty Years After D-Day 



In this week’s commentaries an Europe and. 
the United States in the ha&<eriaay since D- 
Day ; a German, Frank Schirrmacher of the 
Frankfurter AUganane ZeUung, and an: 
American, Rickard Grader, a columnist Jar 
The Washington Times, examine the afflicts, 
of culture. Page 6. ' 


. i 

Effort to Stop 
North Korean 




Missile Test Is Predicted 
Over die Sea of Japan; 
Inspectors Return Home 

' By David E. Sanger 
." New York Times Senttx , 

'TOKYO — The Clinton admimstrationiMt- 
i ^ nuclear program 


me inotui ucraicu 

indicated that 

North Korea appeared to be pepMVj" * 
new medium-range missile over the Sea of 

the past, the CIA has said the North's 

. - extensive missile program is part of an effort ^ 

prove that its nudear arsenal M»dd strikealltiw 

nugor cities in Japan and South Korea. The last 
test was a year ago, and prompted alarm here 
after the missile, which was not aimed, landed 
near Japan’s west coast 
Taken together, the latest events suggest that 
UK affidal&may have been too optimistic last 
week when they expressed confidence that a 
new approach to North Korea — mdyding an 
offer of bigh-lcvd talks about diplomatic and 
economic links that the North has long sought 
: — could break a yearlong impasse oyer keeping 
the Korean Peninsula free of nuclear weapons. 

rThe {act of the matter is that we don’t really 
understand what they are doing,” said a CIS. 


closely ^"Ehey nay be toying with ns, at they 
may have suddenly decided that they have hi 
' save the nudear program at all costs.” - 

- {Reacting to North Korea’s hard line. U.S. 
congresaonal leaders, in broadcast interviews 
Sunday, offered a range of diplomatic and 

.. military steps -to convey American resolve. . 
Each indicated thai the United States should 
nra.back away from its demands cm the North. 

[Senator Sain Norm, a. Georgia Democrat 
who is the Senate's top military affairs expert, 
suggested that a further-strengthening of U.S. . 
fonzs in Sooth Korea would be needed as the 
• UN moires to impose economic sanctions on 
NorthKoreaT. V. . 

[Othera recoacaKqd^ even dosgrcoopera- 

- ttoh with Gang arid Japan. StoatorBSl Brad- 

on NoiSi Korea were die North's reli- 
ance on business in Japan for hard currency 
and on Onna for rfcctnc power. He also sug- 
gested a high-level. zmfitary contact - by US. 

- officers with the Japanese military and that 
North. Korea be informed of the contact, by . 
news lcak-This signal by its very amhigiaty, 
could be effective, he said. . 

[Newt Gingrich of Georgia, a .Republican 
leader in. the House, urged closer cooperation ’ 
with China and Japan as he warned that the . 
situation had become extremely serious. 

[Mr. Nunn said-; North Korea faced three 
choices: causing a war, .which would, bring 
about the North’s destruction; defying the in- 
ternational nuclear inspection regime, which 
would lead to sanctions and possible financial 
and social collapse; and accepting international 
nuclear oVeraght, winch would open the North 
to trade and contact with the rest ©f_the world.] 

"Whib the talks North Korea over the 
last year and a half have often! seemed ah ' 
endless qyde of ^timistic predictions followed 
by warnings of impending confrontation, they' 
have never Mare seemed, to cany so much ’ 
urgency. . •• 

The International Atomic Energy Agency, 
which dispatched an inspection team to observe 
the rentoval of fud rods from its main reactor at 
Yongbycn, says that the North is within days of 
obfttexating evidence of how mneb nudear fuel 
has been Averted; to its weapons progr am 
Washington has said that if the evidence is 
destroyed, it woold have no choice but to seek 
sanctfonsl '. ' ' . ' "" • . 

With the collapse of the talks with the atomic 
energy agency, an arm of the United Nations, 
the Security Council was considering a meeting 
to issue another warning to tfie.North.-But itis 
undear whether China, which has veto power, 
would back tire economic sanctions it has con- 
sistently opposed. 


A call for sanctions; would be a major reversal 

for the State Department, which just two weeks 
ago bqgan a new effort to engage the North. 
Both South Korea and Washington dropped 
several conditions they had required North 
Korea to fulfill before another round of talks 
on diplomatic and economic ties. 

Birt from the start, many U5. officials have 
viewed the diplomatic engagement of the North 
as an exerase in self-deception that ignored 
*5“ Pyongyang would push ahead 

with its nud ear prog ram 

^ Sained credence as the' 
J! ahcad on replacing more than 
8,000 fuel rods, a process that ultimately could 
produce enough fid- for four or Gv7nud«2 


Vienna a lter the North “rqeaed aJI IAEA 
the aim (rf 

ta nroi g the IAEA s ability to select 

and ‘secure fud rods.- ^ segregate 


Taking Tea With the Emperor, Correctl 


By T. R. Reid 

Washington Past Service 

TOKYO — Hushed and respectful wearing 
our best suits, nervously reviewing our lessons 
on imperial etiquette, we stood stiffly at our 
assigned spots on the thick green carpet of the 
elegant reception chamber. 

Suddenly, the rice- paper doors slid open, and 
muffled steps could be heard coming down the 
long palace corridor. “Remember ” an earnest 
gentleman from the Imperial Household Agen- 
cy hissed, "this is a social occasion.” 

Well, son of. 

With final preparations under- way for their 


16-day royal visit to. the- United. Stator next 
month, Japan's soft-spokea Erapexor AJrihito 
and Ins wife, rite even softer-spoken Empress 
Mktiuko, invited a group of : American journal- 
ists to take tea beneath toe graceful fluted roofs 
of the Imperial Palace.- . " " 

. Beforehand, the. reporters were required to 
artend a oac-hour lecture on court history and 
. protocol by tire deputy grand master of ceremo- 


imperial cou 

pie radiated suduhann timttheyiSl. 
give.the imperial tea. the feeing ^T*^ - 


occasion 


protoccibydiedMutygrand master of ceremo- J*™ fP* W “ trademark dm.hu 
ny, whosteotiy adjured us not to carry cameras, preasted^uit, w«h‘a pure white handu~w!!; 
raordersor even notebooks into the royal three pofect peaks 

presence. 3 oockct lhe eray- haired Alnht» A 


Throughput -the 40-rmnuie session with the ^ OKysantoemum Thron? J? 

empaOT and the empress, an extremely nervous w prida_«aesl ancestral monarchy — 7 ' 

corps of courtiers and palace bureaucrats kept ” " ° - ¥Air *»^ T seemed 






■mm, 










gP 












PSI 


&3r>£ ; 






S&33 



§§? 




See JAPAN, Page 5 







1I7 . , - ' 

-"•* ■ . \ ; ■ - - V 

r 5:-V* , A'? r i '• ' " 


* - 1 :. ; 








CVTERIVATIOIVAL HERALD TRIBU1YE, MONDAY, MAY SO, 1904 




Former Policymaker Opts for Hands- On Health Care 


By Paul F. Horvitz 

Iniernabonai Herald Tribune 

BOSTON — To understand 
Atul Gawande. find the place 
where medicine. politics and Mo- 
handas K. Gandhi intersect. In 
Mr. Gawamfe's case, that turns 
out to be in close proximity to the 
White House. Very close. 

His journey, through 28 short 
years of life, from a Hindu up- 
bringing in small- town Ohio to a 
pivotal role in the creation of 
America's health-care future, is a 


Coming^. A 

An occasional series V 
about the leaden 
of tomorrow. 

tale of intense energy, undisputed 
intelligence and prodigious good 
fortune. 

In mid- 1991 as a campaign 
lieutenant for Governor Bill Gin- 
ton. he became a key figure in 
consolidating and shielding from 
political attack one of the most 
potent domestic issues propelling 
Mr. Clinton to the presidency: 
beaJth-care reform. 

He also, therefore, helped cre- 
ate one of the thorniest policy 

S ues lions ever to face a U-S. presi- 
ent: bow to achieve meaningful 
health reform in an atmosphere of 
bare-knuckle politics and en- 
trenched economic interests. 

Today, as he contemplates that 
exhilarating and frustrating year 
inside the Qinion campaign “war 
room” in little Rock. Arkansas, 
and then in Washington, Mr. 
Cawande can say with authority. 
“It blows my mind.” 

He is a student now, bad: in the 
calm of Harvard Medical School, 
making the relatively mundane 
decision whether to become an 
internist, surgeon or obstetrician. 
But be still circulates in the health 
policy arena, giving talks or writ- 


ing articles. Memories from the 
political battlefield remain fresh. 

“It's a dream," he said in a 
recent interview. "To have come 
from where I’ve come from, bad 
no concept of what the possibili- 
ties could have been along the way 
and having seen at the end of 28 
years all the things that I’ve been 
able to see. 

“Part of it is having beat able to 
sit there with the president of the 
United States discussing bow 
we're going to solve these prob- 
lems. 

“What’s funny is 1 get that same 
feeling when I'm in the emergency 
room and someone has been shot 
or in a terrible car accident, and 
you're learning what to do to save 
these people’s lives and make this 
incredible impact in their lives. 

“I get the same feeling — al- 
most disbelief.” 

When Mr. Gawande refers to 
“where I’ve come from,” he does 
not mean only Ohio. It might be 
equally accurate to start in the 
western Indian states of Maha- 
rashtra and Gujarat There, his 
parents. Aunaram and Sushila, 
were reared amid the nonviolent 
struggle for independence led by 
Gandhi, a figure revered in the 
Gawande home. Later, Sushila 
Gawande would recall how the 
movie “Gandhi” had profoundly 
influenced her son in nigh school. 

She and Atmaram traveled to 
the United States for medical 
training, met in New York, mar- 
ried and decided to stay. Bom in 
Brooklyn’s melting pot Atul was 
sent to a Jewish nursery school, 
then a Roman Catholic school, 
then a nonsectarian private school 
before the family moved to Ohio. 
His father set up a urology prac- 
tice, and his mother practiced pe- 
diatrics. 

By the time he left for college, 
he said, his path was clear. The 
boy who bad proudly carried his 
mother's pager would study medi- 
cine and return to Ohio lb prac- 
tice, just like his parents. 





.gCfsJ&x*! 4 






m 


1 r s 





w /. 


- : 


crrrf.* • ■■■■■ ■ ' . . ; 

V ... :. * 

v " V # * *• 

tUi f tuinn 

Arid Gawauda on medkise and politics: ‘Making an impact 1 


■fell 



Stanford University changed all 
that, Mr. Gawande recalls. The 
world looked much larger. The 
year was 1984. Gary Hart was 
running for president, and Mr. 
Gawande signed on as a volun- 
teer. There were anti-apartheid 


demonstrations to join. He chose 
to major in two subjects, political 
science and biology. 

And it was at Stanford that he 
met his furore wife, Kathleen 
Hobson. They were married in 
1992 in a Hindu-Episcopalian cer- 


East Germany’s Erich Honecker Is Dead 


By Wolfgang Saxon 

New York Timer Service 
Erich Honecker, the stolid Marx- 
ist who ruled East Germany For 18 
years until a people’s uprising 
swept him aside in October 19S9. 
dial of liver cancer Sunday in 
Chile. He was 81. 

Like other members of East Ger- 
many’s upper echelon, Mr. Hon- 


ecker faced charges in reunited 
Berlin. He spent time under house 
arrest and in prison, but his trial 
was baited by a higher court, which 
ruled that prosecutors violated tbe 
civil rights of a very sick man. He 
was freed in January 1993, and al- 
lowed to fly to Chile to join his wife 
and their daughter. 

Mr. Honecker’s orthodoxy as a 



BREITLING 

1884 

Instruments for Professionals 









■ v Ask’' ’ 










CHRONOMAT 

CIckw cr.«jfvrafTon with pilot- jnJ 
aviation rtp.'Tfr tiuble* Rni'Jnt 
lo conimur imptwlnj; its chrr»r>OKfjph 
tie*. ijsns all tlw time 
The Chmnonul f'Mturc* a sell winding 
mectoj.ncnJ nwiwnmi, a rr-aiins he/i.-l 
and a wwr-lcd>ed crown. 

This msirumen: is wjiur-nn-iMan* 
dow n tu I0n meters. 


BREITLING MONTRES SA 
P.O. Box 1 1 32 

SWITZERLAND - 2540 GRENCHEN 

Tel.: 41 65/51 II 31 
Fax.: 41 65/53 JO 09 


Communist leader did not keep 
him from risking the Kremlin’s dis- 
pleasure with his own brand of 
Westpolitik toward Bonn, tapping 
its wealth to bolster his own coun- 
try's faltering economy and living 
standards. After coming to power 
in 1971. he main lain ed East Ger- 
many as the industrial dynamo of 
the Soviet bloc, and he garnered 
international recognition and won 
a coveted prize when Bonn and 
Paris received him as a head of 
state with full honors. 

Mr. Honecker successfully 
steered East Germany from Stalin- 
ism toward the high-technology 
pragmatism of a new managerial 
elite. But his failing health, and his 
obstinacy in the era of glamost and 
perestroika proclaimed by Presi- 
dent Mikhail S. Gorbachev of the 
Soviet Union, dramatically eroded 
him in his last months in power. 

After Mr. Honecker’s forced res- 
ignation, be was scheduled to face 
tnal for treason, but action was 
delayed by his failing health, and in 
May 1990. the lame-duck East Ger- 
man authorities, citing his fragile 
condition, decided not to detain or 
prosecute him. 

In .April 1990, tbe former leader 
was granted refuge at a Soviet mili- 
tary hospital in Beelitz, southwest 
of Berlin, where he and his wife. 
Margot, lived in isolation and dis- 
grace while his health deteriorated. 

The German authorities issued a 
warrant for Mr. Honecker’s arrest 
in late 1 990 after discovering docu- 
ments in which he had ordered 
guards at the Berlin Wall to shoot 
anyone seeking to flee to the West. 
Prosecutors said they wanted to try 
him on manslaughter charges and 
for stealing millions in state funds, 
but Soviet officers at the military 
hospital said they were not autho- 
rized to turn him over. 

He was secretly flown to the So- 
viet Union in March 1991 on or- 
ders from Mr. Gorbachev, and he 
reportedly underwent bowel sur- 
gery in a Moscow military hospital 
a month later. 

When the Soviet Union col- 
lapsed, Mr. Gorbachev-' s protective 
mantle vanished, and President Bc- 


UNIVERSfTY DEGREE 

BACHELOR'S • MASTER'S • DOCTORATE 
Fcr WWc UbandAsactmt Experience 
ThevstiCanvenertHcma Study 
(310)471-0306 ext 23 
Fare (310)471-6456 

vSgloi Fax cr send OrtaiM lesumet:* 



Pacific Western Un lve rs'tv 

600 N. Sepuhroda 0W„ Dept. 22 ' 
Las Anisim, CA VW6 


emony, taking their vows from an 
adaptation written by Gandhi 

“Sis teachings form the base 
values with which my parents 
'really tried to rase me," Mr. 
Gawande says. 

Soon after graduation, be was 
drawn to a new presidential cam- 
paign, tbea-Seaator A1 Gore’s iU- 
faied 1988 attempt- The Gore 
connection led to considerable 
health-care research in the Wash- 
ington office of another Tennes- 
see Democrat, Representative 
James Cooper, who is sponsoring 
a major alternative to the White 
House health-care b3L 

Like Mr. Clinton before him, 
Mr. Gawande won a Rhodes 
Scholarship to study at Oxford. In 
Expand, he raised money for Nel- 
son Mandela’s African National 
Congress and wrote a thesis about 
Indian- African relations in Natal, 
South Africa, where a young law- 
yer named Gandhi first vowed to 
battle social injustice. 

Two years into his medical 
training at Harvard, Mr. 
Gawande was diverted by the can- 
didacy of Mr. Clinton. He wrote a 
chum from the old Gore cam- 
paign, Bruce Reed, and volun- 
teered. Mr. Reed, then Mr. Clin- 
ton’s top domestic policy aide and 
now a White House official, per- 
suaded Mr. Gawande to take on a 
a full-time campaign job, beefing 
up a vague Gin con health plan. 

“Young, eager and smart" is 
how Mr. Reed characterized the 
new aide. “He was able to steer 
the campaign clear of all Che diffi- 
cult rocks on tbe health-care is- 
sue." 

It was bloody political combat 
on four hours sleep a night, Mr. 
Gawande recalls. There were po- 
litical blunders and “mistakes of 
immaturity,” he concedes. But be 
is philosophical, saying, “Proba- 
bly the best lesson I learned is that 
you can bounce bade from mis- 
takes." 

His most anxious campaign 


moments came in a series of fran- 
tic faxes, speech drafts, and brief- 
ings aO focused on an address Mr. 
Clinton was to give in New Jersey 
on Sept. 24, 1992. Mr, Clinton 
unveiled a newly detailed health 
reform plan that day to fend off 
damaging attacks by the. cam- 
paign of President George Bush, 
the speech was the lead story the 
next day in The New York Times. 

After slipping on the health is- 
sue all summer, Mr. Clinton 
showed his command of the sub- 
ject in debates and women Elec- 
tion Day with a surprisingly large 
number of voters who said health 
care was their primary concern. 

But shi ftin g from campaigning 
to governing proved daunting. 
Mr. Gawande says it was like leav- 
ing the front-line skirmishes for. 
“the long slog.” 

From the “war room;” he 
moved to Washington and be- 
came a senior adviser in the De- 
partment of Health and Human 
Services. 

When tbe White House gath- 
ered a huge health-care task force 
to draft legislation, Mr. Gawande 
directed one of its three commit- 
tees. He had 75 people working 
for him and was charged with de- 
vising a benefits package for all 
Americans, government subsidies 
for small businesses and the poor, 
a health insurance requirement 
for employers and a new policy to 
fold tbe huge Medicaid program 
for poor Americans into the over- 
all plan 

Much of the benefits package 
win probably become law, but tbe 
rest is undergoing radical legisla- 
tive surgery in Congress. 

Mr. Gawande retamed to med- 
ical school last winter because, he 
says, “That was where my heart 
was in the long haal." 

“I warn to be a good doctor,” he 
says, bat in the same breath adds: 
“But I’ve never been able to stay 
disengaged from the political pro- 
cess and policy for -very long.” 


ris N. Yeltsin of Russia threatened 
to deport Mr. Honecker to Germa- 
ny. Tbe former East German leader 
fled to the Chilean Embassy in 
Moscow. 

For seven months, be was given 
sanctuary by Ambassador Qodo- 
miro Alroeyda, who himself had 
found refuge in East Germany dur- 
ing the Pinochet years in his coun- 
try. He was returned to Berlin in 
July last year. 

Mr. Honecker’s political nose- 
dive had begun in the fall of 1989, 
when his worker's paradise was be- 
lied by a sudden, almost panicky 
flight westward of working-age 
families. Tens of thousands of East 
Germans fled to the West through 
sudden openings in Budapest and 
Prague, fearful the gates might 
close on them. Their exodus sent 
the East German economy reeling. 
Soldiers had to do the jobs of fac- 
tory workers and hospital aides. 

But his political fate was finally 
sealed by the unrelenting marches 
of hundreds of thousands of those 
who wanted to stay and peaceably 
but loudly clamored for change. 

In October 1989. at a rally mark- 
ing the 40th anniversary of tire Ger- 
man Democratic Republic, Mr. 
Honecker still insisted on the right- 
ness of his course, defying the not- 
so-subtle intimations of the visiting 
Mr. Gorbachev himself. A few days 
later, he met with leaders of hither- 
to mute satellite parties — tolerat- 
ed largely as stage props but now 
wanting to be heard — and allowed 
that there was room for some 
change in economic and social poli- 
cies. 

It was too late Ceaseless demon- 
strations for basic change had gone 
beyond the point where a show of 
force might have contained them. 
Tbe Soviet Union had made it dear 
that its troops would remain in 
East German barracks. And the 
leadership in East Berlin knew that 
East German soldiers and tank 
drivers were unlikely to fire on their 
own. 

On Oct. 18, 1989. Mr. Honecker 
was forced to resign. Calls for his 
arrest rose with the discovery of 
hunting lodges and other privileges 
reserved for the supposedly spartan 
I leadership. Mr. Honecker and oth- 
ers in his old guard were expelled 
the day his own protege and hap- 
iess successor. Egon Krenz, also 
had to quit. 

Freed from house arrest, he was 
diagnosed as having kidney cancer 
early in January 1990 and entered a 
hospital for unspecified treatment 
Released at the end of the month, 
he was taken to jail but was freed 
when a conn deemed him too sick 
for prison. He was by then a wan 
and dejected old man. the 14th 



Erich Honecker as the East German chief of state. 


member of his old Politburo to be 
detained in a continuing investiga- 
tion. 

EJ. Kahn Jr., 77, a Writer 
For New Yorker and Author 

New York Times Service 

EJ. Kahn Jr., 77, who used the 
globe and its peoples and land- 
scapes as canvases for his volumi- 
nous writings as a staff writer for 
The New Yorker magazine since 
1937, died Saturday in Holyoke. 
Massachusetts. 

Tbe death was caused by injuries 
suffered on Friday in an auto acci- 
denL 

Mr. Kahn had reported for more 
than a generation from the nooks 
and crannies of tbe world, bringing 
his talents, an eye for the bizarre 
scene and an ear for the revealing 
quote, to an outpouring of maga- 
zine articles and books while using 
tbe offices of Tbe New Yorker as a 
base for his wanderings. 

His book, “Tbe Separated Peo- 
ple: A Look at Contemporary 
South Africa,” published by W.W. 
Norton in 1968. was the result of 
three months devoted to visiting 
tbe country and interviewing its 
people, black and white. 

The reporting and writing of his 
that probably created the most at- 
tention involved profiles of many 

S blie personalities: David Rocke- 
ler, John Hay Whitney, Joe Pepi- 
tone, Herbert Bayard Swope, the 
king of Morocco, and Frank Sina- 
tra, among them. 

He also turned his eye to corpo- 


rate America, and “The Big Drink: 
The Story of Coca-Cola" was pub- 
lished by Random House in 1960. 

Switching from corporate affairs 
to political intrigue, his bode “The 
China Hands: America’s Foreign 
Service Officers and What Befell 
Them" (Viking, 1975) dealt with 
the engrossing cast of characters 
caught up in this period of tbe 
historical relationship between the 
United States and China. 

Dorothy H. Davis, 77, a POot 
In U.S. During World War U 

Sew York Tima Service 

Dorothy H. Davis, 77, one of the 
elite group of female pilots who 
won ibdr wings and the respect of 
their male colleagues flying mili- 
tary aircraft during Wodd War H, 
dial Wednesday at her hone in 
San Frandsco. 

Miss Davis suffered from Par- 
kinson's disease and cancer. 

Kahnan Ken. 92, Army Chief 
lo Htmgaiy in Nazi-Fact Era 

BUDAPEST (AP) — Kalman 
Keri, 92, the Hungarian Army's 
chief of staff in World War □, has 
died after a long illness, media re- 
ports said Friday. 

Mr. Keri died late Thursday, the 
state news agency MTI reported. It 
gave no cause of' death. 

Mr. Keri was appointed chief of 
staff in 1944. wheat he participated 
in a failed attempt by Hungary’s 
wartime leader. Admiral MBdos 
Horthy, to break his alliance with 
the Nazis. 


WORLD BRIEFS 


Saddam Dismisses Prime Miiifet®^ 

BAGHDAD (Rcmtes)— President Saddam to , 
his prime minster on Sunday and took over K head S . c<?uacl i 
tackle agave economic crisis. 3^ Marions 

^ {£ a. ££*£ ; 

X W Babd. tU-* 

onions 60,-a kilogram of mutton 350. A. !«»<***? JSSSS. 
arcs about 500 dinars a ukmth, a ptofessor perhaps 2,000 dma*. 

China and Russia to Strengthen Ties 

BEIJING (Reuters) — Puna and Russia on .Sundw- ptedg^J^ ■ 
strengthen cooperation m imEtaiy. technology, and to develop econo 

tion’ in.' political, economic, scientific, cultural, military *?«**““ d ; 
maintaining public order over the past years snd wished to expan , 

strengthen their cooperations in all these fields.” - Jait+rv 

"Tbe two countries will also continue to strengthen their muray ^ 
technology-related cooperation undo: the conditions of sticking to , 
abiding by international obligations as agreed by tbe wo countries, 
communique says," tbe agency a&3ed, widwur giving any details. 

U-S. Dispute Hinders War on Drugs 

WASHINGTON (WF) —An unresolved feud in tire Clinton adnrinis- ' 
tratioo. which abruptly cot off Pern and CMambiarfrom access to , 
American counierdrug inteffigeace, has blinded all three nations to the . 
flights of diug-sniuggW aircraft and threatened -to Eracnw a entire • 
g lKnncr- against the northward How of drugs, according to cmhan and . 
military narcotics experts. • ' ■ - ■. . ' 

The halt in cooperation has created a significant opportunity tor 
traffickers, the experts added- In. retaliation fw th& intelligence cutoff. 
Peru has banned American AWACS and P-^surwaHance craTt fronaits . 
airspace. Colombia threatened last week to opel two U-S- radars. Tw ■ 
two countries had no wanting of the May 1 entoff. On that day, tire U.S- . 
Southern Command Suspended operation of UlS. ground-based radars m . 
tlww countries and stopped allowing their nationals aboard US. surveu- ■ 
lance flights from Panama. . - . 

- .At issue is tire use of Americmfligin- tracking .data by Colombia ana 

Peru to force down or shoot down suspected dn^ planes. The Pentagon. ■ 
supported by the Justire. Department, maintains that as si sti n g m the 
shoot-downs breaks U.S. and international law. Senior State Department 
officials favor a policy under which the United States would continue to ; 
share tbe tracking data but express, official .disapproval of .attacks in , 
flight ' 

Northern Forces SheD Aden Airport j 

SAN'A, Yemen (AFP) — Northern fences have launched a fierce; 
artillery assault on Aden airport to txy to keep Southern- planes from 
attacking advancing troops,a mfljt gry spokesman said hoe Sou day. 

But the Northern spokesman denied Southern claims that the North ’ 
unleashed a missile attack on the Aden, which killed a civilian bn * 
Saturday. “The explosions heard in Aden are the resnkpTamBery fired ; 
from the legal forces against the air base at Adea airport," ^spokesman , 
told tire SABA hews agency. 

Ttu-rf rax no rftnfw-rnarion frrwti smnthem MinraeKbf-ihe shellmg bf the | 

airport, which is situated between Aden’s okl dty. the port and die, 
suburbs. • •• " ’• V \ 

German City Marks Neo-Nazi Attadk 1 

SOU NGEN, Germany (Reuters) — Politicians and Turkish and 
Jewish leadcas called for a tougher crackdown on far-righrists as 2^00 
protesters rallied on Sunday to mark tire first ahmviersaiy of a neo-Nazi, 
arson that killed five Ttnks. - 

■ Demonstrators rallied peacefully in the center of town Sofingen and 
then marched to the site where the immig ran t Genef anril/s house, sow 
tom down, was torched in the Woodiest neo-Nazi assault since German, 
unity in 1990. Johannes Ran, premier of North Rhine-Westpbaha, told 
the crowd that Germany bad a greater obligation to battle racism, than, 
other cbutilries because ofiis Nazi ^art. . / 

Four Gennan rightirts went on tnal for murder and.aisoa.last month,- 
accused of torching the house just sol months. after a similar racist 
firebotnbiag killed a Turkish wom/ia and two girts in tire northern town.' 
ofMODn. 

Pope Offers His Suffering for Peace 

VATICAN CITY (Rentas) — Pope John Paul H, looking fit and 
speaking from the Vatican's windows far tire first tone since undergoing 
surgery last month, said he would offer his physical suffering forpcaoq 
and the protection of the family. 

The Pape, who left the hospital on Friday, four weds after surgery to . 
repair a broken leg, said he would discuss his suffering with tbe “powerful 
people oo this earth.’' He is to meet with President Bffl Clinton at the? 
Vatican on Friday, and their talks are expected to be dominated by 
abortion, which the Roman Catholic Church bans. . 

“I must guide tire Church of Christ into the timid milled urn with, 
prayer, with varied initiatives — but that is not enough," the Pdpe, 74,’; 
said in a dear, strong voice. “I must also suffer —with the attempt on my ? 
life 13 years ago, and with this recent sacrifice." The Pope had an alloy ' 
replacement inserted on April 29 for part of .his right lemur after be. 
slipped in hisbathroom and broke the limb. 


TRAVEL UPDATE r 

Abu Dhabi to Cut Some Hotel Rates ‘ 

ABU DHABI (AFP) — ■ The Gulf emirate of Abu Dhabi will halve 
hotel room pikes this summer to attract' tourists* an official hoe said. 

Tire 50i«rcent cut in rales at more than 15 hotels will apply between 
June and September, said Abdullah Saadi, deputy manager of the state*, 
run Abu Dhabi National Hotels Company, “The derision to slash prices 
came after detailed studies by tour officials and operators with the aim of 
activating tourism," he said. 

A heat wave in northern tafia, with temperatures as Ugh as 49 degrees 
centigrade (120 Fahrenheit), has. killed at least 70 people. (AF/>) 

Striking hotel workers in Bermuda have returned to work after a court 
declared their waUcorn fllegaL - - . • 

Hiis Week’s Holidays 

■ Banking and government offices will be dosed or services curtailed in 
the following countries and their dependencies this week becanse of 
national and rehgicius holidays: ’ . w 

M ONR 4Y: Britain, Croatia, Nicarago* Puerto Rico. United Suites. 

TUESDAYS Brunei, Sooth Africa, United Arab i tinii mM ■ 

WEDNESDAY: Kenya. ; - 

THURSDAY: Austria; Bhutan, Bo&via, BmO. CluJt Costa Rica n, 

Republic. Liechtenstein. PortS Dommcz n 

FRIDAY: Btb&nat, Uganda. I 

SATURDAY: Iran, Malaysia, Zambia l 

Sources: JJ>. Morgan, Reuters. I 


I UM 

\ n ?■?.- 




m 


/i 

ull 





v 

( 

IV 

/ T 

li ( 




To call 

Antigua 

•A.uIj’Mf irvrp. py 

Argcnliru* 

Auura’ 1 

Rihanu«-<*- 

IXihrain 

Belgium 

hcrmtidj-r 

Uolivia* 

Braril 
C i catjj 

Cj'-nun Islands 
Ch.lc ■: . 
Cul'imnu - * 
CuMa Fiicj* 


n>i eis-jaa* tr-* 


from country to country, or back to the U.S., dial - .e WorldPhone number of the country you're calling from. 

. *,ci^ nrs'.sv . 1 ,. I _ii J^rru avi m ,1 r i ‘ - 


■b. sir.jDn:r»'5 • -- 

or.s.-i-x-r.v:::; 

1 M-i.'.iV : 

•••’*■ •’■oi 


5 

Mr 


Cvpnis* 

C^ch Scpublic'CC' 

DnsmuV * 

Dommicun Kepabiic 
E’. ujJ !■:■:- 
ES>P' :c • 

"ic f.t i.’jrrj, dial 02 fin > 
E: Salvador* 

Finland •" ' 4 
Frinji 1 . 4 

Gambia 4 
Gernunv 


CfiO-WOOri 

OO-l’-OiXMU 

9JOI-6023 

l wSm'i- 75l-o624 

iro 

%iS.j7TO 

!«».'» 

9600- kU-W 
WT-OO-IV 
iVt-W 
*>» sO-CWIi 


■ Li-.Uij i’.aitiS.Is-. m eisun "jcmunv : 

Gree.-v C; 4 (W-MC. 1 - till 

Cirnada-:- l -Sul-riH-S?] I 


Oiuicnulai 
Haiti's * 
liondunsv- 
Hungarv '.v 4 
Iceland* 

Ireland;^*. 

iwacHX: 

lulfv.'.'* 

Jamaica 

Kcnva 

• Awiia 1 fi ri’ m ..j 

LinJitcrtsicin Cu • 

LUXLTTlh«lUTC 

Mniw* 

Mamacn'-V* 


'.■riWi'-t+S-liM 
■'VI S00-o74--X».> 
O.'T-AVOHll 

1 4kV-5S- 1001 
irM50-2727 
irz-fuu 
W-67+7W 

ivs.; .Will 

iw, i : 

tgw-iV-N 


NelberitmiistCO* I 

Ncibciaads AmillestCCM- 001- 
NioraguJtCO 

lOrn^dc of Managua, dial 02 first.) 
NorwwCO* 

Panama 
MiUuty Basw 

Paraguay 

Pcnr.OnisiikufUma, dial 1W first I 

Poland ton - 0V4) 

Fortagal'.CO 

PnertoRiCwCC 14 

San Marmo'vcn* 

Sknak Republic >CO C 

South AfncnCO ( 


06-022-91-22 

001-S.T0-9W.i022 


first.) 166 

800-19912 
109 

2810-108 
008-il^OO 
fit* > 001-190 

OV4)l4H^OO-222 
05-017-1254 
1-800-888-8000 
172-102 2. 
- 00-42-000112 
0600-99 4V 11 


. .. «W.<t9-00U 

£•*" ’ 191-997-0001 

Sweden (CO* - O20.705.qr1 

SwIuctLukKCO* 155-02? 

Trinidad fir Tobago 
iSPECtAL FHONES ONLY) 

United KlngdoBKCC) 

R> udl the US. tanng B T 

To tall the US. using MERCURY 0500-890-^ 
To tafl anywhere other (km the U&OSOO^oO-gmt 

Ungnay oot-iaia 

Venexuetrf* 800-1 1 1-M) 


WOO-OT-0222 


! >c vimr MCI Card ' kical trie phone card or aO callctt.jli d the same If" Mo. 

-. i i-r - -ui.nr Vj- ii- 1 1«. jkaiLhV- iwlrivn .iQ uiuTrulivnul '■ » JJ" 1 ' '• -''-•m 

■ ■ n : »- • j - •- T u-i'.iJr- • T .1 j.i 1 •• xtt<id dial l»nw A A-aaLihk I: •> - !.- ,, .'-'7£l 
> u -J • -j* •• I- . -i-.-- . j. in t Lu.m.ni’^tal 

* . j ^ -. .r • It. 4 • f-f*''"-' ,g I'' 1 "’ • 11 - *■ 1 1 ,J ^' 


par Offprint, 73 rje de l 'Evangile. 7501* Pans. 


- Let 'It Take You Around the World 

J From WQ ' r ' 








r-... ' 

« • . • 









ses|' 




.v ; ■ 


Xu.i 

TV 




,,V ?s3< 




^-> ... . . ,,+ .S4 


:-’r :* ^ 


*a to Str^ V:^ 






^■m 




Elders W: 


* >h*-Si Aden .ii 


rk' Nr.- -^NiziAriai 




; , Vl’0 




THE AMERICAS / 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 1994 





Page £ 1 

"V 


"t- 


Tides 


l_'j >' ’ i. v '^ 


id not attend 


i 

: K-;-* 


! JtiSK 




T ' * - 

-. ■ «.. ••. :• %*-*• 

• • •' -, r •••.?.:* • * 

’*• • . ’ , v » , .. • • . 

* -VC — '-■>.*-■ * •-' 

. . £ , . •••.,*•.••« 

•• M*y- • .»W *•• ,■ 

: . ",''*••••' f •'■ 


v-X;* 7 

■ *'* • *** i-TT? 




S wi - -M- i. 







.GEITiNG OUT THE FLAG — Six-year-old Veronica Mrez beading for an open area of Glendale Ceme^ln Dttlvioin^ 
.lowa, to help her fafliers Boy Scout troop mark veterans’ graves in preparation for Memorial Day ceremonies. 


Away From Politics 


• Asm^&«igfaephiiecmfcrfa«idedonag^ 
coarse in Leonard town, Maryland, missing 

. the fairway and splashing Into a pond. Nri- 
< ther the pilot nor the 70 to 80 golfers on the 
course were injured. “He just hit the pond 
, and that was it, and they played right 

- through,” a police officer said. 

- *Up to 254)06 ffispaaks marched through 
r central Los Angeles to protest what partici- 
pants called a growing sentiment in Calif or- 

j ma and the nation against both legal and 
” illegal immigrants. ' 

• Schools do aot have to alow students who 


are Sikhs to wear a small dagger, which is 
considered a symbol of religious devotion, a 
federal judge in California has ruled. School 
officials in Livingston, California, had re- 
fused to allow the knives, called kirpaus. A 
Sikh family sued, claiming the policy placed 
an unlawful burden on their freedom of reli- 

gKHL 


• Officials at the Gfadd, one of the nation's 
last two public all-male military colleges, 
have been ordered by a federal judge to begin 
preparing a plan for co-e&ication. The order 
by Judge C. Weston Houck indicates that he 


may soon force the college in Charleston, 
South Carolina, to admit women. Judge 
Houck also ordered officials at the college to 
develop a program to deal with any incidents 
of sexual harassment or abuse that could 
result from the inclusion of women. 

• Three Chinese men detuned in New Yoik 
for nearly a year since the freighter in which 
they were bong smuggled ran aground have 
been released by immigration authorities. A 
judge had granted them political asylum on 
the grounds of China's coercive population- 
oonnol polid«. mx Afm , AT 


I 

Einstein Funny? Princeton Has Doubts 




' By James Barron 

' New York Times Service 

- PRINCETON, New Jersey — Explaining the 
theory of rdativrty might be Simpler than ex- 
plaining why non everyone is thrilled with a film 
starring Walter Matthau as Albert Einstein! 

1 The filmi N.QI* is not even finished yet. The 
movie-makers have shot some scenes in a little 
white house down the street from Einstein’s 
own tittle white house. They have shot other 
scenes at the Institute for Advanced Study, the 
Ingb-pawoed think tank where he tinkered 
With- equations from the late 1930s until his 
deaih in 1955 (and where officials wince at the 

tra*1ti|h : poweredfl^tanlO- 

. For brief moments in the last few weeks, they 
have replaced the BMW’s, Volvos and Merce- 
deses' that crowd the streets here with 19% 
Detroit sted: sedans, coupes, even a Chevrolet 
pickup track. . 

But m a town where some people remember 
the- great frizzy-haired physicist shambling 
around in.an old sweater and no socks, no one 
($0- quite" picture him tooting "around in an 
alien pon-getting 40-year-old Chrysler, which is 
What the movie makers have been filming Mr. 
Matthau in. And though it may be a comedy, 
the town is taking this rather seriously. 

" “Albert was i very fine person, and 1 don't 
warn to see him ! HoDywoodized,” said Peter 
Panagqs,.an institute faculty member who met 
Bnstem in the lat e 1940s. “I didn’t know how 
cutesy jpie tins, whole tiring would be." 


The problem: She is engaged to a somewhat 
stodgy researcher at a certain high-powered 
think tank: 

For the record, Einstein hadno niece and the 
think tank has been renamed - the Paine Insti- 
tute. 

The movie-makers have been’ uprooting 
1990s maflbaKS and parking meters and GELing 
store windows with 1950s displays. 

“I was walking along, and 1 saw these shoes 
in the window and thought, ‘Oh, wow. finally 


'Albert was a very fine 
person, and I don’t want to 
see him Hollywoodized. I 
didn’t know bow cutesy-pie 
this whole thing would 
be.’ 


Peter Prngos, an institute faculty 
member. 


Atie Seibert a professor emeritus at the 
stitnte. said tha t the Einstein in “I.Q." “seems 


institute, said that theEmstein in I.Q. seems 
to me to be rather out of character.” 
n The movie; be added, “may be a good come- 
dy, perhaps, but dot about Einstein.” 

- Nor is it about physics. The comedy features 
MegRyan asEtbstem’s niece and Tim Robbins 
as a ne’er-do-well car mechanic that Einstein is 
determined to make her fall in love with. 


they’re getting clothes in this town that Fll 
buy,’ ” raid Pamela Hesh, the director of Com- 
munity and State Affairs at Princeton Universi- 
ty. 

There were the usual street closings to ac- 
commodate the shooting schedule. And there 
was Ray Wadsworth, who feared that the pro- 
duces’ promises of a financial bonanza for the 
town would go unfulfilled 
Tm sick and tired of people coming into 
Princeton and changing our lives," said Mr. 
Wadsworth, who owns a Dower shop and a 
bakery and is on the Princeton Borough Cotra- 
tiL 

' “Two years ago, they had a governors’ am- 


Bugs Beat Shoplifters, Stores Find 


New York TUnis Service 


WASHINGTON — Net satisfied with video 
cameras, many retail stores, restaurants and fast 
food outlets are expanding their sntwmance by 
tudrihg tiny electronic ears in secluded places. 

The y say the .devices, which record conversa- 
tions on tape, give sbqpkeqpejs another tool to 
prevent theft, whether by burglars or employees, 
and to monitor how workers treat customers. 

Rot some can .also pick up awjjgjj'™ 


clothing racks so the stores could eavesdrop on 


tome secreted behind oneway mirrors m oepan- 
ntent slcres, is also rising. • : 

A South Florida security company# U& Aims, 
has instatied at least 1 ,000 hidden jmcrophows in 
retan stores, said "toe company's 
Lawrence. “Audio is somudi bigger Than weft 
he said. “Video tdls you who it is, but audio tails 
you-whaubey’reckMng.”- ■ k - 

Mr. Lawrence said he had sold dime-sized mi- 
cr^ltones to department stores that put them m 


" merchandise. He said his sates had surged in just 
the last ax months, partly because the systems 
have become cheaper. 

A system for a small store, with right micro- 
phones and an endless-loop tape machine, would 
cost about S7.000, be said. “Restaurants have them 
in tire kitchens because a lot of stuff goes out the 
back door." he said. ~ 

Audio saxvrifiance appears to be so new that 
most advocates of consumer privacy interviewed, 
including Robert Ellis Smith, publisher of the 
monthly Privacy Journal in Providence, Rhode 
Island, said they had never heard of it 

Some companies that sell surveillance gear are 
steering dear of audio systems became of potential 
legal challenges. Except when serious crime is 
involved, federal law prohibits eavesdropping un- 
less one of tire two participants in a conversation 
knows about it. 


CIA and FBI Seek Delay 
In Hearings for Spy 

Washington Post Service 

WASHINGTON — The House 
and Senate intelligence committees 
have been asked by Justice Depart- 
ment officials to delay their possi- 
ble questioning of the confessed 
spy 'Aldrich Hazen Ames until the 
FBI and the Central Intelligence 
Agency have finished debriefing 
him. 

The officials have argued Lhat 
interrupting the interrogation of 
Mi. Ames, who faces a fife prison 
term after pleading guilty to spying 
for Moscow, for Capitol Hill ap- 
pearances could have a harmful ef- 
fect on whai investigators hope to 
leara from him. 


To subscribe in France 


jutf call, toil free, 
05437437 


Once-Bold Mafia Loses Its Swagger 


recess, senic- 


ame wamm 


mine in at th 
aacesskms o; ■ 
of your lot 


By Selwyn Raab 

New York- Times Semce 

NEW YORK — Not so long ago, when the 


Mafia was an expanding industry, mobsters in 
the New York area were so indifferent to law- 
enforcement surveillance that they talked freely 
in their clubhouses, exchanged traditional kiss- 
es on tire cheek at street meetings and often 
mocked investigators who trailed them. 

But buffeted by convictions, electronic spy- 
ing by investigators, top-level defections and 
deadly internal feuds, many leaders and sol- 
diers in New York's five Mafia families are 
altering their underworld way of life. 

Law-enforcement officials assert that a wide- 
spread fear among Mafiosi of being infiltrated 
by informers or even observed talking with each 
other has compelled Mafia members in New 
York and New Jersey to take extraordinary 
defensive measures. 


law-enforcement agencies. In the last five years, 
more [ban 300 top and middle-echelon leaders 
in the seven famines have been convicted or are 
awaiting trial, prosecutors say. 

As examples of the mob’s new defensive 
tactics, officials cited these recent develop- 
ments: 

• The Ravenite Social duh, the Gambino 
crime family’s favorite gathering spot in the 
“little Italy' section of New York for more 
than 30 years, is shuttered six days a week. 

The storefront dub on Mulberry Street was 
tire daily headquarters for John Gotti, who 


7 ^ w d. and it be 

and to refer to them in conversations through rang to mov- 
code names or by hand signals. hina was ipk 

• In some families, soldiers are rejecting pro-avmg conces 
motions to capos, ihe captains of crews or units, 
apparently for fear it would make them auto- hard Nixon'i 

malic targets of law-enforcement agencies. • officials me 

• Signs have blossomed in many mob clubs, Sador to th> 
warning: “Don't talk. This place is bugged,” a secret envoi 

"They've become so paranoid about being' 
bugged that I wouldn’t be surprised this sum- ael H. Anna- 
mer if they bold meetings on the beach in^an, who wat 
swimsuits." said Joseph J. Coffey, the head of!*l<»dership-. 
intelligence for the New York Slate Organized ‘^r*s to covet 

rrinu Tael. I .h* 


prosecutors charged was the boss of the family, intelligence for the New York Slate Organized'-unS to covet 
before his conviction and imprisonment in 1992 Crime Task Force. ) the adminis- 

-a *. 1 * I • ft- _ a nn.i ^ _ * _ . — l iwl- ll 


The difficulties for New York's five en- 
ireoched families and two smaller ones in New 
Jersey stem largely from the successes of cam- 
paigns begun 10 years ago by federal and state 


on racketeering and murder charges. It is occa- 
sionally open on Wednesday nights when Mr. 
Goni’s brother. Peter, meets with a few loyal- 
ists. 

• Genovese crime family members some- 
times travel to meetings curled up on a car floor 
or in the trunk to avoid being (racked by 
investigators. 

• Members in several families have been or- 
dered never to utter the real names of leaders 


Since 1990. most of die Mafia’s rosier between 

bosses, underbosses and acting bosses in New, ?■ 

York and New Jersey have been sentenced io>hey invited a 
long prison terms on racketeering charges or': jamming of. 
have defected to testify against their former promised to. 
underworld colleagues. • protester and 

> Additionally, authorities say lhat prosecu- 1 dissidents. , 
lions and civil suits have uprooted tire Mafia’s 1 y agreed to 
control of major unions in the New York re-' ashingtonon 


Cubans Ask 
For Asylum 
la Embassy 


POLITICAL NOTES 


with prison- 
ns gave the 
i; le to say that 
)f the execu- 


Chlpping In for Chopper Trip 


Agettee France- Prase 

HAVANA — A spectacular oc- 
cupation of Lhe Belgian Embassy 
by more than 100 Cubans seeking 
asylum raised the specter for ihe 
government Sunday of a new wave 
of embassy takeovers. 

Cuban police were surrounding 
the Belgian ambassador's residence 
in the Miramar section of West 
Havana, where as many as 124 peo- 
ple, among them 24 children, broke 
in Saturday. 

The asylum seekers appeared 
well organized, taking advantage of 
a weakness in the residence's sur- 
veillance system. They gathered se- 
cretly in a neighboring square, 
rushed the entry gate and scaled the 
security fence shortly after noon. 

The Cuban foreign minister, Ro- 
berto Robaina. acknowledged the 
unusual size of the group, but reas- 
serted the government's policy of 
not dealing with people trying to 
obtain asylum through “pressure 
and force." 


vention here. We paved the streets with gold. If 
they spent two cents in this God-blessed town, 
that was a lot. Ahnost put the merchants out of 
business.” 

Well, you only bum Ray Wadsworth one 
time. - 

He remains on alert. 

“They wanted to go into Mercer Street by 
Einsuan’s house at 7 in the morning,” Mr. 
Wadsworth stud. “I told them, 'You can't do 
thax, go in at 9.’ They did.” 

Thai gave the cast two more hours to eat 
bagels from Alfred Kahn’s shop. He knew ex- 
actly where he was going with the delivery. 

“My grandfather used to deliver milk over 
there,” Mr. Kahn said. “I don’t know whether 
they were speaking German or Yiddish, f bad 
no idea to whom be was speaking, being 5 or 6 
years old, but I knew this was a famous guv.” 

He has only one concern about the movie: 
that Mr. Matthau is too tall to be Einstein. “1 
remember my grandfather used to tower over 
him,” Mr. Kahn said. 

They remember him at the institute, too. The 
myth is that Einstein’s office was. locked after 
his death and equations remain scribbled in the 
dust on his desk. Norman McNatt. on institute 
official, said that the room had long since been 
reassigned and redecorated. 

“Einstein kepi to himself most of the time." 
said Mark Darby, another staff member at the 
institute. “He did write articles with other peo- 
ple, but he didn’t hang out. He wasn’t convivial 
or outer-directed. 1 don't know bow you take 
someone like that and move a comic plot in a 
movie by being jovial.” 

“Einstein was affable enough." he said. “Peo- 
ple always said that if you ran into him on the 
street, be said heQo. A maid who’d walk along 
with him remembers their conversations. The 
stereotypical Princeton professor doesn't talk 
to people. This is not Harvard, but it’s still not 
the friendliest place in the world.” 


“This is not the way, the mecha- 
nism to follow for those who want 
to leave the country." Mr. Robaina 
said. He asked the asylum seekers 
to leave the grounds voluntarily. 

In Belgium, Foreign Minister 
WHIy Claes signaled that the Cu- 
bans would not be allowed to stay 
in the residence. He told Belgian 
radio: “We will attempt to ensure 
at least that these people are not 
pursued, that they are not punished 
if they have to leave the embassy." 

In the most recent embassy take- 
over, eight Cubans who entered the 
Belgian ambassador's residence in 
January surrendered peacefully a 
month later after Belgium secured 
formal assurances from Cuban au- 
thorities that the eight would face 
no charges. 


WASHINGTON — Thirteen senior White 
House officials have volunteered to help a dis- 
missed senior aide repay the government the 
513,129.66 cost of his helicopter trip to play golf 
near the presidential retreat at Camp David, Maty- 
land, and the White Hoase acknowledged that a 
second helicopter took part in the outing. 

In his resignation letter, the aide. David Wat- 
kins. was unrepentant. “1 firmly believe that my 
actions were in fulfillment of the responsibilities of 
my position," said Mr. Watkins, who was brad of 
the White House Office of Administration. 

Mr. Watkins, a longtime friend of President Bill 
Clinton and his wife, Hillary Rodham Clinton, 
said that “there simply was no effort on my part to 
use White House or military equipment for person- 
al or recreational purposes” and that his “sole 
motivation was determining how you could utilize 
Camp David more frequently ” 

The White House chief of staff, Thomas F. 
(Mack) McLarty, who is among those contributing 
to repay the cost of the helicopters, called the 
decision by Mr. Watkins to take the flight to play 
golf “an unfortunate error.” 

The aides contributing to the repayment fund 
included nearly the entire senior White House 
hierarchy, including the two deputy chiefs of staff, 
Philip La derand Harold lekes; the special counsel 
Lloyd N. Cutler, and George Stephanopoulos and 
David R. Gergen, special advisers. A source said 
the idea of having White House staffers contribute 
to the repayment fund arose when Mr. Watkins 
balked at paying the full amount. 

Mr. Clinton said be was *Very upset” when he 
learned that Mr. Watkins and Alpbonso Maldon 
Jr, director of the White House Military Office; 
had taken one of the presidential helicopters last 
Tuesday for the §olf outing. A second aircraft went 
along on a training night. Mr. Maldon, who was 
acting under Mr. Watkins’s orders, is being reas- 
signed. (WPJ 


the past association between (he president and 
Judge Wright was no cause for concern. She is 
viewed as highly competent by members of the 
Arkansas Bar, including Mr. Clinton's private law- 
yer in the state capital Little Rock. 

“She’s solid,” Stephen Engstrom said of Judge 


WrighL Mr. Engstrom is assisting Robert S. Ben- 
nett, a Washington lawyer, in Mr. Clinton's de- 
fense against a sexual harassment lawsuit brought 
by Paula Corbin Jones, a former Arkansas state 
employee. 

In 1974, Miss Wright served as a volunteer in the 
campaign of Representative John Paul Hammer- 
schmidt, a Republican, when Mr. Clinton tried 
unsuccessfully to unseat him. Mr. Clinton also 


unsuccessfully to unseat him. Mr. Clinton also 
taught Miss Wright during his time as a professor 
of law at the Universitv of Arkansas in the mid- 


Judge Wright, a Republican, was appointed to 
the bench in 1989 by President George Bush. She 
was assigned the Jones lawsuit at random. 

(Reuters) 


Rostenkowskl Rejects a Deal 


WASHINGTON — Representative Dan Ros- 
tenkowski. Democrat of Illinois, has ngected a 
proposed plea agreement that would allow him to 
avert a broad criminal indictment on federal cor- 
ruption charges, according to lawyers involved in 
the case. 

Mr. RostenkowskTs lawyers, who are still urging 
him to accept the agreement, have told federal 
prosecutors of the decision but asked them not to 
consider it final until the government's deadline on 
Tuesday, in the hope that be might change his 
mind. Bat there appeared to be no firm reason for 
thinking he might do so, the lawyers said. 

Without an agreement, prosecutors plan to seek 
a federal grand jury indictment on Tuesday accus- 
ing Mr. Rostenkowski of more than a dozen cor- 


ruption charges, lawyers in the case said. The 
charges include taking thousands of dollars in cash 
payments from the House post office disguised as 
stamp purchases, converting a government-leased 
vehicle to his personal use and putting people on 
his office payroll who did no work. Mr. Rosien- 
kowski, chairman of the House Ways and Means 
Committee, has denied any wrongdoing. (NYT) 


A Small World for President 


NEW YORK — The judge assigned to the 
sexual harassment case against President Clinton 
was once his student and campaigned against him 
in his unsuccessful run for Congress m 1974. a 
newspaper specializing in legal issues reported 
Sunday. 

The report in the weekly National Law Journal 
depicts what might be interpreted as an adversarial 
relationship between Mr. Clinton and the U.S. 
District Court judge, Susan Webber Wright. 

Sources in Arkansas legal circles, however, said 


Ouote/Unquote 

President Clinton in a radio address: “In this 


new era, we cannot dispatch our troops to solve 
every problem where bur values are offended by 


every problem where bur values are offended by 
human misery. And we should not. But we are 
prepared to defend ourselves and our fundamental 
interests when they are threatened." (AP) 


Colombian Elections Get Under Way Peacefully 


77k? Associated Press 

BOGOTA — Colombians 
emerging from an era of bombings 
and assassinations voted for a new 


president on Sunday, with the two 
leading, candidates both survivors 


leading candidates both survivors 
of their own brushes with violence. 

The architect of much of the 
mayhem, Pablo Escobar Gaviria, 
the drug kingpin, is now dead, and 
Colombians hope Lhe next presi- 
dent's term will be one of relative 


The front-runners are Ernesto 
Samper, an economist of the ruling 
Liberal Party, and Andris Pastrana 
of the Conservative Party, a former 
senator, Bogoti mayor and televi- 
sion newscaster. 

Mr. Samper survived an assassi- 
nation attempt in 1989 — three of 
the i 1 bullets that were fired into 
him remain lodged in his body — 
and Mr. Pastrana was kidnapped 


destine I y helped the government 
fight the rival MedeQin gang, has 
now become the world’s biggest 


government gets tough -with the 
Cali carteL the days of bombings 


Cali carteL the days of bombings 
and assassinations will return. 


supplier of cocaine, and, according 
to law-enforcement officials, has 
infiltrated and corrupted many lev- 
els of Colombia’s government. 


peace. 

President Cesar Gaviria Trujillo 
reflected an upbeat feeling among 
many voters at polling stations in 
Bogoti. “The elections have begun 
in total peace," he said after voting. 

The president, limited by the 
constitution to one term, urged Co- 
lombians to turn out en masse to 
"defeat violence and consolidate 
democracy.” 

Three presidential candidates 
were assassinated before the last 
election, held in 1990. 

Soldiers patrolled parking lots 
and plazas where voters marked 
paper ballots and put them into 
cardboard boxes Sunday. Leftist 
rebels had threatened lb disrupt 
voting, but no major incidents were 
reported. 


the previous year. 
Neither was exp 


Neither was expected to win (he 
majority needed to avoid a June 19 
runoff, according to pre-election 
opinion polls. Final results were 
expected Monday. 

Mr. Samper and Mr. Pastrana 
have similar platforms, with toe 
major difference being toe pace of 
economic reform. 

Mr. Samper says the state should 
move more slowly in lowering trade 
barriers and selling off state indus- 
tries. and cushion the effect on 
workers with subsidies. Mr. Pas- 
trana believes in continuing with 
Mr. Gaviria’s accelerated program. 

With the death of Mr. Escobar in 
a shootout with security forces on 
Dec. 2, (he government won its war 
with the Medellin carteL 
But the Cali cartel which dan- 


Tbe government has been nego- 
tiating surrender terms with the 
Cali kingpins in exchange for le- 
niency. Some Colombians fear that 
if the surrender talks fail and the 


Both leading presidential candi- 
dates have also said they want to 
talk peace with Colombia’s 10,000 
leftist rebels, who have been fight- 
ing for three decades, Mr. Samper 
has said he would open talks un- 
conditionally. but Mr. Pastrana 
wants to see the rebels make con- 
crete proposals first 


On June 24th, the IHT will publish an 
Advertising Section on 


European Union: 


The CASH MACHINE 

Instant printing T^shiris, coffee- 
mugs, posters and much more. 


mwi 


Cl .000 cash per day possible. Cortee-mug 
I systems from £5,000, textile end T-shirts 
systems from E9.S00 Special badkgrouvfs 
i (tncfr photos) are stored 'n lhe consular and 
can be combined wttt your customers por- 
trait. Systems are easy to transport In the 
average car. No stress sefflng tovotrad. Set 
I up hi loot traffic ana and customers come 
to you - sitipie to operate - no spedai quai- 

1 licaiiofls requited - immediate delivery. 
(Wholesale puces torreeeflers). 

KEMADepl. ESI, Posttech 170340, 
MOOT? Frau rkfurt/itein 
TeL + 49-69-74 78 03 
, Tatar 41 3713 Tdefex 44949-75 ZS 74 


Where It’s Working 

Among the topics to be covered are: 

■ Telecom — how suppliers and customers 
have benefited. 

■ Deregulation’s effect on the airline industry. 

■ The selling off of state enterprises 

■ Transport— -the elimination of border 


controls. 

A survey of the tourism industry. 


This seetton minddes with the EU summit meeting 
in Corfu. For information about advertisingin this 
section, please contact James McLeod in Paris 
at (33-1) 46 37 93 81. 


muna «tni ret n» uxk. wo. uo rei nvnann run 


For expert advice on personal investing. 


Every Saturday, the International Herald Tribune publishes The Money Report, a weekly section that provides 
a penetrating analysis of fin a n cial products and services available to today's high-net-worth investor. 

For timely investment information, read The Money Report. 


71 i k INTERNATIONAL mt» , . 

Umlkeajgfeenbunc 


usident had 
how much 
5 reasons; it 
ceded China 

0 deal with 
us Security 
weapons. 

jy Treasury ‘ 
it that when 

1 to impose 
of human- 
worlds: The 
:ts are lost 
es or not at 


University of Arkansas in the mid- Zzi3EZ76 


nts, metad- 
sconomists. 
d the U.S.- 
lky to help 
ccording to 


sd flowing, 
may never 


mis to win 
pourmon- 
exduavdy 
toners sus- 
vn devices, 
utheteni- 


The Pales- 
• are inter- 
;ood bade 
Tor, rathe' 
want But 
re not in a 


W te t Jfttm WITH THT. NT* TIMES %ND Tm. »*5H1>CTU* n*n 





p 

"Page 4 



Rwanda: At Least Do This 


The members erf the United Nations are 
.doing something seriously wrong in Rwanda. 

• In mid-May they voted io take certain mea- 
sures. including the dispatch of additional 
peacekeeping troops, to contain the slaughter, 
offer relief to the survivors and give backing 

' to diplomatic attempts to bring about a cease- 
fire. The Security Council decided on this 
program — a vciy modest one considering the 
. scale of the inferno — in order to meet the 
prudent objections of its members, especially 
the United Slates. But having marched up the 
hill of promises, the United Nations is col- 
lapsing on delivery. It is not putting into effect 
. even its own minimal program to deal with 
one of the great human-rights tragedies of 
contemporary times. 

UN Secretary-General Butros Butros 
Ghali calls it a scandal and a failure. Some 
' may smart under the criticism. But others 
seem to be taking palpable relief in having 
; not been drawn into a Somalia-like engage- 
ment where there is no structure or working 
government to bolster, only a condition of 
' chaos and anarchy to avoid. 

litis is understandable as a reaction to 

• political pressures not to gel involved. Few 
Americans claim the United States has a 

- “national interest" in saving Rwanda. But 


me implications of this detachment are grave. 

With good reason, Mr. Butros Ghali also 
calls what is taking place in Rwanda “geno- 
cide." This is the deadliest of political sins and 
one that the company of nations has outlawed 
and pledged to prevent. Yet here are other- 
wise unoffending people being killed in the 
hundreds of thousands, and being displaced 
in the million*, on the basis of tribal or ethnic 
distinctions. Most other countries appear lit- 
tle disposed to act, even to recognize a special 
problem compelling response. 

At the least, international sentiment ought 
to be roused behind a call for an immediate 
cease-fire. The countries ready to provide 
peacekeeping forces — Ghana. Ethiopia and 
Senegal — ought to be joined by others and 
enabled to begin their mission at once. As 
much of an international presence as possible 
ought to be mobilized to give pause to the 
Hutu army, chief perpetrators of the slaugh- 
ter. Humanitarian aid can be provided, per- 
haps best now at the borders. No one wonld 
say that responses of this order at ail match 
the need. But they are a down payment on a 
fuller recognition that nowhere should geno- 
cide be regarded as regrettable but too incon- 
venient to do anything abouL 

— THE WASHINGTON POST. 


The Rumbling in Europe 


■ Migration is becoming one of the great 
forces changing the world's politics, and no- 
. where more dramatically than in Europe. For 
a generation after World War 11, Western 
Europe was largely segregated from the popu- 
‘ lations to its east and south by the Iron 
Curtain and the Mediterranean. In the 1 990s, 
an era of cheap travel and relaxed border 
controls, minions of people are on the move, 
drawn by prosperity and pushed by fear and 
war at home. Many Europeans, in reaction to 
this new pressure, feel beleaguered. It is re- 
flected in the way they think about the world, 
and the way they vote. 

In Germany, one of every 12 residents is 
not a citizen. That is almost twice the pro- 
‘ portion in the United Slates — although it is 
the United States that traditionally wel- 
comes immigrants and Germany that tradi- 
tionally does noL Some of the noncitizens in 
Germany have been there for a long lime, 
like the Turkish workers who arrived in (he 
1960s. But there are also nearly 400.000 refu- 
gees from ex-Yugoslavia. And Austria is car- 
rying, in relation to its size, an even heavier 
burden of Yugoslav refugees. 

Poland is accustomed to thinking of itself 
as a poor country. Long before its Communist 
regime fell it allowed Poles to travel westward, 
generally as peddlers or day laborers, general- 
ly working illegally. But non' Poland has be- 
come aware of peddlers and day laborers 
filtering across its own eastern border, espe- 
cially from the economic disaslerin Ukraine. 
With mixed feelings. Poles have begun to 
realize that by the standards of much of the 
rest of the world their country is a model 


of prosperity and a desirable destination. 

France in particular is feeling the effects of 
long economic stagnation throughout North 
Africa, and the sharpening tension between 
the government and Muslim fundamentalists 
in Algeria. But asylum-seekers from sub-Sa- 
haran Africa tend to go to Germany, perhaps 
because of the generous social benefits there. 

One consequence of the civil wars and trib- 
al rivalries in Africa, little noticed in the 
United States, is the steady drift of refugees 
northward. For those who can get a plane 
ticket, even a wretched life on the streets of a 
European dry selling trinkets to tourists may 
be preferable to conditions at home. 

Since the African and Asian newcomers 
have darker skins than the Europeans, resent- 
ment of them is often couched in explicitly 
racist terms. And since the respectable politi- 
cal parties will have nothing to do with rac- 
ism. the subject of population movements is 
often left to the less-than-respectable. The 
results are clearest in Germany, where immi- 
gration is heaviest. But similar rumbling is 
audible in every European country. Even law- 
abiding people of the most humane instincts 
find tins rapid inflow of strangers to be trou- 
bling — a drain on public budgets and a 
threat to the customs of communities far more 
accustomed to homogeneity than, say, most of 
ibrir counterparts in the United States. 

The pressures of migration keep rising 
around the world. Dealing with them fairly 
mid decently is close to the top of the list of 
urgent necessities that, in the 1990s. are taking 
Europe’s politicians by surprise. 

— THE WASHINGTON- POST. 


Close the Hi-Tech Window 


Nuclear- arms makers in Iraq, Iran, India 
and Pakistan were just some of the recipients 
of U.S. high-technology exports in the past — 
exports that they could use to make bombs. 
Yet even as nudear proliferation emerges as 
the principal threat to America's security, bills 
wending (heir way through (he Senate and 
House would make it even easier for renegade 
states to obtain U.S. technology useful for 
building bombs. 

The uxhnokigy of concern has both civilian 
and military uses, like machine tools for grind- 
ing bomb parts to exacting specifications and 
devices known as krytrons, electronic triggers 
used to fire up photocopying machines that can 
also serve as nuclear detonators. 

Some relaxation of export controls makes 
sense. For instance, U.S. exporters are enti- 
tled to a level playing field when it comes to 
getting expeditious licensing decisions. A 90- 
day deadline for decisions embodied in these 
bills would reduce the chance of foreign com- 
petitors sealing deals while U.S. companies 
wait for license approvals. 

But the laissez-faire licensing envisaged in 
these bills goes too far to boost exports at the 
expense of preventing proliferation. Congress 
needs to redraft them. 

Easy waivers of reasonable regulations, as 
provided in the proposed legislation, are unjus- 
tified. The Senate bilL for instance, authorizes 
the secretary of commerce, acting alone, to 
gram relief from export controls. That is a clear 
conflict since the Commerce Department's 
prime purpose is to promote US. exports. 
Other agencies charged with curbing prolifera- 
tion, such as the Defense and State depart- 
ments, need to be involved in such decisions. 

The bills rightly reflect the fact that U.S. 
export controls will not work when too many 
suppliers abroad refuse to abide by them, 
putting American manufacturers at a compet- 
itive disadvantage. But multilateral controls 
have usually been established when the Unit- 
ed States imposed tough standards of its own 
and persuaded other states to follow its lead. 
And that takes time. 


The bills, however, do not allow much 
time; they mandate that the U.S. govern- 
ment relax its own controls within 18 months 
if they are not adopted by other supplier 
states. But knowing that ILS. controls will 
expire can only reduce the incentive for oth- 
ers to follow suit. That will lead to the lowest 
common denominator of international con- 
trol — or none at all. 

The biHs also fail to require the collection of 
data that would make it easier to detect and 
stop proliferates. The U.S. Customs Service 
wanes to require shippers to file export declara- 
tions electronically in advance for all goods, 
licensed or not. identifying the product being 
transported and its ultimate destination. That 
would enable U.S. agencies to identify patterns 
of suspicious shipments and sometimes seize 
unlawful exports before they embark. 

The General Accounting Office has docu- 
mented bow, even under existing law, the 
United Slates has too often failed to prevent 
shipment of dangerous technology to would- 
be nuclear-weapons stales. From 1988 to 
1 990, for instance, of the 4 10 applications that 
US. companies filed to export nuclear-related 
technology to Iraq, only 5 pa cent were turned 
down. One- third of the 89 applications to ship 
to sensitive end-users like the Iraqi Ministry 
of Defense were approved. 

The GAO round equally lax patterns for 
exports to Iran, Pakistan and India. Prudent 
licensing regulations, carefully drawn, expedi- 
tiously implemented and studiously moni- 
tored, could prevent a dangerous repetition. 

The job I css from such regulation is mini- 
mal. In 1992, for instance, U.S. export of 
manufactured goods totaled £447 billion. 
Only SI 8 billion — barely 4 percent — re- 
quired a license to be shipped abroad. Li- 
censes were denied for less than £700 milli on 
worth of goods, or one-tenth of 1 percent of 
all manufactured goods exported. 

Jn a S6 trillion economy, that does not affect 
many jobs. It is a fair price to pay to prevent 
proliferation from getting out of coatroL 

— THE NEW YORK TIMES. 



International Herald Tribune 

ESTABLISHED 18X7 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 
Cii'Chuirmm 

RICHARD McCLEAN. Publisher <£ Chief Executive 
JOHN VINOCUR. Executive Ednor A YxxPrcodem 

• WALTER WELLS. Abu fifcv • SAMUEL ABT. KATHERINE KNORR and 
CHARLES MTTCHUMORE. Depur, Eduurs ■ CARL GEW'jr YL. A wdetr Ed; u * 

• ROBERT J DONAHUE. the Editorial Pa%es "JONATHAN and FtmuKt Liim-tr 

• RENE BQNDY. Deputy Publisher • JAMES McLEOD. Advertising tXnxvr 

• JUANITA L CASPAR!. Inirmmnd Deveiifmeru Gwav • ROBERT FaRRE, Gmi&uui ftmi >r Eunf* 

Direct eur dt !a Puhlkntim: RidtuniD. Stamms 
Di/tcteurAdjt<midrb PiMkanm: Kiithurine P. ftunm 


fatCffiabnruI Herald Tnbtme. 181 Avenue Chfffcs-dc<iaulJc. 9252 1 Ncujfly-w-Sanc. ftane. 
Tel. : 1 1 1 4fO7.93.0Ti Fax: Cue. 46.37.065 1; Adv.. 46J7S2 1 2 Imran* IHT«*im*omic 

Lkuv fur Aat ‘tnhiid Rxhatdum. 5 Grunbun fti. Sngapvr US! !. TcL Itci -/TT-ToWi Fits: ifol 274-2 JI4 
Mnz Dir. 4a; PiffD krtmepufi 50 CJw.r*r fhL ting. Tei. K52't222-t IfK Fdz 

G>u \tgr. Gemum. T. SM'Otr. Fmdnchsir. 15. til 125 FntntfjrJM Tel If/M 72 j; Fnv lUN/l 72 ~i 10 
PrrvUS: Uidurl Gwm. *50 Third Au.. Sen Yori. NY KKZ 7W >217 1 Fuc (717 1 75547*$ 

('A 5J: rrtM/tg itffirer L/uig A< rr Londun W’CT. Tr! >07/ ) XJfy-JSlC Fus: i0~j) 2P , -22II. 
5 -t. iiu i iipitii! dt 1.2UO.WM F. RCS SoMrrrr B T s2H2ll2h Cuntrr.nsitm PunMin- .*•<• Ol3J“ 
•" /W*l. butrmruitil HrruLiTnfaiir All ti nned. ISSN: tCUWMG 





MONDAY, MAY 30, 1994 


OPINION 


U.S. Asia Policy Is Finally Getting on Track 


W ASHINGTON — In matters of diplomacy 
it could be said that those who do not 
know realirv will sooner or later discover iL 
president Bill Chmon and his advisers, having 
alienated many countries in Asia by applying 
well-intentioned but poorly conceived policies, 
are starting to take a more pragmatic approach. 

Mr. Clinton's decision last week to continue 
mosi-favored-nation trading benefits for China 
and no longer make renewal of these benefits 
conditional on Beijing's human rights perfor- 
mance was a step m the right direction. There 
have been others, some less publicized, which 
suggest that the administration has been rethink- 
ing its Asia policy. 

The seasoning of U.S. policy is evident with 
India. There the Clinton administration at first 
launched policy initiatives on the two most sensi- 
tive issues: the Kashmir dispute and security 
relations between Pakistan and India. The pro- 
gram of economic liberalization being carried 
out by the Indian government was largely over- 
looked. The result: very liule progress toward 
resolving either of the sensitive issues and a 
coding of U.S. -Indian relations. 

However, during the recent visit to Washing- 
ton by Prime Minister P. V. Narasimha Rao, 
useful efforts were made by Mr. Clinton and his 
aides to set matters right. Regional nuclear 
proliferation was played down; Kashmir was 
relegated to bilateral discussions between India 


By William Clark Jr. 

and Pakistan. The emphasis was shifted to eco- 
nomics, where the United States and India have 
considerable interests in common. Overall, 
American policy toward India is now approach- 
ing a more sensible posture. 

TTk Clinton administration is still fonnally cod- . 
tittering whether to whhdraw low-tariff trade priv- 
ileges from populous Indonesia, it has said that it 
may do so by August unless the rights of Indone- 
ann workers are improved. 

In April, the Umted Slates sought to put the 
issue of labor standards in developing nations 
onto the agenda of the World Trade Organiza- 
tion, to be GATTs successor, despite opposition 
from many Asian states, which regard the move 
as an attempt to blunt their competitive advan- 
tage. As in the case of China ana human rights, 
Washington has adopted a less strident tone on 
these issues. Quiet but persistent diplomacy 
promises better long-term results. 

With Singapore, Mr. Clinton intervened per- 
sonally in the case of the young American, Mi- 
chad Fay, who was sentenced to be caned for 
vandalizing cars. The US. trade representative, 
Mickey Kantor, who evidently was outraged by 
the caning, said that the United States opposed 
Singapore s lad to host the first ministerial meet- 
ing of the World Trade Organization next year. 


Since then, however, the adxninislration has 
distanced itself bom Mr. Ranter's stance. His 
veto will not hold; that, too, is the tight policy. 

The United States has moved oat of reverse 
gear in its trade talks with Japan. Washington 
was unyielding in Februaiy, working on the 
atian that Tokyo would fold under pres- 
sure Having failed to obtain numerical targets - 
on trade, Mr. Clinton invoked the threat of 
sanctions, and tbs negotiations with Japanwere 
broken off.- Although die government of Prime 
Minister Morihiro Hoeokawa collapsed for other . 
reasons, the Japanese still refused to make the 
concessions demanded by Washington. Now, 
following the relatively narrow agreement 
readied Tuesday on how lq measure access to 
Japanese markets, the talks are to resume. . 

m ah these cases. U.S. policy, though still 
fragmented, is movmg in the right direction. * 
The downside is that the Clinton administra- 
tion, having staked out untenable positions that 
angered Asian nations, cow gives the appearance 
of backing down instead of fading its footing. It 
will take same time to regain the credibility 
America has lost during this learning periods 

The writer, a forma. U.S. assistant setjetary of. 
state for East Asian and Pacific affairs, js senior 
adviser at the Center for Spxaegic and lmernation . 
al Studies in Wasningupi. He contributed this . 
comment to the International Herald Tribune. 


Credit Clinton With a Pragmatic New Approach 


W ASHINGTON — Not a mo- 
ment too soon, the Clinton 
administration has reversed de- 
ments of what was fast becoming a 
failed Asian economic policy. For 
that it deserves much credit. 

By lairing new action to support 
the dollar and revising approaches 
to Japan and China. President BEU 
Clinton is leaving behind “aggres- 
sive unilateralism,'' an attitude that 
shook global confidence in his ad- 
ministration- No doubt, be will be 
criticized for flip-flopping. 

What is important is that Mr. 
Clinton is now doing the right thing 
in three critical areas that can yield 
dividends not just lor the US. econ- 
omy but for the global economy. 

First was his decision in late 
April to join with other countries in 
an effort to prop up the dollar. The 
US. currency, as Treasury Secre- 
tary Lloyd Bemsen said, had fallen 
“beyond what is justified by eco- 
nomic fundamentals,” notably 
against the yen. And it was sinking 
despite the* lightening of interest 
rates by the Federal Reserve Board. 

Mr. Bentsen instituted “benign 
neglect" of the dollar’s decline 
against the yen a year ago as part of 
the effort to reduce Japan's trade 
surplus with (he Untied States. A 
costlier yen, it was reasoned, would 
limit Japanese exports to America. 
The dollar declined, with no no- 


By Hobart Bowen 


ticeable effect on U.S.-Japaa trade 
imbalances, raising questions 
abroad about the management of 
the U5. economy and contributing 
to the recent volatility of the stock 
and bond mar kets. 

Treasury officials at first tried to 
pretend that tbs problem was the 
strength of the yen, not the weakness 

He is doing the right 
thing in three areas of 
great economic import. 

of the dollar. But that excuse didn't 
wash. Intervention in the exchange 
markets may not work to the extent 
Mr. Bentsen hopes. But at least he 
has now junked the open invitation 
he had extended for die dollar to 
decline, always a dangerous gamble. 

The second nnyor policy adjust- 
ment was Mr. Chn ton’s decision 
Tuesday to withdraw the misguided 
effort he had launched to force Japan 
to set numerical import goals for a 
number of products. Despite denials 
by trade officials that such import 
quotas had been sought, this led to a 
breakdown of trade negotiations. 

The new, softer approach may 
produce no greater access to Japa- 


nese markets than the oW threat of 
unilateral sanctions. Yet recognition 
that there is more to the USL-Japan 
relationship than trade is an impor- 
tant first for the Clinton administra- 
tion and a rebuke to the hade hawks 
who have until now dominated US 

Wi&erheads abso^odthe message 
conveyed by financial markets. As a 
Sakmxm Brothers Inc, report pul it 
“The Clinton a dmini stration is 
tea ming that there are limits to (he 
ability of a single country — espe- 
cially one with a current deficit — to 
ran policies that are viewed as unac- 
ceptable by international investors." 

Tbs administration had argued 
rightly that the time had come for 
Japan to reduce its huge global sur- 
pluses. Most of Americas Europe- 
an partners agree. But they never 
endorsed Washington’s unilateral 
tactics; fearing they might be next 

The third dement m the new 
Clinton Asian economic policy, an- 
nounced Thursday, is extension of 
most-favored-nanon trade privi- 
leges, reversing the president’s 
pledge to withdraw those privileges 
if China failed significantly to im- 
prove its human rights record. 

Mr. Clinton’s heart was in the 
place when he made that 
Despite recent economic 


gains in. Ghina, Beijing’s record, 
on htr qian rig ht-* remains abysmal 
But there is convincing evidence ' 
that manipulation of trade privi- 
leges isthe wrong lews with which 
to achieve the human rights gpaL As 
Senator; Bill Bradley and others' 
have suggested, there must be a bet- 
ter way to enhawg hmrum rights 
without scuttling U.S. trade with 
China — which, by the way, en- 
joyed a $23 billion surplus with the 
United States last year. 

By decoupling trade privileges 
from human rights, Mr. Canton ad- 
mits (bat he made a tactical enor.lt 
remains to be seen whether be win 
proceed to keep, a focus, on the. 
~~hts issue, while budding a new 
uhmdiip with China 
One modest proposal worth con- 
sidering comes from H uman Rights 
Watch, which urges Ameraran cor- 
porations to take a “proactive" hu- 
man rights stance whfledaing busi- 
ness in China, Examples of such a 
policy: Companies virould shun use 
of prison labor and would protect 
. employees' right of free expression. 

There is daylight at the end of this 
funnel Mr. Gintoa was losing crecS- 
Mity in Asia. Belatedly, he is trying 
to alter the international view of the 
United States as, in the words of his 
Asia expert, Winston Lord, “an in- 
ternational nanny, if not holly." 

The Washington Past. 



By Gerald ScgaS 

.EOUL-faasKplta^ 1 ^ 
Eocf?^ 



plutonium had heat arran*** 1 ^ 


mvam, ibbiicuw*» 

the atomic reactor behaitea- 
That events on tbe Korean 
la : have reached 

shows the Emits of Cte** WST 

•■ WV- . and jpaight about, NOTlfa. * 

MoaszESfc- 

fives and defied the outside wtffk- 

officials now readily accuse tb® 1 
Cfortcac aBiestjf dupbaty. The si- 
finisr regime of Kim II Sung m?> , 
regard tberireTonn and 
China, which Beijing, has 
Pyongyang should follow, os a recipe 
ft» chaps anti capitalist subversion. 

-Jman.has been jnore conastot 
than Cfama toward North Korea, ‘’-j* 
now finuting the amount of money 
sent home by North Koreans iiyni&^ 
Ja pan, as requested by the 
States. It stands ready to support 

UN Security Cotmcfl. sanctions. L«- 

spite the uDMtrinty in Japanese poli- 
tics, Tokyo has begun to explore way* 
to widcn imBtary cooperation wim 
America m event of a Korean crisis. 

South Korea has the most to l«e 
shnnld things slip put of control 
The South secs the issue primarily 
in tunny of the national sebirity of 
the two Koreas- Tbe United State* 
and many other countries outside the 
region see : the problem largely m 
terms of the need to stem the spread 
of nudear weapons. It is thus not 
surp rising - that there are doubts 
about South Korea's readiness to 
stand fxnnagBinst. (he North. 

- . Some, influential jSquth Koreans 
assert that ..confronting the North 
over nuclear . weapons wdL make na- 
tional reunification more difficult to 
achievis. TIie opposite is true. A nu- 
clear-armed North will at. best be a 
more difficult negotiating partner, 
and al worst a very dangerous bully. 

■Jte writer is a senior feStrrrat the 
International Institute Joe Strategic 
Studies in London and editor of The. 
Pacific Review. He contributed this 
comme nt to die Herald Tribune’ 


From Clinton and Powell, Bracing Words to a Glum Generation 


W ASHINGTON —With Memo- 
rial Day and the 50th anniver- 
sary of D-Day falling a week apart, 
this is a time for acknowledging the 
debt the living owe the dead. Equally, 
it is a time for reflection on the obliga- 
tions that heritage of sacrifice imposes. 

Many have spoken to those themes 
in recent days; none better, l think, 
than President Bill Clinton and Colin 
Powell, the retired chairman of the 
Joint Chiefs of Staff. The words of 
Washington officials tend tc be de- 
valued, but these deserve to be read 
without the stain of cynicism that 


By David S. Broder 


besmirches - so much of our thought. 

The common theme of Mr. Clinton 
and Mr. Powell is the paradox that 
confronts almost any thoughtful per- 
son: Why is there such hopelessness 
and ill temper among young Ameri- 
cans when the events of their lifetime 
should give them such confidence in 
their nation and its prospects? 

In commencement addresses, the 
president and the general both re- 
ferred to the extraordinary changes 
that have occurred in the world just 


in the four years since the class of 
1994 entered school 
As Mr. Clinton noted at GaDaudet 
University, the University of Califor- 
nia at Los Angeles and the Naval 
Academy, and General Powell point- 
ed our at Howard University, the 
graduates’ college years have seen the 
end of the Gold War, the fall of the 
Berlin Wall, the breakup of the Soviet 
Union, the election of the first demo- 
cratically chosen government in Rus- 
sia, the agreement of Israel and the 



A Dark Joyride Through Nixonia 


N EW YORK — If ever there 
was a reason to become com- 
puter literate, it is to savor every byte 
of Sony's complete multimedia edi- 
tion of “The Hal deman Diaries," the 
late chief of staff's daily chronicle of 
the Nixon administration. 

By loading a 569.95 compact disk 
into the CD-ROM drive of the 
nearest PC, you can not only wal- 
low in Watergate but relive such 
golden White House moments as 
the Pam Agnew wedding, a gala 
East Room rental by Red Skelton 
and a dinner for Golda Mar to 
which the president invited “a few 
gentiles, like Connally,” 

"The Haldeman Diaries" have 
become notorious in the two weeks 
since their publication as a nearly 
“DO-page book, especially those 
passages in wfaicb the president 
rails against “the total Jewish domi- 
nation of the media” and a neurotic 
Henry Kissinger makes Dr. Strange- 
love seem tame. 

But except for Billy G raham — 
who denied an entry in which be 
refers to “sauuiic Jews" — no rate 
has seriously challenged Mr. Halde- 
man’s accuracy. Stephen Ambrose 
— the nonpartisan Eisenhower and 
Nixon biographer and D-Day histo- 
rian — soundly endorses “The HaL 
deman Diaries" in its introduction. 

The CD-ROM version of the 
book adds 700 photos, home mov- 


By Frank Rich 

res, the White House appointments 
log and I flOO more pages of diaries. 

Zip ping through the mul timedia 
edition is an addictive joyride that 
simulates what it might be like to 
listen to the Watergate tapes, read 
“The Final Days" and play Nin- 
tendo all at the same time. 

What often emerges is a period 
farce — sort of a * i Springtime for 
Nixon” — with on untikay cast of 
cameo players, from Gina LoDobri- 
gjda to Andre Malraux. The presi- 
dent, desperate to invite Frank Sin- 
atra to the White House, chooses 
Percy Como instead rather than get 
embroiled in a dispute between the 
Chairman of the Board and Mrs. 
Bob Hope. After a state dinner for 
Pierre Trudeau falls flat Mr. Nixon 
is “particularly down on the enter- 
tainment” by Roben Goulet 

Sam Goldwyn turns up in one 
film dip, as does Elvis in the ap- 
pointments log. None of this is in 
the published diaries. Nor isa 1972 
entry in winch Mr. HaMtanan-says 
the president told him that “Kissin- 
ger has worked hard, and I’m to call 
Rebozo and have him give Hany 
aD of Ms . phone numbers of girls 
that are not over 30." . 

But by using a computer pro- 
gram's search function — you can 


leap to every occurrence of (he 
worn “Jewish," for instance — the 
dark side of tins White House 
i out of hyperspace, 
r. Nixon’s defenders have tried 
to rationalize his paranoia about 
Jewish cabals by arguing that he was 
letting off pohucaL not anti-Semitic, 
steam at a time when there were 
many Jews among Ms press adver- 
saries. But in the unexpurgated dia- 
ries Mr. Nixon is cited as Identifying 
“our enemies” as “youth, Mode, 
Jew" in 1 970. And it is hard to find a 
political alibi in this 1971 passage: 

“The president came bad: from 
avid for White House 
.He called me ... a little dis- 
turbed at discovering that we were 
having a rabbi again. He made the 
point that there are only S million 
Jews rad of 200 milli on people, so 
one rabbi service in the first term 
wonld have been enough; we 
shouldn’t have had a second rate, 
and he certainly doesn’t want day 
more this term." 

By the time a hacker overdoses 
on the multimedia diaries, the only 
real mystery that remains about the 
White House is Mr. Haldeman him- 
self — a fly on the wall so devoid of 
personality and emotion that be 
could be the butter -who failhfHfly 
serves Ms disgraced lord in “The 
Remains of the Day.” 

The New York Times. 


Palestine Liberation Organization on 
self-rule in Gaza and the end of 
apartheid and the establishment of a 
freely elected, multi-racial, govern- 
ment in Sooth Africa. 

The heroes of these changes — 
from Mikhail Gorbachev and Boris 
Yeltsin to Frederik de Klerk and Nel- 
son Mandela — are people old 
enough to have witnessed D-Day, 
even if they were not there. General 
Powell and President Clinton also 
referred to the 40th anniversary of 
the Brown v. Board of Education 
decision ending racial segregation in 
America’s public schools. 

In speaking of these events to peon 
pie a generation younger, General 
Powell, 57, and Mr. Clin urn, 47, 
voiced an anxiety about the mind-set 
of members of their audience that is, 

I think, widely shared. 

General PoweS, speaking on a 
campus whereadvocates of Mack nar 
tionalism tinged with anti-Semitism 
have drawn huge crowds, said that 
the recent acts of reconciliation in the 
Middle East and South Africa “have . 
shown how yon can join hands to 
create a farce of moral authority 
more powerful than any araty, a force 
which can change the world." 

“There is a message in these two 
historic events,” he said. “As die 
work! goes forward, we cannot start 
gong backward. African-Americans 
nave come too far arid we have too far 
yet to go to take a detour into the 
swamp of hatred.” 

In stem tones. General Powell said 
to the Howard graduates, “You have 
been given citizenship in a country 
like none other on earth, with oppor- 
tunities available to you idee nowhere 
else on earth . . . What wD be asked 
of you is bard work; nothing will be 
handed to yon . . . Use your educa- 
tion andyour success in life to help 
those still trapped in cycles of pover- 
ty and viatenoe. Above all never lose 
faith in America. Tts faults are yours 
to fix, not to curse.” 


J 


Mr. CGntori was possibly less do- 
i socckict than 
: Powell was. Bat Ms thoughts 
were moving in mtx& the same dueo- 
tion and reflected the same-concern. 

It came through most deady in the 
least rhetorical- tf. Ms recent talks, 
comments he made May- 17 at- the 
Martin Luther King Middle School in 
. BdtsviBej, Maryland After trifling stu- 
dents how much he and they owed to 
the people who had fought to desegre- 
gate schools, the president said: 

“You tot* al what die problems 
are today. Is there ' Still racism in 
America today? Of course there is. Is 
there too much violence today, espe- 
cially among yooig people? Of 
coarse. Are there still too many peo- 
ple- whodon’tthink they’re going to - 
get a fair sfaakrtrr life and don’t think 
they have much at & future to lot* 
-forward to? Of course there are.” 

He udkeid about the initiatives he 
has launched tp expand the economy, 
improve school, make streets safer. 
But he said, “It aD begins with person- 
al choices . . . so what are you going 
todo?Youhavetodecidethatyioawill 
not drop am of school ... You have 
to dcafe dat you ivifl not ^use alcohol 
or drugsor take up guns. You hare to 
decide that you wm not become a 
mother or a father before you’re old 
enough to understand and take re- 
sponsibflity and do the job right, in- 
stead of wrecking your life wit bit" 
^he whole future of the country " < 
the president said, “is riding on 
whether we can hare young people 
who are wefreducaied; welfdisd- 
plined, hopeful about the future, and 
more interested in helping each other 
than hurting: each other, more inter- 
ested in bo<*s than guns, more inter- 
ested in fire years from now than fire 

seconds from now.” 

Memorial Day is a trine of stock- 


u uay is 
1 the thou; 


gblsof thegsner- 


takiri, 
al 

pcmtsffbr' taking stock. 

The Washington Past 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


togne- to. the ‘Frankfurter Seim™,' 
states that a political bioud 
dimted a Rhineland Republic Ui 
CpHcntz on Tuesday lastXsoon as 

tT7P. .. 



1894: Germany Protests 

BERLIN — The Imperial German 
Gumsment has formally protested 
against the Anglo- Belgian treaty on 
the ground mainly that the frontiers 
of the Congo Free Slate having been 
fixed by an international convention, 
they cannot be modified in any way 
save by international agreement. A 
despatch from Brussels, setm-offi- 
czally published here, stales that the 
German Government has addressed 
a protest to the Government of the 

conrenikKf recently txmchx^hy the 
latter with Great Britain. In -taking 
that step the German Government 
pointed out that the frontier delimi- 
tations agreed upon b«ween Gcrma- 


1919: RheniARepoblic 

the following: “A telegram f rorii Co- tot* refine in 


1944 s Ecuador Turmoil 

®3fB l Kd5?3£ , £ 

■g— eisssa! 

port of the Otmy4ffiS CrtSS 

P^inQaitoVst^b^* 


2 : r‘>- 


1 fcl 


uSK-f. 




SSi 

m 

m.: 






fffcj 




■-/err .—1 


iu 


I • «*«*» **v • 



■**■*** ‘ • 
















siN 


.•-'iwSI 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 1994 



PageS 


.■> 

..'fNJ-St 


^1S 


n Iti 1 lit rate 


Rwandan Officials Flee RWANDA: 
Refuge Sonth of Capital 


Reuier* 

KIGALI, Rwanda — Most of 
™ anda s government has fled its 
refuge south of the capital, Kigali 
advance, diplomas 

In the capital itself, an offensive 
by the rebel Rwanda Patriotic 
Force prompted the United Na- 
. pons to suspend convoys taking 
trapped civilians to safety across 
, the ary*s front lines. 

Diplomats said most govere- 
mmt muustets and senior officials 
. flad left their headquarters, a for- 
- mer civil servants’ college, near Gi- 
tarama town, 40 kilometers (25 
nates) sonth of Kigali 

Hie minisieis and officials fled 


wu jaiurday by road and helicopter 
to the government-held western 
city of Kibuye on the shores of 
Late Kivu facing eastern Zaire. 

The government fled from Kigali 
to Gilarama to escape the violence 
ignited try the death of President 
Juvenal Habysrinuma on April 6. 

Rebel gains in Kigali and the 
south have led to an exodus of 
hundreds of thousands of civilians 
and militiamen from the capital to 
Gitarama and in the south to the 
dty of Botare. 

UN officials could not confirm 
reports of 300,000 people fleeing 
toward Gitarama but said between 
50,000 and 100,000 were on the 
main road south of Kigali and 
many more had already arrived. 


di are about 85 percent Hutu and 
15 percent Tuisl In Rwanda, the 
Hutus have held political power 
since they overthrew the Tutsi 
monarchy and achieved indepen- 
dence from Belgium three decades 


In Burundi, the minority Tutsis 
dominated the country after inde- 
pendence through their control of 
the armed forces, and only last year 
surrendered power in democratic 
elections to a Hutu-led govern- 
ment 

After the outbreak of the massa- 
cres, in which hundreds of thou- 
sands have died, the rebels 
launched their drive on the capital 
to end the bloodshed and bring to 
justice those responsible. 


RETURN: Who Awaits Solzhenitsyn in His Quest? 


C ontinu ed from Page 1 

- bail Leontiev of the newspaper Sr- 
voduya, who agreed that Mr. Sol- 
zhenitsyn's form of honest patrio- 
tism could provide the unifying 

‘ idea that Russia so painfully larks 
after the collapse of communist 
ideology. 

But tf it is, there is still the ques- 

. don whether Mr. Solzhenitsyn is 

■ the man who amid foster iL His 

' reputation and his moral authority 

- are beyood dispute; even Russians 
who have not read his works know 

‘ of him as the man who exposed the 
infamous “Gulag Archipelago” 
the network of Stalinist labor 

- camps, in an their murderous bru- 

■ tality and cynicism. 

But the impact of those works 
derived in great pan from the tyr- 
anny they defied. Mr. Solzhenitsyn 

■ himself wrote in his novel “The 
First Cade” that a writer is like a 


second government in a dictator- 
ship. But as the piles of his unsold 
novels testify, the political and 
moral power of written or spoken 
truth wanes under freedom. 

That has been amply clear in 
recent years. Many of the first gen- 
eration of democrats have dropped 
out of politics, and former dissi- 
dents who have stayed in Parlia- 
ment are now viewed more as gad- 
flies than as moral authorities. 

As for whether “deepest Russia” 
is still there, that depends on what 
Mr. Solzhenitsyn expects. For the 
most part, the Russian hinterland 
remains very much as be left it: 
muddy, backward, provincial im- 
poverished. 

But Russia has changed, and 
rhanyrf dramatically. Mr. Solzhe- 
nitsyn left a state in which a tyran- 
nical system ordered everything, 
and in which every life was caught 


JAPAN: At Tea With the Emperor 


Cotffcned from P»ge 1 
considerably more at ease than he 
had at a similar occasion four years 
-ago. 

Akihito was asked, of course, 
' about the decision by Japan’s pottt- 
■ ical leadership to cancel a sched- 
uled imperial visit to Peart Harbor. 

- That slop was removed from the 
royal schedule for fear of a political 
backlash from right-wing elements 

- here, who insist Japan owes no 
"apology (o the Untied States for 

WarldWar IL ■ ■ • 

In reply, Akihito noted that un- 
1 do- the constitution he is strictly a 
symbolic monarch. The elected 
. government decides his travel 
.schedule; he added, and he of 
. course will do what the government 
. teDs him. ' 

For the empress, the past year 
has oat of die most been trying 
since her mamage 36 years ago. 

Last year, in an mmrecedented 
dfepfey of “rfisrespret, several na- 
tional ma gazines cr Wmri the em- 
press.. The contphinu were minor, 
even trivial— but they were con- 
sidered shocking in a nation that 
..reveres its royalty. 

Then last fall the empress col- 
lapsed and lost the abiHtyto speak. 

- Court officials blamed tins mysteri- 
ous malady on “deep sadness” bo- 

. cause of the bad press. 


XIFE, LIBERTY ANDTHE 
PURSUIT OF HAPPINESS 

.By Peggy Noonan. 255 jwget 
$23. Random House. $23. 

"Reviewed by Christopher 
Lehmann-Haupt 

• A T the opening of her ontspo- 
‘ ken new book, “Life, Uboiy 

and the Pursuit of Happiness, 
.Peggy Noonan writes, “When last 
we met, George Bosh had just been 
-inaugurated president, Ronald. 
'. Reagan was waving goodbye to 
. Washington in a helicopter flyby, 

and I had just come back to New 

-V rtrkj whore I finished a borne 

• about being a speechwnter for 
"both." - 

. Thu. book was “What I Saw at 
the Revolution,” which not only 

• held -an incendiary magnifying 
-glass op to die Reagan Wmte 

• House, bat also told Noonan'S own 
I.suxy, a turning point of ’Ktrichwas 
-her revolted reaction to her teftish 
_ kicmAtK while travdme to 


It has been only a few weeks 
since Afidriko fully regained her 
speech. Standing across the room 
in a pale green kimono with wispy 
orange and white wildflowers 
painted along the lavish obi, or 
bdt, she did just fine; miking softly 
in dear English with just a few 
worried dances over ha shoulder 
at the official interpreter. 

It would be bad fonn — not to 
mention a violation of tin ground 
rules — to quote what tbeir majes- 
ties had to say. Let it suffice that 
they are aware (A current economic 
friction between the weald's two 
richest nations and hope their trip 
in June will help ease tension in the 
U.S.- Japan relationship- 

Both emperor arid empress 
spoke fondly of previous tops to 
the United States. Akflnto said he 
stiD had vivid memories of a visit to 
Washington decades ago, when he 
first saw the beautiful anay of na- 
tional monuments heed up along' 
the.MaD. 

He also recalls an auto trip 
through the vastness of northern 
Wyoming, when the royal motor- 
cade passed only two other cars in 
the course of a four-hour drive. In 
the entire Japanese archipelago, 
there is nothing approaching such 
wide open spaces. 


in constant compromises and small 
lies. 

But the tyranny also showed hu- 
man traits — conscience, courage, 
weakness, cynicism — in far sharp- 
er relief, much as war exposes 
strength and cowardice. It was a 
harsh and carud world, but also one 
in which whispered truths and 
smuggled books carried weight 
greater than money or status, in 
which people of conscience forged 
powerful bonds and defiance was a 
mark of greatness. 

It was disappointing to many of 
Mr. Solzhenitsyn's admirers that at 
his press conference he had nothing 
to say of the fact that for all their 
flawed economic polities and false 
attempts at democracy, Mr. Gor- 
bachev and Boris N. Yeltsin did lift 
(he fetters; that Russia has become 
more free. 

To Mr. Solzhenitsyn's obvious 
dismay, the new freedoms have 
brought suffering , vulgar wealth, 
glaring social injustice and a mas- 
sive invasion of the Western mores 
and pop culture against which tbe 
writer so sternly inveighed in Ver- 
mont 

But Mr. Solzhenitsyn is unlikely 
to find that many Russians would 
trade their correal hardships for 
the past tyranny. What might or 
should have been is simply not rele- 
vant to their difficult lives. The 
issue is not bow Russia gpt here, 
but how it moves on. 

That, declares Mr. Solzhenitsyn, 

■ makes this the exactly ri ght mo- 
ment for his return. 

“The scum of triviality has 
cleared, and the people have rip- 
ened enough to become conscious 
(tf their (ate in its essence and 
depth,” ho declare d. “I drink it is 
precisely now that I am useful.” 

On the first point he may be 
right- Tbe disastrous fling s with in- 
stant democracy and instant capi- 
talism, tbenmverea] rush to be bap- 
tized in the Russian Orthodox 
Church; and to acquire Western 
goods, have left people stiD feeling 
enqjty. 

Tbe question is whether after so 
long an absence, this troth-seeker 
from, a former tyranny is the man 
to fill it His fonn of benign patrio- 
tism is certainly not the worst baas 
for unifying the nation. Bat it will 
require him to recognize that Ins 
“deepest Russia" is no longer there. 


Bank Notes 
Stir Protest 
In Croatia 

New York Tunes Service 

ZAGREB. Croatia — In a 
move that has set off protest, 
(he government of President 
Franjo Tudjman has decided 
to rename the Croatian cur- 
rency after chat used by the 
pro-Nazi poppet regime in 
Croatia in World War II. 

Starting on Monday, the di- 
nar, which was the monetary 
unit is the former Yugoslavia, 
win be replaced by the kuna, 
previously used as the national 
currency under the fascist Us- 
(ashe government of Ante Pa- 
yette. 

Tbe new kunas will be val- 
ued at about 17 casts, and the 
notes will cany the portraits of 
Croatian heroes and martyrs, 
many from the Middle Ages. 

Tbe revival of the kuna has 
brought strong protests from 
Croatia’s Serbs and Jews, both 
flit whom were massacred in 
large numbers by the Ustasbe 
between 1941 and 1945. 

Mr. Tudjman has defended 
the choice of the kuna as 
“proof of Croatian sovereign- 
ty.'' But the decision is regard- 
ed as a political concession to 
the right wing of his Croatian 
Democratic Union at a time 
when Mr. Tudjman’s decision 
to caul the war against Mus- 
lims in Bosnia has led to res- 
tiveness among hard-liners. 

Tbe derision appears cer- 
tain to revive a debate over tbe 
political leaning of a govern- 
ment that has sometimes ap- 
peared ambiguous over the 
fascist wartime regime and 
that is led by man who once 
wrote that there was no scien- 
tific evidence that 6 millio n 
Jews were lolled by (he Nazis. 
Mr. Tudjman apologized to 
tbe Jews over that rids year. 

it is also certain to inflame 
relations with the Serbs, who 
have contended since the 1991 
Serbian -Croatian war that 
ihtii occupation of 25 percent 
of Croatia was a necessary de- 
fense against a repetition of 
the ethnic persecution of the 
Ustasbe regime. 


7 Burmese Soldiers Die 
la Drag-Control War 


BANGKOK — Guerrillas loyal 
to the Khun Sa, the Golden Trian- 
gle drugs warlord, said Sunday that 
they had killed seven Burmese sol- 
diers and wounded many more in 
an ambush, the latest clash in a | 
monthlong struggle over control of 
drugs in eastern Burma. 

More than 20.000 troops from 
both sides have been engaged in tbe 
opium war at 13 different locations 
in the Shan State, northeast of 
Rangoon, since mid-April, when 
Burmese soldiers launched an opi- 
um eradication operation against 
Khun Sa. 


POLICY: Broken Campaign Promises and Fierce Interagency Battles 


BOOKS 


WHAT THEY RE READING 


• Professor Thomas R. Slo- 
berski, on sabbatical from Concor- 
dia University in New York to 
iww* jpunuthsm at tbe Universiiy 
of SL Petereburg. is reading “Good- 
night, Mister Lenin" by Tiziano 
Temuri. 

“L too, traveled across tbe for- 
mer U. S.S.1L, bull taught — of- 
ten journalism — for my room and 
bond, and my experiences are like 
these of Tazasri.” 

(IHT) 



ed cultural conamen- 
potitical analysis to 


an anti-Vietnam War demonstra- 
-two in Washington and her result- 
._ in g conversion to Republican con- 
ssvatism. 

.* Now, at the opening of her new 
book,, you find her sitting at a 
.j “good and overpriced^ East Side 
" Manha ttan beauty salon, which 
might not sound promising for m 

overview of our culture, but tins is 

. not to reckon with Noonan s stnk- 
iug abiEty to behold great wstas 
through a pinhole.. - 

So from watchihg-Oscar — “bis 

Mack nhfrt Is battened at the near, 
his black pants gathered at the 
‘ waist. and' feta" — she goes tor a 

■ shampoo and daydreams about 
’ cars and how Harry Ford has 
.changed. our lives more thanthe 
women's movement has. "Kids. 

' have no one borne now,” she 
muses. : Many of them a it 
through He with “a pareni-szed 
bole inside." 

Soon she is ponderinghtr **a»o- 

. of-ccntniyjlts." She writes: “1*5* 
,big thing when a century ends, a 
."time of fate 1 and foreshadowing. 

. . The 1890s were a pleasant 
'• time, abeautffid epoque* ana a 
, prelude to tire mostkining century 

* .to the history of man. Start out on 

■ a bicydebuilt for two, wind up « 

, 'Verdun. " I ^ 

. “Start out at Sarajevo, wind up 

-<ai Sangevo." - ' ; ■ . 

• FbHowingher train of thought s 

' •nkewatofaing a spark mow along an 

’■endless serpentine fuse that leads 


She’s a New Yorker again now, 
with hopes foe the dtys future 
thanks to tbe vitality of its imnri- 
grents. As a single parent, she 
works at home: “I look like Grace 
Metalious in the author's picture 
on tbe back of “Peyton Place.’ " 

Before very long the firecrackers 
rtf her conservative political out- 
look-have begun to explode. 

“I think of New York’s street 
criminals as, amply- fascists," she 
writes. The threat of pcMon to 
the env ironm ent has been overrat- 
ed, she bdieves. “We are the inheri- 
tors of a coarsened country,” she 
says, and adds that Hollywood is 
partly to blame, having lost the 

* . - r - 


ing.” But bar incisive survey of the 
talent on the horizon fails to turn 
up mnch beyond Bob Dote. 


In this book, Noonan eventually j 
commits bersdf to a deeper form of 
conservatism than a political ad- 
ministration's. 

In her final section. “Tbe Pursuit 
of Happiness," she traces how a 
certain uneasiness of spirit despite 
her success led her to take up Bible 
study and return to the Roman 
Cathode faith of her upbringing. 

The prose gets heavier here, but 
her wit doesn’t entirely desert her. 
She reasons that if man is fallen, as 
the Old and New Testaments hold, 
then we are better off empowering 
freo-market forces than welfare- 
state administrators. 

At the same time, she concludes 
that what she considers the Ameri- 
can culture's “war against religion” 


is “not so bad." “Christianity, after 
an. is at its purest, its most vital. 
t*=» H ta<£s it is what it has 
always b«n: countercultural.” 


of its inmri- that the anthofs savvy could have 
parent, she been committed to the robotic Rea- 
fc like Grace gan administration, so they tried to 
ten's picture disentangle the writer from her 
. Place.’" politics. 


Christopher Lehmann-Haupt is 
on the staff of The New York Times. 


BRIDGE 

By Alan Truscott which case it was vital to lead that 

T HINKING about deals on suit quickly, before South could use 
which something went wrong dummy's spades. , 

is an essential dement in moving to So West drifted to a diamond 


partly to Marne, having lost the , , - , with a disastrous result: South 

strictures of the Legion of Decency wound up losing a heart trick, a 

that once forced thefilm industry chib and a diamond. Thepost-mor- 

to be artful. • tem showed that a passive return 

Yet whatever you thmk <tf her by West of a dub would have al- 

optnions, yon read on m thrall to lowed his partner to take the ace 

Setosrination of her anecdotes. In ^ “ d *P“? a diamond, setthnj the 
Part n, titled “liberty,: she at- favor M the defense. South 

tends a dinner at the WhiteHoure ^ « *on of entries to use dummy s 

and sits next to a weqjy President ™ spades. 


tobeartfuL 


4 . . • T) VI UAAJL JOUIVW WII1IWI U] lUIUIllf, UJ 

three spades over the opening bid 
Bush, who asks her to rqoin his of^jEnond. 


speech-writing leanr 


South’s bid ttf four hearts ended 


In thefcouriong delay to i respond the proceedings, and West led a 
to Iris order for- a car to take her to spade. Tbe declarer put up the ace, 
the airport, she delects a fatal fcding confident, but was less hap- 


slackness in his staff that wiS be 
confirmed whea -she tries to hdp 
rescue him from defeat. 


NORTH 
* A Q J 10 

S J62 

$9854 

*KQ 


py when he led a trump and East 
discarded tbe dub ninn He took 
his ace and led a heart, facing 


Yet the alternatives do not in- West to take Iris queen. 

_ ■ t. n — ‘j « n; ■ — . * ■ 


i her. President Cferton may be 
irird "great natural pcBtiaan” 


Kurokawa knew that Sooth had 
begun with dgbt cards in tbe major 


WEST (D) 

*84 

OQ97 
4KT6 
*10 8543 


EAST 

* K 87 532 
O — 

•> 3 2 

+ A J982 


she has seen in her fife, afte John and therefore five in the mi- 

F. Kennedy and Ronald Reagan, He knew that South had a 

but she considers -the Cfintos ad- heart entiy to tbe dummy and pre- 
mbusttation already doomed to a sumably a dub entry, which meant 


single term. that he would be able to ruff out 

“If the Repubficans pick a young East's spade king and dispose of 
Republican as their nominee for two diamond losers, 
president in 796" — she means Obviously East hdd the dub ace. 
phUosophicallyyouiig— “they^ will The best hope seemed to be that 
riot Only win, but win with mean- East held tbe diamond queen, in 


OAK 10 8543 
0 A Q 10 7 

*7 


North and South were vulnerable. 
The bidding: 

West North East South 

Pass 10 3 ♦ 4 

Pas Pass Pass 

West led the spade eight. 


Continued from Page 1 

on emigration by close family members of dissi- 
dents, and complv with a 1992 agreement ban- 
ning the export of prison-labor products to the 
Umted States. 

China was also supposed to make “overall, 
significant progress” on several other issues, 
ranging from easing the crackdown on Tibet to 
accounting for political prisoners. 

Chinese dissidents, liberal Democrats, con- 
servative Republicans, Asia Watch, members of 
the U.S.-Clun8 Business Council and even a 
representative of the dalai lama in Tibet gath- 
ered at the White House for the signing of the 
order, which was widely bailed as a masterful 
solution. 

a But it was a false consensus, because each 
side saw in tbe executive order wbai it wanted 
to see. The liberal Democrats thought the direc- 
tive had finally put some muscle into the trade 
threat, and the business sector thought that it 
was ambiguous enough finally to eviscerate the 
trade threat. 

The Chinese were not impressed, and over 
the next few months the relationship with tbe 
United Stales deteriorated. 

The Chinese loaded chemicals for making 
weapons on a freighter headed for Iran, shipped 
technology for M-ll missiles to Pakistan in 
violation of an international missile agreement 
and rejected pleas from the Clinton administra- 
tion to caned a long-scheduled underground 
nuclear lest. 

As it became apparent that the executive 
order was not having its desired effect and that 
tbe threat to revoke China’s trade benefits 
might actually have to be carried out, the U.S. 
business sector mobilized. 

“We consistently sent tbe president and his 
advisers letters ana. short papers arguing that 
extending trade with China was critical for 
helping tbe economy and jobs." said Jerry Ja- 
sinowski, president of the National Association 
of Manufacturers. “That was argument No. I. 
There was a subordinate argument — that it 
would also advance human rights.” 

In mid-July, Winston Lord assistant secre- 
tary of state for Asian affairs, argued in a 
classified paper that the relationship was on a 
“downward spiral" and urged an entirely new 
strategy of intensive engagement with Beijing in 
which incentives would substitute tor threats. 


But it took more than two more months 
before Mr. Clinton signed an “action memo- 
randum" putting the strategy into effect with a 
series of high-level exchanges, including a meet- 
ing between Mr. Gin ton and China’s president. 
Jiang Zemin, in Seattle in November. 

The high-profile meeting yielded little. Bui 
within weeks a consensus began to emerge in 
the administration that the United Slates had 
to find a formula to allow the extension of 
China's trade benefits. 

Shortly _ after the New Year, Mr. Christopher 
ordered ms legal advisers to prepare an analysis 
of exactly bow little China had to do to meet the 

executive order. 

Their conchisioa: As long as China met tbe 
two mandatory conditions, on emigration of 
dissidents' families and the export of prison 
goods, Mr. Christopher could recommend re- 
newal; die rest could be finessed. 

One incident more than any other threatened 
to derail tins approach, however; a meeting in 
late February in Beijing between Wei Jing- 
sheng, China's most prominent democracy 
campaigner, and Assistant Secretary of State 
John ShattucL 

China furiously denounced the United 
States, calling Mr. Wei a “criminal on parole" 
and chatging Mr. Shattuck with breaking Chi- 
nese laws. 

Over tbe next few days, China rounded up 
dissidents in an effort to ensure an uneventful 
National Party Congress. Mr. Christopher de- 
rided to go ahead with his visit to Beijing 
anyway, arguing that if he canceled, the Chi- 
nese would make no more concessions and the 
president would be forced to revoke China's 
trade benefits. 

But Mr. Christopher found himself on the 
defensive throughout his three-day trip, and the 
furor obscured the few concessions be won 
from Beijing. 

Mr. Clinton was so distraught by the public 
criticism of his China policy set oft by the 
Christopher episode that he made no effort to 
support his secretary of state in public and told 
reporters that he was “disappointed" with the 
trip. 

Returning to Washington, Mr. Christopher 
immediately requested a meeting of senior na- 
tional security and economic advisers in the 
Roosevdt Room of the White House, where he 


defended his trip. The president did not attend 

From the beginning of the process, senic- 
Clinton officials had issued the same waruin 
to Beijing: Do not think you can come in ax th 
last minute with a few cosmetic concessions o; 
human rights and win renewal of your Io\ 
tariffs. 

But as the deadline approached, and it be 
came dear that China was not gang to mov 
very much, the strategy shifted. C hina was toll 
directly that, in fact, a few face-saving conces 
sions would do. 

During Conner President Richard Nixon', 
funeral in late April, American officials me 
with U Daoyu, China’s ambassador to th 
United States, and proposed that a secret enwr 
be sail to Beijing. 

Mr. Christopher recruited Michael HL Anna 
cost, a former ambassador to Japan, who wu 
sent with a proposal for tbe Chinese leadership: 
If Beijing made enough minor gestures to covci 
the basics of the executive order, the a dminis - 
nation was prepared to drop the link between 
trade and human rights permanently. 

China's leaden moved a bit- They invited a 
U.S. technical team to discuss the jamming (tf; 
Voice of America broadcasts, and promised to 
release an important democracy protester and 
give visas to tbe families of certain dissidents. ’ 

Since tbe Chinese had already agreed to 
abide fry an understanding with Washington on 
banning exports of goods made with prison 
labor, the concession on the visas gave the 
Clinton team just enough to be able to say (hat 
tbe two “mandatory” conditions of the execu- 
tive order had been met 

Mr. Clin ton’s experience as president had 
taught him that it was not just how much 
America needed China for business reasons; it 
was how much the United States needed China 
for national security reasons — to deal with 
North Korea, the United Nations Security 
Council and the spread of nuclear weapons. 

Mr. Clinton was also moved by Treasury * 
Secretary Lloyd Benlscn's argument that when 
the United Slates acts on its own to impose 
Sanctions a gainst China I voang f of h uman - 
rights abases, it has the worst of all worlds: The 
policy is not effective, and markets are lost 
Sanctions must be imposed by allies or not at 
alL 


MONEY: For Palestinians , the Promised Global Aid Is Proving Elusive 


Continued from Page 1 

gle-handedly controlled the finances of his rev- 
olutionary organization for three decades, has 
not yielded to the demands of the World Rant 
and donor nations that be give up his old 
methods when r unning the new Palestinian 
Authority. 

While Mr. Arafat has made some conces- 
sions under pressure; authoritative sources said 
be bad not given up his desire to run everything. 
Worried about corruption, as well as about 
political favoritism, the international donors 
nave not yet made good on their major pledges. 

According to these sources, including Pales- 
tinians and Western diplomats familiar with 
the events, the whole concept of a coordinated, 
global aid effort to the Palestinians may be 
stalling. 

Instead, the sources report. Mr. Arafat is 
actively looking for ways to bypass the World 
Bank by dealing directly with individual com- 
panies and countries for lucrative projects in 
Gaza and Jericho. This system would hdp pre- 
serve his central role, without the headache of 


restrictions being imposed by international do- 
nors. 

The sources said British, American. French, 
German and Danish firms quietly have been 
beating a path to PLO headquarters in Tunis 
recently, with the approval or acquiescence of 
their governments, seeking contracts for long- 
term development projects such as printing a 
new currency, building a new telephone system 
and constructing airports and an electric sys- 
tem. 

“The reasons the donors are going to Turns 
are the same reasons Israel (tedded logo there. 
That’s where the decisions are made," a diplo- 
mat said. 

The Palestinian economic council here, 
based just outside Jerusalem, was originally 
intended to channel tbe aid from abroad into 
useful projects in the West Bank and Gaza. 

But for months the international donors 
complained that the council was not adequatdy 
set up to avoid abuse. Recently, tbe council's 
bylaws were approved, and six top officials 


were given six-month reappointments, includ- 
ing several prominent Palestinian economists. 
Last week, Mr. Arafat also selected the U.S.- 
based investment bank Morgan Stanley to hdp 
manage the reconstruction efforts, according to 
the Palestinian news agency Wafa. 

But the big money has not started flowing, 
and there is a growing fear that it may sever 
materialize on the scale promised. 

While some countries are anxious to win 
lucrative am tracts, they are loath to pour mon- 
ey into an organization that will be exdurivdy 
controlled by Mr. Arafat, be said. Donors sus- 
pect that Mr. Arafat, if left to his own devices, 

■ will dhatwd aid to political friends in the terri- 
tories. 

There is also a reverse suspicion. Tbe Pales- 
tinians complain that foreign donors are inter- 
ested only in projects that look good hade 
borne, with a plaque on tbe front door, rather 
than let Palestinians build what they want But 
die Palestinians concede that they are not in a 
position to turn anyone down. 


The card 
t hat speaks your 
1 1 lan aria ae . 


f fW 





With i he WnrklTrs vclpr PtJNCARD' 1 it’s easy to place a call almost 
anywhere in the world. To reach an English-speaking operator: 
just dial die appropriate access number listed to the right. You’ll 
benefit fmm Sprints low rates on every international call you make. 
What’s more, all your calls will be conveniently billed to .tout 
VISA. MasterCard. Diners Club. American Express or Eurocard if 
you live outside the C.S.. or through your WorldTraveler FONCARD 
if youTv a I'.S. resident. And if you sign up today, you’ll receive 
10% off all >our Sprint Express’ calls for six months. If you want 
it easy. %%o*iv talking your language. 

To order your free card. call ilie SUFlllt' 

Sprint Arrows Number of the ▼ * 

country you'rt* in, or call collect Be there now. 

lo liiel.s.iit I lK2-:jm>-})08:j. 1 u the I "V ' 1 * * Vio V«* 

I „S..rnil I KOO-S2D WofldCuD USA94 iSS 


WorldCufAiSAM m 


V.ir.l.ini i.ii . . hi r.n n-ii -in-tin UMl-fThr.-l'-r pW .UlI)"'- in ii-*-^n-iiii K\[jn>-. ^ihi rain 
■nlli.-I.ij , nil u«i i--|,i ■•■■ ■■- -iiilii nr > iml ■ u- itiIIiiu: m iiim i, ■ > li,- 1 > viiiniriifiiitrt.-iin- 

.jii,. ■■ ii>. loihf. • l)<i».l -|, nm rii| l Tii:>ll> l liilll ■■iiiniiiiimlliili-l »r|->niil>->. 


Owiio re unions country to a*jm> calling savaiafile Usnng wibjaa w eftange For conffil number!. asamer 

ivnw.e O' 3 d*lic."il number* M'l I 4 CM 77 -UM v.lMe inlte U S wtfte Spnnt Accass Number & Ihe couim you w m 
Bold aenntt* country io ifunlry calling avadabmrv FONCARD billing only USB Global Calling 891 ' number + PIN 
rwroenai lOenuleaww ^umonfj C.bM Calling raletantr •ntoltorsawna l«w i-rWep)nn«inayicii«iecanorcail 
.• AvsiteBfc. .it me® ooon* * Easiwn DOOion mav rwune special code Call local ooeiaur to assistance - FONCARD 
iMiinq Cciiu-:i calls u S le-mnui'on only In spms areas ask me local owraloi 10 conned you to ina Sunni Coe's to. 

-•Finn tut pnjnrs t-'sn r*': ounnn »aii to ion a man dial 01 ' • sAcariJDle Ji military pnone* only a AujiUMo from 
deircaicdonortcS uLkui long onurve cnargas m 3 v apt*? 


o ANTIGUA 
ARG8VTWA 
+AUSTRH 
BAHAMAS 
c. BARBADOS 
+ BELGIUM 
aaiZE (HOTEL) 
BBJ2EfmWY PHONES) 
✓BERMUDA 


a BRITISH MBGBI ISLANDS 
' CANADA 
CHILE 

COLOMBM-BfSUSH 

aUMW-SMNBfl 

+C0SWKCA 

+BCYPHUS 

CZECH REPUBLIC 

-f-DBMAMt 

aOOMMCAH BEPUBUC 

ECUADOR 

n-a SALVADOR 

+HNUUU 

+FRMCE 

+ -GEBMANY 

•VSBEEEE 

+GUAia«LA 
^HONDURAS 
+ ✓HUNGARY 
-+- BELAUD 

■4-BBAa 

+IIWY 

/KENYA 

KUWAIT 

-F USCHTBtSlUH 
/UhMHM 
LUXBVflOUBG 
MEXICO 
+ MONACO 

+NEIHEaJWDS 
+NEWEBLANQ5 ANTILLES 
NICARAGUA 

oWCABA£Uft(MAMGBAl 
-f-NUHHHT 
PANAMA 
*o PARAGUAY 
✓PERU 
+ POLAND 
+ PORTUGAL 
-PUBB7B«& 

+.7 ROMANIA 
+»!«!»» 

-HtUSSA {MOSCOW] 

-4-SAS HAHVtO 
SAUDI ARABA 
✓ + S0UTHAFBM 
SPUN 
-\Sl LUCIA 
+ SWEDEN 
-!- SWITZERLAND 
oTSMBADE TOBAGO 
-I- TURKEY 

UNITED ARAB BMRRTES 
UWTS] KKGDttt fWSCmtY] 
UUTED KHGQ0M (BT) 
.-.UMTED NNGDOM 
-IL5JL 

— tL&.HftSM ISLANDS 
-r URUGUAY 
-MSmcWOTf 
VENEZUQA-EN 0 J 5 H 
VENEZUEA-SKNISH 


om-Bao-m-nn 

022-903-014 

1-B00 -389 -ZTT1 

1-800-877-8000 

078-11-0014 

556 

'4 

J- 800 - 123-0877 
0600-3333 

000- 80T6 
V800-B77-8000 
V800-877-6000 
00*0317 
980-0-0010 
MM3-0IIB 
183 

080 - 900-01 

WMz-on-w 

8001-0877 

MOO-75H8T7 

T7I 

1ST 

9800-1-0284 

19*0087 

0130-0013 

008-001-411 

195 

DOT- 800-121 2000 

00*800-01-877 

1- 800 55-2001 
T77-T02-2727 
T72-1B77 
0600-12 
800-777 
S5-9777 
84197 
QBOO-OTT5 
95 - 800 - 977-8000 
19*0087 

os*tt 2 -sng 

OO 1 - 800 - 745 nn 

02 161 
ffit 

050-12-877 

115 

008 - 12-800 

196 

000- 480-016 
BBTM-877 

1- 800-677-8000 
01 -800-0877 
&-Q95-1B&-6I33 
156-6133 
T72-W77 
1800-15 

o-Boon-uoi 

900 99-0013 

«7 

020-799-011 

65-9777 

23 

00800-1-4477 

8KJ-131 

0500-890-877 

0800-890-877 

0500-800-800 

I>800 -877- BOQO 

V800- 577- 8000 

000417 

172-1877 

8t»-nn-o 

BOO- 1111-1 


55 






Uf 


r ■-> 

1 i 


&M 

SCI 




v : "ji 

ics 

i-i il> 


fc 


aig fund By Frank Schirrmacher 

W AIG Bolt Special to the Herald Tribune 

wa!g IS? The writer is a senior editor at the Frankfurter 

» aig Jap west Germany was founded, literally, in the 
t AiGiSconiext of a certain American culture". It was 
£ aig stalled “re-education”: the U.S. occupation 
% um Ejjjroops wanted to inculcate new. enlightened 
c uaz Lvalues in German society. For defeated Ger- 
a ubz nSnans in the American zone, the experience was 
ALMEDpimultanwusly alluring and unnerving. 

The experience had a durable impact on the 
tt Far Eossuitural substance of West Germany that con- 

* GtawlTtinued right up to the end of its existence as a 
a Njmjri^eparate nation. That special situation lasted 
a wonti Al mig hty a half-centum and produced a cultural 
a wlt^eneration that is only now leaving the stage 
aRvlo-vacant for a real intellectual succession — a 
JEaSS ^phenomenon that is Europewide. but perhaps 
m Aioho Fmost pronounced in Germany. 

SSiSlS c In the immediate postwar, a new generation 
SaSS jOf German writers set about catching up eager- 
m Aiohc L(y and enthusiastically to American and British 
mSmtio s novelists. They were reeling under the impact of 
In Alina [discovering William Faulkner and Ernest Hem- 
*5g»Jingway, whose books for Germans seemed to 
m swat-* embody a new approach that seemed unencum- 

* HeS’bercd by history even in writing, about the past. 
njLoJmw Encumbered with such an unbearable past, 

German writers found the American existential 
m Rirw* view contained in American writing, and popu- 
mtahHi larized in Hollywood movies, to be devoutly 
\ desirable as they grappled with the burden of 
"'?"»! {the Nazi era. 

Mu.ni Cultural attitudes in Germany were roiled. 
TmSv however, by an important cross-current of dis- 
J dain for American culture. Returning German 
in’ermai emigres spoke warmly about the country that 
mclS'i had offered them haven, but they also brought 
EANKB back a critical posture that often amounted to a 
a bbl! rejee^ 011 of American civilization. 
a bbl i German opinion was struck by the career or 

2 bbl ! 'Stefan Heym, a writer with a national following 
a bbl! who fled Nazi Germany because of his Jewish 
a Potrii ori gins. He returned to postwar Germany as a 
d r£!£ U.S. Army officer and then settled in East 

3 bbl"! Berlin, where he became a prominent cultural 
d bbl' voice ^ *b« anti-Western campaigns waged by 
d bbl the East German government. 

9 KJ 1 -? C 
Mini'll - 

nsnrti Ta-^f ® 

w-Slsril 
mSIHII 

■V ASJO 

BANQl 
w The I 
mJopa 
in Jam 

rnDval ■ tanwwft American 


Theodore Adorno, the founder of the Frank- 
furt school of philosophy, remained in West 
Germany, where he was a strong early influence 
on Herbert Marcuse, later celebrated on cam- 
puses across Europe and in the United States. 
Mr. Marcuse was a popuiarizer or Mr. Ador- 
no's disparaging aLiitude toward consumer cul- 
ture and toward what he called the American 
cultural industry, a mass-market phenomenon 
epitomized by Hollywood movies. It was a 
trend that Mr. Adorno, and his disciples in 
Europe, despised and feared because of their 


Fifty Years After D-Day, 



ft*!*. XOA' 




These are the 10th and 1 hh articles 
in a series on the future of the 
A merican - Eu ropean rel ationship. 

foreboding sense that Europe was heading for 
the same destiny. 

Has that premonition materialized? Has the 
triumphant procession of American culture lev- 
eled Europe's society intellectually and cultur- 
ally? Nowhere in Europe is this issue debated 
more earnestly than in Germany, perhaps be- 
cause it was not a publicly acceptable question 
for many people in a nation marked by Nazism 
and communism. 

Since the reunification of Germany at the 
end of the Cold War, German intellectuals have 
started debating the validity of the country's 
political orientation in a single direction and 
asking whether there is a valid cultural entity 
called the West. It is perhaps a legacy of the 
Cold War that cultural values and political 
alliances are so intertwined for many people. 

In the current debate, arguments are resur- 
facing from the 1950s, when Germany had not 
found a dear basis for itself. Ultima tely. West 
Germany — moving in ihe same direction as its 
neighbors but going much farther — chose to 
think of itself as part of a West European 


community. But that choice had to be defined 
against calis for a national consciousness, and 
that rallying cry is echoing again as conserva- 
tives declare that Germans have abandoned 
their identity to America. 

Botha Strauss, an author and an influential 
voice in the debate, has modernized the tradi- 
tional German fascination with Faust in terms 
of selling one's soul to Hollywood. Even a 
moderate like Jurgen Habermas clearly feels 
new tension about the alleged dangers of a 
"Hollywood hegemony” made in the United 

A powerful current in traditional German 
culture, which went along with the concept oF 
"juMinwTvegen.” or “special way, that exposed 
Gentians la so many excesses in the first half of 
this centuiy, has survived the postwar decades 
as if it had been in hibernation. Now it is 
coining back as a touchstone for criticism of 
international culture at the end of the centuiy. 

Since the left has been discredited so badly in 
Europe, the most energetic developments are 
occurring among what can be called in Western 
countries a new right. It is also symptomatic of 
the limes that this new right seeks to root itself 
in a tangle of intellectual traditions, often logi- 
cally irreconcilable but capable of fueling con- 
fused aspirations. 

In German v. for example much current fer- 
ment seems to hark back to the calls for a new 
Renaissance along the tines propagated in the 
1920s by the romantic writer Stefan George and 
another even more exceptional figure the writer 
Rudolf BorchardL Scarcely known outside 
Germany and rarely discussed in this country 
for decades. Mr. Borchardt is enjoying a vogue 
as the champion of a German spirit that would 
give the world a “conservative revolution." 

An important figure in his time, a friend of 
Thomas Mann and Rainer Maria Rilke, Jewish 
but tolerated by the govern menu he was mur- 
dered by Nazis in 1945. Almost a taboo in 
ensuring decades. Mr. Bore hard l whose books 
are being republished with introductions by 
leading intellectuals, is at the bean of the cen- 
tral debate about reunited Germany 's political 
and intellectual destiny and the future or its 
Western lies. In more muted terms, a similar 



mi; 


cor 


:.c 

i.b 

in* 

1 

5 v. 
an 




By Richard Grenier 

Special to the Herald Tribune 

a isa The writer is a columnist for the Washington 
a !U Times. His most recent book is “Capturing the 
a Jrtac Culture: Film, Arc and Politics . " 
jvhwi ‘ American mores impose certain taboos. The 
" * ™ word “socialism," for example, is never used. 

Europeans might consider that policies of a 
- {«» democratic-socialist tendency date from Frank- 
d ucr Lin D. Roosevelt's first administration, but the 
a poc ; philosopher John Dewey's terminology for it 
j}£ was “liberalism.” 

j “w .And American taboos, naturally, also extend 
»ind 1 to public policies: Unlike Europe. America has 
t US never had a large-scale movement w natioaal- 

* ia or collectivize any sizable sector of the 
ham? «“>* Tor many decades, the watchword of 
" im- the American left has been. “Don't nationalize, 
Z'* regulate!” It is code for what is, after all. 

socialism's strongest suit by far — its "vision.” 
"?i'- ' After all, youngish American idealists like 

* pn President Bill Clinton have never seen applied 
Z%\ : In their own country anything resembling con- 
" J j ventional socialists so they are consequently 
a pi, still entranced by the socialist vision. 

"pi’ ’ Moreover, the Clinton administration con- 
Z%\ tains more Rhodes scholars and people from 
wf? Harvard and Vale than any administralion in 
co U.S. history and. since these people are plcnti- 
l ir! fully endowed with what Frederick Havek 
£ called "intellectual hubris." they are un’de- 
d» t erred, and along with .America’s entire elite 
a si culture still embrace an enlarged notion of the 
® l, state, naturally under their control. 

?*,[ And though the fact has not quite been 
.grasped by the American public. Hollywood is 
mvi how filled with people from America's elite 
inc universities, and the less-educated people in the 
.entertainment industry certainly take their val- 

* J "ues and notions of bow to improve society from 

the same source. 

*c . The question of why this should be so 
Z\ prompts the point that the West, a society that 
£* opens itself to criticism as no other has done, 
wi has constantly bred fierce attacks upon itself 
Z i for nearly the entire modern period. 

., My conclusion, notjusl of today but initially 
l\ offered in essays 1 wrote in the 1980s, stems 
bc 'from an LnsigbL of the sociologist Max Weber, 
Z\ who wrote that artists and intellectuals have 
Z' great difficulty giving their allegiance to states 
*' or political systems “from which the absolute 
m and sublime values have been withdrawn." 
m We arrive swiftly at the heart of the matter: 
Z the dismay of most modern artists, among them 
“ l film directors and even actors, at the loss or 

* absolute and sublime values. In the long range 
Z of histoiy, this is new 

bi - Until the French Enlightenment, the Ro- 

J h mantle movement and the American and 

j French revolutions, the artist saw himself as a 

r celebrator of his society and all its values, which 

{ to him — if not to aesthetes of today — were 

[, noble and heroic. It was only with the modern 


state’s progressive renunciation of claims to 
represent the absolute and sublime and the 
appearance of the liberal bourgeois state of 
limited power — which gave people more free- 
dom than they bad ever had in history and 
often more than they knew wbat to do with — 
that the artist was cut loose. 

In effect the artistic temperament identified 
with aristocratic values, which, of course, no 
longer existed as a sociological reality. In the 
wake of Hitler, it is almost entirely forgotten, 
and often avoided in politically correct debate, 
that traditionally the alienated artist's preferred 
refuge has been* the right, including all its mad 
excesses. 

At the time of the Dreyfus case, most of 
France’s fashionable writers and artists, despite 
Emile Zola, were ardently anti-Dreyfus and. 
yes, anti-Semitic. These attitudes were all of a 
piece with what they rejected as the vulgar, 
mercantile world. Today, of course, with racism 
discredited, artistic spirits who yesterday would 
have been anti-Semites have risen to being 
socialists. Yesterday, the community that sym- 
bolized for many the greed and materialism of 
the modern age was “World Jewry.” Today, 
that position is held by the United States. 

This reasoning about the artist's need for 
utopianism, no matter how twisted, was an 
insight that coalesced among American conser- 
vative intellectuals in the 1980s. At the time, 1 
wrote that “it is there for all to see. go where 
you will, abroad or at home. You may try it for 
size on any exalted, artistic radical you meet, 
filled with loathing for our soulless, materialist, 
capitalist world. Yesterday's anti-Semite is to- 
day’s anti-American.” 

This ideology — with a lineage running 
through socialism, to central planning, to 
"equality" as a utopian ideal — prevails in the 
film industry, which has in the last quarter 
century become an appendage of America's 
great universities. 

Unlike the (enured revolutionaries of U.S. 
universities, however, Hollywood's devotion to 
the idealisms of the day is tempered by its need 
io make great amounts of money. The pressures 
of the marketplace are a brake, but only a partly 
effective one. A wag once said lhat Czarist 
Russia's form of government was "autocracy 
tempered by assassination,” and I have said — 
and still say — that the American entertain- 
ment industry now has a politics of its own: 
utopianism tempered by greed. _ 

The point was evident in the early 1980s. long 
after the last tatters of respectability had been 
removed from the Soviet cause. Hollywood, 
however, was still bent on honoring movies and 
film makers who proclaimed their anti-Ameri- 
can views as a claim to intellectual virtue. 

Remember ihe confusion caused by the stir- 
ring papular impact of Clint Eastwood? Long 
before he was considered fit for public con- 
sumption at European film festivals, it was 


discussion is under way throughout Western 
Europe now, and perhaps may occur later in 
Eastern Europe, which today is still dazed by 
freedom. 

This is a new "An u- Americanism.” the title 
of a widely read, controversial book. Dan Din- 
er. the author and a 1968 militant who now 
leaches history in Essen and Tel Aviv, has not 
become a neoconservative out of repentance for 
his youthful leftism. 

Rather, be iam basts wbat he sees as a tenden- 
cy on both the right and the left in Germany, 
and more generally in Europe, to want to dis- 
tance themselves from the United Stales. This 
new, subtler form of anti-Americanism has in 
common with the postwar Cold War variety 
tha t political ties and cultural substance are 
intermingled. Whereas Cold War politics dic- 
tated war on American- inspired culture, today 
the temptation is to get rid of America cultural- 
ly first then politically. 

This strain runs deep and is not confined to 
nostalgic romantic or nationalistic extremists. 
A perceptive essay in a recent survey of Germa- 
ny by the .American scholarly quarterly, Daeda- 
lus, brings out a deep discomfort and profound 
mistrust of Anglo-Saxon culture — as too liber- 
al and too permissive — even among the most 
open-minded modernizers on the new left, even 
when rhetorically they ding to Western ties as a 
rampart against sliding back Into the old night- 
mares. 

Symbolically, this German debate has come 
to a climax around the movie “Schindler’s 
List-” In essence, the cornerstone of European 
intellectuals' ability to feel condescending to- 
ward American popular culture was a convic- 
tion — perverse-sounding when put so baldly 
— that the Holocaust made Europe infinitely 
superior. 

That history, the defining experience of our 
humanity, could never be adequately dealt 
with, certainly not by Hollywood, European 
intellectuals told themselves. Perhaps that his- 
tory weighed so heavily on European intellectu- 
al consciousness that it pressed the energy out 
of contemporary culture, but at least Europe 
had the dignity of having a reason for lacking 
self-confidence. 


That was the answer to the question: Why 
hasn’t tins movie been made in Germany? Or . 
why hasn’t this movie bean made in France or 
Britain or anywhere else in Europe about colo- 
nial wars, or treason, or all the other real 
reasons for collective denials? “We can ’tund er- 
stand Auschwitz, but Hollywood definitely 
can't and can’t even deal with a world in which 
Auschwitz is imaginable,” ran the rationaliza- 
tion. 

In aH the pedantic and a»k)getic answers to 
tins question about the failure of European 
culture to be central to our concerns, it is aD the 
won striking to see that it is "Hollywood** — 
the image of what Europeans fell made them 
superior —that has taken over the intdlectnals’ 
rngm thane: c oming to terms with the past 
This has shaken our cultural certainties, per- 
haps no less than the other shocks to the pride 
and credibility of Lhe intellectuals who play so 
much larger a role in Europe than their Ameri- 
can counterparts occupy in the United States. 

Plainly, Germany stands at a cultural and 
inteOectnal watershed. The confusion is deep- 
ened by the voices of Former East Germans, 
who have not lost the lifelong reflex of rejecting 
the WesL The real problem, however, is not cue 
of ideology bat of talent. Where are the writers, 
film makers, painters, composers capable of 
legitimizing, as they (fid in the 1920s after the 
previous exterminatory war, a national culture? 

In the culture inherited from West Germany, 
as generally throughout Western Europe, the 
long peace was dominated by posonafities that 
appeared in the postwar period and then by a 
younger generation that emerged in the early 
1960s and now seems spent Acknowledging 
this vacuum, one of the rare younger talents, 
the essayist Hans Magnus Enzensberger, ven- 
tured the notion recently that the era of the 
European intellectual may perhaps have come 
loan end. 

Of course, this pcssimisnris vintage Europe- 
an intellectual, quin (essential cultural pessi- 
mism, a German speciality. It is probably the 
oldest continuing strand of European thought, 
now juiced with the added kick of another 
milleniitm being nearly upon us. Even so, the 
vehemence of this new, incoherent critique of 


obvious in America Lhat his films hit profound 
themes. 

Reflecting on “Dirty Hairy" and the other 
movies of the series in 19S4. it seemed dear to 
me that the theme which hangs over all the 
“Dirty Harry" movies, and perhaps to a lesser 
extent all of Clint Eastwood's career, is vigilan- 
te justice. It is a theme deep in .American 
culture, literature, films, and popular fiction: a 
man alone in a corrupt world, the lawless West, 
or the jungle of cities. 

The sinister wist in the "Dirty Harry" series 
is that what has corrupted justice in our time, 
and made it so hard to obtain, is a kind of 
liberalism gone mad. Thus: Dirty Harry. Deal- 
ing with murderers, real or potential, in defense 
of innocent people, and acting entirely within 
the rules. “Harry Callahan” does not hesi rate to 
kill. As for the heartlessness, even gratification, 
that the Clint Eastwood character demon- 
strates in destroying the social vermin who. he 
obviously feels, are themselves destroying the 
fabric of our society. Mr. Callahan, one feels, is 
the right man for the job. 

Mr. Eastwood, who almost never grants in- 
terviews. denies that his films are the Least bit 
political. (In private life. Mr. Eastwood fi- 
nanced an armed mission by a decorated U.S. 
veteran of the Vietnam War to try to recover 
missing Americans believed held in Laos in the 
early 1980s.) 

For a long time, that stance allowed Holly- 
wood (and New York, where the critical com- 
munity is centered) to view him as fodder for a 
bare-knudde subculture. But by the early 
1980s, he was already overtaking John Wayne 
as the most durably popular male movie star in 
histoiy. By now, even HoDywood has noticed 
— to the point of mythologizing the man with- 
out noticing the cultural thrust of his movie- 
making. 

For Hollywood's Utopians, the situation was 
muddied by the disappearance of the Soviet 
Union. But for the left, in .America as in Eu- 
rope, the Soviet model was long ago supplanted 
in intellectual affections by. roughly in turn: 
Cuba, China, North Vietnam, then back to 
Latin America and the Caribbean for whatever 
Marxist-Leninist regime or revolutionary 
movement that was in the spotlight. 

Meanwhile, film makers in these countries 
been and in the West as well have been slow to 
tackle the political essence of the great causes 
that they have championed anti! all credibility 
was lost. 

Western enthusiasm Tor the emerging film 
industry in China, for example, never demand- 
ed the quality of movie that finally emerged last 
year with *The Story of Qiu-Ju," the most 
sophisticated of director Zhang Yimou's films. 
Even now. China's censors obtained conces- 
sions in his presentation. But this remarkable 
film maintains its universal theme: la all societ- 
ies, particularly in those emerging from severe 
political repression, individuals crave respect 


American culture is ptazHng. especial^ in X3| 

many. _*.••••• 

Unlike French intellectuals, who sought a. 
“diatogae” and “nndostandieg" wtththe ; 

ounist inteOiKotria and were ultimately OT-; 
credited by it^ertGcnnanintefie«uafe(»Okt Vji 
whole have no history of combat wth'-^K v-gS 
United States. So complaints about, aHegnfr vg 
cultural hegemony scan oddly pale ana mxs- 
guided. Perhaps the only point that is cfear $ ^ 
That there is a strange, dis^w&ig.conyei^nee .!§§S| 
between the old left and the newT^m tfes’^* 
anti-Americanism. ' •' 

Oddly rn oqgh, this points to a reason- 
optimism because it suggests that ihe- cultural 
and intellectual experience since 1945, at 4 c&e;^ 
in the two Gennanys, wBI come to be^ sten,£S A £- 
g s n ffratjqnal experience. On both sides of tjra:; 
wait,- a single generation — “”nitdSKSB£ls^as--.^^^s 


It is no coincidence, to use a Mapdsi 
thnf we find so useful, thai in the major novds. ...^^ 
of the Third Rea*, the heroes always awwit^g 
children, whether in Gflrtter Grassjs '"Erf 
Dram” or Christa WdF*s “Kindbetonustet^. mm 
This generation flagged in recent yeai& iq 'i 
Germany, certainly, the public became a 
way street in which more and na>re 
ca me into onr culture and less and less seancd,^^ 
to head the other vray. Even old ; Eardpefe-? ^w 
cultural ties seemed to atrophy: Gennansstei^^.^^ 
ed getting the latest : Frendi trends fro m Am cri^ 
cans who discovered them first. ; - 

Dcconstructivism, for example^' was 
mitred from Psis to Yale mid other Americaai^^ 
academic centers and then from, there 
back to West Germany and even East'Genn^wL 
nyrlittie of the fnntfidpromiscuiW seen^iq“\i4f| 
survive in tire Paris-Boon axis^Luie 
European politics an 
American hegemony, 
historians as a pe ' 

intellectuals and 
^ sneration ‘ 

' t.'U’iP* 1 



MpMc Duun/Ageocc ftwte-Pranc - 

THE WAY THINGS WERE — George ItzeL who landed in Normandy as a young American sohfier in Jme 1SM4, chatting about 
his experiences during the invasion 50 years ago with two latter-day American troops at the UJ5. mffituy cemetery at St Lament 


And in political systems pretending to omni- 
srieace and ordering their every action, respect 
has been denied them. 

Such great movie-making about our times 
has nordeterred .America's intellectual elite 
from s eeking , in a radical, revolutionary fash- 
ion, new causes to be emotionally embraced. 
The latest is “muluculturalism" which in prac- 
tice has become the American code word for 
the equality of all cultures. On this issue, con- 
temporary enthusiasm has caused problems 
even for Saul Bellow, a Nobel Prize winner for 
literature. 

"Give us a week’s moratorium. Dear Lord,” 
wrote Mr. Bellow recently, “from ihe idiocies 
that burn on every side and let Lhe pure snows 
cool these overheated minds and dilute the 
toxins which have infected our judgments. 
Grant us a breather, merciful God.” 

The problem for Mr. Bellow was that he had 
been quoted as saying that the Papuans had no 
Proust and the Zulus no Tolstoy. He was 
promptly castigated by tbe upholders of Ameri- 
can social virtue. The notion of equality so 
pervasive in fashionable American educated 
circles today, which goes hand in glove with an 
expanded role for government, prescribes that 
no culture or individual be thought superior to 
any other. 

In outraged condemnation of what be con- 


sider tbe drift in America’s elite culture, he 
declared: “In any reasonably open society, the 
absurdity of a petty thought-police campaign 
provoked by the inane magnification of 'dis- 
criminatory' remarks about the Papuans and 
the Zulus would be laughed at.” 

None of this has discouraged HoDywood 
from Hying to do good and do well on fashion- 
able issues of tbe day: feminism, environmen- 
talism, anti-taosm. a nimal rights, homosexual 
rights, bisexual rights, the rights of AIDS vic- 
tims, of the handicapped. 

The absurdities of this lengthening list of 
politically cored issues have never deterred 
Hollywood from seeking to do good. Now 
many of the new idealistic movies would not at 
first glance sean to have much to do with 
socialism. We’ve had films iu defense of the 
rights of vic timiz ed women ("Thdma and Lou- 
ise"). the handicapped (“My Left Foot"), lesbi- 
ans (“Fried Green Tomatoes”) and AIDS suf- 
ferers (^Phfladdphia”). And these are only the 
ones good enough to be heard of: I'm sparing 
you the much, much longer list of those that 
bombed despite their worthiness. 

As an example of the value of such films, take 
the plea on behalf of environmentally responsi- 
ble Indians, “Dancing with Wolves.” a picture 
much revered in both the United Slates and in 
Europe, especially cinema tically enthusiastic 
France. Tbe actor-director Keven Costner, nat- 


ural! y, is al great pains to demonstrate that his, 
Indians were not inferior to the invading white 
man, but in fact were much superior in harmo- ' 
ny with nature V 

In reality, of course, tbe Sionx massacred, ^ ,''r 
raped and carried women and ctrikirea off into 
captivity. They tortured for entertainment 


ifisl bucolics, Mir. Costner, in a stale of _ 

anpty-headedness, has falsified history in av:£i-| 
register that matters terrifically io the Amcri- . V 1 
can psyche. ' " ^ - 

But after aD, these people most of Hqffif-j 

wood’s bankable names, stare and glamora&2£&\ 
rectors — are the world's film artists, an&Ekc 1 e “ 
other artists they want to believe iu something 
good, something higher than tins miserable^: 
self-centered, sdfish world they. see acoand - 
than — above afljn Hollywood. • : .> 

They hartfly know better. Thty just became. ~ 
artists the day before yesterday. Before tbiC. 
they had little men intellectual status, thaa. 
circus acrobats. __ _ y~~ 

In addition to which, they are American: ;-: 
they bring to these mattere a wtmdafully 
cent eye. Does your average American befieve?' " 
all these “politically correct" ideas being hand- 
ed down to him by his comma’s elite? WdL no, q v 
he doesn’t. Bm there are signs that they’re ^ " 
wearing him down. 


,~v. 


s Frankly / Berlusconi Says , Politics Isn’t Pleasurable 


By William Drozdiak 

Washington Past Service 

ROME — Silvio Berlusconi dimmed the 
lights and drew the blinds in his elegant office 
at the Palazzo ChigL Even at sunset, his day 
seemed far from over. There were cables to 
read, legislative plans to approve and other 
tasks of governing that be says keep him 
working until as late as 2 AM. 

Three weeks after becoming Italy's prime 
minister — and only three months after he 
entered politics — one of Europe’s biggest 
media tycoons is struggling to adapt to his 
new role of running the world's fifui-Iargest 
industrial democracy. 

"Churchill said politics is fine, except you 
have to shake too many hands and deal with 
too many stupidities,” Mr. Berlusconi said 
last week in an interview. “I’m used to shak- 
ing hands, because of my involvement with 
soccer and show business, but not to listening 
to ihe enormous number of stupidities that f 
hear in politics.” 

"1 have 1 1 houses spread all over, including 
an extraordinary park." he said. "Now I am 
forced to lead a life that, frankly, does not 
please me. However, I consider my self to be 
fighting a war on behalf of my country." 

When President Bill Clinton opens his Eu- 
ropean tour on Thursday by paying a call on 
Italy's reluctant crusader, he will find that 
Mr.' Berlusconi's astounding political rise is 
still generating shock waves across the Conti- 
nent. 

The 57-year-old businessman was swept 


into power on a tide of voter disgust with the 
corruption- ridden caste that bad ruled Italy 
for four decades, stirring fears of further 
populist revolts against mainstream govern- 
ments in Europe. 

He has appointed five cabinet ministers 
from a party with neofascist roots, arousing 
fears in France and Germany that their entry 

1 consider myself to be 
fi ghting a war on behalf of 
my country.’ 

Sihrio Berlusconi 

into government will legitimize tbe growth of 
extreme right movements across the Conti- 
nent 

He has also mapped out a vision for a free- 
markei revolution in one of Western Europe's 
most socialistic states that surpasses in scope 
anything attempted by his conservative role 
models, former Prime Minister Margaret 
Thatcher of Britain and former President 
Ronald Reagan. 

And be has declared that, at least for the 
time being, he will govern the country while 
maintaining a vast business empire with 
holdings in real estate, insurance, press and 
television, raising the specter of conflicting 
personal interests with almost every legisla- 
tive measure he tries to push through Parlia- 
ment. 


Mr. Berlusconi’s opponents accused him of 
using bis three television networks, which 
control about 45 percent of the national audi- 
ence, to brainwash voters and secure his vic- 
tory in the general elections. 

He, in turn, believes they are jealous or his 
success in finding a formula that rallied the 
vast majority of young voters behind the free 
enterprise banner waved by his Forza Italia 
party. 

“I know the young generation weU.“ he 
said. “They grew up seeing America through 
the television shows that I brought to Europe. 
They have come to believe in the meritocratic 
philosophy that will help us develop a more 
liberal and free-market societv without losing 
our cultural roots or traditions. 

“Young people everywhere now share the 
same political values. The French may be 
very jealous about their identity, but Italians 
have no complexes, no feelings of inferiority 
or superiority. Wc are more ecumenical.”' 

Nonetheless, the sight of seeing a media 
tycoon achieve a sudden leap to the pinnacle 
Of political power has alarmed some of Italy’s 
neighbors. 

"This is an approach to democracy we are 
not used to and that appears fearsome to 
me," said President Francois Mitterrand of 
France, pointing to the demagogic risks of 
seeing the boss of a 56 billion media conglom- 
erate at tbe head of a mayor European govern- 
menl "This is an example that others will try 
to imitate. There is a serious risk of perverting 


democracy. The moment has come to say: 
Stop! Danger!" 

Mr. Berlusconi brushes off Mr. Miller- 
rand's warning as the kind of partisan carp- 
ing he must endure from Italy’s former Com- 
munists and their leftist allies in Europe. 



Mr. Berlusconi said be was forced to enter 
the political arena when centrist reformers 
such as Mario Segni, a maverick Christian 
Democrat, failed to organize an effective co- 
alition lhat could block the path to power by 
(he leftist alliance led by ihe former Commu- 
nists. 

“J had a very interesting and entertaining 
life, and I had no desire to change iu" be said. 
“But I found my country facing a future 
without liberty or democracy. 1 was obliged 
to go into politics against die advice of my 
family, my friends and, above all. against my 
own "interests. But I realized my life as an 
entrepreneur would have become impossible 
under the Communists, whose program 
would have led my country into a terrible 
state without any hope of return." 

Indeed. Mr. Beriuscoai’s empire, now dose 
to S3 billion in debt, probably would have 
collapsed if the leftist slate had been elected. 
Achilla Occbetfo, the leader of (he Democrat- 
ic Party of the Left, the former Communists, 
bad vowed to strip Mr. Berlusconi of his 
lucrative television stations. 


Neofascist Wants Homosexuals 
Put in Concentration Camps ;; 


Reuters 

ROME — An Italian neofascist candidate 
for tbe European Parliament provoked anger 
here on Sunday by saying that homosexuals 
should be sent to concentration camps. 

Piero Buscaroli, who is a candidate of tbe 
neofasdsl-fed National Alliance, which has five 
□musters in Prime Minister Silvio Berlusconi's 
conservative cabinet, angered Italy’s homosex- 
uals after his comments were reported by tbe 
newspaper Corn ere Della Sera. 

In an interview, he confirmed his views, say- 
ing lhat homosexuals had no place in society. 

“They lead terrible lives,” Mr. Buscaroli, 63. 
said by telephone. “If ii were up to me, I’d send 
them all to live in concentration camps." 

Mr. Buscaroli, a journalist who contributes 
to D Giornale, a Berlusconi family-owned 
newspaper, is a member of the neofascist Ital- 
ian Social Movement, the political heirs of 
Mussolini and the core party in the National 
Alliance. 

Though his comments were disowned by his 
party, gay rights groups said they feared that 
Mr, BuscardTs statements signaled a new era 
of intolerance. 

“This is the sort of sympathy that the parties 
in the new government have for minorities." 
said Francesco Grillini. ihe preshfem of Arci- 
gav-Arcifesbica, the countiy’s biggest homosex- 
ual-rights group. 

“We are afraid lhat the new government is re- 
evaluating the values and methods of the past 
— the Nazi-Fascist past,” he said. 


The National Alliance and Francesco Star- ^., 
ace, a spokesman for the Italian Social Mow-. , ’ 
meat, disowned Mr. BnscaroFs comments,: 

Mr. Buscaroli made ii dear that he would no! 
support a resolution passed earlier this 1 year by ^ 
the European Parliament to allow hamosexhal^ 
couples to marry and adopt at foster driMinn^- .^ s 


even 


Homosexuals disgust me." he said. “I can’l l 
a bring myself to shake hands with (benrJY : ‘ 


am a reactionary, and I am more Cathtdic than-’v ^ ' 
the Pope." 


Italy Seeks Settlement p 
Of Slovenia Dispute V 

Reuters ' 

ROME — Italy wants to see Slovenia start’ 
moving toward membership in die European . 
Uoian, but only after problems between ithfc ? 
two countries about wartime compensation are 
ironed out, the Foreign Ministry said Sunday. 

Op Friday, the Italian government blocked 
the inclusion of Slovenia in a group of Central; 
and East European states designated as pofea- : 
tiaJ members of the Union. - - 

Rome is demanding compensation for lol- v 
ians expelled after World War II from Slovenia,. 
which was then part of Yugoslavia and had- / 
been partially occupied by fascist Italy, i s.;?; , 


;-*7 

■ri/3 


l Q* JF p 





SSik 

Ji. r -I 


l\ 4 js^.^ 

'P~ic ^--»^.-v. 


CTiJ.kf, 


. ... 

* j% - r-Z^. ' rt:£\ ;^£Tv' 
1* “S-. i--^ '<■■£**}. 

«ar.f^. - - 2 > 

^..■; 

‘L*-’- -V -*ajL 

'5 1 -/- :- ; V‘.r, ^ 

23s '"- ~7 ‘5;<ii.5B. .'^*: 

*r ' _- ■ - "‘ -w 1 «■'-. "*> jV 

“f£. '=■*■" 

exd i" 

»*.- ■ ‘irr 8 * 5 * 


3trT^':_- .. 

> • „. -.^ __ ■ • •■ “ J j ;— - l ^ 

l;; « « •- trrtlZ. ^ i*?.*** 

*~*r v j rs f-/.:. ■ Eat' 


" ’ : ~~i :>i. 


jKftM-fMI 

k^H 







-«*• 1 


^ ;4f 

r^: 2 ****,.; -*£.f3| 

.,^>k.'- J-jk !*•* 

; 3 t&'jr- node?} cs.l& 


# " . \ •* ^ ^ 
■ •■ -— ■%.*. ;• 

. - •- *r - " >j> 


•■ - _ ;- ^ 


HU^ 


*» . 


t .- *■• - v 


\v- • 

. •. .’■*' *’. • •* ’ <» 


-.jj _ •%■ -;,*, 

■ :- '*■&.'? 


..*** 
■ ^'w* 

•, 11 > " J ■' *? 

: -r r 'V > >*-V 

»■, ■■ . - ■ V' -> 

~ :■- ^ ' ' ^ ■ +‘ V 

: -•• 

V, 1 - "' . ■'■-•■'” 

-•- -,' •' f 

• \* / 
’ .; ■- '". ,' 1 " r ..v-,tS 
• _ • -■*■ .. . • ; ■'/ 


uM- 



International Herald Tribune 



A Special Report 


Pog^ ^ 


Monday, May 30, 199 S 


China 


A Great Economic Leap Forward, but the Hard Part Is Yet to Come 


By Kevi n Murphy 

B EIJING —-Demanding 10 be taken 
more seriously by tie world com- 
munity in nearly every aspect of 
international trade and relations, 
China’s newfound confidence stems from its 
battling economic reforms. 

But as any Chinese government reformer, 
industrialist or simple worker will attest, the 
hardest pan is yet to come. 

Fifteen years after Beijing first allowed 
then-radical reforms in the countryside that 
granted farmers limited responsibility over 
their own production, China has embarked 
on a iop-to-bonom restructuring of the way 
wealth is distributed and economic derisions 
are made. ' 

In 1979, 95 percent of prices were deter- 
mined by the state; now less than 6 percent 
are. Over roughly the same period, the econo- 
my has grown at an annual rate of 9 percent. 


f Stock Fever’ 
Brings Flood 
Of Domestic, 
Foreign Issues 

O 

But Investors Are Wary 
Due to Growing Pains 


tutting 13 percent in 1993, well off the plan- 
ners’ chans. 

But as individuals and industry alike are 
forced to fend for themselves in a world 
where they win no longer be “eating from the 
same big pot" — the Chinese phrase for now- 
octdaied egalitarian ideas —subtly but rap- 
idly. power is shifting to market-responsive 
institutions and away from powerful individ- 
ual Communist Party cadres. 

China's reform game plan, building what it 
calls a socialist market economy, rests heavi- 
ly on the expansion of the market economy 
■and private investment, but reserves for gpv- 
enuneol planners a preeminent role in or- 
chestrating. overall development and firm, 
one-party political rule, 

“The reform here in China is unprecedented 
and it has proven very successful,” said Ma 
Guofeng, a senior economist and deputy di- 
rector at the powerful State Commission for 
Restructuring Economic Systems in Beijing. 
“We drew upto the experiences of other coun- 


tries, but only by integrating some ideas into 
our own conditions. 

“We have stuck resolutely with leadership 
by tbe Communist Party,” Miss Ma, a veter- 
an reformer, said proudly in a recent inter- 
view. “In a multiparty system, seif-interests 
would compete with each other and no one 
would care about economic development." 

However, many different interest groups 
are emerging as market forces exert their 
influence, foreign trade and investment flows 
expand, and party members and the People's 
Liberation Army seek to “liberate their pro- 
ductive forces** or go into business them- 
selves. 

Because powerful new interest groups are 
forming and its economic transition is in- 
complete, China faces its greatest challenge 
yet in its bid to develop. This was under- 
scored in 1993 when an overheating economy 
appeared um&meabie, and various groups 
resisted a lightening of credit and moves to 
reduce speculative investment. 


China, according to economists at home 
and abroad, now stands halfway between 
(wo economic models — command and mar- 
ket — and two systems of overall control. In 
the middle lies passible chaos: runaway infla- 
tion, strikes, damaging speculation, corrup- 
tion. 

“In the first two stages of our economic 
reforms most people got more wealth." said 
Lu Yongfaua, a senior official at the State 
Commission for Restructuring Economic 
Systems in Beijing. “The next stage will be 
more difficult, because some people may 
think the changes are taking something away 
■from them." 

A new taxation system, a new banking 
system that improves monetary control, re- 
forms that release enterprises from paying 
For cradle- to- grave benefits for their workers, 
rules aimed at removing bureaucrats from 
the business world — ail will disturb vested 
interests across China, forcing them to deal 


with market forces and, in many cases, cost- 
ing then) money. 

“The argument in China now is not ‘do we 
open the door further?’ " said Nick M oakes, 
a China analyst with S.G. Warburg Securities 
in Hong Kong. "It is ‘How do we keep a 
political lid on things? " 


C OUNTERING reports of recalci- 
trance by provincial officials who 
resent meddling in tbeir own 
plans, increasing worker militancy 
and peasant revolts against party bosses who 
have exceeded their powers for personal gain. 
Beijing’s planners champion the paramount 
need for soda! stability as the key to their 
steady and largely uninterrupted successes. 

"Our reforms forge ahead with ups and 
downs,” said Mr. Lu, debunking the idea that 
East European -style “shock therapy” could 
work in C hina. "The success of our work can 
be attributed to our theoretical planning and 
preparation of people's thinking . Slow but 


steady changes reduce the shock to society." 

While some bureaucrats privately express 
hopes that Chinn's reforms can be quickened, 
collectively Beijing’s leadership congratu- 
lates itself for avoiding the kind of difficulties 
plaguing Russia and East European coun- 
tries to a lesser extent. 

Setting its troops against student demon- 
strators in Tiananmen Square on June 4, 
1989, an act that saw Beijing condemned, 
then ostracized by the world community, was 
•an acceptable price to pay for keeping the 
reform program on track, said President 
Jiang Zemin in a controversial statement this 
month. 

“The Chinese have been reforming since 
1978 in an ongoing process whose hallmark 
has been a careful gradualism.” said Andrew 
Freris, chief regional economist with Salo- 
mon Brothers (Hong Kong) Ltd. 

“They are quite successful in what they are 

Con turned on Page 12 


- f mcmattattal Herald Tribute 

S HANGHAI — “If we just let compa- 
nies queue up to beKsted, there would 
be 10,000 outside our door tomorrow” 
said U Qian, director of priblic rela- 
tions for the Shanghai Securities Exchange^ 
The exchange is jammed, along with a karaoke 
dub and other offices, into the old Pn Jiang 
Hotel opposite the Russian consulate just off 
the famous Bund. 

Miss li is probably right China’s stock 
market experiment has proven a success with 
load industry. Eyeing expansion possibilities 
but facings dearth of credit^ more than 200 . 
Chmese campanks have joined the rush to 
c^tnoa“fltockfevc^witiiafhnry.<rfU8tmgs 
on stock exchanges at home and abroad. 

Ah integral part tf.Bcijin£s edoocomc re- 
form program, the movie to reopen the Shang.- 
hai exchange 42 yeans after the 1949 Commu- 
nist victmy saw U shot, has been haQed as a 
measure erf Chink' s embrace of market econo- 
my forces. " ■ 

"They may have a long, way to go, but 
China's securities markets are moving faster 
toward openness than many others in the re-, 
gion," sail Chris Legallet, a director of Jupiter 
Tyndall (Asia) LttL, a fund management 
group. 

“Trading bqmdhy has improved and tbe 
authorities are eager to improve,” said Mr. 
Legallet, who *"**!*#« the London-listed Chi- 
na Investment Trust PLC “The regnlators are 
not just sticking their heels in the sand.” 

To. those companies given permission to sell 
shares, especially those that have raised hard 
currency throagh international issues, h- is 
something more practical than symbolic: a 
headstart cm their cash-strapped local nvals. 

However, investors, both domestic and in- 
ternational, now appear far less concerned 
with more new issues than with trading losses, 
contradictory regulatory trends, ideological di- 
lemmas and a host of pressing problems in the 
fliedgjmgmaiioets. . 

•• Long- gone are the days when millions 
massed outside the country’s two authorized 
st ork m Shanghai and She n z he n for 

lottery tickets to buy newly listed A shares and 
Hong Kong brokers begged for new B shares, 
those designated especially for foreign inves- 
tots. • 

‘This is aB a completely new subject for us, 
Llo :Hoogru, chairman of China Securities 
Regulatory Commission, said in a ream inter- 
view. "We lack experience, we lack qualified 
people and we have few relevant laws and 


"YooMy say that the Chinese securities 
market is at an infant stage and there is much 
room for improvement," said Mr. Liu, whose 

high lave! government body supervises stock 

and bond market development while approv- 


^Wl3i wK A and B shares be combined? 
(Currently the As trade ai a hefty premium to 
the Bs (despite their equal entiflemHiis for 
shareholders.) Has China senppered its own 
markets by allowing some of its best compa^ 
nies to list overseas? 

: WB1 company directors respond to inves- 
tors’ demands for greater dtsdosure.aad better 
management? Have merchant banks irader- 
writmgChinalistmgs oversew been. too bullish 


inn tbeir pricing estimates? . ■ . ■ • . 

Saduraestions matter htttem China s km§- 
tenn devdojaowit agenda despite their 

- Conthmed on Page 


The environmental. 


A deadest reassess® 
-Tiananmen., . -1*ageik ( 
The ariny is a fence to . 
be reckoned with.®: 
tjaaiiess. . ' Page w- 



Cffinaabig way. .« 

Steps to end the Iron Rice Bowk . jgSfJV 

■SSSSM^-'liS' 


Page 10. 



Despite Economic Gains, 
Human Rights Lag Behind 




• * x 

• ■ ?g' 


v> 



1 '- 

- , V 

• , 


' 

■ 

* 

• 


— - 


— ?-• _ • 










FliMm, chcfcwM Ifnta rap Irfi - Fraw Li'Lub.io. Mmui Brf*n umtni. Jjflir IlM-Oui. Franp® Lwhm 


Scenes from a 
economic zone 


a changing China, clockwise from top left: Skyscrapers, and other signs of affluence in the special 
te of Shenzhen^ window shoppers in Beijing a billboard promoting a French enterprise in China 


By Lena H. Sun 

B EIJING — Four years agp, the 35- 
y ear-old office worker’s apartment 
was too small to fit his wife and child. 
Now, the income from his business 
deals allows him to have a spacious, air-condi- 
tioned flat, to send his daughter to an expen- 
sive private school, and to contemplate buying 
a car to drive to a future weekend home in the 
suburbs. 

Somewhere in those same suburbs is China's 
mosL prominent political dissident, Wei Jing- 
sheng. For the last two months, he has been 
under house arrest while the government tries 
to build a case that might send him back to jail. 
He was released from jail last September after 
spending nearly 1 5 years in prison for advocat- 
ing democracy. 

The contrast between the two men illustrates 
the lopsided development of human rights in 
China in recent years. In the five years since 
the Chinese Army opened fire on pro-democ- 
racy demonstrators, killing hundreds, possibly 
thousands, human rights has been at the core 
of the debate in U.S.-CTuna policy. 

President Bill Clinton decided Thursday to 
renew China’s most-favored- nation trading 
status, ending the linkage between trade status 
and human rights. Although Mr. Clinton said 
China was still guilty of “serious human rights 
abuses." he said he was “persuaded that the 
best path for advancing freedom in China is for 
the United Slates to intensify its engagement 
with that nation." 

There is no question that the sweeping eco- 
nomic reforms launched 15 years ago under 
senior leader Deng Xiaoping have brought 
unprecedented prosperity to millions of Chi- 
nese. For the last two years, China's economy 
grew at about 13 percent Rising incomes and 
standards of living have spawned an emerging 
middle class with increasingly sophisticated 
expectations and desires. As foreign invest- 
ment continues to pour into China, that pro- 
cess will accelerate, especially in places like 
southern China's Guangdong province, where 
foreign trade is the backbone of the economy. 

Ordinary Chinese also have much greater 
freedom in their personal lives as the system of 
social control sups out of the government's 
grasp. Id Lhepast, every Chinese belonged to a 
work unit. Toe work unit determined wages 
and promotions, as well as when an individual 
could get married, have a baby, and travel. 
Now, increasing numbers of Chinese work 
outside the work-unit system, going into busi- 
ness for themselves or foreign companies. The 
risks are greater, but so are the rewards. 

Greater mobility has brought millions of Chi- 
nese tourists to Beijing to pose for snapshots in 
Tiananmen Square or sample Big Macs at the 
nearby McDonald’s. Wealthier Chinese are even 
taking vacations abroad, a concept that would 
have been unthinkable a decade agp. 

“They’ve been to Thailand, now they want 
to see Hawaii,'' said one western diploma l in 


the southern city of Guangzhou. “There's a lot 
more personal space now ” 

Bat economic prosperity has not brought 
about improvements in basic political and ju- 
dicial rights. Despite the broad guarantees of 
rights enshrined in tbe Chinese constitution, 
China remains a police state. As part of gov- 
ernment policy, nearly 1.2 billion people are 
deprived of freedom of speech, freedom of 
association, and an independent judiciary, 
among other basic rights. 

While free-wheeling call-in radio shows give 
advice about sex. the torture of prisoners is 
more widespread now than a decade agp, ac- 
cording to Amnesty International. Peasants on 
tbe outskirts of Beijing can watch Phil Dona- 
hue courtesy of their satellite dishes. But last 
year was the worst year for political arrests and 
trials in China since arid- 1990 and the after- 
math of the Tiananmen Square crackdown on 
tbe pro-democracy movement, according to 
Human Rights Watch/ Asia. 

In the run-up to Mr. Giston’s decision op 
China’s most-favored-nation trading status, 
China released some political and religious 
prisoners in a human-rights gesture. But many 
more arrests of lesser-known individuals take 
place all the time, according to rights groups. 

To be sure, the overall human rights situa- 
tion in Giina has improved considerably since 
the Maoist era. During the terror and persecu- 
tion of the 1966-76 Cultural Revolution, indi- 
viduals could be tortured to death in a wave of 
mass hysteria for inadvertently wrapping fish 
in a picture of Chairman Mao. 


B UT the standard of Mao’s era should 
not be standard for the world's fast- 
est-grpwing major economy and a 
China that wants to be seen as a 
responsible world power. 

“Human rights means having a reliable 
guarantee under a system of law that says you 
can do certain things,” said Andrew Nathan, a 
professor of Chinese politics at Columbia Uni- 
versity. “In China, you may or may not be able 
to do certain things, but there isn’t any reliable 
guarantee." 

That is especially true at the grass-roots 
level- Decentralization has allowed local offi- 
cials to become despots, with abuses of power 
unchecked by higher-level authorities, peas- 
ants say. 

Chinese officials frequently argue that hu- 
man rights in China means being able to feed 
and clothe its nearly 12 billion people. Blit 
Chinese often scoff at this argument. Accord- 
ing to the Ministry or Public Health, only one 
in seven rural Chinese has safe drinking watof, 
meaning nearly 800 million Chinese, more 
than three times the population of the United 
States, lacks a very basic human right. 

Wang Xizhe, a veteran political dissent who 
spent 14 years in jail for his pro-democracy 
activities, points out that the ruling Commu- 
nist Party also called for democracy when it 

Continued on Page 12 • 


ieijing C; 

By Michael Richardsoo 


its Long Shadow Over the Nations of Southeast Asia; 


S INGAPORE —Although anxious tto 
maintain good relations with Gmk 
virtually aD Southeast Asian nations 
regard Beijing's behavior in tbe SouiA 
China Sea as a litmus test of its future inlen-^ 
tions toward the region. 

Official Chinese maps show Beijing's claims 
over the sea, and the sobed cal and natural gas 
reserves in the area, reaching to within 48 
kQometeis (30 mUes) of the coasts of Vietnam, 
Malaysia, the Philippines and ; Brunei. 


Gerald Segal, senior fdlow and Asian spe- 
da&si ai tbe lntornatkmal Institute for Strate- 
gic Studies in London, says tbe central ques- 
tion is the extent to vvlrich China is prepared to 
pursue its claim even at the cost at alienating 


States. 

• Both Tokyo and Washington are concerned 
to maintain freedom of navigation hi the 
South China Sea. 

Antitav Acbarys, coordinator of a security 
project at the Center for Asia Pacific Studies 
run jointly by the universities of Toronto and 
.York in Canada, said that “the potent combi- 
nation of annual double-digit economic 


female nmiera set. world records. • Pige 17. 


tsry spe nding since 1990, places China in a 
. position to dictate the regional balance of 
power.” . 

He said that whether China would actually 
choose to exercise its power in this way re- 
mained lo be seen. “But its growing military 
.nniscle-has matte some Tegkxoal countries ner- 
vous,” he added ' 

Chinese forces seized the Paracel Islands in 


the northern part of the South China Sea from 
Vietnam in 1974. They established a foothold 
in the disputed Spratly Islands, a widely scat- 
tered duster of about 90 islands, atolls and 
reefs in the southern sector of the sea, when 
they captured several Vietnamese-occupied 
outposts in 1988. 

Tbe Spratiys, which bold the key to control 
of nmounding offshore resources, are a major 
i point of potential conflict in the South China 
\Sea through which run important international 
trade routes, including those bringing Middle 
i^ast oil to Japan. 

V^4 HINA, Vietnam and Taiwan claim 
m\ all of the Spratiys, while Malaysia, 
the Philippines and Brunei claim 
tiwse that tic closest to thdrterrito- 
iy. Alkbut Brunei have stationed forces on the 
islands\and reds they occupy, and it is clear 
that Unarmed clashes are a real risk. 

Yeo Nipg Hong, Singapore’s defense minis- 
ter, said n^GQtly mat it was a good sign that the 
Spratly claimants had expressed their intention 
to resolve differences through negotiations and 
to consider joint development of the area. 

However, he -said that “ihe real lest will 
come should resources, particularly oil be 
found in the area.” 

Mr. Yeo said that Beijing's assurances ihai 
China would not be' a miutaiy threat io iis 
neighbors were encouraging. 

But for some time to come, he added, "coun- 
tries in the region wifi continue to examine 
closely what China does w see if its actions 
match its words ” 

Wlule Bejjing proposed several years ago 
that rival claims to sovereignty over the Sprat- 
lys be pul aside in favor « joint cooperation 
projects, informal talks between the six claim- 


ant states on such a plan have so far made liule 
progress. 

Id a development condemned openly by 
Vietnam and regarded as ominous by other 
Southeast Asian countries. Crestone Energy 
Corp_ an independent U.S. oil company, an- 
nounced in April that it had begun a search for 
00 and gas near the Spratiys in a huge con tract 
area granted by China. 

CHINA Jl \ 


U-' 

1 •; 

\ jVIESIWfc- 

- 1 -Mb 

t. - fjgfcrf 

J ^ 


• f»Hics?waBS 

M y>V ; <: ■' 




•' -.SoUS* China Sea. " ’ yC -Vj 

- ircv-Wj 

•• v ..lJ 

stJOSlPCPfi ■ *■" 

NYT 

Randall Thompson. Cre* tone's president, 
said that the American company, working 
closely with a Chinese state oil company, was 
undertaking seismic surveys and would start 
exploratory drilling later this year with “lull 
support and protection from China." 

He added that seismic dam indicated that 
there could be “tremendous hydrocarbon re- 
serves" in Crest one's 25,155 square kilometer 
(5,076 square mile) contract zone. 


Crestone was granted its prospecting rights 
in 1992, and Hanoi and Beijing have waged a 
war of words since then. 

Crest one's concession is about 300 kilome- 
ters from the coast of southern Vietnam and is 
dose to contract areas granted by Hand to two 
separate international consortia, one headed 
by BHP Pty. of Australia and the other by 
MobO Corp. of tbe United Stales. 

Analysts believe that the growing influence 
of the armed forces in China and dwindling 
domestic oil supplies are pushing Beijing to try 
to enforce its claims to control nearly all of the 
South China Sea. 

Chinese military and civilian leaders have 
repeatedly denied that China has any intention 
of threatening its neighbors. 

Nonetheless, regional officials are con- 
caned that Chins is systematically developing 
the capability to project naval, air and amphib- 
ious power to take advantage of a receding 
US. and Russian military presence in East 
Asia and the western Pacific. 

Reflecting the influence of the armed forces 
in China, the official budget for 1994, unveiled 
in Beijing in March, gave the military a 22 
percent increase over last year. Planned expen- 
diture rose to just over 52 billion yuan ($5.9 
billion) from nearly 43 bQHon yuan in 1993. 


and their own profit-making enterprises to 
help pay for tbe modernization program. ■ 

Beijing's ultimate strategic objective is to 
“convert the entire South China Sea into e 
Chinese lake,” according to B.A. Hamzah, di- 
rector-general of the Malaysian Institute of 
Maritime Affairs is Kuala Lumpur. 

He said that with China running short of o£j 
to fuel its rapid growth and industrialization^ 
economic motives appeared to be high on Ber- 
ing's agenda in the Souih China Sea. : 


A LTHOUGH China is the world’s 
fifth laigest oil producer, surging 
demand and stagnant domestic out- 
put are set to make the country a nef 
importer of crude oil this year for the first time 
in three decades, the East- West Center in E& 
waii said in a recent study. : 

China's aimed forces already have a major 
voice in policy-making by the ruling CommtK 
nisi Party. 

Analysts said that this role is likely to bef 
come even more decisive after the demise of 
senior leader Deng Xiaoping when weak tiviH 
ian leaders wQl have to be even more mindful 
of military interests. 

Chong-Pta Lin, associate director of Gbmi 
studies at the American Enterprise Institute in 
Washington, said that the rising political pro- 
file of toe Chinese armed forces would ensure 
continued double-digit growth for tbe defense 
budget and continued upgrading of the coun- ; 
try’s military capability. • 

“Made increasingly confident by its mitibu^ 
buildup, Bejjing may adopt a more assertive 
foreign polity even if it avoids the use of force 
in the region,” he said : 

MICHAEL RICHARDSON is editor for Arid 
of the International Herald Tribune. 


D ESPITE the rise, the military bud- 
get is still lower in U.S. dollar 
terms this year because of China's 
unification of currency exchange 
rates in January, which effectively devalued the 
yuan by 33 percent against major currencies. 

However, Western intelligence sources be- 
lieve that the true figure for China's military 
spending is much higher than the published 
amount because the three million-strong 
armed forces can draw on other budget items 






■ 


5 a«flg Page 1 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 1994 


'htnaiA Special Repart 


-bAt 


ABC INVES J 

MWMliwBa 
in ABC Futu | 
- m ABC liter 
fllABC CUD 
T T 3 ABN AMRO 
''id urCdumbte 
int— * tfTrwBEv 

ala w Trans Eu n 
n Atrenla _ 1 

-TJ AIG FUND All. 

t a aig Aror"f 

„ “ j wAlG&ala \ 

%"f. J AID Emc 

SJLJ' — 1 WA1G EurfiOC- 

. . i*AlGEuTL,n. 

?)■-, $_ »AIG Eurir**F 
w tlG Joix-m 
jaigjobt 1 " 


7T?i 

h. 


Bv Vadav Smii 


»aig Eurl?ao HE environmental challenges facing 

c , _ - ?'•' P" a aig jSS*® 9 China are Immense, and even a cost- 

— ®l }> ; Ni JaIcwg^' I Jy and concerted effort could do litile 

_ge| i-: |P0' wAiGSwmajL but slow down ihe rate of pollution 

fa i cl6 a ubz & 5* n !d ecosvsiemic deterioration during the next 
i ; ;!' jr ‘ SblltlS “• to 30 years. 

^ |* ubz uS~China’s quesi for affluence is understiind- 

j*: • Alfred flUile — but the recent Western admiration of 
]'■: f AHredikT 5 ^ percen I growth rates is naive and misguided. 
$ M S reign observers make a fundamental cuie- 

fa jice * SSSS 1 -S^nicaJ error by ignoring the effects of scale: 

dy a wSeriiVJhe size of China's population and the stresses 
j<* 'll 1 5 wItafiP“puts on the environment prevent any simplis- 
;ry J L pMA^; ,n< : contemplation of China ever emulating Ja- 
u;j > I n Por-to- m or duplicating fully the achievements of 
39 mAUn nailer, so-eal ed Dragons of the region, 
hm "JlSSc'y Countries can overcome national resource 
fa cun aBh ► n S' nstI ui |lls or bypass environmental limit* with 
ft* S* * aww -imports — but diere is a clear biospheric limit to 
I!; 1 sf „ aIphS p^jch stra tegies. The Chinese can never import 93 
]• 5 f 3. ™ 1 “trceni of Lhrir fossil fuels as the Japanese do. or 

S s etc- m Ajpno : beg pej^m of their Toed and feed grains as South 
W mSiSa\ Koreans do: The world market simply does not 
% • se 9ave so much fuel and food. 

nd »{*jsj| i ** China wilt have m rely overw hclmingjy on if- 
•fc.O m Latlnv> bwn resources, terms of food production this 
fc.uai mPwiH dyouJd dictate the m?si assiduous maintenance 
i'exz viable agroccosysiems. ranging from strict 

r;\pt "Ogj*] onservalion of farmland, prevention of erosion 
j? 0 wArrai! hind replenishment of soil's organic mailer. In 

f am tJSrrat I ^eims of energy co nsumption this would mean 

y^ae SnniiOT Vigorous fuel ana electricity conservation, using 

S’ >es. { jnjen> h^e most energy -cfficiem industrial processes 

-' L '1 r iS«p huid cnrefi'l development of China’s huge hy- 

^Jata jScto' r lroenergy potential. 

^nar „ Some people in the lop Chinese leadership are 

S-rac bank R*S;lear[y aware of the threat posed by environ- 
S;'Ar a bbl! VnentaJ degradation to the country's long-term 

goeci |J ggjj | («ocioeconornic well-being. My conservative eal- 

s? B g||t' tulations indicate that the abuse of China’s 

f?: a bbl "ovironmcni costs the country annually an 

a Re nil ’sqirivaient of aL least 15 percent’ of its GDP — 
y*=-r| Stans l h ul practical steps, remedial or preventive, re- 

| it™ g g|{- main wholly inadequate, 

jj 3 bbl A few numbers illustrate the magnitude of the 

ffO ba B hqi Existing problems and the sobering prospects. 
^ ST?ilri C : During the past 4 m years, the ccmntry has Ion 
w tnn about a third of its cropland to soil erosion, 
h Jsierl • deseruficaiion. energy projects (hydro stations. 

5 C ‘ wasS coal mining i and to industrial and housing con- 

}’■ f stniction. Current Chines per capita awtlabil- 

h-3 mjopv ity of farmland is barely above the Bangladeshi 

; lirs rncSo • mean, and given the ongring frenzy of read and 

1 ^ mSS°. factory building on the best alluvia] land near 

J.™ - cities, farmland lasses wiU continue. Even if 

J I m mo. these losses were to he made up by reclamation 
i ccr Sir* of new land ( such oppnrtuni ties arc increasingly 
■ mmm a i5A SGiroei. population growth alone would reduce 

3 is* P er fanniand availability by more than l'» 
o isa percent during the Wis. and by I? percent 
ne5 Isr?: mtirc before the year 2025. 

■ P ‘ e . ITmId" Front this shrinking land China will have to 

IsiS produce not only more food grain for more than 
- - r - eu* 3u0 million additional people — the 19<U total 
'•* j a of just over 1.2 billion wtU grow to at least 1.5 
ft*' j S ta billion by the year 2025 — but also much more 
" a - J a lei focd SMiiH to satisfy a huge pent-up demand for 
J more meat. Further intensification of cropping 

} "nS is thus inevitable, but thi> route has obvious 
fl' | TwS' physical limiLs. China is already the world's 
-■ r , ® J*| latest pnxlucer of fertilizers and it already 

j a im irrigates half of its farmland. Higher fertilizer 
-■ I applications produce lower yield increments. 


and water is simply no! available where it is 
needed most. 

In North China, home to 500 million people, 
water availability is already less than a third of 
the Indian average. About 50 million people in 
northern provinces do not even have a reliable 
supply of drinking water. The usual runofr in the 
basin of the Yellow River is less than one-sixth 
of the average in the rainy south, and recent 
droughts have reduced this flow in dramatic 
ways. During the 1930 k the Yellow River’s flow 
dropped repeatedly io less than half of the 
normal, and several times it ceased altogether 
for more than a month. 

Recurrent northern water shortages have led 
to massive overuse of groundwater and lo exten- 
sive surface subsidence. Quality of surface water 
has been sieadilv declining: new water-treat- 
ment facilities have helped in some large cities; 
but the overall volume of untreated waste water 
has increased, especially with the explosive 
growth of small rural and township industnes. 
Even according to the official, and certainly 
overly optimistic, figures, less than 15 percent of 
China's waste water is treated to mecl the state 
discharge standards. 

Besides farmland and waier. Mv foruM cover 
and high rate, of soil erosion are the other most 
worrisome environmental weaknesses. Tradi- 
lionallv extensive deforestation has not been 
reversed bv massive posi-l^bO afforestation 
campaigns: only about a third of all plantings 
have survived, w hile overcuuing. including ille- 
gal tree han esting for fuel, has severely reduced 
China’s stands of natural forests. Deforestation 
has reduced forest cover in a number of south- 
ern provinces bv between 20 and 40 percent 
since the late 1950*. In per capita term*. China’s 
wood reserves are now lower than those of jny 
other populous nation. Higher soil erosion ha* 
been the result of deforestation, improper 
agronomic method*, and. in northwestern prov- 
inces. of spreading desertification. 

Because of its limited oil and gas resources. 
China will have to bum even more coal to power 
it* economic expansion. The country is already 
the largest producer of coal in the world, anil 
hence The largest emitter of particulate mailer 
and sulfur dioxide. Concentrations of soot and 
sulfur dioxide in northern Chinese cities, espe- 
cially in winter, ore commonly fiw to IU times 
higher than the Western limiu.-. Moreover, acid 
emissions generated by this combustion are al- 


ready causing concern down. tnd. in S-uth K«> 
rea and Japan. 

Even if elect rc^cr lie precipitator-; and dcsul- 
furizttlion plants were in pl.nc to remove nearly 
ail dust and sulfur dioxide. China'.- hi^i con- 
sumption of fossil fuels \"OU : d become an even 
more prominent source of carbon dioxide, the 
leading greenhouse gas. 

C HINA'S cmissior - of ail greenhouse 
gases (bexides caii>>n dioxide from 
combustion also methane from pad- 
dy Helds and cat lie. niirou* oxide 
from niintgenou* fertilizers, and chlorc-fluortv- 
carbons from lefrigerutioni are jlready the 
second largest in the world, -till far behind the 
United States andju-'i ahead of Rir-.>ia. China 
will become the world * largest .-miller of 
greenhouse gases within the~ne\i 2M t.v 3M 
years. Should global warmirg hecume an indis- 
putable reality during the nc- 1 generation, then 
China's economic and p •puijUon growth 
would have enormous effivii on the earth'? 
climate — and yet there xo >!d be no obvinu.- 
technical five* for this urnrecedenied chjl- 
lenge. 

Many newenv«rt»mienul i.iw> enacied >ince 
the early lfSOs have not p ■■.iceably changed 
the pace of degradation, t lejnc: fuels and 
better wjste-w.tier treatinc t ir. wmc major 
cities, large-scale disirih util*" of r.x-rc efficient 
stove* in rural areas, better p rol-.xlion of f arm- 
land in some highly prod 1 , .live agricultural 
regions, and the setting up of new natural 
reserves ha'-; been perhaps ;>-.e most .ucceafi! 1 
changes. 

Even the emergent. e oi a demixratie. free- 
market China cnuld do linL- t«M.hange radical- 
ly either the country’s .if v.-fuie cv'-pulation 
growth or its long-term environment;: I pros- 
pects. Ultimately, all economies are just sub- 
systems or the glob.il ecos’ .tern. Tomorrow's 
China behaving as if there v. ere no limits to its 
prosperity would inflict irreparable damage to 
iLs environment, and it would be al*o the larg- 
est contributor to potentially destabilizing 
global climatic change. 

I'.-fCLlf' SMIL « ,in txrl-teirt iwcrvueJ m 
intern /ions environment. popu- 

lation and public policy whov l-.iiai hooks arv 
"China's F.m ironmcmat C r tsii" and “Global 

Ecology. " 


— 1111 ■ " 1 I 

Hong Kong Seeks Clues to Its Future 

l . . .T.ffiWonf mcasttreo/daw 


By Kevin Murpby 

H ong kong — only 37 

months remain until Hong 
Kong reverts to Chinese rule, 
but mapping how the transition 
will unfold is obscured by turbulent rela- 
tions between its current and future land- 
lords. 

Cooperation between Britain and China 
has never been straightforward. Minor de- 
tails or Hong Kon® colonial administration 
tend to become embroiled in much larger, if 
unrelated, disputes between London and 
Beijing. 

With an unresolved, year-and-a-haif 
stand-off over electoral reform in the colo- 
ny poisoning an already uneasy partner- 
ship. prospects for a smooth transfer in 
sovereignty appear dimmed. 

But in Hone Kong, which is always at the 
whip-end of events beyond its control poli- 
tician* and analysts are playing down the 
importance of a political argument lying 
fallow and perhaps forgotten, and concen- 
trating instead on events in China and the 
region Tor clues to future. 

“Sino- British relations have hit rock-bot- 
tom. but I have a hard time believing Hong 
Kong politics will be more important than 
developments in China or U.S.- Asian rela- 
tions." said Bob Broadfoot of Political & 
Economic Risk Consultancy in Hong Kong. 

“What happens with China's succession 
after Deng Xicaping's death, how rivalries 
between the provinces and Beijing play out 
and Hong Kong’s price competiu'veness are 
what matter most.' said Mr. Broadfoot. 

After 1? months of bitter controversy over 
a plan championed by Hong Kong's gover- 
nor. Chris Patten, to broaden the doctoral 
base Tor the last elections under British rule. 
Britain and China have returned to the nego- 
tiating table on several other difficult issues. 

Discussions on Hong Kong’s new. S20 
billion airport and the Transfer of military 
lands have quietly reopened, with Hong 
Kong government officials confident that a 
breakthrough on both is in sight. 

"U would appear the Chinese decided to 


put the political argument to one -^ e 
get on with the economic issues where «w>- 
eradoa is required. - said a senior Hang 
Kong government official involved witmiie 
negotiations. “After months of doing npif^ 
trig, they have returned lo talk in a pwu 
businesslike way in a less politically charged 
atmosphere." L 

However, a high-profile visit by Lulnng- 
the senior Chinese official on HongKoog 
affairs, this month served notice that fleijing 
hopes to undermine the popular Mr. Patten 
and a Legislative Council it has thraitened 
to disband after it recovers the cijy of o 
milli on m 3997. J 

Mr. Lu broke with established lrotooM 
for the first tune by refusing to meet with 
Mr. Patten. Instead he coocentraii his ef- 
forts on bolstering the legitimacy w a Bei- 
jing-appointed body, the Preliminary Work- 
ing Committee, whidt is detailing China’s 
policy for the transition. j 

The committee and a group of carefully 
vetted Beijing advisers, have become a shad- 
ow government and rival power ia se to the 
Hong Kong admuiislra lira, ns biding local 
businessmen, academics and former Hong 
Kong dvil servants have chosm to pledge 
their allegiance to C hina. / 

Hong Kong has also been shpeen by Beij- 
ing’s decision to imprison a joanalisi work- 
ing for a local newspaper for he reporting in 
China. A 12-year sentence fir Xi Yang, a 
Chinese citizen working for Ming Pao Daily, 
and the subsequent refusal t p grant China 
visas to reporters who signed n petition call- 
ing for his release have caste long shadow 
ova- press freedom in the caony. 

The combination of Chiaa’s willingness 
to overturn an established political system 
it does not support and itsstark stance on 
press freedom has left rainy Hong Kong 
residents fearful that Berjiig wilf not honor 
the Sino-British Joint Dewaraiion of 1984. 
the framework for the sovereignty transfer. 

“Hong Kong is now the most free society 
in Asia, but that is chaining rapidly.” said 
Marlin Lee. head of fee liberal United 
Democrats or Hong King political party. 

"There is a real sensfin the Hong Kong 
community that we arepeaded toward 1997 


without a sufficient 

preserve our right-* ane freedoms. sg|M||||| 
lIsl “There is absolutely no ^ 8dftg|g|||| 

cwrf* »aapa i 

check abuses by ihe 
rae cuM« am Coura) 

the rule of law after WL^ 

Despite increasing self-eensorejw- ^ I^^ B 
calmSia and ordinary 
? the community, 


J Lifc here won 


things will change too much," 

Chinese woman, who like many 

has returned from Canada, new 

hand, to Hong Kong for a wcB-paidjc^^^g 

the booming China trade. 

-you can still get rich m Hong Kongaa^^^^ 
frankly. I don’t want lo live anywhert^^^ 
said the commodities trader, whose 
of Beiiing is only matched by hercymcaw^^ 
about Mr. Patten’s move to 
deroqcracj' in the colony after 

Like many other business people 
“insurance policy” — another 
the trader is more worried about .events. 

China and the future of 

In the longer lenrc Chma s 
the rise of Shanghai as a poteo^s^&jg 
commercial and financial center 

^ wft^ its transparent legal syston.- 


sional civil service, excelleril itjassntftm^^ra 
and intemaiional amenities, Hon g 
remains China s. if not Asa s. 
business city. But it is clear that Shan^ jggjg 
significant source of China’s top ?teaqehsfc j K B | 
covets the colony's success. - • - 
“What happens between Beijing 
provinces and the major cities Of C«St^||||| 
vastly exceeds Britain’s role in the futmcOf^^K 
Hong Kong now.” said Mr. Broadfoo^V^ 
“How Hons Kong positions itself aspart<#-.<yigj 
China will be the key to its future.” 

— • — 1 ■ ■ • ■'»*>»* 

KEUPi MURPHY reports from Hoag;, 

Kong for the Internationa! Herald 


The Lessons of Tiasianinen Square: A Demons' 


By Wang Dan 

B EIJING— Around this lime in I9$Q. 
1 publibhed an article. “China: Stu- 
dents Will Fight for Democracy to 
the End.” in the Intemaiional Herald 
Tribune At that time in Beijing, the largest 
democratic and patriotic movement in China * 
history bur»t out. 

More than 5.000 young students started a 
hunger strike in Tiananmen Square. Their 
brave action won die concern and support of 
the nation and the whole world. 

Now five years have passed, a period in 
which the world has experienced traumatic 


change. The old uunmunirl regime has col- 
lapsed and the structure of the «orM i* a new 
one. If we observe the reason for .-uch astonish- 
ing change in such a short time, no one can 
ignore the l y $9 democratic movement in Guna. 

The strategy the Ccinmuni*; Pan;, used, 
especially on the 5d and -th of June, to put 
down the students’ movement, -hocked the 
whole world. That behavior wa* o barbaric 
and ugly that 1 don’t want to expend more of 
my energy to cxprc*> my anger again. 

Bui as a participanl in thji movement I am 
now more walling to examine 'that mistakes 
we made ai ihe lime. 

The students' only motive for iht* radical 
political expression was their hope of pushing 



HUTEL.S. RESORTS \Mi 
R he Kfc Vi lli' 


hC.-l: K 


Tin.'-.- mi'ii. i: P-. i 
.•"'•ui tier, •• • Ik-.. 
.• 7i d f.efi.:’ :: i!>:2 


Ht-,m iil.m I. n 


. : lr.3> wXs 

nndf. el< •(».•«! .inif until r.ic.'.'lopi'i! hi t vi- 
nc*>v‘\ mil ;mrr:*ing <!u-m iwu reah*ing 
thetr full uMn-h 

\t|nl« “ k m iippurinniM«.-s 
hour iht regf-in. Bcruia l 
it* main cnereies jnJ re^ourev* 

^ .f* t'linsum 
Maikeung. Ojnime. hilra^tru^- 
:ute 1‘e 1 . <:l':pnii'n; . Hotels, a 
Bcs.iiis .<n'.l Pi.*. -fain i\. aud 

CONSUMtR MARKETING 
The iii.ctji markets a ori- 
etr ’A jT..iJu.:K uneing fr>‘»n 
house h* i M leciricjl proditc*. 
anU fnrniure in [Mlctrtes 

apparel and in*' vie video tap.**. 

The ly»«*-si r*f i r-s inmpj 
singer M ili%tril>uies h" use lint it 

prnJutfis uiider ihe v. Mild-renuw ntd 
Sitty . :: brand titr*»i*;[i over l.HOft reUil 
oullei* ip*I .« idiiusvin^ lone ol wri 
.'.on* 1 personnel 

Peri-ij d xiirger .iN r » inm h'tV. uf 
Ovswjv iMi sdn Dhu *hi<h nurLcis .1 
'V:d'.‘ r.mu« ol Prixiuet- iftsluding l to- 
i nni-.- ieweHerx . i.ismesru's and healili 

* upp lenient- 

And Berjav'd .v su tisidi.i r t Rapid 

* Miupiii-T 1 entu dev otofi* anil m.. r- 
kt-is thil'J rert's eilu>;ii>ion.<! software 

GAMING 

SiPse pnv niyjimn nl ton. hemna io 
I'ISs in \l.ilav .-.a I tiller 1 . tifk*-i .-..iles 
h i \ irurcd-eJ hy ui'tr This 

i tv n> iid *ii,i« Jvr.i.miJ M m*.t hr Peru '-a'* 

siil.si Jidii , spurts I mo.. v> ilh iis ~2U 

* *u7 lets i horn elm iu ihe vnuntrv 

MA.VrF.lCTl'JJlNG 
flic H< r|jv,i Group .'per 30's j joint 
v eni <! re wiili a St-uih Korean ^roup 
Hyundai Motor ‘.nmpanv, to m.inutdc- 
>HH the first M.ihy.M jn-ma:le. helil 
corrMiiffs r’jl rr*rsliT for local and urcr- 
*vjs irjrRel'. 

IXFRASrRUCTtiRE DEVELOPMENT 

Thtough .in as.s.ui.iai*’ emnpanx. 
fndali 'A a l ear K*Mis>»rrium. the Group 
h.i- been .) warded the v «t»Cv*sion. 

0X111*. to upbuilt, maintain and operate 

a ti.ii i.'tivvi.Je *ex»c*Jgc Irejlmvnl 
%-sfeni tor Vlal.n-rj The l"tal pf"ietr 



*WS 1 * 



is -Sf*ZS 

- 




s"! 


3&-’ A 


Pfdslm Bench H"|i;I - all ii;r F:pi»b 
of Set tht lie*. 

Flic ■•roup also a*, o* ..r.d ojier.i.e 
-jw eul guIf.Jjwtilv ret ■v anon elulv* n« 
an eque lrl.ni club m ‘.Islay. • .t 
ggjj PROPERTY 

I lie Group mv.iis *e ■ e r i l prinu 
i.ocitn-.rei.it pmiiertve • in M.’.l_v •• ij‘* 
'.apii.il ckx of Kuil.t L'jmp.ir and has 
•ievelvped or i* developovi ri 
mixed nvs idc-nli.il and *• IM re rv i j! 
properties. 

. SUCCESSFl’L 
OVERSEAS VENTURES 
Tit*- Herpivi Ori.iin hd* "lej.inii-.irit- 
e'J it.' o/i i*| tie fotnn.la for l*;i -iiu-.-s -ii>. - 
♦.irfa* htw«»nd ihe .diutt- >.■( M.i!.q, -i.i 

In the People'* PepuMi- .*1 I'innj 
ihe Grcidjp is iftvnlv cl in iiUnMru..i'ir-- 
n and jrruperix dex i-l"pnienr '- -.Veil > 
in lei.Mire Jna rndu.'irrjl jsli'Hie*- 
Th-.-vc inelmlr iuini-xei.ivre :'pera- 
Mnn* sit* li r*. Shone jir; Gulf Club 
lid Co 3P*I B".'v|l , 1}l .~il--r.3C.il 
Priming x« am'-np of/i. r. 

in ihe P’s-\ ;• has .i^quir t:il 
ifF... /J' Inrc-mjriMna! To;_»li/3inr 
p vyiirD- In-' . j NA^tv vi,i-ipi-,(|..l 
s **w JS iM*. .psj fgi >! } sntuj.nnv . v. hUli -l".vMli -• • i* 




■%* *: 

Sr* »•: 


BEHJflYA GROUP BERHAD 

BERJAYA nUDUSTWAL BERHAD 
BEIUAYA LEISURE BERHAD 
BERJAYA SINGER BERHAD 
BEIUAYA SPORTS TDTO BERHAD 
TDAGACN/P HOLDINGS BERHAD 
UHZA HOLDINGS BERHAD 
BEIUAYA HOLDINGS [HK] LIMITED 
UVTEftNATtDNAL LOTTERY AND TOTALIZATOR 
SYSTEMS INC. 

Far further information, please contact: 

><ri«ip Ktlati'.-i- 

level I ' * slid li. -.i n Prii.j. -in ial Tower 
*it. J.ilan snlt.in I -.1:1.1 1 i vij*u Kn.!l.i Luii>|.iir 
M.il.iv ia Tel '-2 .* iJJIss 

lele' - liv.llkl. f’.ix nl'i-.' 1 1 1^ i-i 


I jg *•', e*.iu|»nnv . v. hull 1-...MI1 *•- ■ i* 
| a‘ 2 " the dc*ign and iM.i'i-il.i-.iurc **l 
1 »mip'»i crited lul.e-i-: - miiim' *v v 
^ u-ni.« lor u)i.'l':»l r.-’-.’-iric .nut 

I _§*'■ Ir-ti.-ry indvrtm * .1 1 f s'c pr.^vr- 

s:«.|i -n pronret in .1 n .1 -.nl m r- 

vjfc* f>*r loWfUiii-metl "t'-hne ioilerie- 
Heijjva .i!-o -iv n - A * of Tine- 
Ilnna h'*e M»U«liiljJ.* Lid j ;»ri.perty 

invcsiuitni ImiJi-.r* eornpjn; .-n 

iht Hong Konu Sr-.u.l. s-.elip.r-,- 

In the Philippines. .< Her;s*. 1 .is*o.-i. 
die ha* heen >ele. te-J l** . -p.-r a i'mri- 
puieriseil «»n- 1 .t.e toiterv f«n liie 

Kegipn «.( Li 1 

A i’d Aow the j’ r.i> 
ihe A*i.i"P.u‘ii't- fsgiii* tor .t:i Auienea.i 
f j % i f iov *1 -chain Cj ![■.-.! seiiiti llu-aer* 
Ri'jsier* Ke-Wwr.HU.. 

YOI R PARTNER IN Bl SINESS 

[ter pin *t'eks p*.i:inv r < ■» ifh simil.ir 
hi|.in>;*Y inifre’.* >u iu i*e-v . .'.jrh -ir/' 
vJi explored liW’iiie-s nr*. It e*>n 
Jfe '■•insider in 1: i iuo'iil; *-r p inding 
in y ! ia we may he vie fi.Jn pjfpvr 
I'n’r You 


’V.i.m fin liie' 


China's political reform so that the country 
could enter democratic and civilized modern 
society earlier. 

Because of this pure motive. »e received 
wide support from all classes of people 
throughout the nation. .And that support is (he 
fundamental reason why the students’ move- 
ment had no way 10 defend itself when it faced 
the government crackdown. 

As students, we nexer thought we were creat- 
ing a political movement, we simply thought 
what we created was just a students’ move- 
ment. And the purpose of the students’ move- 
ment was to express our political needs and 
hopes, represent people, raise questions and 
bring out answers and require the government 
to accept them. 

Even the radical students nexer thought 
about using political struggle strategies such as 
getting involved in senior level government 


as values. That worth nod been diluted in peo- 
ples' hearts as a resun of decades of political 
pressure. But in the T9 democracy movement, 
the students were refdy to give their lives for 
their dreams and (hit spirit truly touched the 
people's heartstrinu That point is so signifi- 
cant in the process? China becoming a modem 
society that 1 cannd stress it enough. 

Any country that wants to follow a demo- 
cratic path cannottniss a single basic premise: 
The people have breity strong desire for de- 
mocracy. It is tM intellectual and other pro- 
gressive powers’ /a dal duty to build on that 


tor Looks Back 

been diluted in peo- We are far from making a final judgnKAi tp^^ 
decades of political die democracy movement's influence on 


If we had decided 
ourselves/to leave, the 
square, very possibly the 


na's development. We most see both .Ihe 
democracy movement and the crackdown 
as historical events already formed as'aho^&^^? 
tional knot in the Chinese people s heartS-^fcg^.^ 
not only afreets Chinese people's poetical 
and behavior now, but also will affect Chioa^M^ ; 
future political development 

If this emotional knot is not untied. Chi 
political development wiU not be able toget aegMi- 
the right track. And without political reftapi^^; j 
China's economic reform will not have a brc^ngsgv"; 
through. Most Chinese agree that if C2unafeg£ 
wants 10 be rich and tough and strong, theonl^p^', 
way to do it is to get on the reform road. 
poses a very urgent question: How to solve 
June 4 matter? 


Now China avoids the issue as taboo. 


KSiS studentsftvould not have paid 


or establishing allies with other political pow- 
ers that joined the movement later. At that 
time there was a slogan that expressed this 
attitude — “Keep Student*’ Movement Pure.” 

We never thought about using any effective 
political means to fight against the government. 

If we had looked at our behavior as a politi- 
cal' movement, we wvuld have had to be pre- 
pared to accept compromise, because political 
struggle itself is the art of compromising. 

But the fact was the student* had no desire 
for power politics. As intellectual? they felL 
only a responsibility to express political hopes. 
And thai was considered by the government as 
leading 10 anti-Communist Party and anti- 
Socialist chaos. Being not only misunderstood 
and not accepted, but also suppressed and 
excluded, led many students to refuse to accept 
withdrawal — not even a liny step backwards 
— as an option. 

For that reason the two parties reached a 
deadlock. If we had decided ourselves to leave 
the square and use other opposition methods 
rather than stubbornly insisting upon staying 
there, very possibly the students would’ not 
have paid such a high price. 

Even so. June 4 had a very important 
influence on China and on the world. There is 
great historical significance in it, but the most 
important feature is as very powerful demo- 
cratic enlightenment in action. 

The role of that enlightenment is to express 10 
the people the worth of democracy and freedom 


such a high price. 


premise. That was also the very strong mission 
we felt in 1 9!R And from this point of view' the 
‘89 democratic movement established a very- 
solid foundation for China's realization of 
democraticfcoli ties. 

Now CMna appears greatly changed, but 
deep scarsfrom June 4 remain. A very obvious 
one is thavordinaiy people are in general cold 
and derated when faced with political mat- 
ters. Thai is an unavoidable result after the 
bloody crackdown. 

Some people think the main cause of this 
politicaJJcoldness and detachment is the June 
1989 democracy movemenL They accuse the 
movement of bringing negative influences to 
bear on the process of China's modernization. 

The /real reason for political detachment is 
not the '89 democracy movement — it is the 
June j events. Therefore, the government, not 
the students, is responsible. 

The root of people’s coldness is disappoint- 
ment rather than fear. For that reason, that 
coldness must be temporary. The longer you cap 
theremhusiasm in people's hearts, the stronger it 
wijj be when it eventually breaks oul The 1989 
democratic movement has already planted the 
seeds, of democracy in people's hearts: When the 
Spring wind Nows all over China, it will bring 
mil magnificent flowers. 


role in China's political development. ’ 

After Deng Xiaoping's death the first issne^l* 
China will face will be readdressing the June4'^V* 
events, not only at the top levels in the Cou^^tf > 
munist Party but also among ordinary pebpl£?r&?- 
Unless it does this. China wjO find it impassS 
Me to make a smooth transition to a mpdep\?/c ; 

S0CTe,V ’, 

1 don 1 make such a judgment because I was ■. 
a member of the 89 democracy movemenL bat j 

because democracy is a trend as mankind j 

vances in time. No force can stop this world-,^' 
wide wave. The 1956 Hungarian events, the -~- 
1968 Prague spring and the April 5 movaijbttr^' 
in China io 1976 all received a fair judgment 
from histoiy. Why should the *89 democracy .v f :. 
movement be on exception? ‘ 'vlVT , 

ft has been five years since 1989, but I do j^' r. 
hope the world — especially the people- of 
China — will not forget June 4 because history ”’ 
tells us “forget misery and that is tbe begijmiiig V V 
of misery.” p^.y- 

li' 

- 

WANG DAN is a former history student Dtv - :''- 
Beijing University whose idea for a hunger strike 
helped spark the Tiananmen protests. He spent *yv- j 
years in prism for counterrevolutionary , Z 
citement and propaganda. Now a freelance writ-: 
er. he has finished “Autobiography in Jail" and 
is preparing to write a second book about tht 
1989 pro-democracy movemenL : i. 


I 

Advances for Socialist Market Economy 


By Li Lanqing ^ 

B EIJING — At present, the situa- 
tion of China's reform and open- 
ing up to the outside world is very 
grad. Last year was one in which 
China successfully advanced on the road of 
building up socialism with Chinese charac- 
teristics, and won great achievements in 
reform and opening up to the outside world 
and in modernization. 

China's national economy maintained a 
rapid growth rate. Gross domestic: product 
increased 13.4 percent over the ' previous 
year, to more than 3 trillion ydan 15344 
billion). Last year also saw a brisk domestic 
markei and an active domestic and foreign 
trade. 

The development of China's economy 
further improves ihe living Standards of 
urban and mra! people. In J993. the per 
capita income for living expenses in cities 
and towns was 102 percen t/bver the previ- 
ous year, and the per capita pure income in 
the countryside registered tin increase of 3.2 
percen l. Residents' housing conditions 
have further improved. / 

China's economic r«orm is deepening 
and opening lo the oufside world has made 
new progress. In accordance with the re- 
quirements for establishing a socialist mar- 
ket economy, the reforms in state-owned 
enterprises continue to intensify with focus 
on transformation of corporate operating 
mechanisms. Enterprise autonomy has 
been gradually /mplemented and the lead- 
ing positions of business in the market 
strengthened. / 

While further reforming stale-owned and 
collective economy sectors, individual, pri- 
vate and foreign-funded economy sectors 


are seeing sustained progress. Price reform 
is going further ahead, and market mecha- 
nisms have played a leading role in the 
formation of prices for commodities and 
labor services. Elementary markets includ- 
ing capital labor supply, land, technology 
arid information ore advancing at a quick- 
ened pace. 

Institutional reform and transformation 
of functions at central government level 
have made essential progress. Government 
departments are mainly adopting economic 
means to strengthen economic macro-con- 
trol. ensuring that the national economy is 
developing in a sustained. Tast and healthy 
direction. 

At the same time, overseas investment in 
China is maintaining a trend toward 
growth. The realm of foreign investment 
has widened and the investment structure 
has been improved. Investment has in- 
creased considerably. In 1993. China im- 
ported foreign investment equivalent to the 
total of the previous 14 years. The number 
of newly ratified foreign-funded products 
reached 83.000. involving actual invest- 
ment of 525.76 billion. 

in 1993, the number of Chinese-lunded 
enterprises overseas hit 380. involving Chi- 
nese investment of $120 million. To date. 
China has funded a total of 4.497 enter- 
prises in foreign countries, with Chinese 
investment of S5.16 billion. 

For China, 1994 is an important year in 
which we will speed up the establishment of 
a socialist market economy and maintain 
sustained, rapid and healthy development 
of the national economy. To ensure the 
realization of this year’s targets or econom- 
ic and social progress. China will pursue the 
principle of “grasping opportunities, deep- 


ening reforms, opening wider 10 the outside 
world, promoting development and keep- t 
ing stability" and make efforts lo keep . . 
mutually coordinated and mutually pro- - 
moled linJcs between reform, development •_ 
and stability. ' " 

At present the Chinese government is 
putting great efforts into doing this work • 
well. In the Geld of reform, we should put 
the focus on invigorating large- and medi- 
um-sized state-owned enterprises by trans- 
forming their operating mechanisms and , v 
actively setting up a modern enterprise sys- 
tern through trials. We should strengthen 
and improve macro-control and meticu- 
lously implement various reform measures •- -' 5: : 
in taxation, finance, investment and the '-- 
• foreign-exchange system, while ensuring ■ 
that these are smoothly carried out. At the - 
same time, we will introduce further helpful ■ - 
reform measures. 

China has entered a new stage for overall V 
establishment of a socialist market econo- - ,: - 
my. We need all the more to bolster interna-- : ?; 
tional exchange and cooperation. China- 1- 
will always open its doors to the outside ■ • 

world. While continuing to cany out pref- ' " ' - 
erential treatment for foreign investors, 

China will gradually implement national ’ 
treatment toward foreign-founded enter- 
prises, creating a competitive environment .’. 
on an equal footing for Chinese and foreign- ' { h 
investors. I -. - 


U LANQING is vice prime minister of the 
People’s Republic of China. This article is 
adapted from an address he gave earlier this 
month in Beijing to an international confer- 
ence co-org/mized by the International Her- 
ald Tribune. 








$ Fi 


ttiih 


INTERNATIONAL HERALD TRIBUNE, MONDAY. MAY 30, 1904 ^ 



P.y,e 




■ ■ 


■■S' '^3 • 


. ' ;-a • 


Back 



.am 




..IT 




w. 




M’’ 


■■ ;*<- 


F.W „ ■ 

W**/ 


Investments Holdings Limited 


W 


' ,y,v ^ f ; 

■ . j* TV^ /r.Uv j 

. **. Tf^jr « * *« I % fa‘^PL3L *. i» ** *p 


Km. ••„ * 

\«7 











AS CHINA PREPARES 
FOR ITS CENTURY. . . 

PEREGRINE’S GLOBAL REACH LINKS 
INTERNATIONAL CAPITAL WITH 
CHINA’S GROWTH OPPORTUNITIES 


Kron^ 


Date .. Compmy 

1990-94 CHIC Pacific Limited 

1991 Guangdong Investment Limited 

1992 Guangdong Investment Limited 
Hai Hong Holdings Company 

I inniig.H 

China Overseas Land A Investment 
. . Limited 1 

China Travel international 
investment Hong Kong Limited 
Guangzhou Investment Company 
Limited 

Shenzhen Hnafa Electronics 
Company Limited 
Shenzhen China Bicycle Company 
(Holdings) Limited . 

1 993 Den way Investment Limited 

Shanghai Petrochemical Company 
Limited 


Transaction 

Advisor/Lead underwriter 
Financial advisor/ . 

Lead underwriter 
Financial advisor/ 

Lead underwriter 
Sponsor/Lead underwriter 

■ Sponsor/Lead underwriter 

) 

■ V . 

Sponsor/Lead underwriter 
1 

Co-tmderwriier \ 

\ 

International co-ordinate^/ 
Lead underwriter \ 
International placing agent\ 

\ 

Sponsor/Lead underwriter 
Co-spoostH/Co- lead 
manager 


M & A/Fmancing 
M.& A/Private 
• placement 
Private placement 


B shires (PO 


B shines IPO 


\pO • 


^sharer IPO/ 
ilmenutional 


Guangzhou Shipyard International 
Company Limited 
Stone Electronic Technology 
. Limited 

Continental Mariner Investment 
Company Limited 
Guangzhou Investment Company 
Limited 

Shanghai International Shanghai 
Growth Investment Limited 
China Travel International 

Investment Hong Kong Limited 
Zhuhai Special Economic Zone 
Lizhu Pharmaceutical Group Inc 
Shenzhen Uooda Holdings 
Company Limited 
Shanghai Dazbong Taxi Company 
Limited 

Shanghai Phoenix Bicycle 
Company Limited 
Shanghai Hero Company Limited 

Shanghai Diesel Engine Company 
limited 

Shanghai Ch lor- Alkali Chemical 
Company Limited 

China Aerospace International ; I 
Holdings Limited 


Convertible Botds , 


Sponsor/Lead underwriter H shares IPO 
Sponsor/Lead underwriter IPO ^ 


Lead underwriter 
Co-manager 

Sponsoc/Lead underwriter 

Financial ad visot/Co- lead 
manager 

Intenmional coordinator/ 
Lead underwriter 
Intanational coordinator/ 

Lead underwriter 
International coordinator/ 
Lead underwriter 
Co-underwriter 


Transaction 

Amount 

la HK5 mill tool 


(USSJI05 


lUSSjIM 


M & A/Ccmvtnible ' (US$ll37.5 


B shares IPO 


International coordinator/ 
Lead underwriter 

Co-underwriter 

International coordinator/ 
Lead underwriter 

Financial advisor/. 

Lead underwriter 


B shares IPO 

B Shares Rights 
Issue 

B shares IPO 
B shares IPO 
B shares IPO 

B Shares Rights 
Issue 

Rights Haie 


(USSiS.6 


(ussms 


(USSII5.4 


russtezi 


Wing Shad international Limited 
Consolidated Electric Power Asia 
... Limited 

Wing Shan International Limited 
Guangzhou Investment Company 
Limited • 


in China: 


- Sponsor/Lead underwriter 
Sponsor An tematiorol . 
placing coordinator and 
lead underwriter 
, Lead underwriter 

Financial advisor/ 

■Lead underwriter 


Rights Issue 

Placement 


As a leading participant in China's capital markets, the Peregrine Group is at the forefront of 
international capital-raising for economic developments in the People's Republic of China. 

As a sponsor of the 1 994 China Summit Meeting in Beijing, we contributed to bringing together the 

highest levels of Chinese government officials with leader of the international business community to 
discuss China's economic direction for the 21st century. China’s century. 

Peregrine is uniquely positioned to create and execute investment and financial strategies in China and 
throughout the region. We are Asia's largest independent investment bank outside Japan with: 

• net assets of US$500 million 

• 17 offices in 1 1 Asian countries, including Beijing, Shanghai 
Nanjing, Guangzhou. Shenzhen and Hong Kong 

• global distribution 


Peregrine is conunitted to building financial 
bridges between China and the rest of 
the world. In 1993, we were 
involved in more than 50 fund 
raising transactions worth 
nearly US$4 billion in 
Hong Kong and China. 


•s- *; •• - . 

• .... * 

* 

^ .-r: j* k 





t 7 -:■■■ -*■ r 

et?- .i y ** s - -• ; ■ - ■ • • 

r:.* * ■ r 

• m 

r- .7- 



*"• x v 


‘ 7 . --7 




, .« * \ 

; - . v J - • I 

* . . v ' I 

* v • V •••:>( 





ige 10 

II c? 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30. 1994 


Page 18 


China/ A Special Report 


ABC INVESTMENT ft - 

Moname-Bohralfl.PG 3 

fit ABC Furures Fund L , 
m ABC Islamic Fund [In 
m ABC Global R W’^4 1 ’ 
ABN AMRO BANK. F « 
w Columaki Seairlllesfl: 
* Trans Europe FU"d J 
h Trans Europe Fund 

wAirenin — - 

AIG FUND MANAGE! 
d A1GAmer.Eq.Trui 
iv aig BotoTKPd vrarli-_ 
d AiOEmtraMMsBi 
«VAIG Evracu Fund *> 

« AIG Euro Small Co l 
iv AIG EurooeFdPie n 
nr AIG Japan Fund — 
d AIG Japan Small O C 
«v AIG Latin America E 
I ivAiGMiilcurrencvB * 


tone 


"® in 

itai 


>i-cr' 71 T? { 



By Tai Ming Cheung 


*Ai&iS^nw l uco P jr ,, fe ELIING — China's soldiers are 
I* aig Eun»e Fd pic*| j Jp swapping their uniforms for business 
3 , AiGSsSlSi M ogfe suits these days in the search for 
wMGmilrarrems profits. As the government is unable 
waig 5ojjmJ e»i a* 1 afford the costs of feeding or arming the 3 
S ubz Ewo-GoMmijic-illioii strong People's Liberation Army, mili- 
a ubz uSSSShv F^‘ry units are having to find their own way-4 of 

d UBZ LtquWltY FlflN olr inS rTHWIFV 

a UBZ LlButtfr* Fum ( “~ n e . . . . ___ 

Alfred berg t The PLA s approach to business is the same 
its war-fighting strategy: advance aggres- 
i vdy on all fronts and in overwhelming num- 

d Global 3jfS_ 

d Ne^rtowh — Iv Military units have set up tens of thousands 
S companies in the past 10 vea is. ranging from 

g ^RiNDM AiilMJ mines in the impoverished interior to 
<a Ror-Lo-vutc fu ^ rnnertv and securities firms in Dooming 

wAIpna Asia Heifeo J 

m Alpha Furooe Fd anastal regions. 

Military-owned enterprises have proliferat- 
m Ajuho ctoboi m i ra pidly in the past few years that even the 
mAWwJiitMisoec? LA's General Logistics Department, which is 
m wSS pSoIk F d'/barged with cbeckiag the acUvities of these 
££!*£ UifrFns^ompanies. has little idea of the size of the PLA 
m Aiotw sht-T Fi^eusiness empire. One official estimate reck- 
m aww wmSinato5ned there were more than 20.000 military-run 
SJSSSN l S D val!3Interprises employing several million workers. 
" But there are many thousands of enterprises 

mLaiiiwesi value i hat operate without official knowledge so as 
Sn3TSm < owB4o avoid having to share their profits with the 
SSKTFdwS'nilitaiy authorities. Most are small, barely 
?DBA?I n «Dci«T ,tror,laWe outfi 15 that provide jobs for family 
w Amd Ajnerieon uaembers of military personnel or demobilized 
w Arra! frmi w^Joldiers, such as shops and hostels. Bui rhe 
vwiqyjijajy authorities want to consolidate some 
i iniBratti faw^iif these enterprises into large conglomerates to 
r iniSpS am cm lake advantages of economies of scale. 

, inlermarl'el Molilf 

• mUnss A “ 

a BBL IfTVT-a For _• ^ » uA j-yP ~ a* A - x 

a bbl i«ve»< lou-Jp'-. ^,v 'CS. • %.«. .. • ' ; 

a BBL invest UK ' ' > J.|. . ”/!• .. A.. • f; j 

d BBL Ren lo Fd 13?'.; A *;v • ; . / Hr;-' •••’•. v - •' 

a Potrhnenwl—J. . *.• . *yv, : . ■> 

0 swwo CoshS-MH;.-.. .< . r ■ • 

a Rente Cosh S-Vo ' * . ••••..• t . v *« 

a Rente Co»h SN, “ , •• 

d BBL It) lnvG«t . , . . •. . 

d BOL ILI lnvtsl 1 • 

d BBL ILI Inv Eif * , ■ ■ 

d BBL ILI Invesl ■ Ai -aoA 

■ANQUEBELGE . m ™$s ••• 

Share Dblribulwv -. . K^S m mmg 

H inl’l Eaultv Fw 

ir InlT Bora Fuw taS « «>» 

<* Dollar Zone Bd. KN ■«*««• 

irSlerijnsEtwih' SSw •“*& \**sf*^ 

» Stcrllnq Bd Fd . B 

wAsiaPociric p>‘ oa 

BANQUEINDOS( 
i* The Drop an Fi 

mjanan Old Fd.ij 3*81 “ - ?£ C2 

m Jemal Old Fd ;| 

mDitel Futures I M - “V 


The bisgest military-run business concern ;s 
me Poly Group, which \s afrdiated with the 
PLA's Ciencral Staff Department that oversees 
the military? operational readiness. Poly was set 
up in 1932 as a subsidiary of China Internation- 
al Trust & Investment Corp- ope of the coun- 
iry's best-known financial institutions. It was 
the PLA s main arms dealer and etponcJ bi - 
Uons of dollars worth of weapons during the 
iQgOs. A slump i.n arms exports since the end of 
the 1980s has sen Poly turn its attention in- 
creasingly to non military related bibiness activi- 
ties in particular Dropeny dcvlcpment and 
barter trade with Russia. Income from civilian 
business accounted for more than $0 percent cl 
Poly’s total turnover of $! billion in 1992. 

Polv’s seal now is to follow m the footsteps 
of CI71C and become a respectable financial 
and trading p»)werhouse. Poly separated iron 
OTIC two veurs ago and i> now an indepen- 
dent corporation with its own. brand-new > pf 

million headauaricrs complex, it has set up its 

own Poly IniemaiionaJ Trust & Invest men l 
Corp. 

Other ntilirary units boasi^ their own eon- 
slomeratss. China Xinxing Corp. belongs to 
the PLA General Logistics Department und 
ranki second in size \c Poly with around y 
enterprises that produce uniforms tor me 
armv. The PLA General Political Deparimeni. 
which uphoidi the militar* ? ideological runty, 
operates Came Corp.. ■•■■•hich runs karaoke 
ciubs in Beijing and has properly invcstnirnts 
in Kong Kong. 

The air force operates a commercial airline 
using old Russian airliners and flying *'ut of 


militir, airfield? cs-.i the r.a'-y has Hi o«o 
shipping fleet. 

The miii;jrv-run enterrrL<f? are lucratr-e. 
Some climates pu: ;he profits earned at 
around 30 billion yuan (53.5 biiLor. un 1992 on 
turnover of more thin 1C’- billion yuan. But 
military officials say that ■ r.iy around 5 to 10 
billion yuan ends up in central coffers. 

This exira income help.- to jcppSertlSfl! the 
inadequate fund : pre idec by the gc-'crnniem. 
Even though the’ defenc budget has grown 
steadily in recent yea:?, including a 2! percent 
increase this year to 52 billion yuan, the in- 
creases base been more than swallowed up by 
die high rates of inflation :r. the same period. 
3v official e .iimaiex. the irilitaiy's purchasing 
power has been cut by up to 25 percent in the 
past 15 years. 

Much of the profit ’.hat does not reach Beij- 
ing goes into the pr-ckeis if military officials 
and is spent on lu\ur. ccn-umer goods. While 
miiiiaiy chiefs compi’uin that they do not have 
the funds to modernize tie PLA's outdated 
arsenal, the cour.tr- ? roots are teeming with 
expensive imported MeraJes-Benz or Lexus 
sedans sporting ir.ilitury license plates. 

Military enterrriser." ge - . special privileges 
that ore the envy of their cvriliar enumerpans. 
These inciude generous u - : breaks and access 
to -late-subsidized ra-v materials. 

The PLA's er.ormi us p-'iiticul cIituI means 
that !hc civilian authority do not dare to 
inierfere with the mtlitoiy'.- business activities. 
Mil* tar. companies have b.en tree to bend or 
break the rui'es with little fear being pun- 
ished. Executives of raid tar ---owned companies 
say that ihe\ car easily smuggle in foreign 


goods under the noses of the customs aothori- 
ties. In the mid-WQs. a aval units in Hainan 
Island, a tax-free special economic zone off the 
Guanadoria coast in Southern China, helped to 
smuggle in ’tens of thousands of Japanese luxu- 
ry sedans and electronic equipment to the 
mainl and 

Some ci'-ilian companies have been the tar- 
get of hostile takeover bids by military-backed 
companies. According to Western diplomats 
who' have followed some of these takeover 
batties. ihe military companies would some- 
times turn off the water and utilities supplies to 
these companies if they rests ted- 

Abuses by military units for commercial 
gain became such a major headache that the 

military authorities have a series of regulations 
detailing which business activities are out of 
bounds for military units. .Army units are not 
permitted to use military vehicles or resources 
for “speculation, profiteering and smuggling"; 
they are not permitted to “lend, hire ouL 2nd 
self military vehicle licenses, bank accounts 
and blank invoices”: they' cannot “participate 
in panic buying of goods at higher prices, 
illegally buying up goods, profiteering and 
raising’ prices in any form": and serving sol- 
diers cannot be employed to work for compa- 
nies or engage in trade. 

The selling of military vehicle Licenses and 
other military identification materials has be- 
come so endemic that authorities occasionally 
have to replace the number plates of ail mili- 
tary vehicles. Military registered vehicles are 
exempted from paying toll charges and axe off- 
limits to the police. 


i^lii 

S:' *^lll 

r .&u 9 ffe. <!|P 





0-^:- V- 

*< * •* jff-J 


T 7 AC;.:W ■ 




.a*' & 







China’s military has set mem estimated 


Military chiefs have also repc 
that there should be a dear sepal 
the activities of military units j 
prises they set up. Officials ack 
the rule against employing acth 
instance, is widely ignored. 

PLA chiefs are also deeply ca 
rising levels of corruption and i 
consequences that have come 1 
tary’s commerdal activities, j 
Despite occasional fierce wan 
Lary officials over the perils om 


sMy stressed 
ttoo between 
sfl die enter- 
fadedge that 

/soldi ere, for 

xmedatthe 
her negative 
am the mili - 

itigs by mili- 
initalism, the 


PLA’s growixm dqradaice. 'cnivtfe'jfesttiihw^ 
made from busmess transact!^ 
moves to serion^y iwtros- 
militaiy-backed cntopnsoL- 
AltlKHigh army chiefs had initimhope^^^^ 
the early 

business world wboM c^JxLlaEia^S^ . 

it aj^jean now that 
nent fixture in the 


r . v. ^ -y^. AjM .t \ 

T i- * k .V .L®«iV- " , ■-A- 


lapamege Firms Discover China as 




■j ■“zt. ' 

-r*Z v r<f^T^rrrr 


fiSg 


mMcuimo Foi. i „ n, 

inMojlma Fui. i • sa; 'Afuii 
m Maxima FuJ. I . ■ ^ 

mAUulmoFui. I 1 T 
mlrwosueiCurr i 
ifllndwu*! Curr N -- — ~ 

wlPNA-3 *.Gf~ _5St 

J I SA Avon Gri EjCZ 
d isa JOBon Pe 
d isa Podfic c 

d ISA Asian Inc toftywrt Krfcj 
d InaesuM Fon 

w snanahal Fur tits-™ * 

w Hlmaiavar F K-riXv&i' vr, jfl’. 
w Manila Fund . 

» Malacca F un ' ZVctSSk- 

i* Siam Fund _ 
d Inaosuer Hor !> 
a Orifniai Ven- Li’.' V: -V-J- 


<3Sri Z**# 

m :s 

tdi 






} 3 v Sceten Brull 

I : 

i ^s. ALIaN. China — In a singirf roc-m 
! of Mabuchi Motor's sprawling fac- 

• '] .V i«f> here, mere than l.CW young 

' A!am**A* women m cirmg light blue atnecits 
i arji neckerchief ire hunenea over Japanese 
I machines, churning :-ut fingertip-sizeo rrini- 
i motor? a: the rare or 200 million per year. 

. ■„ . Dilia eni despite w jZ ^ th..t ar z d\~ cheap by 
•Ji international ?'ar.d.':rd.-. ti e worker, are an 
■riij L'nbeauible resource that ho> dr.”*:n the Japa- 
nsse company, which orctroL more than half 
the world market for minimotors used in cars 




Krtsatr 


d North Anwri" 
d Slnooc & Mo 
a Podfic Tnci 
d Tosmon Fun 
d Jcean Fund. 
w Managed Tn 
d Gartmore je 
wlndoMJ«r HK 
iv inom’Jt; HI-, 
: Marl E-jjciu 
0 Marl Franct 
m Marl Franc 
d inaosuer lo 
BANQUESCA 
nr IntelMnd V 
wlMelMcCm 
n> Swiss! imdC 
BAHOUE'K 

HIS) JW-izn 
» Plelodc Nor 
wPtelode Em 
- Pieioat aw 
v PleiOM En- 
urPificae Col 
n Pleiad* EC 
* Pincae FF 
a PleiaaeSu 
W P lei ode Cc 
nr Pleladc EC 
nrpletede SF 
nrPle.a«FF 
( BARCLAYS I 
. Hang Kar.g. T 
? e China IPP 
'• d Hona r.ons 
{ J ir.-goneMo- 
a Japan — 
d >erM_ 
d MdarUo. 
tf Philippine 
d Slrraaaare 
d Thailand, 
a Souih E« 
BARING IN 
tSIBRECOf 
IFSCHSE.C 
h> Hioh Oeh 
iv worm Ba 
BARING IN 
(NON SIB R 
wAiHfralte 
nr Jaoan Te- 
w japan Fu 
nr Japan Ne 
HrMalavsIa 

wNorrh An 
nr Octopus I 
Hr PODflC F 
w internal! 
i» Europa F 
nr Hops rw 
iv Tristar V 
■v Global E 
nr Latin An 
• Cwrenr 
tvCurrenc 

w Korea Fi 

w Baring E 
DDDGROI 
vt BOD US 
w BCD EC 
» BDDSW 
IV BDD ml 
w BOD Ini 
w BDD Nr 
■> BDD Eu 
m BDD AT 
mBDO u! 
n>Eurolln 
w Eurafbi 
BELINVE 
iv Bednve 
wBtllnve 
»Bellnve 
pBellnve 
w Bellnvt 
BNP LU> 
INTER C 
f France 
f France 
f Inter C 
/ Inter C 
f Inter C 
I inter C 
r Inter C 
INTER A 
■r Prtval 
wTeleco 
INTER C 
iv intern 
wBEFll 
wMUlMO 
H USD. 
ivFRF- 

t r ECU. 

inter: 

ht AlKin 
w Franc 
wEurac 
m E war 
«* Eurw 
w Japor 
Hr Amer 
h Sud-E 
m Globe 
B5SUN 
d Euro: 
a Euro 
d Intel- 
d inW 
d imm 
a Inteii 
d Finn 
d Finn 
d Intel 
d Intel 
d Far 
d For 
a Jane 
a Jane 
d Pan 
d Latii 


Office buildings in the booming port air of Dalian. 


TaTo 

III 


, v-; rgi'. cias.; in t,rur.a ana ^-.rewccrc in .-vna. j aciuc- 
grarhic upheaval that Mabuchi thinly will 
— — j help it to triple sales to 200 biiiion >eo tSi.9 
. niliicm by 2000. 

. - »L. -■»•■ : "When we came to DalLii str-er. years ago. 

ur tuij > ii-.j relc visions were stiil a ran tv in the country- 

side.” said Shoji N'shimura. general manager 
of hfabuchi Motor Dalian L:c„ the biggest 
Japanese company in Dalian. "Now the;- are 
widespread and videotape recorders are about 
to follow the same patient.'' 

L vLy After years of fence-silting related to Chi- 

na's uncertain political and economic outlook 


^ , a grouadswell of Japanese companies LtfoIIow- 

Biggest Obstacles in Marketing Are rkrstcal Ones -ns Mabucw;?*^^. Jj?ane» directinvesi- 

“C “ . merit m Lhma. wnia dc-u cued to about O- 



By Jon Uden 

F ORGET that Cnina is the market 
of 1.2 billion toothbrushes. Instead, 
consider this: China's land area is 
roughly the size of the United 
States, but it has less than one-sixth of the 
U.S. road network, more than half of it din 
roads that are impassable in winter or rainy 
seasons. Freight trains tend to set off only 
when they are'" full. Humidity makes wet mush 
of canon packing in days and the Styrofoam 
protection that can guarantee a color televi- 
sion will arrive at an inland Chinese retailer 
in one piece is yet to be made. 

Producers and" distributors of consumer 
products agree that the physical distribution 
of goods now poses the main obstacle for 
increased sales in China. 

“In theory, we can hope to reach perhaps 
20 percent of the population, although the 
potential differs greatly from product to 
product" says Peter Christensen, product 
manager in Hong Kong at East Asiatic Co., a 
trading company with over 100 years' experi- 
ence in China. East Asiatic has established 
five branch offices and more than 40 sales 
offices in all of China's provinces urfriarkei 
brands such as Paul Masson wines, Campbell 
soups, Mars chocolate and Lego toys. 

Despite drastic increases in sales for many 
or its products, the investments needed to 
build a distribution network in China are 
daunting. The company admits Lhat the day 
when EACs China operation will make a 
profit is a Tew years away. 

With such distribution costs, many compa- 
nies soon find a balance between a potential 
and a realistic market. China's decentralized 
structure and parochial attitudes mean that 
each time a product is to be introduced to a 
new province, new connections have to be 
made, official and unofficial authorities have 
to be won over, distribution links have to be 
set up and a new marketing campaign has to 
be kicked off in the local media. 


H OW much a company can spend 
on distribution also depends on 
what duty it has to pay on its 
products. To protect its own con- 
sumer industry and encourage import-substi- 
tuting production by foreign investors, China 
has clamped import tariffs of between 40 
percent and ISO percent on most consumer 
products. 

“If you were to pay the official taxes and 
duties on imported goods, you would not be 
able to operate in China," says a representa- 
tive for a foreign trading bouse. “Much of the 
advantage over the competitors come from 
bow good a deal one is able to make on duties 
and tax. There is a large gray area between 
what is legal and what is flatly criminal and 
everyone who imports consumer goods to 
China operates within this area.’* 

Yet. for bulky or heavy foodstuffs, distri- 
bution problems rather than import tariffs 
encourage local production. “The transport 
infrastructure in China is gelling increasingly 
overloaded," says Alan Varborg. who is re- 
sponsible for EACs operations in Northern 
China. “Many food products have short shelf 
life. It is not possible to import them and then 
transport them thousands of kilometers to 
the retailers." 

In a country where most of the provinces 
were inaccessible until recently, priorities are 
often difficult to make. “The important thing 
if you want to expand in China is finding 
wlxie the money is," argues Robert Fletcher, 
senior manager for business development in 
China at Philips NV, the Dutch electronics 
group. 


‘There are pockets rf wealth in pvor ^r- 
ea>." aiiree.' Mr. Varborg. who spends much 
of hi- lime combing the northern district 
town; for transport conipuruet. retailers and 
other contacts. "There are a few oil-produc- 
ing areas in rieilongianu province. Lots of 
people have money there, but ho» do >ou get 
the products out’ to them?" 

With 10& million people. Sichuan i> the most 
populous province in China, but since the 
capital. Chengdu, is almost 2.000 kilometers 
i l.Z-Ki miles i of poor roads away from ihe 
nearest port, the province has only recently 
been targeted by consumer-product.? compa- 
nies. 

Despite its vastness. China is a surpiiringlv 
homogenous country in terms of product pref- 
erences. foreign consumer goods companies, 
distributors and analysis agree. Apart from the 
obvious differences — such as that rice cookers 
sell better in the south where rice is a staple 
than in the north, which eats more noodles — 
the uniformity of communist rule seems to 
have shaped a similarity in post-communist 
taste. 

While distribution determines the success 
for food products and consumer durables, 
marketing plays the dominant role for the 
garment industry. 

For most fashion companies, the market 
still lies orny in the country's four main ci ties: 
Beijing, Shanghai. Tianjin and Guangzhou. 

Even within these cities, there are differ- 
ences. “For fashion garments, which are so 
dependent on brand recognition, some cora- 

? anies only look at Guangdong," says Alan 
/ong, an analyst with W.l. Carr in Hong 
Kong. "In the south, people watch Hong 
Kong television and are more familiar with 
international trends." 

Elsewhere in China business sense often 
wins over vanity. “Most people know that 
many of the expensive clothes with foreign 
brand names actually have been made in 
China" argues Mr. Wong. “As long as both 
are made in China many consumers prefer 
local brands that are much cheaper." 

JON UDEN is a journalist in Hong Kong. 


billion ir. 1993 from the year before, is likely to 
rise 50 percent more, to i3 billion in 19^-. said 
C. H. Kwan. senior economist and bead of 
Asian research at Nomura Research Institute 
in Tokyo. 

Attracted initially by cheap labor. Japanese 
investment :n China is rimed more and mors a: 
satisfying consumer demand in China from 
beer to consumer electronics. Increasingly, i: is 
shifting from northeast China — where Japan 
laid the foundation of Chinese heavy industry 
during its colonization of Manchuria between 
195! and 1345 — to Shenzhen and Shanghai in 
the south, where mere is greater population 
and consumption. 

To be sura Japanese executives are aware 
that Chinese tnfiaiicn. rising labor disputes, 
growing budget deficits and other macroeco- 
nomic problems pose severe risks to the coun- 
try's development. Bui many are simply toe 
busy trying to meet surging demand for their 
products to be overly concerned. 

“We're running at full capacity trying to 
meet the demand of this market." said Takeo 
Min ami, rice president of Dalian Sanyo Re- 
frigeration Co., adding that the company 
planned double production of industrial-use 
air conditioners in each of the next two years. 
“We can only be confident about the long-term 
outlook: The direction of reform will not 
change." 

The surge of Japanese investment in Cnina 
will be crucial to Tokyo’s goal of restructuring 
its economy, which remains too dependent on 
manufactured exports given Lbe yen's brutal 
strengLh and acrid trade relations iviih Lhe 
United States and Europe. Japanese capital 
and technology — and eventually, one pre- 
sumes, even its more open markets — also wflj 
be indispensable to transforming China's 
economy from central planning to one gov- 
erned by market forces. 

The fate of Sino-Japanese relations, more- 
over, wiD largely determine the course o;‘ eco- 
nomic development throughout .Asia. If the 
region’s two largest powers can avoid direct 
economic corJlicL the stable strategic environ- 
ment that has fostered inlraregional trade and 
growth can be maintained. But if the countries 


revert to their historic archrivalry, that dynam- 
ic would be damaged as countries are forced to 
choose sides and engage in a costly arms build- 
up. 

In Dahan, a port city m nonheas: China that 
Japan controlled for four decades until the end 
of’ World War ii. the determination of the 
Japanese govsrmneci to promote investment is 
evident in~ihe Dalian Industrial Park Develop- 
ment i& Administration Co., a joint venture 
begun two years age with If billion yen i$143 
milli on \ in" backing from Japan's Overseas 
Economic Cooperation Fund. 

The venture, which aims to attract smaller 
Japanese companies that can act as suppliers 
to Lhe many larger concerns already here, is 
developing and selling plots within the indus- 
trial park, offering cut-rate loans, and extend- 
ing assurances about the provision of water, 
electricity and other necessities: it is also giving 
advice on dealing with China's opaque labor 
laws and government officials. “With the gov- 
ernment involved, jap&nese companies feel 
more assured," said Yosuke Aniga. general 
manager of the Dalian office of Marubeni 
Corp., one of Japan's leading trading compa- 
nies. 

A stream of small-sized Japanese suppliers 
are setting up shop, joining more than 700 
other foreign companies that have already in- 
vested more than S2 billion in the industrial 
zone about an hour's drive out of town. The 
park, much of i; cratered with new construc- 
tion rites and framed by the skeletons of half- 
finished hotels and factories, is home to more 
than 200 Japanese companies, part of an over- 
all eroup of more than 700 in the city. Soon to 
join the list will be the biggest consumer elec- 
tronics factory in China, a joint venture pro- 
ducing basic pans for VTRs in which Matsu- 
shita Bectric industrial Co~ has invested 9 
biiiion ven. 

Li Y’uefu. a airecior of the GECF-funded 
project, said the cumber of Japanese compa- 
nies investing with the venture would likely rise 
from 14 to 40 bv the end of this y ear. and lo 70 
by the end of 1995. Newcomers include Fuji 
Electric Co., Toto Ltd. Japan's leading toilet 
maker, and Takara Snuzc Ktiv i Kyoto-based 
sake distiller branching out into pharmaceuti- 
cal research. 

These comDJnies are slowly enhancing a 
local production chain that will facilitate an 
expansion of Japan’s presence in the markeL 
Now. man y manufacturers still rely heavily on 
imported pans and ma serials, using factories 
in Dalian primarily for export-reprocessing. 

Mabuchi Motors, for example, imports 98 5 
percent of its parts and materials, 20 percent of 
which are fully finished components such as 
specialized wires and metals. Local supplies of 
sufficient quality are simply not available. The 
result is that much of Mabuchfs staff of 6.900 
is engaged in labor-intensive tasks such as 
stamping tiny metal parts from huge coils of 
silicon steel, or fabricating small electromag- 
nets by mixing oxidized steel powder with 




hairnm and baking it at ISO degrees centi- 
grade. / . , ... 

The expansion of suppomng industries will 
help Mabuchi boost prodeaion by 10 to 20 
percent tfiis summer, and w a similar amount 
next year. It also plans toberease the ratio of 
production going to the Chinese market from 
10 to 30 percent Smryo refrigeration plans to 
boost local content froa 55 percent to 80 
percent next year. ] 

Long-term, the OECBfunded venture wul 


TAI MING CHEUNG 
Kim Eng Securities in 

stmfiiilPlt 

rM»o» mvEctment m 


nese investment m:ncgrili£as&0 
’economy is saddled tytedomSEihfle 
owned heavy 

ineffidcat and lossrriddea--vIfe!S!^Spdm^^ ; 


industries that Japan wIH 
thoseburdened with A as 

rochemkals, paper and pmp 
Mr. Araga. . .. ” • • .v/: .= V.l - 




serve as a test project fd more massive Japa~ 


STEVEN BRULL is the lnte 
Tribune’s Tokyo bureau ddef. 




'Stock 

AFloo 


ever’ lliileasli€^-fl|l 
[ of New Issues- ;; 


Page 7 


vital importance to 
only examining tin 
broad perspective y 
of Beijmg’5 decirioi 
“Our eventual gc 
market to interna] 


I3y market trade. In fact, 
bast three years from a 
Ids the logic behind some 


“Our eventual gw) is to open our domestic 
market to inieraJonal investment, to free 
flows of capital in Ip our companies," said Mr. 
Liu. “And we hav/ tens of thousands of com- 
panies in China tqtist eventually. Of course, it 
can't aQ happen until our currency is fully 


parties in China ti 
can't aQ happen 
convertible. . , 

“But when that happens B shares won’t be 
necessary and vi will have learned valuable 
lessons from allowing some companies to list 
on overseas exipmges where standards are 
high. By then, nany of the problems we have 
now at the pibfstage in our development will 
not be so important." 

The first nire companies listed so-called H 
shares in HonaKong in 1993. But internation- 
al appetites la individual stocks have waned 
as investors hit mote cautions and the novelty 
value of Chinfse companies wears oft. 

With thefual issues of the first nine suffer- 
ing from a rose of reality — Tiamin Bahai 
Chemical Industry (Group) Co. s shares 
dropped mope than S percent on its opening 
day —a seopd batch of 22 companies is Kkdy 
to come to market more gradually than would 
have been mticipated a year ago. 

Nonethefcss, the 22 shares, some destined 
for a New cork Stock Exchange listing, have 
sparked a yar among international investment 
bankers ginning for the underwriting buaness, 
which haspeen calmed somewhat by the bear- 
ish markos and a signal from CSRC lhat it 
would lirnt the mandates won by single under- 
writers W one or maybe two new listings. 

“We cpn’l want our market monopolized by 
a few fdreign securities firms," said Mr. Liu. 
“Manynrms should enter the field so we can 
judge war performances for the future.” 

In tie meantime though, investors with far 
shortff horizons, often limited to a daily per- 
spective among the ranks of China's 8 million 
individual stock investors, are bang asked for 
patentee while Mr. Liu and his regulators 
scramble to stay ahead of new developments. 

Squeezed by rising interest rales and an 
aggressive government bond sales program to 
fund China's fiscal deficit, A shares have been 
riummeting, while B shares in Shanghai have 
Men by as much as 40 percent since the start 
of the year. 

j Investor pessimism has reached a point 
(where securities regulators chose to announce 
a moratorium on the listing of new companies 
in the A share market, to counter a steady 
downward spiral in the prices of existing 
shares. 

And in a gesture to foreign investors dis- 




Shanghai IT 
-C«- 


l Eastern J ••• *« 'AT/: 

. sen • . •’ ‘PaaSo. ■ 


Shenzhen 


V' 

Haaglfcmg-"- ? 


f. 

rTMtm 


■y.'.Oteaft} 





gnmlled with the pace of development in the A : 
share markets, CSRC has spoken hravdy-of-«='-- 
'expanding the number of B share listings and l i- 
tbe size of the market overall. : 1 • AflAJ 

Although such a move with allow Qttne?c^ =■ 
companies increased access to for^n capiti^^ 
foreign investors say it fa likely to addBr«ic& - ^.. - 
but not depth to the market. ' . * ■ v : 

“We’ve gone from eup b«ia tocon^tietc cct-; . . . 
Imse in tins market twice m twytertT'sa^.': l/ 
Mr. L^allet of Jupiter Tyndall (Aaa) 

“But an emerging market suggest^ aain^p-.jd 
plete regulatory framework, flhqvta$'attimes^ 
and mismanagement of new issoes*” he adrled;-l:_ ?: 
“All these things will eventually be salved, hot fll 
it won’t always be snooth.” ; ■ ■■ J “ " 

As Mr. Liu works out the propef baknorm 
the simply of new shares, ana theEr efferts air ._' 
what he calls “mindless” speculation, othec. y . t 
significant trends are em^ging. .. ir. > i • ^ifrv.V’: ‘ 
Cash-strapped state.bodies, vrindt^wie^ki.y'::: .■ 
portioned mares in Otiiiesejoint rtpckcon^ja^ ^ 
nies in the early days, are widdy i^oJtedto ^ ;-- 
selling their stakes in thriving gtay-marl^^;. 
transaetkras to the higlKSt bidder — jsgardless^ , 
of whether their holdings are strategic. stakfsv"; 
that afford ultimate state control arid flat Ifflbl ' . 
against the practice. •’ _ -V- • 

Other government shardioldere with nugtH^^f^ 
ity stakes in companies haw been threaiwt^ - ; 
with loss of control through 'oprpprare ri^g^iJ 
issues to which they cannot afford t o s uha a q bfeAg;- 
Whfle it^nlattas dedde Mietfaer to ; 
private investore to accelerate a csx*i»ngi 
facto privatization of state-enterprises now'' ^ t. 
quietly under way — an ideologically loaded ' 
issue — the CSRC must also work to d : 
China’s domestic bond market m a'wtqr that ^.-: 
doesn’t rock its stock market. ■ j 7! 


Kevin Mnrjiy 


lia for Resources and Expertise 


By Michael Richardson 

M |" ELBOLIRNE — A growing 
number of companies controlled 
by the central and provincial 
L governments of China are turn- 
ing to Australia to gain access to natural re- 
sources. capital, technology and expertise 
needed to sustain rapid development of the 
Chinese economy. 

Most of China’s mines and resource- based 
industries are in the north while the fastest 
growing regions are far to the south. 

With Chinese rail, road, port and pipeline 
systems strained to the limit many companies 
controlled from the country's fastest growing 
provinces and cities on the east coast nave had 
to look abroad for new sources of imports lo 
keep up with explosive demand. 

“China’s economic growth is so rapid, and 
its industrial base so underdeveloped, that 
buying steel mills, aluminum smelters, and 
pulp and paper factories in the West makes 
more sense than waiting for these industries to 
develop within China," said Matthew Fletcher, 
finance editor of Asian Business magazine. 

Australia has a comparative advantage be- 
cause it is “a very good base for exporting 
primary resources, including minerals and 


meat, to China and other fast-growing econo- 
mies of Aria,” said Zhang Jijing, man agin g 
director of C1T1C Australia Ply. 

The company, which is considering listing in 
Australia in 1995, is a unit of the Keying govern- 
ment’s capitalist-style investment vdiicle, China 
Internationa] Trust & lnvesnrwai Corp- 

Guangdong Corp.. a Hong Kong-based in- 
vestment company controlled by the Guang- 
dong provincial government in southern Chi- 
na. became the first Chinese-backed company 
to make a share flotation in Australia in Sep- 
tember when it successfully offered 28 percent 
of its stock. 

Guangdong Corp. has a 90 percent bolding 
in a building products company in Hong 
Kong Money raised from the Australian issue 

is helping fund the company’s expansion in the 
territory. 

Although the float of Guangdong Corp. was 
small — 9.6 million shares worth 7.5 million 
Australian dollars f S5_5 million) — it was an 
important test of how Chinese companies 
would be received by lhe Australian market, 
said Richard U, managing director of Sine 
Investment Services Pty., the underwriter. 

Mr. Li said that Si no Investment was work- 
ing on another three listings of companies that 
would have strong China connections and 


hoped to bring them into the Australianinar- 
ket by June. He said that companies / we re 
involved in software development, contrac- 
tion and manufacturing. J 

China is hungry for technology and exper- 
tise as well as raw materials for its industry. 

“Australia has a lot of good, utoovative 
technology but lacks a large domestic! norket, 
Mr. Li said. “Asia has a vast markeyarid needs 
the Australian technology to gtt k> the next 
stage of economic development." / 

Tommy CJB. Lui. managing difeuor of the 
Hong Kong office of a business group set up by 
Erast & Young, international a^roumants and 
consultants, to develop comnfercial links be- 
tween China and Australia, Climated that in- 
vestment from Hong Kong in Australian prop- 
erty and resource, manufacturing and 
technology companies amounted to over 9 bil- 
lion dollars. / , - . . 

He said that most a the investment had 
been made in the p^t two or three years, 
largely by companiesicontrolled by mainland 
Chinese governmenupiere&is. 

About 100 companies funded from official 
Chinese sources hive reportedly been regis- 
tered in Australia Alost are small and unlisted. 
But a subswntialAumber, such as the recently 
formed Golden River (Australia) Pty. have big 
ambitions. / 


U Qian Bin, chief executive of Golden River 
and bead of a liaison office established in Perth 
by the govmunent of China’s Zhejiang province 
to develop joint ventures with Western Austra- 
lia, said (hat (here was great scope Tor mutually 
profitable investment and commercial collabo- 
ration between China and Australia. 

Zhejiang, a province with a population of 43 
million south of Shanghai, is one of China's 
fastest-growing coastal regions. It is resource- 
poor while Australia is sparsely populated and 
resource-rich. 

“So they are very much complementary to 
each other," said Mr. Li, whose name is now 
Australianized on business cards as Bob Lee. 
“I see the develop meat of joint-venture compa- 
nies providing resources to be processed by our 
cheap labor into products which will be sold on 
the world market." 

Among the projects bang promoted by 
Golden River, named after the longest river in 
Zhqiang. is supply of iron ore from Western 
Australian mines to a proposed U-S. -Chinese 
iron processing plant in the port of Ningbo. 

There is strong demand for iron ore in China 
from steelmakers who are expanding output 
for the booming construction, transport and 
infrastructure sectors. 

A joint venture formed in October between 


Portman Mining Ltd. of Australia and China's! 
state-owned Anshan Iron ft Sled group wffl-;. 
start exporting iron ore from Western Anstra-.. • 
Ha to Anshan plants in China in Jtuie. ^ 

Portman es tima tes that . the T«mtorei £ - 

which is 40 percent owned by \Anshai, :, *w'> : h : 
spend at least 25 million dollars deycio(Rqg^>':{; 
mine at Kodyanabbing, abouHGOkil^BeWf > - 
(250 miles) east at Perth, and estabBAarofift ' -i 
ery on Cockatoo Island, off the coast of ■ 

era Australia. - ' . •/a’"”: r- T-’C- y. 

The state-owned China MetaBts^tsal fe*:]:. 
port & Export Corp. had eariier'tuxn - 
percent stake in the Chann'ar nbn effe ^nuM : 
Western Australia. The mmc- is 60 percent . 
owned by CRA LuL a leadutg ^nsiraMC . 
resource company. • ■ - ■ ■ ,-T 5 ./ , 

CIT1C was the first of the* so-caD eft 
Chip Chinese companies to takc a- Sti^S^y 
stake in Australia when it bought a 10 perosrt' 1 •- 
holding in 1986 in the Portland amnw®® 1 • 
smelter in the state of Victoria. . ■ - - f . »' „ 

Since then. OTIC has expanded into cobkV 
raodity trading, consultancy and finaiw^ffv 
vices, including a join: venture ivith the H^i y 
bros Australia merchant banking aflt \ 
stock broking group to in Chinese shares., 

and invest in mainland-controlled com pagfe s' . 
in China and Hong Kong. ' 


• ■ VV 

■- AxA 







mm Dip 


■ ■ ■ UfKinR is a P™d mcmhcr of the World Travel and Tourism Council 

M HELPS PEOPLE THE WORLD OVER DISCOVER HOW DIFFERENT WE ALL ARE. AND HOW VERY MUCH ALIKE 











Page 18 >a ff e ^ 


INTERN AHONAL HERALD TRIBUNE. MONDAY, MAY 30, 1994 



China/ A Special Report 





the Road Toward Privatizatioii 




IK; HANGCHUN. China - When Lu 

» K"iK a Linkui joined Ihe China First Auto- 

tf hwlwf B mobile Works in 1970, Ihe cost or a 

UBZ uqiSd haircut at the company barbershop 

a uaz L»Sld ,0 ft®. or slightly more than one U.S. cent 
alfVeobH 31 toda y >s ^change rates. Bui since last year. 
a Aifr« unMr. Lu. who is executive vice president of 
* i f 5 e 5 ?I China’s biggest vehicle manufacturer, must 
2 GwoorUzPay the market rale of more than 2 yuan, or 

a N«SrtiM ab0Ut ^ 

d Monn Am© The increase. Mr. Lu boasts, is an example 

rf s*UMrtu.of how p AW is gradually transforming itself 
Sf«SJ*S-vilfK>ni a state* run company obligated to provid- 
m a!mS eS cradle-to-grave social welfare benefits to an 

mAMn fSi efficient automaker capable of competing in 
m Alpha 8 w global markets. In addition to haircuts. FAW 
jS has also begun paying market rates for some of 
mAjphaLBii the pans it buys as well as for street-cleaning 
mAipno saa services within its giant complex, a virtual city 
SaJSSsw- within this city, which is the capital of Jilin 
^AtotaWH province in northeast China. 

Sw£Shi« Yet the move to market prices also high- 
wHeiwi jm lights the slow progress FAW and other state- 
mKST run enterprises in China are making in getting 
mpitfRif. out of the business of providing welfare bene- 
ms cS mri A 15 - nee d lo these services is the 

SlSSnirti chief reason why state- run enterprises, which 



comprise nearly half of the country's industrial 
output, remain inefficient and loss-ridden. 

FAW. for example, which was built with 
Soviet assistance 41 years ago. continues to 
subsidize hospitals, nearly two dcaen schools, 
countless stores, a library, recreational facili- 
ties and thousands of apartments. Of its 
100.000 workers, only 60 percent are involved 
in activities related, even indirectly, to making 
cars or car parts. FAW produced 175.000 vehi- 
cles last year, less than two per employee, 
compared with more than 25 per employee at 
Toyota Motor Corp., which made 5.56 million 
vehicles in Japan. 

The extent to which stale- run enterprises are 
a drag on the national economy is illustrated 
by government figures that show output by 
state companies grew jus! 2.2 percent in the 
first quarter of 1994 compared with the same 
period a year earlier. This compares to 32.1 
percent for the collective sector and 7P.I per- 
cent for other sectors. The figures also show 
that 49.6 percent of state-run enterprises were 
losing money during the period, compared 
with *4.2 percent the year before. Losses to- 
taled 15.7 billion yuan lSl .8 billion), up 79.7 
percent from a year ago. 

Beijing has issued a plan to make the state- 
run sector more efficient by shedding social- 
welfare facilities and reforming labor prac- 


tices. Earlier this month. Wang Zhongyu. the 
minister of the Stale Economic and Reform 
Commission, said that the assets and stocks of 
some 10,000 state companies would be ap- 
praised. a move that sonic analysts saw as a 
step toward speeding corporatization, z step 
on the road from state ownership to privatiza- 
tion. Over the long term, ihc goal is to make all 
state companies lean enough to operate as 
private concerns, competing in international 
markets. 

Success will hold a key to transforming Chi- 
na's economy from central planning w one 
governed by market force*. Yet fear that mak- 
ing the sector more efficient will swell the 
masses of unemployed and spark social unrest 
has led Beijing to go slowly in its drive to reform 
the sector, analysts say. The centra) govern- 
ment continues "to dole out huge subsidies to 
keep the companies, and their workers, run- 
ning. And published repois last week indicat- 
ed that the government would ease its restric- 
tions on lending to cash-starved factories in a 
bid to deflect labor unrest. 

“Employees would lose a sense of security if 
we cut more social-welfare facilities." Mr. Lu 
said. "Progress will be siep-bv-siep. It’s verv 
difficult to change." 

Although the go-slow strategy may help pre- 
serve social stability, it stones enterprises of 


funds needed to upgrade their technology. It 
also delays the day when China can drop its 
protectionist policies. Worst of ail. it fuels 
inflation, which is expected to hit 17 percent 
this year, far above the government's 10 per- 
cent target. 

“We will pursue reform in line with the 
central government's policies, yet we must 
maintain political stability.'' said Changchun's 
mayor. Mi Feng Jun. 

Problems related to state-run enterprises are 
especially acute in northeast China, a region 
that was home to about 19 percent of the 
country's 66214 total at the end of 1992. Ten 
years ago. the 100 million residents of Liao- 
ning. Jilin and Heilongjiang provinces enjoyed 
a per capita gross nationaTproduct among the 
highest in China. 

The foundation of its coal steeL automobile 
and chemical industrialization were laid by the 
Japanese, who built railroads and highways to 
systematically exploit the resources of Man- 
churia. a region it controlled between 1931 and 
1945. But most of the current factories date to 
the 1950s. when Stalinist Russia provided capi- 
tal and technology lo help its communist 
neighbor to the south. 

.As a result, the region's economy is growing 
at 7 to 10 percent annually, less than half that 
of southern coastal areas, such as Guangdong. 


Fujian and Shanghai, an international 
mist in Beijing says. The south has drawn! 
bulk of foreign investment, most of «t tromf 
co mm unity of overseas Chinese 

these plants are filled 

quated equipment and managers haven t|aid 
much attention to renovation in 10. 20 
years." said Ding Shicheng, vi ce gene 
rary of the Jilin provincial government/ 

management is based on Soviet modi 

unsuitable for tbs market economy.' 


NE IDEA to accelerate the 
transformation is to 
gional coordination and 

access via the Tumen Rf 

Sea of Japan, which lies just 15 kill 
miles) to the east of China's border t 
K orea and Russia, Now. the only 
Dalian at the extreme southern 
Liaoning peninsula, too far away to 

provinces of Jilin. Heilongjiang 
Mongolia. . 

The main idea, pushed by the (rated Na- 
tions Development Program, is aDO-bfflion, 
20 -year plan to develop a big ecdomic zone 
near the mouth of the Tumen fever, which 
flows between the borders of N 
Russia before emptying into the 


up 
to the 
(9 
North 
it is at 
of the 
lefitthe 
d loner 


Korea and 
of Japan. 


The zone would indude free-pbrtsin. 

North Korea and Russa. 

fliina is also trvmrto extend raiflroafetfc - 
port in Russia. A 
Russian borderis ; 

Ding said Jilinprovmceis 
fin ancin g to extend the railroad on tbeRt ~ 
side. “We hope to complei$ihe 'nffiraad 
end of this year or next spmg, -Jafcsaia,* 

that it had beat postpoiwd'bccau»df a J 

funds in Russia. 

“If northeast China can. get essxsL^y^i 
the Sea of Japan, it gets aoans ; 
markets and nan develop ^qoickjy. 
said. 

' Yet.the^-- .. ... 

lems so formidable that many < ... 
it xriU-ever.be realized.NorthKorek,< 
woritfs most closed count 
a wild card. .Japan’s relations ' 

the region are made difficnlt . . 

tiou of Korea and China c&drer 'i&s rent 
Tokyo also rcmaSnsdt 
ai dispute with Russia over', 
of Hokkaido. 

“Wheal 

toM it was just a dreamt . _ ,, 

since Sooth Africans and the Isrie&s atid I 

Palestinians are solving, their probfcaw.-T^ 
confident we can too." V-- f > 



A Bid to Change Banksfrom Supporters of State Firms to 



By Kevin Murphy 



0 BBL ILI 
a BBL CLI 
BANQUE: 
Share orsf 


;! 


EIJfNG — No target Tor Otina's 
economic reformers is more impor- 
tant than its banking system, nor any 
more sweeping 

_ K While the transformation of the People's 

% bbl t li Bank of China into a Federal Reserve or 
Bundesbank-style central bank controlling 
monetary policy will be complex, it remains a 
matter erf reorganization and staff training. 
Iiw'wz But turning the country's main banks into 
lUStlm viable commercial businesses —a plan that is 
bawque cq ua ^y vital lo modernization — is a far more 
»™Drt difficult task given their lifeline role for the 
country’s giant loss-making state enterprises. 
«[?!£! ft say People’s Bank officials and China analysts. 
mMaiim “Our S*® 31 * 51 challenge will be turning the 
ffiMaxim four specialized banks into commercial 
SiJSkw banks.” said Chen Yuan, deputy governor of 
UJpSyi' the People's Bank of China, in an interview. 

0 Is* “There are considerable difficulties among the 

d it* Pa industries and it will take a long lime to sepa- 
S rate the banks from them.” 

“ jJJIJJSh “China is very definitely heading in the right 
iv Mcniic direction.” said Nick Moakes. a China analyst 
JsKt^ with S.G. Warburg Securities in Hong Kong. 
? oSSi “Bui until China is prepared to allow bank- 
* sirooe rup tries and accept social unresL or it seLs up a 
j Poem. stDciaJ security system, banking reform will 
? indeed go slowly." 

roori? Prior to 1978. the People’s Bank handled 
j|jg“ most banking activities, aided by a relatively 
3 moj i small number of rural credit cooperatives. The 

1 banking sector has since grown to include four 
samou specialized state banks and nine national and 
Ulmeft regional commercial banks challenged by 
» swus thousands of credit cooperatives. 


But China s economic takeoff has largely left 
its banking system in another era, one where 
credit was doled out in an administrative, 
quantitative manner according to central plan- 
ners. 

Combined with a situation where political 
considerations and personal connections, or 
guiinxi. count far more than an ability to repay 
loans, the system has proven incapable of mon- 
etary fine-tuning any more delicate than 
sledgehammer blows against credit supply. 

"They can't use the tools they used in a 
command economy, but they can’t yet use the 
tools more advanced coumries tty to use." said 
Mr. Moakes. 

Economic reform has also left much of Chi- 
na's industrial backbone ailing as companies 
saddled with ancient plants, poor management 
and massive work forces whose welfare they 
must subsidize lose ground to nimbler con- 
cerns and higher tech joint ventures with for- 
eign partners. 

More than half of China's state-owned com- 
panies — the sector that provides the bulk of 
nonfarm employment in the country — lost 
money last year and many have little hope of 
being turned around quickly, if at all. 

Given that maintaining social stability is 
Beijing's ultimate goal and urban unemploy- 
ment makes the leadership nervous, with good 
reason, banks who lend to loss-making state 
enterprises have been forced to support their 
diems well past the point of commercial san- 
iiy. 

At the same lime, loosely regulated branches 
of China's main banks have been blamed for 
pouring funds into speculative investments in 
stock trading and property development. 

Until recently, trading on inside information 


and supporting the projects of local allies 
proved more alluring than continuing to nurse 
loss-making slate enterprises, backing low- 
yielding public works protects or paving farm- 
ers for their grain. 

However, strict new rules directed ai unau- 
thorized and speculative ending, which came 
Iasi July with Deputy Prime Minister Zhu 
Rongji's appointment* to head the People's 
Bank, crimped such activities. Mr. Zhu's arriv- 
al and stem messages to provincial bank heads 
who owed their jobs to local political bosses 
paved the way for an ambitious banking re- 
form project unlike any conducted in peace- 
time conditions anywhere in the world. 

Three new. long-term “policy lending" 
banks will be created to handle state-mandated 
lending currently supported by the banks, vari- 
ous ministries and the Stale Planning Commis- 
sion. 


T 


HE State Development Bank. Im- 
port-Export Bank and the Agricul- 
tural Development Bank will" nuke 
low-cost funds available to govern- 
ment projects and “hardship industries." but 
will not be restricted from lending to more 
dynamic, higher yielding "priority" areas. 

Such a move will allow the four main nation- 
al banks, the Industrial & Commercial Bank of 
China, the Bank of China. People's Construc- 
tion Bank of China and the Agricultural Bank 
of China, to become truly commercial institu- 
tions lending on the basis of creditworthiness 
and bound by newly introduced capital ade- 
quacy and liquidity ratios. 

However, their new outlook depends heavilv 
on the progress they, along with other relevant 
government ministries, make in devising a so- 


i ii 
t ii 

i n 

i ii 
I Ii 
INI 
»F 
wl 
JN1 
Ml 


wl 

Hi 



New China Hong Kong 


The Channel to China's Best Opportunities 


NEW; We are established at the end of 1992 as a merchant banking 
arm of The New China Hong Kong Group, a conglomerate with 
well-known Hong Kong entrepreneurs, large PRC enteiprises as 
well as the Trade Development Board of Singapore and reputable 
US and Japanese financial institutions as shareholders. 

CHINA: The Group's Chinese shareholders are mainly prominent 
Beijing-backed organisations. With the support from these 
resourceful and well-connected shareholders, we have excellent 
access to a range of high-quality financial and investment 
opportunities in China. While our aim is to play a significant role in 
China's future economic development, our corporate strategy is to 
identify quality China investments for our clients and to maximise 
their returns. 

HONG KONG: With our headquarters in Hong Kong, our 80 staff 
together offer many years of experience in the Helds of corporate 
finance, securities, futures and foreign exchange markets to 
investors in the region and worldwide. Our dedicated professionals 
are the finest in their fields ready to grasp opportunities for our 
clients at all times with their experience and skills. 


THE NEW CHINA HONG KONG CAPITAL LIMITED 



lutioo for the beleaguered public industrial 
sector. 

"The policy is to hive off all the awkward 
loans to new mstiiutions endowed with central 
government funds." said Andrew Freris. chief 
regional economist with Solomon Brothers in 
Hong Kong. 

“That is about as far as they can go if fiscal 
and tax reform is slower,” said Mr. Freris. “To 
push ahead too quickly risks hitting the brick 
wall of the enterprises' indebtedness." 

“They will need a lot of common effort and 
close work with the Ministry’ of Finance to 
solve their problems." agreed Mr. Chen of the 
People’s Bank, who expccis new policies in this 
area later this year. 

Also vital to monetary management, Beijing 
has moved to recentralize credit creation and 
monetary supervision in the hands of the Peo- 
ple's Bank of China, which will no longer be 
conducting its own commercial lending opera- 
tions. 


Commercial lending “was 
of activities in the past.” sai 
fore last year the local Peopl 
were responsible for up to 
credit, directed mostly at adj 
their areas. But those 
turn to Beijing,” 

To prepare for its 
Bank staff are enrolled in 
program and senior 
abroad to observe the wor 
banks. 

“In terms of vast 
tiorc the U.S. Federal 
model for oar work , 1 
are also drawing ex 
Japan, Bundesbank 
Bank." 

.As the People’s Bank 
supervisory role, it is 
venibility of the yuaj 
ished a dual exchans 


a minor part 
Chen. “Be- 
Bank branches 
'percent of total 
iting liquidity in 
•ibfiities wifi re- 
role, People's 
extensive training 
are traveling 
of other central 


and large popula- 
te a leading 
Mr. Chen. “But we 
from the Bank of 
ihe Swiss National 


its monetary 
toward full con- 
Jan. 1, China abol- 
that favored local 


distortions throughout- ^tbe economy. 

Narrowing the official, foreign 
markets* participation to authorized finanaaf'^': 
institutions linked through six main ' : 

centos has taken much of th& volatility 
the currency and enabled the People's Bank.t»->H: 
create a managed fiMt that ^afibv “fcoI^’Vv- 
tionaT then full ccmvatfijifiiy" 
possible;” Mr. Chen said. • • 

In Otina’s previous boom-taist cycJq . ^.i-0\ 
3988-89, Beijing cured a 30 percent ‘afuSfrdL*-' • • 
rate and deteriorating trade 
simple strategy: no credit* no : imports^ . . 
growth. . 

However, in this cycle, .wtere tiw ecoxwoiy^iv;;. 
has grown greatly in sophteticatiorcand 
ties of rivfl unrest sparked by such forah 
sures are fresh, -China's leaders jareisedcing y^Vr ji 
gentler slowdown. More comprehensive 
trol over the banking system wiD greatiy aidr -^.^. 
that process. • • " 

■ 


Stirring Up Asian E cono] 




Bv Michael Richardson 

UALA. LUMPUR — After ini- 
tial concerns that China would 
emery: as a fierce rival for in- 
.vestment capital and export 
markets. Southeast Asian countries are 
viewing the regional giant more as an eco- 
nomic opportunity than a threat. 

Mahathir Mohamad, the Malaysian 
prime minister, told a recent conference in 
Beijing on the future of the Chinese econo- 
my that “a prosperous China will become 
the engine of growth firstly for East Asia, 
including Southeast Asia." and then the 
world." 

If 1.2 billion Chinese were “half as rich as 
the Americans, the size of the market will be 
almost unimaginable" and provide South- 
east Asian nations a "huge" new opportuni- 
ty for selling their plantation products, oil. 
natural gas and manufactured goods, he said 
at the conference, which was co-sponsored 
by the International Herald Tribune. 

China's surging demand for imports is 
already of major benefit to Southeast .Asia. 
China had a merchandise trade deficit of 
more than $12 billion in 1993 as rapidly 
increasing industrial and consumer demand 
sucked in imports. 

China's trade with the world’s industrial- 
ized economies grew by more than 60 per- 
cent between 1986 and" 1992, from $42 bil- 
lion to $69 billion. However, in the same 
period, its trade with the rest of Asia nearly 
quadrupled, from $21 billion to 581 billion. 

Nonetheless, China's rapid rise as a a low- 
cost exporter and its enormous appetite for 
investment continue to pose a competitive 
challenge to growth prospects for Southeast 
Asia, officiate and analysis say. 

While reported investment in China from 
Asian countries — including Japan and the 
newly industrialized East .Asian economies, 
Hong Kong, South Korea, Taiwan and Sin- 


gapore — rose by iver 500 percent in 1993 
to reach $52 biDioj. capital inflow from the 
same sources to Indonesia dropped 12 per- 
cent to S3 5 billidi, to Malaysia by 19 per- 
cent to $577 miUpn and to Thailand by 52 
percent to $14S trillion. 

The effect of China’s booming economy 
on investment Jews was also evident in 
funds from the prated States and Europe. 

In 1993, U.S. investment in China rose by 
nearly 470 perent, to S3.1 billion, bt the 
same period, US. investment in Indonesia 
dropped by 5 n percent to $385 million. In 
Malaysia, it dropped 5 percent to $213 mil- 
lion and in Thjfiand it was down 86 percent 
to S16 tnillior 

At the sanWtime, European investment in 
China increaid by 35 percent tojustoverSl 
billion, whMalling by 34 percent in Indo- 
nesia to $750 million, by 93 percent in Ma- 
laysia to S7f million and by 68 percent in 
Thailand to p35 million. 

This trap coincides with a significant 
shift in fordgn investor strategy in East Asia 
which favers countries with the biggest po- 
tential mapets. such as China and India. 

“Jnvesirfrs now seem more keen to access 
the dome/uc markets in Asia rather than 
merely smiting a production base for ex- 
ports,” sad Sanjoy Chowdhury, chief econ- 
omist fodthe Asia-Pacific region in the Sin- 
gapore office of Merrill Lynch & Co. 

As reailt. Southeast Asian countries will 
have to take steps to revive investor interest 
in their economies by introducing more 
business-friendly policies, cutting red tape 
and enpriag a good operating climate sup- 
ported (by strong infrastructure, he said. 

implementation of ASEAN 
de area, which is on a slow 15-year 
~ trade because of conflicting nation- 
among its members, would also 
opening up an integrated market of 
than 340 million people. 

BAN, the Association of Southeast 
Nations, comprises Indonesia, Ma- 


laysia, the Philippines, Singapore, Thailand - • 
and Brunei : 

Mr. Chowdbunr said that although sma&" t t : 
er than the 1.2 billion population of CMn^/ ■' 
the relatively higher purchasing power /p 
ASEAN free trade area should make upjpt-. / 
the shortfall in numbers. ■ 

Underlying concern in Southeast Asia-', 
about the competitive challenge from China';, 
is a suspicion that the region’s economically 
powerful ethnic.Chinesc minorities are start- P 
ing to funnel very large amounts of capital ~ 
away from their adopted countries of citi- 
zenship and residence bad: to their ancestral 
homeland. 

Lee Kuan Yew, Singapore’s senior mini s- . 
ter, cautioned China recently not to misread 
the mood of the region. He said that a., 
comment by Beijing on anti-Chinese riots in . -> 
Indonesia had “revived old fears that China 
has not abandoned its claim to the loyalties 
of ail ethnic Chinese wherever they are .’ 1 ■ 


c 


HINA’S attitude toward South- 
east Asia is a sensitive issue in the -, 
region, where Chinese minorities 
in almost every country have a 
disproportionately large share of wealth and 
economic influence. 

Malaysia refused to allow television re- 
ports of the rioting by the Brilish Broadcast- 
ing Corporation to be shown, for fear of. 
inflaming racial tension between majority 
Malays and Chinese. 

However, Brian Capten, editor of Asian ; 
Business magazine in Hong Kong, said lhat 
it was an “economic falsehood” to think that - 
by investing in China, the ASEAN Chineses 
were in some way depriving their home ' 
countries. 

He said that moves by the ASEAN Chi- 
nese into China “pot both thorn and (heir /: 
countries in a win-win situation" because it 
would boost Southeast Asian exports to 
China and < 9 x 0 channels for reverse invest- ■’ 
meat by China in ASEAN countries. 


4b 


For the Economy! the Hard Part Still lies Ahead 




Continued from Page 7 

doing and they have managed to slow down the 
economy," said Mr. Freris of the raging ' 
and 26 percent-plus urban inflation 
threatened instability and frightened fo 
investors last year. “1994 wiD be a lough 
but I don’t see any panics or major adjust 
on the horizon.” 

Foreign trade and investment, which 
lopped S25 billion m 1993, have pr< 
much of the impetus lo strong susl 
growth, but both came at a price 
now, is willing to pay. 

“Whatever methods are conducive toacvel- 
opment of productive forces, we have m adapt 
them," U Tfcying, a member of Chmas ruling 
State Council, said at the “China Summit” on 
economic reform co-organized by thv Interna- 
tional Herald Tribune in May. 

In 1978 the total value of expons and im- 
ports combined equaled about \j percent of 


a’s gross domestic product, according to 
(Mr. Frens. By 1993, he estimates that figure 
had grown to 55 percent or slightly more, 
testimony to the vital role China’s opening to 
the world has played in its prosperity. 

Such dependency on foreigners for markets, 
investment and technology, however, carried 
pressures for China to reconcile its behavior 
with standards accepted by the rest of the 
world on human rights, environmental protec- 
tion, free trade and intellectual property pro- 
tection. 

A growing private-sector business communi- 
ty. much of it foreign funded or influenced, has 
worked to break down the once all-encompass- 
ing damvei and hukuo. or work unit and house- 
hold registration systems, which allowed au- 
thorities to interfere in almost all facets of an 
individual's nonwork life. 

At the same time. China’s greater involve- 
ment with the world has limited its ability to 
slow i is economy though the broad, dual mora- 


torium on domestic credit and "imports that 
solved its 1988-89 overheating problem.- ' - 

Besides, too harsh a slowdown could height: 
en domestic tension where, for example, the . 
state-owned enterprises account for 68 percent 
of industrial sector labor, but just under half of 
output. Beijing hasn’t forgotten that Tianai^ 
men Square can be blamed In part on the social 
dislocations caused by the 1989 economic 
slowdown. 

A rapidly changing economy, competing 
claims for domestic influence and a rising 
international presence will test China after its 
senior leader Deng Xiaoping, 89, dies. 

“China has had just two strongJeadeis, Mao 
and Deng, and both have given China a strong 
sense of mission and momentum,** said Bob 
Broadfoot of Political and Economic -Risk. 
Consultancy in Hong Kong. 

“The question is who wflfemcrge to wntin- 
ue that trend. If no one does, iheteadency of a 
bureaucratic situation is to focus on the day- 
to-day issues and lose direction.” - 


An Uneven Development for Human Rights 


Continued fre^ Page 7 

was fighting the Nationalist government of 
Chiang Kai-shek during the Chinese civil war. 

“They were taUdngrahout democratic free- 
doms. about equaliw’ said Mr. Wang, during 
a recent interview fin the southern city of 
Guangzhou. "If now they are sa ving these were 
false slogans, that mey are no longer important 
to the Chinese people, then how do you justify 
the thousands 0 / lives that were sacrificed in 

the struggle?" / 

“The Human rights situation has worsened 

this year," he' said. 

In addition, the economic reforms are begin- 


ning to hurt certain sectors of society, and 
these Chinese are not happy: peasants who 
have seen their real income drop in recent 
years: workers in failing state-run enterprises 
who are not getting paid, or only receiving a 
portion of their wages; others era fixed-in- 
comes who are struggling to make ends meet as 
inflation — nearly 25 percent in the major 
cities in the first quarter — climbs to its highest 
rate since the 1989 Tiananmen Square crack- 
down. 

But these groups are not allowed to express 
their discontent. Mr. Deng, who turns 90 in 
August, has left no real successor. More than 
ever, the ruling Chinese Communist Party 
wants to keep a lid on the underlying discon- 


tent for fear it could threaten sodal stabthtj" 
and the party’s hold on power. 

Toward that end. the government has been . 
introducing laws that further restrict activities' 
as diverse as religious worship, filmmaldns> 
setting up cable television networks and form- 
ing soda! organizations. 

Authorities recently amended a public seen- 
rity law to give police the legal baas 10 detain 
and restrict the activities of pro-democracy 
and labor activists, as well as rdigtoos^ni 
national minority groups. ■ 

LENA B. SUN is the Beijing bureau ciuef fa 
The Washington Past. 






A Powerful Strategy 
of Partnering in 



Across the Asia-Pacific 
Region, the Caltex star 
symbolizes the power of 
strategic relationships. 
With governments. 

With businesses. With 
partners. These strong 
relationships are part 
of our heritage and \ 
characterize our way , 
of business. 


Nearly 60 years ago, two g eat oil 
companies created a third. Texaco 
and Chevron established Cdtex, one 
of the oldest and most successful 
joint ventures in business h story. 

Equally owned by Chevron] and 
Texaco, Caltex Petroleum 
Corporation capitalizes on 
experience and innovations) 
of the worlds leading com| 

Caltex adds its own distinc i' 
capabilities to create a pow 
ally for new energy venture;. 


Through the decades, Caltex has 
proven its ability to develop and 
nurture strong relationships, 
adapting to the changing 
international marketplace and 
to the needs of its customers 
and business partners. 

As new alliances are formed, 
customers, business associates 
and venture partners are 
discovering how the Power of 3 
can deliver a dependable supply 
of energy products. 


r r 


The Power o - 3 


Proven Experience 


Quality Products 


Financial Strength 


• Leading-Edge Technology 








TEXACO 


i 










•age 14 


INT£RX\TCONAi- HERALD TRIBUNE. MONDAY, MAY 30. 1994 


r*>. 


^ajag Page 18^' 


fi 


]£' O' 


23 vx 


ABC IMV6STM 

.‘Aanwnfl- Wrc - 

m ABC Futures 

mABClstamk 

mABC Global). 
ABN AMRO Bf 
■ Columbia Sc 
wTroni Eurtp 
»■ Trans Euroo 
wAlrenta 


d aIG - 
waig Bukina' 

d AIG Emrri - 
WAIG Eurrtu. 
w AIG EuroSr. 
i* AIG Euruce- _ 
ur AIG Jmon F* 
d AlG Jooan T 
w AIG Latin Ai 

n> AIG MltiCUT 

■* AIG Smtti ( 
e won Li«e Fi 
d ubz Eur*C* 
d UBZ LVauidi. 
if UBZ Lhntld u 

d ubz Uaufdf 


d .UBZLteuWj.a 


ALFRED BEf . 
if Alfred Bersh " 
Alfred Ben STY 
d For East .If ' 
cf Germany r 

d Global Z* 

d Japan „Z 

d Nemertond ’ 
d North Amefr 
d Swtr^rtatK . 

d U.K., r c 

ALPHA FUN ‘f 
4 Par-LD-Vll >! 
iv Aloha Asia 

m&rnhn Furr' 


-b 


il 


m Alpha Furr 
m Alpha Fuh.it 
in Alpha GttJl d 
m Alpha GW E 
/n Alpha Htt) " 
fflAwha Jaw 
m Alpha Latl 
m Alrtw Poe 
m Alp ha SAAj 
m Alpha She 
m Aloha Shut 

m Aloha Till,, 
in Aloha War 
mBucIvAlDti' 
m Globa hrea 
w Hdsii joc; 
mHcmlwhe 
/nLaHnvesI 
mNIcfiADPl . 
mPncil PIM ■ 
mPUiaaen l, 
mSaaeinl'l 
m Sal in Intli 
AURAL ASS 
wArral Any 1 
irArral Ash, 

iw Arml mt ' 1 ' 


I I 
INI 
Iv I 
wl 
IN’ 


China! A Special Repent 




Bv Richard Tomlinson 



EIJING — At Galar Hutong. a 
rundown alley in a district of Beij- 
ing. the cadre from I he local houv 
ing administration bureau is try- 
ing to persuade the residents that it is rime to 
move out. On offer is improved accommo- 
dation close to their present homes, with the 
possibility of reluming once the street has 
been renovated. The residents are initially 
reluctant, but the cadre soon convinces them 
to change their minds in the cuu>e of the 
city's housing reform program. 

Unfortunately. Galar Huions does not 
appear on the map of Beijing. It is a play, 
currently running at the Beijing People’.- 
Arts Theatre to packed audiences, for whom 
the desperate shortage or decent accommo- 
dation in the capital — as in the rest of 
China's overcrowded dues — has become a 
critical issue. Such has been Galar Hutong's 
impact (hat in March the (beater was graced 
with the presence of President Jiang Zemin 
and Prime Minister Li Peng. Congratulating 
the performers on their success. Mr. Jiang 
told them that "art should try to show realis- 
tic life." 

Yet in the re3l world rot far from the 
theater, city authorities have adopted a more 
brutal land potentially lucrative! solution to 
the housing problem. About 20.000 houses 
in the city center are being demolished to 
make way for a new financial district, al- 
ready known wishfully as Beijing's Wall 
Street. There is no question of mi -derm zing 
the houso. some of which date from the 
Ming dynasty, nor of residents being offered 
the chance to move into new accommoda- 
tions nearby, instead, they are being relo- 
cated to Daring. 20 kilometers i!2 miles) 
south of the city. 

There is no question that China’s housing 
crisis requires drastic measures. According 
to official statistics, the country's 2U0 mil- 
lion urban residents have an average of only 
8 square meters of living space each. Last 
year. Construction Minister Hou Jie <mi- 
mated that by 20U0. China would need to 
build a 1.35 hillion -quart meters of new- 
housing and renovate JO million square me- 
ters of dilapidated property. The minom 
said more than 306 billion yuan |S3? billion • 
was spent on urban housing project.- in 
1993. a 78 percent increase on the previou- 
year, despite the government.* economic 
austerity program. 

The majority of urban resident* live in 
housing owned by their work unit tor the 
work unit of a relative), for which they pay a 
peppercorn rent. But since |9Mj. when se- 
nior leader Deng Xiaoping announced that 
city resident- in downtown areas could Hu> 
their homes, the government ha.- been trying 
to reform this system. 

One goal is to relieve work unit - "f the 
financial burden of providing accommoda- 
tion for their employees: a -econo goal o to 
create a market in private property that will 
he/p reduce (he urban housing .*hor(jgc. In 
addition, the gotemment aims to increase 
rentals in the state housing sector to pay for 
new construction work. 


The problem is that even after a decade of 
rapid economic growth, few of these 30V 
million people can afford the price or prop- 
erty. This April. "China Taxation News" 
reported that while the average annual sav- 
ings of urban citizens is 1.5M) yuan, Ihe 
average market price for a 5 V-squa re-meter 
apartment in a big city is more than WJ.0OO 
yuan. 

No( surprisingly, this gulf between pur- 
chasing power and real-estate prices has led 
to a slump m sales of newly constructed 
private property. A recent official survey 
estimated that there is about 5U million 
square meters of unsold "commodity hoiis- 
mg" in China, representing a total invest- 
ment of 50 hillion yuan. 

A visit to i he Beijing Real Estate Transac- 
tion Market, a branch of the Housing Re- 
form Office, confirmed that business i- trot 
cvjctlv brisk. Al 9:30 on a weekday morn- 


China’s urban residents 
have onlv 8 square meters 
of living space each. 


jna. only iwn potential customers had ap- 
peared for advice and information about 
hou-e purchj-.es. 

For the vast majority ol Chinj's urban 
cilizen.c buying their own work unii accom- 
modation i- ihe i*nfy feasible option. In 
Chensdu. (he e.ipiul of Sichuan, work unit 
houses jre being offered to tenant*, at 
iremdv low price.-, with cert.iin c> , ndiu> 'iis 
jt (ached. One government cadre paid In- 
employer |I1 .I>himijii for hi- apart me ill. but 
reckons its true value is perhaps seven lime* 
as much. If he chot»c> io sell the apart men ! 
in ihe short term, he must first offer u Kick 
io the work unit. Bui wiihin a few years he 
will acquire full property rights. 

Such deals sound almost too U"*k 1 to be 
true, and this vejr the Suie Economic Re- 
structuring Committee has issued new regu- 
lations governing the sale of work unit ac- 
commodation. These declare that in 
principle, such accommodation should he 
sold to tenant.- at the market pnee. Where 
the tenant-' income makes the market price 
prohibitive, a "standard" price will apply, 
calculaied according to the prospective pur- 
chaser's annual salary and the fund.*- invest- 
ed m the property by the work unil. Accord- 
ing to Liu Zhifeng. vice minister of the Stale 
Commission for Restructuring the Econom- 
ic Sysiem. the “standard" price will move. 
By 2003. if will have gradually risen to a 
point where the work unit can make j -mall 
profit from the transaction, he said. 

To hasten this happy outcome, housing 
reform officials are promoting "collective 
funding” between the work unit, ihe -(ate 
and the individual property buyer — a sys- 
tem first introduced in Shanghai in I^mo. 
Under collective funding, when a work unit 
property is sold, the factorv continues to 


“invest" in the apartment **> pay mg "ui=r. 
electricity and heating bill : the -uie's ” in - 
vestment" is represented h; ia\ deductions: 
and over the years, the inti '• idu ai’> "in' esi- 
meni.” in the form "f lout repayments, is 
expected to increase rropcrtronjieK. 

Such measures beg the question of wheih- 
cr it i» possible ro regulate China’s urban 
housing market, which increasingly resem- 
bles a jungle In particular China’s leaders 
are faced with a huge mas migration from 
rural area.- to the cities. 

For the resident.- of Zhejiang village in 
Beijing, about five miles of Tianan- 
men .Square, housing reform is an issue of 
necessity, not theory Zhejiang •- a province 
in southeast China, and lie "village” con- 
tains as many as jW.WA rural migrants 
from the region, who have :.rrived in Beijing 
during the last decade in ...-arch of work. A 
bust ling clothing produeiioi and retail com- 
munity has evolved. 

The municipal government has claimed 
the district for ihe city’s development pro- 
gram: in two to three years about a third of 
ihe villagers will be relocated to public hous- 
ing in the outer suburbs. » 

Li Xuegang. who sells -h ris in the clothes 
market, is one -of the few villagers w ho is not 
worried by the municipal government's 
plans. He and hi- wife, together with their 
daughter, pay 3<’0 yuan pet month for a 15- 
-quare- meter :■ v-m in a private house be- 
longing to a Beijing residert: electricity and 
water are extra. Mr. Lt. who arrived from 
Zhejiang four year? ago. confident thjl 
when ire hou.se i- knocked down, he car. 
find another room for hi; .uniiiv 


ume. 


Many other Beijing re* cents who renj 
mom- in iheir own h.*use-. »r secretly -ublet 
r.»m> in .ipanmeni; be'onging to thar 
uork-unir apjrjnjeni.*. fee! the same w.t.. 
With living space a: a prert mm. tlie.-e unol- 
ficiai landlord- ca:. make o much a- 4.ddf.i 
yuan per year. 

Such conflLting interest ■ between recent- 
ly il/cgal migrant-, city re; dent< seeking (■■ 
capita lire or their prope ly. a no a £.:-h- 
stjned municipal g-’* ermteni gr.*vdy for 
land, are a far cry fr.-ni th.* -trji‘Ih*f.'r.<.jrd 
problem- confronted ' and -ol*..*d» m Galar 
Hutona. 

Indeed, these rca'-lifc 5roblen> are -o 
complex that f«-ur month- ir-t- ■ l 0<i 4. ihi- 
year - - guidelines for the housing rilorm rr. - - 
grjRi h fc ve ye) lo be ).->uec 

"The government -b'-uii dv n-.*rc K*nci:- 
cial things i'c-r the people. " Li Pvtvg i- the 
cjvt of Gala Hut« ng with refermw ihe 
housing ensis. The cue.-ti-'n i- b.»w. 


RICH A RD TO\tU\XQ.\ i u 'irr-ra-: ■ 
mt: m Bcuing 




If you get in touch with Banco 
di NapoJi, you wil? find out 
chat it is not only a great bank, 
but above all a large service 
network with more than 800 
branches in Italy and in the 
world; also our extended ter- 
minals form a key part of the 


speed and efficiency in deal- 
ing with thousands of trans- 
actions, from wherever you 
are. In addition. Banco di 
Napoli has a sound structure 
with companies operating in 
every financial and service 
sector, a well-established in- 


stitution granting medium 
and long-term loans in sup- 
port of agriculture, industry, 
exports, building anc public 
works. Since 1539 we have 
had a single aim: being al- 
ways close to you, in Italy 
and throughout the w'orld. 



BANCOdiNAPOLl 


HONG KONG: One Exchange Square-33 FI. - 8 Connaught Place - Hong Kong Central 
SEOUL: Doosan Bldg. # II01-I0I-I. Ulchi Ro I - Ka. Chung Ku - Seoul 100-191 


BARCELONA . CAYMAN ISLANDS • FRANKFURT • HONG KONG . 
LONDON • MADRID • NEW YORK • PARIS • BRUSSELS • LOS ANGELES . 
MOSCOW • SEOUL* SUBSIDIARY IN LUXEMBURG BANCO DI NAPOLI INTERNATIONAL S A. 


-. 5 -: 





.... 






—1 






m 


i 






m 








.... 1 -r-. 




T T IS Mr. Li': Ijndk-rd. a l-.val p^rk- I 
k-r-.per. v\ h. ■ i - di.-m iyad a: i!re pro>- / 
H peci >*f lining the f.tnily home "Thi j 
-&L giui.*rrt:iicnr h;i: -aiJ tnac ;hcy vil! . 
offer hack the new h«'u-j him at a £ 0 ':*d f 
pnee." Mr. L» -ay*. "But m- landlord sure ■ 
thi- won' i b-j rni-ugh money to p^y him back ■ 
for the rent he's a..'ine to I >-e m tliv mean-/ 


W 




Vr'-L< c. 


An estimated JO to 60 million Chinese have flocked to the mi/or urban ureas in search of work. 


■Wftr 




Feasants in Search of Urban Prospert^ 


Bv Ted Plafker 


large floating 



El J ISC — /u<r off die fram after a 
Ions trip from his home in the Chi- 
nese country side. Ye Zhenfen. 27. is 
wondering whether he mode the right 

move. 

"I knew before I set out that there would be 
a lot •• f other people like me here, nui 1 see now 
that finding v ork might really be a problem. - ' 
say> the pea-ant from Anhui Province, one of 
China'* poorest. 

He hax the names of a few people from his 
o«n village who came to Beijing ia-t year and 
who he hopes, will be abie to help him get 
work and a p'.jce to :-;ay. But -landing with hi* 
meager belongings :n i'ar.-i out-ide the mam 
railroad nation. Mr. > ; has no idea how to go 
about finding them. Clearly, he •* ji: need si-me 
time ro adju-; to life in the big c.ty 

N'obi'dy k.iows jasi how mar.y peasants 

have, like Mr. Ye. cho-en to trade the known 
hardship? of rural livrr.g for the uneerain 


reaches the point where 
population does not find fork and does not 
have enough to eat their there will be big 
problems." 

So Tar the dries have 
influx, making good 
labor. With double-digit, 
an unprecedented buifdi 
jobs remain plentiful, 
are also willing to take 
faciuringjobs that urb. 
pealing. 


able to absorb the 
of the low-priced 
nonuc growth and 
boom, construction 
ly arrived peasants 
Iiation and manu- 
dwellers find unap- 


announced the successful coridiakar : 
operation to “clean up” of ‘OMtsidetS dhfcb^ii 1 ;^: 
the “three wiihoius” — those I’ 
documents!, residency penmts and 
employment During the mohriilcWg 
Lion, authorities rqxvtetfy sencsraK 23 


But the central gov; 
Tea^ that ii is 
to run businesses wit! 
larions or taxes. Thei 
transients are man: 


:di has expressed 
too easy for migrants 
iiany regard for regu- 
is also concern that 
to circumvent China's 


promise of a better future in the city. Official 
c? u ntaie? .-ay that 50 to bO rr.iliior rco?a"i> 


have left their hornet ? at- in -ear;n of greener 
pasture:, and That a! least ha!' of th.:>e have 
•euied in cities ail ove r China. 


Lo>l "-ear 

Beiii ns alone rs 

■-•.'-sc 

j: . 

mi. non 

roraf worker 

ne-jrl'. a i r.rc c ! 

■.hem 

; from 

neiohh.-nr.c 

Hebei Provide. 

The 

n-.i 

corns 

from further 

afield— Stehj^. 

Zhe 

..ns. 

-.nnui. 

Htrn^n and J 

lang.-u are al! \e : . 

. rer-r 

er-ent 

rC. 

S- ’me ji- 

■:Yioa: e-t:r.ate- 

eia-; 

r!i ! h 

a: me 

ruLKiry.i: jr ; 

nure ror China' • 

! i\:I 

-■J rt 

• •rub- 

iron could h-: j- hish a* l<> 

; mii 

?ion. 

B-. ai! 


strict family planninarapparatus, which seeks 
to limit couples to haring only one child. 

For their part, tha cities appear to be ap- 
proaching the saturation point, and there are 
rigns that the welcome mat in some places is 
about to be withdravn. Beijing residents are 
beginning to show frustration with ever-grow- 
ing numbers of outsiders who are straining the 
city's supply of water and electricity, and 
crowding locals out of public transport. Au- 
thorities claim ifaa! rural job seekers now ac- 
count for 70 percau of the ridership on Beij- 
ing’s subway sxstdn. 

There are also I frequent complaints of an 
increase in petty prime. Beijing police report 
that transients wfre involved in 44 percent of 


al! criminal casesreported Iasi year, compared 

•.lifh n*r.-»ni n 1900. 


with 12 percent rt 
' thh 


account?, the trend wntinue: i? grow 
cou:d soon core a inrej! r.-. ihe fji»rn * precar- 
ious .-.'niiaf -tabilitv. 


According to Liu Binyart. a Chme-e intellec- 
tual now living in exile in the L rited States, a 
large peasant migration ha?, throughoui Chi- 
nese history, been a sign of serious 7 rouble. 

"!n our country that hjs always been an 
indication of ihe end of a dynasty." Mr. Liu 
vjys. 

"This is not to say the current government is 
about to fall." he hastens to add. “bui if it 


"Of course thp steal.” says one disgruntled 
Beijing shopkeeper. 

“A lot of them live hand to mouth. If they 1 
find work in the daytime, they’re Fine, but if 
they don't ihevnave to steal something at night 
just to get by.'/he complains. 

Much fanhir south, just over the border 
from Hong Hong, is the city of Shenzhen 
which, as the /irst and most successful of Chi- 
nn's e.rpcrirmr/nl special economic zones, has 
attracted mot than its share of migrant work- 
ers. But withnransienis involved in 93 percent 
of crimes reported in Shenzhen last year, the 
city appeared have lost patience. 

In April.fehenzhen’s municipal authorities 


‘three without" people back to wbw dR^.'V 
xune from. 

But analysis contend (har : the ddfeence iB ? hp, 
living standards between, atv and cotmtmide^^ ‘ 
is so great that the migrant. labor tide 
easily be stemmed- Ewr ance the CcmmnmaS^i?. 
Patty - came to peywer in China in. 1949. a^c^.',.- 
residents have been tbeprivikged redpientS6L^f' . 
generous subsidies fbr noosing, food, • 

care and transportation. ..•rr'^.'v.' 

Rural dwdlers, meanwhile, have emoyedhf-iri * 
tie in the way of- subsidies. Instead, they have— 
had to shoulder heavy burdens in the forirLpf uc 
taxes and arbitrary fees often demanded ' 

corrupt local officials. , - vf/.' v 

• ASsi.: 1 

HINA’S headlong rush toward "ac - : 
more marketoriented economy h^ : 

cities, makingih^^ 

existing disparity in rural and urban living 
standards even greater. . ' ■ 'If. 

At the same" time, greater privatization of 
economic activity 'has meant that people no . 
longpr need to depend on government-admin- ' 
istered ttistribution of honamg and food. Lhri '\ 
der the old “household -lustration” system. 
instituted in 1958, commodities were available 1 
mainly through outlets controlled by tbe gov- . 
crnmenl Citizens eoaJd only receive their ra-" 
lions if they lived, with appropriate doenmen- ' 
tation, where the government. tphJ^ ^them to. . 

Although technically stiB in effect, tl*tr 
household registration system has bom made 
obsolete by the easy access to other distribu- 
tion channels. Reports in Chinese newspapers 
have hinted at plans to discourage migration to / . 
the largest cities by scrapping-tbe household - : 
registratioj) sysiem entirely and allowing peas- 
ants to move freely to any of China’s 323 
smaller, county level cities. . . ' 


TED PLAFKER is a writer based in Bearing. 


For Expatriate Rents, the Sky’s the limit 


Bv Shem Buchanan 


K UNMING. China — The sun is 
very hot and dry even though it s 
late afternoon in Kunming, a 
booming city and capital of Yun- 
nan. China's most southwestern province bor- 
dering Burma. Laos, and Vietnam. 

With a railroad track connecting it to Hanoi. 
Kunming was once the city thai supplied 
North Vietnam with arms during the Vietnam 
War and is still the main trading center for 
opium from the Golden Triangle. What has 
changed is that Kunming is now attracting 
foreign investors because of iis petrochemical, 
manufacturing, tobacco and agricultural in- 
dustries as well as year-round dry. sunny cli- 
mate. fertile land, gastronomic delights, and 
city officials who want to turn the place into 
China’s new Silicon Valley. 

Bui like in many other prospering Chinese 
cities, the only place business people can Jive is • 
in a hotel. Sixty engineers from Molins PLC; 
the company that supplied Yunnan Tobacco 
Co. with its machinery, for instance, have been 
holed up in the King World Hotel for the last 
two years. The four-star hotel does boas/ a 
rooftop rotating restaurant the larges! Vien- 
nese chandelier in Asia and a white gpnd 
piano worthy of Liberace in its lobby, but still. 
it is not quite home. 

"Kunming has 350 foreign joint ventures 
and the province us a whole had a 5 1.26 billion 
trading volume Iasi year bui no office or resi- 
dential accommodation exists to internal ion al 
standards for the growing numhers of execu- 
tives coming to the city right now,” says Ben 
Lee. a Hong Kong property developer whose 
FBC Construction Co. has just started build- 
ing the first large residential, office and shop- 
ping complex in the center of Kunming, com- 
plete with a fitness center and vid- 
eoconferencing facilities. 


apartment of 125 square meters ( 1,350 square 
feel) in tie Ponman Shangri La in Shanghai, 
which funises the American Club and the 
American Consulate, rents for 58.400 a month: 
a lOO-srjuare-meier two bedroom apartment 
rents ffr $6,300 a month. There is a “paid’’ 
list of 52 people, which means you have 


to puyone month down to get on the list. The 
fuxtuT Landmark Kempinski in Beijing has no 


expect that to last as he believes many UX T 
multinationals and investment, banks could 
then choose Shanghai over Smgapdrtra Hongr 
Kong to set up regional Asian headquarters, 
leading to supply shortages again. He gurases ■ 
there will be only between 30 and 40 new 
projects in Beijing. 

In addition, the Beijing central 
has just restricted the sale of land to 


Aiuxurv housing complex 
in Beijing has a waiting list 
of 200 people for a total of 
Ji61 apartments. 


developers in an effort to regulate 
e that is ‘ 


apartments available either and has a wailing 
list of 200 people for a total of 161 apartments. 
A rwo- bedroom there rents for between S6J64 
a month (for 88 square meters; and $8.0 10 (for 
1 1 1.25 square meters) a month. That translates 
into $72 a square meter a month, which is 
higher than the rental per square meter in one 
of Hong Kong's most prestigious block of flats. 
The Albany, where it is $60. 

With so little housing available and at such 
high prices, multinationals an: moving faster 
than they have in any other new markets to 
staff their operations' with Chinese nationals 
rather than with expatriates. 

“In the No. f position there is more and 
more tendency to look for Chinese, be they 
from Hong Kong, Singapore or the U.S. But at 
the deputy level, more and more Chinese na- 


move that is likely to further suf 
and rental prices of offices ano apartments;' 
U.S. corporations and investment banks are. 
known to be applying pressure on Beijing to 
ease the housing situation. •' / . 

For Chinese nationals, however, the housing 
situation can be very different. The kxal chief 
of a foreign investment bank in Shanghai only 
pavs $2 a month in rent For his apartment, 
which is subsidized by the government. V 


♦r 


lionals are moving in as they gain management 
~ “ UK 


S IMILAR scenes can be found in Chi- 
nese cities that are attracting increas- 
ing numbers of foreign investors and 
where housing has not kept up with 
demand. At the top of the list is Shanghai, 
which last year had 130 applications from 
multinationals to set up operations, including 
Sony Corp- and McDonald's Corp. 

Right now average rentals on the Green 
Valley Villas next to the Shanghai airport arc 
S4.00& to $5,000 a month. But some luxury 
rentals in Shanghai and Beijing can be even 
higher than Hong Kong’s. A three-bedroom 


maturity.” says Peter Tan. chairman of Korn 
Ferry International the head-hunting firm, in 
Hong Kong. 

In a few cities, there are new residential and 
office projects on the drawing board that will 
ease the drastic housing shortage next year. 


A LLIED Group, a large Hong Kong- - 
conglomerate, pays its five top. 
mainland Chinese manages; who 
work mainl y in the north of China,- 
between $800 and $1,000 a month. According, 
to a survey by the compensation consultants:' 
Wyatt Co. in" Hong Kotig, the average take- 
home pay for a senior Chinese manager work- 
ing for a wholly owned foreign subsidiary w»- - 
S 1.383 a month last year, or roughly one-tenth - *• 
of the cost of the base salary of a seniw 
expatriate manager. 

But this situation may not last, and multina* - 
tionals may soon find themselves having- to 
foot the bill to bouse their Chinese managers- - 
too. as the government eases- its ■ way oo t ottne 
benefits’ business such as housing, reoranenl 
payments and medical care — what the Chi- 
nese call the "iron rice bowl." 


The biggest development plans are forShang- 


hai, where parts of the city look like Dresden 
after the World War H bombing, as whole 
streets are demolished to make way for an 
estimated 600 new projects. Even so. many real 
estate brokers in Hong Kong expect luxury 
housing to remain expensive. 

"Rems will continue to rise at least in J994 
because the actual supply is limited. But start- 
ing io 1995-96. there wifi be a huge supply in 
Shanghai and rents should stabilize,” says Da- 
vid Cheung, a director of property consultants 
Vigers Hong Kong Ud. Mr. Cheung doesn’t 


“The cradle-to-grave notion has broken 
down and housing is a contentious issue. No 
foreign company knows what to do but thejf 
don’t want to get into the business of being * 
landlord," says Paula De Lisle., director, of 
compensation with Wyatt Co. 

Salaries for Chinese managers are also in- 
creasing. According to the WyattVsurvey twrt 
covered foreign companies in Shenzhen, Beg* 
ing, Guangzhou and Shanghai, salaries p^dfO 
iheir Chinese staff increased 23 Ji percent last 
year and pay is expected to go up 18.1 percent 
more litis year. 


SHERRY BUCHANAN is a writer. 
Hong Kong. 


m. 








Pag* 15 _ 


Pi 



c 



. % the Li* 


Gan you Sustain the engines 
of growth in China 
without accelerating an 
energy shortage? 


China bed 



Yes, you can. 


ns to release its vast industrial potential and ABB, as a world 
leader in ekctrical engineering, is already there, working with local partners to 
strengthen the infrastructure and update industrial processes. The Shidongkou 
power plant in Shanghai uses ABB’s advanced super-heated steam technology 
to conserve 90,000 tons of coal each year. Iwo new ABB gas-fired power plants 
going un in Guangdong province will be the highest-rated combined cycle 
facilities In China. ABB provides the systems technology and equipment which 
distributr electricity more effidendy, too, and make Chinese industry more 
productive. Control systems, electrical equipment and drives for new aluminum and steel cold rolling mills in Fujian 
and Sichuan. Process control systems for modem sewage treatment plants in Shanghai. Forty ABB mine hoists 
already operating will soon be joined by othtrs in Anhui and Heilongjiang provinces and an ABB Master control 
system to operate an open cut mine in Inri-r Mongolia- On Chinese railways, travelers enjoy the comfort and 
convenience of ABB's International Coach, a simple, flexible railway car designed for low-cost local assembly, 
while in the south-east region, ABB is in staling a complete train protection system to automatically control speed 
on 300 km of track. In China and throughout the world, ABB is creating flexible, efficient local solutions to help 

technological challenges. Like bringing the world's largest market up 


clients respond more quickly and precisely t« 
to speed without draining its energy resouro s. 

ABB is an official sponsor of the 1 


£>94 China Summit meeting in Beijing May 11-13 1994. 


ABB offices in Hong Kong and China: Beijing, Chongqirn 
Wuhan, Xiamen. ABB offices in Asia Pacific: Sydney, Au; 
Japan; Seoul, Korea; Kuala Lumpur, Malaysia; Kattimand j 
Singapore, Singapore; Colombo, Sri Lanka: Taipei. Taiws i 


Fuzhou, Guangzhou, Qingdao, Shanghai, Shenyang, 
Au&ralia; New Delhi, India; Jakarta. Indonesia; Kobe, 

. Nepal; Auckland, New Zealand; Manila, Philippines; 
; Hanoi, Vietnam. 


mill 

M»ll 


) 

<. _ 


J* 


i ~ re 
\ 

at 

9 a 

i >e 
1 to 

- -y 

1C 

«s 
■s. 
id « 
•re «» 
X 

•y l e 

ig * 

d ‘y 

y a 
□ 

0 

y :d 

t le 

L 

■ie 

it II 

5 : 

6 I 

g U 

5 IS 

: n 

- o 

] I 

* ;d 

- t, 

1 $ 




'*age 16 


Page 18 ' 



nan B H nmimmi —«-**»**f- » 

China /A Special Report 


_ ec 

* A Tif 

= fd 


ADC IHVEStME 1 
MamnnO-BoWtJin 
oiABC Futures F 
m ABC Islamic 
m ABC Global Re 
ABN AMRO BAH: 
» Columoia 5ecu. 
»» Tram Europe 


§4ir Safety: 



St UK -i 


w Trans Europe _ 

■eAtrento 

AIGFUHOMAM 
rf AIG Amer.Ea. 
wAIG Balanced - 


By John Kotaut 


ti? | N 1 


a AIG Enters M. 
WAIG Eurecu F- 
iv AIG EuraSmo 
w AIG Europe F’ 
w AIG Jason Fur 
c t AlG Japan Sir 
w AIG Laiin An* 


>s 


ne* 

Re 


Lt 

!.6 

an* 

vci 


Sw 

20 

5.< 


SI 


ne 

fr 

“F 

ce 

cd 


EUING — In January of last year. 
Jiang Zhuping, the aviation commis- 
sioner, read China's accident-prone 
airlines ibe rioL acL ‘'The whole situ- 
St!l»S*ion has reached a critical juncture." said Mr. 



a uBZEun^jB ^ ian ®’ ^ orTTier head of ihe Civil Aviation Ad- 


d ubz Lkwidih ministration of China, after five crashes 
2 ^tfS&aimed 380 lives in 1992 - one-fifth of the 


alfredb'er? world’s airline falalities that year. “If we crash 
d Auras bwo none more aircraft, CAAC will have no credibil- 
dF?ES^ity He ordered the country’s unruly airlines 
2 to make 1993 the "year of safety." 

a i!SSwianc5r I* did not work. Since then, five more crasb- 
d Norm Airwrii « have claimed 76 lives, and because of lax 
d swimfiomL hijackers have had a field day. forcing 

opom^vhE 1 1 airliners since April last year to fly them to 
m am Taiwan — a major embarrassment for Chinas 
m Alpha Futun communist rulers and a propaganda windfall 
SawSgm^ for the rival Chinese Nationalists who control 
SilrtS K that island state. 

^ Alpha uaiin Flying in China has become so dangerous, 
m Aipln SAM. the U.S. based International Airline Passenger 
SwSSa# Association recently said, that one might be 


SaKS safer on the streets of Sarajevo than on a 


m such- Awia Chinese plane. China has one fatal accident 
•rHewjSe per 100.000 domestic flights, compared with a 


m Htomispterc avera g e 0 f one per 1.5 million flights. 


mUotlnuesiv _ - 

SpwSTrwsm Now, however. Lhere are signs that the gov- 
mRirOTw im emment and airlines are starting to take action 
EtSteinm seriously. 

t R <Snii aow “f think they're going to get their act togeth- 
w Aimi Asiai cr,” said Frederick Lee. the Beijing represenu- 
BAtiTii woe' live of the U.S Federal Aviation Administra- 
T’iSwpmo tion. which set up an office here this year to 
r IIwTSn o help the Chinese reach international aviation 

I ntermarf.ei Standards. 



0 BBLILI 
BAHQUE I 
Shore Dish 

w Inl'l Ecu 

iv Inn Bon 
m Dollar Z' 
trSierlim 
w Sterling 
ir Asia Pt> 
BANQUE 
ir The Dm 
mJaaanC 

m Japan £ 
mtVOi Fl 
m Dual Fi 
mMaxImc 
mMarlmi 
iD/Mtolrm 
mMaxlRu 
mindmuf 
rnlnflnui 

IV i pna - 

d ISA As> 
d ISA Ja 
a ISA Pa 
d ISA As 
d inaosu 
w Snangt 
w Hlmalt 
nrManilc 

iVWDC' 

m Slam r 
a Indasu 
d Orient 
d Nartn 
a Singas 
d Pacirt' 

a Tasirw 
d Jranr 
w Mono- 
rt Gann 
nr Indus' 
iv Inass' 
ft Mcr*i 
e Ma»i 
» Ma«i 
a Indus 
BANQU 
w l rite It 
w Intel! 
tv Swiss 
HANOI 
| 4 in 2 
wPiew 
Pine 
wPlelt 
vPiel- 
w Pie-' 

« Pleu 
w Piei. 
wPlei. 

wPIfr 

■vPiei 
» Piei 
* Pie. 
EA 3 C 
hang ■ 
e Chi- 
d Hor 
e Ir.a 
a -las 
d FBI 
ti Ma 
fl Ph! 
fl Sin 
d Ttv 
O So. 

EAR. 

ISIS 

IFSC 

kHi 

wW' 

BAR 
(HOI 
w Ai 
m JC 
W JC 
iv Jr 
wM 
w te 
wO 
»P 
nr Ir 
»E 
wH 
irT 
wG 
iv L 
wC 
»C 

Hi 


BD 

»! 

urt 

Hi 


Up to now, to be a frequent flier in China 
was to collect a portfolio of travel horror sto- 
ries. 

It is not just the simple, sometimes surreal 
annoyances — such as watching flight atten- 
dants' dine on first-class dinners after serving 


the front cabin economy-class box lunches. 

Gross breaches of basic security are com- 
mon. ranging from seats without belts, to 
planes taking off while passengers are still 
trying to find iheir places, to pilots being 
forced to fly as many as double the maximum 
hours permitted by law. One domestic airline 
based in the southern, anyihing-goes island 
province of Hainan even allowed unlicensed 
personnel to fly its planes. 

The source of all this mayhem is an unprece- 
dented boom in China's airline industry, re- 
sulting from rising affluence and double-digit 
economic growth. In the rush to make profits, 
safely and service have been sacrificed and 
officials constantly lambaste the country's in- 
creasingly autonomous airlines for being too 
greedy. 

*‘!*m worried about the industry' growing too 
quickly.** said Xu Muzhj. managing director of 

the Shanghai-based China Eastern Airlines, 
one of the biggest of China's 39 camera. 

Last year, airline passenger and cargo vol- 
ume in Chiaa grew by nearly 20 percent afier 
3’ percent growth rate in 1992. and 28 percent 
in 1991. 

Airline', in other countries would be only too 
pleased to see such demand, but in China, the 
pressure is dearly beyond the airlines’ ability 
to cope. For instance, the demand has lurried a 
surfeit of pilots into a shortage. Some regional 
airlines have lumeJ io ihe Russians for "wet 
leases.” that is taking on Russian piiob and 
flight attendants along with tlie aircraft. 

Even so. there are not enough pilot?. To 
make up for the shortage. Chinese pilots have 
been fiving as many as 200 hours or more a 
month. ’even though national regulation.; set a 
ceiling of 100 hours to prevent pilots from 
becoming overly fatigued and thus more prone 
to make mistakes, according to Mr. Xu. 

The cap lam of a flight that crashed in Nanj- 
ing in August 19^2. killing 104 people, had 
been flying more than 15U hours a month. "He 
was one of the best pilots, but he made a 


mistake because, we ihin i. he was too tired.” 
said Mr. Xu. 

This year China's government is putting S30 
million into safety facilities, including defen- 
sive stockades around airports and security 
inspection and fire prevention equipment. 

Flight crews are reportedly being given ami- 
hijacking training while Jie authorities work 
out a new strategy to dea with the threat. 


Several airports now have designated lines 
ducks i 


for security checks of pasxngers flying south- 
bound routes such as to 3uangdoug and Fu- 
jian provinces, the most vulnerable to hijack- 
ing attempts. Ground staf have been ordered 
to check all hand baggage compared with only 
a 20 percent rale of checLs before. While it is 
diffioilt to ascertain whither all airports are 
complying, travelers note hat security staff are 
regularly asking passengers to hand over 
knives and other instruments that might be 
used as weapons during Lie flight. 


HE pilot shortage is likely to contin- 
ue for some tine, as it takes four 
a years to tram a pilot in China. Bul 
daL ihe country 's only full-fledged avia- 
tion school, located in the southwestern prov- 
ince of Sichuan, is exparding its facilities in 
order to double its enrollment from the current 
500 within a few rears. 



.D^#i , a^iia'i«*ii ■ 

One of China Northwest's Airbus A310s; last year, China's air, passenger and cargo voharie grew b$r2Qj>^cej$;- 


Meanwhile, special inspection groups have 
been granted the authority to downgrade or 
suspend unqualified pilot;. 

China is also planning u install half a dozen 
simulators this year. Up tc now. it has had only 
a few simulators and has put what one analyst 
called excessive reliance on flying planes, 
which means that pilots d-' not get much prac- 
tice in hand! ins emergencies. 


More pilots are being str.i abroad for train- 
ing. China Southern, whici is seeking an over- 
seas stock market lisung. tas acquired a stake 
in a pilot school in wesien Australia, where it 


hopes to train 100 pilots each year. This year 
Northwest Airlines of the United States began 
giving Chinese pilots working for five Chinese 
carriers certification courses to fly all types of 
aircraft. 

Up until recently, the military has controlled 
all of China's air space, relegating civili an 
aircraft to narrow bands between dries. “It’s 
like sending planes through a very narrow- 
tube. When the weather is bad, you're stuck.” 
said an analyst. 

This year, however, the military gave CAAC 
control of air spare on routes between Shenz- 
hen bordering Hong Kong. Guangzhou and 
Beijing. .Air! Lie officials hope the nuliiaiy will 


eventually pass over other air space to Chilian 
control, which wifl not only widen flight bands 
a a higher frequency of 


But 


but should also mean 


take-offs (presently, flights are allowed to take 
10 minutes, a much lower density 


off every : - — , - 

than in Western countries) and cut some of the 
red tape in launching new routes. 

In terms of service, China’s airlines are gen- 
erally rated near the bottom in- international 
travel surveys. About a fifth of all domestic, 
flights are delayed. Passengers -are sometimes 
stranded in airports overnight without even 
d rinkin g water. The airlines frequently negle ct 
to give dear reasons for the delays, or simply 
lie about the causes. 


bade. Last January. 1 #! passgagftyog Hfl l iBa ri 
Northwest flight jrom 

launched a kwsuri agalnst the'nirfise after the 
flight was canceflcd because ihe pitot wftstoo 1 '. 
. — fdHBftwleaaa 


died.' The, passengers <1 eu«mu W : flPtdWW c yi ’ 
compensation fOTaiK>ti<Hial«ttessssMinBffm<r 
cost of the tk±et Whafs tnmeji -an Jirffiraal- 

lawful ri^tts. ' 


±-l-: Vv,- 


JOHNKOHUTis. 

South China Morning Post. 


In Southwest CMua, Glim© 



By Richard To mlins on 



1 JIANG. China — In Lijiang s main 
market, Yang Wei Sheng. a poeL is 
on the prowl for Westerners with 
whom to practice his English. 

Now in his seventies. Mr. Yang says he 
learned the language from Joseph Rock, the 
Austro- American botanist and explorer who 
lived in Lhe town from 1922 to 1949. Mr. Yang 
explains that, in return, he Laught Mr. Rock to 
speak the local Naxhi tongue — an honor 
shared, it seems, with several other senior citi- 
zens in the Lijiang area who also claim to have 
enjoyed Mr. Rock's friendship. 

The Naxhi national minority to which Mr. 
Yang belongs numbers about 275.000 people, 
who regard rite town of Lijiang as their capitai. 
They Lie in the northwest comer of Yunnan 
Province, not far from China's border with 
Burma. Mr. Yang was one of many Naxhi w ho 
suffered during the Cultural Revoluuon in the 
1960s, when Red Guards traveled through the 
mountains from the state capital of Kunming. 
600 kilometers f 370 miles I to the south, deter- 
mined “to hold aloft the great banner of Mao 


Zedong's thouaht'' — which in Lijiang meant 
seeking to obliterate the local Naxhi culture. 

A large statue of Mao still stands on the 
main road through Lijiang, but today his out- 
stretched arm points passersby toward Peter's 
Cafe, where decadent gastronomic influences 
are rampant. "Peter'' (or rather, his hard-work- 
ing wife) serves an all-day breakfast of cereal, 
yogurt and scrambled eggs, as well as perhaps 
the best apple pie in southwest China. 

Af ter decades of relative isolation. Lijiang is 
gearing up for a Western tourist invasion. At 
the moment. Lijiang can only be reached by 
road, and the journey by bus takes two days, 
with an overnight stop in Dali. In Ociober._ihe 
town's rice director of the Key Projects Office. 
Xie Huanyu. stales confidently, the new air- 
port will be opened, proriding direct flights 
from Kunming for the first time since the 
‘7'js.The old airfield, which served as a base 
during World War 11 for General Claire Chen- 
nault's Flyms Tigers, was closed after even the 
Chinese aviation authorities balked at the 
number of planes crashing on the dangerous 
approach through the mountains. 

Today, the rugged mountains and the distinc- 


tive Naxhi culture are Lijiuig's principal attrac- 
tions. A few miles north «f the io»n looms the 
highest peak in the ran 21 . Jade Dragon Snow 
Mountain. Opinion differs about whether its 
5.59o-metcr ( 18.500-fau) summit has ever been 
reached. The Chinese claim that a “research 
team" from Beijing got t« the top in 1963. The 
Naxhi scorn this »uggesii»n. taking pride in the 
fact that their mountain his defeated the .Ameri- 
cans. the Japanese, and most recently, an expe- 
dition by the People's Liberation Army. 


Joseph Rock was not tie only foreigner to be’ 
drawn to these mountains. O'er the decades. 
Lijiang has played host to a steady flow of 
overseas visitors. Peter Coullan. a White Rus- 
sian emigre who worked in Lijiang during the 
1940s as a trade envoy, vrote 2 memoir of his 
life among the Naxhi that he called "The 
Forgotten Kingdom.” The writer Bruce 
Chatwin passed through Lijiang and the sur- 
rounding villages in the vimer of 1 986 when he 
met Dr. Ho.’ another Lijiang native who 
learned English from Mr. Rock. 


in old Lijiang. which despite occasional fires — 
•he most recent in 1992 — remains the most 
complete traditional wooden town center in 
China. Along the cobbled streets and narrow 
canals. Mr. Rock would take his morning stroll; 
and in hot pursuit, so Mr. Yang recalls, woald- 
follow crowds of taunting schoolchildren, shout- 
ing “Lefce.’ Like'.' - (the Naxhi word for “rods"). 
Mr. Rock appears to have had little interest in 
assimilating the Naxhi customs he had come to 
study. At home, he ate off a gold dinner service. 
On his trips through the mountains, his Naxhi 
porters -ere required to cam a canvas bath 
purchased from Abercrombie & Fitch. 




> ' 


' • H ' 

*“ 


*^w*v.rjSrV‘ 

w. 


^ yj ww v n:v . 

. 


~ ’ *- -• • ' ’ -- 
k4 ' 



But it is Mr. Rock himself, the object of Mr. 
Cha (win's inquiry’, who eft the most indelible 
impression on local peofle. He made his home 



FTER 25 years. Mr. Rock at last felt 
able to deliver the fruit of his re- 
search to the Harvard University 
Press: “The Ancient Naxhi King- 
dom of South-w est China.” a two-volume work 
that is both massively authoritative and virtu- 
ally unreadable. Mr. koct's failings as a writer 
perhaps explain why misconceptions about 
Naxhi society persist! The Naxhi. an officially 
approved Chinese travelogue, states, “have 
been known throughout tire world because of 
their unique marriarchai system.' 

Older Naxhi women, conspicuous in their 
traditional blue blouses, peaked caps and capes, 
certainly play a prominent role in the local 
economy. 1 o put it another way. they seem to do 
most of ’the hard work. On a hot afternoon ia the 
village of B tii-ha. a few miles north of Liitarig. 



; • - v ' 

v - - 


n&Sr/M 


; : .*v r "' : , 

r—y v 

■'•.-.-y. -,T. " 

^ •. - _:v •• ••-. . 


-■ . ■ • 

. V 



" M Tmq/Bai-O" 


the men were playing moh-jongg in the shade of 
the local sempie." Out ir. the field* 


Snow Dragon Jade Mountain, the 18,300-foot peak just north of Ujiang. 


(emp*e. Out s. Hie fields, the women 
were tending to the w heat crop. It is the women, 
too. who corn the fra: ar.c vegetables to Lijiang 
markeu using huge wicker baskets strapped to 
their backs. As “matriarchs.” they endure a 
surprising amount of servitude. 

\v"hile the women toil, seme older men are 
anxious about the survival of Naxhi culture. In 
the old town. Xuan Ke and hi; band of Lijiang 
gentlemen (leavened, it has ro be said, by a few* 
girls from the local music college) regularly 
perform a recital of traditional Naxhi music. 
Mr. Xuan assures his audience of Japanese and 
Western tourists that this is the last vestige of 
traditional Taoist temple music. The instru- 
ments — a combination of gongs, bells. lutes 
and drums — are suitably ancient, and for an 
hour the players bang, pluck and chime their 
way through “Song of die Water Dragon,” 
“The Clean Stream and the Old Man.” and 
other classics of the Naxhi repertoire. 


A mile away in the Black Dragon Pool Park 
lies another bastion of Naxhi culture, the 
Dongba Research Institute, opened 10 years 
ago when Beijing adopted a more accommo- 
dating policy toward minorities. Dongba Fe- 
tishism. once the Naxhi village religion, is now 
practiced by. only a few old people in the 
mountains around Lijiang. The scriptures were 
written in complex pictograms, and at the 
institute three elderly scholars, also known as 
dongbas, devote their last years to translating 
more than 900 volumes into Chinese. Time is 
short: the dongbas will soon join their ances- 
tral spirits in the dongba afterworld, and no 
money exists to train a new generation of sages. 

In any case, it is not clear whether the next 
generation of Naxhis regard the effort as a 
priority. These days, few of the younger Naxhi 
women bother to wear the traditional blue 
costume. A 24-year old government cadre ex- 


plains that “U's too heavy. I wouldn't wear it 
even for my wedding.” ^ v. 

Yet- there persists an acute seme of bong 

different fro rathe Han Chinese, who live in the 
new half of Lgiang, and whose parents and 
■grandparents, in general,: brought only death 
and taxes to the Naxhi people. v 

Now, for the first ttme in living memory, the 
Naxhi have friends in high places. The gover- 
nor of Yunnan Province, fie Zhiqiang, is a 
Naxhi from Ujiang. But .other memories die 
hard. At the temple in Baisha, the dongba wall 
frescoes bear the scars of" the- day the Red 
Guards came to the village. In A fit of revolu- 
tionary ardor, the guards gouged out die eyes 
of the dongba figures, and defaced the pann- 
ings with frenzied scratch marki The charm of 
the ancient kingdom Joseph- Rock explored is • 
stiD palpable; so too is the tenor visited an ^the 
Naxm by the communists ^generation ago. 


The Push to Attract (Wealthier) Tourists 


By Conrad de Aenfle 


We have a big link with China. 


Dalian is also the name of a big industrial port in north-cast China where the WE PEC Chinese consortium, 
in partnership with TOTAL, is building one of the most modem refineries in the Far-East - with a capacity of more 
than 100.000 barrels a day. TOTAL is an international oil and gas company, present in over SO countries. 

Our activities cover all sectors of tile oil and gas industry, from exploration, production and trading to refining 
and marketing of petroleum products and LPG. TOTAL ic also involved in the specially chemicals industry 
(rubber transformation, resins, inks and paints). The Dalian project is only one of TOTAL'S 
international partnerships, demonstrating our commitment 10 the development of energy 
projects worldwide. TOTAL China. Beizhan Binguan. West Wing. 100044 Beijing. 

Tel: (86) IS 3147 01. Fax: (86) 18 31 55 87. TOTAL BY NAME. TOTAL BY NATURE. 


S TRAVEL 10 and around China 
continues to rise at a strong pace, 
tourist facilities are being added 

and improved 10 handle ihe flow, 
and to try to draw a wealthier class of foreign 
visitors. 



China last year welcomed a record number of 
foreigners. 41 j million, an increase of 8.9 per- 
cent from 1932. according to the slate Tourism 
Ministry. Revenues from tourism went up ai a 
faster clip, rising 18.3 percent to $4.7 billion. 

One problem authorities face is that despite 
the relatively greater expenditure, ihe absolute 
amount that ihe average tourist parts with is 
quite small, noi much more than SI 10. That 
reflects the overwhelming number of guests 
making short trips from the neighboring lo- 
cales of Hong Kong. Macao and Taiwan, that 
are included in the traffic statistics. 

Harsh Varma. an Asia specialist for the 
World Tourism Organization in Madrid, esti- 
mates that no more than 15 percent of travelers 
to China are “genuine tourists" from abroad. 
And many of those, he said, are from the 
former Soviet stales and Mongolia — not big 
spenders. These make up two of China’s five 
biggest foreign tourist markets: ihe others are 
Japan, the United States and Singapore. 

To lure more and richer foreign tourists, a 
number of ventures have been launched to add 
hotels and other facilities. 


said. “We think China will be in a position (0 
diversify tourism in the next five years. There 
lias been a very strong element of over-reliance 
on traditional products, but they are realizing 
that it will reach the saturation point." Among 
the projects onder way are ski resorts in the 
north and beach resorts in the south, he said. 

The China National Tourist Office is trying 
to introduce foreigners to more of China 
through annual travel themes: mountains and 
rivers in 1993, cultural and historical artifacts 
this year, customs and folklore next year and 
leisure activities in 1996. 

The effort seems to be working: “First-tim- 
ers will go to the major cities, but there are a lot 
of repeat travelers who go to the new tier two 
destinations,” said Simpson Choi, who handles 
international business development for Ameri- 
can Express Co. and served as its general 
manager for China. 


“China is attracting heavy investment in 
tourism-related projects." Mr. Varma said. 
“You’ll find most of the international hotel 
chains making heavy investments. They aim to 
double their capacity by 2000.” 

An affiliate of the French hotelier Accor SA, 
for example, signed an agreement in January 


agreetnen 

with the State Planning Commission to open 


ig cor 

50 hotels in the next three years, mainly by 


fixing up existing ones. The company plans to 
t>S200 1 


set up a fund of $ 1 50 million to $200 million to 
finance the work. Once the holds are ready to 
open, Accor will manage them. 

One of the government’s goals is to spread 
tourism away from Beijing and Shanghai 
which remain the two biggest destinations. 

“There are a number of infrastructure devel- 
opment projects coming up as China takes an 
interest in opening up other areas," Mr. Varma 


T HESE include Dunhuant, a city on 
the old Silk Road to Europe:' the 
Hunan province city of K unming : 
Hainan Island, promoted as the 
“Hawaii of the East," and the Yangtze River, 
where cruises have become popular. 

These spots are being visited by ever more 
Chinese citizens as well, who are taking advan- 
tage of the country's new-found prosperity. 

“As the national economy has been booming, 
so has the number of tourists around Lhe coun- 
try said Xu Jing, who follows Chinese internal 
travel for the WTO. Domestic travel “is on an 
up trend and has been growing rather rapidly." 

“Maybe in the recent past, the government 
didn't pay enough attention to this sector,” Mr. 
Xu added. “The national tourism administra- 
tion was working more toward international 
tourism, but I t hink this is more beneficial for 

regional development, in the sense of diversifi- 
cation of economic development and the 
spreading of benefits toward areas that 
wouldn’t otherwise benefit from tourism.” 

He said that in the past the facilities used bv 
Chinese travelers tended to be basic, at best. 
Now, however, they are staying in better hotels 
— “three-star-type places"’ — and indeed the 
difference between the sorts of hotels that locals 
and foreigners stay in has shrank considerably. 

Domestic travel may be a boon to local 
economies, but attracting foreign visitors, and 
the hard currency they bring with them, re- 


mains the pri n cipal goal of tpzzrum officials* 
Mr. Varma said be expected growth in true 
foreign tourism to China to rise fay 10 percent . 
to 12 percent a year between 1995 and 2000. If 
such a heahhy 'rale is- achieved, it will be in ■ 
spite of a n umb er of wefi-pobhctzed recent 
mishap s that have raised ."questions about the 
safety of Chinese transportation. ■■ 

The Taiwanese government suspended tours 
to C hina after an arson fire on a pleasure boat 
on a Chinese lake (bar killed 24 . Taiwanese 
tourists in March. Theban was lifted about a 
week ago. More than 1 5 million Taiwanese' 
spent close to S600miBian in China in 4993. 

After suffering the wont year in Chinese pivfl 
aviation history in 1 99Zj when five plane crashes'; 
killed more than 380 people, last year was dc- ' 
dared the “year tit safety”; tor the country’s 
airlines. It did not live up toils billing .- however, 
as three crashes took 73 lives. There were nine 

hijackings as vreB. * 

Mr. Xu noted ihat theiapid growth in air 
service — the passenger load grew by 2fl perc ent 
last year — had prompted China to decentralize 
airline operations. A ukdy result, he said, is that 
“the quality of service and safety will improve.” 

Mr. Varma said he expected the effect of the 


happen, dry make headlines for one or two 
weeks and fade away very fast These factors 
will not have a long-term effect." 


W HAT may have a more tins 
influence is the tussk wit 
West over human rights. “Tins 
factor is more political in nature 
and has a more lasting effect," be said. “YouTl 
findalotirfpet^^rtliorwireu^^ visir 
China, including lour grottos, are not visiting. 
ThevVe savme. ‘No. we’ll wait until if tm- 


TheyTe saying. ‘No, 
proves.’" 

The wait may not last tong- 

“Americans have a very short memory, ' 
Choi of American Express said. Referring, to 
the massacre of pro-democracy demonstrators 
near Tiananmen Square, be said that “in 1989 
a lot of people refrained from going to C h ina, 
but after nine months or a year they started to 
take touts again.” 


CONRAD BE AENULE Is a writer in' Paris 
who specializes in economic and financial topics. 


vie*** 
n»a. 
giriii 
sense* 
pttsfrg 
cl ouy 
in? . 

af on 

Trad 

havrf'i 
scree* 1 

newer* 
autiu-ni 
h'asaf 

Hj?P 

Qojnn- 
but a* < 
costs io 
«L the. 
ntedi* 
financial 
fjctioc r 
ins rc'-" 
la Apr 
user ef C 

jdVfrtJill 
advert!® 
crease < 

jar and 

jiiin tatf 
(Op ercen 
sen for c 
sttchnui 
for advert 
To era' 

noai ha's 

Am ah.™ * 

fes *■' 

viewers oi 
Jje) rS 
zndrtnsur 
edhad-.s 
Ini tec. - 

jer where 
ibe projra; 
poti'.o© co. 
*si in fro 
VuiKtj: s-: 
taws. ■•fr-A 
cu store 1 
t Ci!< CJi j -•’ J 
i jtoGEV ' 

CE .IT.pi'i d 

esiejew 
Gtott 1.- 
'jui.’MJITi i 
siii :Jte-w.' 
a km fr.er 
aiwtcer* 





\ 






9 






•VC. I 



VS 


r? 


Tour* 5 * 6 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 1994 



Page 17^ 


China! A Special Report 


Propaganda Loses 
To Conunercialisn 

AsTVCo] 




B 


EIJING — ■ a young 
w oman smiles coyly, 
losing beneath the 
Of a tree in 


___T m * "" UA) A 

sense of humor — are not as sur- 
prising as the faa dfct such a friv- 
olous program as the matchmak- 
ing ‘Taught Wc Meet” appears at 
all on Chinese television. 

Traditionally, news of bumper 
harvests and rcvolutionaiy operas 
have filled the nation’s television’s 
screens. Never mind whether 
viewers liked to watch or not, the 
authorities saw television primari- 
ly as a propaganda looL 
■Happy peasants and odes to 
Chairman Mao still play a part, 
but as China's economy has be- 
come increasingly market-orient- 
ed, the government has told the 
media to be more self-sufficient 
financially. Now audience satis- 
faction matters because advertis- 
ing revenue matters. 

In April, Tan Xisong, the man- 
ager of China Central Television’s 
advertising department, said that 
advertising nationwide had in- 
creased 94 percent in 1993 over 
1992 and that in 1994 it would 
again increase by between 50 and 
60 percent. There are 13 television 
sets for every hundred Chinese, 
which makes it an excellent vehicle 
for advertising. 

_ To draw audiences, radio sta- 
tions have started to broadcast live 
(hat shows; tabloids have taken to 
digging for gossip, and television 
vKntn -can at long last choose a 
diet of soap operas, matchmaking 
and consumer programs punctuat- 
ed by advertising breaks. 

Indeed, sometimes it is hard to 
seewhere flicadvertising ends and 
the p r og rammi ng begins. Couch 
potatoes can relax two evening a 
week in front of “TV Shopping.” 
Without ever having to leave their 
homes, viewers are taken on a tour 
.of a store The camera lingers lov- 
ingly on a sweater or a TV set as a 
shop ernpJoyre recitcsa sales spiel 
If the viewer is tempted, he or she 
can simply dial the number shown 
on the screen, and the item will be 
defivexed to die door. 

Although television stations are 
still state-controlled, they buy 

some ttf their pr og ramming fawn 

independent and seam-judepes- 


les of Age 

dent producers. That immu a tele- 
vision station can boy a series for 
tens of thousands of yuan and turn 
into a profit of hundreds of 
thousands of yuan by selling ad- 
vertising. 

blossom, md tcDs' mfluir 5 ?"* uied -“ 

vwwoswhatsbeis looking form a “«»rporanng 

“tan. Her nquiremo^for Mr d S 

Right ^thathe is kind and has a P ro 6 rams ‘ This practice, however, 

- ^ ^ ^ 3 * not popular with audiences. 

Viewers have complained particu- 
larly about the drama series “Cap- 
itol Jottings" — the set of which is 
liberally dotted with billboards. 
Producers have defended thero- 
selves by saying that they do not 
receive subsidies from the state, 
and that the ale of a series to a 
television station alone does not 
cover the cost of production. 

Even if producers complain that 
they are not being paid enough, 
TV stations are in fact paying 
more than ever before for good 
programs. That is partly because 
there are so many bad programs 
around. According to Chin a Cen- 
tral Television statistics, about a 
third of aD the television dramas 
made cannot be broadcast because 
they are of such pom* quality. 
Viewers say that even some of 
those that are broadcast would 
have been better left on the cutting 
room floor. 

In 1992, however, China Cen- 
tral Television spent the unprece- 
dented Stmt Of 3.5 milHn n y uan 
(more than $400,000) to buy “I 
Love Von, Definitely,” a soap op- 
era about a love triangle, written 
by the popular yoong novelist and 
scriptwriter Wang Shuo. Mr. 
Wang has perhaps done more to 
revitalize Chinese TV drama than 
any other person. He has now set- 
up a production company called 
“Sweet Dreams” with a fellow 
scriptwriter, Feng Xiaoguang. Mr. 
Wang’s formula for a winning se- 
ries is that “it should not be too 
long —just 10 or 20 episodes. It 
must be funny, it must seize the 
attention, and scripts must not be 
written by committee." 

Another series now in produc- 
tion, called “ Shang hai people in 
Tokyo,” about the struggles of 
Chinese students tiring in Japan, 
win cost $1.2 million to make, be- 
cause It will be filmed largely in 
Tokyo. Such a large investment 
can be justified became stories 
about the interaction of Chinese 
and foreigners are, without fail 
hugely successful A 40-pait series, 
“Foreigners in China,” is due to be 
shown later this year as is the 20- 



A Crackdown on Filmmakers r 

In Surprise Move , Ministry Issues Blacklist 


at 


By Frommala HaQigan 


A takeoff on the U.S. game show “Wheel of Fortune ” on Shanghai television. 


part “Foreign Girls in Beijing." 
which was produced by an adver- 
tising company. 

Dae of the biggest hits of last 
year was the drama series “Beijing 
People in New York." It had all 
the right ingredients — love, 
crime, death, handsome actors 
and good-looking skyscrapers — 
as well as a look at the outside 
world that for most people re- 
mains a dream. 

Even today, however, the gov- 
ernment has a far from hands-off 
attitude to television entertain- 
ment Hard-line Maoists hate the 
fact that Wang Shuo's novels are 
serialized on television. They re- 
gard him as a “hooligan” and ac- 
cuse him of writing “about riffraff 
for riffraff.” In the words of the 
official China Daily, his charac- 
ters “cheat, swindle, drink and 
smoke heavily, eat and gamble 
with abandon.” These are not tra- 
ditional socialist heroes. 

“Beijing People in New York" 
got it just right by impressing the 
authorities with its political cor- 
rectness. Its producers held a con- 
ference with the Ministry of Cul- 
ture last October to discuss the 
series* success. It was good propa- 
ganda, they decided, because of its 
patriotic message. 

Propaganda still dominates the 
news and the few documentary 
programs that are aired. 

Producers have tried to intro- 
duce Western-style discussion 
programs, but with pathetic re- 
sults since there cannot be any free 
flow of debate: What should be 
spontaneous discussion becomes a 


series of stilted, prepared state- 
ments. If a speaker says something 
he should not have said, his words 
are simply voiced over with the 
correct political tine when the pro- 
gram is aired, so that he mouths 
one thing and says another. 

Sex, too, is still taboo. When the 
Jilin Cultural Bureau made a 40- 
episode series out of the erotic 
classic "The Golden Lotus" last 
year, it was banned. In two sepa- 
rate incidents in recent months, 
two provincial television stations 
briefly aired pornographic films 
by mistake. Those responsible 
were immediately arrested 

Other taboos have gone, howev- 
er. For bog spenders, including the 
growing number of investors in 
the stock markets, Beijing and 
Shanghai television stations have 
started broadcasting Dow Jones 
global financial information. 
Once, such broadcasting would 
have been condemned oat of hand 
as capitalist filth. Similarly, U.S. 
and British drama series and soap 
operas would have been pro- 
nounced politically unhealthy. To- 
day, dubbed foreign drama series 
are shaping the way the Chinese 
see the outside world. 

Music Television, with its politi- 
cally dubious lyrics and hair-rais- 
ing videos, is popular among the 
young who are bored with the 
kitschy cabarets and ballroom 
dancing classes they usually gel cm 
television. Those who have a satel- 
lite dish can already watch MTV 
on the Star TV network. 

In theory, it is illegal to own a 


- ^ f Ma’ s Army’ Keeps Track World on Toes 


By Ian TTwinsen 


9 


T HE competing world of 
trade and field regards 
the Chinese women no 
differently than the Flo- 
ridian who heeds every tropical, 
storm. The international sightings 
of the Chinese, though rare, have 
effected in their opponents a sense 
of doom — a fear that China is 
forming an aixny unseen in athlet- 
ics since the collapse of East Euro- 
pean communism. 

Chinese women distance run- 
ners won six ttf the nine medals 
last August at the World Champi- 
onships in Stuttgart, mditduig vic- 
tories in the 1,500, 3,000 and 
1(1000 metes. Yet that haul— as 
well as the incredible spate of 
world records set the foBowing 
month at the Chinese National 
Games in Beijing — was the work 
of rae of 18 athletes repre- 
senting the Liaoning Province, 
1,200 mOes (1,945 kilometers) 
northeast of Beijing- 
Their 49-year-old coach, Ma 
Jfunreo, is known to make his ath- 
letes nm unheard-of distances. Ma 
does not coach m en. Some of bis 
w omen may run a nii imHVU O of 24 
kilometers drily (an enaancos 15 
miles), while China’s greatest 
champion, 20- year-old Wang 
Jumna, avenges 42 kflometas — 
30 in the monnng 12 in the after- 
noon. That is the equivalent of a 
marafhnn rate . h day. The distances 
are measured by the od ometer on 
the rickety motorcyde driven by 
Mr. Ma as he shouts orders from 
hehm A. In the southern Yunnan 
Province, one of ttoBe moun- 
taiu training rites in Quoa, Mas 
Fstnfly Army” must concentrate m 
order to avrad the smoto-bddiing 
tracks and. the axco-drawa carts of 
the peasants on their way to wo “j 
TW outrageous successes call 
to mmdtbe wtffks of the Canadian 
sprinter; Ben Johnson, and the 
former East German athletp 
whose accomplishments wercdis- 
awtited after they wtaritted to 
drag use. East September m ffctf- 
itUL Ae Chinese women oDnraui- 
ed world records in 
3,000 and 10,000 metes. For the 
fast time, five women broke the 
world recoid in the same raw- 
More CThiasm was created by* 
their group derision to withdraw 
from flat London. Marathon m 
April, .with vague claims of mg; 
ties. In Much, China sent a B 
level team to the World Cro® 
Country Champioi^npsm Booa- 
pest, arousing more suspicion. 

“We welt expecting ftem to 

sepdheiter athletes te** 

representative from one of the top 

crass-coantry teams. “What that 

tells us is that they’re probably on 

something.” ., 

Illegal drugs, such as siettnui 
allow athletes to train harder and 
build up more strength than oppo- 
nents who train without " Tn * s - 



GtrJ M. hix'Akport 

Wang junxia, winner at World Championships. 
traces to be flushed from her sys- 


tem. She would pass the drag test 
in competition while benefiting 
from the higher level of training. 

The argument goes that if Mr. 
Ma’s athlete base indeed broken 
down and Men behind in their 
training, they could not afford to 
stop taking the dittgs now. They 
would need to keep usng than to 
yhtf ve their peak condition for the 
outdoor Grand Box season, in 
which they intend to win prize 
money to fund Mr. Ma’s training 
center. 

The drag inspectors of (be In- 



use of drugs in Eastern 
dial we must not accuse 
of something to which we 

no proof," said Dr. Ame 

Ljtmgqvist, chairman of the IAAF- 
medical committee and doping 
commisskxi. “It's the same thing 
with China I would rather explain 
the Chinese appearance on the 
scene as very expected because, af- 
ter all, they have a population of 
over me billion, which is an enor- 
mous number of people to reouit- 
menl — way beyond the USA, 
Canada and Europe put together.” 

If not with drugs, then how are 


10C fUUgr UiujSwltuia vi u uui mui m ay , uivu uvn aib 

Icm&tional Amateur Athletic Fed- Mr. Ma’s athletes able to not only 
eration bare a permanent visa to survive, but profit from, their un- 
China which, according to the. 

IAAF, allows them to make sur- 
prise tests of Mr. Ma’s athletes. Of 
tests prim - to the WorW Cham- 
pionships, a high ratio of three 
were positive — involving a 400- 
meter hurdler, a discus-thrower 
and ftjavdm thrower — but Ma s 
r was clean. 


precedented levels of training? 

His secret, daims Mr. Ma, is not 
drags, but nutrition that provides 
more oxygen to the Mood and en- 
ables the body to recover from 
training. 

The method is unfathomable. 

, At first, Mr. Ma claimed to feed 

Ohm that his athletes a potion of worms and 

“WehareasaymgmOHna uuu caJ £_ mar faJL ^ ^ 

tfj«whawn«done^to^ of the Daily 

3^“ K 8 dMw’VBrid Telegraph that the potion was a 
““***2. ? JEhnlds world re- joke, but this was fdkwed by re- 

MOO meters ever. “We are all hu- Mr. Ma is said to rise at 4 A^L 

rmnbeiiiits and were very hurt by to make a special broth for his 
t&e nation saying we had been anny. They cat 


T" ' ” dish-brown eggs. Each day he de- 

‘■lalwaYS maintained the am- cap tote two turtles and feeds the 

™ — - ^ during those days of susp- blood to hu wonum. Mr. Madrod 

Property cycled, an alhte* c0U ^ c j on assumptions abexit aib- watched as Ms. Wang drank her 

bod usme the druism time for ail 


daily 30 millilitere (about 1 ounce) 
from a metal bowl In the mean- 
time, Mr. Ma smokes 40 cigarettes 
a day while ignoring his own 
throat and stomach troubles. 

He recruits his athletes from the 
Liaoning schools, preferring girls 
from poor families. They wear 
their hair short — belter for the 
skin, he says — and they do what 
he says, last year there were re- 
ports of him banishing an athlete 
for refusing to cut her hair and 
give up her boyfriend. 

Ms. Wang’s only brother died in 
a car accident last July, but Mr. 
Mahdd the news from her for two 
months, until she had completed 
the National Games. “I thought it 
was the right tiling.” she said of 
Mr. Ma’s decision. 

A Conner Red Army guard. Mr. 
Ma has been studying coaching 
methods from all over the world 
for 25 years. He has analyzed the 
gait of the deer and emu; be has 
decided that the old theories of 
running no longer apply. Athletes 
should not rest after competition, 
he says. His athletes prove this, 
continuing to run in place after 
victories while their Western op- 
ponents lie in various states of 
collapse near the finish tine. 

It is difficult to judge whether 
the meteoric success is a matter of 
China's harnessing its resources, 
or simply a factor of Mr. Ma. 
After China seemed to disappear 
from international athletics in the 
1960s and 70s, its sports system 
was revived by decentralization. 
To the outside world, Mr. Ma is 
the coach of China. Within China, 
however, be is the coach of Liao- 
ning Province — which is why, he 
says, his athletes saved their' best 
performances for the Chinese 
Games, instead of the World 
Champio n drips 

One would imagine Ma’s Army 
has been upgraded to royalty since 
last summer. Not so, he says. So 
great are the provincial rivalries 
within China, says Mr. Ma, that 
his team most often do without — 
and that includes properly fitting 
shoes, resulting in a sore tight toe 
lor Ms. Wang but fall. The women 
must wash their own clothes and 
dishes. He says they often cannot 
afford to fly to Beijing, settling for 
a three-day ride by train instead. 
And the rising cost of turtles is 

killing hhn 

Ma’s Army is expected to return 
to the lucrative Grand Pru meets 
tins summer to fund their training 
center. In the likes of Wang Junxia 
and 16-yeai-old Wane Yuan, he u> 
hoping to create an athlete capable 
of dominating every event from 800 
meters to the marathon. Are his 
demands too great? Have his alh- 
letes begun to break down already? 
Or was last summer the beginning 
of a system more dominant than 
the Soviets ever dreamed of? The 
next months will help decide. 

IAN THOMSEN is on the staff of 
the International Herald Tribune. 


satellite dish unless you have been 
given official permission. In fact 
thousands of people all over China 
bought satellite dishes before the 
ban came into effect last year, and 
they have carried on watching 
with impunity. 

This eagerness to buy a satellite 
dish — at the cost of several 
months' wages — is another re- 
flection of Lbe low quality of much 
Chinese TV programming All al- 
ternatives to the standard fare are 
cheerfully lapped up by a public 
starved for good quality entertain- 
ment. Entrepreneurial television 
executives have started cashing in 
by introducing pay television and 
cable stations. So far, although 
they are in their infancy, they seem 
popular. In one of China’s poorest 
provinces, Anhui, viewers can pay 
extra to see one soap opera and 
one film every evening. In Beijing, 
cable television has 1.7 mini on 
viewers, although there is a 3,000 
yuan (about S340) registration fee 
and then a further 7 yuan monthly 
charge. 

In Guangzhou, one of C hina ’s 
most freewheeling cities. MTV 
will be featured on the cable net- 
work. It is perhaps no wonder that 
political hard-liners regard MTV 
with its bourgeois liberal values as 
nothing less than enemy propa- 
ganda. They would not be the fust 
to reflect that the devil has all the 
best tunes. 


CATHERINE SAMPSON is a 
journalist based in Beijing^ 


B EIJING — In the past, China’s central 
government has dithered over bow to deal 
with ideologically wayward moviemakers. 
Oscar-ooniinated directors Zhang Yimou 
(“Judou," “Raise The Red Lantern”) and Chen 
Kaige (“Farewell My Concubine”) have had their 
movies banned at home because they refused to cut 
“offensive” scenes. But over time, the sanctions have 
been lifted. 

This is no longer the case. Last month, the Ministry 
of Him, Television and Culture cracked down with a 

vengeance A directive was sent out to all of China's 16 
official studios, film processing Labs and even equip- 
ment renial companies, banning any contact with six 
named directors and a filmmaking collective. 

While Mr. Zhang and Mr. Chen have narrowly 
escaped the blacklist, the leading lights of the so- 
called “Sixth Generation” of Chinese filmmakers 
have effectively been wiped out in one fell swoop. 

Tian Zhuangzbuang (“Horse Thief”, "The Blue 
Kite"), Zhuanys. Yan ("Bonn*. Bastards”), Zhuang's 
wife Ning Dai (who has only 
made one film, a documentary on 
the making of “Beijing Bas- 
tards"). Wang Xiaoshcd (“The 
Days"), He -Jiaiqun, Wu Wen- 
guang and the experimental 
group “Structure. Wave, Youth 
and Film,” learned of their ban in 

the newspapers. 

“It's outrageous," said a 
shocked Zhang Y uan “Ifs like 

telling me I can’t eat or sleep. 

Film is my life, what can I do ill 
can't make movies?” 

In a move some saw as a protest, Zhang Yunou 
declined to attend the Cannes film festival this 
month, where the star of his film “Huazhe” (To 
Live), Ge You, won the best actor award. And Yin Li. 
who had hoped to show his “Story of Xinghua" in 
Cannes, was denied an exit visa. 

The ministry didn't just take aim at directors. It 
has also thrown the country’s entire film industry 
into turmoil by demanding that every movie — even 
Western co-productions — be processed and cen- 
sored in China before being allowed out. This comes 
on top of existing rules, which stipulate that all 
scripts must be approved before snooting starts. 
Furthermore, all moviemaking joint ventures are 
now officially banned, and international co-produc- 
tions have been limited to 25 a year. 

These are draconian measures designed to reestab- 
lish control over a sprawling film industry. In an 
official explanation printed in the “Beijing Youth 
News,” the director of the ministry’s film depart- 
ment. Yan Xiaoming, pointed to his delegation's 
embarrassment at the Rotterdam Film Festival in 
February as the reason for the measures, but in fact 
the roots go deeper. 

When Zhang Yimou’s “Judou," a period romance 
set in a rural dyeing factory, was nominated to an 
Oscar in 1989. China attempted to have the film 
withdrawn. Cultural mandarins believed it depicted 
Chinese as a race of “bandits and viHaiiis.” The ton 
stayed in competition, but did not win, and the rules 
were subsequently bent to have Chinese films entered 
as Hong Kong productions. However, the trouble had 
begun. 

It came to a head last October at the Tokyo Film 
Festival when the Chinese delegation withdrew in 


The outlawed 
directors are left to 
ponder their 
shattered careers. 


i went ahead with screenings of 
ie Blue Kite" and “Beijing Bastards." The fracas 
was repeated in Rotterdam and again at the Hong 
Kong Film Festival in ApriL Both films had nol been 
submitted to approval by the Chinese censors and 
were made outside the legal parameters for filmmak- 
ing on the mainland, which stipulate the use of one of 

the Id official film studios. 

Moreover, the authorities hated Zhang Yuan’s 
depiction of urban youth as drunken, hedonistic and 
foul-mouthed hooligans in “Beijing Bastards." Mr. 
Zhang hotly dispute! allegations of political bias in 
the banned directors’ films. "There is nothing in our 
work that anyone should be afraid Of. Our luins are 
works of art, they are in no way anti-government,” he 
said. “It makes me very unmmtetable to have our 
films labeled as in someway political I want to make 
it clear that I am not a politician. I am an artist with a 
social responsibility.” 

Hong Kong-based Shu Kei, who produced “Beij- 
ing Bastards" and “The Days," said: “The authori- 
ties have embarked on a self-contradictory policy. 
They want to be economically open, but politically 
controlled. They think the two can be separated. 

They wiD learn the lessons thean- 
selves, the hard way.” 

Symptomatic of this schizo- 
phrenia is the recently announced 
SMILE deal between United Cin- 
emas International and South 
Malaysia Industries to invest $60 
millio n in developing China’s the- 
atrical distribution. The group 
will be opening multiplexes in 10 
cities over 18 months and is work- 
ing with Shanghai Paradise to dis- 
tribute foreign and domestic 
movies in the theaters. 

This is ridiculous," said Shu Kei. “What do the 
authorities think they’re going to be showing in these 
cinemas? “The Sound of Music?" 

As the ax falls on the "Sixth Generation” of ton- 
makers, aD eyes turn to the “Fifth Generation” — 
Zhang Yimou, Chen Kage and their colleagues, who 
came to film late in life due to the Cultural Revolution, 
which dominates their work. Mr. Zhang’s "To Live” 
premiered at Chimes to official rumblings. Controver- 
sial in that it deals with (be Great Leap Forward and 
the Cultural Revolution, although never on a political 
level, “To Live” was made by Taiwan’s ERA films 
(with the budget tunneled through a Hong Kong 
subsidiary). 

“We're making films by the rules,” said Barbara 
Robinson, vice president of ERA. “Zhang Yimou is 
not on the list yet” She refused to comment on the 
fact that the censorship board had demanded cuts to 
the film. 

In the meantime, the outlawed directors are left to 
ponder their shattered careers in China. Zhang Yuan 
and his colleagues are in an imposrible situation. He 
can’t make films in China and ins oo interest in going 
overseas. 

“China is my life, there are still a lot things I want 
to make films about hero. I don’t have the experience 
to make films abroad,” he said. WhDe he acknowl- 
edges be oould possibly make underground movies, 
Mr. Zhang said: “I don’t want to start a war. As I 
stated before, Fm not a politician, and once films 
start becoming political then I lose all interest.” 

PIONNUALA HALLMCAN is a journalist based in 
Hong Kong, specializing in film. 




EXCEPTIONAL RESOURCES GROUP 


Congratulations 

10 

ERIC5SON $ 

to rate 

Enabtishmou of an 
Equity Joint Venture 

NANJING ERICSSON COMMUNICATION 
COMPANY LIMITED. PRC 

between 

Encvson Radio Systems AB 
Stockholm, Sweden 
and 

Nanjing Radio Factory 
JiangMj Province. PRC 
September. IV92 


acted as advisor to L. M. Ericsson 
for this transaction 


Coogrtfalations 

10 

ERICSSON $ 

for the 

Ptfahl kl pi F iil nf »w 
Equity Joint Venture 

GUANGZHOU ERICSSON COMMUNICATION 
COMPANY UMITEP, PRC 

between 

Ericsson Radio Syxtenn AB 
Stockholm. Sweden 
end 

Gutogzhni Radio FiC&xy 
Gtuopfang Mobile Cmmunaaooa G ap on ti oa 
Gosogdong Machinery Impact & Export Corporation 
December. 1992 


•XRG 

acted as advisor to L. M. Ericsson 
for this transaction 


Coogratnlatioas 

u 

ERICSSON 0 

far a* 

Oocureofamtior 
Technical Cbapenckax Agreement 
far 

PUBLIC TELECOMMUNICATION SWITCH 
MANUFACTURING 


Ericttoa Tekram AB 
Stockholm. Sweden 
and 

NgBpUjf Bi oiu n C PBWBBkNl CB f yy | jm hn>| 

Jiaigm Province. PRC 
March, 1993 


•XRG 

acted as advisor io L. M Ericsson 
for (his transaction 


Congratulations 

to 

ERICSSON $ 

l or the 

EjuMithmeni of an 
tqoiiy Joint Venture 

GUANGDONG ERICSSON ENGINEERING 
COMPANY LIMITED. PRC 

between 

Ericsson Trleonm AB 
Stockholm, Sweden 
and 

Guangdong Fusu Si Tefccouimunieaiinn* 
Admimurznve Bureau 

Guangdong Mactunoy Import £ Expon Corporation 
ApnLWJ 


acted as advisor fo L_ M. Ericsson 
for this transaction 


Congratulations 

to 

ERICSSON 0 

for the 

F*nhlwlwni»ft f 
of an 

Equity JohK Venture 

DALIAN ERICSSON COMPANY LIMITED 

by 

Tclclunahicbribpa LM Ericsson. Sweden 
and 

North Ea s tern Ccmnutiicfliioo Groop Co mpa ny 
Liaoning. PRC 
July. IW 


•XRG 

acted as advisor in L. M. Ericsson 
for this transaction 


ERICSSON ^ 

for the 

Establishment 
of a 

WboOy Foreign Owned 
PRC National HoMmg. Company 

ERICSSON CHINA LIMITED 
Beijing. PRC 

tv 

Telefinakrietiofaga L M. Ericsson 
Stockholm. Sweden 
March. 1994 


•XRG 

acted as advisor to L, M. Ericsson 
for this transaction 


Exceptional Results. 


Hong Kong 

Tel: (852) 523 7733 Fax: (852) 877 5918 


* to 

.3 

ie 

45 

S. 

id *S 
re Jn 
a. c- 
-y >e 
« « 
d »y 

y -a 

U 

y :d 

T 1* 

L • 

■|C 

d II 
s : 

6 1 
E 11 


n 

y 

p 

:y 



































9 




• ...... ' * *'* '** (i 




* Hi! -,r. 



“-' 2 * 


lent Site 


. . ■ -w. 


l£rf: ■ ; 



f*» Dip 

zrrrz 


■ 35 ' ■ ' ' • . 


j\'-r 
a . - 




t « » 


^.•5 



CAPITAL MARKETS 

Stranded Bond Markets: 
Japanese to the Reseue? 

By Carl Gewirtz 

P ARR TU lMatm ^ H *^Tnbme 

year u dea 5 ^°°™ “gulfing bond markets since early this 

Ejj wESZSjX dCSp r- *** «* ^OPtion. world 
Tlte suffered another stunning setback last week. 

_ ^ aspea of the relapse is the fear that liquidity 

tte femtemhead of any market’s vitality — is evaporating^ 

Said , Andra «»1«» at CSFiStwlon 
r®5S? r - rpPSal flows are drying up.” 

he believed it Ba f k Co n > - London concurred, but said 

beheved it was pan of an ongoing process that market condi- 
tions have changed.” He added, - 

Irs not permanent, and it’s not m , , , 

necessarily dangerous.” 1 lie Only bond 

view there ma] ^ cet Ont of the 

loop is Japan.’ 

buying bonds before long-term — — 

interest rates a re driven so high that they choke recovery in Europe 

andmjdermme equity markets in Europe and North America. 

“The only bond market out of the loop is Japan," he said. There 
is ample liquidity there, he added, and “the key is to get capital 
flows moving out of Japan.” 6 F 

But there is little hope that will happen soon. The United States 
and Japan revived their long-stalled trade talks last week, with 
Washington abandoning numerical targets as pan of its demand for 
objective criteria” to measure Japan’s progress in opening its 
domestic market to imports. The agreement was expected to reas- 
sure Japanese investors that Washington would not be looking to 
settle its trade dispute via a revaluation of the yen. 

For the foreign exchange market, the agreement was a noneven L 
The dollar ended trading last week at 104.275 yen, barely changed 
from the previous week’s 104.150. 

For Richard Koo, Tokyo-based analyst at Nomura Research 
Institute, “softening of the U.S. stance is not going to relieve the 
fears of Japanese investors.” He added, “They are looking for 
something solid.” 

Mr. Koo said be believed that Japanese investors, who have 
suffered enormous foreign exchange losses on overseas investments 
due to the appreciation of the yen, “require lots more than die U.S. 
is d em and in g” to be convinced that the yen has peaked in value. 

Fear about exchange-rate volatility has kept Japanese investors 
at home even though long-term interest rates are the lowest in the 
world. The yield on 10-year Japanese government bonds fell one 
basis point last week to 3.8 percent on an annual™*! basis. 

By contrast, 10-year government yields rose 31 basis points in 
Germany, 35 in the Netherlands, 38 in France, 47 in Denmark and 
60 in Britain. 

At 6.81 percent, the yield on German government bonds is 301 
basis points above the level in Japan. In the U.S. market, the 

See BONDS, Page 21 



THE TRW INDEX 


Intern ati onal Herald Tribune 117 
WorW Stock lndax,.corqposed 116 
of 280 internationally invesUble 

stocks from 25 countries, 115 
comptiedby Bloomberg 

Business News. 114 

Weekending 
daily 1 

Jan. 1992=100. 


World Index 




*. A 'y..V l s‘ 

' * ‘I 


95 ;; 

94 




F M T W T 


Industrial Sectors/Weekend dose 
sow saw* “ 


SZftM SHOW 


Capital Goods 11&61115J3 +0-50 


Raw Materials 


127.73128-68 -0.75 

Consumer Goods 97.58 98.15 -057 
hBscsSaneotis 127.71 129.85 -1-65 


- \\& 

S.-' 


Energy 109.87112^8 -2.41 
Ulfllttea 117.20 119.33 -1-78 
Ftames IT&flfl 1*9-41 -0.35 

Service* 116.96 118-53 -1-41 _ 

7ft e Index trac ks US. 

Finland, Ftam. Swnwny, *SZ2z£amiUmWW and VormamU. For 

C Inte rna tional Harold Tttxm 


CURRENCTRATB 





- . e r 

i : v , *i 

.. i'*'! 


1 


-** 1 ’ .•/ 


.. 1? 


■* ■*"' r* 

J * . V - ■ 


non .. .m» 
Urwtr . ^ . I W 

M V ; v*s 

! ECU JT- UW 
ISM \UB5 
Ckakmta 
-a: re buy one 


May 27 

Cross Ratos BF. 5.P- V 01 O 

. B Wl- U(H> 13B1 UMS* U® u* 1 ’ 

UB UW ** t__ 2«15 Offll 2U7 W 

S.’S? *H7- um ism- 

MB “2 jaS SUBS 2J1S ISAS 2»1 »*» 

wu» M* 3*1* “J* ^ , 1 * mid* ran — 

sun 055 vus tv* txojB vao u*» nnr 

imgs me au* „ lins njg ues non u** 8 nuI 

«rss - s-b ss *s =*s.s 

&-as:ss : * » := s> 

«w J* S! SS SS S wn wjb «• «■ 

W1 V* 02 JrZL^Monnzurfdt. ft**** tnoto*rc***ci 

qgsx'Stt *" " * a; 

siWMMl ' 

^*^££5 ss ffl' SSSiTi 

e«afcO« 24MB urn s. **■.*«> **» 

Aranas. ‘ kmXmWS 7J2S jW5 smUcrsno 1TSR 

a ad r. wsa. 3ijS W-f* ngiM as» 

S£j*.“35 ^ gSSL ^ rM,Mn SS 

J-;.. is ESS 

Bwwft ow* UP. - "*£>£? 5 M .1 ^ 

**£***»• - ^ T2 ; ‘?S’SS 

Oanocr CW tf "“ l,r »*■» ,94flS 

Mstersar urn -w****"* 

. . DWtVMSHlft: . MSB 1J06 J r lrifr rtnffr^ 

«m> ftmwp 


Opel Seeks 
Order for 
Arrest of 
VW’s Lopez 

OmpUed ty Oxr St^f From Dapatches 

FRANKFURT — Adam Opel 
AG, the Goman unit of Genoa! 
Motors, in an increasingly bitter 

dispute over alleged industrial espi- 
onage, demanded Sunday that 
Volkswagen’s production chief be 
put under arrest 
A spokesman said Opel would 
present comprehensive evidence 
next week to back its accusation 
that Volkswagen’s Jost Ignacio Lo- 
pez de Arriornia had stolen Gener- 
al Motors secrets. 

The spokesman said Opd was 
concerned that Mr. L6pez might 
abscond. “There is a growing dan- 
ger of flight" he said. 

Prosecutors are investigating 
GNTs charge that Mr. LOpez and 
three other executives -took confi- 
dential information with them 
when they left GM to join Volks- 
wagen 14 months ago. Mr. L6pez 
has steadfastly denied this. 

Volkswagen, which has also per- 
sistently denied the charges, retort- 
ed in a statement that an indepen- 
dent inquiry last year had shown 
dearly that no secret Opel docu- 
ments had reached Vw or were 
used by VW. 

“Representatives of Opel inter- 
ests are again trying to influent** 
public opinion with insubstantial 
accusations,” a Volkswagen 
spokesman said. “False reports or 
one-sided speculation about al- 
leged arrest warrants are unfortu- 
nately nothing new. That has hap- 
pened repeatedly in the past and 
then it was always just a rumor 
which evaporated into thin air.” 

A report to be published in the 
not issue of the German news- 
magazine Focus said prosecutors 
had found Opel secrets on comput- 
er discs confiscated from the of- 
fices and residences of several VW 
executives last year. 

The report said prosecutors had 
managed to retrieve secret Opd 
that bad been ridded from 
computer discs confiscated last 
year from Volkswagen. 

The deleted data comprised cost 
calculations, model plans and con- 
tracts with suppliers of Opd. the 
report said. 

The Opd spokesman noted that 
odc of those undo' suspicion, Jorge 
AJvirez Aguirre, was transferred 
this month from VW headquarters 
in Wolfsburg to a port at VW’s 
Spanish subsidiary, SEAT. The 
spokesman said Mr. L6pez also 
could be transferred to Spain. 

He said Spain was not required 
to extradite Spanish citizens. Both 
Mr. L6pez and Mr. Alv&rez are 
Spanish. The VW spokesman re- 
torted, “Mr. L6pez is a group man- 
agement board member. Why 
should be go to SEAT?" 

(Reuters, Bloomberg) 

Appeals Made 
For Executive 
Of Schneider 

Reuters 

BRUSSELS — The Chairman of 
the French electrical giant 
Schneider SA spent Ms third day in 
a Brussels prison Sunday amid a 
flurry of diplomatic and business 
pressu re from Paris for his release. 

Belgian media said Prime Minis- 
ter Edouard Bahadur of France 
telephoned Prime Minister Jean- 
Luc Dehaene of Belgium over the 
weekend to discuss the case of Di- 
dkr Pmean-Valenrienne, who was 
arrested Friday in Brussels on 
i*my * of fraud and swindling. 

Mr. Dehaene’s spokeswoman, 
however, refused to confinn wheth- 
er Mr. Bahadur had called the Bel- 
gian prime minister. 

Forty French business and polit- 
ical leaders, including 13 membera 
of the Schneider board of directors, 
took oat a full-page advertisement 
Sunday in the French newspaper 
Le Journal du Dimanche in winch 
they hailed Mr. Pineau-Valen- 
rienms for Ms “moral rigor, ethics 
and competence." 

Under Belgian, law, Mr. Pineau- 
Vatenriemw must remain is prison 
until a judge derides whether the 
charges should be confirmed. He is 
to appear in court Wednesday. 

Mr. Pmean-Valenekfine went to 
Brussels mi Thursday for a hearing 
he had requested with the judicial 
authorities, who are leading a crimi- 
nal investigation an the basis of a 
complaint by minority shareholders. 


TOQUE 

READERS 

S2 

GREAT BRITAIN 

It’s never 
been easier 
to subscribe 
and save. 
Just call 
toll-free: 
0800 89 5965 


Germany’s EU Burden 

Kohl and Rival Agree: Bonn Overpays 


By Brandon Mitchener 
and Tom Buerkle 

{tuemaimal Herald Tnbunt 

Determined to discredit one another in a rancor- 
ous struggle for control of Europe’s most powerful 
country, Hedmut Kohl and Rudolf Scbarping have 
rarely agreed on anything of late. 

It was therefore noteworthy last week when both 
tfae German chancellor and his main rival ganged 
up on Europe for being a bothersome burden on 
the backs of German taxpayers. 

Coming just one month before Germany as- 
sumes the rotating six-month presidency of the 
European Union, the debate in the lower bouse of 
parliament, the Bundestag, underscored the coun- 
try’s growing ambivalence about its traditional 
role as “paymaster” for the community. 

Jt also demonstrated that Germany’s new bud- 
getary belligerency and election-year politics are 
Hkely to fight Tor priority with grand strategic 
visions for most of the rest of the year, increasing 
tensions within the European Union and hamper- 
ing the government's efforts to expand the union 
into centra] and eastern Europe. 

“It is right that we, as the strongest country 
economicafly, should pay the most because we 
derive the most benefit,” Mr. Kohl told the Bun- 
destag. “But it is also true that the future financing 
concept in the community must be much more 
strongly oriented towards income per head in the 
individuaJ countries. 

“Our goal is that other member states with 
comparable incomes per head must take on more 
financial responsibility than they have in the past." 
be said. 

Although members of all the German political 
parties, including Mr. Kohl's conservative Chris- 
tian Democratic Union, as well as the Deutsche 
Bundesbank, have fussed about the burden of 


Europe before, it was the first time that the Chan- 
cellor himself had spoken out on the issue- 

To be sure, Germany remains as committed to 
the ideals of Europe as ever, and is expected to use 
its donl in Brussels to push for a widening of the 
communi ty to include democracies in Eastern Eu- 
rope as it did for Austria and Scandinavia. 

Mr. Kohl said a continuation of the European 
integration process remains Germany’s ultimate 
Schidaaisfrage, or point of vital interest 

Integration is “the most effective insurance 
against the rekindling of nationalism, chauvinism 
and racism on oar continent” and the key to the 
establishment of a more perfect European union, 
complete with a common currency, for the start of 
a new millennium, Mr. Kohl said. 

But Mr. Scbarping, whose campaign rests on the 
message *3obs, jobs, jobs.” said social security 
would be the main focus of the European agenda 
under a government led by the Soria! Democrats, 
whom he hopes to lead to victory in this October’s 
parliamentary elections. 

If elected, bis party would push European initia- 
tives in research, science and education, Mr. 
Srhflrp m g said. 

He accused Mr. Kohl of “general cloudiness” 
and hypocrisy for agreeing to Germany’s high 
contributions to European Union budgets in the 


, and not making sure enough of it returned to 
’ unifiic 


past and u 

Germany after uniTicauoo- 
“The feast you could do is ensure that more of it 
flows bade via structural funds and aid for the 
reconstruction of Eastern Germany," he said. 

Finance Minister Theo Waigd, whose Bavarian 
Christian Social Union shares power with Mr. 
Kohl's Christian Democratic Union, said Germany 
had sloped to being the Union's sixth richest coun- 
try today per capita, from its second richest before 

See GERMANY, Page 21 


China and U.S. 
Gear Up for Big 
Business Links 


Compiled by Oar Staff Fran Pispatcbej 

BEIJING — A team of up to 20 

Chinese engineers w31 soon leave 
for the United States to assist 
Boeing Co. in the design and manu- 
facture of its new 737-700 airliner, 
the China Daily reported Sunday. 

The move came as American 
companies and Chinese officials 
acted swiftly to expand trade rela- 
tions after President Bin Clin ton’s 
derision last wed: to separate trade 
issues from the two countries' dis- 
pute over human rights. 

In other developments since Mr. 
Clinton chose to renew China’s 
most-favored-nation trade status: 

• China plans to increase the 
number of stocks available to for- 
eign investors in a bid 10 revive the 
weak market for B shares. 

• U.S. insurance companies, ea- 
ger to sell to China's 1J2 trillion 
people, sent a large delegation to 
the world’s most populous nation 
to try to open doors. 

• Beijing also pledged “to open 
up new horizons for foreign in vest- 
ment” in its oil industry. 

The engineers from Xian Air- 
craft Manufacturing Co. will fur- 
ther extend China’s growing ties 
with the world’s biggest maker of 
airliners, China Daily said. Xian 
Aircraft builds vertical fins, stabi- 
lizers and doors for 737s. 


London Notebook 


MTV: Trying to Get Out the Euro-Vote 


In the seven years since it set up shop in London. MTV Europe has 
faced and conquered many challenges. Two months ago the pioneering 
music-video network surpassed its American parent by garnering an 
audience now estimated at 140 million viewers across Europe. 

This month, however, MTV Europe takes on what may be its greatest 
challenge. “We stuck our toe in the water on this and we found it pretty 
cold,” said BiD Roedy, president of MTV Europe. Undaunted, he is 
bravely pressing onward 

Next weekend, Mr. Roedy will turn his network over to a “Vote 
Europe” campaign, a series of broadcasts ahead of the elections to the 
European Partiament on June 12. MTV's beady objective? “I'd sum it up 
by saying we are trying to make voting cook” said Mr. Roedy. 

To advance the cause, MTV will offer a series of news and information 
programs interspersed with liberal dollops of music on a voting-related 
theme. “Don’t ask me what that means we will be playing specifically.” 
Mr. Roedy said. 

While the reaction erf Europe’s youth remains to be seen, the MTV 
president noted that the campaign was already a big hit in Brussels. The 
European Commissi cm president, Jacques Deiors, will appear on the 
networir next weekend to lend his steady hand in the effort to elevate the 
election 10 the status of “cooL” 

To Even things up a bit, MTV also will broadcast interviews with Prime 
Minister Gro Harlem Brundlland of Norway; Mikhail S. Gorbachev, the 
former Soviet leader, and Prime Minister Tansu Ciller of Turkey. “They 
are unusual choices,” said Mr. Roedy. “But we try to go against the 
mainstream.” 


Socialists D efy the Euro- Yawn 

In notoriously Euro-bored Britain, the election campaign for the 
European Parliament has yet to catch fire. But the tiny Socialist Party has 
crane up with a potential spark. 

In a press packet seat out late last month, the Socialists went straight 
for the media's jugular: the omnipresent need for excitement. “This 
election campaign is going to be one long yawn for most people,” their 
press release said. The Socialists’ helpful solution? The one they promise 
will “add something interesting” to the campaign? Nothing less than: 
“Interview a Socialist.” 


In case someone was worried, however, the party claims that Socialists 
are no longer people who “quote Lenin and get excited about national- 
ized factories." 

The Jobs Carousel: At Full Tilt 

Propelled by record or near-record profits at many investment tanks, the 
London financial maikei’s job carousel is once again spinning at full tflL 

“There has been an enormous amount of people shifting jobs," said Ian 
Webster, editor of “The Analyst Book,” an annual directory that lists all 
the stock analysts working in Britain. 

Die new edition of the directory, sent to subscribers last week, shows 
some remarkable changes. Of the 17 firms, for example, that last year listed 
their teams of analysts who follow the banking industry. 11 of them show 
up in this year’s directory with teams that are other all or partly changed. 

“In the last couple of years, people with jobs woe just sitting tight.” 
said Mr. Webster. “Now they are feeling more confident again and they 
are moving.” 

All that is bad news for their employers, who blanch at paying six- 
figure bonuses only to have their best analysts, not to mention financiers 
and traders, cash their checks and sign on with a leading rival. 

In an effort to instill loyalty in their troops, such firms as Barings 
Securities and Smith New Court Securities have begun imposing some form 

of a work-now / earo-la ter scheme. Typically, this involves ’ 

in some form of stock option that can only be exercised in 
and only if the employee is still just that. 

Glaxo Just Says f No’ to Critics 

Glaxo Holdings PLC, the world’s second-largest drug maker, is feeling 
the heat from the near universal concern over rising health care costs. At a 
luncheon with the foreign press last week. Glaxo’s chief executive. Sir 
Richard Sykes, insisted that his industry was being wrongly singled out 
for criticism. Medicines, he said, “are only a small part of health care 
costs but they are an easily identifiable part and thus they have come 
under enormous pressure.” 

Erik Ipsen 


ing that companies out 
hai and Shenzhen would be al- 
lowed to issue B shares far trading 
on the two exchanges but did not 
say when the new regulation would 
be implemented. 

Turnover on B shares has been 
low this year as investors have 
turned to other instruments, such 
as state bonds. The Credit Lyon- 
nais China B Index shows that B 
shares fdl 33 percent from Jan. ] to 
May 13, before the beginning of a 
two-week rally. 

On May 12, the official Xinhua 
News Agency said 50 companies 
would be allowed to list B shares 
this year, more than doubling the 
present 49 listings. 

Bat the market needs little en- 
couragement if last week’s results 
are any guide. As investors cele- 
brated news that the United States 
renewed China’s mosl-favorcd-na- 

See CHINA, Page 21 


years time 


Beijing Orders 
Data Crunchers 
To Tett Truth 

Reuters 

BELJTNG — Fearing “disas- 
trous consequences," China’s 
economic planners issued a na- 
tionwide order instructing offi- 
cials not to fabricate statistics. 

The official China Daily 
said the crackdown “targets 
officials inflating their statis- 
tics to impress the state and 
receive promotions.” It said 
the move focused on “those 
who make their towns appear 
brake” to recrive extra govern- 
ment funding. 

Officials at the State Statis- 
tical Bureau, whose reports 
form the basis for crucial eco- 
nomic decisions, said the bo- 
gus numbers were a threat. 

“The deliberate falsehood 
of economic statistics by local 
officials could affect the gov- 
ernment's decision-making 

and lead to disastrous conse- 
quences." they warned. 


Bonn Aide Rebukes DASA 
For Skipping Big Air Show 

Compiled fry Our Staff From Dispatches 

BERLIN — The second Berlin international air show opened with 
Germany’s leading aviation firm, Deutsche Aerospace, getting a 
public rebuke from a government minister over its absence. 

Opening the show at the German capital’s Scboenefeld airport. 
Economics Minister Gilmer Rexrodt criticized DASA for staying 
away. “I am bitter to see that a German firm, which like no other has 
received massive aid from the German government, has not seen fit 
to support the efforts of the government and the slate of Branden- 
burg to help make the Berlin air show a success. 

Inis year’s show, which runs until June 5. features 390 exhibitors 
from 29 countries. Many East European companies are represented. 
In dl, 230 aircraft will be on display. On Sunday, a Russian spy 
plane that can fly at record altitudes to study the earth's ozone layer 
made its Western debut The Geophysics M-55 has flown to heights 
of more than 21 kilometers (13 miles). (AFP, Reuters) 


Japan Pacific Fund 

SlCAV 

Luxembourg. H . rue Aldringen 
R.C. Luxembourg n° B X340 

Avis de convocation 

Mcsdamcsei Mcxsicur* k‘< Acii»»nnaires soni cortvoques 
par lc present avis a 1 ' AvonWcc Generate Staluiairc de noire 
Socictc. qui aura lieu lc 15 juin 1 4 W4 a 15.30 heures au siege 
‘ social avee Ford re du jour suivani: 

Ordre du Jour 

1 . Presentation du rapfk m de geslinn du Cunseil J 'Adminis- 
tration ct du rapport du Reviscur d 'Em reprises. 

2. Approbation dcs complex arreies au 3 1 mars 1 094 el fixa- 
tion du div identic. 

Decharge aux AdminiMraieurs. 

Nomination tie Revisit •» «7 Ctwst'ils Asst 'tics. Luxem- 
bourg. eontme Reviscur J'Enia*priscs en remplaeemenl 
tic Hottjttnwrj & Hr .Vi Luxembourg. 

Lex d.H:isinn.s cnitcemaiil touv les point*, tic I 'ordre tiujour 
nc requierent aueun quorum. Ellc* ■-on mi prises a (a simple 
majorilc ties actions presentes on repiesenlees ii \' Assemhlec. 
Chrkjuc action tionne drnii j on vote Tout . 101101111:1 ire pool se 
fain: rvpnScniLT a I'Avscmblec. 

Le Council d‘ Admin isi min hi 


3. 

4. 



THE LINK BETWEEN THE PAST 
AND THE FUTURE 


Omega Speedmaster Automatic. 
Self-winding chronograph 
in 18 k gold. 

Swiss made since 1848. 



a 

OMEGA 

The sign of excellence 




£ 


— re 

at 

9 a 

te 

* to 

.-■y 

K 
ss 
*. 
id ?B 
re 


Chinese companies also will take 

part in market feasibility studies 

for an airplane with 80 to 100 seats, 
simila r to the 737. 

In 1993, China bought one of 
every seven commercial aircraft 
built by Boeing, a report said last 
week. The aircraft giant is now ne- 
gotiating with Beijing to sell China 
another 50 planes worth close to $5 
billion, C hina Daily said. 

Boeing's links with China range 
from production of aircraft parts to 
training pflots and maintenance 
personnel The company has fore- 
cast that China will become its sec- 
ond-largest market after the Unit- 
ed States by 1999 and will need to 
buy 800 airliners worth S40 billion 
by 2010. 

Regarding stocks, an unnamed 
official with the C hina Securities 
Regulatory Commission was 
quoted by the China Daily as say- 
itade: 


Hi 

t II 

! 1 

: *t 

39 

ji 

o 

•I 

A 

r. 

■d 


D 

y 

p 

:y 


.y 

1 






a Page 


ABC INV 
Memo mo 
mABCF 
m ABC 1/ 
m ABC vi 
ABH A*C 
wCUim 
■* from 
iv Trans 
w Alien"" 

AICFU 


j^r>4,S ^ ’ •-. 


mmm m 


Provided by CS Rrst Boston 
Limited, London, Tel: (071) 
516 40 25. Prices may vary 
according to market conditions 
and other (actors. May 27 


Cel Quebec Oet 7s 98 
Gba Coro Del *’•■ % 


FordMCrOCI uf+w 
F ortJCan Ain II % 
FonKanJul 1 « 

FonlCon Jun 13’b 95 

FardCanNgv •% ** 

C<nOa IR.« 
Get Mr 71* 9« 

GecCWJiA 7 ■» 


Canadian Dollars 


ConnwncFcb B'.< 
Cooled TsrJunV’ 97 

Cr Fancier wr 9‘? DJ 
Cr Local Aug 73* 9fl 
Cr Local Dc T% 97 
Cr Local Feb V : *e 
Cr Local Jan 7 W 
Cr Local mov 10% «5 
Cr Local Mm no. 02 
Cr Local Mr 6ft 06 
Cr Local Sec fa *7 
CrLvannApr B l 'j *7 
Cr Lio+tn Jul 10% »6 
Cr LrormMr Pi K> 
Cr Mall jun 10% 98 


GecCdaNotr Pi 93 


Cr Suisse Feo na. 00 


Daimler Dc* 99; Q| 


AuvrChtwv » 1 / 

Austria Mov 9% 02 
Austria Mr 7% 01 

Bun 0/5 Sop 7 1 ’. % 
Bore Con* Aug 6% 97 

Bo/ Land Dc 6 9* 
Bay Land Ma> 8% 04 
Borer Vere 8 *8 
BuvfVereDc* *7 
Bover i/ere Dc r, »8 

Barer Vi 

BorH»p 
BorHvP 
Bar Hyp 

BOYHyp 
Bell Can 

•rc Jul ft »9 
Jul 7% 98 
Nay 7 90 

5cn 10ft 96 
Sep 6% H 
10+4 96 

Bell Can 
Beil Can 

Bell Con 

Bril Can 

Apr 7+4 ?8 
Jun 1J% 80 
Jun 8 1 *: 03 
Mar 7% 06 

Bell Can 

Beil Can 
Bril Can 

EJul 8"* °7 

E Jul 10% w 
EM' I % 

Bell Con 

E NDvTft 96 

Bell Can 

Ben Ida 
B* Wont 

flk llumT 

E Oei IFY 04 

9te 90 
Mar 9% 96 

n nn 1A1« O* 


Da Mov 
Dt) Fin Aar 
DbFmFeb 
Da Fin Feb 
DO Fin Jon 
Da Fin Jan 


Gwc 

Gect AW 

OeccApr 

GeceDC 

GKCDC 

GeccDc 

Geee i m 

GeccJun 

GeccJun 

Geec Jon 

GeccMr 

GrccMoy 

GxecMln 

GeccMav 

CoccNov 

GCK MOV 

Gere Du 

GeccSec 

Sect Sec 





N firuran Fee 

I0+* 01 

IIS’ i 

9 0s —52 , 

Ten Ays 

100% 

7.4J 

+21 


1? ’5 



TeoDc 



+79 

N Bninsw Mat *' 4 °8 

101 


■ rpJun 

104’w 

7.9J 

+60 

N Srunit* Mr 

V. K 

IM - 



101*. 


+7* 


liny ȣ 









KD'; 


TmCC Dc 

9Bii 

m 



6’ . ’y 

li-4 





+2? 


10": “5 




95*4 


+24 


v. : 9j 


I . — J« I 


ar-g 

66J 

+1« 


:■+ to 


^ J 



B31 

+•37 


lft v? 


i 

Tcrdran j u 

im 

U8 

+48 


V t og 


*-? | 


104 050 

83.' 

+58 

mgyndia Mav 

8+4 02 






+62 






96 

US 

+74 


r-. is 






+17 


aa. >6 

2J V 



103 

837 

+48 


T 1 . ®8 

«r.- 

*3C 


7B«Y 

856 

+43 


8% 03 




*6 Hi 

ilmi 

+M 






103’u 

052 

+47 


11% Vj 


. . J — - 


Q 4T 

Ml 

+31 

HI T Aug 

!QH 


6.4. 

5+4J Til 


98% 

841 

+7 


■>? 

vs'. 

9e8 -If 

|E3r!2E 


VUI 

+78 



I0o 





+19 


10’ 4 * 




IDOft 

? '! 

+55 










S': *7 

ios;i 



94 ft 

BJJ 

+14 

OVD Jul 

10’. « 





Denmark Ft* 7% it 
Etenmcrii Jul fa 9f 
Dcnmart Mr 7% 9# 
Denmark Oct 8% 99 
DeuiOci IPs 'ft 
Deul Bit Fm l) ,J i 95 


&m Core Jut ID’.i ®S 
GMACCttoAualO »S 
GMAC Mar 7 9* 

GNlACC«5co 111*95 
GMAC Cda Sen 7V 97 
Guinn Pic Oct «b 9B 
Hetaba Fin FeWK (W 


DresdFinMr 7% 98 


Dsiok 
DsIbkNov 
Dsmoor 
EbrdFeo 
E bid Mr 
E CSC Aug 

Edc Dc 
Edc Fen 
EdC Mr 
Edc Mr 
Edl Feo 
Evfl Jun 
Edl Sec 
Ei& 

Elb 

E IQ Apr 
EiDDc 
EIDFeb 
Eib Jun 
Elb Jon 
E ID Jul 
EIDMr 

E ib Mr 

ELD Nov 
E ib Sep 
Ein See 


ladbAue UP* 9* 
ladD Jun 9 D7 
I add Nov 7V* 03 
ItunOsaJon II 9* 
ibm Cud Mm 13"? 9$ 
ibmCdoDct 11*1 95 
JbmCdoSeO ID 9» 
Ibm Inll Dc 8% 9» 
ibm Inti Mr fa «* 

Ibrd * *6 


eVsnrtt Aim Wi J* 
EnstwrliGc 6 79 

E>sBarttMav '0*9* 
Eksoenl Nov 7% 97 
ElFwJun V . . *7 
El Pwr Sen IP* 0* 
Eurciflma l<Hi to 
Eurufima Apr Pi 9£ 
Eure lime Feb 7% «S 
Eurolima Jui IIP" jfj 
E uraturia Mov 7 03 

EuroliincA o': *S 
E*iRib> DC B*: 
E.imbl OO 7*. K 
FMD Dc 7'* to 


to IQF. 

<n M.0» <]l *77 
9* 100 9 20 ’■20: 

96 Ilf. LM +rJ 


F.e.k. AW 

F.E.K. Aug 
F.E.K. Aus 
F.E K.DC 
F.S.K. Feb 
F5.I Jul 
F.E *L Del 
Fin E ■ Era 
Finland Do 
Ford Cr Mr 


Fora MCr Aug It 


JdD Hghw Sen 71* 02 
JdbJul 12' ■ 95 

Jlc Mr 8% ID 

Jem Uso Mr 64* 0* 
* ansol Air Jul 8 QJ 
►.ansai Ele Dr 8% to 

Kellogg Oct iL li 
f.lw In) Feb 7% °8 
t.tw Inll Aug li** 95 
Kin inll Feb O'T 04 
M* inll Mr S'* 97 
r.tw mil Mr m 01 
Kin Inll Mo. 9iy ff? 
Mw Inll NOV 6 97 

Kvusnu Eie OrfiOft oi 
LkbAar UP* 96 
Lt& FBI MOV 7 97 

Macs Con Mar 10% 96 
Manlrcaa 9to 98 
Mccoenc Sen usw 
rivet Taronlo fV. 97 
Minnesota Ocl *'■'.■ 98 
MOHI AusIMnlO 1 * 96 
Mobil Can 7*j 96 
Mobil Can Jon a'« "8 

Mobil Con Mcr. "■ 97 

Moon NI Feb S' 4 97 
MunJre Dc 9 K 
tunire Tsl Feb 10*4 »8 
Momreal II 96 
Montreal Feb 9 97 

Monlreol Ma> II'; 95 
Montreal Mr 9 0J 
7AonlrlOVi! 10‘r9S 
MIoDk Den AnrTij eg 
NBmsrrt !!** »5 


I0I+. 

811 

+70 

«5’Y 

8.V4 


*41+ 

848 

+10 


H.49 

+ IU 

in 

;./i 


85% 

829 

+J* 



+ 10 


AJM 

+4U 


;v4 

+F 


835 

+ 1 


■33 

+42 

*0> 

HAC 

-3 

OT 1 - 

920 

+55 


/Ml 

-‘-Jl 


9 10 

+41 

Bd% 

9J7 

+tv 

n 1 *, 




6541 

+ SI 

«T9"% 

a « 

+11 


BX? 

+?■ 


79V 

if 


IfJ 

•J 

ICO'- 

■1.30 

+21 


9 67 

+5’ 


« W 

-♦■jr 


■ X 

—7 


111 

+dT 


326 

+4J 


■ J* 


I0?>4 

851 

+ 0U 


■+ 10 

-fT« 

IM'-. 

7J3 

+3* 


OkbJuft ? 5- 

orb MOV * 9. 

iJniHraroMr 10 s w 

OniarlaPr abv 10 ' 4 94 
Or lor 10 Pr Apr >0'- »! 
Oilier 10 Pr DC TV ttJ 

OfllarloPrFMJT': u 

OnlorioPrJui I0 1 * 
OrrtarlaPrMr S 0J 
Qdlorio Pr Oct 9k* 01 

CiniciTioPrSre 10 '4 
Onlarlo Pr Sen ?'* D> 
Oseka Gas OG 10^ « 
OiiavicJun lO^Dt 
OlianaP.esMrS': “ 

PeeiMunicDcT».« 0| 
Procter Aug llTo O' 

Prud Fund Dc B'» *5 
Prufl Fd NW’ 10 
PruaFdva, fl v, 0 
Prufl Fund Osi 10 °s 
Plh Aug 10^4 01 

OoeoH.a acr » *7 

OuebHvdFcb " « 

OtWbHvd Jul 9i, ■(, 
OutbHrd Jun 7 pr 
Oueo Hid Mm id 1 * H 
GueDHvdMa. c< : 0! 
Oueb HvflMr 10V, Cl 
aueh Hvd 09 I1‘ 4 00 
Quebec ow 10': «i 

Quebec Aug If: W 

Quebec Dc 7>; DJ 

Quebec Fro S' : i» 

Quebec Jan 12 ’F 


4» 

51 

DB DC 

OS Fit) Mr 
DerNort*e 

s: 

DenmorKfia 


ECU Straights 


Quebec Nov 10': ’? 


Adbev Nan Ag 10-i 95 
AK*» KCtl S*t9u «6 
All Nioalr Apr 9 9j 

AiimagQci ID'S 9J 
Ausir® Nou 9'i 94 
Bed 01 Rom Jul**; 94 
Belgium Mr v* 

SrigimMr 9'i 93 
Bice Feb 7*. 96 

Bice MO> 9 99 

Bl; Lu> Aug 9' g 95 

BhIFinNov f* 

5* 'j recce Mav M 1 . 98 
Bk Heuirk Mr 9 Jo 
Bng HI Apr r* 97 

3ns Aug n 95 

CariPloQci ^>4 9} 

CSC Aug 3*4 9J 


Quebec CJ 1 v -« 

Quebec Citr c 
Quebec Pros ’ 
Raooofc.Dc 7'. 

Patabl. Jun 8 : 
Faoob* Mgv 7 
PaboO* Mr 7*4 
PbcJon 


Snell Can Mav II 
Sneii Con Ocl l'H ®; 
Smilnk Aar 9*: r 
5nci Seo :‘4 »’ 

Sucoen Tsr Jul 10' 4 C S 
Soar ID', 

Suae Aug S' 1 07 

Suae Jul 9 C. 

SIB* njwScp " : £ 1} 

Siocrnolm Jul IO'j °e 
Sioci no»m Cia 6'i -i 
Suedwesl Aug 6‘ : ®7 


CW Fee S'-. O' 
Cr-a Jul iff -. 95 

Ena Jul 3*4 99 

CnaJun 9 00 

Cm v.o> 7*e 95 
CivjjJun 91? ®S 
Cue Jan 9~-„ 95 

Coe Jun 9 ‘t «S 

Coe MO» 6-'- 04 
Coe nov fa 01 
Coe Nov 9 01 

Coe Nov 9 01 

Cambanc Jun ■=: ** 

Comaanc Jun 7‘ 4 9? 
Combang 5eo 6': 99 
C:kij Bv Sen Bi. n 
Cooen Tel Mr 10' 4 95 
I Cooenngn Mr 8 97 

1 Cr Foncirr Aar 9S. 95 
J Cr Fancier Apr r- o* 
Cr Fancier Aug TO 1 : * t 
1 Cr Foncier Dc 9V 99 
j Cr Fancier Fen F: 01 
I Cr Fancier Jul 9 95 

I Cr Fcncier ,vr fa 04 
! Cr Local Aug 9 95 

Cr Uriel Dc r-i W 
Cr Local Dc 5 ‘4 99 
1 Cr Local Fee W. t 


y > i i 4yi i4»M 


Uk Govt Jon , JV* 97 *2 ^5 

734 4-W I y»Tn»asFea. « m £2 -34 


pound Sterling 


Con MOt Price VWTrmr 



98 

00 . 

|9= 104*9 663 

96 1 04J96 735 
95 IJTt 644 
»S 733 

93 108*: 7^4 +26 

99 JO- ItS AJ4 

IT 300'e SJ4 -58 
« 1C6S! 7/7 -J6 

9* lfil'-J 7.IJ +J* 




mrj 



1 












pi 




I ?“ S,: 


Sj=1u-S 

lid llXJj High Ld'A Gee Cljr 


7 1 C l: I- L.-.V d:e 


5ati 

■:d 103! L Cgn L7r. ZsfC^! STCfA 


OTC Consolidated trading for week 
ended Friday. May 27. 


Sens 

■ Id iCTsHrgr L -V. Che CNgu 


3 _, » 37 . — 

16'. li'4 

li 16 — 


ArriAli 
irn-flid 
A mmo'.v 

Arson! is 

Anvil Ml S 
A r— •l-.vj 
Arr.A-.n 


vat** Arr.g-.n 

I i»r Hign LO- Clio c-w. Arnglnr 
A mil cn 


JO 1« US 47 Jl- 

271 A' ; }• 

. 451J II .• 9 
. 221 13‘ . 12‘ 
.70S 1.0 1339 2f 4 20' 
. .46752 4a' • — 


Jl** Jl*> • ' . 
3'- 3'. — 

9 10' 4 — I 

12': 13 
30' * 20' 4 


JOT 6 J . 
It I 5*4713 12' 

. 782 16 


70' r 20* : — I 

V; 5" : 

I0>4 I0'e —I 

W- li — 
If. r 1 v 4 

:: 1: 4 


A Poo Pod 
A Plus 
a i-0 n 

abc e» 

A B'2 Pail 
A.BP Into 
AES s 
A0T Bid 
+CC Co 
ACSEns 
ACv 7c 

ADES* 

m. 

:ir^, 


731 ! 4‘ 

?6f4 II '4 10' 
2972 lo . 15 

?s: 12 

925 IR K* 

,-33 r: 10 
'9 li’ 1 15 
3601 ?!•, ?t 
3705 1-'. 15* 
7?5 I £ ■ : U 
910T7 . 34 
9li» 36 . S< 


A -Tire >:o 
Anvr.in 1 
Arn-j.-r . 

Arri;.p ; 
Amiran 
Am-;l 
in.tri i 


01 4 ica 18' 

”09 

.. lilli: 
661 7 6 4tl3 li- 


An'cviiC 

Aral ,7c 

Anal, j 
A ncoool 
An;r .41 

A’iAi, 

An:*ijn 

+n& 3# 

ArCviJC 

ArA.-ja 

Ar.art n i 

Andre*. 

A*s.-*-:n 

Ar. v ;ia 

Aracc 


: si* ■*. 

. :J06 9. , 

i.642 : 16 ' 
6fJ« * 1 
1: J 7 a li 
. ;:ij 5; , 
::u ic 
.. nc3i” 

IS 4-15' 


j> 2 0 ’a: 1- 


a 7 ; r/c-a 
4 n 

Aanw*. 30 
AarnPl B 0? 
Aaror.pt 
=ba*,-4 

AtO'.vH 
AU-ngSB 10 
Abiama 

aci*.T*.1 

Abram, .12 

Abraia*. 

AbjiEnt 

-ccol 

IC'.SHII 

AClaell A 

ACit> 37 
Ac-rr.-r/.o 
A ;i--l 
Arisen 
Ac*P' .vl 
Act .'0*C 
a : . .am 
AdacLb ±a 

Adcig*- 

AdUA--. . 

A g. min 
a ao to- n 
ajoZv is 

AacL-.O: 70 

AC. mi: 

aj.po -,4 

-r.C.r 

Ag.lnf 

Ad. Lag 
a av* j < 

Aq: IMP 
Ac. Pair 
AC.Pro 
A j.'x-m 
Aa.TLfc 
AdvTcn 
Aa.Ti 

Advanlbi .20 


Apa-iEn 
Apoiw; 
ApISdU > 

AcluDCd A 
AslPtWv 


. 1+42 26 1 1 34 

-10 16 li 

:cjv s , ? 

. t . 6 :■* 6’. 

1713” 74' 4 77 

:«o; 4 • 3-. 

3C 2 i 773 1 7’ 4 II 1 


BaoTAW urrfl 

BioSnocil 

BioSurf 

BidPhar 

BiOCir 

BM>:r.ii 

Biouan 

Biaan ,1 

B.diea 

Uiomag 

Biomair 

Biomol 

Biorrura 

BtoSotcls 

Bio'ccra 

BiasWi 

Btosvs 

BiaTIni 

Bi07.:G 

BlraCo 

B'rrt/.ld 

B*r»Chr 

BJKMwI. 

eikH Ain 

BlkM wIB 

Blimp,# 1 

Bli-.Lau 


. > •, Cr lScv.r 
— . lAiad'a 1 
• Culvb.n: 
— c<Ne'.i>c; 
■2*. Cu*c 4 
■ • . Celaona 

-1 = 4 Col'Gcn* 
... CCHIPr. 

-I Colluor 

— • J Coll -Jar 
C+ICmA 
. C-ICmPP 

— , Cv».-7. s 

— Cewr • 

— ' r Con to-S 

• *« CcnilBco 
CcmiBc 
CcriiCol 

ClrSni- 

— \* Conlrt v 


33': 32'.— 2*. • Coni ■ 71 
13’. t3 • : — 3* ; . Cornu rm 


— • Ccntocor 
.”4 .. Ctot.s .vr 

4 CtrCCw 

9' 1 * : CFidbl 


. Cd:prL 

— 1 C:*jd6' 

— J CCOrs B 

1 Capa'S 

• Cede < s 
-'4 Coovlel 

— ' CcrT-*v 
— Cor -305F 
— ‘ ; Circcvn 

' : Oj-3.! 

—I - . Core* Co s 

■ • 0-jPn 

-7'. Ct'-ir-iag 

- •• Cc-aCd 

• 4 Cc-r U At 

-•4 Caraecn 

Cc-.r: 

Ccr.*: 

— _o:i_:rA 

• • t CcrC*r& 

.. Co'Tss 

— I 1 . CinAL 1 

- . Coo- or 

Zz.nr. 

- . CrrrBri 


19 15*. 15 

JO 2 . 5 -JO -7 JO' , IS-. 
.. 337 F S-" 4 IS - . 

. Hits’ 76 
... 3796 It • ICS 
6149 '0 S'. 

SOW* 2t 1 l=-« 


- 14:3 'O'. 
_ 176 2-. 

.. 


2" :? 
. SATtSIJ-, li 


7 ‘ 4 4 _ EZ Cc— : 

15 IF-. — 4 EZEOA 

I S*. 73 ->• B2EMB 

is - . i£ r v -. Ea=sn 

76 3» - . EolFfl 

10 S IP .- — ESIHrd 

S'. »■; — : &r*nT 

1=-f I*’. -> Ecse: 

; « - 4 =XtrJBc 

4? : 4‘- . EstnEn 

:c 4 72 -?-« Sestej 

- ; . v . • . =cm=-vT 

_ tall 17 !6’| 1' — r Errer* 

. 3033 15=4 :+». IF . Eprven 

.. +42 9 . =-. S, EcaSu-l 

S’ . t; . - i Ecagen 

2 - 2 1 — ' . =C£?n-At 

: Eisc+ 

17*4 — >! ETCFJt 
!F: *S : » — i ' ECLOns 

11 , ‘.S', - !*. E&j relic 


Dr, vtc ICfls rtgfl Lew Cse CMw j Srocks 
_ 2204 11 10= 1 1 1 * ' 4 FNtGa 


_ 2204 11 10=1 II *■. FNtGa 

J0&4.1 17 5V. J'« 42* * *k * FNDelas 

JIO4 0 US J’i 5 -AS | FNttiSB 

.SO i4 10 22'*: 23 si - I FTOt* s 

_ 1 12 4 iv, 4»j _ | FTPcNtw 


Div YU IOCS Nah Low Cte Gtge Sacks 
J? IB 290 21 It 20 30VI - *Vi GoesiS 


bhr YW^ .^SS Hteti " Law Cteisfe • 


_ 7B456 15** 114. 1715 — 2V„ ! FstFUm 


/ao/ as 11 
_ 1584 51 
Jta IS. 2344 23 


_ 10C8 14 m«— v* ; FtiBkNJ 

_ 7160 4*. <■* 4Sj — 'ijFtSvMre 

A 27V JO W 19 — l>;F5ecCp 

_ 42 r-4 1’^ r-. _. FtSJwnoc 

1856 Z 3 * 2H 28* * | IStSrc 

A511 10' 4 10'. _ 1 FISwesi 

1584 F» 55a 57* - V. 1 FlioBcp 

2344 23 27 37',. — X. , FstStote 


FNtGa J ? 13 290 2155 20 201*- GoosK 

* ** 1 FNDelas Jta «J} 108 2455 23 TSVi tVi GuKSou 

-A* I FNtnSB SI 1* *43 UMi 13W 14 Mi .*46 Gttmrk 

I FlOrfcs .40 121 254 29+1 28 2946 4. IU Gupta 

_ I FTPcNtw _ 779510 »V, g, 4 _vt Gurnets 

jvi. ! FstPcdm - 4571 184 1 7 1 ,. 184 ,4 Gvrribree 

.1'.* : FtSBkNJ /5b 3 J 4 274 2555 274*24 

FISvMre _ 1BU 15V. 144 15 — 4 | 

—Li ; FSecCp 1 M IS 3472 294 284 29W +'A I 

_. FtShengo .I8e U 29 144 13 Vi 14 *4 _ 

^ | IstSrc /0b 1/ 27224 22li 224 *4 HHOOT 

_ i FrScuesi Ote J 703 13Yi 13 134 —4 H^L-O 

- ‘.-4 i FtioScn .40 1/ 511 224 22 U 224 — V* HBOl 

— 4 , PslState _ 74114 11 71 Vi *4 HCCIns 

_ FTSfFin ,10e 1J 53 7 84 64 —4 HD vest 


. — - BM 164-154 154 .-Hk 
748 274 2S4 354 — * 
. _ « T218 114 Wv :•£. - 

- S6« 1646 1S4 J578J-14. - 
30 13 20 24 Vi 2ZV» 

- 8827464 4(4 46 *\4‘- 


• fuse**:' 


!a«KKr‘ 


729 74 64 >74*- 


•Jcr: 


6'a 74 - 4 RTeom 


_. 509 21. JV. 24 -V5 FsfTwm 1M 4K 3985 43 


_ HOT BK 7K 8V4 * K HE] Mn 


._ 763 IS 1 . 13* j 144 -4: Fluid 


4’ . — J FtUtdBCD .07e 1.4 237 546 4V. 5 


42 <4 ♦ Vk HF Fnc 


. 4858 3'., 
W 2 0 1342 Ilf 4 
.. UN* 


--J t 6.503*831*. 79 ,;9 — 1>. BUmpw 

.o: 1 5 SOP 72 ' . 21*. 21 ' . — | ''-Lou 

04 4 ’lift I*'. tj». 14’ . — 14 

. 443 It . 10 II 1 , • BIcfrD 


. C'.*nGcrdn 
| ClrliNBc 
i C4=.rBc 
CJcrFns 
Clrr.Mg., 
CPaFin 
CPSL'v 
Cnibrn 

CtlSou 
Cnt.Bo 
Clrv&j 
Ceobin 
■ Orvavn 
Corooj 


u-.rBri 
Gttmre 
Ocg.r. 
C'c ■ 
CrS*o .’ci 
CrT«L: 


! Us is 
:064 47 
: 1CI73 2S . 
4£7 i;i T 


37>: 37A. 
7»63 1 ’ . ’ ; 


Egg-wcc 

EiCruca 

..orCSE 


06 5 aoD ’: 

e*i ”■* j a* 

.. J4S5 20'. 14 
IOC ■ 604 16 t; 

. 15? 6 

.. 3731 13': If 

.11 1 9 79 6 . 5 

.. I 12’, 17 

. 120? 3'. 7 

34 S 4 

?« 9 *. 9 

73517 i- . 17 

32! ’ . i 

3. jo a; is . j 

.. 1799 74 . 73 

. *59» 4 ' , ?' 

1575 f 4- 

. *.!: T • 1 

3122 2” . 70 

T36: :; :c 

±a ii 1677 13 

1 139 5 . .: 

.. 74710 1- . 

. : : 3 IS' . .! 

. 105c 1: 4 

1 5 4 .-,’4?- ; 

7C .7 4547’ :+. , 


Bli'.LOu .. 5 V. 3 - I - -* — .*C-rn..- 

BlocDv . 7"J I >. 1 >41 I'r — ; • Cc-rote* 

BlcfrD I <Mo 3.4 3AI Jl >4 ;+•. SO 1 4 • Cervw/r 

Blvlh .. 1135 7'. J 5':— I I QmiNaTa 

BoaiBns l.?J 3.6 .16798 3d -» 34 > 34’: . CticMone 


' .‘. ra S'..‘ 

_ 37SS fa ■ ! 

. 75ti.’4 ; 
1 64 > , 
-9> - 

. 168 I : 

46* 21 -■ 

. 4-5 :• 


3 . — • . 


- 1790 10 9 

_. |I9 6 5!d 

.. 1255 a’’ 6 . 

- 138 PS S 5'S -V. RMBn 

- 2951 8 7K 7'g -Vs'FlFdFns 

_ #30 1«* M U' . — K FIMtesG 

_ 2657 !K 2'n 2».**, - FsSWH 

J7e U) *125 29 26' 1 28U— !*• 1 FstrckBc 

S3 2J vl? 19 18 18 ’. j _ ' Ftechbn 

_ 546 2K 2'.* 2W —’.*,. • Fiiwv 

_ 140072'. lOJk UK — KjRooFni 

- 174 14'i 13', W. -iFtoostr* 

_ 414211*. g*. 10K -1'6 ' Flgslrpt 

.10 IS 117 4 4 — K'RSr 

_ 5713 JA* . M' . UK — ' 1 , Fkimsl 

vi a 1 c — , m. ni'. #71. A- 1 n..rH 


9 9'. — K 1 FtUItJC* 

5!d 5 1 : — ; FtWBc 
6'k B ~*i , FlWFn 


.76 TS 22 31 28 31 - HS Rsc 

.43 2-3 20 1BK 17 18V: » K I HUBCO 

,88b 11 3828 27V. 28 +44 | Hochb 

— 47T 84* BY. 87fe .. Hotel] 


- '.. | FTFedBn ljne 5.0 563 17K 17 17K - Honoar 

-is'FlFWns M 2S 15 19K 19V» 19V* — K HrtmAWT 

-W FIANssG _ 4S1H 71i m > V* HaUmhCa 

— • FsRstelll 1-70 12 135 38 'A 37V] 37K .. HaUmlcHI 


— . 424.454 3J4 4K —ft 
. — 737 SK « r ./ft ' **6 

50 .11 34Z3K 23 23W +W 



Ma 2.1 237 22K 7146-224 *K 

.13. J9..8I15 14 75 +lS 

- 674 714 6W- 69m 

JO J 1507 27 *26 Wi - Vm 

. _ 625.156b 15K lfik. — 
_ 243 UK 11 UK.-i-K 
_ 2869. 15>/4 13K. 15^9 IKl 




I +r?3 

: itw^r - :'*- 


_ 341 fflV. I9K 20K +« HahvdCn J>2 360 345.2% »V : .2 \-iY 


>. 53”. 53’ » 
* 8K B>« 


in I : t*. 


AplCcrtjn 

-DdDnil 

As llTTIU 

Apclnp .- s 

A AldMt s 

ApdTJkCr 

Audio 

AbdScmvi 

Apldito 

AratSn 

Aisnu.-g 

AtisrDrg 

Ar-iofMi 

Artjr'jn 


: vast 7'. 6'. — • 

. >163 74’. .1'j 74'* 


77 I.J 4370 20’. J0‘" 
_ 277 6 >. 6”: 


g ontpi i ,:o 

mpPr 


6' : . , OimpPr 

|*„ — '« 1 Charripps 


Ar<nP| s 
A r 71 121 
A r :cr. 
■■■rounds 
Arvrnj'.c 
AraniB i 
AmoGD 
A-.W,. 

A* ">i*;P*i 
A-tcd nn 
A*,;l.;l s 


... ?96(|J 44' 4 41 
21S J'. 3' 
. Z'4 7 6' 

- 157 f, > 

M53 i 4' 
243 2' . 3 

33 !£’: 18 
1 5 25?.' t*>. 16 
1477 2? 7C 
..15640 20'] V 
J4 r . 14 , 14' 
... 1*0: :* 2 
i 0 334*5 29 • 76 
739 J" 40 


J’; J' ; — «„ ' BookAPSI 

6>; 6-; ... BOOleB 

I BoumtAin 
j, 4 . • • Borai 
? — • . 1 Borlnd 

18* ; — >» Borror 
16' — . BOSIAC 

’0-4 -*. : Boil Be 
!*., .’+: BosiChck 
14* I,. BCSITC 

2 .1 — • «. B*3 +En A 

’?■ 1 — 1 '•* BO'EnB 

42': -2': BovdBros 

if. 4 I BrodPhm 

If. 1 . BrdPwlA 

72 ,’i, BrdPwlB 

}ri, ■- BroavW 

•J* SKESK 


. 4<06 4' 1 
. ‘45 i- 

. 1715 ! 

344 ?>. 
... +(- li 

ISO 5 
’164 4 
.5.5944 41 ' 


Ad.onlB - . 24 7.11218 37' 


ACvBCP 

Apo-jlm 
Aero 1 , 

Aelrium 
At .nioj. 

AgSvcs 

Atmc.R 

Agnicog .10e 9 

Pgoum 

AgrICr/n 

AirE'P .20 .9 

AirMrih 
AirSen wt 
AirSen 
AirSvi 

Ainrim .17 Id 

A torn 

AS.jg 1 ,o9 e 2.0 
AlamoGp 3, 5.1 

Aloniec 


S S’ r - 

a’-.— r . 

If 4 35' . — : 
23-1 ?i’ : — ’i 

3 - 


0ft4 *9* : 'S'. 7i 
. 29’ 3'. 7> , 3 

. 566 S'. 7 6' 

172 If , 10' : II 
2315 13 If. Il 

. IM 171. 16>. 17 

. 2533 13'. 12’a 13 
.10v 9 5549 12’« If I H 
... 987 13>, 12': 13 

.. 636 i 3'.-4 4 


. 2114 3*., 

. 718 

... 567 1 1 ■ . 

172 7 ', 

.12 Id 254 4 

770 3', 

1 .69 e 2.0 573 5?’ 1 


?25 ?l% 21’: 2f. 
lid JL. 2>< 7’*.» 
5H 2 7s,. 

567 If. ID". 


Aioten 

Ato-xa- 

Alcnde 

AldilOi 

Aiaus 

Ale 

Aic > Eng 
AiiaCs 5 
ABasR 
Alice 
alk(-rm 

AiiAS-rm 

AllFDJr 

dildry 

Alog-.V 

AUcgian 

AlnOm 

AL\4nS>b 

AhVjcfni 

AIPkCap 

4JdCapC 

AlldCap 

AldCdli 

AlOC'ID 

■nwa 

AiuGe 5 

AidHlFd 

AilaHJog 

AIOLUC 

AldVVit* 

AU-jFiI 

AMir, ua 

Aioc-ne 

Alof.'ic 

AIpP.liC wl 

Aipnal 

Alehal wvi 

AjuikSici 

Ainnaii 

AlPLce 

Aii;Old 

A It Jl 

Aliixm 

Alters 

-IPPV4SC 

Allron •> 

AmM' 

AmbrSlr 

Ameer 


36 ?.l Ml?',, U'. 16 

.. 2li6 ia: , I? 14 
JO 6/ J7 19' , IP".- ia 
■40 1/ 1871 J3-« 22' > ?2 
... U "1 B+. 3' 


-■ir V 

a— Jr . 

-rri-.p-i 
-•r-.vFn 
Aro..ini 
Arrv. rm 
Artitl 
An.siC- 
A-.anic 
a si'-nCC 

41-l.vrfl 

A'.eclTl 
a »cnBS 
' A -,dbn.: 
AidCmA 
A-ooCmB 
Aslecs 
AsiorinF 
I AstroM 
AMron 
Asirg-jv 
ASVJlTcn 
. AlCflCsl 

Atneno 
, Aiher 
. Allmsn 
Alimas 
Ainm 
AHBev 
1 A|lCsiA,r 

. ANC-UH 

.All j./ Air 
AMTtfle- 
i A:mc+ 5 
diriaSM 
Airi-L 


.. ^n;: 12’ ! 10': 11 

30 36 .17 77 IV. M 

i.u 4.7 6*;:?' 24*. 2? 

-7 ’ 1 16' . If . li 
. i:c« j- 4’. 5 
. 27o*7 9> , -1 9 

4i S’, i 5 
04 A 1665 If. 10*. li 

eJ 7- .;i4»20' . IS'. 20’ 
40 7 0 £03 21 17 . 19 

_ 411 «' . 5'. i* 

32 2.1 * 1255 If ' . 14 15 


B6I 23': Jl'-. 33 
MB29>. 28'.- 79* 


Ctiantn 
ChrlFdl s 


41«l I8‘. 15'-. to — 7 1 . I CtifOnF s 
l.09«? 5.1 53 21’. 31'. 7": *’v Cnortm 

-.25576 10+4 av 9' 4 »4 CHST-J1 

. 503 8' 7>. 8' i — . ctieorss 

40 ?2» 336 I." . 15'. 16 — ' . . Cr,<k mu- 

76 2-5,2663 31' . 2« 30*4— I*. Cni-vU* 

- 3885 36'. ?S 36 - • CMn-TrS 


21614 10’* i l 10 
2 14'; 14 14 

2137 1C . ,0'. 10 
1809 10' » 10'- 10 
IPS 1 3-2.3 


: j;:': e 4 

r*. •: 5.6 

,20 » .*4 24' , 22'. 23 

412? j>. 2 . 

. 593 4* *. Vi 6 

.. m d'; j .. 4 

.09 9 J82M 9 . i > ?• 

.Me 3 2 !(L25'. 24’: 2!- 

. 397 I’ IP. i: 

«0 ?» #405 23'. 20 .;>’ 

- 896 6’ r 6' 1 6' 

i22 4 . : . : 

:47;.+ t 5' : t 
13*0 S' , -' 

. ’7.5 1- , 16' I*. 


C*c i-nsn 

Zrnnir 

Cr.v-.Fs 

Cr>ui:e 

Cr.gV* 

Cr vonw-d 
jjiinFr 
C ulo s 
CumBFd 

Cuotier 

CurTcn" 

asa 

C ■Ser.V'.C 


44 4+. 3’. 

i’»5 il -• :S’.- 
•IT 9‘ i fe- - . 
'15 7 4:. 


'15 7 

.. 1270 fa 
436 2'. 
.. 2C0 5 : 
1868 2 - > 
.456 13 .6*2 3", 


2 .6*2 3-4 2, i ?? 
.a 76M*.0’l 9'; lo 
a t’SSJ , 54’; 54' 
it lid 10 9 1 ■ 

.. ISOS S’. 5 5'-. 

. dI6 i+. ;># 3’. 


&=»«; 

=i«Ye. 

Erl 

Eie*.Tefc 

Ete+fir 

E+cnE,’ 

-.■t'Cr. 

E— we* 

ItSc ^ 

Emurri 
E~ m.sBa 


_ 42070 20>d IB’l 20’.. - 1 I RoFst 
_ 3S£ i 1 ’. 7’* B . K ! Fkwrlnt . . 

Il ( 7V, 1 _ Fonmf. _ 517)3 12K l?Xi 

.12 2 4 4 5 5 5 — FOLiaB .09 16 9069 A 5% 59* 

_ 15125 17’. IS’* 16*4 -v.4 . FbUoA .09 1 6 10848 SK SK PKi 

. 307 14 12>i I3”. — K Footina 40b 4.9 56 8K nt 8K 

146 ljj 698 Id*’. 13K 14V* - l*i • FareSyg .. 5I«1 K'a 21K 2SK 

_. 36 13'i »2*w 13 — ?* • ForAm IM 3-5 490 31 K 30K 31 

... 194 8A, fiK 9’; - 1 For«IO _ 4836 4 3% 3K 

590 5 4*» e*i — ’ . 1 ForstO wl 75 2 2 2 

_ 4111V* ■-* 1 — H ForstO pf JSI S/ 323 IS 13K 13K 

_ 237 r* 7**1 7S, —I, 1 Fomch _ 5TO Mb, Ull ITb 

601 4‘s 4 '.4 4'*s _ | Farstm - 14 10K I0K lOK 


- «5 dH M t'A HhwJE 

-. 7147 21 ’A 23 20K — K HmbHm 

JO XO 34 10 9K 10 *Vi HamltnBc - ' _ 

._ 1221 10’A 9'6 10 _ vSSPn I 

2-25 I0J 4479 22 21 W 21V, 4-K HompGp . _ 

.08e .4x7(174 20 K 19K 20 — K Hcnd+d 72 13 

.12 4.0 310 3'6 3 3 —'A hSSS? 

M 13 M1SV, 14V, J4K ->/M hSS« .11# 2 

- 980 12K 1T/J UK —Mi HntaAs _ 

- 5 g? dStf M 

«6 IS? HorSISSf M a .\i 


_ io n n* 

' _ 17022 3SV4 31A. 34% *126 

_ «3 5+k Ml W — Vl 

_ in iv n n _ 

.72 13 253 28 * 26*6 28 - »1K 
_. 7». 6K . 6 6 . — V* 

.11# A MW 13VS 13K — fif 
. _ 919 7 6 6W .tfe 

M 2.9 2B22VA 21» 2 T* : i 5* 


.09 1 6 10848 5K SK PKi * V, 


40b 4.9 56 8 K 77* 8K 

-.51401 26'A 21 K 25V, 


_. 36 IJ't 

... i«4 8Av 

. 590 5 

- 411 IV* 

■**»? r - *- 


r* Harmon JOfle A 
Y* HaroGo 30 1/ 
A HctSsHu . 

— HaHSSm JI7# ./ 
i HayFcr 

% S&ftl = 

7? Hcdtlwv . JOnlLO 


M 19 2B2 7TA 21» *** 2fr 
JMalJ 152 32 » T,3r 44i 

40 .1/ 2S4K 24K 3*K 
JM» / IO76 20K 20 Vt 20V. — K 
30 1/ 1222 IS' 14K1dW u *V« 

. - <H2 6VS.8i1l jW8.rMt 


N3 is- . :i>. j? 
3+3 5*. fa fa 


_ B? U't II 12*. -I’g I FlWyn 

_. 740C 5 * S’ 4 S'* -'e 1 Forme 

_. 1364 9>, 8': 8?„ —HI ForlnB 

_ 7244 i.-- „ J 4K, • Vr ' FOSSd 

93614'+ I3’*-. Id’-* *K I Foster 
_ 1037 7** 4‘. 6'. -to.dDSott 
. 383 8 74* 7N, - 1 FrttiFn 


— • Cbrnlcb 
1 A CnniFm 

10 — . Ctirv'Ip 

I0 ! + — ’ - . OlviSng 
3 . — • OigsiV 1 
\ — r . CnOock 

•> — s --n.cos i 


:.i *t35j 1 ; . 1 J 
6 -431 M , TO 

a - : r . 


... I4IJ1 1 > * j 15’ , 17’, 


68 1.4 4r,4-' 
TO I 3 7603 1” 

- A 73 . 

.. 1705 £■ 
.. 109’ 

20 is :«i»ir- 

. 407 I’. 

.44 3J MOM 
.70 7 1 *103 11 
. 3701 II . 

■02c 3 29 6 

_. 1497’ u*. 


fir 

C,?i1cun 

C.'XTi 

£*w* 


.. 3ui:n- + 

l”i S i'-. 
. TI3V+ .’9’. 
. 2137 75 
. .’433 A 

- 931 J’. 

1*764 4?. 

- 74'p; t : 

vi ! 

- jbM : , 


1« -9 — T 

7'; J*. - 

:?». Tt>. -:* 

y -i 


E.1C3C _. 1368 9>, 8' : 8V 

Encsre _ 7244 4.-* il 4 Jp, 

Sncire'.V 936 14' 4 I3’*-. Id' 

Enosonc _ 1037 7 1 * 4‘ . 6'. 

SnaeidS* - 383 8 74* 76: 

S'gvntn 1.M 67J ><160 18'.. 16’« IT* 


5’ ; - • BrOParl 


_. 549 4’-e J'.: 3 


1J 15 ', OvtdQiv 

' . ' . ' cn, nates 

J-I 4' . — ' , CllBCWI 
' n ‘ 1 — ’ v C7 tiPSTc 
10 'I -l'« 'Otiion 

I ' . I '. » ' ■ • Cnilrvl S 

lv’+ 191; ' CtitDr-j 

9' : 9* _ — 1 cnoiv 1 
I0>* P -A. Ofell 

6 6 ... Ctimmd z 

|J'-: 15': -I ’ CIBEP 


765 J 79 1 . 25' 1 25'.— 2 +. 


.10 II IWU’4 I? 
1 08 3.2 ol? 35 . 34 
4i8 Id 22 


.1' 1 ' BdwvScv 
* •» I Broe+ 

I Brock CS 
— ’« BroJCI 
■2‘. . BVIvilEc 
■I 1 Brook Sin 
— ’ t - Brklrw 


22 1 , 3 — +. Brokiri 


530 17' 4 16= ■ 16’* — <.«jBrTam 


JI#4 32»* TO 1 3? 
58 10 9'. 

'70 ?•; lh. 2*i 
120 4' . 45. 4", 
1077 12 IM. IP 
110-3 14’ . 13'. 14’ 
734? 8>. 81 S', 

17 8 ”* 8 

460 Vi 7 9 


_ 14J3 IM. 10': 10’ 
. I55S 13 I? 12' 
1.9 1548 9 fc'j S’l 
... 1211 21 + . 21 21 
-. 5610 41 39’ . 40+ 

- 329 35 34 34 

_ 407 15'. 14': 14' 

_ 1580 7’: 6’. 7’. 
_ 478 12>i 12 12 

... 863? 1: lo>+ 12 
_ 7303 IS'* 13 15’ 


— ’ 

-'•* . am-:o 


• * + *-4 — it BtvtUMv. 1 

3S 2** — 1 » I BuCkAm 
4'.. 4 , *i, • •-•. • Buckle 

IM. 11*. ■ I Buttels 
I3-. 1d« 4 - I BugCreS 
S' i. S’o - I BuildT 
71* g * +* I BuilRun 


34 33 4198 7>. 


... 64 9 K B+. 3'i -. ; <|A:«d,'jc 

- 3067 |7>-4 16 17'* — 'i, , AuBon 

...148^28': 26'* 27'* — - „ ' AuraS, 

.38 36 244025 24 Z4’« * | Auspe. 

- 849 5 d 1 ; 4’, — i Auloint 

C9 482 12' J IM, 12'. AulCOm 

- 3114 15 IJ’-s 13'., ->* Aulociv 

8 748 19 |7 18 — '..AuloaF 


36 2.9 487 1 2 
- 3I1J 15 


15 8 7*8 19 |7 )g 

... 2072 56* 5 S'. 

_ 3314 3 T 1 . 7’. 

. 1135 I',. 

51 10'*. 10 lO'i, 

. 447 J 7’r 

30 *+• 7' . 8”, 
.57 l.d 41 36 35 36 

5906 If. 9’ , If, 
... I739 IJ*. 1i>. if,. 

156 75 23' « 73>* 

I.2U TJ 1362 16*4 161* 16’, 

I JS-7 9.6 33? 14' . 13+4 Id*. 

I.72>? 8_? Cl 14'-, ID*. Id 
58c AO 653 14'; I3>i l«i-, 
.. 2640 2J 1 1. 2T' tfi 1 ",. 
.60 3.4 767 25'. 24 + . 75+* 
.24 1.6 16 38 15’.+ 14’.. 15 

-. 3T6 18*. I7’« I?'-, 

«+.- 8 13 IP. IP. IP. 

2365 41, 4 4'« 

.. ?60 «+» 5’- t’k 

. 5So 19 18’. I5-, 

. . 570 JO, 1+* 

... 1043 2-, 4 1*. I'. 

_ 274 K *,, 1 , 

2141 f. 2', 2Vh 
_ ISJ -’1. ‘1 

.. 1TO0I3 1 -. 17' 1 121, 
_ 3668 2i, ■ I'*,. 2 
-. Sie 41: 3K 4> , 
_. 8182 1’ . 1V„ »■> 


• ’+ I AUIPC' 

— ' '-'u i Aaioinl 

- ' : . AulCOm 5 
— "v | Auloclv 

I Auioak 
... j AutaGp 
— I Auto-mu 
+ +h 1 Aufalnd 

• ] Autaiai s 

— +. j Avatar 

• J * , AuidTctl 

•3 - Avnale 

► l 1 a act* 


._ 243 7*. ! J' 

_ T2t 4";,, 4> . 4-' 

-.10507 3’. 3' .. 3' 

... 1347 10'. 10 10' 

32 1.2 *5586”' : IS'* 7? 

-. 1153 10’, 9 71 

._ 71223 2-1-4 2T' • 24‘ 

- 2S6516 IJV; 15' 

-. 475 6’. 6‘ 4 6+ 

... 578 13’. 121. 13' 

- 2256 70 18’ : 20 
..'6339 V<* 71„ 7’ 

_. 8763 5 41, S 

_. 834 J’g 3,4 4 

_ 469 1 7’ i lUi le'-i— I 

.24 30 xP6 S’, 8 8 


— BurrBr 
-I*-, BusnRc 
- '* I Better 
•'■11 BwllrMI 
— '.* 1 Butrev 


933 33 

84 9 S’* 

146 15'. 14', 
T942 70 IB*: 
1979 1*", 13 

377D1’’, 12'! 
1144 IL, 1"s 
3341 «1* BK 
551 33’. 32 
46? 5'. d’* 


— '-, j CmnFin 

* ' • I CinAI-C 

- . Onlas 

- ’« ' C-pr,;o 
— 'I I GrcFn 

— C, re Inc 
— ’ i ur-con 
— i- OrcSv 

- '.4 Cirrus 
+ 2 Ciscos 

C'lFcd 

- C'lamOt 


S’* 8’Vk— 1 "+r [CliBne 
14'-+ 14+1 - W CtzB-qp 
18+i 181+ — I 1 * I OzBncti 
13 146, +M: I CiliJBKj 

II' ; 12!* - V, ufnlns 


MY — ‘,’h CIvHkJ 
7 CiwicBc 


as 1.9 :a:;'j :j :: 

90c 7.9 lie IP, »l’„ II 

.. 15*510 . f, 

... 7M? "’-+ 6-. a 

... 24ioor> . . j: 

177402 2- 73 25 

.15“ 6 1072 26>, la 2t 

. 704 5? « d', i 

.. 10 14' 4 IJ*4 14 

1 .08 3.9 .452 23': I’’-. 78 

93c , M jo 

M 3J MI 35 IA*, 74 

... 43 S': 5+, 6' 


27' • 24»* - IK I 
uv; 151 j -1 C Brower 
6‘, 6’, — li C-CUBE 
12*. 13'* -•* CAlWro 
18’: 10 ,d. CBBnc 


.9 1991? 57'v 49,* S2 -1 
.. 1308 IM, 10'; 106, * 
_ 924 7>.i 7'. Ji* • 

_ 4165 281, 76' j 26 K — I 


■* CAI Wrr 
6, CB Bnc 
CCA 

K CCBFn 
•i. C COR 
CDWs 
_. CE Soft 
'4 CENl 
' . CF BCP 
'*. CFI Ird 
CFI Pro 


._ 2&9| jo' 

. 10057 20' 
._ 259 IM 


551 33 >, 32 33'Y *>*ICIavEng 

46? 5”. 4’* 4-, _ CloonH 

48 221, 3H+ 22’« - 1 , OerCda 

220 5', 5 5 — OevtRI 

auor 

I CHDrpI 
Clinicm s 
OiniGs 

7"’|, 9** -v* Ointrrais 

16' s 17'..— 2> 4 Cloth 


- 1410 IS'. 141+ T4’. — 


45 3'Y 3' 
1287 IM . V 
9779 5 J' 


1.30 e 4 3 120 31 L, 30K 3B'., _ CoOdBH 


._ 964 6+1 SW S’,* — ' 


OSe S 385 17’ 


1.28 3.6 1907 361+ 34+4 38 - 1 !* CsIBn Pt 125 9j 139 32** W* 241, 


1719 31' . 30 21 _ CsIHItti 

1407 21’.'? 18’. j 19 —2+4 CobwKs .5? IS 

1337 3’. 2K Tv* — V* CabraEl 

812 12'. IM* 12’ 4 -In Cobra 

94 32 21 73 — CocaBII 1.00 3/ 


73875 21K1 17V. 18 — 2+i CFSB S 


17 2W 2** Tvj 
3522 13'. 121+ 12’.-, 


_. 481 36', J5+* 35V. — CI5 TOl 

- 9646 39'** 27+4 28 — K CMC Ind 

... 6335 7'Y 6'* 7’Y +-K|CMGInf 
4 412 SK 41+ 5'Y +KICNB 


— ' ’’ BOAT 

BE Aero 
BEIEI 

- +*+ BF Ent 
• I BFSNY 
— I M3 


I ■ .4 —<4 , Qij, 

11*4 — •+ ! BHA 
4'* — 1 BHCFns 
a’v +•"'« BI Inc 
I?', BIS’. 5 

1+* Bh'CSem 
P. — >•„ E?AC Sri 
‘ , _. BA1C Wl i 

2’-* - ’* 1 BMJ 

‘Y .. I BHH 
121, — I BP! Pkq 
7 - V,. | BP! V+TV4 

4’. •'-, IBPIW194 

f> IB3BBCS 


1 08 3.7*4218 19+. 291* 19** 
..18334 9V: Bi. 9 

08 1S 90 S'. S'-: 5V, 

... 30 3‘. 3!. 3’.* 

_ 201 2M . 20' , 21 

.80 3^t V2&7 73+. 21 1 j 23+* 
.12# 1/ 659 9 ’ 4 8'u 8+4 


... 30 3>* 31. 3!* 

_ 201 21'. 20‘ i 21 

A <267 23*. 21 1 4 23** ■ I* 
.4 459 9’ 4 8'*4 8*4 

£ 1J74I4*. 12'* 14+6 ,|I 

- 799 s+* 41. 4’. — V 

.. J999 19 i B i? IBT, - V 


S’Y + *6 t CNB 

CrjBFNY 

1 CNS 

I CP AC 

CPS 

19** _ CPI Aero 

9 • J* CPI wl 

5*Y — K , CS8 Fn 


.40 3.2 329 IB** IB IB*,,* 

_ J2S5 2'V« 2V< 2 V. 
_ 749 4’ . 3*, 3*. 

_ 50 9 BV, 9 

.88 3.8 581 32V: 31** 31** 


Cocensvs 
CadaEn 
Cade A1 
Cofle+ip 


1.00 3/ 155826' : Id'-: 74 


3*4 3*. +',i Cogne + s 
a**, « .I* cognasg 


3469 21', |9+i 21 1* 
POd 19’ j 19'.-. 19*/, 


608 7 6'..’ 6».'B — CatiaEn 

J6b 3.0 192 g>*, g+„ BV, —V* CTuvIer 

J8 3.1 J9« 28 241, 38 * 2lY Cola&R 

... 415 7K *V« 7V* -1] CdGiRfi 

S30 3!Y 21, 3 + V, CoIBcp S 

.150 1.1 972 13V, |2’.Y 13’-* +>* Collins 

- 377 22*, 21** 2TK +** CBcapA 

12 10 -?V, 9+4 — * B ColnIGas 

- 247 24’* 75 2*',. + I'Y ColnGp 

- 206 11' . 10*. 1IU - 'A. ColBnF 


*7 3214 32*. 32V. —I. Con cm, 


_ C3F Hid 
- 1Y 1 CSP 
I*. I CTEC 
] CTLCr 
11* I CU Bnc 
— V. I CblDsgn 

- 1* I Cablmire 

1 r^Mtu 


... 627 1 1 10 

.23* 1.5 30 15 Id 

... 91B1314 t2 

._ 637 41,, 4 

... 11865 id’-, |J 
_ 1173 J’j 2 
_ 4683 33 ?l 
.50 18 ?2S1 2M-, 10 

_ 1206 3’i 7’ 


10-n 10V, 
Id’. 15 


m+. Jl** 
3'. 2*. 


B ColnIGas 1-6 *J 


.BO 3.6 1597 23,4 JIV. 22'. 


_ 12274 55*, 521 j 55'. -1 Caches 
2316 27V, IP, 25+6— I CACI 

523 10' i 9V. 9k* CoCbvS 


4V* — K ! CabctM 2331778 1300 8'* 7*i 8 


l’l 17'. Ilk. 11V. — K Coroalr 
1354 7'.s aK 71. + te [ Comrw 


AH«m 3708 7i. * 7' 

Altera 726'e 33‘* 30 V, 31 

-llPbSC _. 2394 25 30+ . 73 

-Vllron -. _ 1*66 15*. IJ+v IS 

AmOJr . SOT 4+4 J't 4< 

Annbrilr .. ISO 3'. 3'.- 2 - 

Afncor 88c 3J 23 27*. 2? 27 

-nx-vF- v il I-nrlJOBIO., 15'.. 20 
Aittnan s 60 4.1 114 14*. 14 1 j 

Arr,.;-rBC . 3122 1’, l<- 

AFFF 1.60 6 7 648 25 33*. 34 

Arr,FPr 1.06 IJ.I vj36 ?v* B*. 31 

•AFT .E J4 8u5 ».?83 6' 4 6 + 

AFT. El .75 S3 ,766 »■•+ «'•: 9 


10 3+« 3*« 3** -'4 I BT Fin 

08 7i . 6 7*. .... BTShp 

?6 33‘* 30*9 31 >. — BTUInl 
94 15 30>. 73" 2> , B17/IP 

66(5+4 14+t IS'*: — ' . BekXtoL- 

02 4’.. 4't 4*: — +. Bacnlnf 

M 3'. 2' 2’. - +. BacKBav 

23 27V. 27 27 .. Badgrp 

W TO., 19'., 20‘ » • Bailey 

I4 14+. 14 iJi, BF Hg wl 


AFT. El 

ArTajpOn 

A m3* rr 

ArriB-vs s 

ABnlr 

ArnBiQ-ar 

AmBldg 

kmQuvn 

A/nCitv s 

ACIotn. 


1386 69' .. 66’* 
1061 J 3'-f 
35 17'* 1 6 


+-'■ BkHgwl 
• Boveri 
— BldLyBs 
— +V BaldPla 
'. EMIr-Gro 

+ '■* Balicv 


_ 4634 Ik, I’.J 
.. 2235 S+4 d>, 
.. 231 'y ', 

- 268 1 ,4 

’* 28 372 2 JV, 25’, 

1.17 3.9 26 29 ’8'., 

10 IV. 3'.. 

- 7oi r»i. i*. 
.40 2.2 3532 18". 17', 

- 1644 II W 10'. 

.. 67? JV. ?1. 

... 1389 171, II 
... 181 Id IP. 

_. 12577 7 6 

9?9 V* *•- 


I7’-i + 1+* Calaene 
28 'y — *Y I CatAmo 
3+. I CalBne 
2 _. ColilCuJ 

IB CaIFnd 

I My -l'. CalMD 
JV, - '*« CaLIAlc 
11V, _ CalSB*: 

Id -2 Calton 
t*-+ - K | Cakwinv 
1* “ '.-B Calumet 


- 3 7 7 7 _ Oncscs 

- 3647 10** 91, 9V; Con-Wea 

lJ0e5.3 86S30V, 7B'Y 78K— II* CmdtHd S 

- 587 r.-- »v B * V r Comdlal 

iO 1.2 3V>4 I7K ld'Y 16*-. >1V Commnel 

_. 2X6 71* 7 7‘. —V* CfiuitfSc 

1358 7*. 4K 7’-, +1 CmcBtJ J 


... 30540 15 
._ 531 3’* 3'.*i 3*» — H On BMC 

£6 33 575 1 7': 16 16’V + '.* CmeBV. 

572 Sl ‘ s *» 5> * +, ''» CmOr 

■ddb 2 6 180 17 16'Y 17 >1, CmOrB 

- 3571 jo +j 20 20' * — '* CmCcGe 

. 1339 J0+. |9k. 30V, . 'Y CmcBOl 

M d.2 351 9k, Bi. 9', CmcEN 

•35*8.7 J39 2’v,, 3>i 21, CmdBM 

-. ,308 2’-, 3’*. 2H _ C/neFdl 

- 105+33 33 33 -V* CwItFdl 


I7K 12V, — V, CmBNJpM.50 


■06 J 4446 »•-. 19 t y 19K — KiCamNtg 
W »■? 16 4 !y UK 14'Y - i, Combe* 

_ 2082 14** 14' 1 14'Y I CamBhJ 


36 63 .137 20*4 JO 20 

60 T-5 207 23’. 27: . 23K 

_ 1S4 II in'., 10'. 

_ 226 4]'* 3>V; 401, 

34 IJ 7950 19'. IB 18’., 

.. 1018 5l„ 5 5'/,, 

.09 _S*JG£7d 13' . 15* , 18 
.09 J.:B5el I”, IJ'i 174* 
... 10813' = 13’-. IJf-'n 

_ 303 'V, 

1315 2'-.i J 1 , 

.. 2202 P*Y 1 6 I? 1 * 

_. JII 2« 2+* 
MB i.l 1600 If. 18 19’ , 

.50 a. I ’d 25' : J4’. 24'Y 


• . . Di.’+Sn 

. Oir IF ai 
— £•• - h/tv, 
DBA 

— ’ ■ - r - 1 

- . C'EP A 
— I C'EPB 

. OFiP 
— DMT.;r» 
DM Mgi 
. DMA PI 

— DMA P* 

— ' . Dtp Cf 
■ j DP Hc-rt 
—’+ DSEnc 
I D’Cs 
DSD im 
’ : DSP OP 
DSP 

-11, DT md5 
-2’. DUS A 
D'.lwi 
OogCPb 
- ' + DlvJgjr 
— DoirvB 
- 1 , Dairy A 

- Dak a 
Dakoigf 

— Dtf-iron 
„ DamarV. 

- '., Dan* a 
— ' , • Danavin 
’•»i. DarlGe 
— I* • DIBdcit 

-•? DIolO 
-ia* DtaMea 
; Dtafish 

- +• | DtSwt'3h 
— 1 +4 DiaSvvl i 
— V: . DtaTm 
— 1 4 ' DtTrNwr 

. ! Dalbk 

- '•* 1 Dalkev 
— K Octmor 
-2 1 : 1 Dotscp 
— ! Drositi 
-v B - Datavrcre 
■2'+ I DTawtrfi 

- 1 1 » Cnawt*: *1 
— i. DaraRce 
•*• ; Darren 
— +. Datum 

- '* , DmiPhn 
— '••, 1 Dnuco 
— +» 1 Dave! 

I CwdsnA 
_ . Cava.’ 

— 1 . ! Dawson 
_ I DavRun 
DeV/v 

* K I De Wolfe 
’*» I Deb Sup 

- k* 1 Deck Out 

- ' * , DeepTeoi 

- i; | Dowuk * 


Sne+Fi 

Srgr.S-'j 

E--9.VK 

S-31+irr 

E-ttmo 

Erj^t 

Env.rtl 

Env-gen 

P-Mls 

='.;T;*t 
= n.-.V5t4 
St*— A A' 


ire 2.5 ItO S’t: 8 8+6 — K ! FramSv 

206 4’ * 3+4 4'. - ’v 1 FramS wl 
_ 9? 3+* 3+* 3K -'■* ; Fmfctd 

16 1 6 806 P 9+4 9’+ — MY 1 FirnkBl- 


9>; - I Foresto _ 4826 4 3fe 386 —4* JX'.™ 

6+4 — ’ . I ForstO wl 75 2 2 2 — K 

1 — 1* Fo+stO pt JSt 5/ 322 IS 13K 13N — V* 

?V« — U'FcrviCh _ 57b 14% UK U%— IK. h=VIK 

4’Y _ Farstm „ 14 10+Y I OK 10’Y — Wu 

12 '. -My I FtWynes £8 3 3 IK 77 36 27 +•% 

S'Y - 1 FormB J0a .9 325534% 32% 33*4 *Vi C2!Ur. 

«‘v. — H 1 FarmB Pt 2X0 43 4T46K 45% d6'A +JV4 

■W. -ir Fosstl .. 7964 21 K 20 20 — % 

14% +% I Foster _ 1)66 3’Vu 3% 3K _ tS"23* 

7% -*T <J i RfhF^ UJ4 1 3.7 9550% 2#’ MV. — \S |j{U5? v 

anisn' !?•-■«! ;PSSa ,JS _% 3Sg 

15Vt - ’.4 1 FramTc .. 1673 12% If A 11% — V; HtmRftk 

8% — V, ! FramS. _ 1408 JK 3% 3% +% HPMctr 

4> - % 1 FramS wl _ _ 120 1 >V|, 1 +*fu H"Crtm 


-56bX3 "SIS* jP ir ^ 
37 U 3905 15% 15 15% ft* 
M 14 174720 17% 20 S' 

.14b II 1*16% 5% 6% — 

_ 78 5% 4te 4% ->5? 


UtrEi-’’jed fr 

3r •** 
ix- •• P 
.’-ui 

«! 5 -vr iC’-'n 
' ’* " 




79 15% 14% 15V 1 - '.4 I FramTc 
10 S t 8 8% — % ! FramS. 




_ 43 »’Y S'Y 6'* - '* . FrkBk Bl 

.. 32S 0 S*'. 5Vu— !*u' FmkEI 

.. 200 7’t J'.Y 2', - % • FrtEPb 


I 'Vi* l +¥u Hltcnm 
1/0 17 *128 38% 38 36'.* ► % flS™?* 
Jlr 2/ *1 9V* 8% 8% — % HBCmp 


*% SU 1 - i — 

2K 2'i 2K — I 


.90 7J 6812% 12% I2VY +K HHtuten 
33 1 3 324 27 25’Y 26K —Vr «“«lVTc 

_. 584 12 11% 11% % HMtlnf 

JO 15 Kd33 14% 13V, I3K „ HltwAm 

_ 49B1 *V, BV, 9 .. HeOrtTc 

_ 3054 24' -4 23% 24 +% HnlndE 

_. 23 4% 4% 4% -K HrfWlre 

_ 20 4% 4% 4% — 'A HcheB 

_. 65 UK 12% 13'i >. HchBA 

- 151 4K 3V, 3%— 1 HectCm 

_ 357 30% 39V] 30% -1% Hetdemi 

.12 .7 I0M17 ISK 16% +-K HetenTr 

-. 615 11% If*’. 11% +1 Helton 


661 j . ;• 

... ’CCa 4-v :■ 

. I? 

h:j i: 

. I5J 13’.. <:. 
_ 79+5 J - 4 
9.7 P3 2 S jIa 
. 527 4 : -!' 

4 2 ■IPS 13 . •• 
. Si.: 


15 . IS — I 
-,9 :i -1 
9 -« K v . - 


Erv.v: 

IT55- - 

BeuiCrer 

Ea-jirc* 

Epjite, 


909 4 3% 

56 3 P* 
2JC ’% 7% 
39c 2 1»» 

W* T- It P i. 
362 •- ’= 

12 2 : 2 
1013 JI . 3 


3% J% ... ' Frrdl 

P* 2 ! FreihAm 

7*4 — ! j • FrshChc 

p, J*. ' Fruiter 


' Fretter 
Frevm 
Fr iedmn 
I FrisBov 


HltwAm 5 
+ % KnmdE 


3 J — % Fr.lz 

Pit 18% ■ 1* , FrrFd i 
191i 211, - 1% ' Fvfcnjm 


- 204 2!* 2ft 2ft -fair 
_ 24252 21 ft- 19% 20ft — ft 
_ 2194 T 6ft Oft -W 


_ 2194 7 6ft 6ft -W 

=*sa»azjr 

_ 547? 17% 16% 16% —ft 


- 122431% 30% Jlft — Oi 
_ 128 11 10% 11 -ft. 

06 / 38 15% ?«4 IS —ft 1 

.16 1/J 371515% IS 15ft -ft- 


1.0 371515% IS 15ft “ft- 
- 30 7% 7% 7% -ft 
_ 747111. 10% lift .-ft, 

-. 326 14 13% 131* — **■ 


16% 17’* - ft I Fullon 


-58 1.6 828 37% 35% 37% tlft HeflxTcs M 73 93 20% mg 19V. — ft 
.800 3.1 101020V, 25% 25% -ft Hemanme _ »37 9ft a%- 8% 


_ »5 2% Wu 2'Y Furan 


- IT IBIS 25’ : il’ir- . — I - 


2«0 ild'. :j'. ir't —■+ Siceuae 
iJi 14 , >3' : ! J-» — ++ Ete.mo 
336 4 1», Y i — • i Esrrer 

i!» in 1 : 15*4 '.j-. _. Ev Cr. 

’2 J 4,5 - • ,* EmiCHId 

48 1 : : l-’t 1-*» - - 

1U I3’i 12': 12'-, — I 
jr is I.-, it?. — ’ 

14 6 1 J S ? 6*. ■ ’ 


EvnSu: 

E J*jn5 
E'-cniSy* 
Evrgrr.B 
EugrMeCI 


_ IBS 5 1 . 4?. du-H - • * i FuitonSv 
Coe S 2002 13% 12% 13'. FulurHIs 

_ K? 6 • 5». Fi —'4 I FulNOW 

.. 266 2 y 3% 3>k — ■ Fuirmdlo 

Me 1-22138151% 48% 50% —ft ■ Furmdwi 
t *. S’ 8 7 *y 8 —'.4 i 

30 1.1 1048 19++ 17% 19-1 | I 

_ 191 7% 0% BV* — I 

1.52 5.9 ?1 25% 24ft 25+4 +1 I 

... 4?6 8' ; 7>*, fiv, +■ % ' G&K 5 


job 3.1 101026V, 25% 25% —ft Hemanme 

_. 205417 16 16% +'A HHTVJfcS 30 23 

34 is 418 16% 14ft 15ft —ft Herbffe 72 10 

.. 3113 15ft IS 15 — % HrfoFdi M 1J 

_ 26*5 M '*4 9% 11'.*+ lft HertsFS 36 1.7 
_ 177 12ft 12 12ft -ft Hertev - 

._ 176 * 5% 6 _ HfTcPtlTS _ 

_ 77 2ft 2 V. 2% _ HBwrSv 


2937 9ft SW 8% — H, 
20 23 1789 8ft 8ft 8% 

72 1012164 24% 17% 24% t4W 
M IS 7 74 12 13 


425 17% 16ft 16+4 — +* GAB Be* J2 73 
180 3% 3ft 3K - GBCBc J2 2-3 

77J 7ft 0% 0ft —ft GBCTcn 
1329 10 1* 15ft -IV, GMIS 

1482 15ft 14V? 151^ - ft GNI _ 


6 _ HITcPhTf 

2ft _ HiberSv 

HiPlains 

1 

8 FStiumS 

FGnsdte 

14% +Vi Hrrsctl 


36 1.7 6417ft UK 18% — J* 

_ 09# 4ft 4 4% _ 

_ 364 10ft 10% 10ft + K 

z. isw 1 / nf ;r 

-. 275 7 7ft 8 — % 

■Me / 28710% Bft 10ft +Wn 

jean :a- on* act* .1+.’ 


■j:. :.: v- ; 
t:' .' M.i’ 

»ay*-a:s jr J ■ 


JJ7 J 136514ft 14 14ft + ft Krsch 
37 73 3231 27% 31 .. Hftm 

31 23 10213% 13V, 13ft — % HoLoPak 

246 12ft 11% 12ft +ft Hoenig 
_ 215210ft 10 10ft +% Hoaon 


_ 692 25ft 24%. 25ft +W 

— 131' 8 7% 7ft -7 

_ 7H7 a»A JV. 4ft *1 


I06013J. 12»» 1JV, -P. E+grA-lpI 3JB 7J 406d0% 39 40'*. -1ft / GP Fnd 


_. 7t.9 4'.'. 

... IBS E 
_ 13678 14*. 
Z?e S 7402 45'. 


4' , - ' . EvjmRs - 

8 - ' : E-'djvte 

Id’ . E.rar 

32-6 -’-6 E«c alb _ 

4 _ FrdTctt _ 

0 — 3 1 " . E>dT*i - 

6 — % EkclTcrt J5e 52 

3 -‘’j E’ecTl 3.32 1 28. 1 

A’. -'+ ■ EXTON 

9 E.itte 

2!« _ : E>Plns .10 A 

7'm — >, E * or Am 

13 -'j ExaScst 

12' 1 E*4lar _ 

7+- - l Eicon* _ 

3 — ' 1 Eicon, 


7£.9 4'-. J’c J', - 

IBS E :•* 3 

(678 IJ‘.4 II' j Id' . — 
fJOIdS 1 , 42'+ 32-6 - 

61 4 J>4 d 

<94 60 70 70 — 3" 

J?4d 6+1 Ta 6 — 

J98 j'. 2+4 3 

10 J‘+ 3% d'.+ - 

11 9! j 4 9 — 

59 3 2ft 7'» 2! a 

tS6J a ift 7'a — 
298 13 'j 12"; 13 
124 22ft 2>'Y 22'* - 
M9 7>. 0’. 7k. - l 
9 3 1 3 — 

54 5'., 5% 5ft 


- 'v Cxrtnlnc 
—ft DelTcShd 
-ft DovbjE 
ft D+.lbGn 
— v„ DetaOts 
-T". Dekdim 
+ 2 DeKotf 


9 3 J 3 

... 54 JV, 5% 5’y 

_ 56IO10>* U'? lc,' + 
_. 46 5 4ft 4>, 

_ 1785 11 7>, 10*. , 

_ 7lJ9 |i. „ |'u 

.. 20 ’’j '.ft »ft 

_ 77M S’, 4>. 5ft 

... 32 9'. S". 9 

_ 241 4’Y d' « 4ft 

.92 1858 25% 25 25V, 

... 13617 14' 10i. 

_ 254 10'-, 9V; 10 

_ 120 '9 .Y 18% 19' , 

_ 282 3k« S', 3ft 

_ 19A 9 8 8" C 

_ laSu 16ft 15% 16V; 

... 452 77'.. left 20,. 

.. 343 6ft 6 6 

.III 29 J12 7ft 6ft 7 

- JD86 15V, 14% 15 

-. 5457 14'.. II Id 

00a 1.6 370 36% 34 ld'Y 

_ 541 7ft ?+■ 7'Y 

_. 300 13% 17’. IJ’i 

- 360 IS'*. Id 14% 

M 2.4 ,779 lift 12 33 

.100 1.0 MID *■* 10 

M 2-0 3*5 22'* 21% 22 


279 8'*d TV. n - li | GTI 
731215ft 14V, 14% — % G— III 
1705 25 23ft 24'A . I GZA 


414 9% S% 7% 
1325 5** Sft 5V, 


Qft 24'A . GZA 

8% ?'Y -IV; Golev 
5ft 5% ... Galileo 

1ft 1ft —ft Grantor o 


- 605 3% 2ft 3 —Vi HldvHl/ 
20e .977022 21% 20 21ft +1% Hofirwer 
_ 395611% 10 10% — 'A HtywdCa 

_. 502 4ft 3% 3ft —ft I HnBywdE 


_ 707 d'+i Jft 4ft +1 

_ 52 Sft 8 8ft. t ft 

.1 On 2-6 1274 4% 3ft 3ft + ** 

-17e IJ *638 9ft 7ft 7%. —ft 
- 185 2% 1ft 1ft. 


germ. 


— X2776 lift lift lift +1 


- H7 2 lft 1ft — ft | Grantor,, 

35 e 52 27 7‘ j 6% Sft —V. 1 Gometek 

2J2I28.I 2831 7ft 8 8% —ft GamimjW 

_ 6334 2ft 2ft 2ft .. GamWwt 

_ 306524% 21ft 24 -2 Gandlf g 

.10 643792 18 16ft 17ft ♦+, Gander 
-. 6355 11ft 7% 10ft -I viGantof. 

... 1194 60 57% 59% < v, GardDen 

- TS8 8+Y 7 7ft —ft Garnet 

_ 703 dft 3ft 4 + V, Gradner 

- 1051 13*'4 12% 12' v —I Gasonlcs 


58 A S frVfl jHSwQPK S 

._ 284718ft 18 18ft +S HtWdPpf JO 3/ 440 20% 17 26% V2% ' 

- 270 4 3% 3ft HataaiC _ 58610V, 7ft «» —Yu 

.71* IJ 22<8Vi d6% 47ft— 1 Hataphne _ ' 

- 883 5 1 /* 4 % 4 Vi —ft HatenB _ 

3211 5%. 4 4f/m — iVu HamBan SO 37 

_ 2988 lft ft ft — « H HmFdlNs JO 1J 

_ 8365 <v,i ft —ft HFMD 
_ 26314% 13% 16 +■% HFctSvF ' £40 63 


1215 8ft V/t 7ft — y 
4131 29% 26 27 —2*6 

37S7 22ftJ7 


°«at«d iron 
feis; r?**— 


37419% 17ft" 17ft— 11* 
87 TV* 7 71A. +’5 u 

2121% 28% 2V% 

36 20 Uft 20- ♦«.*! 

95 5ft S'Y 5ft'..+ Vfj 
145 16 15 15%+ — 


21 21% 20'A 2V% 
36 20 Uft 2IS 


I'* — ' . , F&CBn 
* m —1 w . F&M Be 
Sft —ft I F&MBn 
9 — 'ilFaMDis 
4ft — ■ l FM Mol 
»V> _. FCB Fn 


-I Gaanics 
GcteFA 

J GateMOO 

1 GtwBcp 

GtwvCm 
• +4 GatwyFn 
- GeW 
+ M4 GnCrHil 
- % Genera 


263 14% 13% 16 4.% HFdSk/F -64b 43 14516 IS 15ft- — 

239 3ft 3ft 3ft ..ft HmPrl JO 52 .2712 11% 11% .*%_ 

5151 9% Bft 7ft - ft HmSuFL JOb M 21327 2# 29 ♦ I * 3 

300 4 3ft 4 t'A HmeSIct _. 270 16ft 16 16% 

1540 38% 36 38ft +2% HmeThea ..12027 MY 5+tft Sft — 9ir 

2127 13ft 12% 13 +’.4 HftSwt - 325 % Vp «ft. +% 


8"-e— »V b : FLIP 
l6V; - 1, j FM Prop 


16% 20+4 — +Y FNBPo 
6 6 —ft FWPPr 

6ft 7 —ft FSI IrH 
14% 15 —V, FTPSH 

11 Id -3’+ FahnVh 


F&CBn .60a 13 446 18ft 17ft 18*. .ft GatwyFn _ 

F&MBc 8Db3J 150 23ft 22ft 23 _ GcM 

FiMBn M 2J +021 19ft 77 + lft GnCrHIl _ 

F6M Dis 1741 4% JVd 4* 4 -ft Genera _ 

FM tool Jl U 076 17ft 16 17% - 11, GctoLTc _ 

FCB Fn JlelJ 257131%. 13% I3*V„ GnAHRes 

FF Bcs -56 1.9 28814ft 13% 14% +% GnBnd JO 2J 

FFIXBC JJ U 1038 17 15% 16%+ IV* Gn&*le 

FFYFn JOB 1.4 480 MV. 14ft 14ft _ GnCom 

FHP _ 16461 77+4 Tttft 7T —ft GnCpt _ 

FLIP _ 18214V. 13ft 13% —ft GnMas -12e 2J 

FM Prop _ 1413 dVi. TOVi, 3 'Vi. _ GnNuIr 6 

FNBPo ... 491 59. Sft Sft —ft GnPara .24 9/ 

FRPPr _. 42 1414 14 14 —ft GentreCp 1.20o3.0 

FSI Ini _ 776 1! 10ft lift * I GeneThr _ 

FTPSH _ 13603 19ft left 18% — ft Genctl wl 

Fahnvm .15 23 318 7ft 6ft 6% +% Genetlnsl 

FOilGrn _ 419 S’-. 4ft S — % Genicm _ 

Folrlvc .Id J 1419 28 T6’’+ 28 - 1 Genlyte _ 

- Gensia 
_. Gamin wl 
-. Genta 


+ ft FolcOil 

2.4 ,779 13ft 32 U - +. FalcnPr XTle 3 63410% 9ft 10 .. Genta 

1-0 MW 7% 10 +’••+ Fantfic JO 2J 369 20''. 19% 20’* +V* Gentex s 

2.0 2*5 22'* 21% 22 +% FamSIl _ 1962 ft ft — i.u Genus 

- 133750 30ft 2dVi28k+..-3-Vi. ] FrmHms J2 .9 x7338 34 32 33ft + 1% Gen*vm 

■- -SSL 7 .^ 'J.' * 'J 1 * * *'* I FormB, 2 00 16 1B12B 126 128 _ Gcnzwt 

-. 1390 3ft 3*. 3*. _ FarmMch _ 900 13% Uft I3U _. Gerwvwl 


710 5% 5'. 5% 
80 1% Ifti 1% 


V,: ! DeipFin 
-ft Detoiru 


3ft —ft CmBMO* ii 21.2217 32': Jl 

16+6 + V. CmcBVA 60614 e0 ?7 J5 

5ft +*u CtnOr 7fl 3.9 13'+ 17 

17 ■ V, cmais jo j.q :« <s it 

70* *4 — % CmccGo .^6)7 it 1 4 10 


JS’: a 1 , 
17'? 18 

16+4 17ft 
15% IJkj 


— *.Y . Delr na 
+ V» DeltPine 
— 1 . ! C-eJING 
»I’*4 I Denl'-rtv 
— ’Y I DepGtV 
— ft I Doprnq 
— 1 Dewons s 
j MIDI 


-. 1390 Jft 
_ 1102 I7'< 
■08e .4 1920 19ft 


17V. 1»kY .1', ] Farrct 


.10 e _ 1181 I", 
_. 8739 15' 


I.'*. 17% 
35V. 3?ft 
28'+ 301+ 
l+i. I’% 


301+ -J+. I FdSvBk 
l'*u — 1 FdScrw 


CmcEN f 30 3.T 21J ’* 


. '% CmdBWl 
_ C/ncFdl 
- V, CwlrFdl 


168 If . i0> 
7747 51-. tj, 

J43 Id 13' 


_ 1329 6.4 sft 5'V„ —1.4 CmCWNC .’31 9.4 394 10*. v. 


3 2 1761 22'y 21' , !2ft - 

... i?a; 4 j"i j?. 

. 3580 10ft 9% 10ft - I 


!2ft - ft Bancim 
3ft _ BfKGoix: 


14% I ComBw 
1 4v u — . Cembtde 
8 ... . CambSnd 

3Tft - % 1 ComoT eti 
60ft — *, CommAin 
I Sft - ft , CampoSI 


1878 4ft 3ft 4 V. 
1731 I'. I I 
174 6ft 6 6' 4 

1168 7ft 7", 7k, 


- % Comint! 
—ft ComJEnt 

— ft CgmEnA 
— ‘••4 Cam Ctrl 


3367 17V. ISft 17ft +1% CamSvs 


515 UK 11 
69 |dft Id’. 
W 2*.. V.. 


dGUiVo, .16 1.0 70S It'*, 16 16 

ACtrfOidi J4 1.762307 16V, l?ft Id 
ACansu _ 40 3 'y 3 +, 3ft 


ACteiU _ 

A/nEdgle 

AroEojl d)3e 3 

AniEdw: 

*mFB .20 1 8 

AFiltro 9t jj 

AmFrot v _ 

AGtrets JO l.B, 

AHUhcps 
AmHold 
AHnmPat 

AlrWF Jd 2 0 

AmlnPlwl 
AniinPt * 

Amt-topf lit 8/ 
AmLct* 


1368 15 13V, 15 

474 10' 4 9', 10>V 
2545 4ft 4ft 4'; 


.20 1 8 796 I IV. 

9t 3J W 29*. . 


_ 6311 19+j 19 1? 

JO I.Bxl04!4 28ft 28 2fll* 

.. 19005 B' . 6% 8% 

... I5B P’.y f c IV: 

,. 64 17 15k, Is 

-24 20 177 12% 1! Il+g 

... 356 " B v d V” 

2281 lv D H: lft 

-Is 6/ 89 25V. 74ft 25% 

45 5 5 5 


AMS _ It SOS 23V. Jl 

AMedE _. SJtS 10% 9’ 

AmMbSat _ 374617% 15 

A.VKWIo .. 1731 14% |3 

ANllns 130 4.8 *338 48 % 47 


10VY - I B+3>S«J 

13% —*.. BCBNJ 
I4 1 y ... Banctec 

21'.. — +,. BanaeM 
16 BondOPl 

Id _'.4 BkSojln 
3ft -'.4 □> Granil 
15 -1 BnkNH 

10> „ - BankAH 

4'; _ Bnvutd 

I I 'm - I BlkLOpI 

29% -f.a BKUlFpl 
19 —ft BkWorc 
all — ' + I Bankrtv 
8% - 1 6nkF>t 

Hi -ft Bknlh 

>6 Banin 

IP* BanvAA3 

*a - BonySLJ 
lft — "c BanvPT 
25% • ft BanvnSv 
5 ... Bareft 

23% -IV. Barra 


encFvlO. 34 1.6 38IS+Y IS 15ft + ft ! 'lampat 
Bandns - 31 6 S'Y 5% —V, ! CY/meB 

BtkGoIk: 32 f .8 3837 38ft 37% 38ft — , CwlneA 
B+3>St4j l.oeb 3/ 243 31 29% 29ft - '*4 Candela 

BcntJJ 00 3J ,10 24ft 24k. jdft - % Canale- 

Banctec ... J414 23 21*i7iv,_ 1 CannExp 

BantSDM .96 i.O 315 16 14VY 16 - k. ! CannElf 

Bando Pi B6e 16 10 34% 24 J4 - % ' Canonl 

BkSoJlri .44 7 J 7«02 Uft 18W 19 -’ •ICo'Wnie 


-ft ComBctJY .60 3.9 tools’. 


1123 13'., 12ft lift *% CrolyBS 1X8 3.7 
1826VY 25 26'.? CmtvBn Jde 1.5 


Jte I.l 1037 2J’.4 22'. i 23 


- +4 J CannEvB 
-Jo [ Canonl 

- ' • Canonic 

1 Con ^ ira 

Cant ob 


4291 23 ,4 22% 23 
441 3’. Jft 3ft 
1726 7ft lft Jft 
14 13 13 13 


Ti 15% 14+. 15 _ 


—ft ComFtBk M 33 090 13': fj> •, 1J% 

_ ComFB Pf 1.75 0.6 I re 26' , 75% 26' 1 

-ft ComHIth ... 319 4' , 3ft 4% 


• 1 . 1 DctSvt 

- * , I Derr+C 

—*.4 | CteYCOn 

.. oeVBui 
+ ft 1 Devon 
+?■ « | DidPae 

- + i4 Dialogic 

—ft Dknwn 

- •u i DiaUllr 
— ’r ; DFKcn 
—'i Dcwn. 

_ Digiln'l 
- | E'hridYB 
■ k; I D^HBia 
—ft , DgilLrw 
— % DfeU+C 

- I DigPd wlA 


943 2 P* 2 
483 ’ If. 9 
146 II+, !| lift . 
522 9' ; 8’. 8'. — 
33t 2 IV. !>. — 
Waiv’d 19’ j I94.Y - 
30* 331? 37% 32": — 1 
71? 1* 14% 14kS — 1 

286 d«, J', 4ft " 
7H5 4 lft 3’» • 


Ftroti _ 

FidBnCh _ 

FiaBcp 3 B IX 
FFdVA & .12 1.4 


_ 433 Sft 6% Sft 
-Ode A 18 6% 6% a’-. — V, 
._ 3475 7ft 8ft 8ft —Vi 
Xd .1 5591 33 32 33% 

3A IX 13 15 IS 15 '% 

J0a2J 317% 17% 17V, +1 

_ 3330 7 5% 6V* +1 

_ 2590 11% 10ft 11% .% 
3 B IX 5* 17 15% 16 .ft 


- Gcnzwt 
-. Genzv wt 
_ GenzvTr 
— V, Geodvn 
— '*4 GMasan 
.. GaBnd 
' v. GeoTJt 
+ < GerlMcd 
*1 GrmSv 
• % GtoPacK 
- ft GtorSfl 


_ 300 4 Jft 4 t'A HmeStat 

- 1540 38% 36 38% +2% HmeTltea 

- 7127 13% 12% 13 +\6 H&S wl 

.. 2384 20V, 19ft 20% +-V* HomcrM 
-29350 16ft Mft 15ft +■'/« Hmecrp 

Mt 43 3810% 9% 10% +1V. HranedC 

_ 112 nu, iv u n/ B — V« HmowG 

_ 3592 13ft 17ft 13ft * >v« Hmfw B c 

- ?« A’’ *'•'+ 6ft —% HemeTBl 

_ Ml 35 34 34 —ft Honlnd 

_ 4 10 ID 10 _ HorzBco 

- 1*03 2ft 3 +>.0 Horznfik 

2 Mft 14ft 14V, —ft Hombk 

JO 2.5 544 16% 15% 15+A +v* Harsnd 

_ 41? 5"7„ S ’ft S» As Hccpcg 

_ 1563 4% 3ft 3?6 HiWKqo 

_ 305 9ft 8 9ft r lft HugadEn 

-12 e IJ 36 4ft 4ft 4ft + ft HumGOn 
. -.29177 21% 2D 70ft— 3% Humtrfrd 
.24 9X 113 2ft 2ft 2% 0% HuntJS 
.20a 3.0 13 40 39% 40 + ft Huntco 

_ 1674 9ft 8ft 7% _ HuntBa 

_ 38814^1,14% Mft —ft HuTCO 

_ 10194»/u 43 43ft —ft HutctiT 

_ 383 lft 1% lft —ft MvalPhr 

- 1555 4ft 4ft 4ft + ft Hvcor 

- 9900 14'. , 17ft ll+i— 2 Hvcor wt 

_ 535 4% 4 6 —ft HvttaAT s 

_ 4184 9 V, 8 8% +ki HydeAt B 

- : -L W* HvdrTch 

_ 1481 4% 3T, 4 _ 

-11*90 31 28 % 29 Vi — % | 

_ 731 12% 10% 10% —ft I 

_ 80S 7ft 7% 7ft —ft 

- 270 6 5% 6 .. i-STAT 

JI U 92 7ft 7ft 7ft _ I BAH 
29e IX 818'/. 17ft 18' i _ ICO* 

~ 95 5% «ft 4ft —ft iGOpt 

_ 19591 9% 8ft 9ft ■+ 1 ICOS 


- 325 % Vp ft,. *Vc 

- 2020 10ft 14ft ir ’Tft. 

.- Z5T 13 11% 12K:i.'f»1 

- 539 34% 34 34ft +f. 


— V» HmowG JO 73 IBS 2ft 2% 2ft . hX 

+ 'V« Hmfw B c - 362 13% 12 I2ft _ 

—ft HemeTBl - -542 16 14% 15ft —*+ 

— % Honlnd J4 IJ 1076 30% 28' V u 29ft— I 
_ HOTZBCP Jle2J XS3 30 a 29ft rtf* 

♦ % Horznfifc 32 U 270 Mft 13ft 1 3ft -fr 

—ft Harm* _ 974716ft 15ft 16 - _ 

♦ ft Horsnd .lie XI 92 3ft 3% : 3% — > 

+'tu HQSPOS - 182 Sft EV> 8»p 

.. HuflCqg _ 295 7*4 7 7ft — % 

♦ tft HugotlEn _ 1443 12ft 'lift 12ft +W 

+ ft HumGOn _ 141420% 18ft 17ft —ft 

-Sft Humbird _ 1 14ft Mft 16% —ft 


XTj *i'i ’ .- _ 

■ .V.- : i+i 

seir ji 

bjU -vV-V..1; 

«(& !. t T "' r 

“?* if* 

Sl^CL'Zd’.r.Ar. 


30 1.1 741419%, 18 Vi 18% — ft X> 
-08e / 203*22% 19ft SBft— 1 f*. 
XOb X0 8585 26% 2* 26ft - 
_ 306 2ft 2ft 2ft -ft 

_ 2731 34% 30ft.33ft .f2U 
306 Th TA Sk, ♦»* 

_ 289 Si* 4ft X ; _ 

. _ 200-1 * 1 ’-I i ♦% 

. _ 75 5% S’*. 5ft 

’ _ 225 5ft . 5’ 5 • —ft 

-13790 «'/* 3Vu 4ft, ♦fa, 


©Q 


- *17. 2% 2ft IV, — V,, ICU Mad 


46 Sft 8% 8% _ GftranG 


X0 1.0 674 58% 58ft 5B>V M ♦%, 
— 4M 7ft 6% 7ft * v. 
_ 540 13ft IMA 13ft 4 1 


— Vj FidFdlSv .He X 161 13% 13ft 13 


.40 2J5.I560 19 


lD6Cm5 

IDEC 

hSexLb s 


..14546 15ft 12% 13ft— lft 
_ 674 3ft 3 3V* ♦ ft 

’ „■ 743 4' A 5ft Sft — 6 
1X9 83 911 21 a% 20% —ft 
_ 2055 ift 4ft 4ft -ft 
_ 861 12ft lift 12 — ft 


_ 27953 I S’* Oft !4Vu 
1429 3% 3% 3ft —% 


18% —ft tec Etc 


MY ComHISv 


33 I O'-. 0V. lflVY - ft Com net 


-Me J tdj 82% 81 82% - % I CompBnc »2 3 a El 34k' 


_ 240 3 % 2+. 7V+ — % CmprsL 


J4 10 Hd 14% 13V+ M’m • ft I Cantel 


AmOiKOu 

4/rPoc 

APliyG 

APwrO/i 

APubllsn 

APnre 

ArnRcw 

AmResitJ 

AmSotRz 

ASOVFL 

AScrft 

A Studio 

AmSuBr 

AtTHc 

ATrovei 

AVradb 

AUldGwt 

AVan+i 

AmWfiite 

Yoad 


-. 5268 10' '. 9% 101., ■ ft I BOrctBs 
- 374* 1 7* Y 15’.! 15%— r-. I BarelRv 
.. 1731 14'Y 1! l?!’j — I BsTnBrt 
L* 1038 48% 47 48 ft —"4 B'+TnA 


10 U 192 8'i 7'i B'-+ -1'. Contbry 
... 127 IO’.m 9% 10+. - i CanvPs 

18 10% 9'Y 10' , -•■? Cany wl 

JO X 818 34 33ft 33% . CCBT 

JO U 102 18% I7+. IBk. • ft CooA,- 

40 1.7 306 Ml. JO'. 1DV, .. Can Bnc 

X0 3.0 121 21 M 20 . ConSvrK 

JT tx 1429 33V, 3J J3 'm - M . , CasSw 

-■ ?!!'' VJh Vi '* — '» ! CaplIBc 

— 1209 Io+e !+* Pi — ‘-'u . CaoTros 

40 8.7 974 4ft 4ft 4 ’y I Carouitr 

. 0808 156, 14ft 14'Y -ft CardSnr 

Ille .1 1067 36 33' 4 33ft — IV. , CrdnHIi 

77 7ft 7+4 Tft * ft ' CVIS 
_ 167313V, UV. lift — j.y 1 coreGo 


JO - K517 10% 9% 10' , 
... 191 0ft 6ft tV. 

- 5 5 5 5 

- 715 lft 31, 3ft 

-. 333 3+i, 3"„ 3V„ 

_. 240 nr? ft ft 

_ 147 2S’*« 74 25' < 

_ - »3 'V„ % % 


IV, Cmplr, 

. rv„ Cmpcm 
_ CmoOl s 
CmPtH 5 
_ Cmoian 

_. 240 nr? ft ft „ CmpLR 

- 147 25’., 74 25* 4 +1% CptNw> 

93 '•* % - CctOuts 

.68 3.J IS2Jk, 216, 2tk| + V, CmpPr 

- BS 14ft ijft 14’+ - | Ccmnjwr 

JOeU 73 39 1 . 38V. 39 +% Com 4/1 r 

JB X9 10 9% 8ft 9V, .. CmviRs 

-33a 1.8 J191BVY 17% 171, — 'Y Connell 

■3* 7.t 83S toft to toft -ft Com vers 

J0e .1 Z7'm 27k. — ft CcdC ran 


.. Itll IT’ . 
_ 6524 4v,, 

- 538 5 

.7 4W Id’ , 
... 12M 10’, 

. 1977 |'Y_ 

4.7 do 0 + 4 

- 7102 •% 

- 369 5+4 

904 3 

..22573 dd’, 
776 14 


13ft Uft 
7». 10 


0’ 4 4 J « 
'ft 7«V 
S'.i lft 
2".i, 71* 
37>Y 41ft- 
13 13'Y 


3*08 3+1. 3ft 7' r . 
I?u7 d+| d 1 . 4 4ft 


46ft 44ft — % ConcEFS 


2»»1 9+-„ fl+.« 9 
2359 4> 4 3"Y 3‘.m 

136" 73' 4 21V, 21 'Y'ts 
246? 10' ? 9’ + 10 
1516 J'i It* 1% 
88 5ft 4* ; 47* 
:54 JJ., S 5% 
33l4lr?.' = |Jft 13% 
H37 Sft 4ft JV. 


... 437 9% 8 Si* — 1 % I BcsPtr 

- 3133 14". IS I* +V, BaaErtl 

- 371 7 I+, II, . BatftjItF 

_. 15321 21". 19V, 19’,—IK BatTodi 

49JI lj% IJ ft 13% -% BavPJdfM 
J4 0.4 1674 0', tft 6% - ’4 Ben Vw 

_ 291 13% 12+j 12ft _ BavBhJ 

.. 510519’’. 17ft 18% -ft Bcrvpn 5 


207* 14 13% M -ft CareetH? 

ltt 3'.j 2% 2V« -v, , '^refine 

1330 8ft 8% 8ft — % Crcnwk 

82 37 35 37 CarlOn 

384 10 9 9% -ft Cor OF, 1 


32 63 44*4 S' 
08 7.7 2287 J’ 
- 1238 32' 


1277 22’ i 22 22 '/, — U 


4ft 5% - ft Bcsbas 
3% Jft * % j BdFUM* 
12M 32 'm 27 JO -2 i BchdBIk 
469 19% |B'+, ISft— 1% BdUO 
J555 13'Y 17ft 17ft ft BvUBcF 
Ml? 4% d’Y 4"<o — V„ BCHIMIC 
11241ft I.*,. IA’u —lft Etefl Epl 
186 12% 17 Ijft — % Ben Jerry 
1323 Sft Hi 5V, BFronFR 

20 Sft 5': 5"i Borman 


_ 82 37 35 37 CarICm 

- 384 10 9 9% -Vi Cor OF it 

.80 7.9 1987 27 % 75% 97% -lft' CdrsPu- 

. 2*01 3% JV, 3ft — V» ' Carver 

_ 7051 Mft 13ft 14 *»i Ctnr.de 

SO TL5 lJSSMte 2?V, 24% -IVy ! Casovsi 
1.40 2.2 B03J*3ft 59ft 63% -3% CtKrtGrd 
.. 897 41, 4V» 4VY ... i CavtC wl 

78 2J 75 13% 12ft 13 -V, ; CasAm s 

.. 7020 27 % 76 26%-. I V. CdSitxiDS 

49 4ft JT, 4 — CaUUlaot 

_ 468 4% 5ft 6% . CosHswl 

408 1714 '7% l?% • % • Cajrtfiu; 
.ISC .9 634 17ft 101Y 17'+ • ft CttltlE 1 

m. 223 52 51 ’.4 SM+* : Cdctiem 

.. 60113ft 11% 12 -I I Caiahrt 
... 5294 M 25ft 96%— I’Y | Cam Bcs 

.. 1395 16 14 IS”, -ft iCamstr 

75 4ft 4 4% _ CataCtoS 

.. 428 3% 3ft 3ft _ . CelSc 


CoslIE s 
; CaclSern 
1 Caiaivi 


._ 4544 4% 3% 4% ♦% I Concern 

... 2142 20 1 si* 18V* —ft Can Cor 

... S92 IQ, A 10 10 —ft Con dud u 

„ ... 343 fl>.» n, 7V, — % Conestfld 

78c 2J 1352 28ft TP1/U 27ft— lft ConfTc 
J0b 1 -5 278 13% 12% 13% CBnmed 
-1135017% 17% 1?’+ '■%, Connwi 

. _ 103 2% !■ . 2*'u -V M Conwp 

X0 X9 197 21 •■? I7VY M’*, - % Cong5us 

08 7 604010% 10% 10+4 ._ Consilm 

... 50? 8ft 7ft Jft — 'r, CraiMPG 

- 10! Jft lft lft —ft ConPap 

...19049 237? 19ft I9V, — 3 Con P0 

- 4007 25% 21% 22 ’*•,—?% Cor, Stain 

- 78*5 Bft Jft 7ft —ft CfiAiFn 

- 459 7 lft lft —ft CnsFRDi 

.. tS? 6 ’4 SV* * —ft CortWal 

4167 12*.*. 10% lift . % crania 


1 % lft —ft CtlMlg 


34112% If. I2+. + 
1.64 0.d *53 25', 14% JS'., . 

— 55* 5 4-'Y 4+» - 

.12 10 54!?% U' | U'Y 

... ?■»« 8'+ 0 Oft - 

, „ *' '4 13'.+ I3»> _ 

1-28 Jj 4*18 41 30i, 371.. . 

■831 Bl S?3 10’. 10% IOV-4 + 
nr 2 s rl “ ift 6ft - 

05 2.4 326 i'+ 7 7% 1 

8) 10.3 20 a% 8'i flv, 

1.16 0J 457 171. |t++ 17”, * 

. 1«J f'u IS": It’.— 

60 4J X338 Id'-. Id Id 


■ l’-4 ! DigPd wfB 

- ft DiBPrd 

1 DkFW 
1 I DigMSy 
- 1 I DJtndFn 

- *. Diane* 

- ft I Discime 5 
_ onuevr 

• ft 1 DtrG+ll 6 

... • Domna 1 
4 v- I Dravrgai 

— % I Donkenv 
— I'. I DreftHu 
— % Do?* a 
—‘■I, Dairnij 
-2+. . DgisLom 
— ' . Dovfltm 
— v r DreooE 
— % DrevB 
—'.4 I Drcwln 
— j Dre»lr 
— 1 4 1 CyevorG 
._ 1 DrugE 
— | Drroers 
— !b 1 DualOl 
— % I DuraPti 

- ft I Durocrtf 
-'•* CVkB 

♦ iy ! Durrcn s 

■ '.* DytiPsb 
— % DvtctkZ 


- T84 d», J’, 

_ 7H5 4 1+Y 

4.6 2Jt5 It' 4 15 
... 368 If ?■ 4 

.. I JOT 14 ID 1 - 
.. 4S4J 12'-. |J 
.. 95U ■>’. 8 
.. M79 to’, 15 
_ 8157 Id’ , 12 

12 k, '+E 


9% — ' , FnBenA 

14 _ lRnd5ec 

12 . | FinTst 

? - RnraicSc. 

15 — lft RnSo «f 


_ 6324 21% 1950 91%, ♦ lft GtgaTr 
108 JX 3651 55 54 54% ♦% GllatSat 
.. 2710 3+j 7ft 3% + % GiTbtA 

_ 3209 10ft 9ft 10ft ♦ ft Gilead 

_ 351f.1i 9V, 10 —ft GishBI 

... 4033 78 20 26 'Y —1 % GfcrBc 

— 1073 Sft 71. Sft * ft Glenayr 9 

.151 5.1 280 2ft 3ft 3% —ft Gtendk* 


18% toft + Ik- 1 Gtobllnd 


32 V. "e 
2876 l ft % 
J2P P* 1% 
1292 d'.» 3ft 
2467 7% 8% 


i Jft - Vi, RnLine 
' » - FmsMsI 


'•*r *» - Vs Firster 

% 1% F Alban 

1% 1“m — 'y F 51 Alert 


1.12b U 74 44 fl'l _ GRiVStoa 

_. 546? 6% 6% 0% — % Gtvanmd 

_. 8972 ft '/14 ft _ Gok&l 

.. J097 7 6 1 /. ift _ GokKSls 

- 560 9ft 9ft 9ft —ft GldPoul 

156 3J 1480 47% 45% 47% ♦ lft Gldn5V5t 


.12 X 14097 23% 21% 21 %— 1% (FR 

- 11 6ft 5ft 6ft ♦% |G Lab 

- 1406 10 % 9 10 ♦** |GEN 

X0 4X SOM 16% 15ft 16ft .ft IHOPCp 

... nn 9% B% Bft — % n-Vl 

97 5ft 5ft Sft —ft IlS 

.480 X7 240 17ft 16% 17ft *1 ILCTC 

- 3909 44 40% 43% — 3% IMP 

.. 4® 9ft 9ft 9ft — U» wars 

t _ 103 18’.. 18 16% _ IPL.5M 

- SS!?!* V* -u losra* 

. -. 3794 3% 2% 3 +ft IRGTc 

’ 32 Tft 7ft Tft 


- 286 2ft 1 Vi 
X4b .7 915 6ft 5*1 


— Vj IVFAm 


7% 8ft -ft GKtnBkS X0 1.9 
22% 24 * lft ] GoodGr _ 


994 4% 3ft 3ft —ft IVF pt 
X0 1.9 7 31 31 31 *|Vi rviPub 

„ _ 6326 12ft lift lift —ft |5« 

30 IX 9I?22% 19% 21 -Ift icof 

_ 1647 HI 18 lift —ft UliniSuP 

- 60 6ftj Sft 6ft _ tmoaeAm 

JO 3.7 1849 22ft 21% 21% .% IrnnBus 

- 121512 11% 11V, imog&i 

X0o3x 104 23ft Sft aft —ft imogelnd 

- -?2S 2^ >'* — M. imam 

— SS 1 *'* 6% — % imcW: 

_ 1177 Bft Bft 8ft — % Irnucnr 


_ 1429 3K 3% 3ft —% 
_ 4072 32 30ft 31ft —’A 
_ 2001 15V* 14 Mft - 

_ 1B2 7% 8% 9ft 

_ 31 Sft 5ft 5ft - 

M Bft 7ft 8 —ft 

_ 145031% 29ft 29ft— 1- 

_ 350 4 Sft 4 -J* 

_ 958 BK, 7ft 7ft HS 
_ 500 SU'-TlY Tft r* 

- 162* lft JWte lft, 

_ I0B226 H MV* *1 
_ an tv. 6% 6ft— » 

„ 932 7ft . 4% . 7ft .♦» 

613 1% ft * . -7*7 ' 
_ 1M6 3Vj 2ft 3ft ♦« 
_ 284 7ft 7 7 . — +W 

_ 144 UK: 1% Ift 


Ha 


TJ SX1033V,, 31% »%♦!"/» Gaadml 


- Pf* »'* ’% FBOtiS 1.00 4.1 

. 1596 15'.. 14% 14% — 'i FstBKSpi 2.a BX 

■09 ! i L£Ui?, FsIBVAtS X5e X 

.16 6 503026+A 74? i 25". -*« FsICSb 

’45 5? it’ 4 J 8 ’’* UV-’ — ’ FIChUBk 
M !,i . Wi FlOtrl M 2.8 

it ,3 FClriJA JOB 1.7 

M 5J 1?? JI -1 13 • 13,i — v + FstOiF .991 4.7 

-• 3^' IP" II IIV'L. — V U FCalBn XO 2.4 

„ - ,+ ,!> ,l’"i l"i» - FCoIBwl 1.75 5.1 

40 23 37 1* V. 16 to ... FColnGp XBb 3.? 

- *;V+ “ **■ FComCs 1 00 3.3 

- ral! ^ FCtTKCDflJl so 

- 595JIP+ 11% 11% .. FCmlBcp _ 

•• SI!?, - " 'f, 1 : 4 'O'* FOrtcCPS .72 13 

5?5 A 1 7 4^ 6'« ift Fl&9n 

Jd IX 7045 73'. 2>'Y niu FIEacy .I7eiq 

- 1002 S’ *4 4% 5”. -ft F rF Cap -5Tb 3.2 

-.91413 17% 12V, — % FFfflcrj X0 TJ 

"*■2*7 11% 1°V, IflV, ptFMI S J2 2J' 

“• Imi+’+v A 1 ;* ,, J *"+ FFdEH .48 7J 

- ^ _Jl i‘ 4 FFSLGH +639 13 

4- n ” !S v !;'+ -fc FFdBron Xflal.8 

+42 !J 2986 15-, 15 15 — % FiFaCOv .80 3 8 

J “ fl0 ’° JS , 3 * 4 FFncOH S I JOB X8 

_ 719T 18% tov, 17+4 - % FtFnBk Ale lx 


X0 10 177 21 19 21 + 1 

1.00 4.1 >459 24'*, 23% 24". . 

2.25 Bx IB 20 1 .* 20’*. 70'i 


GdvFwn 

% Gotham 
- GamaP 


—ft IWC 

“•is hsfi. 


18ft — I UlinMup 


11 —ft Gut Ten 


242S 6% S'Y 5% M % | Gradcn 


a 18 17 

1843 42 


.991 4.7 184 13% 17% 12% 


GratfPOV 

GrtfVIy 

GranBd 


JO 22.9 1472 3% 3ft, Tfr *ft 
.. 1233 20% 19 20 — JJ 

1/D 6.7 44120ft 19% 2Bft »Ift 


day- 
's n< 


_ 1703 T*u f+it f% 

_ 56513V, ISft, 13% - 

_ +191 2ft -2% 2ft . *}> 

d. 3448 ft ft,* ft ’*J; 


XO 2.4 sazdk. 74% J4V, — V* j GranBd pt 1X4 7 8 ,13 15 


20 MW 33% 33% — % GrntoC 


to FColnGp xSb 3.? 87 19 18% 18% * ”+ GrrartSt 

“>• ‘ « FComCs 100 3.3 4218 30 29 30 -ft GrntCeo 

-V. FClTKCDfUl XO 403 36ft }5ft 36'?* — % GmITpt 

!i> FCmlBep _ 054 4 V: Jft 4 — % Grptiln 

10% *ft FCmcCOS .72 3J 842 25% 21 73 - % GtACm A 

t% — iy FIE-an ... 870 26", 20ft 20IV|, » VY GIARc 

n+’u FlEae. ,17e XO 1570 8% 8% BW * ft GrtBov 

5”* -)* FtFCap JJb 3J 129 16% i5K l*% -V* GCTTVfl 

JV, _ k, FFOKYS JO 2.5 30 33% 31 % Jilt _ GrtFncI 

10’-, -•*: RfMI 5 J2 2J4l54Sa% 27% 22% — % GILkeAv 

?'•, . FFdEH .48 2J 273 17'/. 14 17% ♦ % GtLkBe 

MV. -jv. FF5LOH +41 e 12 1913% 13% 13% „ GtLkwt 

*% -ft FFdBnin Xfla 1.8 90 34 75 34 * 9 GfLk pi 

15 — 4 FifaCOi .80 3 8 8 21 21 71 — % GtSABc 

4. —' i FFncOH S 1X8 7.9 177 3* 38 a _ GOWoll 

17+4 -ft RFrtBfc He U 1639 38 H -I GltJVSu 

FlFnCrs SI 4X4234 13 12% 13 -% Grouns 

| FIFnCf JO 2J 122316% 15 ISft —ft GronM 

— 1 FlFnlNi J4 IJ 21 34% 34% 34V +—1 GmwAir 


_ GtLkwt 
•9 GfLkpf 
— % OrSABc 
_ GrtWoll 
• I GltJVSv 
- '-Y Grown 1 
—ft Gronfk) 
— 1 GmwAir 


0% —‘.4 I Ct15dV Dt .72 48.0 408 7ft I'*. 


_ 5807 10ft Vto 9 ft —ft CnvSol 


IJ 868? 17 
- *037 I 


-1 Conwslg 
r% I CoaprD 


... 3507 I IV U 10ft II 
433 2*. If, _ 
J4 _ dlj,., 15% ijft _i 
■- 77 r, 2”: f t, - 


v« i EA Eng 5 

'•+ 1 eccs 

vy Ean* 
Vi EFIEI 
*1 | Eli Inll 
1 1 ELK St 

_ ! EMC In 
+1 I EMC ON 
ft EMPI i 
V. EPTcctl 
v E ERO 
■V, I ESSEF 


10301?'.* I£'’« 171 1 
3IS ?ft !■+ 2ft 


| FFnWMs +40 lx 1587 24ft 71VY 2J'i -Ift GmwPh 


_ 28191 IB V. 1 5+4. 17ft 

_ 108 11* 7 

._ 1933 101 : ?V, HHy 

. 167 6% 6 si*. 

SI S X 010 9': 8\, 9'. 4 

144 7"„ ift 7 


.. GrodSu 
-. GrevAd 
... GrifTeh 
VY Gnsuwtil 


9945 13+* 10 V< 13% 1 2ft Pl/Ulcbs 
315 8 7ft 7ft — Vy FMrd&c 
BOB 9V* 8'++ Bft +'Y FtMdwF 
11715'+. M'.y 15'..- 'ft FMWA 


FfFnHds +48 11 340 15K 14% 15% .. GmdSu 

■ft RHaw 1.1B 4J 471228 JTVi 27% GrevAd 

>ft FIHmSws .40 IX 31 13% 13% 13% ... GrifTell 

+■% Fsllndli JJ XI «S+W17 10 10% * V> GrtSIMil 

•% FtlnlBc 40 IJ 44«% nft 23k'. — ft Grosmn 

— | FlKnu+r J0e J 294316 43 43% >2% GrdRixJ 

• ft FILtotv 37 13 19 14% 13% 14% + ft Grdwtr 

• %|FIMorc 1X0 3J ID 79V) 28ft 28’A— 1V> GniuW 

FIMOIS X8D3.I 400 23 21% 12 +ft GrpTodh 

FMrdBc X? 7.5 237 78 26% 77ft —ft GrnueB 

FtMdwF ... SO 15 14>+* Idft —ft GrawBiz 

FMWA JOb IX 1017% 17% 13ft * I Gryphon 


- 64 4ft 4 4% 4- % imuLca 

I1JJ 7 S "1315 24ft 25 rift Imurwn 

JO .9 467 21 V. 20% 91ft *'A Imuntan 

.16e IX 117 10% 10 lov. +V* intone* 

- 276 2Vi, l'Vu l'v» _% imutucwt 

- 158 12% 12% 13% —ft tmunmd 

X7 J 767 9% 8% 9ft -ft mSSsy 

- Mg 18% 17% 18 -ft ImprBc 

_. 7028 'Vi, V„ *'u — imnCrd 

XO 3 4 472 14% f4 |4ft *ft mfoa, 

- 166 3% 3% 3 ft —ft 1 rtf-tome 

-W7 17% 16% 16% -v» Irwcnm 

_. 405 Sft 7% 8 —ft Inbrartd 

1.841 03 7537 27% 71ft H% ■ lft Lnatftm 

- 790 2";’u J 2% tV u mdBcp 

- IMlOft 10ft 10ft ... IrxfepHht 

aj+MV. +»VY 44V, -% IndBkMA 

.Htf2J 916 5% 6 tft IndBkMl 

... 7385 9% ? 9% * % rreflnsr 

J4 1-2*1 ft' 1T+U m u -V„ IncfTolM 
■08 / 4546 19% 18% IV —ft IK^Fdl 

- «« * *> 7 * I IndUtd 

- 5397 '*1, VY l"i, *¥u inrSflBNV 

JO 3/ 317 74ft 22ft 3ft +V4 

125 17 »S HI 190 1*0 _ IndusMd 


ImauBuY _ 2448 ft K,* ft.’*'* 

Imogen _ SS26 7V. 6ft Vb +■'/ 

imogelnd _ 166 8 7% 8, „ 

imam _ 5611 1%. Mte f*+ 

imanc - 3339 4 2% r 

Irnuccr _. 956 5% 4ft 5% 

ImuLca _ 1891 * 6% 7 . — % 

imungn _ 710SX . 4ft 5„ 

IrnunRsn _. 6212 12ft 10ft lift +'*» 

Intone* _ 3062 15 13% 14 — % 

imunxwt _ 1015ft lift 15% fJV» 

tmunmd „ WSJ Sft 2ft *^-* JI * 

IrreKfSy _ 267 1% lft 1% 5; 

imorBc t _ 976 T7% 1? 19ft 
imOd 1.14r 9.9 2774 11% II 11% +J 

MFooj _ 67513% 13%. U% -T* 

litftome - 4591 2*6 2 •“’ft 

inacam - S93 12% lift. tW 

Intorand _ 51527V* V *2 

lnatftm _ 30 4ft 6ft — JJ 

mdBcp 1.16 2.9X719740 1? W*> 

lndepHld .02 e 7 IT 3 3-: i. ,T 

indBkMA „ 2837 5% 5% 5n — • 

IndOkMI JO U 2« 71 ft 70% 21% "2 

rreflnv 34 u isvrsft I.5% -13% 

IncfTolM _ 4405 2V* 1% SS. W* 

IticSFvJl JOaia 22875V, M 

ImWtd JO 2J 1727ft + * 

indBONV _S2B5120%Ui%tWft’- £ 

biAaXA J0 IJ 9M% M • Mft ■*? 


tSfl 


- ^ l. JJ* - ■ mdHwtA 

- «|0 6 S *. S% llrntffiMB 

- 37% 3V, 3% —ft MdSd 


X8D3.I 400 27 
X? 7.5 237 78 


- 851 7% 0% V-5, — V u IncnVri 

- TTBlJft 12% 17% — 1 V, hXflrai 

_ 97 8% 7'.Y 8% +1 InfoSoft 

~ 834 10% 10 10 —ft Si 

J8 2J «Z7 20 18ft 19% .ft ">"**"* 
.. 614 13% 17% 13ft _ 4 

- 3139 14 13% 13% ♦% I 


_ 510 3% 3% 3teB —ft* 
_ 67 IVY }■ . £ .3 

Z MM if as . 

_ 158 3ft 3W 3*. 


W'+ 


43 


Cootimied w Pa®e 24 . 


J^V 1 Cy 'J^3> f ;p 





























•:b. 


*■ 


r 'll 
1 •• V i ■ 


■:s, 

i" > 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 199± 



Page 21 _ — 



New Intemotionq l Bond Issues 

Gompfled fay Laurence Desvifettes 


butter 


Amount 

(minions) 


Mat. 


Coup. 

% 


Price 


Ftating Bate Motes 


Price 

end 

meir 

"5W 


Term# 


World Bonk 

m. 200,000 

2001 

— 

101.08 

— 

Mere* writ be 1 £W6 leu 1 -year Liter. Coupon may be rearm 
1996. NoncaHoWe. Feel 1tS%- (Benea Naponafe del Lovore.l 

TOWVWPOBI ■ - ■- 

At 4 t 

$400 

1996 

6X 

10079 

IOOjQ Reoffafed ctf 99.615. Nonca&ibie. Fees t H%. (C5 Firri Boston.! 

f)SL Bank 

$300 

1999 

7 

101.335 

99.45 

i Rcofiered « 9971. Nona***. F*« 1**. (Nomura bxTJ 

..ford Motor Gedit 

$150 

1997 

6% 

100 

99.55 

Reo8eiedot99iB4.ttaiulk4i>e.FeBlttOLtD«A(heBani(.) 

„ KFW Inf 1 Finance 

$300 

1999 

7 

99 jp 

99m 

Noncoflobte. Few 03S5L (Uhmon Brother* tafT) 

; , Minnesota Mining & 

, ■ Manufacturing 

$200 

1997 

tit 

101.06 

99m 

Reoffiwed ot 99873. NoncofaW*. Fees 1 ML (Morgen Suite 

talU 

; Artultivo Mexico Trust 

$125 

1997 

9H 

100% 


NoncaAobia. fee. {Samuel Montagu.} 

Philippine Long 
■ Distance Telephone 

- DSL Finance 

$250 

£100 

2004 

1999 

10H 

6 

99.485 

— 

Serwonmxrfy. NfleaJoble. Fees 087SX. {Bantam Trust Mil) 

■ Royal Bank of 
Scotland 

£150 

2015 

954 

99.97 

— 

NenaAUSe. Fees 1125%. J5.G. Warburg Scantiest 

Norcofiafale subotdmatod notes. Peas 0-625% Denominations 
Cl 0.000. (UBS.) 

>Cartplo 

m. 150,000 

2004 

9% 

10077 

99.00 

Cafiafata at fxx m 1996. Fen 2% (Caripio.) 

,1NG Bank 

DF500 

2004 

m 

99.95 

9840 

Beofhred tU 99U. Nancrf data. Feta 1% (TNG Bor*.) 

’(turofima 

SK 800 

19 99 

8% 

101345 



Reoffered ot 9972. NtxwiHofcta. Fees IN*. (BJ tntl) 

, 'Toyota Finance 
• Australia 

AuiJlOO 

1997 

7H 

ioi a 

9975 

Noncofabte. Fees 1 ML (Men* Lynch tel) 

• Abbey National 

‘ -Treasury Services 

Y 30,000 

1997 

135 

100 jo 

— 

Noncolcfele. Fees 070V Denonanofiom 10 mAon yen. [Mer- 
r® Lynch tatl.) 

“7 Bar days Overseas 
.Capital 

Y 10,000 

1999 

3.90 

100.475 

— 

Noncofloblo. Fees Q27SV Deronxnohors IQ nfion yen. 
(MernU Lynch tntlj 

•■ De Nationah 

” Inwesferingsbank 

v 10,000 

1997 

290 

700 

— 

fatorast vdl be 2.90* wntil 1995. «4wn issue is crilabta at par, 
thereafter 314V Fees nor efisdased. [Margo n Stanley Inti] 

^ Finnish Export Credit 

Y 10.000 

1999 

436 



Semicaxnial Merest WD be 4H% in first year, issue dnrided sdo 
two hatches: firsr one, priced at 98, vrfl pay interest after first 
year of 9*54 ies twice the 4-year yen swop rote. Second one. 
pnaed at 97. wt* pay 10JO* less twice the 4-yeor yen swep 
rale. NonecAoble. Fees not tfadeaed. [Morgcxi SkxMey intt) 

^TandswRfechaftfiche 

Ttenfenbank 

Y 20,000 

1998 

3jo 

100 

— 

Noncnlkible. Fees 0225V Denominaoons 10 raKon yen. 
{Nomura kel.) 

> Morgan Stanley 
.'‘Group 

Y 10,000 

1997 

2t0 

100 


interest wS be 2.60% m first year, thereafter 0J0 over 3- 
month Ubor. Nooajflabfc. Abo 5 WHon yen of srrAr notes, 
but poymp 2-56% m first year. Fees not ifildoand. IMorgcn 
StonJey tntl) 

SBAB 

Y 10,000 

1996 

281 

100.20 

— 

Ncxtcoflobie. Fees 020X, Denominooonj TOmtton yen. (Mer- 
rill Lynch Int'l.) 

Soedwest Deutsche 
tandesbank 

*10,000 

1997 

270 

100 

— 

Intent wi# be 2JOX in fesl yeor. 3% in second year and X30% 
thereafter. Caflabte at par from 1995. Fees not 
(Morgen Stanley Inti] 

Treasury Corp. af 
Victoria 

Y 10y400 

1996 

255 

100 

— 

NoncdtaUe. Fees 0.125V {BJ Wi) 

Uny 

r 10,000 

1998 

270 

700 

— 

NonasUde. Fees not efisdoaed. Denciiwtutxxa 10 mtton 
yen. (Tokoi Bank.) 

Equlty-Unkted 

United 

Microelectronics 

$160 

2004 

lit 

100 

— 

NonaWofaie. Convettfitie at T$94 per share and cX TS2&82 
per dollar. Rees 2HV (Bordoys de Zoete Wedd.) 


BONDS: Could Japanese Investors Save the Market? 


Contmoed fron Page 19' 
anmiafocd yidd an 10-year Trea- 
sury paper rose 18 baas points Iasi 
week to 728 percent , * 

But Mr. Koo argues that no 
asxmt of yidd pick-up is going to 
nidurai a capital outflow from Japan 
until worries about the exchange 
rate are convincingly ended. 

:!Jd thorny, European mattes 
should not need the bnyira power 
{fenlop in Japan because domestic 
conditions favor the purchase of 
bonds. Three-month money- irk 
Germany cimcm ly pays 5.03 per-, 
cent and two-year paper yidds 5.53 
percent, compared lo the 6.81pcr- 
cqnt avaflabte on 10-year bonds. 
The size of the incentive to move 
money from short-term instru- 
ments to long-term bonds is about 
the same in Si the major markets, 
including the United States. 

. Bui the sizable losses suffered so 
far this year have discouraged do- 
mestic investors from taking on- 
new exposure and underwriters. aft 


reputed to be sitting on large loss- 
making inventories. 

Normally, central banks could 
be expected to step in and provide 
hqtrimty until die markets recov- 
ered their composure. But the VS. 
Federal Reserve Board is currently 
in a tightening mode and may be 
driven to a more aggressive stance 
following last week’s surprisingly 
strong revision of fust-quarter 
growth if tins Friday’s report on 
May employment indicates that 
business is expanding faster than is 
consistent with stable prices. 

hi Europe, the Bundesbank has 
baked itself into a difficult position 
by retaining as its benchmark the 
M3 measure of money supply, 
which continues to expand at a rale 
far exceeding the upper target set 
by the central bank. The April 
overshoot, announced last week, 
unsettled markets, as did the state- 
ment from the Bundesbank presi- 
dent, Hans Tietmeyer, that official 
cafes were now on bold. 


A Shortage 
Of Skilled 
Workers 
Develops 

Reuters 

WASHINGTON — Even as the 
U.S. government wrestles with 
growing lines of low-skilled unem- 
ployed, shortages tit skilled work- 
ers are beginning to make their first 
appearance in the current economic 
expansion, analysts and officials say. 

Whether this will lead to an up- 
swing in inflationary pressures as 
workers with the skills in demand 
seek a larger slice of the economic 
pie is uncertain. WaD Street is 
watching and waiting. 

To be sure, the pressures seem 
way mild and in some cases anec- 
dotal, but corporations are begin- 
ning to complain that they are hav- 
ing trouble finding enough skilled 
workers. 

At the same time, ihe United 
States is in the midst of what Labor 
Secretary B. Robert Reich calls a 
serious problem of long-term un- 
employment. 

“Even in this increasingly solid 
jobs expansion, almost 1.8 million 
Americans have been jobless for 
more than 26 weeks.” be told the 
Saute finance Committee last 
week. He added, “In fact, the share 
of long-term unemployed as a per- 
cent of total joblessness has been 
rising over the last 25 years.” 

Unemployment has been drift- 
ing lower, reaching 6.4 percent in 
April and is expected to do at least 
that well in May. 

Mr. Reich, in a television inter- 
view, declined to forecast what the 
rate would be. But be made clear he 
believed that the overall job situa- 
tion bad improved substantially 
despite toe vexing problem of long- 
term unemployment. 

The key, according to Mr. Reich, 
is not only keeping toe economy 
strong, but in upgrading and 
streamlining a system for retrain- 
ing workers for new skills under the 
administration’s proposed Re-Em- 
ployment Act of 1994. 

“While cyclical and seasonal un- 
employment still exists,” Mr. Reich 
told the Finance Committee, 
“the problem of structural unem- 
ployment has grown in importance 
as technological progress, corporate 
restructuring, the integration of the 
world economy and defease down- 
sizing have accelerated the pace of 
fundamental economic change. " 

Mr. Reich takes the view that full 
employment, defined as toe unem- 
ployment rate at which inflationary 
pressures develop, may be lower 
than it has been in toe pasL 
He notes that in 1989, inflation 
stirred when unemployment dropped 
to 5.7 percent. But that ffeire may be 
lower now because of technology and 
competition from ovaseas. 


GDP Data Keep Damper on Bond Prices 


Complied by O* Staff FnanDLspaxim 

NEW YORK — Treasury prices retraced some of Friday’s losses 
spanted by an unexpected upward revision in first-quarter US. output as 
traders covered short positions before toe Memorial Day weekend. 

Prices dropped sharply when the government said it was rev ising fiist- 
quatto gross domestic product to show a 3 percent gain, after earlier 
reporting a 16 percent rise. Tire consensus forecast was far a small 
downward revision. 

Prices recovered some in the afternoon as participants with toon 
positions, frustrated that the market had not posted additional losses, 
awered those positions. Bnt Treasury prices ended lower across the 
board for the day. 

For toe week, yields were 
at 7.39 percent, compared wi 


positions that they moved to liquidate as soon as 
t $1 billion or more of 


figure. There were reports 
a after i 


saw toe GDP 

that Si billion or more of the new five-vear 
notes were sold just after the report was released. 

Traders said there woe a few small pluses operating in the market’s 
favor going into this week. Some were impressed that even as prices 
plummeted Friday, long-term securities held above the lows for the wed. 
They also said that toe successful completion of toe two-year and five- 
year sales was a relief for toe market, as was toe fact that toe five-year 
notes were still trading at a profit at week's end, with the two-year notes 
yielding slightly above their auction average. 

But traders said toe upside would be lizmied ahead of the May 

’J?' 6 Traa f ui y ^wd finishing a ^emSlSS^fcSS ( lOT*a 270,000 gain in nonfarm payrolls, but 
wth 7 JO percent a week earlier. Five-year that includes 70,000 truckere returning lo work after the previous month's 

— — — str * c - In April, 267,000 jobs were added to nonfarm payrolls, and that 
total was depressed by toe 70.000 strikers. 

On Monday, the Kjright-Ridder Commodity Research Bureau index of 
21 commodities, which had readied hs highest levels since October 1990. 
shot up another 4.67 points to 238 J6. That sent the Dow Jones industrial 
average tumbling. The GIB index backed off later in the week, dosing 
Friday at 230.88 and easing the market's fears. 

Some analysts look at toe rise in the CRB index and a similar rise in the 


U.S. CREDIT MARKETS 


Treasury notes ended at 6.72 percent, after 6.57 percent, and two-year 
notes stood at 5.95 percent, after 5.75 percent. 

The Treasury market dosed in zsidaftemoon Friday for the Memorial 
Day weekend and will remain closed Monday. Traders said the illiquid 
conditions as activity died down meant relatively small flows were able to 
have a disproportionate impact on prices. 

A note trader said the short-covering had been triggered when dealers 
saw some retail demand for two-year and five-year notes. 

Traders said neither the upward moves of some commodity prices nor 
Senate testimony on monetary policy by toe Federal Reserve chairman, 
Alan Greenspan, had any impact on prices. 

The stronger increase in first-quarter GDP and components of the 
report that indicated toe economy would continue to grow at a decent 
rate in the second quarter both contradicted recent bond market specula- 
tion that U.S. growth had begun to slow. 

The bond market also disliked the upward revision to the first-quarter 
fixed- weight deflator, which now stands at 3.1 percent — the highest 
reading on that component in a year. 

But some traders argued that the market’s response to toe GDP data 
was overdone, in pan because both the bond market and tote Fed are 
essentially forward-looking. 

“What’s important to the market is what’s going on currently, not some 
upward revision to the first quarter,” a bond saWman 

Traders said toe force of toe initial sell-off reflected dealers’ long 
positions from toe two-year and five-year note sales earlier in the week. 


of time before toe rise in commodity prices will force manufacturing costs 

and wages hi ghe r , 

Particularly worrisome is a steep rise in oil prices. <in<* they tend to 
have a strong ripple effect across the rest of the economy. 

But Dennis Janett, drief market analyst at Kidder, Peabody & Co. 
points out that ofl prices are still well below toe S19-a- barrel level of a 
year ago. 

“Sure we’re up from toe lows,” he said, “but certainly on a relative 
basis, ofl is stiH very low.” 

At the same time, however, there is some evidence that inflation is 
hitting more than just commodity prices. 

A leading inflation index by toe Center for International Business 
Cycle Research at Columbia University has risen more than 6 percent 
since November. The index includes not only commodity prices but 
employment levels, import prices and surveys of business managers as lo 
whether they believe they can raise prices. 

Geoffrey Moore, the center's director, believes the index is forecasting 
a significant rise in consumer prices sometime tins year. 

(Knight-Ridder, AP) 


This does not mean money mar- 
ket rates are frozen. The overnight 
rate was cut three basis points to 
5.2 percent last week, and most 
analysts expea this key rate to con- 
tinue faffing by about 20 basis 
pewits a month. 

Even if toe Bundesbank fdt the 
need to do something dramatic to 
restore confidence in the bond mar- 
ket and injected liquidity by a mas- 
sive cut in rates, Mr. Drobny 
warned that such a move “might 
even damage se n timent even men 
because, with an economic recovery 
deariy already underway, it could 
only add to existing fears that faster . 

CHINA: Business Links With U.S. Set for a Big Leap 

Unleashing toe potential capital J o ± 


The Week Ahead: World Economic Calendar, May 30 - June 3 


A mcheaute of this wear's eoonomte ana 
tomcM mM* cnqpmu tar the tnwma- 
tionai Hank) Tribune by Bloanbetg Busi- 
ness News. 

Mm P aci fi c 

• May 30 Caobwra Balance of pay- 
ments lor April. Forecast Currant ac- 
count deficit unchanged at 1-58 union 
dollars. 

Jakarta Putra Seiohtara Ptoneerindo. 
which o per a t e s a chain of fasf-tood res- 
taurant, to be Rated on the Jakarta Stock 
Exchange. Tha company ottered 9 mfflion 
dma « 5,100 rupiah on May 25. 

Tokyo Japsi Automobile Manufactur- 
ers Association announces tgures on 
April auto exports. 

Tokyo Ministry of International Trade 
and Industry releases April industrial pro- 
duction figures. 

■ May 11 Marta Reel estate devel- 
oper Jaya Reel Property lists and trades 
on the Jakarta Stock Exchange. 

Tokyo Management and Coordination 
Agency announces April unemployment 
rata. Labor Ministry announces the fob- 
to-eppticant ratio. 

a June 1 Canberra National accounts 
data lor March quarter. Forecast: Quar- 
terly rise of 1 percent in GOP, lor annual 
growth rale of 4.3 percent. 

Sydney Reserve Bank of Austrafia to re- 
lease commcxSty price index lor May. 
Forecast is lor an Increase. 

Tokyo 18th Phtfippma-Japan E conomic 
Cooperation Committee begins. 

• Am 2 C aM n s Retail sales tor 
AprtL Forecast is tor a M. 

Tokyo Bank ot Japan lo release Corpo- 
rate Service Price index lor Aprrt. 
Moscow Second Intergovernmental 
Consultation on Trade and Economic Is- 
sue* between Japan and Russia. 


Si nga po re Mercedas-Bam Pte. to hold 
press conference on te plww lor expen- 
sed In Asia. 

• Jm3 

Wstngkm New Zeeland producer price 
Index for March quarter. 

Europe 


May currency 


London May official reserves. Forecast 
S25 mill ton. 

•JmI Leaden U.K. April final mon- 
ey dare. 


Association of Art Museum Di- 
rectors annual meeting Includes an ad- 
dress by WHam K Gates of Microsoft 
Corp. on “Art Museums on the informa- 
tion Highway** and other technology top- 
ics. Through Juno 4. 


fie week Madrid Span- 
ish March PP1 Forecast Up 4 .0 percent to 
year, after a 4.0 percent annual rise «n 
February. 

Rom Italian March wholesale price In- 
dex. Forecast Up &8 perce n t in year, 
after a 4.0 percent annual rise in Febru- 
«ry- 

Fmfcturt German April import prices. 
Forecast lip 03 percent In month, up 0J 
percent in year. 

Rom tatai May CPL Forecast Up 4.1 
percent in year. 

r nsk fcxl German April Industrial pro- 
duction. Forecast Up 0.4 percent In 
month. 

e Mar 30 Brussels Belgian May CPI. 
Forecast Up 02 percent in month, up 2A 
percent In yesr. 

C o pse ha nsn Danish 1st quarter GDP. 
London Merkels dosed lot bank hofi- 
day. 

Nuthouse. Franco Franco-German 
summit through May 31. 
tale French MSEE May economic Bur- 
ray ol industry. 

Stoc k hol m Sw e d ish March currant ac- 
count, Forecas t 1 j 9 bllfion teonor deficit 
• Ifaqr 31 Copen ha gen January and 
Februanr cunent-accots*. 
iie lskfi d Finnish April unemployment 
rate. Forecast 1B.7 perc e nt 
London M£tf MO. Forecast Up 03 per- 
cent M month, up 7.1 percent in year. 
Parle Aprfi unemployment rate. Fore- 
cast 1 Z 2 percent. 


• May so United States Financial 
markats dosed lor Memorial Day. 

Ottawa Match employment, earnings 
and hours report. 

a May 31 New York Conference 
Board releases May survey on consumer 
confidence. 

f s r_ ■ — - - Fla, ni.linfcii 

wuwigui UommoiuB uopai injoni ro- 

ports persons! income end spending lor 
April. 

H Mdn^uB April new homo sales. 
Wa shi ngton Agriculture prices tor My. 
Mach GDP report 
Government to publish find 
version of Income lax reform. Likely to 
include tteduefions lor capital gtfra. 

Sen Jose, CaMernia Internet W0rH *94 
ttsenday conference on growth ol the 
globd I n formation network. 

Ws e t i higtew 08 American Petroleum tn- 
atltirte Issues weekly report on U.& petro- 
leum stocks, production, imports and re- 
finery utMzafion. 

Eanringa eapecM Bank of Nova Sco- 
tia. 

ejuael Washington April construc- 
tion spending. 

Washington Co mm erce Department re- 
leases first-quwtar balance ol payments 
report on ira uha nfltee trade. 

Temps. Aitc o a e Nadonei Association of 
Purchasing Management reknees hxft- 
Cea lor May. 

Buenos Aires May inflation figures. Out- 
look: Up tom 02 percent. 



New York New York/New Jersey Minor- 
ity Purchasing CoundMnc. holds MftMfay 
1984 Marketing & Busmens Expo *94. 
fteshigi wpkM Duty Free i n terne- 
tfonei Inc, Kefiwood Co., Pal Corp.. 
Sharper image Carp, 
e Jane t W a shington Food A Drug 
AdraMstretton holds puMc hoaxing to 
di scuss the aftecdw date of requirement 
lor premertcei approval of aHcom breast 
implants. 

Washington April factory ordera. 
WMfingl u B April leading economic In- 
dicators. 

WMrington Labor Deportment reports 
tntttef w e ekly state unemployment com- 
pensation insurance dams. 

Earnings e r e ct e d Copley Pharmaceu- 
tical flic, Edison Brother s Stores Inc., 
Royal Bank ol Canada. 

• June 3 Washin g to n May employ, 
mem report 

Washington ApriJ housing completions. 
Detroit Automakers report sales ol new 
ears and fight trucks tor May. 


flows from Japan appears to be (he 
safest and most desirable way to 
trigger a revival in bond markets. 
The question is when, and whether 
it win be soon enough to prevent 
European rates from rising to levels 
that abort the recovery. 


GERMANY: Leaden digree EU Burden Is Too High 


*■? Cterttoed from Fage W 

the two Gecmanys unified in 1990, 
and promised to “Improve the 
flaws Back” in toe future. 

•Germany is toe largest net con- 
tributor to toe Union, providing 
abort 28 percent of its funds, bnt 
bas also profited more than anoth- 
er country in Europe from the con- 
tipmtf 5 increasing integration. 

r.A recent study by the Goman 
Federation of Chambers of Com- 
merce found that Germany was the 
main beneficiary of free trade wrth- 
io.the Union. _ 

G erman enthusiasm for Europe, 
w&fle .still strong, has suffered dra- 


matically from an embarrassing de- 
feat over imported bananas and the 
agoing of the Maastricht Treaty on 
European nnko, which effectively 
writes the Deutsche mark, ant of 
existence. 


other governments are loath to 
send wore money to Brussels amid 
recession and austerity at home. 

Erwin Grandingex, an indepen- 
dent political analyst based in Ber- 
lin, said Germany would probably 


Germans ate particularly resent- try tonseitsprcadeccy todramati- 
ful of Britain's success in recover- caffy reduce ks contribnti 


(no from the Union 66 percent of 
the excess of its contributions over 
receipts. 

Britain considers its hard-won 
budget rebate sacrosanct, especial- 
ly at a time when Prime Minister 
John Major is under attack bran 
anti-Union, activists on the rigjil 
wing of his Qmservative Party, and 


toour reapers 

IN POLAND 

Hand-delivery of 

the IHT 

day-of -publication 

is now available 

in these cities: 
.Warsaw, Cracow, 

Gdansk, Poznan 
and Wroclaw. 
Please call: 
AA!N!-AAAX GMBH 

Tel: 43 29 46/430° 28 
Fax: 43 00 20 


caflv reduce hs contribution to the 
Union's budget and campaign for 
expansion northward and eastward 
but otherwise hold back from ma- 
jor initiatives. 

Expansion of the Union remains 
a fundamental goal, since it would 
provide a security buffer between 
Germany and the republics of the 
former Soviet Union and boost 
growth in a region that German 
corporations hope to dominate. 

But frtil membership for Poland, 
Hungary, toe Czech Republic and 
others would require dther a dou- 
bling of Union spending on farm 
su p port and regional development, 
or a drastic reduction of those pio- 


Continued from Page 19 

tion trading status, shares in 
Shanghai rose 5 percent Friday, for 
a 12L5 percent gain for the week. 

China Daily said the delegation 
that visited China last week repre- 
sented the 12 largest insurers in the 
United States. 

“Many American firms are plan- 
ning to open r ep r ese n tative offices 
and are seeking licenses to open 
branches to provide full-scale ser- 
vice,” the newspaper said “Mean- 
while, some are looking for Chinese 
partners to set up joint ventures.” 

China has just begun to open its 
insurance market to foreigners. 
While U.S. insurance companies 
have set up 11 representative of- 
fices, only American International 
Group is allowed to do business in 
Otina. A total of 50 foreign insur- 
ance companies have representa- 
tive offices in China. 

The newspaper quoted the U.S. 
executives as being eager for a fast- 
er opening of toe Chinese market. 


“We understand the step-by-step 
process China is taking," Gordon 
Cloney, president of the Interna- 
tional Insurance Council, was- 
quoted as saying. “But we hope the 
steps could come a little bit closer 
together without actually running.'’ 

Wang Tao. president of China 
National Petroleum Corp„ told 
China Daily Business Weekly that 
China was eager for both on- and 
offshore cooperation with foreign 
companies and promised the ven- 
tures would take new, more flexible 
forms. He did not give details of 
how the new policies would differ 
from present practice, however. 

Several large cooperation pro- 
jects are awaiting government ap- 
proval to start, Mr. Wang said. 
Other deals could be sought at the 
world oil industry conference that 
was beginning Sunday in Norway. 

China, which produces an esti- 
mated 140 millioa metric ton of oil 
per year, has attracted $15 billion 


of foreign investment in toe past 15 
yews. Already, about 20 percent of 
China's ofl fields have been opened 
up lo foreign firms. 

Meanwhile, officials from the 
southern city of Guangzhou will 
seek foreign investment to help re- 
vive 50 unprofitable stale business- 
es, China Daily said. More than 
150 officials wiD travel to the Unit- 
ed States next month in a bid to 
attract investment in companies 
owned by toe municipal govern- 
ment and in higb-tedmology and 
infrastructure projects. 

In the first quarter of this year, 
almost half of China's state-owned 
businesses Josl money, according to 
Bureau. A gov- 


gov- 

tof 


the State Statistics 
eminent official said 36 
state enterprises in 
were in toe red. Officials say state- 
owned companies are suffering due 
to increased competition from the 
fast-devdoping private sector. 

(Bloomberg Rotten, AFP) 


FIDELITY INTERNATIONAL FUND fin dissolution) 

Soofte d’investissMnent h capital variable 
Ka nsaHb House - BP 2174 L-J021 Luxembourg 
R.C.B 24054 


We hereby inform those who were Shareholders of Fidelity 
International Fund, a soriftd d’invesiissement 3t capital variable 
incorporated under the law of the Grand Duchy of Luxem- 
bourg, diat the Fund has been dissolved as per toe decision of 
the Shareholders at an Adjourned Session of toe Extraordinary 
General Meeting of May 20. 1994. 

Consequently, as from May 24, 1994, those who were then 
Shareholders have been issued with new shares in Fidelity 
Funds-lntemaiionaj Fund. The old bearer certificates are to be 
returned to toe registrar Fidelity Investments (Luxembourg) S A., 
Place de I’Etoile. BP 2174, L-102I Luxembourg, for cancella- 
tion and exchange. 



Neither alternative is politically 
acceptable to Germany or to other 
Union members, so Bonn will foens 
its efforts on reaching out to East 
cm Europe politically, oat senior 
German official said. 

Mr. Grandmger said both the 
Gomans and toe French, who suo- 
ceed Germany in the Union’s prea- 
deocynext year, “know toey have to 
& low with ambitious programs un- 
til &c dust of Maastricht settles.” 

Mr. Kohl and French Prime 
Minister Edouard Baflador, in a 
joint letter published Friday in 
Germany and Fiance, said they 
would coordinate their policies to- 
ward Europe closely. 

But smne of Germany's inten- 
tions, including tackling the 
Union's notorious bureaucracy and 
its maze of regulations, are a natu- 
ral product of French-style central- 
ized government 

Martens, a former Bd- 
wbo beads the 
bloc in Eu- 
rope, said Mr. KohTs renewed 
comm i tm ent to a single European 
currency was significant, gjvai toe 
skepticism of & Bundesbank and 
many citizens about abandoning 
the Deutsche mark. 

Mr. Martens said it was “deci- 
sive” for hopes of further European 
integration that Mr. Kohl win re- 
election in October because his 
mostly likely CDU successor, 
Wolfgang ScbaQbie, is much more 
skeptical about integration. 


MAILED FROM AMERICA 


Put the History of the WorW on You Computer with-. 

CENTENNIA ™ 

A detailed, cartographic pikle to the hidoty at 
Bmpe and the MkkOrEjat froea ihc year MXXVAD 
to the pre sent (witfa frequent updates)! Cratamia's 
taapeesxdveebnamceaif. Wetefc the rise udfeB of 
a dozen empires boor die medieval Byzantine to the 
fflodoaSck^FtoaNoroandycoBowato 
Palestine, Ctaucania puts today's headlines in his- 
loifcri peopeane. isdniks deniM tea expta 
iagewreiMtoeyoectecnMatiea. Inters of people, 
pieces, and eeeals ere linked directly » die nope. 

PorlBM-PQ and compatibles with EGA or VGA 
graphics (fimnerty marteted as ■MBenrdnm'). 

(312)281-3132 Fax:(312)327-6012 



AdtfSStori 
MGVoaaUSPofarC 
Money Olden sxepnl 

Clockwork Software 
P 0. Box 14S036 

Chicago. IL 60614 USA 


MAH ORDER MAGAZINES 

Have the latest issues of over 
2,500 American magazines 
delivered to you within 3 days. 

For a catalog call 5 1 6-329-3200 
or Fa* 516-329-0729 
THE MAGAZINE STORE 
48 Park Place 

East Hampton, N.Y. 11937 USA, 


DIRECT FBOMUaiCA 

We buy and ship to you worldwide. 
Food, tapes, books, clothes, etc. 
MaS order Forwarding 

A LfflU nFFEBBrr 

25 UeLean Drive, Sudbury, MA 01776 
Tdi 506443-7751 - Far 50W43-77B2 USA 


TO OUR REAPERS 
IN GREAT BRITAIN 

It's never been easier 
to subscribe 
and save. 

Just call toll-free 

0 800 89 5965 



JUNE 8 & 9 

JUNE 9-10 

EJS 94: CBent Server Reporting for 
toe Enterprise 

Europe's leading conference and exhi- 
bition on Executive and Management 
Information Systems A unique 
conference programme which gathers 
many of the wor Id's best thinkers, 
practitioners and case studies, with 

the aim of helping organisations link 
E3S to business goals. 

Contact Business totpJfigence 

Tel.: 081-544 1830 

Fax: 081-544 9020 

Latte America: 

A New Investment Partner 

This, the fifth biennial conference on 
Latin America, will focus on trade and 
investment opportunities 
in the region. 

Contact: 

Brenda Hagerty, 

International Herald Tribune, 
London. 

Tel.: (44 7! J 836 4802 

Fax: {44 7Jj836 07l7 


LONDON 

LONDON 

JULY 27-31 

Wodd Congress - Evohitiou of Psychotherapy 

The leading dinldans - The relevant approaches -One conference 

Aaron Beck, M.D. Arnold Lazarus. Ph.D. Dving Polster. WlD. 

Albert Ellis. Ph D Alexander Lowen. M.D. Miriam PtrfsCer, Ph.0. 

Vihex Rank!. M.D.. Ph.D. Go6 Madanes. Uc Rsydi. Ernest Rossi. Ph.D. 

Eugene Gendlin. Ph.D. ludd Marmor. M.D. Heim Stiefltn. MD.. Ph.D. 

William Glass®, M.D. William Master. M.D. Thomas Szasz. M.D. 

Mary Gouiding. M5.w. James Masterson. M.D. Raul Watzlawick. PHD. 

Klaus Crawe, PfrD DcmaJd Meicheftoaum. Ph-D. loseph Wolpe, MX). 

lay Haley. MA Adolf Ernst Meyer. MJX Ph.D. Irv Yalom, MX). 

James Hillman. Ph XX Sahedto Minuchin. M.D. Jeffrey 2elg, Ph. D. 

Otto Kemberg. M.D. Mara Setvini Ralazzoti. M.D. 

injbntiflttw aid Rassnatem MXT. Psycbotoerapte Tagnogs GmbH. 

B«nhardTraiVle. DSj^. Psych.: Bahnhofeti. 4-. D-78628 Ronweil; Cermany, 

■Jtl,. +49.741-41774; Fax +49-74 Ml 773. 

HAMBURG 

SEPTEMBER 21-24 

OCTOBER 17-18 


The Annual Oxford Summit 

A unique opportunity to assess the 
global business outlook with a 
distinguished group of academics and 
business and financial leaders 
Contact: 

Jane Benney, 

International Herald Tribune, 
London 

Tel.: 144 71 1836 4802 
Fax:(44 71)836 0717 

Oil & Money: 

Fa- junto information (Matt: 
Brenda Hagerty, 
International Herald Tribune, 
London. 

Tel.: 144 711 836 4802 

Fax- (44 71) 836 071 7 

OXFORD 

LONDON 



rc 

at 

* to 

.■*y 

le 

ss 

S. 

d l® 

;fc 

I* 
a <y 
y ' a 

n 

'ie 

t ;ii 

I I 

; It 

IS 

Jt 

.0 

-I 

;a 

r. 

ti 


\ 




3 apg 


L I- ' hL 

I ..! 


I ii> Cf 1 

!7‘ u 1 

: ® bi 

is 


ABCim 
Mora me 
nt ABC F a 
171 ABC I Jk 
mABC C/Vj 

aomaaM 

wCortjrr- J 

w Tram 
wTrran 
w Alren— - 
AIGFU 
d AIG: 
wAIGi 

d AIG I 

WAIG 
w AIG 1 
wAIG 
w AIG 1 

d AIG > 

wAIG ; 
m AIG 

d UBZJli 

| d ufiZ ■ 

I d UB21QII 


SHSlcla 


d UBJ Ul1 

I 

AHiadOxu 

dcSiiy 


d Jas 10 
d Net 1 
d Noi 1 

d s« es 

d u.* 
ALPlSCC 


vr Ah 1 1 
mAhTa 
mAh 
mAh CO! 


mAI I or 

£ 5 ! ** 

mAI | 
mAI .. 
mAI lot 






Page 22 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 1994 


?- • J- 


Page p. 


Wlflv i Grp Nanw 


WMv GraMaim- 


Wklr .Grp Name 


FdMome LasCiwi MM»:w Last Oi?e FdNcme Los) Otse Patient* Lost 


^ wuw , . , ^ i j. . i— G^p 98^Kne IftOdlF rJ 

WWy Gro Nome WWv Grp Nam* WW» CTONon* WJdr. Grp Nome tr «rcbq» FdNam* LatfOgp Fdt««ne tmtCWs ' 

O>o* FC'-sme Un> Otse PtUiame Last aw FdNan* Lost Owj FVName Lost a*el ““ •'. 


Ctore of trading Frida., MSV 27. 


I Grp No me WVIy I Grc Name Whhr TrtjtfTiJfl P 8 0* 1G i CTHY r,r 10?? -01 
I Fa Mam* Last Owe! Fd Name Lost Owe cciip&jn I2.BJ — 01 FL/Wum 1056 .01 
! EtlipBd 152’ - .Id 1 GHMAn ’ul — Ot 

, Emerald Funds: _ C-o-.-io n «.W-0i 


Grp Name Wkly • Grp Nome Whly 
FdName Lad Chge; FdNcmc Last Oiqe 


l.lO TF II J’ -.01 

rjjTF :n« - Ct 
Mr Ini .0" .C: 

r j t Tci a 1 1 “4 - .04 
fiC Tr -I* • 32 
rin.-MTF US'. '1.2 

opt® ii. r; xi 
FacC- r *«i B ‘ ■ 

PiTF 1C 12 - Cl 
Pr./mRI t 12 -.Cl 
PycrTF :■ 2® 

u :<< . io >9— o.- 
incacOr a:.sc - .or 

TAGj. 014— ,0l 

Hi 

T* TP II 22 - c: 
VS-ic. Sc ill —.02 
■JhiiheS - 0’ 

Vi Tr |1.’> -.c; 


BTinviGI f I0.&0 — OS Hi-f Id hi 
BrirrSHB I ?M —4)9 MuAZ I 
NUSEqtv 9.43—1: Inlmd I 
Brnovwn n ?<j$3 ■ OS i Ltd-Vlun 
Br>jco n «j?t — 97 . iUuCA r 


Hif Id hi 7.4S -.08 
AAuAZI 10.14 ■ K 
Inlmd l 9 52 — 41S 
Ltd-'.luni fl (J - 4M 
iUuCAl 10.15 rjn 


BailnrT n 10.04 * .02 i Hinhln rn 1 1 Bfr — S2 


10.14 • 02 EniEoi MJ9 .la 
9 52 —4)5 • Falmin 1 1.43 - U 

9U -4M| FLTvEA iat6i -4M 

10.15 i-JH FLT'Eln 10.64 -.02 


AAL Mutual: 

Bond a 9.65 — 05 
CaGrp 1452 -4)4 
MunBdp 1059 
SmOoSlv 9 74 -.05 
Ulil 9JV • 05 
AARPInvst 
BalS&Bn 1459 >.03 
CapGrn 31^1 .51 
GinieMn 14.97 -.07 
Grwlnco 33.25 -.19 
HOBdn 1544 — 10 
T.FBdn 17JI ■ 4)5 
AST Funds: 

Emeran 1359 — Crt 


. nc BrunchSln 10 27 - 04 i MUFL i 109 • .03 ! wiaaBdl n 9.91 -.0| 

4 £ -Oj I BUB & Bear Gfj; 1 MU FI J t 10J4 -.01 ■ SmCuP'r' 9 5 7 *-01 

634 — 05 Gtolncno. AWl _n7 , Al.ifJHn 10.34 * H? ■ licnnuA 10 10— 06 


6 34 — 06| GtUrcnonieO — .07 1 AluOHo 10J4 -4)2i USGovA 10 10 — 06 

S-S “ -XS GoldinynolA 12 — 04 ; MulfPA I 10.29 -.03 U3Gavl n 10 10 — .06 

r?! ■•?*! GovtSec npI4„'9 —.09 . NYTaFi 1159 - .02 I EmoBJd 17-63 -4Jf 


Ifjf '-l^l w ulnCP 14.13 -.01 I NlRst 11.73 ‘ 4>l , 
]--lj QualGlnpl3 4a -.04 I PacGcl 7059 -.04 j 


HWPE.P 14.04 -02. SoEQP 


Endow 17.17 -.16 

Enterprise Groms I 


IniMun i 7.61 - 02 
In^GrBd n « 'S — 05 
LidGr 9 11 —.Cl 
LTGn 10.66 — -I 
f.iD .V.u rn < 6 j • .'il 
Munlnr lO.'O -.01 
rUHVr 11.C0 -.02 
nr Hr rn lOJi - '33 
PAH i rn 10.13 • Cl 
jhil’nn 9.52 — 02 
SlnrO- n 7.45 -: W 


H^IdKlvAMJ? 
N.-rldSa 6.» 


l U&O’isno 7.92 —.08 I 
| Burnham a 20.03 — 04 \ 


11 J5 -4)9 j CanAp p 30.09 - .35 • SnilnMu n 9.8i 


Premier p t82 — X7 
SdMup 11.98 -03 


MuBAp 10.00 --M|Ca.'Rltrn 34J8 - 21 > Managed 110.89 Grlnco 

M-inRF o IQlJC - .02 mu e— I ctb. a eh n" : u /u. 


.■.VjrtBEp 000 -.02 CGM Funds; I ST Bd 

PaceAa 11.40 -.W, AmcrTF 9J) - 02 | STUSp 
PcceBp J1J3 CaaDe/n 2554 • 16 i Srralt 

TSH*' , A p 0 ij -03 1 Fjidlnen I0J9-62] TouJEa 
TEMtBeIO.O - 04 I /.lulln 2753 - 1J 1 USGvtt 


11.22 —.10. Fiairlapn 18 s5 -.13 
a |9 -.10 1 59 Won street: 

17 68 - .09 | EureEd 2950—118 


.07 :ni:Bd > 9.22 — .C5 

C2 .-.liCCCO.I 13.75 -.19 

.c: PegiennoTC-'S -20 

.04 P.esr.-pn* s.7£ —.04 
;i7 . olu“ n |1 T| 

C3 IBM Mutuci Fun as 
4)1 Ld"jeCo nKK -08 
-.Mmiad 7 s*, • 03 
02 !m:iica ni75A -.ir 


954 -.01 
LOS —.08 
22.93 -.09 
i ri -09 


ivyEgA 1649 - is ■ 
GrtnAs 1481 - D5 
GrlriAs 955 -.06 
IntlAp 2759 -22H 


ASaBTAa 9.99— .07- MHVlAP 10.17 -At CAInAP 1W0 *j| 
r.ttBio 1059 -J»i NTaxAp 11A1 g“* p ,*77? 




—.10 Mainstay Funds; 


r.’4 — 09 
22 5* —.13 
10.44 -.02 
•53 -01 


’JjTrocsrtt is — IQ Kevstcne America: 


EurcEa 2950—118 Franklin lAgdTr 
OueBrn 33 14 — ] 1 CorpQlKl P— .77 -.0. 


FLHI I0.U ,| TQ»E»IApHC< — 01 !cnlmo< a I3DJ— 031 Ulilrt 12.99 -.1 

FLTF 1053 -.02! TaEIBp I1A9 — .01 OATHn 9D5>I -.03 1 ValAdt 1958 -. 

Gwlhlnp 1050 -.13! TXVSAp 9 60 . | Cafifomia Trust: 1 WWIncx 058—. 

Utillncp 11JS -.10! UWAp 8.42 —.07 ; CdUncn 111? -.04- WWW0I 1848 — 

J=LgCapn9.92 • II • American Fuims; : CdUSn 1058 — .081 tcboid 953 


‘.MiiiJY IQ.C* —.01 

1D67C Group; 
ide/. i ? 7f - .to 

3GlotA p 15.74 — 
JC-IODCO is 72 
’GrjvAplee; -,(K 
TGrcAGp 16.89 
TTqxBx 11 I? .03 
ZhiiPIAn 1024 —.32 

ids* 2 1J54 - or 
fflxlBA £ 9.C0 -4B 
IDS Group: 


?.42 

• 49 — C3 
9 72 —02 
1252 -.W 
1053 -01 ■ 


AFLgCop n 9.93 
AHA Funds: 


> WWInc x 858 —.13 
• WldWdl 18 48 —17 


lHA Funds: I AmBdls 1111 -4>4i <*P500n id 9® -M 

Bdonn lt.98 - 01 | AmiPF 12.04 -.15 ! S&PMid 11.31 - .08 
Fun 9 58 — 05 amMun 021.53 - .11 1 Calvert Group; 

Lim 1013— .03 • Bondrdu I2J3 — 4J| firief 3A73 - J3 

JM Funds: CmrlnBI p 31 13 — is , Ar,eiAp 22.13 -.33 

AdiGvP 9AS ! CaPWidP la51 — J- 1 GtabEq 18.03 -.16 

Agrsvu 2441 -Oil COPWGr l»<2-.23! incov U23 -.16 

BalAp ISJ9 —.03 EupocD- 21.43—1.01 1 A8BCAI 1QJD — ill 


TC BO! D 9 S3 , I 
TCCori 12.16 -.0?; 
TCIncp 10.20 *.C 


Lim 10 17 -.03 

AIM Funds: 

AdiGvP 9.65 


MunEdlm 1041— JM 


Const! p 17.01 -.1M 
GoScp 9.40-03 


GrttlBI 1073 
Grtti p 10.78 
HYldA P 9J7 
HYWBI 95b 
Incap 755 
IndEO 17 63 
LimMp 9.93 
MuB p 3.16 
Summit 4J3 
TeCTp 1074 
TF Int 10.67 

Ulil P 1750 

UtnBI 1250 
VawB I 2059 
Vain p 30.94 
Weira P it 75 
AMF Funds: 


8.79 - jK 1 Fdhi/P PA" -10 1 
17.01 -.04 G0.5S 1328—08) 

9.40 — 03. &wln c ap2U3 - JO j 
10 73 -3)3 I HI Tril P 14 Ji - 03 
10.78—521 IncoFdP 13 63 -.031 


10JD -51 I Ddwrl 

10.10 —.01 | C+3>l 


Social a 2197 - .06 


4J7 iniBds I3J2 — .« 1 T»FLno .. 16J4 — 03 1 valuop 20^2 -08 

9Jt — .01 1 InvtaAn 1856 -.06. TuFVTv 1586 _02! Dekw P 24.82 -r.iS 

755 —.06 1 LitfTEBC 14.06 -.021 USGCv ■ 1407— .11. Dcclnp 165B -XU 

12 B3 —.19 I NwEcanps 14.73 ■ 08 ! Cambridge Fds: 1 DecTR o 12.76 -3M 

9.93 —.02 NewPwpr.li.01 — .19 CodCvA 1455 Dctawp 1652 -.07 

3.16 - 07 • SmCoW P 22.73 -.04) ,; V |nA 1101 — JM inrlEdP 1JJ6 — 58 

4J3 -4)5 TasE'protl.eS -4M | Gw! LA 14.96 -.06 DelChA p 6.69 —JJ I 

1074 - 03: TjE»CAd 1SJS - 08 1 .viumeA 14 68 - CU I USGovl p 801 — .0’ 

10.67 -X2; TiE'-MDolSDO - 02 ; Capi>Bt I4.F> - .10 | TreasA P 953 —.05 

1250 - JQ7 ■ T*E'VA D1550 - Oi . GylnBI 13 03 —.05 T»USAp 12.07 —.1)3 

1250 - 07 Y.'shMutp17j3 - 21 1 GwthBl 1454 -.06 T»lTSAa 10.97 — 02 

2059 - M i Armjv.in 5 35 —X31 i incGrBI 15.08 -.01 TuFrlnip 10.28 -.01 

20.94 - .07 I AHentg n 1.17 —.03 MijlncB f 14.70 -JM 1 TxFrPAApAE 

16 75 . ; Amer Natl Funds: 1 CooM.kio- nl0.96 .06 ; DimeiHionnl Fds: 

4 1 Grc .Kir, 4.21 - OS | CappieBo Rustimare * USLra 1377 - 08 


SmCoWc 22.73 -.04 | 
TwE-piOll-iS - JM | 
TjE.CAdISJS - 08 I 
T > E >MD P 1 5 DO - 03 ; 
T»E'VA D1550 - Oi , 


11.71 -.081 TCIncp 10.20 -.02 Munil.ii n 10.01 -04. mincint Jb4-«i 

up: I TC Lot I 1Z7S-07 Rcl.ren 1116 -.04 I Ltgncl M -.0> 

2872 -73 ! TCNOftp 9.30 -J» TctRIn 10.13 -.15. 

2213 -.33' TCSCpI 8 88 —.01 valTmn 15.1' ' .^unEcn n ■ I Oil I— JCI 

18.03 -.16 I Del Gfp instt ExceW.dOi 1« - 0o • f«Ea! n l.-jS - 5a 

U 23 —.16 D«ll 1679 - J)5 EjrlnvHiD 7.44-02- |Kr-Salnb.99 -.C. 

JOJO-Xll Ddwrl 18.24 -.08 FAAIVatn 1*82 ‘- , 0,_ s '0^ln .t-J *Xtt 

10.10 -.01 | C4aJl 24 73 -.IS FBL Senes: rn 

2197 - .06 I Diehl 6.49 — 01 BfCWP' IS*) * 03 I f s Al ‘ c * iSfr ri 

15.93 —.11 ; TsvPSI 9 33 - 05 i^uwini 110| . &O Gr ; C 1B5S -M 

20 98 - .18 ' Delaware Group: HiGrBdf 10.11 — .03 . ?' 

r 10.67 — 03: Trend P 1269 -XI HFi'Bd I 1006-03 P {0^8 - jg 

14X4— .03 1 value p 20^2 -08 Mangdl 11.62 -.05 F.amcp..lOX0 — .<£ 

15 BB — 02 DekWP 24.82 -r.15 FFB Lexicon: ^'2= 

14.07 —.11 . Dcclnp 16XB -JM CanAppyll.^ -05 "'^-P' *$. — 0 

Fdi: I D«TRP 12.76 -X8 F*dln» 9.73-10 LUinc- — £ 

14X5 - JJf I Dctawp 16X2- 07 inKJv < 9.92 -.08 I =■,!»> 

13.01 -S imlEdP 13.36 -JS SdValoepWJi - a.; Tni 

14.96 -.06 DelchA o 6.69 —XI SmCoGr ntl.IO — 10 P«=te *1 »5 - OS 


LiGlncJ n* 9XT — .Oi FuncfTrust: 

MI{|S«CJ n-? 80 — Do Aggres n> i , ± '_ - 0. 


&0CBdr 1593 —.11 j TsvPSI 9B— .05 
SacEa 20.98 -.18 'Delaware Group: 
TkFLId ru 10.67 —.02 : Trend P 12.69 -XI 


Balarp 1051 — M 
Eau>:vp 15.99 ■ 07 


Groin la 1 ".75 -.04 
G'.vth to 12.86 -.Ci 
Inca Id lT .S3 —.04 

MMTR itil.it —01 
Fundamentcl Fundi: 
CAMun np a 7 J — .05 
iJy Munns'.OJ 
L'aGd-ft 1.54—34 


SluCo o 6.33 - 03 
Bandp 4.94 — C3 
CiTEo £.19 -,ai 
DE> p 7.6i - o? 
Cisccyc 1350 
Eau.iFlp i&iO -,K! 
E'Srinp 4 7) —.02 
Fedmc o ifi 
GUbSdP SLTi — 07 
GtcGrp i.rj — .04 
Grown d 175£ -.1’ 
hi :dTE p J.42 -XI 
InsrTEp 5 43 - 01 


3 46 —10 
1954 

20.74 - 53 ' 
355 - Oi 
16.30 —.11 
I ;.£|7 - 06 
7 64 -J7 


Neoberoer Benru 
AMTBdnU66-J»! 


/.‘.jJPp 11.43 -,oa 
f.'asia 530 -.02. 


— .jli> c* 1058 - 0c GAM Funds 
F ■ dine p. 1050 —.07 ’ Glital ’44JM-1.6: 
Ge.BaP.i 9.09 -.oi ■">' -- ,0 

inline p> 9 64 — 0" Poc£t» l9S'5-2.74 

Lijinc^ 7.87 — .0i- GEEKunSAS: 
t.‘:y’y<r ci 9 20 — .06 Ditwsldn 13.38 — XI 


•V.iTti c 5.41 

ujiteo s.n 

.’.".IJII D 1209 

I t TEp 5.17 


.■Jev.Dc 14 00 -.IB 


AtfiMJo 9.85—07) Incume JIX5 - .OB I EmqGr n 11 00 — .07 

IntMlon 9M — .04: Trille 1SJ3 - OP; Gmwlh 1 151 -.04 

IntILtan 1055 — 03;APIGrfpn I2J1 *.01 ; CoppieIUH fi 88 -.12 
MtgSec n 10X8 —.05 1 Am Perform: I Capstone Group: 

ARK Funds- ' Bona 9J.; —.05 ■ Fund SYS 1564 -X4 

CapGrn 1021 Eauiry 11.40 -.021 c-.-dn? 4.73 

Grlnaon 10.18 .' imBd iax» — U4 1 MedFC6 17.9* —.u 


I4.07-.I1 Decln p 16XB -JM CaoAppyll.M -05 Mp. r Er¥£,^c 

Fds I Dec TP n 12.24 -X8 F.dln * 9.73-10 L'd'nc . —0i G §. E *"" r ? 

14X5 -Jt9 1 Dctawp 16X2-07 iniGvr 9.73 -.08 1 M:Tk'c=. 9M-.06 tucrsld, 

13.01 — JM inrlEdP Ijj* — J8 S«HValuePH5l - w: MunjUp'-IOai — .81 

14 96 -.06 DelchAp 669 —XI SmCoGrntl.lO — 10 P We ic II #5 - OS inwner 

4 68 -Ojl USGavtp 801 — 07 FF3 Ed 103’ - .05 : S-Kj D 1&.44 - U- S&^Lrigi 

4.79 -.10 1 TretSAP 9J2 -.05 FFBNJ 1053 — 03 .First Amer Mutuah JiSPMr 
1303 —.05 T»ijSAp 12.07 -.03 FFTW Funds: ! C;is.rCr i» Ta-E. 

Iii4 -.06 TvItsAd 10.97 —02 US »art 9.95 . c=lnca ■ ®.5i -.Os . Trtfs^sn 

15.08 -XT TrFrtnlp 10.28 -.Cl WWHedg 9.62 - .16 ; Men< sme » 9J9 _.J5 GciMPVU: 

14.70 -JM' TxFrPAApAE - WW Fxdln 9.« - <M ■ Fs |0'JG 9 25 -X4 GWtoTC 

il0.96 tK. ; MmeiKianal Fds: FMB Funds !E s, 5£St ,,r J|-3t — ?: 1 

ishmore 1 USLrp 13J7 -.08 DivEC n tlXS - ** FrilFdE 108. • In.lscD n 


Glofcoi n io 91 —02 
incomen It OS — O' 
S&SLngn 10.95 —07 
'4SPMn:».» -.10 
Ta-E. 1148 -.02 
TruiTsn 17.27 • C' 


Cn-Oop 5X3 -.01 
Prec’.SlP 8.18 —X7 
Pregrwp 668 -.03 
ioleclp 8.91 — 07 
SroO.a 19.43 - 39 


SirAcgl 1384 - 09 


9.43 - 01 

604 __Q7 

.98 —.01 

i57 -.06 


TEBndp 3X7 -.01 
Uhlirvc a cjs —XI 


GiobolC l 5 10— .04 ISI Funds: 

InccmeC nll.Js — .37 llufl: pn 10X4 -.03 


innv- r.’j — 09 lead: i»Xi — XI . MurJAp 10X8 -J)3 SmCoP 

1 22 5* —.13 Corral 1155 -XI SlGvIAp 4X7 -Xf3 USGvA 

T.FTr I 15.44 - .02 CroBd l 7.S4 -X2 SlGvtCt 4X7 —XI i UtlAp 

TcjjcFr : Tj? -01 Ed 111 13X6 -J38 SIGvTAn 4X7 —TO Autfit 

evstene America: Gtabll 11J9 — .T6 STTnTAn 9X7 — X3 ATLBt 

a u int ip - govii no —.03 snmNt 9 xt — 03 1 Biueat 

CipjF r 4S — C2 NlRsGota 110.40 — .15 STlnlCl 9X7— JO 1 CaTTBI 

CF125 : 9 72 - 02 T»FBt 9J7 -X3 SCITAn 10X5 -JB WAB 

cin A ' 12X2 —.W TalRlI 1498 —XI . SlFTAn 9X3 —06 ■ CmTcfi 

10X3-01' van 15X1 -X2 TXJTAn 10X1 -.03; DvGrB 
FOaa 10 QQ —.02 Managers Funds: Vcluetn I 1142 -.10 BKJrB 

C-iO* 1842 -X4 CapApn 3463 -.11 VafcjelA p 13.U -‘.10- GrttlBI 

G,JA. 346 —10 So Eon r.17 -.16 VtfiueTA I3L65 -.11 • GEi«! 

HrfiGA 19X4 . IncEanx 17X2 -X9 VAlTAn 10X1 -X4. GtlnBt 

HrTjrt 20.74 SicrtGv nl7il -.05 VAIIAb 1051 -JM 1 GM 

ImiA . ’ J5 — Di IntMtgrK liii -XI NatiOflWMFdS ! Hlltfil 

Om«c i6.30-.ll SI Banc * 20.10 — 17 NtBand 8.97— X5; IttvGBl 

PhA I ;.Ci : -06 aonSnx 20X2 —.15 NotnFd 15J2 -JM . MHfofl 

Sir*,. 7fr4 -X7 InHEan 3A53 — X2 NSGwth 1194 —X3, NTmcB 

TaFA/ ’‘*1 —.02 Mariner Funds T«Fret 9X6 — 01 ; NYTjfi 

•.VrwBA S90— M Ftdinc 9 j 55 — ,C4 ' USGvinr 9X7— JH‘ BtjFB 

Fra B 1 10XC —XI NY TF 10X3 —XI • NnttKreer Benta STOAB 

FCAS! 7.9.' - G2 STFjrmc 9JS7 -J32 AMT Bd nlA66 -J» ! SmCOP 

C-iOpE ' TR Eq 12X0 -JOS Genesis 7.93 -X5’ OB 

GvS&tx 9J6 — 10 Mark Twain Fds Guortkin 1190 -.13) LWHSp 

imdB -XT EauitY 979 -X7 LtdMatn 9JB--M, Octf™l 

Om-OTfl 116.(9 -.12 Fatflncm 9M —M MCAVWI n 10JB8 —M ! USGvB 

F7.F3: 1102 -.05 Muni 10X3 -JJ2 , MUST 1058 -Xd' AltOp 

sicpi 7.47 — Jfo MarkenvaKh Fds: rrrCDCn lOJH -X7 ! GrfAp 

T»F3 1 8 ai -.03, Equih 10X5 -.14 Porlrrsn 3042 -.16; QariTe 

GiOpCi 13X2 —74 . Flexlnon 972 —.01 SelSetal n 23X8 -Xfi , DvGDt 

TurCtv 9.4) _X1 : irnFxtn 9X1 -.02 ■ UttraBdn 9X9 -• Euprf) 

FtaC: 1371 —.01 VAMuSd 979 -JM New Alter 23.93 -XB «G|D 

FGACt 9M -M,Monnrts Funds NewCntfo 11X4 -JMi NT*S C 

GvlC r. *.-T -.09 . GvtSecA « 9X2 —.07 Mew England Fite 1 GrthD 

imac?* P.36 — 07 GttnnA 9.73 -JM AOiU5 A P 7X2 — X3 . OjnDf 

PTiFC: 11.04 -X5 ValEoAo 9 70 -74 BOfonA p 11X0 — X4 | rtlnjO 

2nr2i 2 66—07 MonhaS Funds . BdlncA 11X6 —X7 hwGD 
IARF 9 -1 -O? Bqln 9X2 — JM CA TF A a 7X1 -XI, WTTfD 

Idder Group: Ealnc 9.68 -JM’ CimGrApl4X5 -.15 ; MH IDt 

AR.V G. A1 1X6 — JM . Gvtlrvcrer 9X7 — JM GWbG ApllJ7 — .11 1 STt jVlL 

ARr.iinitA 12.00— .01 ‘ IntBdrw QJ8 — 07 GrOpA p 1X51 - 07 j SjnCaP 

AR.MfnnElt^-XJ IntTxF 9X8 . GvSCAD HJDI -X4« 

AS;ii:& 13X7 -.07 J.ticCopn 9X7 -JB GwthAP 10X1 ; US®S 

ErnAVtA I1.IB -XI ‘ 5Tlncn.it 973 —JJ4 HilncAp —J32 uno D 

Em.MMB 11.1s -XI srockn 9.81 — JM ‘ imEaAP 1SW — X4 groiGfc* 

GibEqBn 1J76 —.02 , ValEqn 10X5 -Xfl LMtrmAM.93 — JM.PoppSHc 


MDlTA KL59 -JM! NYTrtAP 10X7 -X4 If,! +jn 

MBSTAn 7X7 — J09 ! ReaFAp 10X7 -X2( HCnAf 
MurnTA 10.48 -X3 STGytA p UO-XJl Sj**P 
MynJAp 10XE SmCaeA 10X5 „ 


ilnSBIvP, 107JL -JB 

liiTffldTn]W9 -X3 


catf m tone 
catf W4i •• 




StGvtAp 407 -X3 1 USGvA P 9X8 — XB 
SlGvlCt 4X7—03 1 UtlAp exa -XI 
SIGvTAn 4.07 —02 AsStBI 11.W— Xt; 

STTnTAn 9X7 -.03 ATLflt 

STmiNt PXt-jni BiueBt 1430-^; 

STlnlCl 9X7 — JB 1 Cafl Jtt 10|3 

SCITAn 1075 -JB CapA-Br ll.W -X6 1 
SlFTAn 963 —06 CmTcfi B79 -X9, 
TXJTAn tOOl -.03; DvGrflf 19i4 -.12 1 
VcJuBtn I 1142 -.10 BtGrB I 9X4 — X7 
VoJuetA p 13.44 -.10- GrttlBI 18X5 


f ! S VcSn n {|| 7?x 

«; ^g,HiTS! sSrS*^ SSB«Bf.^S?SBa 

si SK iif W°W4 


•V 'lCaT n’Jl .-X4 ] GJjJAA'. 1MJ l ' 




«JSN?7 t> : V. 


B.95 — X7 
7.13 


W0K,- 

nenmut. 



CrfMul 11X0 -X3 UjOBBrn lW +.J8 
:il Saf - Mwdcn .lM? +X? 


vowel* p w-» orir™* ,51 Ttywa _ 88unicn . 13X* +#* 1 urm 

VtSueTA 1145 -.11 ■ GErfit 11.43—. .15 J Aditt* )ji4 4- .14 tafiEq 

.yg^ iSii §!f, iS=Si i; :g iass 2 ^” ,JB s® 

N ?„s“ F s_ s ; a.-, bsts is 

!S 3 SiS: E! ffl :S &&, £Sii? sgg 

SS£!r S=Si §»•' !Sg j* £!£ 

leufaereer Bonn; ngg. ',Ug -ffll sSSfiwte 

AMTB3nuM-j») smpsatioa jjn, casuTW „ sort™ 

SSTk 8^-X6 CA^rv-mAl+iM Govm 

nrn +m ' SwSctoi 7^8 _GoyS ,?X3 -Xd Mtmft 


1746 +.18 FxdtoOYi nlYjW-sWi 1 -NYTEtF 1 
13X9 -XJ Gfl=xJnn nig-. J7|-SPC#atw^ 
12X4 4- .14 mtetjry rt zaxo f-XD{r TffltErt'i 
irpU.73 +X0 rt SJO 

Bras; MATSOIBX4 

17X8 -J» SCOT n ' 19X1 "-X6)VC8»aa»i 

u.90 +jqI staro ;»2r-j»ij«5Sde: 


*x«i SaSb gtsmtov .3670 -xi stwRmte. 

:J2I fflowst 1145 —.17 jrtradmpnX^-Xd ftcfYal.-. 


Genesis 7.92 -X5' SJ« 
Guordnn 18.90 -.13) UtHB 
LtdMatn 9J8— X4, C«J1 


9X7 -M 
M* -sa 
10X1 +J13 


it 1145 — .17 SdvMnon22J6 — ^ 
I 1176 —ill Sflnxfcr 8J0 +X5 
n mi 8X7 — 1!2 Srtwtftrtiwte 
nr 12X6 +Xfi CAffln 9X7 . _ 
iltn 0XB-X6 CAWn 1MI +JJ3 
fipn 9x8 -JS5 Go ySI 9X3 -Xd 
t 13X7 +.11 UTtttOdX 10X6 — -16 




« n n.2S=s- :■! Jffin^Ti 4 


Govtlnco 9JO-— ja 
MurflnCC 16X0+ J!3 
O vWfcrHlV 
SkMSMdMi; - ^ 
HjYtfflftn 8,16 — J21 HJTOr «*» +JJBI Co m ST ; 7» +;Jl 
^G«f 7.74 -.10 aTFBdp 9X1 +J01 • jttmJd ■ 

StMlIjaf 7JS -ill SmCOWK 7X1 ; 

InverB RnliXl +X1 ScrfWidl^JdTZ —XS T^Bt ■ IGxL+Jjr*- 
MuttSS 13.15 +X8 SOJdGwfBnds ^ _ U5 Goejs • J 

Pnrrvfl im 8 —ill Balanced nil X0+X3 stFarmPas: -o ., 

S5S^t »« SSn SS LSo- J8Wr«^ ; 
®iKi+ja 

SSnSt 1037 +X3 GtSmCP 153?— H - CWWA, Kp**M - 

SktWi* 

Ssfitji Eaarjqts - : sa&aaa(- 

aaarTO \\&m [ 


rrrCDCn 10XI -X7 
Portmn 3042 *.14 
SelSdcsn 23X8 -X6 
UttraBdn 9X9 - 


X7 ! OnsAD 
.14; CbmTe 


CtmTecp B.M *.lf 
DvGOp 19 J1 +.11 1 

IKS?!? i 


IntGfl f 734 
mtGIlBt 7JS 




New Eoakmd Fite 1 GrthD 1077 _ ST6BB 8J5 — BJ 


PTfFC: 11.04 -X5 


7&i -07 
9.71 —02 


BaUlAP 11X0 — X4) W'5‘5 
BdlncA 11X6 — 07 _ WGD 


GllnOt 10^ — Of 
HitncDe 033 — J15 
invGD 10X8 — © 


Kidder Group: 
AR.VG.A1 176 — JM 
ARr.llnStA 1100 —.0! 
AR.’.MnnE 1 1 °9 — X2 
A? " — l ' t> !j2' —.07 

Emr.vrA 11 . ib -xi 
Emr.tMB 11.15 -Xl 

GibEqBn 1136 —.02 


CATF A a 7X1 -XI ! NYTxOp 10X8 ”X4 
CapGrApt445 -.13; MHIDP 1017 +X1 


GfobGApUX7 —.11 1 STCytD 
GrOpA p 12X1-07 SmCoot 
GvSCAD I1JB1 -X4. STOP 
GwttiAD 10JI USGDD 

HilncA P 9.57 — X2 _UtVO o 


STGvtDp 238—01 
SmCapD 1021 *X2 
StIDp 9X7 -JM 
USGOP 9X2 — XB 
uno o 043 -Xl 


U5 5ml fl.39 -.06 
US t-l On IN.’ .06 
Japan n 27.05 - J4 
U> n 24.01 —30 

Conin 15.50 — .22 


9 b! —.03 ' AmUJIFC n 20.23 


433 

17.16 —.14 

j; jr -.as 


ASM Fdn 93B — 02 , AmwvMut I 7 J* -.05; N Japan r.03 -09 
AVESTA: AncIvlSnTG»931 — .03 ' US Trend 12 98 -.01- 

Batanced 16.97 - 08 . Analytic n I19T - .0a iCartiinol Fnmilv: : 


Fuidn 101 16 -.02 CdPil 

GIBd 99.77 —45 1 Npwlnc 

Gait n 102.07 — 37 Parmnl 

inrXi 107.72 —.40 ! P^ren 

InllHBM 1 1 40 —.12 1 Fair min 


EqGro !OM - .17 ! AncnCon t 1° 81 -.02, AgsGin 9iS .. i LCdDlnl IIJ7 — 3J 

Eqlncom I7.9B -.02 Aauifo Fund*: Balancc-d 7.90 i Pa:Rim 16.38 -.04 

income ISJ? — 0 T 1 AZTF 1938 ■ 02 ; Fund (2.71 . 1 USLgVal 10.31 - .09 

Accessor Funds: 1 CC TF 10X2 - .92, GavtObllg 9.14 — 03 ■ USSmvalllSI ■ .0* 

hUFalnn 1140 — 051 HI TF 11.22 -XI CoriICa 1171 — OJ DodpeACox: 

AocMortp 1 1 76 — 05 | KY TF t0J5 * X* ComeuOHTE 9 JO — OI J Bcrtann 46 08 

ShtlntF* 11.92 — 03: NraniiTF 9 £* -02 cnj.EIA 1531 — ?5 Incemen 1124 — .04 

Acnmin 15.72— .13, OP_TF iQJC' -XI.CnKBIB 15X7 —25 Slock n 5J»« -.11 

AcmFd I3.I? -X6 


1145 -.to ;Fr-jrFdToi 1.41 — .05 SiroaC 
9.96 — 05 ! Rrln/Au 10 77 - .02 USEaD n 
9 76 — 01 IFirs Investors: GE USE 

1032 02. 3lChiup 15X3 -.10 USEaA 

10X7 ■ 02 ! a Xc4li c 6.C7 — 05 GIT Invst: 

; Goitt' 10.70 —03 EaSscn 

19ii - X2 , Graincp i.S" -X4 i^r:a:l-> 

10+0 — .01 , HiontdD SO/— 02 7 • FfV A 1 

1335 -.Os; iniomis IJS — XI GT Gfobafc 
21.06 .10- ImOraa °3" —.05 -r.v^ a 

74.79 -J1 LilcBC P IX 3' -.0= EmVH 

I 7 55 .21' LiieHY n 1041 — X- 5. 

unite ! USArip 11.20 -.13 Euioc'.-^ 


li)’82 ■ IS InrlEoDn 149; — .03 No-m p 9J8 —.06, 

•IT* —.05 SlrooC If. 55 —01 Tralp 7^3 —1)6 ... 

I0 7» -.02 USEdDn ia/4 - C4 InaOneGT 9X1 —.05 -VuniSdA II JM 

(tsc GE USE IS. >3 - a: Indeoendenee Cap: 

15X3 - 10 uSEaA ls e 3 -.iM Csoonp 10 76 - 
6.C7 — Q5 GIT Invst: SlniGvl p 7.60 - 

10.70—03 EaSacn H.sl - 3S TR Be p 9.55- 

6.4" -X4 TF::a:l -> lO.Oi -X2 TP Grp ll.£3 • 


GibEaCn 1443 — Jn 'Mameron w.«3 — JJ3 
GtbEaA 14X7 —jn Maxus Funds 
GibF-B 7T.ua — .10 Ecuifv Ipnll47 -.03 
GlbF.A 11.98—11 Income I 10X9 — .IQ 
GvtAt 13.99 — X5 LeurKrtffln9X5-.ro 
InlFlA 11.66 —X? MenlGm 13.17 - 03 
KPEs 23 09 -.16 MertSrrn IIJ9 — JM 


IrnEqAP 15X8 -•’« PonGtobn ltt|9 -^IS 
UdTrm A M.93 — JM PoopSifc 14X0 *.10 

MossT A pld.03 -.05 (PmorooPt 


MunArzt 11X2 +S 
MuFLA 9.96 +X2 
MuGot 11X3 +X4 
MunHYl 10X5 - 

MulnsA lira +X2 

MtFtinl TttW 

MuMdt 10X9 +X3 
MunMAt 11X4 +.ra 
MuMnt 11X2 +.83 
MunMJt lira +X3 
MUniModtlOJS +X4 
MuNCt 11X9 +X2 



CtfoWArr 

935, ±£7: . 

9X6. +JS- : 

rVinl tnBt h6.M 




TxExAp 7X9 -XI GJ« 
VotueAp 7X1 -XI, nffifl 
BdlartBI 11.74 —.03 ■ LA TF 
CanGrBt IOS -.15 ■ ST Gy 
IntEoB 1 li-W) —16 ! 

Values 7X7 -XI : ValGr 


MunNJI 1079 +XS LlflTrmTHWa +X2 
MbMYl 11X3 +JH AftATxrj 137? +3 j 


15X8 +X3 : ABuNYI 11^ +X2 
9X4 — X7 I MunOtlt 11 JO 
10X7 - i MuPat 50-41 +sa 

10X3—02 NIMunt 15.10 +X4 


AAATxrj 13X7 +JM 

MsdTFn 10X0 tJ82 
MMS 8X4 +X3 


. .MerwrFdpISJQ -J13 NewUSAp 11.47 - ■« ' 


11X0 — JM 
1*53 -.09 


NtMunt 15.10 +X4 NY Tun 10X3 +JS3 
Struct A> 11X1 — JM GHTxn 12X7 + JJ3 


SmeapF 10 76 — .05 Meridian n 7456 — J!f f+cbokn Grtwtt 


7-FrVA n10 5£ -£'2 IfwResh 4 34 -.03 

T Gfobafc fn.SerOpirtt 

ir.i«s S3 :4 • ?? CerOI 12 55 -.1! 


9 46 -.03 ii^nrurnGo it3 - 02 • C'«rn50'5dl 12.21 -.11 J FHiTn 


PocRim 14.33 - .04 1 Federated Fumte . UQAnp 11.20 .13 

USLjVat 10.31 - .09' AmrSS pa 9.6» — .02 j MAT Co I1JI -.01 

USSmvai 11 51 - .56 I Armi n » jo _.OT J .*.11 TF a II DI - .03 

odqeACox: 1 EuJiPd n ’1.00 — .06 1 NJTrp 1260 -.04 

Baton n 46 08 .1 FidllOn 10.32 — .04 I tt:”.Frpl4 4J .03 

Income n 1 1 24 — .04 FSTIIsn 8 -0 —.03 PAirs 1237 ■ C4 
Slackn 5J»« -.11 FGPOn 21.79 -00, SpecBd 11X3—03 


E1V1V 1 1 Is Sc - 1 

1; j: -.1 

Eu'QI>. T. 17.45 — 4 
EunaB ’Cj" — 4 
GvircA • 17 — .: 
G.incB i°3 — . 
GiirKAC s 10 — .5 


Ccoortfl 10 76 -.04 LAlHn 1413 - .17 ■ Merrill Lynch: 
SinTCwlfl 7.60 — .03 Landmark Funds: AmerinA 9X9 -JJ2 

TR Be p 7.55 — JJ2 ‘ Bciann I2«I . AdiRAP 953 — X5 

TP Grp T1.£3 -JJ5 Equip, n 14JT -.03 AZMA 10X5 -.01 

irRosn 4 54 -.03 inUnc .• *J9 — .09 BalA 11 J4 — Xt 

I rSer OpItttL InllEc 12 30 — .16 BasVIA 23JB — JS6 

CrcGfl 12 55 -.1! NYTF ns+lC.75 — 31 CAIMA 7.49 -.01 

QcalS* 13.97 -.01 USGvn* 7X2 —.07 CctfAnA 11X0 -Jt2 

USGvt 4 51 .. Laurel In vesnar: CcoFdA 23X1 -.11 


AdsnCap 20x5 ■ X0 ; Amnnes Fund: Cntr.Snrn 22JC -.14 . Drenum Funds: 

AdvCBal D 10.13 .I Balance- n 7.52 iiDiCanBC I2M Conrm 13..'5 -03 

AdvCPelP 9.71—08 Eqlncn 76l - 0t Oies-r-rih 12.97 -.00; KiPm Ib07 -.11 

Advesl AdvarK: F'incn ®J7 — 04 , CHeslnl 14X56 - I. *5 I SmCovalnlI0S-.il 

Govt np 7.10 —.03 j Arch Funds: J OucMiT* n 143.16 — .le Dreyfus: 

Gwtn no 16.47 — OI . Bd 7.84 - .02 ( ChuboC-rin lo.03 -.03 A Bond n 14.01 —08 

HYBdP 8.88 ..1 Emurlh 11X5 -.13 iCbuDOTP 14JJ -.02! Aonecnp 1A6I —01 

Inconp 1244 _ GovCoro 7.°7 — 05 , Clipper n 49 02 —JO Assol All n 1261 - .01 

MuBdNat 9.35 -.02, Grclnc 12.75 - Oi. , Colonial Funds: ; Balnea 13X1 -X3 

Spdnp 19.00 -J)7, 9AsTF 11.14 -.01 inlEqip ITJO - 02 1 CatT. n 14.60 -.01 

Aetna Funds: USGo. 1038 —.05 1 CcITE A 7U* -02: Callntn 13.14 -.03 

Acman 10X3 -.03 .‘Armsincin 3X8 - 05i ConTE A 7.J1 -.01 CTIrrln IA04 *06 

AsicHiGr n 8 85 - OI , AlfanlaGr P II 00 -.1)8; FedQeC 1.1.37 — J6 DrCVtUS 12 82 -.04 

Bond n 9 79 —01 -Allas Funds: Fi_ TE A 7 25 -.03' EdEllnd 11X3 10 

Growth 10 J2 — OS CaMu.li IOM • X32 . FitldA B.QI - DT : FLIntn I3.i4 -05 

Grained 1051 -04. CAIns 9.78 -03 Gr/rthApl3 73 -.161 G1VAAnpM4J — IQ 

InUGrn 11.7a — XI ; GilSec 9.92—37 HiYJOA 6*3—311 GnCA 1116 -.04 

SmCoGr 1007 - 03; Gromc 12.60— JJ2 : ln.»mfcA &6X) — 0» ! G-'ABd c 14X4 -.02 

Alger Funds: NoMwli I37Q - OI InfC-rA 13X4 —.li ' GNYp 1«.TJ -.05 

Grcwm 1 17.70 - 01 ' BB&T Funds: rAAT -A 7*0 -33, Grincn 1429 -Jtf 

incG rt 11.53 -.05 3alBn »X® -.01' Ml TE A *82 -.02' GwmOpnlOJ3 -.16 


1.78 - 00, SjwcBiJ 1 1A3 — .03 ■ 
fl.SJ -.02 I aPSiro 17.02 -12 
7 7o — iM TC'E. era 9.97 -02. 
7 16 —.04 TarRer 0 1 1.49 03 

OJfl— xe 1 L'l.ttn.ui :■ 5 IO -,3J 

'0X0 — 02 . . A — p 12X3 - 05 


•lr!n.;fi t.!C — ■•)« 

HCCiB le.y — .Ct 

Hiin:B 12.41 - lii 

Hiln^A ;_41 

HlltlCrfl Ir'l— Of 


Qc-alS* 13.97 - .01 
USGvt 9 51 
Invcsca 

Dv.ims 10.CI -.01 

ETrjnnrnliXa -.02 

Energy ri 10X3 — .Ql 
En.rnn 6.74 — 05 
Euroae n 12.93 _ jj 
F. nSacn 15*0 - .07 


C»4 a 27.73 —OS 


)2J3 —.55 
13 44 —55 
IClAi —.06 
16.1? -.16 
11.75 - Xl? 


HiPtn lo 07 -.11 FsitJlIln ID JO —07 1 L'l.llnciS 529 -.3J 
SmCovalnll OS -.11 Fsight33P)0J£t — 02 . » A TF p 1 2X3 -05 
reyfus: I FSTn 25 40 01 ;RrslAVj: 9” —.05 

A Bond n 14.01—08; FSTI3SP S 28 — 03 | Firsi Omaho: 


,r .Ji — 1: 
10SI — 12 
13.14 — r: 


JOPcnGrS O' — )! 

LQtAm j I'X® - JJ 

LeiAmGB2'.:i -.32 


-3C'ldn 6.10 — .13 Laurel Trust: 
Grcwimp 5.Z2 -.03 Balnea n 5.73 -.08 
HnrScn 2343 -X6 mimir.n 10X7 — JM 
Hit la TP 4 77 _-.0d £4PSCDn 10X6 -.07 
I rid 1 res np 11X3 -.« S'c-ci n 17.75 -.06 
irwGci-n IIXO — .04 Lsisrd Group- 
■nvGrn is 6s _xi &?uir. 14.17 -ja 


AdiRA p 9X3 — J15 
AZMA 10X5 -.01 
BalA 11X4 — J)7 
Bos VIA 23X8 — JM 
CAIMA 7.47 -.01 
CclMnA HX0 -JI2 
CcdFCA 23X1 -.11 
Consult P 1Z7&— .1* 
CoHiA 7X4 —.03 
ClnvGflA 11.05 —05 
CalTA 11.12 — JM 
DevCac ISA3 —.12 
DragA 16X6 -X5 
EuroA 15X2 — A3 


Mend fl 50X7 -X7 

jS,!!;. ul * _ ■ GvSicC W4-ii, Bdn 10X8 +X3 TxFHYn 11X2 *Jt2 

NchLdn 1B.IO - 16 i HTYEpn 14.14 +.11 GttiSItcn 1 HjBB +.11 Value n 12X1 +.15 

anif^tiP, nrj - ff? fiHGvrn fuW —J22 . ImtSwKti \4J7 — -Zo SBCnrtf KA. . 

cSSSmAlllS-Ol uSKc 7X0 --02._5tV.Rnr n 11 06 -+J7 AMIA +02 

'•fwWSpWiB 1 1 fU — 11 Ml Mr C lOL^O * S32 ' PuClKBfl PlMlfi BJOi 17JI + .10 

c5ScrtISllS-.10 Kc 10X7 -+jB I ArtAP 10-17 -XI .Bond. 1 0AO -JP 
EmgGrA 11.77 -JJ3 ' SmCopC 71.0 —.17 i AmGyA p 8X8 —& 5rartyFartR- ' • 
Pn— rirH 11X3 -02 p u r fcsluu e Inv A: ' AsiaAp 7A16 +iffi Bond P 7.00 — XW 

bSSSmH# -B '^SBl 9X7 -JM| AABalAP BIO -Xil E»«Y SXS +*t 


BakmcdnllJU *JU\ 


SUuOBt 113) —iS 
USGvtfTn 7X7 — J)7 
UtaBtt , 9M +JD 


Bondn 9X4 — JS Prwtedlal msft 
Eauiivn 15X5 -.14 1 AdBaln 10-57 -JJ3 


5BS» \\&m «gsi 
ss w J mmi 

043 +JO InuTrS tSA +JB TI 

2X7 +JD InvTrC BJ9.+.1D DrJw^rrrrt?! +1 
3J1 + JM teyTVp ■: US +JK lEiK^XRO 
16M + JUS - NYTFA p- 55- +m. • ExFd '*.»ES+? 
Sfl +.12 NYTra* *7® +JR S- Wtl 


GvttncC 946 -J)l | 
HiYEqn 14.14 +.1T I 


PATanlUl +JM InvTTO ■: us 
Facbppsn1&A4 +J03 -NVTFAp-SS- 
toafirn 1SX7 +.12 NYTFB> '7X3 
ST Bond nil 47 NYTFC. .7X4 

STGfbln 11.14 — JS SmCapA - 8JT . 
TxFHYn 11A2 *sa SmCopa-iXUr.- 
Votuen 1ZA1 +.15 staadmmAtai&s 


WJW9 W- +31. ’-awTa 
NYTFB> ' 7X3 +J* ■RBFTl 
NYTFC. .7X4 .+& 

MEnnAnik V'r^ArkrtLTn 1 


Zer2000 n 11/W — JJ? Amtndn, +-JJT 
rofinfKA; ."xasocn'i . -. J3 ."L, 

AsseJA 13X2 +-JB Imwtn ' Ll6 ~^iO 


fit -MSitJO. 

tvjp* - - - 


ii - 12 — JM mSS* 0 !!!? 1 Equity 15X4 +.16 i AACnAp 8X2 —JM I EqGlA 

lL«3 -12 : IncGrB 1400 - ! Gavtlnc 946 — 31 , AAGihAp 8X1 _— [ GrttlC 

16X6 -JUS WWGrfl W8* —07 HEq 

15X2 —A3 WWflr 1498 —37 IntGovt 

1 9.41 —.05 Nomura nf 18.91 -.19, IntTOis 

9X6 -.02 North Am Fumte , , UdMat 

14X6 - 08 AstAOC pnl1JI7 -31 - Ml Mu 

1140-38 »d 1O0-J3. SmCcc 71 J» -.16! OvGro 9.65 +36 USGOv 

9X5—13 GrwmCon14J3 *36 PamSaln 1631 -36; DvrlnA p 1231 —37 SeSginan 

:0X1 -35 Gr IncC pn12.64 -JM Parnassus 31X6—381 EnRsAp 1199 +33 FraTOia 

1121 04 USGvtAp 9A9 — 34 PmcdanaGroapr EdlriAp EM +35 OnFdJ 

15X3 — ra NHnvGr n 25X1 -JS . BalRTnA 20X9 -34 j EuGrAP 1134—34 COTxA 

1249 — iG5 NeJrrvTrn 10.13 *.tM ; GnmthA 15X3 -.13 FedSnp 9X9 — JH CmSHcJ 

1SXQ -X2 Northern Funtte fifty 50 16X3 +.19, FLTxA 035 +J)1 Comtm 

179 -.05 Rxtnn 932 — iQ4 .FtDcWorldn13X3 x.11 ‘ GmAp 13X9+35 Comrm 
9.77 — JK GrEan 1 0X6 -34 . Paysanffln 11X6 -35 ; GfGvA p 1167 ^25 FLTXA 

11.48 —.08 rncEanx 9 SO -III PeoChTBd 9J50 — 33 , GfGrAp 9 j© — ill GATXA 

9X1 -.04 fnrtaxEjr nlOLJ - .03 PeachTEd 9X8 *33 ] GrftiAP 13X9 +38 GEJEm 

10X8 -02 inrtFxinn 9.90 — .1 3 ‘ Pelican 11X3 -Jit HShAp 36X3 +38 GEtnol 

15X4 -.11 IMGr&jn 10.1S — .10 PenCanA 6.07 -XI t-CYdAp 1249 . Growth 

7.99 -.02 IniiSelEq nlOJ3 — .17 PAMurrt px 10X4 +31 I HYAdAp 938 _ income 

9X0 - SelEa n 9.93 -JK Pe rfo rmance Fds: I InanA p 6X3 — 33 tacoms 

9.76 - 33 SmCpGrn 9 95 -JM EaConp 1LSJ +.111 MuAp 732 +JJ3 taHA 

10X7 -.a TrExM n 10.Q5 -.02 Eolnsn 11^0 -.11! MnlfiAp 8X5 +31 hltlD 

10X9 -32 USGovtn 9X8—34. InHCo 9X9 —35 ] MaTxIl PjttS +.01 LATxA 

1114 -,C2 NsrwCCtFuixte , tnFl In 93? —35} MTTxll p 191 +31 Mo*ST> 

22 76 -.13 AtCUST 9X8—33 MCpGHn 9X1 -37 1 MuniAP 8X6 . MDTxA 

-.0.96 -SO AdiGcvA 9.48 — 32 i STFICpn 9JB — 32 MnTxll P 180 *31 MITxA 

13X0 — 05 COTFA 9.70 -JD 1 STFIIn 9X8—32 NJTxAp S35 +31 MJrnTj 

lt.16 -.11 G.T.ncTr 9JJ6 — 36 Perm Port Funds: I NwOpAp 23JM +.16 MOTkA 

TL46 -.02 GvitrcA 936 —37 ! PermPt n 1638 — 39 1 NYTxAp 8X0+33 NafITx/ 

3J3 — 33 incameTr 933 —.07 TBffln 65J1 -JM NYOpAp 8X4 +31 NJTxA 

SXT -JK mccmeA 934—37, VBOndn 54X3 —.83 OTCEp 10.® -JM NYTxA 

1047 -,Z2 TF :ncA 9X1 -32 1 PerttCGn 1233 -.12 OhTxUp 831 +31 NCTxA 

ixa — J? TFIncT 9X1 - JJ2 PfjnoFund 6J8 +39 PATE 9J15 +31 OKoTx) 

150—05 VniuGrA 17X2 - 06 ; Phoenix Series: TxExAp 8X4 +33 ORTxA 


FeeSecA p 9X1 — JUS Nomura nf 10.91 -.19 


9X6 -.02 North Am Fuads 
14X6 -38 A3AflCpnll.[I7 *31 ■ 
1140—38 GKJtd 1430 —.73 


15X4 -.16 AACnAp 8X2 -JM EnGIA ¥’:.fO *02 
9X6 — 31 , AAGihAp 8X1 _ Grtnc 7 05 +jn 

14.16 -.10; BtOvAp 4X0 — 31 Tx£x - .9.61 - _ 

9X6 —32 . AZ TE 838 +32 Utfrc X63 —35 

13.10 — X6 1 CATxAp 8X4 +32 Selected Funds 
9X1 —JI2; Convert p 18X5 +37 AmStanpUAO +36 , 

10X1 -34 1 CpAT 41 A0 —.06 SatShsm 9X9 +JM| 

2130— .161 DivGrp 9X5 +M USGov pn 8X8—35 

1631 -JM: DvrlnAp 1231 — J!7 5 a8 ||ii i uu Graufc 




i;ts -3* 
::-x-i - is 


GrrrthA p 13 73 • .16 i Gll/AAnpU4J — 03 
MiYMA 66J— Oil GnCA 111* -.04 


CTIrrln 1104 • .06 * MaxCap II** -3* Rr«Pr.oril>: 

DrCv+JS 128? -.04 1 MinicapnIIXI • .0* Ecuit.Tr niout • 0a 
EdEllnd 11X3 10 1 ShriTemilor - oi ! F-di.cTr 9.80—05 
FLIntn 1J.i4 - OS US Go. in V3 — 35 ‘ Lta-MGv — 01 
GltfAAnpUU — 03 STMTSSpiO.17 -.til .Firs: Union: 


Urc:-3 I 'S3— 03 


MidCrGr 111x2 —.02 ■ 'JrolncTnil.li 
■SmCapr 20.91 — .07 InnjcrvTn ? 1.5 — Oi 
Affiance Cop; jlGovT n 9.::— 04; 

AHancep 6.67 - 09 BEA Funds: 

Baton p 13X3 -.0? E.V+Ef 21 1 * • .!? 
BalonBI 14X1 -.07 InilEa 19.4* — .ir* 
BOMAP 1192—30 S:gF.ir.3 14.09 -02 
Cnslvinv 1 0.4*. —.03 USCFnn 14 W— 0* 


In-^mei bin — Oi ! 
IniGrA 10X4 —.16 ' 
rAAT -A 1*0 - 37 . 
.Ml 76 A *01 -.02, 
f.lfl TE 6 t o: - 31 - 
riaiftesA i?-»s - 03 ■ 


GnCA 111* -.04) SBFAn 16.25—01 
G'.TBd c 14X5 -.0? FidefiiY Advisor: 


1 1.3; -.03 Gofielli Fucck 


1 1 03 —33 
4; — 0£ 
I :S: — :i 

ic.it —.r 


Leisure n 21.47 -.15 
FciBon i*J5 -.11 
r+llncm n?*.I0 — 02 

iHTrBda °.47 
TiFre+noliJO - O'. 


T*:nn 22X6 -.13 : TJu -31 

TsrRin 10.22 -.!! LMpPer.n ':.&* — 05 
UiGovtno 7.15 — .07 Legg Meson: 


12.55 —27 

;; 1 * —.it 

15.0s - 05 
15Xc -.0i 
-S7 -31 
T Sj -31 


EalnAp 8X4 +35 
EilGrAP 1134—34 


Fed in P 9X9—35 
FLTxA 8X5 +31 
GeoAp 1139 +35 


Ir.llEaA 11.48 —.08 
MIMU4 9X1 -.04 


fit TEA 6.93 -.02' interEap 1124 


CpBOB P 1 19? — 05 BFMShOl- n 9.7 5 — C2 
CaBdCe 11+2—09 BJ2GIAF IIJ8— i-. 
Couni p 17.04 -XI . BJBiEaA c U.iC — C3 
GIDGutB a 9.05 -.11 BNV HamSIon: 
GfbSAp 11 ji —03 Eal.i; r. 10 9; • 05 
Gov 1 A p -«4 —OS inf.- c.l +47—0: 

GovrB P 7.9) — PS M • T= r, 9 n ■ ji 

GavtC a 7.94 — c-s - BcDson Group: 
Grelnco 2J3 • 01 Bor jl*, 1.52—01 

GwinC 20.6? - JI Bci=Sr. « 7e — .04 

Gwtw=p 14 JO -.24 Em+rp; n I s * I -14 

GwthBl 20X1 - JO Er.:.-7-i I; 37 • ’j 


Gov 14. p '.9J — 0! 
GovrB p 7.«4_pi 
GavtC a 7.94 - 05 
Grolnc d 2J3 - 01 
GwinC 20 *1 - JI 
GwthFp 14 JO -.2? 
GwthBl 20X1 - JO 
GHncBo 222 01 

Gnn/B i 1 At 

infAA u + *7 - 0" 
insMuB + *7 - C2 

ins/ACfl °.*2 • 01 

InllAo I8JI — 10 
MrtgA p 3 SJ - -35 
fArtgBo 554— (S 
MngCp i.Z — .Cf 
MigTrAp +»t 
MtgTB p » 
MtgTrCa 9.'i 
MIIIGC 9.50 — S' 
Mltln t I.IS 
f.V/JAD 0 31— Cl 

MMS 81 *J1 -0i 
MCAAP 10 Cl - 1- 


•Z.-.7-. r i;«.- - •: 
l.v. Ut* — I; 
S-caflw n:« .05 

T = . c r; n 10*6 - M 
n-F'Lr. •*: £2 

uv-ts* "si _c: 

1.1. V 3 Mr r. - Ci 

•j.-.-c :*n ;• ;; ...c- 

BailaraBiehlSKaiser. 
C-i.t-.c '• ■; 71 — 14 
:r.:l=c-i it* — 10 


GhTE A 2.12 -32 
SmStt O |T.40 -.U 
SlrrlncA *.?9 — .04 
T'EOn 13.18 -33 
T.iniAD 5.01 - 02 1 
US' Jr “ i»62 - 14' 

'JSG.-A 6 42 —.01 
Ur, [A a 12 £° -.12, 

<^3ja: '£,» ■ .02 

CTTE9: '.i. - 01 
FeiQcS i 10 37 - 0* ■ 
FLT.&: i:s ■ 03 . 
F-.+icB: j.vO -.01 
C-lEcB 1 ISO — 09 
G«;n0T I3 .cS IS 

ri • .v.*b 1 ° rr 

HrSv.'St i.6i-.:i 
•n;sn-.-B sJO — .)i 


GNYp l«.TJ -.05) FoPGR 20 4? -12' 5CIE t 

Grin-; n 142+ -34' EqFInC 15.41 — 02 ' P.lrBp 

GwmOpnlOJJ -.16! GfolFOC l*.K -.13. r-InTn 
InsMun np I ?.S* - .04 Gov In P 9. IS— th | HiGtfT^I 
Iniemn 13.85 - 03 1 GrwOpppIS.Sl -.5" HijiTTF' 
inierEao l«X6 — .1] 1 HIMup II. ’2 -.01' ..In&CT, 
InvGNn 14.69—04! H.YIdpn 1138— .Si IlSM-jnv 
MA Int n 12.96 - os: IncGip |4.S4 — 04 USC-.-tB 

7/ATainlfJM -35: LldTERplOOl -02, 'JSG.1C 
MunBdn 1140 -.02 i LtdTBP 10X0—05 '.?! v-.-ei 

NJIntn 13.16 -.05 1 UdTEI 10.01 -.02 v'Ou+Cl 


BolC in 11.81 JO 
5CIEr i;.?7 -34 
F-lrBo «.t* —.03 
r-ln?n 9,37 —.0: 
HiGc ' -=B clOJS — 01 
HiiiJTFC :10J5 — 01 

■JnSdTr -.0: 

1 1 LM-.-nC * : t! 

USC- .To a ^.jj — .05 
■JSG .1C - 1 43 — 05 
iL-.-e P iVO - ” 
v'iPu+C in I ' *5 


’ L’l'i n f.T -.02 
' ValEa 17X5 - JI 
Irr. T nSvfB f 89 7 —.09 
. ti:*Fa Tin 14X0 - 02 
C JP Growth I4J’ -.06 


Giln'CF ,1 5 pi - .02 

GiCdn. r- ' : 2.D 

-r-Teic s.-:5 
Gro*ihup2l S3 - 13 
SmCacG I* 7* • 0? 
I'aiusp 11 o' i* 
Galcrv Funds: 


Sir, dr. 7x7—35 

Oiv+rsiM nlG03 

Ema.WEdhW -.3J 
inticaw r, 10 Jl —.01 


ArrerLOp r.-3 -.01 
GtjlGoxp >Jl —37 
G.irnSnp 1S.J1 — .0? 
Hit's s I4J4 -32 
fr.Gr.ir ».:-3 —3? 
.VtfTPo i5Ti - C4 

°atfd :j? 2 -.« 
Sain - , nr 210* - .07 
T.Fnmp 15 Cl -02 
TniR+r no I j fi) -.L-7 
• ClTrr.p 15 1J -.JC 


AVt.'AuA 10J3 - 02 
LcrAmA 15X4 -.n 
.YlnlnsA 7.99 - .02 
MunLtdA 9X0 
MulflTrA 9.7* -33 
MNcttA 10X3 -J3 
NJMA 10X9 -.02 


STBandn ».7D — .02 Lexington Grp: 
S"n;l'Cu n Ij 04 -0* Ch.Sec r. 13 4? — .tj 


ST GlA s 3J3 —33 


NJ7.lunnt3.06 -.01; QvuoP 13.53—21 vjincTn ”.70 
N-.vLd r 3J 40 - .1 3 ST F. p »X4 — 04 . Hag In viScrs 


Ar'^f|Allnl-?.o7 - 02 Jcckscn Nationab 


riYlTi no 11X5 -.04 siratOpc I®.** - O' 
" : To.- n 1537 - .03 I FldeOty Imlilut: 
ftiTEP 17.72 -.0*, EflPGIn 7JJ2 -.14 

Pwnlnol 15.7+ -10 EqPII n liXj — 01 

Pcor.'.+smlstO - io I ishiG» --.j* —.04 

Shlr.Gi n 10.93 — 03 . tj BI n tOXI — W 

ST |nc on 1 1 95 — 04 1 FrdeGlv Invest: 

SUnTo 13.01 -.01 . AarTFm 1145 -01 


lag ln«cstcrs: 

EtvSit d II J* - 03 
Wine 10 04 — C'j 
'-•'Tr e ij;?-;: 
vv.vn.fl io.;4 - o: 

•jj.-i-Vfl HX+ • 21 
T;-.:n:5ncl?i-: _ o? 
TulPT;, r ; .52 — 0c 


ThdCnlrn 7.81 -.02 
U7T Inf 12. ’0 —35 
USTLna 14 JO— .12 
USTSnn 15 13 -.05 


AMgrn 14x5—0? Fla s:hip Group: 
A/X'SrC-rnlJT: —02 JATHd r- i(i.!2 


..‘X-T-9: 7 *0 ZZ Dr fvhrt Comstock: 


MuCA Bo 10 Cl 
MuCACpIO&I -.03 
f/gFLCP 9 10 -02 
ICATA 12 5? 01 

MullCAB 12X2 • 3’ 
MINBp 9+4 - c: 
7AuGH C a 0JJ :j 


Baird Funds: 

AC"-: Vi 

BC+si ;=’ ; 
Cccd. z 

BT: 

l-.!'4-,!"r V - 
ln:-£il. r.it.;J ■■ 
:n.;n-Tc 

in.'-:S*r': ” — 
i r • 

l.n.c 4- • 


oi 

7: T.£: e .«2 - .0,’ 
3H7.E- - i; 

Sirir.e * * ?» - -54 

;^.e: -.z :s -.02 

TSUiipt 2 0i .32 
v-C-ra : li’: 

*43—?? 
>J*'i3: iX05 -.12 

Columbia Funds: 

Ecrsnier.ij.j ..0: 

Fi’.’+d'h i:.*i -0" 


1-0.7 6 1: —02 

>rn n 25 09 - .03 

fni;;:. n T3 li — 13 

Men. r. 11.9- 01 

5P«1 n 19 J2 - 03 


Ar.’.grin n 10 7c — -)2 
Bainnc 12 75 — 04 
_ Blir.-Ch IS 2* 10 

01 CdP.Sli 11.49 _.|l I CAinsn «.?* 02 

.02 CcoValBlII 34—10 CA TF n 1130 02 

ii PSiais .’J0 — ,05 i Canada n K.4I • w 

•54 3 tSrjrOr» 9 2* — .06 ' C«jAw 1*63 - O' 

.0? Dreyfus Premier. Caplnconr 9.52. — Gl 

.32 CA -MunAlJt' -.04- CongrS: nl4.'.«9 154 

Ai CTJ.V.A lia* ..03- Contra 30 JO • U‘ 

?? CcpGih 15X1-13, CnvSecn 1136 .'.-o 

.12 CT.VuOt 1181 -07 Gj-.iut.I r 41 ;0 

FL .V.vnA 1 4 52 • 1)3 D+Xinvll 23.13 .!> 

,02 G:bln.An 15.49 —08 1 DnEan 18J2 -.09 

O' Gltini&i 15 35 —.09 j OtvorlnilnlZO* —.10 
C" On mo 4 14.12—04 DivGlhn 114* 

02 GnniaBi 14.14— .w! ErngGrorliK) 

.03 iM A Men A 1 1 *9 -.02 1 EmrMVI 17 1? 

)J MO.VunAI2.Sl • jW Eaulinc 31.60 


s l ? *1 

4.ZTSA.C 1044 
CTTHifl 10.10 


.17 LT.Mun '.o' 3: 

EC 3m *2 75 - Ci 

0’j EalVal 12 ^ -.fi 

C-i Eoincm r «2 :C -55 

52. H'CBS 10 Co— 52 
22 im&S =5* -55 

?1 InlEoin i;4« — 1: 

0? f.5 A Mu n ’X4 - 02 

0* tn.Mun I0J3 

os STBdn --.st 

SmCoEan!!*: -.2: 
:: ’ 7E Bora nio.i? :: 
02 Galewa* Funds: 

JD ma.PIn :5i4 -54 

01 SVVR'.V G ij SB - i“ 


>0' 3: C-rsvitn 10.91 -.u* 

*2 75 - C> ir.;-..rr,e 9 2j _.oi 

12-9 -.fi T;*Er ’0 24 - 34 

• 2 :0 • 55 TotRln ICai- -.55 

lOCo— 52 JcnusFund: 

■■U Eolunc+dniZJ' • .04 

i;*« — 5: Er.l--ur n ;:.7’ • £o 

’X4 -02 F«T.*Ei.n6 7o .03 


Global n 54 31 • .22 
5-r.:d-a r, sJ2 — .£-' 


•3>.nc n :f.p -Ti 


BlCh 17 Jl +.10 Ooemrr 3X95 +J&J mwl-imW 

Band 10X6 -JET SteiaRoeFdt: . -r: . /• gwtKwnKiH : 
ecufly Fuads • ' . CapOpp n30.18- + Jl ura8utlw^ : 

Bcndp 7.00 —XH Gvttncn 9X0 — J15 
Equity 5X5 - JM HvMurtn n.K-+JK' ■««+»' 

EaGlA MX6 +m tncamen 9X4 '-jk, t .wSlilg: 

Grtnc 7JJ5' +jn -fntmBdn- BXB--JQ -?T»f.5&^-pgU-jgg 
Tx& ■ . 9.61 - _ ■ WMann. liJi?.'. +X2 "-THIS •■'• xtm vff 

Utfrc 6X3 —AS Intfn - law — J)1 =;SnSrya.SS^jt 
efodedFundB LftWUnn:.9X5^J« 'Smt&n ;793$o-nt' 

AmShsnpttxa +A6 . MadMya.879 +A2 sra»WFra_K3— 4fi- 
SotShsm 9J9 +JM PrtTK&ttlWXil BTtoV4v «UhEH: 

USGov pn 8L78 -JB Sped n 22J1 

BBumanGTOWE - stock n 23X7. *J7 -'rFSSrita'JS 
Frontier A IQXa _ TaHRMn-KJ9 +JB rffiiiaS- 
QtaFdA 14X7 -.U stewtoaeFteute! .- 

cotxa 74M so>^ikkijaj4 

CrnSkA 1116 +.11 Botanpx 1TX8 +A1 -.SSn 1 

OomwiAT 13X7 -JD BtdiGri 9J2. - 

rMww«mi ao i» niom.' rax 1 wa H; Okr 


Commurroi3X9— A2 GrEgpx 14J» 
FLTXA 7X2 +J)T WQdjL'-9Xr 
GATXA 7X9 +A2 LMGovAn9X7 
GBXEmrsAOXS —.17 vatMomeittsa 
GEmeO 10X0 —.17 ShammFUxte 
Growth* 5JJ4 -+JM -DividBnan25.13 
tncameA T3J3 +A3 Growth n 2QX4 


wi3?' 1- idicaBn.-^ra 




TsExPtn 10.Q5 -.02 
USGovtn 9X8— JM. 


NVM.T A 11 U -.CI Narwesf Funds: 


22 74 -.13 
50.96 -SO 
13 JS - 05 
16.14 -.11 
5146 -.32 


AdFUST 9X8 — JO ! 
AdiGcvA 9X8 — 412 1 
COTFA 9.70 - JJ3 1 


Growth* 5JJ4 Tjm fcu^deneLflUra + J9 - 

foCHTteA an +JB Growth n 2HM +.10 - 

tasr-wai 


MosCTxA 7X2 +42 
MDTxA 7X9 +02 


M1TXA 8X6 +JQ 
MtraTxA 7X2 +X1 
MOTkA 7X7 +Jt2 


Amffiin 9X7 ■ w>arn-iuriA^«ii, 
QnShcn 1770 +09 : 


SJT -JK 
10X7 -.'J2 
5-W —2 9 
T 23 —CS 


NotiTxA 7X5 +X2 
NJTxA 7X6 +JM 
NYTxA 7X7 +® 


D^n MX4-XI MuWYdnKLO +-SS - 
^ S MunfloffrtT3AZ 

Growflin iom + xS 


9X4 1 

9X2 -JM 


NCTxA 7X3 +JH Inti n .- 1421 —02 

OhioTxA ax? +A2 invsrn nun +.m ^*±-7 ' 

ORTxA 7JB +JB MuniBdn 9X4 +JB -Ft- JJ* 

PATXA 775 +JB Osptntyn28X4 +72 5Sfi*5 • 

CAHVTxA 6J9 +A1 STBondn 974 — JB ^YTnsTl -lp>B 
CAOTXA 6J* +A2 STMunn 10.11.'+ XI OHfran ' U» k +ro, . 
SCTxA 7X3 +02 ToWn Z170 +.12 

USGvtAp 677 — JJ3 SmAmericaFds: *^5EP r : 

HiYBdAp &X3 +A1 BdAsetA P14XS +X3 SS^2P e 23S JZ - 
enfiaef Group: BdAsdBpl4X2+A3 SPHllhr-34ff? +JB- 

BafonoadpMXO +J1 CXvIncBp A*7 —02 SpSe iyr ;22X5 +.«■■ \ 
Bond px 6.10 — J16 EmGrA Pl6tl7 -JB XPTBcJir 


InsMun 10X5 +J0I 
liffl n .- 14X1 — m 


MuLononMUa'J+JC-' ' 
MBtatanms/+^KV - 
MuaSUn'ixdXW^m.'L 



CAlostTnlOA4 •-+ JB: ... 
: CAlnsLT ntOXF+sS *: . 


S'Crt.tn 4 “I — Cl 


ArrermB ! 929 - 02 VsluGrT 17.12 —.01 

AZ.Y£i 1C 25 -.35 Nuveen Fumte 


BafanFd 15X1 -03 ! TFlnAp 14X4 +JJI I 


Gni.inc 14.23 - 95 


.05 LJberiy FamOv: 


4.i-j —.05 
• 5> - 25 
50 21 - £3 
12 00 -.92 


Bci.lB! 2122 — J7 
CcUi'-lnB 7 li Jd -.02 
CA’.ME 9 49 - 01 
CoflFdBt rx3 -.10 
CsHiB* 7 84 — 53 
C.njGdS 55.05 - Ci 


CdITxEp 13A7 -01 i 
GopAsp 1811 — J06 ; 


7JB +JB 
775 +02 


TFKYA 1471 _ CAHVTxA 6J9 +A1 

TFHYBt 14X1 —XI CAOTXA 6X* +02 


1821 -04 CvFdSer 17X8 - JJ3 1 TFInBf 14X5 +01 I SCTxA 


MuNjB; 9 27 — n; i-rr'.s-,- * .X- "• — 
MuNJCfl i_'T _oi Ba'tlrn rune:; 


Mil i-A 9 33 • C 
Mutt* B P 7 22 • ) 
MutlVC u 9.33 0 
NMuA c '..Ji 0 

niimuCp 9 '-J - ; 
NEurAo u2: - -• 
NE-jrB n 1H5-4 
NAGvA 9 !4 - 0 
HAGveo 9 14 - 0 
tJAGwC 9 14 • -> 
PiGrlhA p 11.70 - 1 
PrGmiBplltl 
GusrL a IIZO ■ 2 


Common 5m«e: 

C-r. .1 10 ’i — ,:j 

C-l'Arr. Ij;« 5-9 

Gr?*m 15 14 - £•' 

MU'-B iJM 

CarrmossOjpdal: 
Es'.inc? >12** - 03 


0; CTi'.iTsc: • 1 

;r BdrFundilrjri- 

J2 Song-.' 7 Z ] _ 

0? Ei'j.-. I Oil 

02 BavFunds Invest: 

•>: i~ •' +■; n 9;2 — 0: 

:* B'.-ic .1 i') — 

.’6 = : j.: . “ ivii 

Jl Pec: Hii. j.',-” 3c 


STMIop iW-.O: SCErrar-i n; . 
STMIbt 5 9»)_ .Ai Benctim-ark Funds: 


Tectip 76 S* ■ 7 1 
wiaincp i.2' 
AmSouth Funds: 
Balance 11 ?i -.02- 


10 f. -.04 
14 64 >10 

9.47 

1021 —.34 
1701 - 10 


ES5— :*Ir}T — c: 

£C'.a4 r. .= I :: 

0,.-:-ri.n iC i2 

E3ia.4.i-:o*0 
Fac'jri -i !>; - 02 
IniiejA n 1 20 ID — 43 


.MunBd . .0 39 — 21 
;ij Vin . 10*: —.02 

j-.rTliV . iari_” 

Corr.waie Group: 
BdShifl 11*0 32 

■I-.Vi-T I LOO -06 
IrFiip S£4 -05 
rir.'jCifliit: - ?: 

t .E'4d - rt • c: 


.MIMunA ii.35 -04 
-W3. Man A 14.81 • .04 
MDAAuBt 12X3 -04 
13 SO - .0’ 
-Man, BOA 13 85 -.01 
JiC-MuA 11.83 • 04 
*i:v.uBI 12.64 -0* 
'I ■ MunA 14 21 03 

N. MuBl li.’l -Oi 
•jHMuA 52-0 -03 
•:h.V.jBI I? ’9 • .03 
SAUunA is 10 • 03 
»a .mub ; 13.10 ai 

T > Mu* ?C 3* - 0* 
V A MuA 16.13 .1U 

-•A-V.uB I 1* 13 • 05 
Drevhis Slroiegic 
•3iGrc 34!T -25 

GfOA:no29il -.if 

incimes 1343 — .51 
«,i 20 l« — 32 

lr.1 3 1 19.99 — JJ 


DivGlhn 114* 
ErngGro r I S+O 
EmrMH 17 12 
Eaulinc 31.60 
EOlln IS 75 
Eqia. 16.95 


C -T=, 10 y. 

V-TE+C 1-j ?4 

C-UPbr I.'.'JI 
t'«TEp io r 

t. '. ”El p 10 eo 

t.STct. ty 
LATSJ p ||),i« 
L5-S ICC- 18*0 

v.’-e 4.0 iij: 

/.■-C'TEAPICJI 
•V.: TECPIIJI 
fICTEA 3 lu nc 


J tZ - K GnSec n 


i/2 Gintet Group: 


Erisu r.fl {C —15 


cun ”.22—1* 
C I'+rieoj nt.97 —.05 
Si-TmBcn 2 4 1 
T-.v-rr. 13.10 - U 

. +-:r .- i*.*; :c 
Arftf.Y 25 5' -S’ 


FC-TB ; I4.-3 -O' 


GinfiFa n 12.5* -05 jc:=.-=cn ’i+i 


rw.’.THo r ..b> 
N f TE fl 1040 


V'HTE A pi 1.2? 
FATEAp IU.0' 
TnTE Ail 50 .’9 
UlltA O +.9 i 


- 03 Glenmede Funds: 

ijJ Eauitr n 1 J 1 1 :•? 

£14 intGu-n sc:- — 

ft? Imn i3o4 — ii 

01 .V.unlr.: n I j ;a 03 
.0? Smear. a ■:« -.22 
0? : onwni * ij' — 

.03 Goldonocr D3 j» 04 
03 Goldman Sacns FmW: 
JM CcpO> '500 ■ 1" 

£0 Glblnc 13+5 — 12 

03 Grirc 19.1? • 1+ 

.01 1 imlEa :*.«o- — si 


ErCapApnll.33— JO UlitAB +.9; 
Europe |o 4? —54 VATEA p Ifl Jt 
E*cnFdnlG)f9 - n | Flex Funds: 
F,aolFon 59 I* — 03 1 Bene no 1+2* 


Munitnc 1 3*2 - .04 


10 :J • or Gibin ci •> ?) — 01 
10 30 — n ' Grow— 1 r-p 13 05 — 05 
10.3? - 20 M.v.He :pr 5 3u 


SnxjCac 1+3? - 1 
Goldman Sachs Inst: 
AOlC-v 6 u — 
Gov +.84 — 
SnnTF ■> 91 - 5i 

ST Go. •»•: - ?J 


unds: John Hancock: 

IJ 1 5 :•? CATE I 3; • 3c 

ic d.ic-Si! i*i 32 

Ji>4 — ,i Gro.iTn a IS. 'A • J3 

IS 14 03 I'Aicry \Z 7\ 04 

9 j' — mate 1 iixi 
SXO 04 <.'.;TEB n.29 • 02 

:ns Fml*: r TE ic 51 r; ,5; 

5 00 f STJtrcrB 8 53 - Oi 
I3®3 — 12 Sc-:i=i= ii 32 - ?1 
s.57 ■ 1® 5c-;iEE p 'AJ? • 2 
*.«* - 42 SlC-ma t.r. 15 
3.62 -.04 SpcG p:B 19 9 is 
X4? • 01 STlncA Ifl 7 IS —.04 
90j - li StrtncB 7 . Id —.04 
Sislnsf: T t .E,fp IJ.” - 0: 

c 84 — O’ J Hancock Froedrx 
9.84 -02 A.T*;n 10.. J • 2i 
4 ?I — 51 Sr.-.rnAfl s.53 -04 


nJ: -oi 


C-ICvBt 12,5* -75 CceAcoAn9X7 


GloBal 11 U.4j —00 .F -: '.!»(■< n IG £4 — 02 Coven Fundi: 


CviSecn ijr- —0* Fartis Funds: 


UiG.Afl :j.:j — Ci Dupree Mutual: 
Conesloaa Funds: InrGovn 9 79 —.06 

Eauir, iiir - o£ <rTFn 2 32 —.07 

incm 10 0*— 05 f.'-riMtn 5 20 

LWABl 10 39 — .0? EBI Funds: 

Conn Mutual: Seuitv P 59.80 -X9 

Govt* I0.IS— .11 Fie. p S3J4 -.2+ 


Amanalnc 12X4 -.OTl 
Ambassador Fid: 
BdlncF 9.72 - 03 ; 


Band n 9.4* —.03 ■ Benft j m Group: 
CoreGrFnl5.9; -.15; AdiGcvn 9.56 -.01 , 


ln:e:-r* n 10 15 — j? Cann MututiL 
SmC-.-rr 10.00 . Govt ■ 1 0.1 S —.11 

SIBi+n- 19.75 — tr Gr-.vtn 14 PX -.07 

5mCfl|A It 02 - 04 ' Income ■ 9 43 —.08 
'JSGvA n. l+JS — 13 TMRsI 14.11 
USTIJ. A rt* 44 — l8'CGCopMktFd5: 
enftjm Group: : EnuAiH 8.2? - Mb 


20 3* - 0*. Held IT.03 ■ 01 

16.13 .04' ins-Munn 1131 -05 

1* 13 - 05 i imBan ic 15 - w 

rtWid i latenjvi n 9 42 — £U 
34 !? — 25 imlGrln 
39il -.10 invGBn '.2? -02 
13 43 -.', I J Jup.tr, n 12.00 25 

20 1« — 32 LalinAm r>!4 44 04 

19.99 — JJ . LldMuii 9 jj ■ 02 
ual: ' Lo.vPr r |5.4v • ( j 

9 79 — .0* .VII TF 11 IIJ« - 07 

2 32 —.02 Mi l TF n ID *•> 0? 

3 20 Magellan o*7* -25 

1 Mktlnd nr 34.09 ■ 22 


AjlAllfl 13 k 

CopAt p 21 

CaPiiip fia 
FTcuCf b 20.20 


GijlA; T3J2 -,C4 

GIKBI I- TS — 0; 
C-”“- 

Gl»=* 1£.04 • 13 

•v.Tcn I'D* - 24 
GeldA l S 04 -Jl 

ooiaE: us;— :t 

=c:£cs •;:* • Ga 
o?B- A -a :r • "i 
P-iB'-p: SI. si - 2* 
J Hancock SirvErsn: 
ACT. A 1L.1 1 ■ J9 
AcnB : i:.04 - Oi 

BalA p 12.1 j -.0! 
£jl=p -01' -.61 


r-tjCnr, d u.90 —.03 


4&! -r 

17 23 - !3 
■i 2i • C5 
1S.6i - IJ 


•;-2.T«- t t.i: -c- .g-.iSmiv •! ::x: — if 


O' G.-..:hs :i. 
02' M.ilCP 8 
25 TFMM 10 
04 TF rial U) 
•32' U5G.: 9 

( j Fortress In vst: 
02 AdiRr : . <1 

02 Bondr. 9 


2553 -.15 Gradison McDonald: 
o 44 . E-SIVOI pr,-i T !. r 2 — X3 

10 23 - 03 Go. Inc ?•!:.!£ -0* 

10 59 ..0i OH TF Pv il«3 -02 
9 07 — 05 OppvcIp 10.0* —25 
it: GHMHTE +.— S -.05 

9*1 — 05 .GHtlalTE 10 12 
9 32 —.0,' Grewnsprnc: 14 A2 - . ! 1 


05 AniLdr u*5 - ClnvGdS 51.05 — Ci 

32 CdflGr A P12.55 .'5 C=ITB» 71.17 —.Ci 

Is Eai- cA o> 1521 — 23 CraqB : 14X3 -.If 

.05 Eoi.+cC :» 51 21 — 32 EuroBt 14*4 — .el 
. H.lr.iBi lit. -04 Fe=5ecB: 7.41 —25 

V. H lr.33C ’ 10 80 -.03 FCMB* +J* -02 

5C -TilEcr- 15 57—23 FCFTB; ;4.t2 -JT 

3+ Ir.f-.n; --OXs -;<■ t=CGr3t 5X1 -.55 

2; iV.itSc 1122-01 GlAIBf 12J2 -Oi 

•-•CG.-Ca- -32 GlScB : 9-25 —.13 

>■ v?5«-.-5ecA • 5: C-ICvBt I2.5i -21 

3? OlilFc '5 73 -J3 GIF. S3 7 114J— Oi 

03 UtUFdC r 1-.7: -.2' GiUrS > 12M — 0* 

04 Liberty F manoct j-iRBi 57Ji -20 

0 Gt-.-n; l£-S? • C3 HeotnEt 2X2 -.CJ 

•C2 •nsv.nl 104 -JM InhEcBi 11X1 — JS 

02 TFE C ra lOJfl -.33 GHdB li«5 — C4 

•r, u; c-:-. e.bz -jsi LmAmBtisja -.1: 

•K Jl.l iOTi -.35 fAAt/B t 10.44 -.04 

?i LT.V.c p 7rt -.01 MIM-jB* 931 -.34 

Lm:rrrr-p «.’4 - 04 MN.UB : 10JS -X. 1 

'5 Unener Funds: MnimB: :.«3 -XI 

11 Bi/iwor, r. .' I* . MnLlcS: °.6f 

.04 Di-.n 2503 -.13 .V.uln:B +.M -03 

04 Fu.no 1 1 II .WMttBt 10 20 - .02 

O: Ur.in »34i -.0+ NJ.V3t 13.40 -.03 

Loomis Sayfos: N—VtaB! 11.14 -.01 

•7a B-sner. 10 ?6 - 07 NCMBt 10.1* -.02 

W -:-'»6dR 1 0.1+ — 12 OHMBt 10.40 - D3 

12 -jr-Mnn 52 W IS Pacfit 21?» -.1! 

,C4 G'ilr.r 12 23 - ',2 FA .".55 ! 13.96 - .02 

0= ir.P-a r. ;2 K - ii P*v,«B t 12.94 —.05 

jmCcsn 2305 -01 j r GB7 : V -.03 

U Lord Abl Caursefc SaVIEt 15 '2 -.50 

?J b-3C“DTr 4?' . STTD-/B: T2A£ -.02 

Jl tJarTFTr 4X5 - TecnB I 5J! - .02 

?i L'SGo.n 4 55-W T-.MB: 104? -.a? 
Ga Lore Aboen: UiimBl i.45 - i» 

J7 4f*,:cp -Oil -.0' A’ClncBr i*J —.i* 

0 1 S-lr.cDotOiJS -X5 Menrimun Fds: 

De.ei5:nr945 * 05 AiiAiinf li.ij — 02 

J< Eotjeco 14 05 -.08 CasApe f IC-.54 -.-32 

01 Fj.cIud 52.74 - C4 FlevBcfr. 10 J4 — 05 

.01 TIE AC ',7.62 — 1! Grin 10.9; -.05 


9.92 -JH EatyOpD 7J8 -JM ; 
I0J2 -.02' Growth 20X0 -.12 
9. 84 -JJ2 : HiYieH 8X4 — XII ; 
HUM -X3 InGrAP 9X3 -XT t 
9X5 * JD : inGrBt 9X2 +jn( 
70.11 -JM inti 12X6 — JO i 
9.04 -XI • MulFlAp 12X3 -.07 
10X0 -JM - MuFIBd 12X1 — JJ7 
1017 -JJ3 1 Stock Fd -J13 

10J2 -J131 TE Bd 10.94 -JQ 1 


USGvA P 12X0 — XS 
UfjlAp 9.14 -JK 
VstaAp 7.17 -X5 
VoyAp 11 J8 +.12 
AdiBI 10.15 —XI 
ASraBI 14X9 +X6 


iirai; 5B2CC 
t? 


ru u* ii .IU7--4 

MYbtSTl -1BA 
OHlnsn iTS'+X 
PAtnsO. KUkVx 


10.17 -JO | TotRefp I5J3 -JM: CATxBI 0L23 +X2 


»J£ —.13 OVB Funds: 


9X3 - .03 
laoo - JJ3 


9.14 + JJ5 HiYBdAp &X3 +JJ1 BalAsef A D14X8 +JO 3^0* 

7.17 -X5 S en B ml Group: BdAsdfipi4X2 +J» SP+tat 

11J8 +.1? BofancodpMXO -XI Divlncfip 4X7—J12 SPSen 
10.15 —XI Bondpx 4.10 — J16 EmGfApT&lZ —JOB 5FTCC 

14X9 +X6 ComSJkp 29J72 +X8 -E/riGrB 16.10 — XB SPUtB 

8X0 —JS EmGrp • 5X7 + XS FedScB p WJK — JB USGraa- 15J» +33 
B.2I — JM GvSeapx 9X7 — X8 Growth* P1177 +X8 IntfGr . H56-aJ6. 

8.19 -—XI Growth p 16X3 +X8 HflncBB 7J0 — JM Wfltsh 

470 —XI PATF pn IZ96 —XI KWkAp 7X9 — JM DVettht 
823 -X2 TFIncpx 13.10 . TE lnsApl2J» -02 Wndsr 


AABaiBt 8X0 — 03 
AACnBt BJ1 — JM 
AAGthBt 819 —XI 
BIGuBt 470— XI 


GIP.S37 154J — Jo EmGrttiAn891 — J79 l TEBandnl1A3 -JH 

GlUtS l 12*4— c* GcvSecA ii9 J9 — XS EmeMEaNXO -JS3 

jnRBi 57J4 -20 OakHciln lim — X7 ; EAutrvn 19X6 -.10 
HejfftSt 2X7 -.Ci Oakmrk 2189 -JO. CopAH>n21X2 *.T2 
IrrrtEaBr 11X1 — JS Gacmtur 14X0 —15 i InHEan 11J9 —XI 

C4HJB IZ93-.M Obera«rs 19.48 -X? !PffiaxEG 11.90 -J73 

Lai AmBt 15.70 -.15 OceanTE p 10X1 — X! ■ PBorim Grot 

-VXJilBt 10.44 -.04 Offimvn 9XS .. ARSIII 7.10 

MIMuB* 9 at -.34 OV7M I0J4 -.10 1 ARS IV 722 —XI 

MNMBt 10 JS -X. 1 OrdDcrmn 19J8 -.1? AUSI-A 690 

MninsB : r.90 -XI Otvmpic Trust: AcSUSIV 7.06 

/.inLtdBT 9.B* _ Balanced n 15X7 -JH; ANSI 699— XI, 

.YtuIntB +.9* -03 Eqtacm 1143 -X6 ARS l-A 7X3 _| 


USGvB 9 JO — JOS : CorwB t 1885 - JK World p 12X4 —.16 
WWO0P 10X0— J»| DvrtnBI 11.97 -^07 SentryFdn 1692 +X2 
WerpontFd s 1 EuGrBt 11X3-36 Sequoia n 56.16 -04 

Bondn 9X9— JB! GsoBI 13J4 +JM Sewn Seas Series: 
TEBandnl1X3 +X3' GIGvBl 13X6 -J* Matrix n 11X4 +X7 
EmgMEatBM -J»l FLTxBf 885 +XI S&PMIdnUXO +X8 
EAUftV n 19X6 -.10 GtGrBt 9J5 — .10 SPSXJn 10X8 +X6 

CopAcpn 21.42 -.12 GrtnBt 1128 +X7 STGvtn 9.6* —02 
InHEan 11J9 —XI HBhBt 26X1 *37 YktPIn 9XB 

rtBaxEG 11.90 *X3 ; HfYldBt 12X7 ♦ J! 1784 Funds: 

HgrirnGro: - InaxneBt 671 — X3 GavMed 9 JB — JM 

ARSIII 7.10 .. ' invBt 7X6 +X4 Grolncn 1859+412 

ARS IV 7J2 —XI MATxBI 9.06 -JD MATEhin 9X2 +X2 

AUSI-A 690 - MtmiBt 876 -XI TExMedn9X0 +X0 

AcEUSlv 7.06 _ NJTxBt 884 +X1 Showmut Fds-tnvest 


HilncS D 720 — JM Wettavn 1823 + 
HnnOAP 7X9 — JM YVetttnn. '20M i 
TE lraApl2Jn -02 Wndsr n' U21 - 
USGvA 627 —XI Wndsll - 17X6 - 
USGvBp 8J7 -4-Xl' Venture AdviserK 
VataeB 15J4 +.10 tncFI ‘ . !4,99 •* 
ARGET: Munint ~ 930 +, 


HU8--+X7 -' --••• 
1800 . - 
iMOriJo; 

1823 +fil. .. 
men *5f.. _ . 
1821 -M . 



WertWtn 9X6 *=M j. NYVen ;12X7 -Hfll 


Grolncn 1859 +JI2 TatRtSd 970 — JM 
MATEInn 9X2 +.02 TeropMmGrauifc 
TExMedn 930 +X2 Aim-Trrl3X9 +JM 


.WWttBt Ifljtl -.03 Irrttn 17J1 

NJ.MBt 13X0 • .03 LcwDurn 9.95 

tV- '/no : 11.14 -.02 OneGroap: 
NCKABt 10.16 -.0? AsetADfl 9JM 

OHMB I 10.40 - 03 BlueCEo 1898 

Pacfil 2179 -.1! DsCVaJ I2J2 

F4.V.3: 10.96 - or Ealnc* 11.96 

P*v.*B t 12.94 — .05 Gv Arran 9.87 

i r (nB7 : V —.02 GvBdP 9X7 

SaVIEt 15 '2 -.ifl mcEq 1153 


1731 —28 ' ARS II 


SrrDvB: 12.44 -.02 
TecnB I 82! - .02 


TXfJIBt 1047 -.02 


GlSIrn js7 — X2 iGritfinGrln ill I -25 
Mun'nr t 10 57 - 03 I Guardian Funds: 
Ecuitv P 59.80 -X9 M ATFn 1134 -.02 OHFan p 1 1 00 ' AstAltoc to s‘ -02 

Fit- n 5134 - .2+! Miqviecnlti4e _C4 - Ufilrv l’jo • .01 GBGlnll 1?J9 —.19 
1^44^1014*55—29' Mvnom 0.03 • .01 ! 44 Wall Ea *.71—05 Bondn i:J2— X4 

Mult, ll> 39.81 -.14, NYHYn 11.3* - .01 , Forum Funds: Part Aw 7020 -73 

SCErrlnA 9.95 — .06 • Nflnsn IIJ* - Oil m-.End 10 10 —.04 ; Start n 26.s3 -Ji 

oion V Classic j NewMI- : n IQ 07 — 02 ■ .VIE Bad 1041 - .02 TavE» , J> -.03 

Cllinap 3 J8 -.04 NewAh'H ll.il ■ .07 1 TcSvr I0J3 -02, U2GOVT +.W — .'M 

FL Ltd p +54 -.02 1 OTC 22.77 - .17 ; Founders Group: iHTInsEaP 12-1 - .0* 

Go-iP 9.39 — XS | CtiTFn II. IB -.02 Bolro 0.9J -08,HTIWgFIP 5. c 3 — 0’ 

NcttLidP 9.59 -x? Gvrsea 29 72 — ,40 ; BHwOip np* jl - 08 iHanibv^ito 9.07 

NaHMun p +J4 . Pa-^os 19.12 -.25, Dlscv p 18.6* —.08 ! Hanover Inv Fds: 


InirF-n- 7.93 —0* 

Growth n 1263 -34' CaTFlrt 1083 -03! InHEan 10J6 — 13 

IdrSlfcn 11.81 -.07 CaTFInn 9.*J • XI lr.MF«n. 3 20 — 1* 

IntBondn 9.49—01 CcTFSn IC id -02, LoGra n 9ji -II 

InflSIk n 13 03 — .OB ; CdlTFH n 7 03 - 05 i LaValn +X7 -05 
3mCoGrnlJ28 -.01* CalTFL n 1081 - 04 MtgBud ru 7.71 — j)* 
Ambassador Inv: i EaGron 11 £8 -091 Muni n fl.00 -.07 

Bondn 9.46 —03) EurBdn 10 59 —.10 ' SmGrwn 12.00 -.0." 

CareGrn 15.94 - i*, GNMA n 1023 —.'Ml Smvatn 8.79 -.03 

Grwfhn 12X2 -JM Goldin n 12.27 —.25 1 TtlPhin* 7.91 —.07 

intBonan 9.4+ —.02 I IncGron i4j£ -.oo.Caplevn i*ji -.13 
InrlSIK n I3JJ2 —08 J LTroas n 9 09 —.10 ! CoreFunds : 

MlTFBa 9 JO -03' NITFI n ION) -01 Batan An 10.17 -01 

SmCoGrn 13.27 -XI . NlTFLr. 11 27 - 03; Eald- 21J1 -.11 

TFInrfldnlOJ4 -.01! STTreas r> 5.77 — .03 I GIBdAn 9J2 — .14 

imbassador Ret A: | Tarl995n 9350 — .11 1 GrEaAn 9jl -JQ 

Band T 9.6* —.03 • TnrtOOO n *7J4 —3? IntSdA n 9j9 —.02 

CareGr 15.94 -.1*1 Tar2005 n 4* 41 — jj IntlGrAn 13 ji — 1I5 

Grain 17.62 - j 04 TarlOIOn 33.01 —.47 j ValEaB <ml3JX) -X7 

inlBand 9.49 —.01 ; Tor20isn?4.ji — X7 jCowcnOpA 12A3 —XI 

InMStK 13.02 — .08, TtF2020n 16*7 — J2 J Cow+nlGrA 11.00 -X7 

SmCoGr 13J7 -.01 ! TNot+n 10 03 — 04 Crubbe Hasan: 

TFIntBdt 10J4 -Xlj Utillncpn 9J7 -.05 AUAIlp 12.B1 -.01 
uncare Vintage: Berger Group: Eauifvp I5.+4 -.04 

EquilY 1841 -.11 100 pn 15.73 — 09 OPMunN12J9 -.01 

Fxlnco 9j?_08 tOlpn IIJ5 -.0? Speortn 12.77 -.16 

InldiTF y ».+* -01] SmCsGr 2 48 - .01 CrestFunds Trust: 

Liner AAdvant: 1 Bernstein Fds: Bondn 9J7 — jm 


AltgBkd ru 7.71 —Oo ' 
Muni n 8.00 - .07 , 


ESC SrrlnA 9.95 —.06 
Eaton V Oossic 
Oimo p 9 JS - .iM 
FL Ltd p ij* -.02 
Go -ID 9.39 -XS 
NctILIdP +.59 -X? 
rJatiMun p + J4 


AjIAIlx TO s£ - 02 IrtvB fl 14 54 

GBGlnll 13J9 -.19 L'SC-. Ac S.n, 

Bondn 1157 — X4 Ui-l-.’B- +.*5 

PdrtAv 78 JO -28 JSVBSI 12.77 

Start n 26. a0 -Ji kJVun 13.08 

TavE» +Jo -.03 KS I.V.uTLt 1 1.4* 

U5'kht 9 83 —.0* Kssimzr.rv l J* 

HTInsEaP 12 Jl - O* Kemper Funds: 

HTMgFln 9+3—0’ AdiGu.- 0J7 


12.77 • 06 
13.08 -01 


.C-I 

GUncp 

ir 

- 10 



:.-j 

-Ol 

■Jd 

T3.Fr p 

■.0 ?r 

- 0/ 

05 

TF CT fl 

574 

-JUI 

■L'a 

T-FrCalplOX? 

-.02 

O’ 

TFFLo 

£.72 —01 


TFVCp 

5S¥ 

-.Cl 

U* 


S 07 

-.01 

01 

Ta.NV 0 

10 92 

- JH 


TFT., r 

9.M 

- 01 


TFPip 

4.9T- 

-III 


Tr HI D 


-.01 

.02 

TF Ml 

4.3? 


.11 

TF WA 3 

4 33 

- 


05 | Eaton V Marathon: 


9X0 -.02 

0.72 — .09 


Puritan 15 02 —XI 1 Fmtr np 25 J7 -.08; BIOtGrl 1022 -.13 

RealEsI n 14 21 - as ; iSavSe-: +.21 —.0* STGvl +.61 — X3 

PeiGrn 17.70 -.04 Grwinnp 11.81 -.M SmCp<3rl 9.40 

ShITBdn 9.11— xi | PassPrin 9.91—15 USGvl 9.57 — X* 

STWIdn 9.50 -.03 1 Sceclwi 7.24 -.10 Harbor Funds: 
SmullCac 10J8 -.03; VVIdwGr p 1699 — .18 Band 1068 — .05 

SE Asian 13 44 —Xi Fountain Square Fds: Cafl Aw n 1*0' - 1° 

StfcSIcn 19X1 —.01 Balanced 9.75 -.0® Growth n 12J2 — 03 

Straw t 19.90 — 0* I GovtSec » 9^3 —.07 Inti n 24J7 — J9 

Trend n 5JX+ -JIi fAdCw 1813 -.14 InUGrn 10*5 —.15 

USBIn >0J4 — .06 OualBdX 9J2 — 07 ShrCw nx 891 —.05 

U1, linen UJJ -.02 QuolGr 9.72 -.12 Vduen 13.12 -.03 

Valuer 41.81 -J3 FrankSn Group; Heartland Fds: 

UjiUiu 117* ml ,,cr..,n a tn 1.0 


CALfdl 10.08 -.02 


FLLtQt 10.15 -.02 
MALtdt 10.03 -.02 


MlTFBa 9 JO - 01 
SmCoGr nl 3. 27 -.01 
TFInrBd n I0J4 -.01 
Amhassador Ret A: 


9.4* —.03 . 
15.94 -.1*1 
12.62 — j04 
9.49 —.01 


fJallLidt 10.MI -XI 
NJLiat 10.09 -.02 
ALTrFl I0J4 -X3 
NYLtdl 10.11 - 02 
AZTjtFI 10X0 - JJ? 
PALtdl 10.17 - JJ3 


2a!it 7.73 - 03 VcluAcppll.42 - .09 
Divlnco r 601 — (M ' Lutheran BTO: 

EnvS.c 1200 —.1* Bro+CYd 9.21 -.01 


SmCoGr I3J7 -.01 
TFIntBdt 10JA -XI 
Amcare Vintage: 
EquilY 1841 -.11 
Fxlnco 9J2 _ 08 
InldiTF x ».«* - 01 
Amer AAdvant: 


Bulan n 121* -.01 
Enurtv n 117* -XS 
InttEqtv n 1222 —JO 
LldTrmn 9,iY —XI 
Amer Capital: 

CmstAp 15.87 -X9 
CmstBp 15.86 -.09 


GwSHDunl24D —.03 
ShrtJurn 17.42 —03 


Eauifvp 15.94 -.04 

09 OR MunH12J9 -.01 

0? Specirtn 1177 -.1* 

Ol CrestFunds Trash 
Bondn 9X7 — JM 

03 51 Bd n 9*9 — .03 

03 SaEqn 1089 -.04 


APT.FI 10.13 - JM FideSty Selects: 
CdlMunl I 9X3 -XI Airr 164* -.04 

COT xF I 10.07 - X2 AmGold r 22B2 — J5 

CTT ^F t 1007 - JJ3 Autor 7263 — JOB 

Earn 1 10X5 -.1! Bfltecnr 2191 —28 

naTvFt 10X7 -.02 Brdcslr Mil -J9 

GATrFt 9.84 -XI Brakerr 15X* * 22 

Govtatji I +JS — JH | Chem r 32 93 - XS 


IniOurn 12X1 — .D6; Value n 10.+2 - X2 
Ca.Vlun 1122 -.031 VAMun 9.73 -.01 
Divl.1i.in n 13.16 - .33 I CuFd Adi n 9.96 —XI 


CdlMunl I 9 S3 -XI 
COT xF I 10.07 -02 
CTT ^F t 10 07 -X3 
Eqlnl 10X5 -.1! 
FlaTvFt 10 j7 - .02 
I GAT <F t 9.04 -XI 
Go-,10bi I 9J8 -JH 
Hilncf 7.38 
K 1T*F t 9.89 - J13 
LATxFl ID. 08 -.04 
rjlDTxF I I0JJ8 -X3 
MAT.Ft 10 J7 -.03 
AAJTxF 1 10J1 -.03 
MNTxFI 10.05 - .02 


A'jE Fund 270 
AdiUS p 9 AO * X? 
AR5 9.79 —.02 


Comp r 7630 -.19 
CorPrd r 14.25 
CslHour 17 *5 -.04 
DtAeror 1628 • 27 
DevComrl67B — J+ 
Eledrr 77.07 + 14 
Energy r 17.18 —.13 


AL TF 1IJ7 -X2 
AZ TF 11.17 +.02 
Ballnvp 21X8 -.05 
CAHYBdP 9.73 - JJ2 
Caimsp 11.86 *-.02 
CA IrttrmM 26 -JJ2 


CaoAwnlc.O' - 1° 
Growth n 12J? — 03 
Inttn 24J7 — J9 
InUGrn 10*5 —.15 
ShfCwnx 891 —.05 
Value n 1112 * 03 , 
Heartland Fds: 

USGvip 9j? —.09 . 
Value p 73J4 -.02 
Wt T«F 9 Jl - JJI ; 


10.14 - 04 
«.*+ —.08 
13.10 - .07 
9 71—0* 


Fund 17.16 -.14 
Income < 8 33 — JH 
Muni 624 


9 17 -04 MAS Funds: 


9J8 -XJ 1 Midwest: 


AStAlIrtf li.JJ —07 LCJOJ 1842 
CceAocf iC.94 —.05 OH Mo 10.74 
FleiBcfr. )flJ4 — 05 SmCoGr 1*^0 
'Grin to.4; -.0! TFBdA 9*6 
MeiLrfe State 5+ iITCarco 9 a5 

CdpAp* ?Ji _ 1 HCorNC 10.18 
CopApS 9 j8 —XI Oppenheiitier FtL 
CcpApC 979 - Asset* a 1273 

EaincA 11.19 -X* CATE AplDJW 
EalncC 11.18 - .05 OipHV P 1261 
EalnvstA 13.01 - .09 DiscFd p 3470 
EoinvC 1105 -09 EaincA c 972 -JJ3 
GovSecA .'.00 — C4 EalncB 1 9.*7 

HilncA 6JL _ G®ia p 19 J* 

HifncS 620 .. GfGr b 1114 ■ 

InftEaCP 1854 —.17 GiabEnvplOX2 
IntIFsInt 801 — X9 GtobaiA p 36.95 - 

MpdAslB 379 —01 GtabTB I 36.75- 

Mg 0*51 A 8X2 - Gold a 1185 - 

ModAstC 883 _ rtYWA 1378 - 

RSChSalC 933 -.01 HIYldBr 1372 - 

TatE’A 7.86 - 02 InsTEAP 16J0 

TxExB 7X5 -XI IrfrTEp 14X8- 

MlMulnc 10X7 -X3 InvGrAp 10X1 ■ 


BlueCEa H98 -Jrt GNMA 12X1 

DsCVal 12X2 -J» • HiYIdP 617 

Ealnd* 11.96 -.07, MogCw 12J0 

GvArmn 9.87 -XI ■ STMMII 7X2 
GvBdP 9X7— .03- ShrtTrp 678 
incEa 1153 - .09 Pitar Funds: 
inccmeBa 9X* —JO, BalGrAn 10X0 
InlFx) 9X5 — JJ2 EaAaAn 11X9 
IntTF 10X1 - 02 ’ EaGrAn 10X3 

InHEan 13J2— J8 EalnA 10X6 +X1 

LoCaGr II JI -JM. FxdlnA . 9JJ8 -XS 

LgCoVffl 11x8 -X8 IntmGvA n 9X6 — JM 

LTJoJ 1842 -.02 I NJMuAn 10X1 

OH7.lu 1074 -.01 STlnvAn 995 -XI 


7X3 _ ... ... 

ARS li 7.13—01 OTCBI 10X3 +.06 GrtnEalnp 

AdiUS 4X4 —XI TKExBt 674 -JO InfGvintap 

AdrUSII 698— .01 USGvB 1 12-56 — JM SmCpElno 

AUS1II 698— Jit UtQBl 9.10 * JM Showmut Fd 

GNMA 12X1 —02 VtataBt 7.11 +JM F*tfn£Trn 

HIYIdP 617— XI VovBI 11.17 -.11 GfeqTTr 1 

MlogCoP 12.50 - OuanRafive Group: GrtncfTrr 

STMMII 7X2 -jn! BostForGr 10X9 —.13 IntQvtTrn 
ShrlTro 678 — JJ3 1 BastGrataW.I* +.19 LTIncTrn 
Dior Funds: I BosNurtO 15X7 -JM SmCpET 1 

BalGrAn 10X0 -l BosNumOiSJl +JM Sierra Trust 
EaAoAn 11X9 — JH , Quest For Vahw: CcdMuApl 

EaGrAn 10X3 * JM I CATE 1856 -JO CpIncAp 1 

EalnA 10X6 -.01. Fund 1374 -JK EmGrA P 1 


NwOppB 122X4 t .15 I 
NYTxBt 878 +021 


FkdJndn p 9X2 -JM 
GrEqtvln P9.99 +X5 
GrtnGaJnp!IL72 + JM 
IrttGvinln p9 JB — JQ 


9.10 + JM Shawirwt Fds-Trusfc RJEstp 1154 — X2 Vista Foods: -. 

7.11 + JM | FwflncTr rt9X2,— .04 SrncdGO a . 8J» — JQ -BalA ., . KLW S Jp 

GrEgtTr 10X0 +J« WorMp 1612 — ,16 BondPn IOX3, —3* 
GrtncETYnl872-X6 IWnpkiau tastt CAW 972 +X2 
IntGvITrn 850 -JQ EmMSp 11X0— JQ CapGr 31 26 ,-.11 
LTIncTrn 9S7 -X3 FarEqS 13X8 —.19 CopGrB* SMS +.U 
SmCpET 10X0 +JW FEsafS 11 XI —.14 EnwtvpnLLSS LJP 
ierra Trust: _ GrathS 11X3 —.12 -Gautnc 11JM —Of, 


InSEqn T163 — X7 RPFBI 605. v- 
LaCapGr nVXfl +31 J RPFGRt }OM- + £ ' ■ 
LOCO PV 10JM + J7-1 RPFGi It-SJ -JM ■;. 
MtoBfcdfn 978 — JQ |. RPFCv. 1*78 +X6 
SmCapG 11X9 +.08 WotyFandC" r, 
SmCaoV 12.15 — JI5 AenfGt -- 9X2 -Ml 
TotRtSd 970 — JM GorpStf- 9X1 --Si 
enWeton Croupe Equity s. 10X1 +JB ' 
AmerTrr 13X9 -JM GovfBd 9.0 — JM 
Cop Acc 15X4 —Jrt Income- 9.75 — JK - '+■ 
DevMktp 13X9 — X7 Intnl - 9 J4 '— 45- - r V'i 

Forgnp 9X2 —-.10 NYTxF '-12X2- •- -if'i 

GtofaOpp 13X6 -.10 SMGvInn 9Xr —02 ^ ’ 
GrowthP 17.95— .11 VfcnGrtnc 1812 +S 


BONN . *. 

Olik-2:- 

ms 

Gtrzuz 

CM 

avf pc;n rev 
‘Ac- 


SmCpEln Pi 0-59 + Jrt I In comp* 9.15 — %15 ] VhnNYTE 9X6 +JM 


SmCoGr laXfl -.15 1 P ion ee r Fuad: 


- Ealnc p 16X9 -.15 ' Opoort 


1616 —Jrt 
9X3 +X1 

10.17 -Jrt Growth* plUl -.13 
10X5 +JJ3 IntIGrAp 1892 -.10 
1079 * Jrt NatMuAplOJrt -JQ 
1698 +.13 STGIAP 2X7 — .01 
1613 +JJ8 USGovA p 9 .55 — 06 
11.15 -JM Signet 5etoch 
974— .11 MDMUItnlOX3 +X5 
2821 -.18 USndhi 998 — JM 
usincT n 9.98 — JM 
2614 —73 VatEql in 12X17 -JQ 
3474 _ VtXEaTn 12J)7 +JQ 

33X1 -Jrt VAMwTn 10X3 -JM 
2629 —Jrt VaMunlt 10X3 +X4 


CaJMuA p 10X2 - JJI TltirdAvV 1778 +.10 
CpIncAp 1801 — il3 Thomson Graare 
EmGrA p 13X5 +.14 EqtnA 12JM 


FLInsAp Ojl +J2 


GrlncAp 11X9 +J» 
GrowthApIlXl — J3 


U I Corea 9x5 -JM; Americ p 10J9 -.05 SmCao 1613 -JJ8 

lllCorNC 10.18 *X5 ' Bandp 9.13 -JM USGov 11.15 -JM 

OppenheinKr Fd: CapGr p 15X9 — .00 RBB Gvt px 974 — .11 

Asset Ad 1273 -JMj GaU 7X7 -JM I RCM Fund J82I -.18 
CATE A pi 809 .1 Growth p 11X1 -ill j RSI Trust 

OipHV p 12X1 —XI i income p 9X7 — JM AcfBd 2614 —73 

DiscEdp 3470 -.18: Europe P 18X3 -J7 Gore 3474 

EaincA p 972 -JQ ; PionrFd P22X5 _ EmGr 33X8 -Jrt 


EalncB 1 +.*7 -Jrt \ PtaMBdP 10.12 +JQ IrrtBd 


Gffiio P 1+J6 -72 
GfGr a 1614 -.05 f 
GtabEnvplOJrt -XI I 
GtobaiA p 36.95 -.15' 
GtobfB I 36.75 —.16 1 
Gold a 1335 —05 
l-EYMA 1378 —01 


mtlGr 2271 —.13 STIF 1813 -XI 

PfonrKp 1879 -.16 Value 2571 +X3 

PioThrwpl9X0— 02 Rainbow n 614 +JM 
ST Inc 346— XI ReaGrap 1377 + JM 

TaxFneepll.96 -JM RewsFurefc 
USGvp 9X2—35 CiBBat 11X7 


21X8 -.21 
12X8 —14 


27X2 -JO I STBdp 


EntdfvpnT2X5 4-JI7 
Gautnc 11JM —» 
Gflrtc 29X4 +.T1 
GwWshp -1578 -+.T1 
GrtnBr 29X4 .-.13 
tntt&jA ■ 1200 — JQ 
NYTF t<Jl 


PTCMtA 1270 — JQ TF Irion 11X8 +B2 
Target* 1274 _ Vatamet 16fi. -35 

USGvA B.9S — JM I VUrogew Fite 

EalnB I2J» . I Aims KL50 +41 

GratriB f 2896 - 70 OO TF - 1076 -Bl 


tacomeBt 7X6 — JQ FL treat 1821 -S3 
tnttBt 1276 -.13 GraSttcp 1776: . +33 


1613 -XI SkyBneFunte 


OPOrBt 26X1 + JH 
ProcMe«llX9 — JM 
ShtGvB 9X8 — JB 
TaxExBt 11X2 * JJ3 
TarsetB 111 1 
USGovBI 691 — JM 


9X5 +03 
1826 +xe 


Mlnnud 1076 


MWlTF 17JKT *M 
MO htt 9.89 ' - XB 


Europe 9.97 —w4Z Thornton Fttc 
Monttitvln 9X5 — JH IntMu 1211 +Jrt 


HIYldBr 1372 —XI Piper Jaffrny: 


WnthREl 12X9 +JMI CAB Ea 12X5 +J33 


IntlFund 10X7— JW, Balanced nl 1X1 —.01. 


9.*S -X4i EmerGr n 16.08 -77 
1077 *jm Eauitvn 3034 -.06 
» X4 - 05 ! Fuainll n 18*6 —.07 
11X2 —.06 | Fsdlncn 11.13 -.07 


AOiUS&vt 9.»3 —.01 
Govtp 9.43 — 45 


EmerGr n 16.08 - 77 : imGv p 1042 —.04 
Eauitvn 3044 -.06; LeshUtllA 10X+ -Jrt 


InsTEAP 1650 _| 

IntrTEp 14X8 —XI 
InvGrAp 10X1 -JM 
LTGOVAPI0J3 -XI 
MnStCA 11.90 -XI 
MSIncGrA217fl - Jrt 


IZ64 — Jrt j GIFxin 1073 ^11 


1014 — J05 
+.08 —.0* 


HYSecsn 9.00 


LeshTsyA 671 -.06 
OH TF 11X8 -XI ; 
TFlntp 1076 -JH 1 


MfylncA 13X6 — JM 
NYTaxA P127B 
NITxB m 1279 -XI 
Oooen 1892 -X5 
PATE A pi 177 


SpedAp 2776 + jl PiprTrlD 


Batancp 11.93 +.01 | 
EmerGr 18X9 -.13 
Gavin 878 —Jrt 
Grlnc 1078 -JM 
InstGv 8X2 — JM 
InstGvAdi 9X7 — X6 
MNTE 1035 -A3 
NatlTE 10X8 +J03 
PacEurG 1571 —.01 
Sector p 17X4 +A7 
Value P 18X5 -70 


DSIDv 10X4 +X1 
DS1 LM Ojl — .03 
FMA5PC 1838 +JM 
ICMSC 1699 +X5 


SpEquiMl 17.19 +X0 
SPEquitll 1861 +.18 
Sndh Baraev A: 
CcdApA 1X53 +.10 
GIGvtA 12JM —.11 


9.89- +J8 
9J0.-+JD 
I0XZ-X1 
W-X7 


LtdTIn 1IX8+-JM WOdded&ReedSfl ^ 
LWCd 12X1 »X2 TotRef 12J3 +JJ2- 
LtdGvtp 1273— B5 Growth 1373 +tW 
LltWIun P 1133 —Jrt- 'LtdTarm 973 -AJM 
NM tat 12X4 +j 01 - Muni 1070 -Jrt 


IncGroA P1294 — ill Tocnuev 13X9 -JM Global 979 —JB- 
IncRetA 9X8 . Tower FundR WkjttSt 7.18 — Xl, ' . 

InttA 17X7 —XI “ 


SAMI PM n9X0 — JH MoGovtA 12X2 -JH 
SirSpEan 15X3 +JM MuCalA 1276 +JM 


InriEqn 1473 - .09 j MonetTMC 12X2 -.10; StrlncAp 4X7 —XI I PwrTrShD 973 —JM 


11X7 - JJ2 Hercules Fund: 


Euro VI 1807 —OS | SmCoEa S.65 — 03 
LAmrVDl 9.71 -.03 1 Technol 9.94 -.02 
NAmrGrln 9 90 -.10 1 FaTF 10.17 + .04 
PdBVal 1614 +.04. TatRetm x 9.24 —.03 


NiTMunn 13.17 -.02 CuFdSTn 9*0^03 MOT»Ff 1825 -.03 EngSvcr IJX7 +78 


IntlVal n 1 6.92 —27 Cutler Trust: 


CoBdBp 6X6 — .04 Ber*vnFdnH.W , 


AflvEan 10.B6 -.11 


£ OT ?®S A ' > J-55 iBerwvnincnllJS - Jrt Eqt\lncon9X6 -.07 
EmGrC 2190 — X7 j BhlrudMCG ID72 — X8 Go+tSe-: n 9.06 — X3 
p„ M 08 — .0* I Bihmore Fundi: DFAIntVol n 1821 — 1 1 

EmGrBp 23x1 — .07 Balanced 10 Jrt -01 DG Investor: 

ErdAp 12.00 -JM Eaui+v I0XS -.02 Ewitv irtsa -.oh 

EniBp 1l.92 -.06 Eqlndev Govtlnco 9jn —nn 

EarvinCAflSJfi -03 Fiiedlnc '7 30 — J15 LT'jcvt 9 *7 — 'oi 

EalncBt 5XS -.03 Quan TEq 904 -.11 Munilnc 1013 - D4 

EalncC 0 5X5 -.02 5TFirinc +68—01 Dean Witter: 

E+ChFd 110.54-1.15 SCMunri 10X4 -.03 AmVal I 3t.W -.05 


EntA p 12.00 - JM 
EniBp 11.92 -.06 
EatVIncA o5_3* -03 
EalncB t 5XS - .03 
EalfKCO 5X5 - .02 
E+ChFd 110.54 - 1.15 


Govtlnco 9 JO —.03 
LT'jCVT 9 67 —.01 
NUjnilnc 10.13 -.04 


FdMflAp 1211 —03 Blanchard Funds: , 

FMgBp 12.12 -A3! AmerEqn 9.51 -.12 


ColTAFr I 13X8 


IUTjFI 10X6 
fJYTiF 1 10.79 -.03 
NaflMunt +70 -.01 
NCTrFt 10.01 - 02 
OHTxFt 10X4 -.02 
ORT+Ft 1814 
PATxFt 10X7 -Jrt 
RITvFt 9.37 -.03 
SCTeEt +.9* -Jrt 
TNTvFt 10X1 -.03 
ToIRtnt 882 -.11 
VATxF t 1070 - Jrt 
WVTaFI 9.38 -X? 


GlEaAp 1169-10) 
GIEqBpn 1 1-50 —.11 
GtGvA P 0J5 — Jrt 
CDGvBon 8 39 —Jrt 


EmgGrlnnBTa 
FUTFBdn4 84 -XI 
Flevlncn 47+ —Jrt 
GKjr no 180* — Jl* 


CaoGrol 1178 - JM Eaton VTrodltionok 


WGvC p 8J4 —.08 Ptcai no 9.08 —.12 ! 
GvScA p 1605 —.M ST G1 n 1.78 — 01 | 


GvScE p 1QJ36 — W ST Bond n 2.73 
GvScCp 10.04 —.04 I BdEndow I6.+7 -Jtf 
GvTg97p 1103 — JM I Brinson Funds: 


Ctmvl I 10X5 - JB 
DvGthl 1*03 — ,0/ 
Di»Gtnt 30XT -05 
Oi^lntx 9.71 —Jrt 
Eure I 12J2 — X5 

. a B1 -w 

Gib Dirt 10.95 —.10 
FedSec t 9j)8 — X5 
HllhSc t 10.09 — Xt 


China p 1453 -.07 
EVS1V 1276 - W 
Growth p 7.78 -.13 I 
IncBoso 870 —.01 I 
MunBd 9.83 -JM I 
STTsva 5617 -X3 


Enviror 10.91 -JM 
FlnSvcr 52.61 - jl 
Foodr 2SX4 -.11 
Health r 65JM-1.10 
HomeF 2572 +X0 
IndEapr 1878 —.14 
IndMair 22JM - .09 
Insurr 19X3 — X5 
Leisr r 3879 + JB 
MedDetr 20X7 -,|* 
HafGasr 9.79 —M 
P<K» r 17.77 —.03 
PrecMef rt633 -JM 
ReuBnk r 19X4 - .20 
Retail r MW 
Sattwr r 3100 — X2 
Tech r 37X2 - j2 
Telecom 1-35X3 
Trans r 20. +0 -Jrt 
Util r 34.91 -.08 


RNJintcrmlOX7 ♦ JB 
FedT* 11X4 -Jrt 
FLTFln p 9.44 -XI 


StnCpEa 7)075 — JM 
ToiRettx 13 Jrt — Xt 


CA IntwmVO 26 -X2 WldBd 9j5 — .10 , USGvt 0.50 —Jrt 

CarT Frp 7.13 -Jrt Heritage Funds; , Kemper In vsl: 

COTF 11.42 -XJ CooApppl464 -,09| Divlncrx 5.94 —.03 , 

CT TF 1078 -XT Divine P 9 82 — Irt. GvII 7.00 — .03 ImFS: 

CvrSec b 12X7 +JH IncGrp 1177 - 05. Gwthh 15.95 —.4* 1 AA1T 

DNTC 9XT -.06 LMGOvp 9.17 —01 1 HiYIdh 7.95 —.05 MW 

Eauifvp 671 -JM SmCanSP 16X0 — .05 I ST Git 7.06 -.04 | Bon 

EqlnCp 13X9 -.06 HighMarli Funds | Snllnll BX9 — Jrt 

FIST ARS P9.80 —02 Bctoncen 9J3 _( StnCpEa r 1075 — JM 

Fedlntcrm 10X7 - JB Bondn 1814 — £7 TfltRM tr 1 3 Jrt — XI 
Fecrrx ujm +JJ3 GavtBdn 9X8 —.03 I Kemper Premier: 

FLTFln p 9.44 -XI Growth r> 9 80 -.04, D,v,n ■ 5.95 —.04 

FLTF 1178 -XI IncGrn 9.B* -XJ Gvt 7.00—02 

GA TF 11 j7 +.02 IncoEq 11.06 -Jrt Growth* 1634 — X6 

GIGvInc 157 —.06 SpGrEa n _ HTYld < 7.97 -X5 

GlUtiln 11*7 —Jrt HDSordGr 15 43 -JM‘ ST £31 7.07 —JH 

Goldp 14X5 —.10 HomstdBdn 605 —XI J Shilnl 813—01 

Growth uxs +.14 HomsIdVl 1690 -JH SmCaEq 11.12—04 

HYTF 10X2 -.01 HorocMn n 20 J+ -.101 TfflRIr 13.15 —.43 

HiMuBdplOXS - HudsonCop 17.60 — .10 IKentFunds: 
tacoSer 3.24 -XI HummerlnddM —.11 1 ExEalns 12JB -J15 

INTF 11 j4 -.02 HummrG 21.15 -12 F/dlnJns 9.62 —.08 

InsiAdj 9.40 -XI HvpSO 693 . 1 IdxEota 10X4 -XS 

InsTF 12.02 -J03 HvpSD2 9JT _, InlEolm 13X5— XI 


638 — .05 I InltRxIn 9.93 — .14 iMontar Fumte 

7.09 —04, LtaDurFI nlOX8 — .01 1 FldnT 2052—08, 

5.65 —02 MtgBkFc 10.12 —.01 ; GrattlT 25X6 -.14 

9.94 -.02 ; MunFxl 1835 -Jrt! InEFT 22X1—01 

0.17 +.04, SeiEqn 17.40 -JB MtoBk 7 JB — XS ! 

9.24 —03 SeiFln 1810—04 Oh TFT 21X3 -JM| 

8.68 — Jrt SmCpVI n 1678 -.10 ! SIBdT 19J2 -X5 

t: I SnFin 11.73 — X8 Montrddp 874 —52 

5.94 —03) Value n 12J1 -X6 AflonitrSI p 17.05 —JH 

7.00 — .02 I MPSi MantBamery Fdi: 

5.95—4*1 MITAp 11.43 -Jrt ErnyMM 14X0 

7.75 —05 MIGAp 1847 -22 GiobCam 1611 — X6 

7.04— JM BortdAp 1150 —JM GtobOppnl3X3 — 15 


SlrGwtttn 9X2 -JH 
SkXTRn 10X5 
SrtSoln 9X6 — J)1 
SterSTFn 9X2 —XI 
Serein 11.19 -Jl 
TSWEa 10 Jl +JM 
T5W Fx 9X4 — X5 
TSWIntl 1830—13 


MuFLA 12X4 -JH 


Tower Rads Vftjost J.t8 — x 

CapApp 13X8 +X7 Warture PbKUK V 
LAMunxl883 — XI Grlnc n 13J7 -tXj 
TotaJRet x 9X6 —07 OwAppn 13X3 +IT 
USGvx 9.95 —08 EmGttro Mifl yft 


MuLMA 654 + XI TTOdenarit Funds: 
MunNtA 1134 + JM Equity n 10X0 +.10 


EmGItHI 3B M 
Fxdlncn 9J2 —313 
GtobtFxdnl0j2— 13-- 
tafEaun T9X8 —02 


MuNJA 13X5 +.04 
MUNYA 12X7 +JM 
SHTSY 4.01 —02 


Govtinao n 7X3 —.04 
KYMunn 9X5 -JM 
SI Govt n 9X7 — J13 


arc free. 
Tfci 'v. - 

waeriar 
OSeiLT! 
■ihii nv i ~ ' 

fepaii 


USGvtA 11X8 — JB TTfu am erlcai 


InstEqn ii»— <81- 
InfGvtn 9X6 — *M; 
NY Muni nl 0X6 + “ 


StrlncBt 4X8 - PkntTNtx 1819 -XI RchTman 1738 +X8 SmMl Baraev BXO 


StflSTIA p 4X2 -.01 FarflCO Fds 
StlnGrAp 498 -Jrt I BafKn 21 J9 — X35 


EmsMH 14X0 
G) abeam 1611 — JM 


UJ8 -Jl 
11J7 +.02 
857 —06 


StrlnvA p 479 —02 Bdldx 2642 —10 

Target p 25X7 -X4 Eqlndx 32X1 +J0 

TxFifil 9X9— XI Grlnc n 22.99 +J9 

TxFrA p 9 j0 —01 IntSdM 9X2 —04 

Timep 1666 +.15 MidGrLn2lX7 — .05 
TotRtAp 8X3 -XI STBondn 10.11 —02 
TotRIBtn 61B -.01 SpGrn 31.12 -Jrt 
USGvt p 9X7 — .455 TxEmBd n 903 —OI 
VctSlAp 14X1 +.10 Preferred Group: 

TwftatHJ Express: Asset An rous/ 


12X3 

17X9 — Jl 
17X6 -Jl 


Oil IncGrn 9.B* -JM Gvt 7.00 — 02 HilncAl 

02 IncoFa 11.0* -Jrt Growth* 1634 — X6 LldMAi ... 

06 SpGrEqn _ Hilld < 7.97 -X5 OTCAp 7.94 

02 HdSardGr 15 43 -Da! STGI 7.07 —JH RichAp 13J1 

10 HomstdBdn 605 —01 j Shilnl 8.13 — .01 ■ Sect Ad 12X7 

14 HomsIdVl 1490 -JH SmCcEq 11.12 — .04 1 SIlnAp 

01 HorocMn n 20 J+ -.10 | T01RI r 13.15 —.43 I TotRA f 


BortdAp 12X0 — JM GtobODpnl3X3 — 15 Overland Express: Asset An 1857 

609— Jrt I EmGfAPiaot +.13 Growth n 15JB +.04 AslAJIA 11X4 +X3 Pxdlnn 9X5 — J15 

895 — JM ' GrOpA p 1IJM +.08 \nslEMMrttA2 -XB CATF A 10X5 +.03 Growth n 11 IB +.11 

3 Jrt —XI ' GvLIA D 464 —Jrt lnttSmCaDM.77 —33 MuIncA 1840 * AI lldln I2J6 —.10 

nlen GvMgAp 6.47 —Jrt 1 ShDurGf 9X5—03 SirotGrA 12X1 +.>3 ST Gov n 9.79-^03 

895 —04 GvScAp 9X3—031 SmCop n 1607 —03 STGovt 5892 —11 Vduen 11X6 —XI 

HilncAp 5.03 — XI I More Sire Fds: USGvIA 10.15—05 Price Fundi: 

UdMAp 7.12 — Jrt AsionGrA 1899 -X5 VRG A 9X6 —JM Ad) US 466 

OTCAp 7.94 +.14 AsionGB 1891 +X5 PBHGGrn 13X6 — 01 Bolmce 1! j7 — XI 

RichAp 13J1 +.13 GtObEqA 12J4 -X7 PFAMCo Fite _ BlOjC 11J3 +« 

Sect Ad 12X7 +.08 GtobEqBnl2J5— JM Bcrtrn 1828 +X5 CoJTxn 9.95 +.02 


Rembrandt Fuads CopApb 13J8 +.10 CapGr p n.73 

2IJV— 05 Asian 9SSi +X1 IncGrB 12X3 _ 

2642 —10 BolTm 973 —02 IrrttB 17X9 — Jl 
32X1 +J0 GfFidnTr n lai 6 —M inflC 17X6 -Jl 
22X9 +79 GwthTrn 10J2 +.13 Mu Ltd B 6X4 -Jrt 
9X2 —04 lnttEqTrnI2»l —13 SmdhBrnySirsn A- 
21X7— .05 SIGvFIT 9X3—01 AdGvAp 978 — JH 

10.11 —JH SmCopT 9X7 -XI AdwA p 25X9 + JS 

31.12 -Jrt TEFITrn 9X7 -Jrt AgGrAp 254J3 +.17 

1 9X3 —XI Tax FtTrn 9X4 —05 ApprAp 11.03 +JI7 
roup: ValueTr nlQ.12 +X1 TelGA p 11X8 +.16 

1857 _ ReynBiOl 14^3 +.13 TeJIn 105.10 —71 


AdGvA 9X1 — JH WasaichAe.I9J2 -+J 
BtChiple 10.05— 1 Jrt w«ss peck Green . 


CATFB 1800 + Jrt 
EmGAp 2457— JJ4 
EmGBt 23X4 — JM 
GrtnAp 11.14 +X1 
GrtnBt 11.16 


Divine 12X2 +.D7“ 
Govt 9J8.-^X9 
Grinc 21H7 IfJU 
Gwttl 

QuantEqn647 +jH 
Tudor n 21.14 — XS 


S in 12X6 —18 

Gov n 9.79 —03 
Value n 11X6 —XI 


RigM me Group: 
BlUeOip 32X4 


Advs-Ap 25X9 +75 
AgGrAp 25X3 +.17 
ApprAp 11.03 +07 
TelGA p 11X8 +.16 
Tdbi 10110 —71 

AzMuAp 9X3 
CBMuAp 1453 +JC 


NatRst 1486 -JM INeitzPVal n 9XT +.12 ■ 
Gurnet 9.10 —05 weifzVbliT ISXO'-w^ 
CATFApTOJM -Jrt Weacnre- 
GwtncTr 7X1 — IM AZ TF 10X8 +!&3 
GvSecp 772—05 BdoPl 1438-^05 
HiYftfi 7X4—01 
HYTF I 9JS 


12 Frdlnlns 9.62 —.08 
- 1 idxEata 10X4 -XS 
_> IniEams 13X5— Jl 


NYInlmlTStt*5 +.02 lAATrGr 15.45 -.02 1 LtMatlns 9.75 —JM 


IntlEap 1343 —18 IAI Funds 

KY TF 10.60 -Jrt I Bolanpn 10 42 - 06 


SpcEat p 7j3 —Jrt HdeMy Sparlan: 
TradGvt 1803 — X5 AgrMunn 9 76 -Xl 
Trgdlnv p 491 +.02 CAHYm 10.16 -JB 


LA TF 11.11 -.03 
MD TF 1090 -Xfl 
MassTF 1176 +X3 
Mi3tT*F 11X4 -Jrt 
MNIns ii.es - JJ3 


McdTEfn 1802 —JIT 
WUfAutns 9.87 — Jrt 
VoiEqln 1053 -06 


EmgGrprl*17 —03 iKevstone: 

Govt pn 9.93 —.05 I CusBl lx 14X5 —.13 
Grlnc P 14.07 -.091 CusB2l 15X1 — 07 
InlFdn 14.01— JH1 CU5B4I+ 487 —13 


SttrtAp 7.69 —.01 Moraan Granted: 
Tojrap 12.BJ — JM EmergEa 9.19 -Jrt 
UfilAp 7.14 -Jrt Fxlncm 10JJ9 — X3 
VatuAo 9.7B -JH GkJxJFx n 979 —.12 
WOEaA p 16X5 — 09 IniSmCpnlOJO —11 
WoOvAp 1130 —15 MunBd 1852 -XI 
WoGfA 1 *l 30 * Jrt MrgKerSop 13X7 +X8 
WoTotAoiaXS — 10 Mom Stan Iratt 
MuBdA 1873 +JJ3 ActCTrv n IZ06 —Jrt 
MuHiA 692 _ AskmEa n2l J9 +.11 

MuUA 7/S8 -XI Bal 9J1 +j03 


CoaApn 1816 +.13 

ChvUiwnllJl +.18 1 


EmergMkt 1472 +.121 Eqlncn 1649 +J8 
EnhEan 1171 +.14 Eqldxn 13X3 +JM 


Eqlncn 1179 +.14 
Intin 1114 —15 
MffBdl n 9X0 — 07 


Value n 11X6 —XI Growth P 2616 
Vice Funds MidCap p 26* -XI 

Ad) US 466 - SacAwp 2665 +X1 

Balance 1157 — .0) RimcnBd 9X2 —OS 

BlChG 11X3 +X5 RimooSIk 11X0 -XI 

CatTxn 9.95 +.02 RiverinE 1865 +.13 

Car Apr n 1271 + JM RJverflGVI 9X9 —M3 
DtaGron 1171 - 02 rawnteOw 
Eqlncn 1649 -.08 Equity 12X5 +.14 

Eqldxn 13J3 +X8 Fxdtn 9X2 — JD 

Europe n 12X1 —39 TNMuOb 9.94 +JH 
FEFn 13X4 -.20 Robertson Stwbeos 
FUnslnt nlOJW -JM Contra n 11X3—10 


RTFdnft)35J9 -JH DivsSttrc p7.90 — JM I 
touSeep 13.04 —.10 I FdValAp 611 -JQ 


25.76 —02 I ORTE 


AZ TF 10X8 -+9Q 
BdoPl 1438— SK 
LT Bd -9J5 -Xi 
ModVal 1274 +J8 


. GKJpA O 2972 -76 


InVQAp 8X7 — JM 
TFBdA 1813 +XI 
TFBdBt 1813. +X1 


MuALAp 1075 J Jrt 
MUARAP 9.82 -JM 
MuCAAfl 5X7 


ActCTrv n 1Z06 —Jrt SmCpG iBJO — J« 
AskmEa n2l J9 +.11 SmCpV 1274 -02 
Bal 971 -JO LttlSIkn 193 -Jrt 

EmGr 14X0 -.16 Puvwo Funds 

EmMKt 1652 +X1 TatRetn 10JM —Jrt 


14.01— JI5 I CU5B4I+ 487 —131 MuFLA D 9 .» +J»2 
MuGAA P 10X5 -Jrt 


TRIM 896 -X7 
LowOurn 9.91 — JM 


ESCORTS & GUIDES 


NTERN ATION AL C^L ASS1 Fl ED 


BELGRAVIA 


ORCHIDS 


UMOON PARIS ESCORT AGENCY 
CHHHT CARDS ACCBTO 


IN731NA770NAI BCORTS 

5err!ce - Wo rfcMs 
Tat 212-765-7896 Nmr York. USA 
Mater ueefi Lralt Acopted 


.PEACHES 

LONDON ESCORT SBTVKZ 
071 93X2441 


•PARIS & LONDON* 

•ELEGANCE' 

Esnn Service London (711 394 5145 


PARIS MllWUi 
Vff Estarl Service. 

Inti 32 2 28Q1BW creJi cnA 
• GENEVA * PARIS ' 

PRETTY WOMAN E5COKT SBV1CE 
Ptene cafl Genova 022 321 99 61 


UK 071 589 5237 


MISS GE&ZVA & PARIS 

feeon Agency 344 00 89 crtrfl cards 


HANNA — 

LONDON ESCORT SBMCE 
London/ Heath, ow 
Telephone 0850*23234 


TOKYO EXECUTIVE 
Escort Seme. Crsif oords. 

TeL 03-3*79-7170 

ZURICH / BERN X BASQ 
Eseort Sernas 

Teh P77/B8 06 60. 077/B8 06 7P 


"* **' CH S (5 TIN A *** ’ 
■ LOf OOf J * ESCORT • SHVCE 1 
*TEL;Q71 •4°9-2fl99* 
FRAMGURT KOIN DQSSHDORF 
aS leas. Escort Sernte. 

069-473S4 


EUTC - REGALE 

bowl Service Wcridvede. CnsfrCw* 


WNDONBRAZJUAN Escort 

Sern« 071 724 5597/91 - cro* ark 


^ TOKYO'" ESCORT SERVICE 

\ P K Y O M * *** Major credit carck n nm m lpd. 

TOP FOP TOP *’" • t3p3}3<3MTO 

KOTTAND GUOE AGS ICY. = KWGHlMMa?UtmK" 

rajOCYO (10)35X8 1598 

Teh 212447.7330 Wbddwde Serao* 


FRANKFURT « AIRPORT 

feran Sernu 

Tet 069-55222) 


UK 071 586 9298 


’”7 A TOUCH OF GA55 ** — 
' ESlORT ■ SERVO 
TEL- lOI-OON 0 7 1-37 2 7252 


asrasaxm 

service - lamoN o/i 93 s 4533 


MUAN ■ MIA BCOKT J GtHOF 1 

SBMCE 865439 0*0330 234392 MASK FOR MEN NEW YORK 


TABJTHA’S 

UrtOON ■ PARK ESCORT SERVICE 


PAJ05-5ALZBG-5WTTZ -BRUSSELS 
F™ Ereort Semce. 

TeL hr! + 327-723-30-W 


** U3M30N •• CARIBBEAN " 
London A acne Wvn 

071 794 9077 GeA Ca,ds AnSZF 


Esaxt Sernce 

H Z12-WWMI 

MUNICH' WELCOME 
ESCORT & GIXOE AGB«Y. 

please call oe? - 9i 23 14 


** GENEVA IN1G2NAT10NAL ** 
Exon Service 

Tel: 022 , 731 tO 52 ■ 077/257280 
AMSTERDAM BUTTERY facarl 
Serace. Tet (0)206471570 
Oedn CcrAAm+ewf 


071 266 0586 


FACES UK 

WORUMADE HCORT AGB9CY 


OUR READERS IN BELGIUM 


TEL UK 081 694 2070 to UNES) c 
TH: UK 0956 371159 


* VIOLET * Ewart Sanrice 

ZURICH 'PAMS 

O rft canb accepted 

For Zundt; cal 077 / 63 B2 32 
Other a* dd INTL +35 249 4297 


It's never been easier io subscribe 
and save. Just call toll-free: 

0 800 1 7538 


• ZURICH * CAROLINE • 

Escort S*m 

Tel: 077 / 99-8049 

VBMA*PARtS*CAftME5*ZU9CH 
ruroccrtort Btwt + TraveLSennce. 
Cdl Yewna +43-1.310 63 19. 

• IUBCH • SUSAN • 

Escort Serves 

Mi Cl 381 99 sg 

MUAN -HITE •**•* 

ESCORTS TRAVEL SERVICE 

Tel- 39-2 407 7fl 72 


ShortT n 9X8 —.01 


EmMkDWn8J9+.02 TRIM 896 -X7 
HqGrn 11.79 _ LowOurn 9.91 — JM 

Fxdlnc 1805 — X7 LDil 9X2 — JM 

MuMAA piaxs + 03 GtEaty 13X1 —.12 Siam n 9^ —XI 

MuMDAplOJ* *JU GlFxlnn 18J8 — Jl Frann WS —ID 

UuMSA p 9 37 +JH HiYldn 1841 -JM GtaMn 9 J8 — X8 

MuNCAPllj* -05 InKSCn 1456—12 HiYld 10JJ - 

MuNYA p 10 J7 + Jrt InlEa 15JJ8 — 23 Grathn 1194 +.11 

MuSCAp IIXI -JM ReofYIdn 9X5 — J5 LTUSG n 9J2 — XB 

MuTNAp 1053 -JC VqlueEqnll.95 +.13 PN CFontte 

MuVAA p ll J2 -.02 SCVoln 18*3 +JU Balances 12-24 +x* 
UtlTB 7.13 -JO Muhtankmo»l47 -.19 Batanc 

CapGBt 11« -.13 MUrCATF 1157 . CoraGfl 

Bond D 1156 — JH MunMIGB 10J6 +.10 COrefcq! 

EmGrBI 17.92 +.13 MutlBnfl 18.17 +.12 Growth! 

GctdBt 635 —Oi Mutual Series: 

GvMgBI 6X7 —JC Beacon n 32J2 +.11 IntmBd! 

GvScBI 932 — JH Discovrv I3J9 -XI IntGVtS 

HllnBl 5.03 —XI QuaHdn 2757 +J6 [ntTBdl 

InfmBf 831 — X7 Shares n 82JB +J8 IrtGpvll 

MAlTB 1139 +X3 NOC Funds IntJEq 

OTCB 7X8 +.14 Equity) a 1170 -.12 intlEOS 

MKiG 10J9 - 72 F««snei p I0J6 —OS Manooe 

BschB 13.17 - .13 OH TEI p 1058 +X1 Manage 

SedBI 1254 +JB EquityR pll72 +.12 PATFp 

MuWVAPl 1 J6 ‘X3 NO TxFrtro 9J9 — JM STBdl 
MuBdB 10 l 72 +X3 NWNL Norttwtar SmCapV 

TotfiB I 1184 —.04 HiYtdA 475 — JD SmCapV 

vSuB 9.72 - IncGrA 9X3 +X2 VaftjH 

WOFqBI 1637 — Jrt MuilfA 461 — JD VhlueS 

WoGvB 11J4 — .1* NYL IIKtt Fete PRAHItV 

WoGrB 1623 +02 EAFE 12X8—19 POCiftCUS 

WoTotB 1052 —.10 Bond 9.62 -XS PadficGrt 
MufnBI 8*1 - Jrt GrEq 13.98 —XI FfodKcHc 

NUM Funds: indriM 1056 -JM AgGrp 

Bdlncn 9.13 - indxEa 1173 +.08 CATFp 

Sikincn 1814 -JM Mu HA HX6 rJ02 Caplnca 

UkGran 1675 +.06 ST 3d 10J3 — JH CaroBo 

SIKApn 1422 —12 ValEq 1257 -XI USGv 

NUMLIC Funtte Nfllnd 1253 * JJ* Pacifica F 


9.90 —10 
978 —08 
1057 


GvsInB t 7.90 — JJ5 


MidCap I3J2 +X9 GNMn 9.15 —JM EmGrp 1815 +X1 So&jAo 1619 -.17 

SmCpG 1070 —58 GA TF n 9X5 -JD VotPhiS 1355 -07 PrTBA 1573 —.16 

SmCpV 1254 +02 GfcGv 9X8 —10 Rochester F<te LHHAp 1134 +X1 

UtlStfc n 193 +X9 Growth n 20.10 —XI BdGrow pl!76 — 01 WlncAp 636 —.05 

IMCOFurate Gwth Inn 1612 -XS RoMup 1755 -.07 WWPAo 170 —XI 

TatHetn 10JM — Jrt HiYlan 69—04 LldNVp U3 _ SraRhBmyStrw Be 

THIH 696 — M7 Income n 857 — JM Rodney Square AgGrSf 3476 +.16 

UwvOurn 9.91 — JM hitlBdn 970—15 Divlno 1258 —06 AppTBI 1899 +J17 

LDII 9X2—0 >14 InflOisn 1752 —M GTOWWlP 1604 +X9 CaMuBt 1553 -JH 

ShortT n 9X8 —Ol IntStkn 12.15 —.17 IntEap 1259 —14 ConvBtx 14X5 -JH 

Frann 9.90—10 -k*>ann 11X2 -Jrt Raabtan Funds GvstnBt 7 .SO — J5S 

Gtobdn 978 —08 LafAmn 9.11 -.11 GvSecn 9 J4 — 03 EuroBI 14.14 —JO 

HiYld I0J7 - AAdShrn SJM -XI Grin 1078 +.10 R-Muflt 972 

Grathn 1194 +.11 MdTxFrn 9.90 -JH MidWGr 1179 —04 FdVaBt BJrt -JO 

LTUSG n 972 — JN MidCap n 14.50 -JH RoyceFumte GBiBtx 15J3 — 23 

NC Funds NewAmn261i —03 FennMu 615 -JI3 GlOpet 2894—27 

Balances 1274 -JM N Ask) ns 9X6—08 Ealnc 5X0 +JH GvScBI 9X2 —JM 

Bakxic 1274 +.07 NewEran2B57 +X5 CTTC 635 -XI GrtnBt 9.90 +J» 

CaraEal 9X9 +X6 NwHrEP n 15.18 —JO Premier n 6X4 _ HilncS tx 11 J9 —Jrt 

COreCaS 9X9 + Jrt NJTFn 50X5 -X5 Value tn 9J0 +X4 InvGdBl 11X9 — 17 

Growth! 1812— 01 NYTkFn 1840 -JH RaWanore Group: MgGv8tn12J8 — JM 

IdxEa 1891 - JB OTC n 1490 +.07 AmGasn 11.07 -.10 MsMuBt 1559 -JH 

IntmBdS 9.15—04 ScfTchn 17X5—01 USGLan 9 JO —09 NJMuBt 1254 -Jrt 


GrtnAp 9X9 +07 Ttwr Far Crad (I r 
KH rtcAte 1179 —Jrt GSP 9X2 —01 

IntCAA 617 +JH MSP 956 —03 

taWYA 6g - JH TMP1 996 954 -Jn 
LfdMup BJrt _ TFEB97 951 —02 
LtdTlrp 7J3 — 03 TumarGElU2JI6:+JDl 
“Ogj/ApliM — .04 TweedYGV 1253 — 12 
MgMuA plSjy +JH TOtbOnfury: 
MaMuApl2J4 -Xt BaUnvn 1SX5 — Jrt 
NjMuAp 1254 +XI Gittn IOlZO +.06 
NyMuApl651 +Jrt Growth 11 2277 —07 
PrMlAp 2819 16 Herkivn 1817 +X6 

SpE4Ap 1619 +.17 InftEmGr nSJ3 
P[JHA 1573 —.16 (MlEqn 758 — 07 
JXHAP 13J4 +X1 LTBondn-970 — .06 
WncA p 6J6 —05 Setacfn 37 lia —.12 
WWPAo_ 170 — XI TxESTn 9 . 98 . 


Battnvl n T8D2 +J03 • ! 
BcsVlfn 2890 +.17 • , 
Eqlnl n 1053 . + J3 >- -- 


GNMA I n 1132 —06*.. 
talBdl n 10.03 — flSTft 


miBdl n 10.03 — 
MIDCOIn16.07 +; 
STGovt) 1632 -! 
BaUnvRtp17i99-+l 

GNMAH fPlSJO— 
*AkJCORfOlL09 .+, 
STGavlR 0631'.— 


Baiun n 15X5 — JQ Westwood Fumte. 
Gittn 1*70 +J» Bcdlnst 7JF —A 

Growth n 2277 —.07 Earns? 5J4 p. 

Hermvn 1617.+ X6 IntBdl 95* — S 

InttEmGr nSJ3 - BalSvc 7JM‘— 5 

inflEqn 758 —07 EqSvc 5 l33' 

LTBandn-970 — .06 WBdSv 956 UK 

Setacfn 37J10 — ' 12 WDtam BUr fJ 
TxESTn 9.9 8 - Growth n 951 +j» 

TxEintn 1073,+JD income 1815 —OS 
T*e.Tn 10.16 ^-JH InttGttin 1350 — » 
UHran 2816 * Jrt WHmnPena: ■ <* 
USGv®Tn935 -J31 PewiSqp 1072 +06 


615 + JM 
970 — JH 


EuroBI 14.14 — J0 USLmeSIfc n5X7 + JM 


Grathn 1194 +.11 
LTUSG n 972 — JB 


Fi-MuBI 972 
FOVoIBt BJrt +JQ 
GtBdBtx 1553 —23 


l ie a a Groan? 

AsevShnlBJB -.12 


PATxFr 1884 — JH 
Ouafitv 10JW— 
USGov 1612 
Wnrerop Focus Jf ;. - 
WhiFItn 950— 



Balraic 1274 +.07 
CaraEal *59 +X6 
CoroFqS 9X9 +X7 
Growth! 1812— XI 
IdxEa 1891 -JB 


Pe-nnMu 615 -JH GiOpBt 2696—27 
Ealnc 5X0 +JH GvScS I 9X2 — JM 


Bdanced ril2J5 - JM WinGrta 10X5 +J 
CABdn 10.11 +X2 WtaMTp 972;+J 


IntmBdS 9.15—04 


/YUGG 1059 
RschB 13.17 
5ectB I 1254 
MUWVAP11J6 
MuBdB 1872 
TotRBt 1184 
Value 9.73 


asst AH 1125 +53 Nations Fund 
Fxtflncm 9.72 -JI5 AXjglAp 959 -M 


SWOBfl, STOCKHOIM 
SCOTT SERVlCc 
ra- 08 157821 

DOSSaajWKOlNBONN 

U**e eswn 
Tei- 0161 ■ 120 *5 19 


Invl 1674 +.08 
MttSea 988 -05 
MMPrGm 991 - .09 
MMPx)ntnx9X0 —Jrt 
MSB Fdn 1656 -02 
Modi emle Grp: 
AdGvAp »72 —01 
AnterFdPil07 —Jrt 
CAMunnx9.96 -JH 
Cwtada 1051 — H 
! FIMnc m. 9 57 — ,M 
J Global 1254 -03 
! UdMuD* 10 Jrt —.02 
NY Mun pv9,*fl —.02 
NalMupx 9.*7 —02 
NAnterp 657 
Machenrie Ivtr 
ChinaAl 9.91 -.03 
inilB 2759 -78 


1359 +.01 InIGvTS 977 —06 STBdn 455 -02 

2757 +J6 tatTBdl 9.15 —JO STCDbn 456 —03 

B2JB +78 IntGovtl 977 — JM SmCVI 1454 -JM 

InttEq 13J0 —23 SpecGr 1159 — JH 

1370 -.12 inttEOS 13.19 —72 Spedn 1052 —05 

1076 —05 IMenasedl 10JH — JM TxFreen 973 -JH 

1058 +51 MonoaedS 10.09— X5 TxFrHYn1173 -JH 

1372 +.12 PATFp 1803 +X2 TFIrnln 1056 +JM 

1 959 — JM STBdl 959 —03 TxFrfln STS 

hstar SmCapVS 13.19 +.11 US tat il2 — JH 

475 — JJ3 SmCopVI 1370 -.11 US Lana 9X4 -XB 

973 +X2 value! 1158 -06 VATFn 1054 -X2 

461 — X3 values 1158 +.07 WimryT a HJO -Jrt 

ite PRARItvn 9.90 - JH Pracfol FWav: 

12X8 —19 POCificUS 499 —Jrt DivACfl 1352 -JM 

9.62 -XS RodHcGrth 974 +JB GovtPrt 9J9 -JM 

1598 —XI FMSficHorizoK IttsTEx 9X0 +JH 

1056— JM AgGrp 23X6 +.13 SPT00P1 1487 +.05 
1372 +.08 CATFp 7.15 -X2 TEPrt 8X1 +X2 

11.46 +JH Caplnca 1422 +X3 PrinMBS 9X4 — Jrt 
1073 —JH Cornea IMS —09 Princur Poods: 

1257 -XI USGv 9X1 —03 BIOw 11X0 - JM 

1253 *X6 Pacifica Ms; Bond 1052 -JM 

id APresm 1806 — JH CdpAcc 2805 +.13 

959 -JH Balance 11X1 —02 EmgCr 2452 +.16 

1059 -X2 CATF 1053 - JH Govt 1057 —09 

1056 +X5 EqVcd 1252 -JH Growth 3070 -.12 

1059 -.05 Ga vlrtca 959 —JM Manned iz.40 -JO 

1170 -.10 STCAn 9.9ft _ TEBd 1153 + JM 


VflriGItn 13X3 + j 
WJnAGfn 1640 *J 


VATFn 10.08 -JH 
2ydxNova 1819 -JB 


Ryd«URSA62d — JM SpGaBI 1BX0 +.17 
SBCWkUfl 957 — X7 5lrtnB I 16X3 — 04 


TeBBl IIX5 +.14 
TxExBt 1774 -JQ 
UfilBt 1354 -XI 
WlncB! 656 -JM 


AtBRtTA n 959 — X2 CATF 1863 
BotINt 1056 +X5 EqVcd 1252 
BatT An 1059 +.05 Ga vinca 959 
CflGTAn 1170 -.10 STCAn 9.9ft 
CDGrlna 11.15 -.10 Paine Webber: 

DivtNl 10X0 —OS AsstAp 11X3 
DivlTA n I0JB — .05 ATLAp ISJO 
EmGTA 1064 — JB BtueAp 14X9 
EqinclNI 11X1 +X7 CafTAp 1882 __ 

EqtaLA 11X2 -.07 CanAAp 1162 -56 
EqKiTA 11X5 -JB CmTeA 8X3 -.10 
ElntfTA 9.91 ♦ JM DvGrAp 1972 -.12 
FkdnlM 10.18 - JH EurGrAp 9*0 
GAiTAn 1058 -.03 GlEnA r irxo 
GvtTAn 9X1 —08 GHnAp 1079 
QvlINt 9X1 -J» WGlAp 1053 
InMuTAn 9.74 »JQ GrthAp I9J1 
InlEqlflt 11.99 —72 WlnAp 052 
inlEoTA nl7X8 —.23 lnvGA p 10.08 


ScfTchn 17X5—01 USGLfln 970 —09 NJAtoBt 1254 -XI 

STBdn 4X5 -02 USttttn 9.02 —05 NvMuBt 1651 +JQ 

STGbn 456 —03 MDTFn 1050 +JQ PrMtBI 19.96—16 

SmCVI 1464 -JM VATFn 10.08 +JH PrmTRB 14573 —16 

SpecGr 1159 — JH RydxNova 1819 -JB SeorBI 1455 -.11 

Spedn 1052 —05 Ryd«URSA82d — JM SpEaBI 18X0 +.17 

TxFroen 973 -JH SBCWkDn 957 —07 StrtnBI 16X3 —04 

TxRHYn1173 -XS S8C WldGr 14.17 — 10 TeBBl 11X5 -.14 

TFIrnln 1054 +JM SBSFFUmte TxExBt 1774 -JQ 

TxFrSl n STS - CODGrn 754 -.10 UfilBt 1354 -XI 

US tat il2-JQ Oxtvrthl nil 54 +X2 WlncB I 656 -JM 

US Lana 9X4 —JB SBSFn 1554 +.16 SmflhBmvShrsn Fd* 
VATFn 1054 -JH SB Funds: PmRotn 952 +X2 

rtawTn 1173 -Jrt EWanCP 1173 _ Prlnllp 7X9 

ntetelPraw: Bond no 1072 —J09 Prlnlilp 7.79 —XU 

DivAch 1352 +JM BdlndKP 9.92 —JO SmBrShD InlOXS -JM 

GovtPrt 979 -JM CapGrn H5J +J13 SmBrShGf99S -JB 

InsTEx 9X0 -JH CorpOlnpnl.97 - SoGenFuntte 

SP100P1 1487 +.05 GNMA O 956 —04 GoU 11.16— XI 

TEPrt 8X1 +JH lntrmdBd p970 — X5 Intnl 2359 —09 

rinMBS 9X4 — X9 ShtGvnp 978 —0? Ovseos 1171 —09 

rfararPnlvte ffrtlFxInpnlOTI -.10 SacMvFtMHte 

BIOk> 11X0 +JM InfMnp 1036 -J22 Balanae 952 -XI 

Braid 1052 — JM WGvtnp 959 —04 DvreftJSt 1271 -.10 

CdpAcc 2805 +.13 tntlP 10X0—15 GrStk 10X2 -.14 

EmgGr 2472 +.16 Eqtncnp 13X3 +.10 jntffir 1253 —.10 

Gata 1057— Jrt Eqlrrixnpl5^ +.09 ntm^nc 9x7—04 

Growth 3070 +.12 KSTF 1847 +X3 InYCMBd 959 —JO 

Mcraaed iz.40 -JQ MMCGp 1890 — H I5d in jam —JO 

TE Bd 1153 + JM PA Mun rtDlQJS3 ♦ JH OHRegSt 1413 

UtilBfeS 951 +S SmCop pnl 170 -JB OH TF 1074 -OS 

World 7J0—I0 Value np 1053 - JM Sp«SrMc 8X7 +X3 

S 1074 Til canAtte 1M2 +.io sniyaisi laa +xa 


958— » 
10X7 

1151 +5 
978 

1056 +08 


S-S--M COmstn 2379 . WlnGItn 13X3 -X1 

9-M +0 ! > GNMA 9X4 -XI WtaAGfn 15:40 +$tf 

HilncS tx T179 — Jrt Gold n 876 — X4 VWwKlw nn t Frtg: ; *r 

rnsrGdS f 1TX9 -.17 Grtlncn 1077 -A3 9X0 +# 

552Syi?IJ5 fi! Grwthn 17.15 -.16 Bond x 958— » 

559 -m [ncStfcn 1359 -Xfl Eqldx 10X7 ♦» 

JUMuBf *354 -XI Income rail 52 —.07 GrVd 1151 +JS 

NvMuBl 1651 +JC Inttn 16X0—08 -tntSdx 978^09 
KWB* >»■»— M NYBdn 1886 +X2 imms 1056 +08 

P ""T gBl»73 —16 SrtTBndn 974 — XOr Ml Mun * 9XA, ' to*-"- 
SearBt 1455 -.11 T*F]n 9.07 +XI MWlBdx 16X8 «C. 

spfrtl 18X0 -.17 Txen-n 1153 -JH oSorat 1408 +S5 

SlrhiBI 1653 —04 TxELTn 1814 +X2 »«««++ 1 ,+J 

TeBBt JIXS -.14 TxEShn 18X0 -XI 

TxExBt 1774 -JQ VA Bd 1870 +JQ QtGrp iIIJB^hH 

yttIB t 1354 -XI WldGr n 1273 -JQ CTInc TO. 14 

Wtaffll . 656 -JM UST Master CUBaT IBX*^® 

gWC ntyShron F«te Aslae 973 — X2 WarMFuads: ^ 

fttdlBtn 952 + JQ ElyLifefl 8X9 —12 NwoTTia 1l78T4%r“ 




ein-WB OMV —.12 NwotTia 1178 - 
EmaAmraSX2 —.17 VonfEP 16X0 -JS2 
jSgfflVB 1496 —73 VantbfVnl2X6 -.11 . - 
btcGroe 11.71 -j; Wright eauftte. 3.' 
SJjgwttieAra -JM BetaLtm nia43— V .. 
taHFde 1054 —xo Dutch rt wxi — J3 




Nordic n 10X0— £ 
Sarattein 454 —J 
Swiss n WO +;X1 


Balance 11X1 -X2 EmgGr 24X2 -.16 Eqtncnp 1XM +.10 

CATF 1053 -AS Govt 1057 —Jrt EqMiiVl&O +X9 

EqVcd 1252 -JH Growth 3070 -.12 KSTF 0X7 +X3 

Ga vinca 759 — JM Mravned 12.40 -JQ MMCGp 1890—11 

STCAn 9,9ft _ TE Bd 1153 +X4 PAMunrml053 +JH 

UmWaUrtn UtilBfeS 951 +X9 SmCOPPnli30 +X2 

AsstAp 11X3 . World 770 —10 Value np 1053 -X6 

ISJO -Xi PreprsV) 1824 -Xl „CanAro lifl +.10 
BbeAp 14X9 - JB PlFFxdlnc n 955 — JM SIFE Trust 4.16 +X6 
CafTAp 10X2 -X3 PlFmtMufplOXO +.01 ST Funds 


OH ReeS! 1413 
OH TF 1074 -A5 
SptG/SOe 0X7 -JD 
SpfVolSt 1052 +JB 
SkJnx 9X9 -X5 
USGvtth 1053 —03 
VtiSttc 9.9S -JM 


EndvGtr 11.00 +.15 
uvHGrtn iiXO +.14 


Grttrine 2457 +57 


*f= , . H*gg 1054 —JK Dutch n 10X1—13 

Uta ISS - HmoKOnoMXS H? 

it»i “m I-® 4 — -®9 Japan n 1812—41 

1171 —07 Mgdln 8X6 —.04 Nordic n I axe 

Nl/TE e 0.13 —06 Saratiihn 454 

■iJm T-?i ?■£ — J* Swiss n W0 

inm ' S >11-^1 Wright Funds - 

>5-5 +50 ST Tax Er (6.98 — X2 Curln 10X5 
1J73 -JO UnBed Funds Gv^ n . {£« 

9X7— 04 Acapmffiv7Jp +A4 InBiCh 038 
52S 5-21 — X3 JrOOl 1155 

18m-JQ Ctottnc 21X3 -X9 NearOdnltUp 
1413 _ GoldGvt 9.14 _.io QuJCcr lOl 

'Sm gffiC f 14 —03 SefBOtn 1455- 

+ -5 Hdneu 407 „ TMRetn 1L73 


GvObn 12X6 —S' 
InBIOi 1138 —22 ■ 
JrtUOl 1155— XL. 
NetHfidn 1053-205 ■ 
QuICra IIS 
SefBOtn 1455- +03 • 
TMRetn 11X3— W 



8X9 -Xl lYacWrwtBpDjS -J 


VI * M I'amGlab t.U -&~ 
lnttGtti 9.4 —.17 ZmiaFuaSs T ' 


Growth n 1172 +.04 SaundShn 1653 +X4 
Inti 15X2 —Jrt SAM SC 13X7 -JM 


EurGrAp 9 60 —37 SmCapGr 1178 — 12 TaKFtwnJJJ r ■53 JH2 * , S 


gEtWt 1X0 -.15 PrudSpcnp 474 -02 
GjlnAp 1079— .09 Prudential Funds: 

— X2 NlchA 1119 -JQ 

GrttlAP I9J1 +X1 Niche 11X1 —02 

«'"**» ,B52 Adi A I 952 —02 

lnvGA p 10JM -JW BlockGv 951—02 


tatIGth 9.48 —17 
Munkw 7X5 +X2 
MUriK 5.19 -Xl 
NwCCPt 1056 -JM 
Retire 7.09 - JQ 
ScTectl 1413 -.10 


9x8— 17 Zmig Funds 
7X5 +X2 1 StratA 12X1 +, 
5.19 -Xl 2SAPPA 1434 ri 
056 -JM ZSMAA 12X0—1 


USGov i<L38 -XI SOT rVtolBd 9.99 -JM ScTectl 1412 -.10 

SYlOaxIc saTrVicnSt 1073 +X9 V ang u ard 777 - ns 

AgoftTn 9X* +X4 WWk 3250 -.18 Urtfad Services 1 

BafTrn 9.76 + JD SoPtQ*sh 957 _ AHAron S05I +X4 

CwGrip 11.96 - JM Stagecoac h: Euron 458 —11 

SpSt 11.97 -JM AsetAJc 17X4 — JM Gbftscn 6X5 -OS 


ZSGvAp 9.95 
ZSPAo 1278 +B5 


ZSPAp 1358 +X5 
StrcDC 12X1 ■+(« 

ZSAppC 1422 +« 
Z5MAC JWrK 
ZSGVC 893 
Z5PC 1117 -t® 




9 






- 

'§§ 

Ci.% 


i -?' *r J 

i’&t 








v v 





Page 23 


Doomsday Forecast for Mutual Funds 


By Carole Gould 

<3* MM b00k - **«**• “* 

rsse 

the aock^SS^hu®™* andli ' enigb t> period leading io 

W *? ^erdrawiL While a spike in 
mranified Vandal markets, the leverage that 

£*** “ abSCnL *&***<* « stroo^nc^ too. 

^ ^ ^ bul ^ ^ 0^e«» 

SmSSSeeTS ’ 68 ^ ChristeDSCT is the re-emcrgeace of high -risk 
*?£ * 5 ™^. 2 SL c ® au > bulad to the previous fund crises. 

. for instance, the most successful funds 
IS ? SSSV mvest F 8 techniques —buying shares in small 

could^mt^SS^iS ? 118 ^ P° rtfofia! » owning shares that 
Sh?«3 rfiL t ^ de< !i pilbhdy- And when *** market plummeted at 
'“£g“ **«**> wne <* the highest Oi«s w«K with iL 

J «^^S!?yi u 8 f _ris iP oficies have crept back. The number 
Of uondroosifiea funds, winch can concentrate their portfolios in 
otc industry or country, has risen markedly. More funds have also 
dianged fundamental investment policies, allowing the use of op- 
nons, leverage or derivative securities. The latter have created losses 
for adjustable-rate mortgage funds in recem years. 

fwCT Gregory, who edits the No-Load Fund Analyst in San 
Francisco, warns against generalizing about these developments, 
potniing out that many changes have been made because new 
finanoal instruments are available, and that many of the straiesics 
are used to limit losses, not lift returns. 

Still Mr. Christensen says, investors should steer clear of funds 
« , 1 }^ er strategies. His concern is echoed by John 

Kekenthaler, editor of Momingstar Mutual Funds. 

“If it’s a new and complex strategy that the fund comp ani es are 
iattwtociQg and they say ‘trust us,’ don't," he said. 

Mr .C hristensen advises avoiding stock funds with yearly expenses 
raceeding 1.25 percent, about the group’s average. Expenses for 
funds owning government bonds should not exceed 0.8 percent, he 
says; corporate bonds, 1 percent. 

And potential investors in unseasoned companies must know 
there are big risks, Mr. Christensen says. 

• Man agers are moving into smaller stocks, many with short track 
records, and tbeir belief that they can succeed if they “are smart 


enough and work hard,” Mr. Rekenthaler added, can lead “to a 
dangerous self-confidence.” 

Mr. Christensen also expresses alarm about the fund industry's 
tendency to withhold or camouflage information and mislead share- 
holders about their investments. Prospectuses and annual reports 
often present information in ways that befuddle investors, he says. 

Investors should know who manages their money. The Securities 
and Exchange Commission recently ruled that a fund must disclose 
the name of its manager in its prospectus, with this exception : funds 
managed by teams of two people or more. About 15 percent of all 
funds in the Momingstar data base were team-managed in 1989; that 
at by the end of 1993. 


\ investors pick a fund? Mr. Christensen, who publish- 

The mutual fund industry’s aim is 
sales. The investor’s job, analyst Donald 
Christensen says, is 'to skeptically 
question and investigate the risk’ of what 
die industry is trying to sell yon. 


es “The Insider Outlook,” a newsletter that tracks the stocks that 
corporate insiders buy and sdl advises avoiding funds that lead the 
short-term performance charts as too risky, Instead he says, inves- 
tors should look for strong three- lo five-year (rack records. 

And he urges shunning funds in the bottom 10 percent of the 
performance chans. But investors should also ma ke fair compari- 
sons. Funds that invest abroad, for instance, look terrible compared 
with domestic equity funds for the last five years. 

Mr. Christensen also says stay away from funds labeled “high- 
yield” or “Ingji-inoome," a euphemism for “high-risk.” 

Investors should never buy shares on margin, Mr. Christensen 
says, because doing so is very risky. 

High- turn over funds should also be avoided, he says. But if 
investors shunned them all Mr. Rekenthaler said, they would miss 
winners like Janus Worldwide, Columbia Special and Fidelity Ma- 
gellan. 

In the end, befit 
investors 

because funds can benefit some investors by offering diversification 
and professional management, this is an extreme approach. 

The bottom line: Remember that the fund industry’s aim is sales. 
It is an investor’s job, Mr. Christensen says, “to skeptically question 
and investigate the risk” of what the industry is trying to sell you. 


end, befitting his doomsday view, Mr. Christensen urges 
to slick with individual issues of slocks or bonds. But 


SHORT COYER 


Pima’s 1994 Bond Sale Going Well 

BEUING (AFP) — China’s crucial 1994 state bond issue has been 

'iaigely successful with all two-year bonds sold out ahead of schedule and 
'67 percent of their three-year equivalents taken up, the Minis try of 
■finance sahL 

■"j A ministry official said he was confident that the re maining 33 percent 
of three-year bonds would be sold by the end of June as planned. 

\ This year’s 87 billion yuan ($10 billion) state bond issue, tonnrhwt 
'April 1 , is vital because the state treasury will for the first time be unable 
.io offset its budget deficit by borrowing from the central bank. 

TWd German Doctors Get U.S. Bribes? 

' BONN (AP) — German heart clinics are suspected of having taken 
■priffious of dollars in kickbacks from UJ5. manufacturers while pennit- 
■ting the manufacturers to charge exorbitant prices for heart valves, 
■German experts say. 

Chief doctorsand adnmristratois at dozens of dimes around Germany 


along inflated bills, said 
ith Insurance Union. 


Nachtigal, 


Valve in exchange for . 

[ president of the General 

> Karsten V3mar, president of the Federal Chamber of Doctors, called 
Mr. NachtigaTs accusation “slanderous.” Bat die German minister of 
^health, Horst Seehofer, said a criminal investigation was bei^g prepared. 

Murdoch TargeteMore TV Stations 

V SYDNEY (AFP) —The media magnate Rupert Murdoch is embark- 
ing on another buyiag spree of U.S. television stations, setting his sights 
jin 15 mare within a year, according to The Weekend Australian. 

• ' Last week. Mr. Murdoch's Fax Broadcasting bought 12 US. television 
' affiliates for $700 mflboo. Mr. Murdoch, chid of News Carp., told the 
newqjqrer be would also like to buyAostralia’s Seven Network if Canberra 
■deregulated laws preventing aossijafia ownership in Australia. 

:U.S. Seeks Changes in BT-MQ Deal 

WASHINGTON (WF) — The US. Justice Department is trying to 
•negotiate changes to British Tefecomnnagcatioca PLCs plan to buy a 
513 billion stake in the Washmgfofr based long-distance company MO 
‘Goammnications Corp-, flovenunent rad diplomatic sources said. 

'i The move to alter MCTs deal with BT is an apparent reaction to 
complaints that Britain unfairly blocks U.S. telecommunications compa- 
,'nies from doing certain lands of business there. 

? The United States is unhappy with British policies that ban foreign 
ownership of international calbng facilities. AT&T Corp. has been trying 
'to setup its own soch network in Britain. Yet the United States concedes 
-that many barriers lo foreign competition in Britain have came down in 
'the past decade, making it the most open market in Europe. 

v 1 

lor the Record 

!• Vietnm w 9 end the monopoly of the slate tdecomnmmcations anthor- 
■ity and open it up to armed forces participation, the semiofficial weekly 
i^Vtctoain Investment Review said. But it gave no indication that private 
tfompames would get a piece of the action. (Reuters) 


( Bloomberg) 


x£ii ggno xiaMhwwt, the Hogg Kong construction company, reported a 
TOTtax to® of7Jmffion dollars ($945,000) for the nine months that 
t ended Dec. 31. It cited stiff local competition. 


5neat 

‘Kong 


v said net profit climbed 184 percent to I44JJmiffion Hong 
w 1993, from 508 maHoo dollars in 1992. {Bloomberg) 


Electric Utility Stocks: 
Competition Takes Toll 

The Associated Press 

NEW YORK — After thejoits they have suffered over the past several 
mouths, many investors in dec trie utility stocks are in shock. 

This historically conservative sector, where risk of price declines is 
presumed to be cushioned by generous dividend yields, has taken a 
pounding over the last nine months. 

The Dow Jones average of 15 utility stocks fed more than 30 percent 
from its peak last August to its recent low. That is triple the damage 
suffered by Dow Jones average of 30 industrials from its record high early 
tMsyear to (he lows it reached (his spring. 

Toe sefl-off has taken the utility average to its lowest levels in six years, 
wiping out almost all the gains it had recorded in the long recovery from 
the market collapse of 1987. ' 

With thdr traditional standing as “bond substitutes.” utility stocks are 
trading at prices that last prevailed when an investor could get 10 percent 
interest on a (op-rated corporate bond Today, yields on blue-chip 
industrial braids stand at about 8 percent. 

Thai strongly suggests that the rise of interest rales since last fall is not 
die only force that has weighed down electric utility stocks. 

In the general view oa Wall Street, the industry is heading into a 
difficult period of change; adapting to increased conqietition. 

Two recent indications of this are a proposal by California regulators 
for sweepmg changes, including some elements of price competition, in 
their slate, and a dividend reduction by FPL Group, parent company of 
Florida Power & Light 

Many analysts say the sell-off in the utility stocks has gone to 
unwarranted extremes, and have been recommending that investors do 
some bargain-hunting in the group. 

W illiam LdFevrc, at Ehreokrantz King Nussbaum Inc. in New York, 
saufcTo hear some teQ it, electric utilities arc becoming powerless. Don't 
believe it Companies with wdl-covered dividends should be bought on 
any further weakness.” 

Some seffing appears to have spilled over into natural gas and water 
utility stocks, although analysts say those businesses face nowhere near 
the same level of uncertainty as electric power. 

But even if the markets have overreacted and a rebound may be due, 
many observers say conservative long-term investors have reason to 
approach electric utilities with a sense of caution. 

“We advise an extremely selective approach to investing in ihe group, 
said James Dobson, analyst at Donaldson, Lufkin & Janette Securities 
Cbnp. 

He suggested that investors look, in particular Tor utilities with relative- 
ly low customer rates, dividends that are comparatively low as a percent- 
age of earning? and managements that seem to have good strategies for 
negotiating the changes confronting the industry. 

“While the selling in utility stocks seems to be overdone, further 
declines are possible in ihe near tern,” said the advisory letter Dow 
Theory Forecasts. “From an investment standpoint, it is probably too 
late to exit the utility group- But investors should upgrade out of k»w- 
quality issues. The stocks should also be examined within the context of 
portfolio allocation. Utilities should not make up more than 15 percent to 
20 percent of a portfolio" 

As for the risk of dividend cuts, analysts at Dow Theory Forecasts 
advise investors to be especially waiy of stocks with higher- than -average 
yields and companies where recem dividends have exceeded earnings or 
ham been dose to that point. 

They said that a payout ratio above 90 percent of earnings “reflects a 
dividend tint is potentially oa shaky ground.” They added, “A utility 
whose quarterly per-share earnings ham not covered the quarterly 
dividend for several quarters is a good candidate for a cm." 




CURRENCY AND CAPITAL MARKET SERMCES 




rjtmRENCY Management Corporation Plc 

77 London WWB - Londou BC2M 5ND 
Tff. 071-382 974 S Fax: 071-382 9487 


FOREIGN EXCHANGE tx GOLD 


*z 4 Hour London Dealing Desk 

Competitive Rales * Daily 
CaU fJTfurther information & brochure 



LONDON & GLOBAL 
FOREIGN EXCHANGE PLC 

PREVSER SPECULATION SERVICE 
QUOTE UP TO 100 MILLION USS 
Top floor. Cameo Home, 1 1 Bear Street London WC2H 7AS 
Td.: 1071) B39 6161 Fax: (071) 839 2414 



O 130+ software applications ° 

O RT DATA FROM Sto A DAY 0 
O Signal SOFTWARE GUIDE O 
Cafl London:! 44+ (Q) 71 23 1 3556 

for your gukfe and Signal price Ssl 


FafureSource The reel-time information system 

preferred by In Strtutions cna now 
available to traders at heme. Unrivaled coverage al cn unrivaled 
p'.cc Future-; * Options * FX • Energy * Commodities ♦ Metals • 
News • Full Charting * Technical Analysis from our Worldwide 
coverege • available via Satellite through Euroae. 

Call FufureSource Tel.: -*44 71-867 8867 Fax: -44 71-431 3042 


Duff Forecasts and Market My ms for W+ 


VS 


in fj'ie'Voney 
.... i„. • icrrs n - 



•FOREX -METftlS -BONDS -SOFTS 

Objective analysis for professional investors 

( 44 ) 962 879764 

I f Fiennes House. 32 Southgate Street. Winchester. 
Hants S023 9HH UK Fax (44) 424 774067 


i a si fa d 


THE DAILY SPECULATOR 
THE COMMODITY TRADER 
THE WEEKLY INVESTOR 


'Hmafy, specific, proven war- 


”»AHC,Al TRADCB5.LT0. 

Reese cat for a ms copy SBOOser Avenue 

of the market letter of your Hauppauge. NY n788. u$A 

Tel.: 515-435-4600 
CfWoa Fax: 516-435-4897 



WORLD STOCKS IN REVIEW 


Vhl Apsnea rNMW^TMN 

Amsterdam 

Amsterdam shares (ell sharply last week and 
the EOE index dropped to 401.63 points from 
412.77 the week before. 

The fall of the Loudon market depressed 
trading in Amsterdam. The trend was con- 
firmed by a slide in share values elsewhere 
around Europe and in New York. 

the most active stocks, the oil group 

jal Dutch/ Shell fcO from 201 guilders 
($108.77) to 194,60 and the Philips electronics 
group fcU by 2 guilders to 5130. 

Frankfurt 

Frankfurt shares fell depressed by remarks 
of the president of the German Bundesbank, 
Hans ileuneyer, implying there would be a 
pause in the bank's recent run of regular reduc- 
tions in interest rates. 

The DAX 30 share index lost 4.83 percent 
over the week to 2,140.99. 

The weakness of the dollar, undercutting the 
international competitiveness of German ex- 
ports, was also a contributor to the market’s 
slide, analysts at Commerzbank said. 

HongEong _ 

President BQl Clinton's decision to renew 
China's most-favorcd-nation trading status did 
little to help the Hoag Kong market 

The Hang Seng Index dosed at 9,470.13 
points, down 161.50, or 1.68 percent mi the 
previous week, while turnover averaged 4.76 
ntlKnn Hong Kong dollars (US$616 million), 
compared with 6.96 biUioa dollars Ihe week 
before. 

Brokers reported a general lack of direction 
among investors, who had widely discounted 
Mr. Gimoo's announcement that be would 
renew China's trading privileges and end the 
linking of trade and human rights. 

London 

Worries over interest rates caused shares to 
tumble in Loudon, with the Financial Times- 
Stock Exchange 100-stock index registering a 
drop for the week ofl 60.9 points or 5.1 percent, 
falling through tbe 3,000 level to dose at 
2566.4. 


The index has now dropped 16 percent since 
its highesi-cver level of 33393, reached Feb. 3. 

Dealers worried that the suggestion that the 
Bundesbank was unlikdy to cut interest rates 
for several months would harm a tentative 
recovery in Germany. They also fear the U.S. 
Federal Reserve will raise rates again to combat 
the decline in the dollar. 

Among tbe heavy losers. Thorn EMI plunged 
89 pence (5134) to 1,025 despite a hike in 
profits while the retailer Marts & Spencer fell 
35 pentte to 3923 pence, again after announcing 
a rise m profits. 

Cable & Wireless fefl 37 pence to 436 after 
reporting profits of over £1 btHion for the first 
time ever. British Airways, whose profits soared 
63 percent, dipped 63 pence to 371. 

MUm 

Milan was hit by further profit-taking on its 
recent grins and jolted by the falls registered 
elsewhere in Europe. The Mibtd index dosed 
at 1 1.632 points, down 532 percent. 

Dealers said the outlook for tbe market was 
poor in the short term with shares likely to fall 
further this week. Insurance and banking 
shares were particularly bard hit. 

Shares in tbe Fiat automobile group limited 
their fall to 3.4 percent. Olivetti feu further, 
ending the week down 6.6 percent. Stet, tbe 
tdeccmnnuxucaiKHis group, fell 3.1 percent. 

Fans 

Money worries pushed Paris shares to a low 
for the year and toe CAC-40 index dropped by 
5 percent to 2,050.67, depressed by fears of 
inflation and a slowing of rate reductions. 

Dealers were worried by the trend in U.S. 
and German interest rates in particular. For- 
eign invesuns were scarce despite encouraging 
news from several major companies. 

Share prices dropped 1.03 percent on Tues- 
day, f allmg a further 239 percent Wednesday 
and 1.97 percent Friday with only a 036 per- 
cent rise on Thursday. 

A slide in the bond market had also de- 
pressed dealing, with further falls expected this 
week, market analysts said. 


Singapore 

Renewed fears of U3. interest rate increases 
pushed Singapore shares lower. 

The key market indicator, the Straits Times 
Industrials index, fell 13.06 points to end at 
2,323.95 while the broader-based All-Singapore 
SES index slipped 132 points to 57336. 

Shares rose Monday but fell the following 
day in reaction to fears in the United States, 
later allayed, that surging commodity prices 
would lead to higher inflation. 

Tokyo 

Almost alone in the world’s stock markets, 
shares rose in Tokyo last week, pushed higher 
by foreign investment after a series of major 
companies announced better-ihan-expected 
profits. 

The Nikkei Slock Average of 225 selected 
issues closed at 20,777.16, up 434.99 points or 
XI percent from a week earlier. The index 
gained 71.42 points the week before. 

The broader- based Tokyo Stock Price Index 
of all issues in the major section ended at 
1,670.76 Friday for a weekly gain of 2832 
prams after losing 0.66 point a week earlier. 

Fust section turnover averaged 465.8 million 
shares a day, against the preceding week's 287.7 
million, while the value of shares traded this 
week increased from 3233 bflhon yen ($3 bil- 
lion) to 422.6 billion yen. 

The market was encouraged by a Japan-U .S. 
agreement Tuesday to resume stalled frame- 
work trade talks, aimed at cutting Japan’s trade 
surplus with the United Slates. 

Zurich 

Zurich also was relatively isolated from the 
drill running through other markets. The Swiss 
Performance Index dropped by just 834 points 
(0.4 percent) on tbe previous week, to 1,780.19 
points. 

Uncertainties over interest rates continued to 
weigh on tbe market But Wall Street's recovery 
at the end of the week helped the market. 

Bank shares were depressed. UBS fell 4 lo 
1,170 Swiss francs ($836). SBS fell 6 to 402, and 
CS Holding dropped 8 to 611 


INTERNATIONAL CLASSIFIED 


ANNOUNCEMENTS 


Attention visitors 
from the U.S. ! 



If you enjoy reotfcng the IHT 
when you travel, why not 
also gel it al home ? 
Same-day delivery available 
in key U3. dies. 

CaO II] 800 882 2884 

(in NnwVwk afi ‘ ’ 1 752 3890) 

flcral Sri b u nc. 


-WOR1D cm* IICXETV _ 
Al nones (ratable. Tefc piOJ 277-4788, 
Fa* (310) 277-5528 USA 


MIA SCHON. It* mod refined of al 
ncs. n ZURICH mMiMr at - 
WBNBBtC'i IwfcM 1 - 

11 BoMcrfU,. 01-211 29 50 


AlCOHOUCS ANONYMOUS Endfeh 
, daiy. Tefc PA0S 
St & ROME 678 0320, 
997426$. 


“SUMMER 
IN FRANCE” 

Speod HeotSng lor 
HMny Rertnk 

ty pt w on 

Friday, June 3 

Fa mae Hani U ai & Id place yon 
odvwfMnwM, pieoce cortoci; 

IJtT. h Paris 
Tel: (1) 46 37 93 85 or 
Fax: (1) 46 37 93 70 


MOVING 



1)408020 40 
H1961 7595 
2) 524 25 0B 
421 28 65 

26*971 

„ 1.163 60 50 

2-21 &5 7316 
(48.22)562 55$ 



GK05PKON 

The Inti movers 

Aiwand Ihe rarfd 
caeftAjr, saWy 
’•*» d friefdy penonrf touch 1 
Tat Pom ( 33 - 1 ) 48 M 71 71 


0 


INTERDEAN 

FOR A HUE ESTIMATE CALL 

PARK (1)39201400 


REAL ESTATE 
FOR SALE 


SWITZERLAND 


145,000. 


GmMtcs 

T* 4 V 


REAL ESTATE 
TO RENT/SHARE 


GREAT BRITAIN 


R» JOGGING IflVBB • *■ a rtw 


double boA Donts. 2 baths. 61 
equfped b*h«L Newly decorated 
axpetodL ovodable now, £50Q/w* 

min 6 months. Tel 44 71 486 5741/ 

fac 44 71486 ttWL Atcot ftopertes. 


BUSINESS MESSAGE CENTER 


KABOS ARE ADVBB> 

that thm Intmmatfonal 
Harold Tribana aminol bo 
Me/ mspoodbia for loss or 


of Oraraadfam ctant- 

wbkhappmarmoorpapor. 
If it ftiiefw e r eooreewntf- 
ad that loaders mtdem ap- 


sandmg any money of «t- 
tatiag Into any bbtdmg 


BUSINESS SERVICES 


Premium Business Premises 
And Services Avaflabie 
At A Prestigious Address 

/gjjRs 

HP 

Worid-Wde Bumai Ce*wes Netwoik 

a the mWt u ent lohrfo, id today's 
buuneu needs. Modem hilly equipped 
and serviced offices ovaifable nr a 
doily, weekly or monthly basis 
Seaetand and tiansbtexi services 
Fe isonctaed n h ttame !«wct 
fabfaes. To contact our pre 
and friendy staff please cal ■' hot 

AnBSeMfcmA*redv/MooSnd*i 
11* Hague 

Tel- +3) JO 5209303 fee 31 JO 5207510 


Tefc +4J-I 71462S2. Fa*.-4H 2W6519 
Brussels 

Tel +3Z2 5368686 Fas; 312 5360600 

Lausanne 

Tek 41 ?1 6411313 Fm 41-21 Ml 1310 

liraaiial/hfeaaa/Lnfnaca 
M +357-5 355644 Ful- 357-5 356010 

Lsbaa'PortO 

Tet 35M 3557435 Fa.: 351-1 3557854 

London 

Tet +44.713S1P63 Fist 44-713519678 
Mtana'foma 

Tet+ 39 7 48IW27I Fo» J9-2 4WI3233 
MCKPW 

Tet 70-95 I4954W Fa*. 7095 1495600 
New York 

Id + 1-212 «W2W Fw.l 212 3089834 

ftni/Bordeossr Tit le^Lyorv 1 Rouen-' 
towes/ Mu n to tt n /toriouse 
Td +33-6769/400 Fax. +3367697469 

TeMt"»/Jer»cfc«i 

Td + 972 3 6938383 F*. 977-3 6938301 

For informoTuxi gn ota lacahoas 
Old meidersh? apporhinltas cowact. 
W«U-Wide Cen*»n Neiwsd 

Sales E#b» 

Tef 4M 7146262 Fa. 41 1 2146519 


$AVE ON 
International 
Phone Calls 

Now mu can col ihe 
US and save as muds ae 
65% cDrrprred to tool phone 
comporan or adng avd ptoiv 
Cal hum hone, office or norefe 
and tnad surcharges. 

Avaiable m iA counlnes. 

OA now far rotas and see how 
ypu can b*gn Krwng today. 

Lma open 74 hours 

kallback 

Tet 1/206-2848600 
Fax.- 1/206-282-6666 

417 Second Aranue Wesl 
Sedrie. WA 98119 USA 


BUSINESS 

OPPORTUNITIES 


OFFSHORE COMPAMB 

’ 750 l!W)V MADE COMPAMB 

■ BAMMNtRODUGIONS 

■ ACCOUNTING, LEGAL X ADWN 

■ LCs AMI TMlSe DOCUMENTATION 
1 TELEPHONE & MAIL FORWARDING 

Telephone o» fa« far immecfaSe serv«e 
end 100 poge colour farodwe 

OCRA ASAUA01BD 
WG Bant of America Tower 
Haraourt Rood, l 
Tet +852 523Qf 
Fm- +852 5211190 


HUSH NON-RESJDBfT 
COMPAMB £195 

Wed taa-medance vehieto 
to* profile, to free & European. Suit- 
able for trodng. consultancy S ata 
caMha. For inratdata service coMod- 

BSd Murpky, Dtresta, Smrevs 
Staviw, 56 FfcAa 
Dofafin 2, Irdand 

Tefc +353 1 661 B490 Fat 661 8493 


OFftHO» COMPARES 
1 Free pi oFe g onol cons u ltotaa 
1 Wadknde rucadm 

t |w»i 1 rf ta Ji ,f 1 Jrfn 

*1*' tmiw 

1 Ful cenMMial Knnces 
’ London represenwiiv* 

1 Ful odniHitf n tai seowces 

A5T0N CORPORATE UtUSTSS LID 
19, Feel tood. Dead*. Ur of Mon 
Id 0634 626591 Ff» 0624 625126 


OfVSHOK COMPAMB. Fo. free 
brochure or advice Id London 
44 81 741 1774 Fat- 44 81 748 6558 


ORSHOtE BANK wvh dens A tcence- 

Faf iiculwrt or cannsrcid borfc 
powen. Tw free lenue. Iimwfcee 
Iraufcr. US 525/XXL London 44 71 
394 5157. Canada 1604) 947 6169. 


HONG KONG CO. SS20. hud ad 
J48L SB Ltd. 7DT35 Oueeni Sdl C 
HC TeL B57J»075 Fen 8S?B40g?17 


OR5HOK COMPAMB: WO. US 

Owdi Steal. Doogtov Me of Men. 
Td |Dfi741 62932? facP624| 62966Z 


BUSINESS TRAVEL 


107 


m*c uy v ju» 1^# m 

pons, no reanSm. Inpend Conoc 

Td 516341-7227 For 514341-7998. 


COMMERCIAL 

PREMISES 


Uionwnde toofan __ 

- nary blue dip oceoumj. 
Hiii n mH too. MwP be mewed ' 
for detota L« 44 (0571 831 4779. 


CAPITAL AVAILABLE 


FUNDS AVAAABLE 
TO PURCHASE: 

* Utters of Cnto 

* fad GinmntaK ^ ^ ^ ^ 

- Bodtod'w'^T'vrtta 'rM>3cri 
THRU MAIM (NTl BANKS 

CAPITAL SUPPORT COKP. 


SERVICED OFFICES 


Your Office in G ermany 

we on "ot your service' 

1 fniTffolL office services at Two 
»«£ge addresses. 

> rxAy nquipped effices for short 
tarm or bng term. 

1 Intematiuay kaned office 
(fid (eafeniond staff 01 you 

efapsto. 

• Cat be legally used cajmr 
corporate (tonafo for Germany/ 
CwQpft 

1 Tour busnns operoNn can start 
immedaiefy, 

'SHw 1972. 

Ubvb Batoass Senrid* GmlH 
Unco+kJus an Hnbhausenpork 
JustriansbasK 72. 

60322 Frankfurt cm Mai 
Geraow. 

Td MB 24200 
Fttitffl 595770 




PARIS 

“BEnaiHAN A HOIH." 

* rr.i 

OHS YOU n 

QUAinY fpreiMB+ts 

• Limey funiohed 
• Ftev eowpped 

■ • Mod & fcien iemce 

• Speodl rrtas for long stays 

• Vi from of “ttm Sran~ 

• Claw 10 Ihe BM Tourar 

■ and “Trocodera" Sqww 

IViees isarsii® a USJ700 per week 

■ few 6wA— 1 inl~..— M. Ifa- 

cnl 1-4525 9S0I. fan 1-42882991 

1 

1 AG0KE CHAMPS HYSHS 

i- speaAsi S n fivnehed apatmerty 

icsdenlid aeay 3 morahs and mare. 

Tefc fl) 42 25 32 25 

Fax [1)45 63 3709 

AT HOME M PARIS 

PASS PROMO 

oparfmatt to rent hiieled or not 
Sales & Roperty Management Sennces 
25AvHodta 750»Pkirft Fox 145611020 

Td: fl) 45 63 25 60 

YOUR HONE IN PARS 

INTER U8BS 

linrury rmfaft & ides 

31 ruo^Moncraiie Paris 7500B 

Tel: (1) 45 63 17 77 








Pi 

S 

1)1 

1 



1 i"T£ .» t-iFr/. 

i - • 

t 

1 

PAJUS area unfurnished 

Embassy Service 
YOUR REAL ESTATE . 

AGENT IN PARIS " 

Tefc {!] 47.20.30 jK 


SWITZERLAND 


ZUBCK - lovely funtoed 3rwn 

o Hj tmen). Ide view, a few minutes 
from town center. Please to in 
Gentml . (491 7745 53 45. 


EMPLOYMENT 


SECRETARIAL 
POSITIONS AVAILABLE 


INGUSH Mona 

irgenify needed for ten^iorary and 
p a n wient pataons. Gd Sophe. G8 
Intanra Pans: HI 42 61 82 11 


SECRETARIES AVAILABLE 


DO YOU NRS A TOP SEOEXARV ? 

Cal Sophn, GR Interim. Ptoe: Td (1) 
<261 8211 


EDUCATIONAL 
POSmOHS AVAILABLE 


INGUSH TEACHB5, bingud, enpen- 
enced. U+itae. Legd or fnanad 
knowfodoe prefen m. Td: Cyhcte 
lonaie Pin (1) 42-89.1 126. 


few 

YOUR OffiCE M PARIS 

FvAv eqnipped and sermoed offion 
owdafafe on doJy, weeUy or mortWy 
bats, ftwote cor port. Setreftnd | 
and penongfaed sdeftaw service 

YOUR ADORBS m OP9A 1afdau| 
bamtl adefcea Fo*7 phone nwnber. 

SUSO CUM FRANCE madhbne 
12 Bd Madeleine - TonsVm 
Td 331-44 51 B0® Fo* 33-1-44 51 »B1 


LONDON ADORBS BOM) STREBj 

Efeoani offices X all services 
Td (44.711 499 9197 Fa. 497 751 7 


DOMESTIC 
POSITIONS WANTED 


PORTUGUBECOUPU.37. , 

French/Spavsh seat Engl 

obfc wm wiu tBly . Pans fl) 4 


AUTO RENTALS 


RBITnOMDaa AU1D 

WEKEMi ff 515 
5PEOAL OFm - 7 DAYS: FF 1000 
PARK TH; (1) 45 87 27 04 


AVIATION 


1£A5E. 4 Brand New 
M18MTW. Priced for qilKk 
510/7368469 USA Senous 
orfy. 


LEGAL SERVICES 


US. GRSfCARD IflTTBfY 
55,000 Gnrarak la be mmmd 
k 1994/1995. 

larfteen Graeoord, Mcrmi 
173B3 Sunset Bvd. Sto. 120 
Los Anattes, CA 90272 USA 
TeM8D9|»S0W5 Fi»l3m573-5091 


SMfc Andwn. CA 92802 OA/ftw 
(774] 968-8695 USA 


LOW COST FLIGHTS 


ACCESS VOYAGB 

OmW« Round Trip 
■lew Yorfc TOO R995 

onto F600 F720 

& 450 nans daenabara aioand wald 
on 40 dffcranl icheduW ocniers. 

Bestacfant may apply 
d! l-4ai3.O2.02 C 1-42J7.46.94 
to 1-45 08 83 35 
3615 ACCESSVOITAGE 


A iw Ptore Um* 75001 Rto> 
SStaotafotlMlWto 

^jc. 175.1Ul_and deo 

ACCESS M IVONS 
Td (161 78 A3 67 77 
now bv dnaa vAb credR cttol 


lowen ever discount: economy airfore. 
Crndt cards pnssite. Tet ftos (1) 42 
89 10 87 Fa 42 56 25 82 


. ftrfffl: lit. buns, 
Koran* at lowest loo. ofco Ddoy 
soedoL Td 1FT Pons HI 4755 13 13. 


HOLIDAY RENTALS 


FRENCH RIVIERA 


fof sea & mHtai vseuo, 8 bHfcoooB. 
3 receptions, summing pod tans, 
m ho. pod Cd Ftos 7-CS W 19. 


PLANNING TO RUN 
A CLASSIRED AD? 


EUROPE 
RANGE K^ftos, 
1^(114637 9385, 
ftoW4637937a 


ADMIRAL 


GB7MANY. 

BJKVi: 

Foe ( 0691 72 73 10. 

SWITZRlANftPufc, 

TtL: 1031)728X21. 
Foe (021) 728X91. 

UNCteKMCDOfcfclmto, 
Td. (0711 B364K& 
feisc 252009. 

Fto (071)2402254 


WORTH ANgaCA 

NEWYOK: 

M.-J2I2) 752-3890. 

fmc (212) 755-8785 

AgA/PAQBC 

HONGKONG: 

Id; [852)9222-1188. 
Into 61170 HMt 
Fo*. (852) 9222-1 190. 
SNGAFCHE: 

Id: 2236478. 
fw|6a 2241566. 

Tefcc 28749 WISH 


TO OUR REAPERS IN GREAT BRITAIN 

lt*s never been easier to subscribe 
and save. Just call toll-free: 

0 800 89 5965 


— ✓ 

re 

1 

at 

»: 

1 IO 

jy 

ie 

5S 
3. 
id ?8 
re 

X »■ 

V 4e 

n 

y -a 

a 

° 5 

y f 

T 1e 

l • 

'iC 

U Ml 
s ; 

6 \ 

e 11 
k 

s is 
: n 
- 0 
. I 

’ d 
r. 
■d 


:y 







































INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 1994 


a*ag Page 18 


NASDAQ NAHONAU 




li =r \T— 


VI 


r u 

i b 


j i? Ct ' 
l n> Ct 

27' . 


ABC INVESTMEI 
itowmo-Bnhroln A 
#«ABC Futures F fit, 
mABC UlcmlcP /a 
mABC Gtatal 
ABU AMRO BMt~ 
i> Cokitnbln Secu 
«v Trans Euro« 
nr Trans Eurwe — 

wAirenta 

AIG FUND MAN 

d AlGAmer.Ea _ 

w AIG Balanced 
tf AIG Emerg » ”W 
IVAIG Ew+n* F Kj 
w AIG Euro Srix H 
i* AIG Europe F Bf 
m AIG Japan Fu ra 
d AlG JOPOA Sn Jft 
w AIG LotlnAir"^* 
m AIG NUlIcu rriAtir 
nr AIG 5wftr Eo r 
0 High u'e FuiJiai 
0 UBZ EuriKlB •- 
d UKUInuidiT™* 
d UBZUqgKtlJ c | a j 
d UBZ LtouHff 
0 UBZ LhwWIt W0i 
ALFRED HER 1 
d Alfred Berg I ODe 
Alfred Berg 5* : 

d For E03i 

0 German* — ffl I 

d Global . , 

d Japan I 

d HeHwrtands , 
0 North Arrert CS I 
d Switzerland c ~~ 

d U.R. 

ALPHA FUNC 1 1 ■ 
48 Par-Ln-viih ‘ 
wAUn AstalTfll 
mAtona Euroi 
m Alpha Futur COfl 

| for 
i tha 
I 

the 
As: 
saf 
Ch 


rnLallnviSt 1 - 

mNIchApol ■ 1 

mPocll RIM 
mRIngoen h Cl II 
rrSoge I nil 
m Solus inli 
ARRALASS 
nrATrol Am* . 
» Arrol Ask CT, 
w Arral Ini’ 

BAIL 13 Pta tt* 


•* *■ iTur ini ,, u 

BAIL 13 Pta llv ' 
m Inietmari tin 
t iniereftii , uu . 


r InJerptfl ' bel 
r liunratfi ■ 

Intel mkiikp Sla 
rn Class A _ 
in Class B „ 
m Class C_ a-a 
BANK BRl 

0 bbl inw ne 

d BBL Inw 
0 BBL Inv- 
d BBL Mv an 
0 BBL Inv 1111 
a BBL Inv Ha 
0 BBL Re< 
o Ptjtrlmo 
d PenloC -nr 
0 Ren to C S 
0 Renta C M 
d BBL (L a 
d BBL IL -**■ 
0 BBL IL 
0 BBL (L 
BANOUE 
Share Dte — 
w Inn Ea 
w Inn Ba 

w Dollar — 
w Slrcllrr 
w STerllrr — 
W Asia Pi 
BANOUE 
» The Di 
m Japan 
m Japan 
mDuolF “ 

m Dual r 

mManln . 
m Marin 1C 
mAladr . 
mMcu It 
mlrwrwi 11 
mlndov u 


OTC Consolidated trading for week 
ended Friday, May 27. 

(Continued) 


YW lOOt-Hign Low Che 


Sees 

Dn Yd I Oft. High Low Ow Chge 


intoAm 

I mourn 

hitRsc 

infoPes 

■nfarml* 

infratnc 

miuTrcti 

tftglMM 

intuATn 

InrrKK 

iruarp 

irmerdyn 

inrodato 

inodta wi 

kirenre* 

Inal oh 

Input s 

insaFn 

IrelKD 

inSIWVc 

InsitE 

InsitAM 

insllTc 

InsAut 

intcgrac r 


001 3’i 
.. 167 8’ . 

85 «■% 
_ in Mia 
..17736 16'*% 
_ "24 5 

- 222 2". 
M $.7x1972 11 
. IMS 8 
_ 4085 4 V. 

- 66 n 

- 124 15* 
SO 7 

_ 1337 1 
-3 23 984 10 
_ 363 14m 

„ 13333 77". 
10 !**<» 
... 100 1 7 Vi 

17s 7b 
■OS 1.9 214 2b 
.14 1.2x1172 12 

_ 2592 I4W 
._ 2312 325* 
_ 27711 


3 1 .; O'.j 
8 8’i 

8 9U 
135. 14 
IS IS'.’* 

4V. 41. 

r>., 2v» 

1 1 ' * 1 1 Li 
7*.g 7v* 
35» 4'* 
171j 23 
|V% IV. 
617; sn 

: Vt 5* 

9% 9'i 
IH I** 
»v. iy. 
17L. 18V] 
17 17 

4»'i S'. 

IVj 2^ 

liv* ir-u 

1 4 14'.* 

30'.* 325* 
10 II 


inienCiro 

IntgOv 

InlaMic 

InUriS, 

llgSvs 

Iniawsi 

Intel s 

Irtlol uVT s 

InISr *4 4 

iTiiSr wtB 

InttSnis 

IntelEI 

Inn Tel 

IntwSvq 

Intern 

intfJrwK 

Intrcrfta 

intercel 

InICtIBk 

intrtcin 

imertc 

Inllrn 

Inrcrflm 

ttmoh 

intaHJl 

imerirn 

intrleat 

Irrtrrnrra 

IrttrCm 

intmolC 

Intnntr 


.. 7206 IS 1 ’: 11 
..2S9S333'. 7S'-* 
.. left 7'* 7'* 

. 740S 7 1 1 '* 191* 
.. 652 12 11'* 

2*09 J'* J'-* 

34 4 12980 7 e7 M’i 

. 12749 li“i« U 1 . 

. IW 3"! 7’i 

.. 80(i I’* Hi 

... 48 >4 "■* S'* 

J2 uisiftiii’i » 

1253 UP* *9, 

JO i: 85 13'? I?' 1 * 

_ 50 4' i Sir 

_ 3791 i’t b 

18 1.8 343I0'1 

_ 315 9’.i 8M. 

J2 I & vjfcr. TO** l« Vi 

J4 1.7 JiMOU 13 

.16 4 6 2t8 51* S'; 

_ 498 3*6 3-*-i 

746 7 1 i 6 1 -: 

.. 17604 9'i Bi-c 
_. 2679 46' i 44’ .- 
-2357 24 15', 

.. 2577 7 6'r* 

...51131 7«* 4’* 
.. 1305 12'A lie. 
_ 160 84* 7' t 
.16 14 371 5 4V* 


InllAir 

InlCaol 

IniCWe 

IniCni 

InDnlrA 

InDau-B 

IrrllmQ^ 

Ini Jen 

InlNc-sm 

IntPtr 

inltPin' 

intPsh 

mtSumT.: 

InITo'lz 

inirnu 

Intm wfB 

InlBtKC 

Ir.tpnl 

Inlparc 

Intersiv 

intrtmb 

IntviiB 

inrrtjice 

Intuit 

Irivorjrc 
InwTenn 
IrrrBni s 
Inv Till 
lorncua 

lawntJt s 
IBSCCl 

IroauOi 
irwnFns 
i sco 
Isis 

lianvtx 

isrlLd 

IIcxCp 

ItrncBc 

lloTokd 

Itron 

Inverts 


. <10 1*11 U.. I v ta 

... 6*5* 4'i V-i 4 

. 12554 21 'S 70 20 

1 2'* •' * 7'. 
510 18'* 1" i 17V* 
1 17 17 1' 

. 1337 17’ - H- * I7'« 
75 7-. 6': 7-i 
*246 S „ 5', S' . 

.. 477 1*6 I i. IM 

_. 2* 9 S'* 9 

08 7 6 180 J*» 1 3', 


aIJ 12* wt7’»il7<' - - 
025 10-1. 3>* 9% 


.. 1440 7 1 , 6 7'V 

... » 7'-* 7 ?** 

»3i 6'< 5'* J'* 
... 67410 B’* »'.•* 

. 3216 10 8*'J 9 Vi 

.. SO 11 >i II II** 
Ja 1.5 151? 13 IW* 1J 
.. 353 2'» lav* 

_ 8725 II 1 - 10 v i 10‘? 

„ Si?.’ 34 3|J-* 33' s 

jOIo 70* 33 i 7'a 37V* 

1E47IS 13*6 IS 

20 2.7 34 18'-* IT'-r IS’* 


LF5 Sen -. 9IS 151. 14*8 li*.» - 

LSBfiCS .« 33 25 18 18 18 

LSI : ml OS J 461 m. TO ID'.*? 

LT^ 3646 2H 7'V 7v n — Ik 

LVMHs ,71c 2.J iOlOK'-i 31 31 H 

L V E - nilR. 11 II — l r 

LrCrase - «5i4'i 131* 13**. — 

LabCne ’3 3 4 363 23": 21 's 21’ .— 1'-. 

Lo.:n*oeSI <8115'.* I3v* 15' j-l't 

LOQOFr .12 1 3 329 9 8'i 9 

LtJffvLUO - 7036 9’j 7>i 71* —2 

Lain, Afi .. 364£ 3' . 3 3 -!» 

LkeSnre 3? 10 4jr Jp.* Tfji, 306* — 

LdindFi 40a 3.4 110 18". 17V* 17'* -V. 

Lakoitw - 438 4'.* 3'*-* < *1.1 


McsOp 

MobTcJis 

MOilB* 

ManSt 


.76 4JJ 5701 1«L 1BU 1* — % 

_ 777 S 4'*. <6. -V- 

- 570 8'.* 7‘U 8 

- 1462 4 Vs 4 41% — •'%. 


_ 105 8V5 SY> «« +1* 

— 8323 12’** 119$ J186 — '<* 

_ 2049 2014 18% Wtt - 

_ 3396 309* 29 30'% -1 

n 5.1 831 14V4 13*4 MB - 

]J1 Lf 82 27 3614 36'** 

-18761 « e» 49 'A -ljh 

M 13 205 131% 12*4 13'* 

J| u 45116* 11*4 IHS 

IAS 63 60« 17 17 - 


MoinSrCB Mo A 1426 15 14V, l*«I 


047 A <S0ns*il5 15’. -’m 


>J7S'. 8': ill 

1746 ?L, 2". 


LcmPi- - 16169 79": 76' i a — 3 V 

L oncost .M 1-4 3634 491* 46 46' :— 7’T 

LOnCu °i SJ 186S 19 17". 1B % -H 

Lono: _ 499 12*. 11>% 17*. -*v 

Lontlcir 75 201$ 19 19*4 — T 

LtJmkBc : - 3 6*t V'l 6»* — 

LoncBnc .. 3309 11 1ft*. II -<■, 

Ldraktoh _ 1537 34'% M'% 31', -15% 

Landry s 3358 77 21' . 22 -** 

Lands, r 2579 2* 25*4 26 — ", 

Lantie; ... 4315 7*. 6'-r 7*. _ 

Lcnnoti-: .. S35 e'.-i 7'.i B —** 

Lm^.-aj - 10 v., v.. _ 

LCiorPr 
LasrrnTc 
Lasrscp 
Lattice s 


.84 3 J 7524 73 73’* 

« _ <918 17 I7»„ 

JSt 3.3 13 1i"i 15*. 16*. 

36 1 .6 M.’??’-* 7? 221* 

job 2.r :;io'.* r.-. 10'. 

_ 2117 T'l S'* s*! 

_ ;i;i« J * 171* ia>. 

„ 26 18'.* t7‘7 18' .- 

„ 66 1-. 3'- : r. 

30 l7'.i 17'.« 17*6 
J ?9c Jx 31209 19,1 j20" - 

3504 31 '•* 19 19'. a- 

— 1069B 0'-» » 8'i 


10 v., v., _ 

- 1726 5*. 4*. 4*« 

. . T37S1 10>. a 9 1 a - *9 
... 213: S S’ .. S’* —V. 
.. H03117:-. 15 17*. -1*9 


LcurlBc S ..'42 I « 6 I? 1 -.- 12'% 12'- 


This week’s topics: 

O China's Quiet Revolution 
O The Best Product Designs Of The Year 
O Philips Looks Desperately For Electronics Hits 
O Autos: The Japanese Are Staging A Comeback 
O Bayer Group Eyes A Lost Continent: America 


Now available at your newsstand! 


BusinessWeek International 
14, aird'Oucfty. CH-1G06 Lausanne Tel. 41-21-617-4411 
For subscriptions call UK 44-628-23431 Hong Kong 852-523-2939 


JSJSn 

JBRyt 

JGina 

JLG 

JMCOC 

JP? 

JSSFn 

Jaoii 

JoefcHwf 

jettetec 

Jacosn 

JacarC wi 

JcKorCni 

Jarmtinln 

jasmine 

Jasons 

vijavjac 

JccnPhl 

JoHrOO 

JrfBsh 

JelfSvLn 

JcliSvw 

JoCmrt 

Ji-rrhlv 

jciFrm 5 
Jrnar 

JWA 
John 5 cn A 
JntvnsSv 

Jonlcol 

Jonel A 

JrttesA* 

JosBanh 

Joslvn 

junoLi 

JUilFFlt'i 

Jo SIT. TVS 

Justin 


_ 941 ; 13 10'. 

. ij* 5'* 5', 

„ 3 >'■» li. 

,«v J 1698 22’. 2*’, 

.07 1 ... ’6 4 )... 

r ii*i ii 

M 7 6 7*26 *.•’« 74'* 

. 610 o'* 5‘; 

28 1? M 
92 * 

<0 JS 101 14'. 14'-. 

. ril *:■* S'-* 

. 323 13’-; 12’* 

I2e 1.5 609 r. J', 

_ JJl ’»% 2 

. 811 II': II 

. «J7 I’* I 

. 157jU'. 10 
j, S 252 41'. 37 
.68 3.2 MS 21 1 . 2ft' ~ 

.' 9«. «*•. 

7 S63 17’: la), 

.. 6620 14 13hi 
. ll«6ll 9 
. 326 3'. 

2514 l' - I" c 
_. *60 7* 22> « 

. 13641 ?4’. Tir ,. 
.20 9 «J5 21‘* 25' r 

713 13’: 1?’* 
_ 70*6 l;)« 12' : 

io .9 .’Tamo 1 , lo 1 , 
_ I1'2 10 9‘. 

1.70 4.7 2II2S 1 .24 
.38 IJ 4?9 16* t ifl’ . 
_ S77 12)* 11*-, 

... 7719 4> . 3>. 

.16 IJ 3333 13 II': 


Marketplace 


• Monday 

International Conferences and Seminars 

• Tuesday 
Education Directory 

• Wednesday 

Business Message Center 

• Thursday 

Internationa I Recruitment 

• Friday 

Real Estate Marketplace, Holidays and Travel 

• Saturday 

Arts and Antiques 


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


K Swis-v 

K~M 

KL a 

. KLLM 
K.Tran 
Kohler s 
KalsRiC 
koman 
Komanpt 
Konl'ihB 
Kovaon 
KetvOil 
KelvOI Pi 
t\-hSA i 
Keme* 
Kenan 
kenelech 

Kenlcn pi 

Kopni 

KnlrtvEl 

KcntEnt 

KvMcd 

Kepl<H 

Kevtin 

KewnSc 

K.ev Prd 

Ko»T«h 

Ke/Tm 

KevFn 

KersMrl 

Kimbai 

KndrL wt 

f:narLr 

K Indie 

Kmrcra 

K inrov, 

Kvjctin 

khtinrl 

KnapcV 

f.nwrw 

Koala 

tJaitMS 

K oil PE 

Ka8PI rt 

Knrnoa 

Kopin 

K(«S 

KrrjoOi 

Krug 

Krvslat 

Kulcxe 

Kurmmil 

KuMiLV 

KirihLCwl 


J 321 ,T. 73 23 

77 t J’. 4 

. 1 2722 40*. Jr", 3 jj« 


... 499 13'* ll’.*l|:' ? M — 


A7 33* 9' ; 9 9', 

7J 50 J3‘ : 43'.: 43’.- 

— ?4t 17 I*’ . 17 

I 8 1BP7 2T 1 : 71’. 22’. 
_ B4?6 4’ : 5’% 6’t 

- 237’ 2*‘ . 73’ * 7*' -. 
i.’> 1475 2- : it, -, .o'*. 

... 1040 17 l*’. 16*. 

IJ MU'. 17': 18". 




7280 20b >6 



l®0 1 

* A 



IX" If. 




*5 77 

21 



1*0 6b 

S', 



U16 '2 





lb 



b 3': 

lb 



UtZS 4b 

4 



SCO -'-J 




jr 




a:o 30' . 


1 ft* 


Jib 

84 


423 71b 

23', 



136 5b 

4b 


LawrSB - 595 £'.* 4T', 5'. i — *% 

Lawsn .43 2.1 1733 23’. 22'* 23’% -*h 

Lu.-vrT ill .12 lXtrai812'* 10^ 17 - ’1 

L0VTV: - 1071 e*i r% 6V. — W 

L«4rTm _ 3450 8'$ 8 I 

LCCOrPn _ 2927 25*. 24H 75$* - V! 

LmgCa - '64S i6 - '> 14J% IJ'.-iV, 

Lease-wav „ *01 11' * 10'-% 11 

LSBSfttu _ 453 10 7 9 —1 

Ledw: j7T S.3 107 94* 9 9L. 

Lechier^ 1966 17’.* ir* 17V1 -'i 

LocdiFcl _ lUl II 10", 10’-, - '» 

Ldten! -.iara*30*. 27’: 29’-. -*6 

LdsCn - 458 r.* 4’.% S’ * - 

LcpC*p _ it: >. 

L«CO^ ^4 A 7W li*. 15V« 16 

LnPol JTI 4.9 1115 12>. 11', 1 1 V. — 
LevdOns - 45*6 19': IB'* 1S%$ - 

LOiirwS JS 7.9 1948 17 15’ « 16K* 

LDIvBc .oOoT-5 242 24*. 24 24'. — >.% 

LitecOK ,*0a 1.9 20821 30'.. 31 - •% 

Lft.VHA 38 2.7 61 10’ s Wi 10$% -1% 

Ll&ModA - 9-31 21 '% 18'- 21*. -2'i 

LST.vmB ... 179 22 20V, raw— 3’.* 

LiBMdO Bl 6.00 6.a SM 68 68 -I 

LibtvNB 79a 2 8 2rW?8’.27K. 77'% — 
LibOVTc — 4S9 7'* 6$. 7'y, _ 

Line - 315 3’* 2'.'* 2Th -l« 

Lidak . 676? ?„ 7’.. ?-’« — ’•* 

Udok*y» - 11780 "i. V u — 

LKJak wrC .. 39iv, i*% l-j — 

LWTcn JO 1.2 95 17’. 16$: 16’% _ 

LIvUSA _ 9488 9’. 8$. 9’^ 

Llccjre _ 4914 *% 3«* *'* _ 

LhtOsI ... *14 9'.* fl'.% 8$, » <% 

LldhcS .- 4’9 4'. 4 4', 

LfHaan S — 304 11'* 10"* 11’* _ 

Ligand _ E9t 13 11'% 12' % — '% 

Lill. Indi .43 1.8 13-7 24'. 21*. 27$$— l l i 
L.nBrc 4815 lift' i 1 143* 1 1 B -2L. 

Lm-urv-i _ 5S*«22’. 21*: 23 <« - *■. 

LlnoFa 191 13’. 13'. 13*. _ 

LircSE : M 3J 29 50 C? J9 — >•, 

Lm-:T1 5 5: 3.5 2365 IS** 13V. 14V.— T 

LlnaiH - 40 5 4'.« 5 — 

Lin»r-j JJ 32 453 i 6’. —I'. 

Linas. - 75 3!'% 3?'-* 32’: — *-* 

Lir«crT< 24 5 10645 *5*. 43 44' 1 

Lipown — *049 s' , r$ 6'-* 

Lipsm m 1.9* 11 2 708 IT*. 17 17H -$* 

LTI ._ 2214 6*. ft-, ft), -’k 

L“3l'iBi' 4C 1.1 3516'v 35'% 35’l— 1’% 

LUChFn i .31 .6 179 II*. 12 12*. -V. 

LiWivW .. S' 2 72’. 71’, 22 

L:'l . 134 15*i IS 1 S*i — '.i 

Li£^t: - 9'W 6»< S'i 6’i -v, 

Ljirvki ... ?-? 1 S": 57$ - ' i 

LOJCCk. - 9-49 8' . 7-S B’v - »$ 

LbonA ... 876 II' 1 ll'-i 11’.; - '. 

LodgEm ... wo? ll', I0'a ll’-i 

Lcow.-ftg .0v . >0515 2I'-« 22 22*» - '% 

LcoatisI/1 — 6^4 :<I T 1 : 10 -!'•« 

Lm„I 66" 4V. 4 4*$ — 1 ■ 

Lomak — 1531 Bl, 7'-; g - 

Lorain: 550 5 9 S3 8': 8*v 8$$ — $$ 

Lnc-Ui$ „ 17058 22$. 1B>. JOW 

LoneSir _ ?1— 4', 7': t$. — ’. 

LI&3) ...40215 14T. !3*» I4’4 ♦!*. 

LmSiv _ 7' 7* II'. IO'.. 11'%-$ 

LortervE _ir?5 13':ll I2'S - 1'-. 

Lotus „ 10546" 66 59’-: 61*$ -1H 

LOv» rerv: — ’4 7 6 6$. - $$ 

Lovola 19 I." ’50 2 I’t TO*. 21 — 

Lutkm .60 IS fjll'i 18 18 V. -*. 

Lunar ._ 310 12‘. l!$i 12'4 _ { 


Mafciia 

7A oPon 

Moulin 

MonhLfe 

’Jlariugtl 

'Wo&'nfo 

MOTTlFn 

Marcam 

Marc-’JC 

Wicnet 

MarOn 

MarinerH 

671 arc ao 

WlkTwns 

/Aarkd 

MktFa 

Maras 

fAornQ 

7Aar»fn 

WlrshSB 

MrshSu 

AtoiWi 

WorihFn 

*4^1 eh 

Morten 

Mated 

MdFBBc 

Mas land 


Matron 

Maine Ph 

Mamsv 
Mtffw 
MasEr 
Masco 
MaxOrHU 
MaxirnGP 

MOuOk 1 

Mwlm 

Manor 
Manvel 
MexwtfSn 
MlCrftCo 
MovrftGrv 
AAsvnDI 
MeAJee 
McCsw 
Mean 


Up .8 29* 20$$ 70 »* -1* 

- 102 31s 3 3$% -$4 

t _ 5D 4$i t'm 4’A _ 

_ 16S 4V. s -% 

_. 1443 9 7\: 6’- — 

_ 212525*% 2I J $ 2*$% — tv 

100 1 J 158 B$$ I 8U. — y, 

- 2211 101$ 10 IO** -V, 

- 1476 J*. 3’'. 4'J. * '% 

_ 39? 9'i ■*% -W 

3608 4’% J-% 4-$ -1% 

_ 3614 23*-i 215% 21V$_?I4 
M 3J «J0 16'.s IS*'. 151$ — Y, 
H 32 325 33's 29'% 30V$ *%* 
_ 141 40'i 39’.$ 3Hs tVi 

21 14 2* 8** S'A t'A _ 

- 143 7<f> Z TA *■*%, 

_ 514 16’. * IJVa 155% — 'A, 

- 699 12’.$ )0'% 11 -V, 

At 4J 306 9V. 9 9V$ — V% 

At iJ> 9110% 9V: Wt 

AO 2JvS79B23'4 21V% 23'** - V: 

.. 501 » 8’a 9 

_ 75SI0 1 *. 8 $* BU —11% 

_ 36H 17V, T7V% — IV, 

_ »l IV 7% TV -1 
A3 IS *371 39''* 78'. 38b —'4 

,10e A 2315 17'/i TfrH 17 

MosonOi* 1 Jfl ZB *2647 44 45 — U, 

Massbk Ai 2J 936 3314 36 *3 

Mostec ,. 2105 8$$ 8 8’.a — V$ 

- 187 4 3b 3% _ 

.. 150311 U’% 11 

_. 9950 10'A 6b 7*%— 3*% 
_ 402 3b 3--U, 7‘A, —V. 

_ 434104$ W$ 10 .4$ 

_ 13* 9'A BV$ n 4 _ 

- 307913 114$ I TV. *4$ 

_ 1326131% 13 13% _ 

- 305 6'% 6% 6b ~ y$ 

- 2623 53 49 50',% —7 



_ 132SZ1 !■*$ » 

-10e J 991630*. Wl% »» *■' 
ig If 144 32b 32b 3* — 

_ 1541346 13'A 13'% _ 

_ 34 5 48$ 44* — b 

- 133 3$» 3 3 - 

« 3.1x3539^4$ 24 34b — 

_ 7150 23b 2I^$ 23 

„ 290 3 2b 2b 

I 15 II M 1084 |1V$ *». 
.95 13 *394$ 39!% 39b— 3b 

S3 14 21 ■ WA — 

_ 6*4 9*A BW 9b _ 

_ 1101 12 104$ 104$ — W 

J3 Z7 101146 114* 114$ **1 
38 IJ WISVi 15i* 154$ *V» 
_ 205417 15b 16b ♦1'% 

138a J 23154 149K.1S4 -4 

_ iOih 1 41% -4$ 

1J0 35 21 28b » 2Bb ■‘l 

_ 14103 OT. 164% 171* *J* 
1 2b 2b TA — b 

JO 13 V*7 74$ 7b 7V, — b 

S2 2,0 xS1527$% 26b 76b — «% 
_ 88 lb* lb l$fc — V% 

_ 3135224$ 21b 22b 
_ 853 7b 64$ 7V» *1% 

JU .1 417738 354$ 37% tin 

M J 7226 354$ 34 35V) .1 

- 2548 27b 20 2044—3 

_ *14 8V% 74$ 7b -V$ 

371344 12b 13b *b 

_ 1622 84* 3b flb — » 
I 615 Zb 2b 3b -V$ 

_ gr» 1% »$ — b* 

_ 4707 9 ■ B — b 

_ !01210b 94$ TH — V% 
.16 .9 2513 17b 18b 18VS *b 

_5Q 1A 27 7b 64$ 644 - 

j _ 262 174% 17 17b — b 

_ 127 Sb 47$ 59% -»4* 

_. 126314b Mb MU -b 
B 14b 141$ 144* — V$ 
_ 3 4b 4b 4!A - 

J449 A 278 84% 8 B r 

JS* IJ 537 7b 1 7b ♦$$ 

Xu j4 2697 409$ 9b "J4% — 7$ 

36 IJ 110 309% 29!% 29V, -b 

_ 777 T7>* 464% 17>A — b 

_ 128 4V, 4 4 — V% 

_ 484 9 lb (TVs +V* 

3814 13 43b — b 

_ 165611 40b 10b —b 

Z 4814 9b 7H 74$ — IW 

- 18106 1SV% 44V. lJVTr *»e 

ZOO 6.1 232b 32b 32b — 

87 ID 9b 10 • b 

_ 395 b 'V* V% — 

_ 5102 18b 16 Itfb— 2b 
_ 6SO930 27%. 28b *1 

Mat 4.9 22721 20V. 21 - 1 b 

_ 3SSB11 «V% M$ —3 
_ 1032 10b IC* Ift”. — b 

- 2427 44% 4b 44$ — V$ 



Medlmun 

MetJQst 


Medoph 
Meda 
MOOCTTEA 
Atodon> wt 

Meoex 


_ 2623 53 49 SO ',7 — 7 

- 5913 6 V» 5b SVu -Vu 

^9t 5.7 268 9 7b SH -b 

- 316211 10*4 41 -U. 

2210b 10 10 — %, 

- S14 8b 8 Bb .b 

- 42 Slu 4b SVu *-04 

- 368 8'i 8 BU _ 

-26577 53b 51'.% 514$— 2 V* 

- 140 1 7Vj 12 12 _I% 

AS 23 17408 21b 20b 2D7S —4$ 

- 156 A$ 4 4b -4$ 

44 16 1181 17 16 17 -1 

_ 882 5b 5 5b *!%$ 

- 87 J lb 2 ♦ b 

_ 205 IV, 1 lb -14 

_ 2254 9V= 8b 9 — b 
_ 495 7 64% 61% — b 

_ 602 14b 14 M 

- W33 30 'A 394$ 33 '4 - Y. 
_ 2588 13b 144% 42b 

- 352 59$ 54% 57% _ 

- 315 UV 3 11% lb — b 

.16 IJ 239 12V, Ub 12b _ 


it MeflSvBk I.M 3J 859 344% 3Jb 3S"i.*lV$ 


Lin-^rni 

LihOFa 
L.ncSE 1 « 
L<nCTl s 5.' 
LinOIH 

Linoora SC 
Linds, 

Lir^crTc 24 

Lipcwn 


Luai-iBi' 4C 
LUChFn i .34 
LMWe 
1 Li'lK td 
I L'S^r; 

! LjUiVi 
L'XICCK 
LoonJ- 
LOdgEr: 
Lcew.ui g .0* 

LCflwriSln 

Lcc.rD 

Lomak 

Lorain: 53 

Lnt-^sik 
LoneS:r 
Li Bcc 
LnnSrv 
Loners E 
Lotus 
Lowrcrv: 
Lovola SO 

Lutkrf) .40 

Lunar 
Lunoirl 


MedVsn 

Meacma 

MeOACT 

McdOrl 

MdCtrwT 

M«I>v 

AtedDxog 

MedGr 

Med I mo 

MetfTwl 

Metrr*en 

fAedSh 

Modicis 

Mefik wtB 

Medcm 

Mertevs 

Medmd 

Medslal 

ABracrd 

Megftxxf 

Afleanhrt: 


MedVm _17VS4*% 3b 4 - Vu 

Meocmo - 22S 16b IS 154% —b 

- 745 2b 2V. 24% 

- KB 51% 4*. sv, _Vu 

MdOrwt - 433 "i B V$ VV —Vs 

- 208 2’.i 11% 2 -V» 

- 66 4'i 3b 4b 

- 683 6b 5V» 6b * b 

- 1892 $ “i «c -tr, 

- »»■ n r«M -9% 

AbdTeen _ 777 9b 8b 9 -b 

48 21 1037 22b 21b 22b -1% 

- 3953 b >v a 

Medte WtB _ 550 v u «E Vu ~-*m 

- 671 48 16b 17 — 1 

- 2992 4 3b 4 -bu 

- 658 11b 10b 10b — >4 

- 1210 ir% 144% 15 -4% 

_ 98 14% IV* !*% -b 

- 3504 i’A tfb 5>J — b 
Mesahm -Ursa 10'.* Sb *v. — ■* 

— IM 181% 17b ISO, ,>i 

- 104 3 2b 7b 

- 348 54% 44% 4'% —1 
MellonP J6a 9.0 1098 4b 3H 4 
Memcrex _ 1«H 4V U 5V= 5=b— n%: 
Menttec JUe J 1311'.* 11b lib _ 


MuttOr 

MMM$wie 

MutttJP 

NWRndh 

MutlAsr 

MdSvgt 


I-50O3M. 
.16 . j 6 
J3t 5u0 
J2 2.2 
J6b 2.9 


IJOeJLO 

AQ» 1^ 


usznao 

SB 73 
JO 7J 

» M 


: „ , saoMm:HvP 

I'. 1 ; 


smm 


F .1^ 278ST9H 17b, ,, 

mz&nmm ~ 



•^^gaww-’- 

!f¥aaa» 

«r - j I m u 


^;| L 

*>*L36*z 


mm 




i’£*& 

it#* 1 *** 




ir rSOvtUtf 


Last Week’s Markets 


‘ ■ 1 ‘ 1:- aO :-; ’.'-s >'f«j 

nd Yttlitt^^ 



. — -bus -i St ‘ 





AU ttivraa an os of ctotc of t>x*8n9 Frtttav 


Stock Indexes 


united States May 27 


OJ Indus. U57.M 
DJ UtlL 18673 


OJ Trans. 162U3 

S & P 100 43M2 


- 302 14% 1 1 _ 

- 2731 27b 24b 25b— l*s 

_ 104214 13b 13b 

- 13370 11'.$ 10b 1(7=.'., — U 
.68 15 256019b 19'$ 17"u -I'i. 

_ Ellfi IQVr TV: 9b — »u 
MrtBnc - 1011b *b 114% -9% 

MrchBCP .17* J 238 254% 24b 251% -’% 

MerBkNY 1.60 XI 7 51 50 51 

MereGn SO 2A 4613 3»b 26b 29b -344 

Merdnt - 464812 lib 11b — V. 

MrOnBc 1J6 A* MUi 3ftb 30”.^ 3ftb - V. 
MendCXa .t2 1 A 72 TA 84% 84% —4% 

7A*rdln& J4B X4 4 10 IQ 10 „ 


Men lev J 

MaiWr t, 

Menrnr 

MentGr 

MrcSfcS 

Mercer 

MraBnc 


5&P500 
S&Pind 
NYSE Co 


Ofge 
—024% 
+ U1 % 
+ 1J6 % 
+ 102% 
+ai9% 
+024% 
+ (148 % 


Money Rates 

United Hates May 27 May3> 


Otscountrafe 31% : 

Prim* rate 7Vf* 7b 

Federal funds rale - 43/M 43/16' 


• ■ ’,130 ''437 


Discount IM l%fc 

Coll money 200 2 

3-mantl, Interbank 2 1/16 2 1/M 


- .•••.iff , «r~- 


Iff 


FTSE100 196640 1TZ7J0 —5.15% 
FT 30 1346.90 247250 —559% 


17 Nikkei 225 20777. 20341 +114% 


Lombard 
Call money 
3-«nontti Interbank 


650 600 
500 530 
530 511 


.. i:&ji3 i: 
JO IS71 4'. 3: 

1 2 > «i: j’* j’ 

.. 13’6 9 , i 
_ -bl T ': < 
_ -T 1 !' 1! 
3 ’ 18 18 1?' 

.. 40-6 11'. 9* 
35 ' 6» 

80 13 t; 

_ 73" 1, . 


IT' j I’b 

9', IO*., 


/••■A'cie 
MG Prjc 
MAC B-: s 
MB Cam 
MO s 1C 
MCL l-‘C 
'.IDT Zd 
MF8 -ZA 
MFRl 
MPS Cm 
■MSI Pnr 
AiHM.r.or n-r 
MK -iolC 
Mr. Re.1 
.MLX 

V.MI ,li 


_. 148 10'* 

_ I!' 4': 

.. 77- IJ' : 

.. 2ICa21>* 
.411-60574 - . 
. 1251 7>. 
- 421 5--. 

. 9e5 I?' . 

_ 174 1-. 

...lira: 37': 

.. °6’ I • ' . 

6 7««- f 
_. 4a’4 S’. 
1857 16 
10 »'. 
34 54 5 


10 HH. 

7 »V« 

201* 23 . 

19 70'. 

24U tt 


I rAerdlRS 
I MerPt83 
1 fAer&L 
! Merisel 
! MeriMd 
! MerixCA 
; MetttC? 

; MesCAr 


1 6/iesoiec 

1 .Metnamr _ 

MemdB .05 J 
1 Me mdA 06 A 
1 Mali ci n _ 

I fAetroFn JOt> 1 J 


™ J>5 • ? ' * 

. 4104 7?'. ?i 


■^00 i- 

.1/1 4.4 7M -• 


7*50 I* 1 , IS': 17’. • 

<78i: .ii-* if.. 
-WWI- It' ; 16' : 
7&4 4* ■ J», 3'. 1 


MN’< 

. wc:i2b 

>2 

12 

•MRi Mg: 

_ 161 4b 

4b 

4b — b 

MPS T;n 

_ 923 9’ r 

Sb 

Sb — ’% 

WPV Cm 

.. IS? SS 

5b 

Sb — b 


Merroccll 

M^truB.3 

IMiomSB 

MiCtTlF 

MxoiSir 


JJDX4 4 10 10 10 _ 

_ 20 6b 3W C.M -b , 

_ 1179 2V: 3 M -1 ! 

-11783 18 15b 17b , 2 > 

_ 327 5>.$ $b 4b — V% 

_ 11(09 9b 9 9Vw _ 

.12 3 438625’% 21 25 -3 

— 11898 13’$ 12 T3 -b 

- 76 3 3b 3 - V$ 

- 194 12V* IT * 12V* - V, 

-32297 ll*% ICFS 11b -V, 

.05 3 6 16b 16b 16b - b 

.06 A 3697 lib 14$$ 15 -»* 

_ 5092 21b 17b lB’-i— 2 

JOb i J }- Jib IDb II -U 

- 1462 14'.% 12"$ 14"% •!•$ 

- 219 14b 13b l^* , '$ 

.. 1037 T *•* 2V% 2b — Ju 

JO 1.7 161311b U$u ll'-i _ 

-.17359 41’$ 37b 4£F'i -lb 


Hans Sens 9^7013 9431^3 — 1 j6B% 


Z 14099 224945 -AS3% B«Uc base rate 5b 5* 

Coil money 5J» <b 

, -o, 3-monffi interbank 51/M 53/M 

^ Md Mays Moy 20 an* 

6195Q —036% London n/n. Bx3 385*40‘ 383.15 +059% 


•: >i8 , -7M ;-s. rm ■ 

m. -- ,7.10 Jfltir, ; • f- 

\*» :.^e ■■ >-;W v 

' ;.;'M4 •-aw? 

L-i-u* .J*5^- r .4aSi7^ : 

^.. XSS- 325 

Saorvir: ti ut g MJ S uwg Jax*: axaan^fc*'. 


'At 


world index FnmMorvon Stanley Caettallnri 


MkJrFn U» 15 » 23'- 27*. j 28b 


. 1695 14'; 13r. 14’, 


- HC6o 15'. 
„ bil I S’; 

_ 22* rt 1 

i in • - 


“71 IV '^‘VNUl'iMI Ad .* 

itcralo^a^eribunc 


[ LA T Tot _ ?'6 I'i 4’, 4'* — 1 

LCHnli . U’l 40 J6 Wi, 

LCIImpt IJS 4 4 T4 J9> . :$■ , 78' a ’ 


LCMnlpt |J5 4 4 ~J 79'* tI'. 38'* • ». 

J-S.r IC IJi IJ6 '** *’• *b — '•* 

LDDSs . 4*037 l?b |-», 19' * • lb 

LDICo .16 20 59 5': 5 S’-: • 


MP*. *! 

MS Ccrr 

-MSB B-:c 

.MTC El 

•v.t; Ten 

MTS 

.••'Ond 

MB a 

.V.aceSoc 

MocnTc 

MctKFn 

McCTTjmd 

MckJqc 

MaoGE 

AtoaPhr 

Mljoqj 

MOBStl 

MaomP 

MdOnB * 


19'. I9>, 

I 9 36 21’ a 21 1 * 21 : » 

10748 5 4b 4'- , 

.. 3327 h-, 7b E’. 

M 25T 27' ; 26-; 27 
ii 15 24’* ’4'. 24’$- 
Ul U*i 13'$13> u- 
. 41* 4’ * 3b Jb 

_ 309 1’. t . 1 .. . 

7 7b ", 7', 


-. 454 12’. 

_ 360» 12*: 
58 *179 33'. 
.. 46» t:, 
. 2S7 $*. 

. 750 11 ' * 

.. 167031*-: 
1 J> 167 J7- : 


11*: 17‘. 
lib tl*. 
rb 3?’ * — •■* 
3 b J* .. 
S': 6 

10'. I Ob — lb 

30'. Jl — V* 
J4 34 


1 Mieit« 

I M^rBi 

MCTinc 

Mi^OOJ 
MicroHlt 
wnvars 
,M*cr Ag s 
I Microlntg 
( MicroPro 
I MicProwi 
I AUcrcna s 
/Akrc 
.'.Ucrdv 
MicrPct 
AWroflu 
MiCOf* 
Micro Ig 
Mcrofcs 
Mi crop 
V«rm 
MreSem 
AAcsftS 


200 1?;S213 77'. 73b »S -*• i 
_ 910)0 r, :a _ 
-. 1*60 6b 4b Sb -1b ! 

_ 361 16b 15b 15b — '.T ( 

-.588 4 3V| 3b 

- 4S3M'i 23*. 24b _ / 

_ 871879b 75b 25b — 2', 

_ US? 7b 7 7b 

.. :r<3 <b 4b 4b — b 

- 615 1-u b 1 _ ! 

- 8417 31b 79b 30b -b 

_ 1777 F » Sb 5b — ’ . 

- 538 4'% $ «•-%-•« I 

. 7086 S'. 5 5 — irl 

- W S' * 5 5b - b 

-.11697 6b 5b 6b •! . 

- 312 1b IV, I*u — *..l 

~ ISol T* 6b K -’i! 


TO OUR READERS 
IN LUXEMBOURG 


- 465 27 $ 26b 3% ' *—!$.. I 

.7223709 <?’’ 48b 52b -‘j -I ! 


It's never been easier to subscribe 
and save. Just call toll-free 
0 800 2703 


NEWS EVENTS WHICH COULD AFFECT 
YOUR LIFE: 


FWt* . S* 

*cp mix :7 skm 

Tdat _ 4mS 2MMD 14J8U9 tOUti 

W . iv,. • vi.iVj.Sj 

- <6dd- 

BdQUV 1W86J* 2Z85M9 TfSOM ’ 

<3590 .491 A U3588 X38698. V,*T,« 
IMUt U9S683466C81 
7J36J8 1R03L79 lUtUS 23XSM 

w»e wdm am « jcs»-' r^li 

*£<**-*• 

»_•. . , -. 

IM* . . +BMM 

••• *j..,v»W5.v..jani ( - : 

Ji/15 .t yira^.jSTn 

Sources: Lloyds Bank* Rooter*. 

; 

- - - • 


D-Day C&mmem&raimwss 

at 

Unresolved Problems in Bosnia 
Slow Recovery in Europe 
New Government in Japan 


' Os: ?irT3lO^^&sIrtbunf -g^* 

\ Rmi$ bll- lw llii—v • Ii. Ilsmftvf in i'in 
. Hi Vazi-W Si. Fl*r '•irl’h I n«Ur \ir Bl>»< 
1 Irlcnhinvil t*i Rahj Bat Vr-aH' LrFinun 





JUNE 

5-11 

1944 


:• • •;•••••■ "*;?g|S3 


Imanoa OxAUicsUDdiii Brance 
As Planes and Shqjn Bbal Coast 




SEVEN DAYS THAT 
CHANGED THE WORLD 



; 

■ 




■-m-m 




FOLLOW THE WORLD EVERY DAY IN THE IHT 


r.Kr^Dca^S^'jribtnicJ^S’ 


Subscribe now 
and save up to 



off the 
cover price 


Iotobod Succeeds in initial Slep* 
Allies Paph Inland From Beaches 


Looms SmaD in Channel Croaans 

5-'b~~47=rg »~ 7?; r^T . 


CALL US TOLL-FREE 

AUSTRIA; 06608155 LUXEMBOURG: 08002703 

BELGIUM: 0800 1 7538 SWITZERLAND: 15557V 

FRANCE: 05 437 437 THE NEIHERIANDS: 06022 5158 
GERMANY: 0130848585 UNITED KINGDOM: 0800895965 



The historic week started with 
the fall of Rome and 
continued with the D-Day 
assault and the Allied 
advance into Normandy. 

To commemorate these 
dramatic days, we will 
reproduce the seven front 
pages from the New York 
Herald Tribune which 
chronicled the first week of 
the rebirth of liberty on the 
European continent 
Fifty years later, you’ll follow 


ADJm Tate First Tow n in France; 
Cu! Cberbonrg Road at Bayern; 
German Resistance L Stiff taring 


-vV-viV 


the events day-fay-day from 
the reports of the Herald 


the reports of the Herald 
Tribune’s award-winning 
team of war correspondents. 



M : 


Or send in the coupon below. 


Subscnpfon Haias S Snnq, rtf IHT com Prices 


Caurmy/CiMTgncy 



Yes.,! K> star! receiving the IHT. This is ihe subscription term I prefer 

(died appropriate boresj: 

D 12 months (364 issues in all wilfi 52 bonus issues). 

D 6 months f 182 issues in aD with 26 bonus issues]. 

_ 0 3 months (Tl issues in afl with 13 bonus issues). 

O My chedc is enclosed (payable to the Intemafiond Herald Tribune). 
LJ Please charge my. a American Express □ Diners Qub □ VISA 
□ MasterCard □ Eunxord □ Access 

Credit cord charges will be made in French Francs at current endunge rates. 
CARD ACCT. NO. 


770 


N Kr.l 3JOO 


Esc. 47 MO 


PBS. I 08,000 


g^CATE SIGNATURE 

KJgBUBr CSS ORC€RS. P1EASE INDICATE TOUR VAT NUM8B>: 


PHI VAT number FR74732021 12dl| 

□ WrD Mn O Mm FAMILY NAME 



OIY/rOD£_ 


For tfrlormaiiftn concerning hafld-defcveiy n majof Gentian anas caB toll hoe IHT 
Germany ai 013tL84 85 85 or la* (069) 1 75 413. Unoor German ragidalions. a 2 -week 
I fee period a, granted tor an new orders 


international 


IMAni yow oraplrted coupon to: Subscriptiftn Monager, 


n husked urm THE N$* |. wh T1MJ.S *w jm washew.-ttts nnr 


HT, 181 Averew d a GouBe. 92521 Ncuily Cedex, Fronce. ... 

Fojc 33.1.46 37 06 51 -Tat 33.1^6 3793 61 £ 

Thu offer expam August 31, f994, fTew X 4^crif»jcx^'. U 




■r V^T- M-.ii' 






























































L 






INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 1094 




• ^ 


i V* 

v'r^ 

- .:r*>v 

--s : -w” 

*:rs**t 

fce'TfM 


T - 


5* O N D A Y 

SPORTS 


Page 25; 


Angers Gain 
NHLFinalm 
Dramatic Style 

; By Joe Lapointe 

New York Tunes Service 

! NEW YORK — The New York Rangers are 
; to ^ Staafcy Cup finals for the first time 
,m 1 ^ years, with a chance to win their first 
'ttoppyia 54 years. 

^ ri8 5 l / odo 50 b Y wixmiag the 
sewoth Md final and best game of a tenific 
, *«». dtfeatmg the New Jersey Devils, 2-1. in 
.double ovotune Friday night on a goal bv 
. Strohane Mattcau al Madison Square Garden 
The Rangers now play the Vancouver Ca- 
'nudes in the Stanley Cup finals, a best-of- 
: seven-game series that begins Tuesday night at 
-the Garden. 

. The Canucks finished barely above .500 in the 
rejimar season, but they have won three rounds 
.m ihfe playoffs, paced by the goal-scoring of 
< Pavel Bore and the goal tending of Kirk McLean. 

The goal dial beat the Devils came A minutes 
24 seconds into the second overtime on a wrap- 
around shot after Mattcau cut behind the Dev- 
- S^ net and earned the puck back to the gloved 
side of goalie Martin firodeur, who had gone to 
his knees ha anticipation of a pass out front 

^ never sawanything." said; Brodeur, a rook- 
-je, who was- probably the most valuable player 
in th e series. “I went down to cover die lower 
part of my net. Next thine I know, everyone 
was c^eermg. I said, ‘Uh-oh, that’s it.’ " 

It was an excruciating game filled with dr ama 
and tension. Although there was much hard 
biffing , there were only two penalties in the 
entire game, one to each team. 

■' The Devils, eight seconds from elimination. 
forced- sudden death with a goal by Valeri 
ZdqriUnn after they had pulled Brodeur for an 
extra attacker. 

■Brian Leetch scored the other goal for the 
Rangers, in the second period 
Two previous games in this series also went 
^into double overtime. The Devils won one at 
the Garden; the Rangers won one in the Byrne 
Meadowtends Arena. ' 

* In the dosing seconds of regulation, the Gar- 
oden fans were on their feet, maiwn^ & deafening 
-sound. The visitors won the face-off, kept the 
£puck in; the zone and stormed the crease around 
MJkcRk&tcx, who failed to clear the puck on a 
poke-check attempt _ 

* f -Tbc pude,' passed by Oaude Lendeux, slid 
fapross the otase to Zdcpukut His first shot 
-was stopped by Richter's left leg. His second 
rshot got through with 7.7 seconds left and he 
'began to celebrate as he fell on top of Leetch. 

Mark Messer looked toward the ceiling in 
r anguish. Suddenly v the cheering stopped. Hie 
n score was hed. It would take more than three 
periods to determine die winner of the game 
and the aeries. 


Pacers Win by Holding Ewing to 1 Point, Kwi«»ks to 68 


said Mike Keenan, the Ranger coach. “They 
wouldn’t go away and we wouldn’t either.* 1 


B y Clifton Brown 

New Tort Times Service 

INDIANAPOLIS — It was the worst offen- 
sive game of Patrick Ewing's career, a game in 
which the New York Knicks set a record for 
fewest points ever scored in a National Basket- 
ball Association playoff game. 

Holding Ewing to an incredible one point, 
the Indiana Pacers whipped the Knicks, 88-68, 
in Game 3 of the Eastern Conference final on 
Saturday afternoon in Market Square Arena. 
And in doing so, the Pacers erased the mark of 
69 points that they had established against the 
Atlanta Hawks on May 12 in (his year’s Eastern 
Conference semifinals. 

“We didn't handle the pressure at all," said 
the Knidu’ coach, Pat Riley. -It’s amawng that 

Creditors Force 
Kings 9 McNaU to 
Bankruptcy Court 

Lut Angela Time* Service 

LOS ANGELES — Bruce McN all’s deterio- 
rating financial condition has culminated in an 
agreement whereby he reluctantly agreed to 
enter bankruptcy proceedings. 

The action, taken in U.S. Bankruptcy Court 
in Los Angeles, caps a yearlong financial slide 
for the Los Angeles Kings* president, who last 
May was being hafled as one of most successful 
ana innovative sports entrepreneurs in North 
America when his club reached ihe Stanley Cup 
finals. 

Friday’s development came during a hearing 
on efforts by four of his creditors — including 
three banks who claim that McN all ewes them 
nearly $162 million — to force McNaU into 
bankruptcy proceedings that would have result- 
ed in liquidation of his assets. 

UiL Bankruptcy Judge Lisa Hill Penning 
instead converted the petition to a Chapter II 
case under the UJS. Bankruptcy Code, meaning 
an attempt will be made to restructure 
McNairs finances and pay his creditors. 

“His spin doctors are going to say be volun- 
tarily did this to help hu creditors,” said Los 
Angeles lawyer Robert A. Meyer, who repre- 
sents McNairs most aggressive creditor, the 
French-owned Credit Lyonnais Bank Neder- 
land. “That’s nonsense. The reason this hap- 
pened is we chased him into bankruptcy conn.” 

The bank claims it is owed $121 million in 
loans made to McNaO- affiliated enterprises, 
inducting a movie production firm, a horse 
racing opoafion ana a corn business. 

The case is exported to be slowed by a grand 
jury investigation into whether McNall has fal- 
sified financial statements. In two deposition- 
Bke hearings with creditors, McNaU has de- 
clined to answer most questions, repeatedly 
invoking ins Ftfth Amendment right, protect- 
ing him against setf 'incrimmation. 1 


we were even in the game in the third quarter. 
Then we cracked. From a rebounding stand- 
point, from a loose ball standpoint and an 
effort standpoint, they played the way we did at 
borne.’’ 

It was the first time in Ewing’s nine years in 
the NBA that be had been held without a field 
goal for an entire game. He nnssed ail 10 offals 
shots from the field, and got his only point with 
6;39 left, when Ik made the second of two free 
throws. 

Ewing bad to wonder if this was really hap- 
pening, or if it was a dream. But it was real and. 
for the Knicks. it was a nightmare. When Ewing 
left the game with 3:23 left, he walked slowly to 
the bench shaking his head in disbelief. 

“There are going to be days like this," he 


said “You hope there won’t be loo many. I was 
being doubled as soon as 2 touched the baR But 
give them credit. They stepped it up." 

The Knicks still lead by 2-1 in the four-of- 
seven-game series, with Game 4 to be played 
Monday afternoon in Indiana. 

Bui with the Knicks' offense collapsing, the 
Pacers palled away in the fourth quarter and 
remained unbeaten at home during the playoffs 
with a 5-0 mark. 

With Derrick McKey having punctuated the 
third quarter by dunking in Anthony Bonner's 
face just before the period ended, Indiana en- 
tered the final period with a 62-52 lead and 
momentum, while the Knicks were in trouble. 
The crowd, which had already been loud, 
turned it up a notch. 


McKey broke out of a slump with 15 points 
for the Pacers, while Rik Smite and Reggie 
MIDer scored 14 each. Miller, like Ewing in foul 
trouble, he scored only six points in the firet 
three quarters. 

“We pushed their offense way out the way 
they pushed ours oat m New York," Indiana’s 
coach, Larry Brown, said. “I told otrr guys 
before the game that this is where the series 
starts. Now we know we can beat them, and it 
all depends on how we respond and how they 
respond." 

The Kmds got only three field goals in the 
third quarter, which their 13 points made their 
lowest-scoring quarter of the playoffs. The 
Knicks also hurt themselves with poor free- 
throw shooting, missing II of their first 22 from 


the line. In a game where points were so pre- 
cious, watching his players miss that many free 
throws was even more disgusting to Riley. Sev- 
eral times, when the Knicks missed at the line, , 
he looked down ai the floor in anguish. ; fl 

Indiana received a scare with 4:25 left in tbe [ : 
third quarter, when Byron Scott fell hard to the . ■ 
floor after being fouled by Charles Oakley. As . , 
Scott drove to the basket, Oakley stepped into ! 
the lane and tried to draw a charging fouL " 
Scott, in midair, had his leg clipped by Oakley’s | 
leg and he fefl hard to the floor on this right hip. | 

Scott remained on the Door for more than a 
minute, but he got up, walked to the Pacers' 
bench under his own power, and remained in 
the game. 

The favored Knicks were not. 



Jazz Trip Up Rockets, 
But Flu Fells Malone 


Patrick Ewing, always surrounded by Pacers, took only 10 shots and missed them afl. 


By Jay Privman 

New York. Tuna Service 

SALT LAKE CITY — A flu bug that hit 
Utah Jazz forward Karl Malone before Game 4 
game at the Delta Center did not stop him from 
scoring a team-high 22 points in a 95-86 victory 
over Houston. 

But Malone was loo Bl to attend practice 
Saturday, “and be hasn't missed many in 10 
years,” according to Utah’s coach, Jeny Sloan. 

“He’s not leding very well” Sloan said. 
“He's had a tough time. 1 don't know if be’s 
getting worse, but he’s not here." 

Malone was expected to play Sunday after- 
noon in Game 4 of the Western Conference 
finals, which Houston led, 2-1. But his health 
concerned the Jazz, because Malone has been 
their leader throughout the season and in the 
playoffs. 

In addition to his scoring, he averaged 12J- 
rebounds a game in the first two rounds, and 
had 16 Friday night, equaling his best mark 
during this year’s playoffs. 

Utah controlled most of Friday night’s Game 
3 as little weal right for tbe Rockets. Hakeem 
Olajuwon was held without a Geld goal for the 
first 16 minutes, 34 seconds of the game, and 
tbe Rockets* outside shots, which complement 
Okjuwon’s inside game, kept missing. 

The Jazz beat the Rockets in the transition 
game, getting fast-break baskets in bunches. 
And when several calls didn’t go their way, the 
Rockets complained bitterly, incurring four 
technical fouls. 

Despite aB that, tbe Rockets trailed by only 8 
pants with a little less than two minutes to go. 
So even though the Jazz finally won, and halved 
the Rockets’ lead in the best-of -seven-gam e 
series, the Rockets were still convinced that 
they are tbe superior team, a position they 
wanted to re-establish Sunday. 


“We didn't play well at all, and we still had a 
chance (0 win," said Olajuwon, who had a 
game-high 29 points. 

Olajuwon, who had both Utah center Felton 
Spencer and forward David Benoit come over 
to visit every time he touched the ball in the low 
post, missed his first eight shots, then made 10 
of his last 15. Bui by tbe time Olajuwon heated 
up, tbe Jazz had buQi as much as an 18-point 
lead, the last time at 73-55 in the third quarter. 

“The Jazz played smart, they did a good job, 
and I was tired, too," said Otejuwon, who, 
despite playing 46 of 48 minutes Friday, said be 
is weakened by the altitude in places like Salt 
Lake City and Denver. 

Even without oxygen, Olajuwon is good for 
about 30 points a mgtiL This year’s NBA most 
valuable player has averaged 33.7 points in ihe 
three games of this series, after averaging 28.7 
points against Phoenix in the Western Confer- 
ence se mifinals and 34 against Portland in the 
opening round. 

Fra the Rockets to succeed, however, they 
need an outside shooter to relieve some of the 
pressure on Olajuwon. Like guard Kenny 
Smith, who bad 27 points in Game 1. Or Ver- 
non Maxwefl, who had 34 one nigfal in Phoenix. 
Or Mario Elie. Or Sam CasselL Those four 
guards, however, made only 10 of 38 shots 
Friday Bight, with Elie drawing a seven-shot 
blank. 

“We know we can beat Ibis bah dub," Cas- 
sell said. “We’ve just got to concentrate on 
making our three-point shots. I'm not whining 
about our guard play. Well be back. One per- 
son’s got to step up. It’s not a big concern of 
mine." 

The Rockets made only six of 21 of their 3- 
polnt attempts, and were only three of 14 in the 
second half. 


neraik : hasdaq national marot 




2IL C 22S?S® d Jr*®" 9 ** "** TTin is 

ended Friday, May 27. - gjyaw* m j wumv. 

(Continued) _ ugim 

' PeertW JO £ T 61 9* 

Stocks dm YVJ WisHUh Law cte one {£525? " JqV^ 

NuWIpl “ - Z2W»UZZtolZ7l* —to £j3rS nl . - “SJiS 

MocNtet ao lOlSWM l*fciw &■!&!_ .-a 

— ■ -. J!! 4 ** *j4 jh + 9* T -52°H 

_ 3B57TS9* 16W lSU *11* gwfc 3S_ *4 ,32 ’5. 


OW VM MOsHtf* Lot/ cue q<to I 


NoKofoA 

Numor 

Null-max 


NYCKpr 1J0 9.f *11 
Nycor - 1 

NvcorA .16 4* • 


_ run va 7i 


Wfi 

6*6 — *6 


.16 46 406 ’M 3V* 5»^;— Egg** 


J6 U 13315 
Me A 1682 5Vi 
71 1 1 569 35V* 
_ 1524 6’* 
28 1J» SO WV« 

/O \J 3625 

40 22 4616*6 

J6 27 797?’* 

AH 45-2812 11 


a ' • 1 PwnCT AH AS -2812 11 

: : PtnpCTaf42S <L5 3546516 

_ 70210 171* 17W —V6 *S2S!£ 

3 >»SS^ & .ta r§§| “* * 
-"Slffi sonars §333 £■^2’* 


» * : pi if ic b$, 

„ 120 8 TV* 6 . ■» *0 J2SF5T 

* at 41* 4» Mb +1* gwjgy 
_ 7550 aw 7w aw +y. Egg*'. 
_ mas aw* aw »v +** iy r ty ° a 

_ 7926 201? 19V6 iwl— Wi* 

z ^ 

717 816 8 6*6 .+*6 

gffiS? 

Us a K23SS88S dt gg? 

IS^3fi trtM: 


2J» 7JJ 75427’* mv* 

M “ ,«2?5 I4V1 iSS =*6 

I OT1HS 10V6 m* *W pJJSS* 

B’TSS S'. W -% SSP 


„ 413 S’* 
.28 5.1 303 17** 

_ 3238V 7 4k 
_ 7258 33'* 
_ 418419 V. 
_ 44*1*'A 
_ 156 21 V* 

• _ 809 3*6 

_ 340312*6 

- an* n 

_ 22427 15 V, 

i36 lavs 

- 1346 4 

- 394314 

_ 664 9: 

_ 130 91* 

m tv. 

_ 6461 17V* 
.55 7_2 1567 79. 
1.12 3A. 1B4 36V, 

- JP 7 

_ 1325429 V, 
_ 897 7'A 

■ _ 2371 18% 
_ 723 O’* 

- 585 5’* 

_ 742 2*6 

_ 37a lavs. 






+ w PftvCa- 

™ :s SKSf 

s’* si* — *6 EffS? 


PhyCHlt 


_ 18 616 
laEiS* 

_ 4246 31V. 
_ 13319 22V* 
_ 1072 13** 
_ 21611’* 
_ 1434 4V* 
_ 251 Z4** 

t _ 274 SA 
_ sms taw 


Liwuil 

OfchSHw 

□reaMt 


8 S& 

OTJxnJ 

Orthoof 

Orwrcwt 

OftixTcun 


Z 12492 HVl » 

- sr I?** iVi 
= i 


I -# p£f* ‘ = «S5t% 

- ^ — W pwbbi ■“ M “fl 

8” - BCndMK ™ 113615** 

*2 PionCf • s JO l-SjZJlJfl 
ptorfHSI J6 1J1907B37J* 
leiu— IVu Ptanswj .u JTIjjOBft 

icQ* 11 !*■ PtoSSp JO 23 17122** 

5W PkmrSy „ 61211W 

751 8 6J? » * ,W pJSsitS _ 6714 M 

Z BMW 3«» » SrtTc - 4856 14V* 

OryxTcWt _ M0 11* * *&• — Pkryrrs „12ES321*4 

o«5r!5S r 8*4 7*6 £r nSS* - nun*. 

O&orn 2S7M 6 Vfi 3» ** *» Plenum 1.12 48 HM 

OshKTB J0 D H 3to UM. 10** 10*. -^*6 AO 2 3 75 20** 

ass. = an s ± osl =«ia 


* Jto —Ml 
20 23 +** 1 

8 816 
17** 13** ~ 

5 5*6 »16 

\6*4 IWu— Tv,. 

fcta.* 

6M I 


E'SBBS 1 ' 

- JSS’Al 
; wi * *>»|sSsS' 
Z n« «> JJ SStc 


OsfwTm 

OSaofeh 
OUlTP 1 J1 

mmks 
Owlet 


a 



ZamtSA 4616 «9V- 
_ 2Q6813W IIV8 13 ♦t ,il i 




Pwltnjn 

Fonn-wt 


- jo? |» ’ Jj” po«5a - J21-2t 

31 .BSo ».g5 pSS 

— i YtSpJSa *.?ir 

saa A 7M13V> I2» 


f _ 1 9*4 

5 r 

m - « 10*6 

i JMtllJ MM 

i - &i nt 

n I WM 

- 

to „ 2618 4’a 

_ 479.71* 

1 _ Mttl 5816 

j „ 284 m 

r - M823 

Cj _ 1280 3 

c 1J5t 8.1 858169V 



-»« A 7U im 12» ra P^ 5e _ in 9* 

1J»dU S»4n 49^ ® ^.3S«9UW 

^ li F f + ? ^ 

Mr Ck 62913% n V> 13to +2 ESnaa “ 12 

■ rariai -“dfc 


“ 637 8 TV* 8 gr mtrM _ 538 2*4 


_ 3170579k » *• ' '{7 _ 6856 W* 

'“UKn 9Vr Prngat^- ■» « 37p jS? 

Z 67»2S* m I “ -1 £SS? _ 630 139* 

- — :S!S ™ K ® ■ - f?TTSa 

JO 10 3971*1* 1* tjS* PMdOe JF4 131 3I62S 

” SS 1ft Mr z"%’% 

■ =J?> £3 0? ■ ' 1 5L 

rcifpiiis ; =jia 

.. 2486 6 
-. 1605 8V» 


: iMm S®. £ =» r 

■ Z 1OT « 3% * ♦ "■ SaST - 1405 8V* 

J2 l5 «30% » 30}* E2SL 10 14 « 8. 

5 s.1 an** in* ij> Effij js im 

■1 u tto sto Sto mw* 


=1 S?Ef-:a 
i Ti k ^^ 


z SS5 

- 185 9*4 

J2 S3 1401 1*V» 


12*6 14 tlV* 
32** 32*4— IV* 
876 9Vfc 4** 
1116 11-6 — Vi* 

a to. aw —v. 
9V* 916 —16 
10*6 1116 _ 
W 7 +16 

ID 10 _ 

14V4 1414 —1b 
33 33*4 +1V4 

w* um - 

496 5» —16 
34M. 34to —14 
5*4 616 +16 
18 1W4 +1V4 

2316 as- +1V4 
IS IBM —to 
21 2T -. 
10V6 im* __ 
6314 dsto +2 
2316 24 +16 

21 Vt 21 ’A — 1 to 
WTS'/i — lWu 
1314 1344 —to 
40 40 —to 

5 3 _ 

1714 171* _ 

Jrto +to 
IB IM —14 
1514 16V* +16 
70Vi 7IU —1* 
34* 3to —to 
101* 12* +116 
10 1094 +S 

MW 15U +V4 
•tom* _ 
396 314 —to 
- 

% it +S 

15** Mto +94 

614 714 _ 

91* 10W 
61* 7H +16 

§j 

91* 91* —to 

6 6 +’/h 

10 IS** —to 

5 5XV, _ 

6 6. - + U 

TA 314 —16 

VW 19 —1* 
aw sow —I* 

= 

10’A llto +1 
3to 4 _ 

24 21 —to 

4to 516 +14 
1114 1B4 +Va 
20 21 +1 
111* llto — U 
716 914 +to 
2944 SPto _ 
1614 17 —to 
18 IB —316 
1444 Ifl* +V6 
2216 221* + W 
40 m’h _ 
35W3g4,— lWu 
131* 23to— lta 
1414 

71to MVS +16 
IIW. 1116 +to 
516 616 +1 
13to 13to —Ur 
191* 2014—1, 
616 8 +IV4 
221* SSVi +% 
121* 1316—1 

»Sf W4 —to 

lov* tom 

8 816 + to 

?Jto%torito 
514 5h +1* 
t tto _ 
to ton +»4 
5to 6 — to 

414 +14 
6to +1* 
SJW-lto 
316 +to 
32V. +Mi 
2 +14 

r" -S 

az» 
JP*ia 

lWu-M 

SS JS 

Wt ♦** 

ii w —to 

J94 -to 
lBto -T 
MW -S 
2to —to 
15V4 +16 
H6 +V4 
1216 - 
8 Vi +!6 

1116 +to 
MM —to 
1914 +31* 
4Vi» +Vu 

3816 +1* 
W6 - 
916 —to 
9M 

Sto +1 
796 

IB —116 
Stoi +Vu 
8U +V4 
7 -to 
3194 tto 
J6*6 -to 
514 -to 
Bto —to 
81k —1* 
81* - 
14*6 * to 


Ua 

OV YU HBSHWO 

J4 IS *8323 
M X9 182 I5W 
_ 10« 61* 

rWK 

.12 Jj 3474 20W 
JA 3JX2969TBW 

- 440 7V4 

ABO U W27 

- «na bvi 

_274Z3 22 


- 8371 3194 

- 486 514 
. - 144212 

- B« 716 

- 2018 Ito 

A3 .3 A CZIBto 

- 265*3 189* 

- 1161114 
_ 7429 316 

JO J9 4441 2394 

rSQTBlm, 
-12210 335* 
—30438 314 
_ 131 1 

_ 13404116 
.151 2J 2248 7V6 
_ 17530 12W 

- 97111294 

- 4739 3H 

- 10 life 

•• _ Mio n 

-OSc A 3584 1994 
_ 37181614 
22 1.1 x483X»V. 
- -481401716 


LOW One Owe 

n n —iv. 

1416 1S14 +to 
SI* 6 —9* 

6V. 7 — 16 

816 V —to 
19*4 20 —I* 

151* 18 +2to 
644 416 —96 
259* 24 _ 

7to B *9* 
IBM 20*4 + to 


»»6 30V* — I** 
4V6 4W +to 
llto 1116 +to 
J 716 +W 

I lto +>«» 
1716 18 —to 
914 9*6 +14 
131* 13V* 

149* 17 —1 

II II 

S 3V. +to 
23 +’* 

59* 4 —to 
1414 1594 * >Vu 
TOM 3116+196 
2>Vm 3Vu +to 
1* T , *Vu 
*1* 41M +1 
ev, +to 
im llto +to 
low in*— I 
3 316 — to 

1*6, lVu +Vu 
m* lift —wit 
IBM 189* +16 
I4to 17*4 +•* 
TO'M * to 

1694 1716 - 


Sales 1 

Oiv YU Mfeffiah Low Os* Ow SfocM 


A4 ZJ 10957 lr.6 16’6 17VV 
X2S 4.9 31 66*. 4S*« 44to 


■ *. SHiaivi 
• to sfliou* 


ROUSir 

Ro«Sv 

Ratech 

Rolutnr 

Romund 

Route 

iggr 

RwOTC 

Rutemd 

RuralMet 

nvuia 


- 182 6V» 59* 614 -to SIvKmo 

J 4975 24 22 23 > to SmnFI 

.. S495 16 ‘tor «B — V H SimnOul 

- 2791 w» Vu — »n SlmoliKl 

A 7123 14 13Vnl3*V u — Of M SrmpSnMI 

- 1415 5 4to 44* —V. Sis+'Otl 

_ 1934 21 SOto 2Qto -to 3 kyWeM 

!J X29 2H 24 24 —to Vtvbo* 

_ 93 Bto B’6 Bto —to SmlCVI 


J»e A 9122 14 13Vi.13W m ~*V u 

- 1415 5 4’fl. 44* 

_ 1934 21 JQto 2ato —to 

J6 2J x29 28 24 24 —to 

_ 93 Bto 8’6 Bto —’to 

Jt 9 IS 3279 19*» 19 IV+l - to 
X25 4J 344 53 S7to 591', —to 
J8I 5J 292 lOto lOto lOto —to 
_ 543 9*4 9to 9’6 t V* 

- 1043 7 4>« 494 —to 

- 104 9 aw Bto ♦ to 

- 2300 14 I3W 14 - 


_ 474 71* 6Vl 7V* *Vi 

J8B&3 13I118V. 17V* 179* +V4 

JQ49 J BS 1116 12 1ZV* +» 

J2 f 25 4oi?71(^k 17?4 18W +l! 

A8 2A 322016 20 20 —to 1 

_ 5414 794 596 7 +9* 

_ 2571 416 J 4 —16 I 

. _ 784 Tift, 1 lift, — *» 

.10 A 2018 IBM 17V* IB +V* 

- 9318 TOM 894 99* — *4 I 

- 10848 6H » Sto —14 

_ 124 394 39* 3to — V4 , 

_ 12142514 m* 2314— 1 to I 

- 1100 1514 14 1 4+4—1 , 

- 5725 5*6 516 516 —V, 

_ 14 4to 4 4 —to 

- 841 714 416 7 —to. 
_ 2304 4** 5*4 4W +9* 

1344 516 4 —to. 

Ah 3.1 401514 149* 149* —to 

_ 2134 516 496 5M —to 
_ 2005 7 19* 194 — Y„ 

M 1J 1082 21 19 17V6— 1 

JUt 4J7 757 19 17to 18V* —to 

32 2J 10244 121* 12 to 1216 _ 

_ 41918 1714 171* ♦to 

rTSSaWfU. ** 

_ 1747 32to 31W 3214 _ 

_ 735 15V* 1416 1494 —16 
_ 1822 10V6 79* lOto +1* 
„ 3243 1814 151* 1414—11* 

_ 54 121* It II 

_ 298 8W 7V6 BW _ 

_ 13123116 3414 309* +3V* 

" ZW M, — W 

„ m uto lTi 1396 +V4 
1J0 3J 4432 34+4 33M 3416 +14 

- 9£pWe llto 1216 — M 

_ 551 1314 12 13 +14 

. 3713 11M 10M 111* +1 
_ 21V 316 316 3*6 +V6 

IJMaAO 2 2516 249* 249*— IV* 
„ 21534 1144 IOVh 1116 + 1* 

_ 974 9W M 9 +14 

_ 4887 34 231* 25to +294 

_ 841 71 W 20 to 21 -Vi 
u 1638 49ii 416 414 _ 

_ 34S1 716 696 6*4 —to 
_ 2S71 39* 3 3¥t» _ 

_ 1888 416 31* 416 _ 

_ 531 U1A1 19* 116 —16 

_ sa %, va Vo -v* 

. 774119* llto 11 W —94 

_ _ 19Q17V6 1416 Uto -96 

J2 2J 29291296 121* 1294 —to 

-. 123 Ito I IM -M 

JJCf 1.1 179 4 Mi 39* — to 

J5 7J3 »10W 10'J* 10V* _ 

_ ISM 3K 3W„ +V H 

_ 1261894 1716 189* +lto 

J3 5Jt sCB S14 4W 4W — 9* 

_ 1511 M IH 1« 

_ 27253 ?to 416 794—19* 

JltU 731 1SW, W, 9W 

_ 3241896 1714 18 *to 

- 548 Hfa Ilk 1%, +v„ 

_ 10D to, to to +Vo 
« 1753 91* BM 896 —1* 

_ 3903 7V6 *W 494 — V6 

1.121 Z7 943)4396 40M CM— IM 

Mela 2I2VW Wi» 2to, +vu 

. _ 238610* TV* 101* + Vi 

„ 2S Vto 894 91* + to 

„ 2012 496 S9h 416 +16 

- 125 594 516 516 —9* 

-. 74 196 1V6 194 +16 

- 7154 816 296 SM —V* 

.!« 3A 40 5 49* 49* —1* 

- 4 716 616 616 — IM 

JB J 135416% 159* 1614 +94 

_ 2S5 9Vx 296 3 —tot 

_ 5840 8# 814 BW +M 

•_ 268 ISM T716 18V, ,9* 

- S2 496 4V* 416 — V4 

- IK 8 6V* 794 +M 

_ 307 294 2W 294 +W 

_ 72851596 U96 14VW— mw 

XI P A W72M* »94 20V* +94 
M IT 137 35to 34Wi* 35Vi +to 

- OQ 1716 MH 1616—1 

_ 23 s_ 716 TV* -t 

„ 442 694 6 694+94 

1A0 ZO 7454 72 609*71 +1'« 

.48 2.7 330 1794 1494 17H *1 

ZOO SJB 44 3416 339* 3416+ 1 
JO (J OIS II JO .9* 

" w life m* iT* Tw 

_ 30992494 269* 25 —116 

.12 1.9 III 616 4V4 494 —14 

1642 516 496 516—16 

- 1860 169* 14 to 1616 + 16 

U5 6-1 124 29, 28M 281* — to 

JMe J TO 17V, 15VV 1S96 —to 

- 1J71119* 9to 10 —to 
_ 2674 2 Sto 3416 2516 t IV* 


JMa A 92 69* 4V* V/u 
^2im >** m 7*6 


♦ 1* Softech 
+ « 

*" ssr 


SafiSpc 

_ 747 1216 mi llto —9* SoloSiv 

1JB 19 95 39 37 Vi 37 l 'i —At Sofltantc 

_l45W10to 9 IOto+1 SomnwIB 

_ 101 79* 7>.. 7to -to somux 

_ 4834 1SV9 14to ISM Somatun 

.12 J *3349 IBVi 17 I7to— 2 SOnwGp 

M 1A 2127 W9» »V» SwroCi 

_ 871 14 13to 14 ♦ to Scnssla 

_ 6144 2Vu 79„ . V5 SonicCo 

_. 2394 7V* hV. 7 „ SonkSd 

.10 1.0 219 1016 9 10 — Vi SanocPs 

JDe IM 27 B 71* 8 ♦ ' i SanocP o 


J Sam rOf> 

■ SomsiS * 
to sanasla 
M SanicCo 
SonkSd 


Sale* 

Dh> vid lahHipa Lew aa ome 

- son V09i \0' i lOto * to 

_ IB 6** 6'* 4to ' 1* 

_. 1450 II »' » lOto ♦ Ito 

.48 2.1 318 339* 73 23 —to 

.. 307 6to S16 S*. — 

J6 7.9 xS8519to IBM 19M +M 
-.19381 1 7 to llto 12to _ 

_ 1243 41* 4to 4to 

JOS 2 4448 32to 32'.. 3Ito 

_. 2774 11'* 101, 10*. —to 

_ 71 4to 4to iU ♦ to 

... 4*5 '*1. 'V u w„ +*„ 

.16 Z3 75 I'-i 6to 61* -to 

_ 3154 24 22 to 23to -lto 
_ 3)448 25’7 23’A 24to— )to 

_ 2235 19’* 171* IB to —96 

*B6 7to 49. 6to —to 

_ 156 *7to 17 17 _ 

. 984 73to 23 to 23 "J _ 

_\«368\lto llU»ITto» + 1tft, 
_ BIS 71* 4to 7 —to 

_ 928 4to Jto 4to _ 

3673 59* 4 to 5 +to 

- 3S177 13to 1116 12 

_. 2B50 TM 1 I ’9 IV, —V, 

_ 2263 1V„ 1 1V W + M 

_ 1105 Vi Vi. to r —9b 
_ sail ato 5V> Sto + to 

_. 3282 Bto 4H BVk +19* 

_ 14 12 II Va 12 +’V„ 

1146 lto lto lto —to 

A5e 5.5 1*9 Bto 8 BV. + to 

- 553 22 to 21 21 to —to 

17511 lOto ID’* —V. 


Dio Yld 100a HUh Low Cue aw Slacks 


Sdas ] 

D*v YU lOOsHUn Low CU» Owe HocW 


SunslOle _ *48 7+« 7 to TV* _ TrtcoPtl 

Sajnslal pf 175 13J 58 369* 28 28 to ♦ to TricoaU 

SunwT s _ 3793 lift* »to 10+. . 1* Trtcort 

SupRle 1079119* 111* llto —V. TfidflAic 

tooMnc _ 14300 Bto 7’* « Wu Trfmark 

SupTedi _ 1743 7 Sto 6to —9* Trimble 

Supercut _ 2139131* 1116 I2to —9* Tttmed 

Supers ... 457 I2M 11 11V» 1 to TrUiic 

5upOC* _ 120 3to 3to 3to —9* Trton 

Suofipd _ 506 29i, 2W 2V|* «*n Triples 

Suplrtfl _ 47 llto 11 1116 ♦ '4 Tripos 

Jwtlsr 1883 44* Vn 4 V» ♦ V. TrtquiW 


1883 44* Vn 4 V„ ♦ V, Trkjuin 
282 5 4 Vs 5 +V» TriSlYl 

39 llto 10 1196+19* Tristar 


TrVcoPtl IJ» 19 81 2616 33V. 35to VTlSpM 

Tricoru _ 1094 141* 13to 13M— 1 VoBt+i 

Trtcort _ 6131 13 111* 13 + V* VaF*f 

TridMic _ 660 6to 8 6V„ —>/» «n*p 

Trtmarlc _ MS 84* 8 8 to —to VfaiaaSd 

Trimble _ 1415 94* Bto 9M + Mi viSX 

Tttmed _ 3823 7to 7 71* —V* VBrfSon 

Tttnnc 12820 444 39* 4Hi .to VltUK 

Trion _ 145 Bto 6 6’6 +<*1. VHesW 

Triples _ . 74915 13to IS +1*4 Irtvus 

Trim _ _ 5 sto 5to 5*6 VmnrX 

Trlqumi _ 2114119* ID'A ID’*— )to Vottlnt 


_ 2718144* 14U 1416 —to Volvi 
_ 940 44* 31* 41* —W VW 


Bn s 1.00 4.1 486 24 to 231* 2416 + to TruslNJs J2 ZB 660 12to 119* llto— 1V6 

Isc _ 3433 334* 3B's 3116 —to TWNYs l.Cffl 5J3 *156 20*6 194* 20 +16 I 

Ti _ 1102 2816 28 Tflto _ Trstmk S AO 2J 425179* 14V. 179* +to I 

*SW _ 447 lOto lOto 106 b _ Tung JO 2BM869 74* 69* /to + to 

nwt 10 1'u '6. —Va Tutoscn _ 2419 516 5to 54* —to VWTTCm 

her _ 143 49* 4’* 4'i —1* TucHOr — IQ «to 4to <to +96 WDO 


Sotos 

OW YU IMhHWh Low CM Owe 

_ » 8to 7Vr 7Vi -to 

.16 Zl 184 7V6 7to 746 
JUe J 330 1296 1IW 1246 +W 
~ 1*4 29* 2*6 29* +16 
_ 2351 6 5V6 5U +M 

_ 3984 171* ISM. 17 _ 

_ 922 Sto 74* SVS +4* 

_ 3451046 94* 104* +4* 

_ 5685 54* 5 54* +to 

_ 987 Mto 13 II — IV6 

- 257321 1916 1916 —to 

_ 51 17V* 16V* 16V*— 1 

-We 1-0 999100 95to 95 —4 
_ 1074 4to 416 4V* — to 


,45e 5.5 189 Bl* 

_ 55322 V. 


_ 558 199. 174* 174*— I to SOUMoBc 

.11 l.l S210 716 10 ♦■* SoundA 

_ 4871 llto lav, 11 —Vi 58AChG 

_ 227 916 9V* 91* —4* SearThr 

70 5 5 5 -4* 50 Elec 

._ UB01D 9 W - SttaEnH 

1.96 16 10151 SSMi S44* 55V* —IS SoMinri 

~ 158 144* 14 14 — 9i SltuiBSv 


—Vi SotocP s J4 Z 8 B5»J 20M 1*4* 20 
♦ SonocP pf 125 4.B 470 474* 47 47 


— 158144* 14 14 

1310 Mto 134* 14 
_ 461 26 to 25’6 26 
_ 3221 174* MU, Mto 
_ 9811 HJto II 


—to SthnoSv 
♦ ’« Souihim 
+ 1* Souvvaf 
—to SwrtScp 
+ v> SwBcsn 


_ 2507 I5’6 134* 144* + to I SwsfNi s I3M 3.5 


- 43815V, 15 15 

.12 \J 570 7V* Sto 7M 

AB 1 J 10637 274* 269* 27V. 

It 1J 1160 134* 114* 13 

JO 1A 31912116 204* 21 to 


ItolSpocM-b 


_ 101917 

_ 697 JV, 

_ 393 2 

- 344 V* 

- 584 2’6 


T5'6 16V* —to Seri Ml t 
7 2Vn —16 SpecMu 
14* tto —V* SpcJDv 
1* to. +’/u Sod Pop 


- 584 2’* 2 7’* SPClron 

JO 1.7 TD6S1BV. 154* 17’* + <6 Spectra 

X \J 105313 llVi 13 —to SpecCll 

,10a J miS 1 .! 1416 15 _ SpecHof 

J®5e J 1201 10 Vi 10 10 —44 SpecTcn 


_ 47 7 6 s * 6to —V, SpcISb 

_. 2073 19 181* 1816 —to Speizmn 

- 3331 6 Sto Sto +'/* SohlncP 

_ 5076 54* 49* 4>V„— >-/„ Sp+forl s 

- 1811 TO 9 99* ♦ to Spire 

. 3491 8M 8to 8 +1'/. SotChotl 

_ 749 llto IPV6 10 to + to Sprtmrt 

_ Ml 3to 3 3V U + •/„ SoortReC 

- ira to v, to —to Sun lei u 

_ 1426 Bto 74* T’ i .. SPIMr wt 

_ 1333 25''. 241* 244i —to Sport 51. 

_ 133 7Bto TOto TOto —to SocrtsTt, 

,10e J 2908 19 17Y, IBV. _. Scrr eocH 

- 941 36 35 354* - to Square! 

- 1233 23 214* 71 to —to SloorSur 

JO 1 J 3827 25 '.6 22to 25’* . 7 SfOtElec 

.14 1,0 517 !6to 16to _ Slacevs 

_ 8849 716 Ato TV* * to Siacvswf 
„ 36 111* lOto Itm _ SiqfBia 

w. 2S4 2to 2to 2to - Vi ST06MI 

- 42793616 32to 37 V, —3 V. UoMk 

„ - SD06 5U 4 4to -to StdRga 

20 2JD 43 ID’* 9’. 10‘< _. SlanfTl 

~ 129923046 7716 Mto +1to SlmlFus 
_ 1740 7 4'6 6to * '* Slant 

34 7 14* 2 • to StoatMi 

S3 UlteU 1*98 15to 16M —16 Swcxh-Wl 

_ 12505 9 T'4. 81* —to SlapVa ■, 

M 11 Bl 141 m 14 14'. StarTc 

„ S97417M 16V> I7'a +to Stcrbch 1 
.10eZ2 2512 5V, 4M 4V* — S»Ort+lAu 
1J0 U X56 93 90 90 — Jto S»orTel 

M 24 82 14'« 17’« 17'.. -to MatAixl 


. J533 I0»* 9to 10+„ - to 
_. 10« 5 to 4to Sto * V. 

Mb 4.5 9318V, l?to I?** 

.We 5.4 960 TOto 20 TOto —to 

_ 4944 6to 5". Wu ♦'/* 

_. 699 13V; 13 13 —to 

J15 6.7 7B 1 to to —'A 
Jf JJ II I5'6 15 ISM ‘ to 
48 3J <18331 71 to 19to 214* * 14* 
524 3»« 3 3*+ —1* 

J»e .7 104 I3to (7 13 -to 

JOe 4.9 131 2«to 23to 24to - to 

A M 4 J9to 78 Mto - to 

8V> 76. Bto - to 

II lOto 10’* —to 

llto lOto II _ 

23 1 '* 2746 22 V, _ 

Sto 5 S 

30 l* + 19V., —v* 
7 6'. 6’A — >9 


9‘* 8to Sto —to 
6to Sto Bto - 1 to 
I ’Vi, Ito 14* 

V. zto 2 to - to 
Bto 71, B!« -4* 

2V* 2 2’* -Y u 

4, 3’, 3Y» —to 

llto lOto lOto — V» 
S"i, 5 1 ', S’« —V* 
23V. 71': llto — 1 
41* 4 4to + to 
44* 3to i 
ISto 14 14 —to 

39** 374* 39 ■ Ito 


SwttlT i _ 1102 289* 28 Tfito _ Trstmk* 

Swna S kf _ 447 lOto lOto into _ Tung 

Swiviwt ». 10 'to 'to 'to — Va Tubscp 

Swisher _ 143 44* «to 4 to —to Tucktt 

SvQslTc _ 4473 Mto 10’4» llto +4* TuesAS 

Svbases -48191 55to 50 54 + 34* TufCO 

Svbron - 349 27 259* 254* —’A Tusdtl 

SylvanFd _ 509 101* 99* 10 to - TV ion 

Srtvnum - 7346 15 12M 15 +16 

Svmrtc _ 9870 144* 134* 1346 —to I ~ ~~ 

Svmlx - 324 9 Bto V +4* I 

Svmurlc _ 6898 7Y> 69* 79* + to 

SynOpts -2341721 194* TOto +16 

5vno*ov 36 ZO 513 1BV6 18 18 —to 
'.WOto .. 134 4 to 3to 39* _ 

Smear _ 102158 119* 10 10 * —a* 

Svnrem - 492 2V6 316, 31. —to 

Synerpn - 10237 IDto 9V, 996 —9* 

Syndic _ 6110 144* 13 V**u +>/u 

Svnoplys _ 73**-»to 38 38 to —IV, 

SVMIct - 6476 34* 74* 31* + to 

Svntro - 659 3 2<6 Zto +4* 

SvsKRw .12 JB1575615to 114* Mto -Ito 

SvUmd _. 10172 4** 5Mi 64* +’6 USAJWDl 

System lx - 311 15 W Mi* —to usATrs 

IWCpI 3108199. 19 19 —to 


- 144 5 

- 45 7 


to 4to +4* WD40 ZOOa 5.1 1015 4016 3tto 39V. —to 

H 44* — to WLRftt J? 1.1 3593 29 249*28 4 1 to 

~ 6 at oto MW + Vu vvpiGtd _ 110 31* 7to 31* +9* 

JO U 73 ISto IS 15 +to WPPGp JMe 1.1 20326 ¥*» 3Y,, 3^6, +Vu 

08 .4.13483 214* 21V, 219* - WRTEn _ 1003 Bto 75* 84* 416 

WPT p7 2+5 97 831 MV* 22 23 to +1 

r; 1 WSPS - 526 4 34* 4 ♦ V* 

1 WSMP - 119 546 54* 5V, 

WTO _ _ 2190 3V. Sto IV* _ 

to 291* 4 to WVSFn JMe J 2S314V6 12 14 +to 

■ 3*to -to WamBk - 4 Sto. 37b Jto - 

to Sto * V* Wotwo AO 1J 79S2SV, 34V* 2516 +16 
6 41* _ WO®; Inf - 2230 74* 716 7V* — M 


JOU2J ,4S37 36 361* —to WamBk 

JO0X6 1173 5to 59* Sto + V* WoUro 

- 22 4<6 4to 41* _ Wdklnf 

1J» Z7 20Z74* 34% 77% —to WaHDrfa 

- 3M iBV* 17to I8U1 + to wobsth 

_ 961 3to 3to 3to 4Vu watahr 

- 100 54* 444 54* + to WandGlt 

- 5062114* 104* II —4* Wcmaum 
_ 592 79* 24* 79* _ WongL. wt 
_ 3184 4* to to —9k Yfamfc 

_ 594 9 Bto Sto _ Women 

_ 136 17 lAto 17 +4* WihBcp 

- 5® 3to Wu 3S WFSL , 

_ 813 Mto 13<6 I3to — Vu WshFDC 

_ 243 6V6 • 6to -. WMSB %. 


- 2230 74* 716 7V* — to 

_ 436538 3SV6 V —16 

- 207 124* 12’4 12to —1* 

J24 ZJ 524 10+V 1014 I Oto +to 

_ 1141 11 lOto lOto +9* 

- 9223 17M llto llto —to 

_ MM ato 61* Bto —to 

- 1152 49* 4 4to — 9* 

-SMB TV, B +to 

~ 19415 14to 1496 

J8bZ9 4043 22V. Z! 224* +4* 

_ *18 4. 39* 4 - 

M ZJ 20906 204* 19 to SOto +9* 


V* WM5B pfCZJB S-8 124 2*V* 2546 


3 I'M 3’. 3"« — ’V„ 
SV* 4to 41* — 1 V. 
Sto 4to 4to —to 
2>v„ 2^. 


Sto ,’i iv„ — V„ 
176, I6’i l6to —to 
II Mi 21 71'* —4* 

161, 1516 16 
1316 13’ « 13’. —’6 
1612 15to lb’., -to, 
2to 2!i ?to —to 

IV r „u *>u ■'U I 

30 28to 19 — 

I’i ■'■a — Vu 

291* 28 29 -to 

_ 9V, BV. 9 -Vi 1 

_ I73513to 12 1344 _ | 

.18 U IB M 134; I* - I 


TATTC1 - 31» 4to 34* 4 + V, 

TAT wt 20 I tot +to 

TBC - 1030 13 1246 13 +** 

TCA M 1.9 5298 236* 19to 33** +34* 

TCI Inf _ 794 4 to Jto AVI, -V« 

T Cell _ 1149 44* 4 4 —to 

TFCEnl _ 781 1JV, 1)4* 13<A +1V> 

THQ _ 9650 HA. r/B I -V» 

TJ Intis J3 IA 3910 13 214* 22 —to 

ThTTFrs J7 1J 27570 21 to 19’A 21*6 +14* 
TPlEtl -30288 Bto 7 71* —4* 

TRFnc - 1857 14V, 1316 141* +4* 

TRMCpv - 1788 614 546 4 _ 

TROLrt _ 195 7’4 Ato 6V1 —to 

TSlCo _ 6294 tVp "to tVn +Vu 

TSI Inc .16 IA 525 12 llto lit* —16 

TSR _ 17 4 JrVu 3’Vu — »u 

TVY CM - 3825 6V. Ato Ato — Vu 

TocoCati s „ 5047 |6to Mto 154* -to 

TokeCr 6596711* 6916 70to— 1’i 

TanOvBr _ 301 18Vi 17*6 18 + '* 

Tonklov - 3748 4 to 3*. 39* —to 

Taplstm _ 240 3 2M 21* + U 

Torwi+r _ 865 2VM 23to 24 

TarvGene _ 1134 646 6 6 —P>a 

T<xaPh _ 1837 PVu 416 5"A» +*Vu 

TnJham _ UT8I 164* 13** 16 +2 

TcnCWs .. 8307 19V. 17 17 —Ito 

TchrtJl Jb 5.1 311 

Tocnne - 315 12’A 

TchCom _ 158 8’4 

TecnSoi ^ 939 Ato 

TecnoWI ... 2951 Mto 

TecnmlK _ 858 4+, 

TccuB s JO a IA 480 5a 

TkuAs JOOlJ 2791 48 to 
TeeCmn - 1450 31* 

Te+.elec _ 1173 99* 

TeKnkrn _ 109 6 

TeteD _ 438715*6 

TetviO _ 1067 to 

TelCmA _ 186237 214* 

TefOnfl _ 1 2216 

TdetMl -19122 54* 

Tt-torfo - 891 134* 

Tefias - 4484 4V. 

TMIC4MS -27819 37’.-. 

TeliOoh - 310 4V* 

Tefuwr _ 3301 

Tel. on jai .1 6538 17V* 

Temlex _ 667 12to 

Tcnajr _ 6955 164* 

Tennara 128 lo xi»a3to 


_ 28 2016 2016 20 6 —to SHUeBsh Joe 1 J 46?16to 15to I5V| 


1 JO XI 184 39*, 37to 38l>— Ito SIFnd 
.. 37938 234* 22 23M +to SJeArt 

41 14 S94 14 13V'. llto —to SlofilOos 

- 186 144* 14 14 —to 5totnCa; 

- 531 Mto lOto 10+'* —to Stock Vn 

_ 1K2 15V. 144* 1416 —to SieefTc s 

M 18 16 9V, 9V. 9to -. SRWVo 

_ 515 Jto Jto Jto —to SJeinMi s 
.98 .30) 9 32 Mto 3J ... Sierh 

»-S) i6 X25 29 27 27 _ SlerScs 

J3 10 7 1844 17V, 17’.»— Ito SMBne 

M 11 ISS14 I5»* 14 +>., SWIFflWA 

- 1224 394* 384* 39'm + 16 SlrfF pf 
_ 370 3V* 14* 3'+ - to SlrlWst 

J8 Z2 1651244 12 124* -to SfwSlv J4 

■121 M 7? 4V, 4 4 ... UewEP 5 JM 

- 50626 Z5 26 SllinMjn 

- 1838 H6, I Hi — '/«. SJOkrtv 

_. 549 IV* Ito 19* — ’/* BeUCrtU. 

1.12 44 8652816 2416 25Vi —9* BOB 

- 58 7 64* 64-, - Sir al cm 

- 203 6V* 54* 6 —to SirwbO 

_ 8380 Mto 13 1314—lto srrouer 

- 17S7 44* 3»* 4 —to SlrucD 

- 1714 6 Sto 5V, _ Strvker 

- 974 99* 9Y). 9to —to sturtEn 

_ 84 4to 4 to 4 to +<A SfurlDi 

- 5332 23to I7to 17to— 44* SubMIcr 

_ m 7to 7to 79* ... Snoeco 

- 240 MV. 17to 18 ’m • to SuOBncP 

- 1952 VA *9* ■ to Sodburv 

M 16 9913241* 23 2J> . —4* SuHBnc 

- 453 34* 3 to 34* + to | SullDnf 


- 48 S 

_ 5579 20 


AO 3A 8 llto l|4i 114- —to 

... 572 8 7 to 7» u — »u 

J4 1A 9849414. 4frto 40 to — I 1 * 

- 5793 15’u 13". IS 

66 9to 8 ‘ , 9'6 • I 
JS J 3104 I6>* IS*'. 16’ ", —to 
._ W181VV 11*> 12V* •*■* 
_ 1873 XH* I9» , JOto „. 
19318 224* IB MV,— 24* 
M 2J 392 19 384. Mto —16 

40 Z4 4d 17 16 '.J 164* 

- 18213 » 12’., —Vi 

... 7922546 14 to 7S'A - 

JM» 7.4 75 24* 2”;„ 

J4 A 14045 43 39 J j 41V, -to 

& J 1540 75'-. 23to 74 —"7 

- 97911'., 104, 11 •’« 

. 4671 lOM 9’-, 94* —V: 

- S36 9to 8'v 9 ‘1* 

_ 119 SOV, 70’., Mto — l- 

7308 334* Mto Slto— Ito 
110 5.4 899 Si V. 70 20V, -'•« 

.. 271 41* 31. 34. —to 

...11609 1Q1* 91* IQV.—'Y,, 

XI7c J 7326 H'H 151? J* 1 , — 1.- 

86 J'* 41> 4V: — +, 

_ 491 ")£ Y„ ... I 

... 954 44. Jto 44, — >'u 

lflD IS +35tSto 68 Mto -to 

JO IJ 166 I JV, f?to 131. -to 

_ IIJS *V, ito bto 
AB 3J 374 31 to 7) ?i 

- 625 llto Mto IS 

JO u 6?72".'e 22 »’.* 


- 3569 164* 124* 1546 +1V* WMEB pS>6.00 6A 

- 3905 M’4 19 SOto _. WMSapfEl.m BJ 

JJ7e I A 167 54* 4% 44* —4* WottdW _ 

- 24 54* 5to 5 to —1* WOtrln - 

.12 U 856 104. 94* lOto +’/, WaWnPlt 

- 2247 34* 3 fh, +Y» WoTtrtn 5 J2 .9 

- 3388 Sto 5, 5> —to WOtisPs J4 3 

- 1311 24* 2to 2to + V, Wm* M 2J 

I AO XO 553 29’* 20 28 —4* WBKOMtf _ 

3.09 BJ 2372416 231* 2416 +to WbifFn J2bZ3 

!J»eO <379 24 24 +1 Wades 1.109 8J 
1-00 1,-7 loo 7to 69* TV,, —Vu Wettek - 

ZOO 5A 644 37’* 35*6 3714 +14* WeWlt 

- 2235 IB’* 1716 179* +4* WeflMpt _ 

- ?£ toeans 

- Ml 4V, fV* 4to —4* WeKsteod _ 

MM XT 471 26 2516 25to —to. Werner .10 A 


6A JIB 921* 909* 93V* +114 
BJ 85 221* 22to 224* _ 

- 5 Bto ato av* 

- 40 216 2 2 

- 1431 17 'A 164* 1S9* —to 

.9x4381 2316 Mto 231* +1 


13M 4.1 471 26 2516 25to —to, 

,ss u S’ A Vv* 

AO IH 397241 359* 39to +116 

.16 A 2585 244* 2216 244* +14* 

1X6 ZB x* 39 3816 39 -to 


WbsIFn J2b2J 1420 244* 23 73V,— Ito 

Wadco 1.101 8J 461 13 12to 13 +1 

Wedek „ 2920 49* 34* 4^+116* 

WHMIt _ M3 20 IM1I _ 

WeflMpt _ 2408 2216 194* 211* +1 

WMRtS -70070 30V* 2796 279* —H 

WeKteod _ SI 6 SA Sto —to 

Werner .10 A 23X ttw aw 274* +1«* 

Wasoanc BA XI 77271* 269* 271* —to 
wacucA _ vo v M y, +Vu 
VVstCttFL. JO IJ 1351191 II 119* +1* 
WjtMCT- - 1188 Mto 1914 1996 —to 

W1MM3 AO 2J 51714 T7to 174* —16 


- I WNewtn AO 104 341* 239* 34 +1* 

- ,&^S a ~ rii (wwane* n zj wnnzmiito + iVi 


_ 1487 16 131* Mto— 116 WArrlBc AO ZJ 

IJObXO 4 33'* 33 to 33V.— 14* wesnSj 138 j 

_ 1626 916 Bto 816 —to WMcOSS 


JOa Ia 480 5a 
JOa JJ 2791 48to 

- 1450 31* 

- 1173 91* 

_ 109 6 

_ 43S7154* 
_ 1067 to 
-186237 219* 

- 1 32U 
-19122 51* 

- 891 134* 

- 4484 4 V, 

- 27BI9 37V. 
_ 310 4\* 
_ 3301 ISto 

XII .1 6538 1 7V. 

- 667 129* 
_ 6955 149* 


TeiraTci 

TWYa 

Ttrvo 

TexReoJ 

ThrTcfl 

Throert 

Ttiert; un 

TiWWOf 

TrtamasG 

ThomMA 

Thmsn 

mmAV 

3Com 

IDSvs 

300 Co 

Tuewst 

TiOeMr* 

Tifl*rt 

TJmbSf 

TadarM 

ToddAO 

TotOWflir 

TokloF 

ToktKMd 

TtnkeK 


_ 9792044 

5344 7V* 
J3e .9 12576 Ml* 
_ 1100 I3’A 

- 20601 Jto 

- 240 44* 


2J»e6J 160 3316 
J8 1.1 349259* 

-138901 SSI* 
- 2730 Vlj* 
_ 9322131, 


1! -US 
11** —9. US 
7 —to US 
S'*, — Vu US 
131* —to US 
44* -to US 
51 to — 7to US 
4616—19. US! 

31* -v* un’ 

9'* —to 
6 +to 
Ml* +1* 

'Yjj 

31 +11* 

221* —1 to 
5Vu — Vu 
131* —to 
3to -V* 

35 —19* 

4V* +to 
12*4— 29. 

1A4* .16 

129* +1V* 

1 59* -9* 

43 -to 
JM* —to 
9to +9* 

24 to +1 
13 +1’« 

13V, + 1 
3to —16 

59* _ r - 

1316 *V> I 

141* - 

174* + 1* v Band 


1533 29V. 2016 29 _ 

185 59% HR* 1846 —4* 
8487159* 14 14 —116 


m i3tJ9r5sna IZ* IvL WosMrtWJ J5e A 154V 139* 131* 1316 —1* 

J fa MIA * WTBartkS JOr X3 80 I5 1 * Mto 15V* +1 

42 J*a*WlM* _ ws»Mf _ Bl 7to 69* Mfc - 

~ snijVto 124* MiaTiK WSlflOC _ 327 69* 64* 49* -to 

« *rfSSi-B£*3S «asr = 'ss??? 

O. 3! ITU-716 WS ttvs _ 5626 1599 IS ISto - 

16 JSS jIST* WstpBc - . 33 31s, 316 314 +to 

~ ™ 13W 12to 121* —to W sn+On _ S427 74* 71* 79* +1* 

“ 3SS fa-A ira! 1744 WofSeol _ 2856 39* 29* 31* + to 

AS IJ 101 a 31 Mto -to WWS JO 2A xl 329* 329* 39* -19* 

^ A m v Wlof -I0e _ Mflto 9’A 90 / h -Wm 

l.« 3A 431841 »i*«a4+l" M ■ 31S S21f5 J?!S tlS 

_ 513 gi^ T¥a 6 _ift wnHeUvr . _iw aftyj aivh * » tw 


_ 5TJ BW 7H 6 — Ifr 2™S™ ^ --T 

_ 4985 Bto 7 79* +» S222? 9 M 24 

3 *477 71* Ato ito —to SSS* 

- 213 314 29* 3 —to ff?WCe Q 

- m TV, 7 71* -1* w*thrs 

- 58s ito ito m —W .■= 

_ 2201 <to 3tou 4 +V- WWyJA 1.10 IJ 


_ m 1016 99* 1016 +» wnmn 

I AO 4L5 144 32 3014 31 _ WfrnSofl S 

1.17 6A 601B16 l7to 1794 +to «WniW 

. _ SB Sto 3to 414 +to Wg*5«r 

- lots 24 Vi 23to 24 —to lWnBFU _ 

_ 2527 6 4}* Wi, +"A, IVVlstonH 

J8 16 232 2416 33** Mto +9* w 5 n 5E? s 
_ 1429 7*1, 71* 7V* -\* WfcCCT 

_ 438 Sto Sto Sto - Wrttn 

wondwn 


, £ WhBHWs AO 2A 5687 25V, 23 25 +2 

_2 WMPdE - 74Wt7 15 1516—1 

Zy* VWWCeU - 564 69* 6’A 69* +14 

_% WNHfys - 52731514 I2W 1396-1 

—1* WekLU - 49115V, 149* 1S1* +V, 

-Vu WBvJA 1.10 IJ 45 84V, 8216 8414 + Ito 

+ v! MlttTlt J8 11x9287 4614 4S1* 45V4 _ 


- 89 4V, 4 


_ Wlnsons - 5360 34 3116 32Yu— 1V„ 

WlhnTr 1XS 4J 1229 26 251* 26 +9* 

- to WindRivT _ 995 6W H* Ato +9* 

—to WinoFu - 831 1014 9Vr 9V4 -Jto 

WkstonH -31871 12to 109* 111* _ 

WinrtipRs JB J 6212V, 12 1214 +14 

WKcCT _ 209 7114 68V4 6996 +to 

Wetafn 3M 1.9 x&l Mto Mto Mto +V4 
wondwre - 1470 Mto 13to 1316 _ 

wooctld 29 u 300 1516 Mto 154* +9* 

WiKCQO J6 ZO 3462816 26V* 2816 +21* 

WfdAcp _ 622 179* 17- 179* + to 

WottFdl .12 1A 1HW M 14 -4* 


_ 6342149* 13H 14 —Vu I Worths a AO Zl 7W 199* ISto J9 — VV 


„ . 29* +>6 

_ 9322 13ft 99* IZto+fJ. 

- in 12’* llto lito —to 

- 37 21* 2 t — to 

_ 305 1b 'to, *u +’»u 

- 2 6 6 6 — a/h 

_ 3993 llto 816 llto +214 

.06 ij 14 3to 31* 3to _ 

_ m 16 Mto un —** 

S/e A 2664V, Mto Mto - 


Mto 16 to— 2 to 5vmilopl 2.03 9J 1465 7}to »’■ 


656131* 11 ISto— Ito 

M 171* |7V4 I7to • 


SummoR 
Sum mo * 


■ to I SumBWA .14 1.7 


ix^??*.. 75’.* 77'-. 
140 Sto 1 5' * 

-. 1700 7 to 1 7*. 


- 461 1 2f to 199* Mto— 1 SumltB JH 37 

- 1023 Ito to to —to SortitsrX J6 7,1 

36 X4 X34J0 28to »to— IV. SumtCre 

- 5588 17 16 17 -to, SumilTc 

- 18821 l’A lOto 11 -to SunBnw .1HU 

- 763 B 7to Jto -to Sunimi 

- 4515109* 1% 10 • 'to SunAAc 

. - Mil 2H 19* Jto -to SunSM 

•Me J 1777 23 to 2; to 23 • to SunTVs JM 4 

- 4835 231171 22 'to Sunbeft 

- 868 Bto 7to 81, • to SunSov 

- 62 Bto 8 S'* +to SunSvpi I.M 10.0 

- 79 31* 31* 3'., —to SunONnrw 

- im 89* 7to Bto —’A SunGnl 

2 3 8x787343 to siv. 4Jto • to SuwoteA - 

- 687 71* 7 71* —to SunBCA ,I5« 

- 1055 49* Jto 4"- —to SunBcNY 

- 9139 J IV; Ito — "to Sunuvj 

- 37* 99* 9h 9to —'to SunrTc _ 

- 1+77 10 Vj to 10 —to Sunilftnwl _ 


M 3 7 3304 27"; 71', 27", -'ll 

J6 7,1 54 171* 16’* lOto -to: 

.. 1411 Mto 19’, Mto • 11* | 

... 7739 77to Tito 76 • to I 

MU jiaoto !* :» -ito* 

37 77 ... 1 

—40070 23 7U". 71 to i 

iU * 1 S' * -to ' 

JM 4 3456 10’ . • 'Oto • to | 

. 174 1’, r 7to -to 

263 Sto fto Sto -to I 

.30 10.0 70 l?to llto IS -to) 

2171 7 to 6 7"* I* to 

496916 3<l> Mto • Ito 

— 1 7832 30’ V 75 to ZVto •! 

lit s.1 en 3 Jto Jto -to 

. 770 17 16’, 17 • 

, T2 Sto S S' » • to 

_ 79aS Sto tto S', • to 

_ 1377 


TmfcelC JOe 3A 732 15 1316 139* -19* A 

Tnmnfcn U10bX6 >4 38 36 379**196 vya o 

TOPBS JB 43 2 no ato 69* 4V, —to }£"* 
ToptAjX - SSfi Sif’ L. VH „ Varttm 

Torjov _ M«, » 4to » Mi 

TotCont _ 7l9l3to13 1314 +9* WSpn 

ToJITei ... 200 18’* 169* IB +'„ X 1 *®* 1 

Tom-Air Me J 5985 Tto 7 ?9* —to WtOTk 

Trocar vri « 40 ftto 5V» i% -V, yeOlaTC 

Trocar _ 1447 84* 79* 8'/, +■* VttTgnja 

TracSup 340 23to »U 33% - VenWh c 

TrOKAu - 103 13 T2to 129* —to VorO v 

TrtSFM J6 X9xI747 141* IJ9* I49i +11. VortUTn 
TrnLs* - 91 3Y, 39* Sto —9* Varrtne 

TrnMus - 124S11 1016 181. +9* 

Tranin IM 2to 1** 2W +9* Win 

TmsWsi - 1200 3Vi> r/u 29* — Vu VTrtKfcJV 

TrWUwlA ... 8*3 1W IV* IVu — V« Verso 

TrWflwfS - 332 l'A 1 1 _ V«K»r 

TrnNlw - 5J7 lOto 101* 101* —to VenexC 

Trnsmf _ 20 4 Vu 3to a - VerHPh 

Trnmcos „ 1291 12* ll’A llto— Ito VolOAm 

TrnPcCe 42»23to 22 23 * ’Vu VtfAmwl 

Trr«7it » 336 J'A 2 2»u +*u VffiKflo 

Tromr+Os - *97 19 llto 1194 _ Iflcol 

TrovPrt - 62 2V» 11* Jto +<6 V<W 

Treodco .16 1.1 51415 Mto 15 +9* Vicnra 

TrnwC* IXW 2A 2360 41** 40*9 41'A +9* VidBll 

Triasre — 1173 3 29* 2** —to VSelprts 

Tr/aflGry _ 37B 15”. Mto 14 to + to ViflOlo 

TriadSv _ 1574 S *to 4*9 — Vu VUanL 

TiionBc _ 2»l0to Vto 9to —to vieoeFr 

T+Jtocl .. 116311*0 Mto llto ™ VleWg 

TnooBn 40b JJ M )#to I7to 17to— 1 Vhlno 


+ * vSBBca 3d IJ 84 219* J1V1 319* +9* Wyman 

VSE JO ZA 6 1JV. 12 12 to _ 

St +J* VWR .« 17 W llto 1094 1096 _ | 

VueDrY x»e J WlDto rh 10V, +1 i 

V to — j* volTeeh -1970 8 r* a .. 

t T& Vtften 303l2toUtol2 -91 XOMA 

. _ > ValvBcs .96 Z6 142538 W* »9* +1 XWf 

UtoTw! v “ , YSy - 20 29* IJ* SVfc _ XcdNa 

n* +Zto valUCor J2 12 1171 Mto i3to 149* +>A X<£r 

Uto _ £ Vntawt JO 11 440 Mto 13*6 Mto _ fflw 

44S VoCAUCm _ 1045 4 3?A* A __ Xlnarn 

4V? + K VsiLn JO 15 133 22 32 —3 

i»L —ito VafVlsA —11680 4to 4 41* -to XMor 

3/to7i*6 VerdCl - *9834 3Sto 32V»— >Vy Xvtogte. 

4U — S Van* _ 725 41* Jto 41* +to Xyplex 

Vorltm _ 11910 »W 10 

m Vartans AO IM 216920H Wto »to +H I 


26 MV, Mto Mto - «n ,1, ST 

1053 41* 3to 41* +W ■* Z - 5 ,, (J J ? 

732 15 13V, 1391-19* A* 


_ 4830 Oto 59* 61* 


- 2185 3to Jto 3>tot +9* 

J 361 229* 23to 2?to _ 

- 2864 1296 llto 13 

- 3238 3to 39* 3to +Vu 

-23474 43 3896 4096 +19* 

- 22169 ITto 16 Mto— 1 

- 174 1796 M 16}* -to 

- 1 Ito Ito IM +94 

- 3733199* 1796 ISto— 1 

- 4059 ITto Mto Mto— 2 


- 143 la ISto 16 + to 

- OS 59* 69* 59* +9* 


5«5 IM* Bto lOto +9* YeHowO) JM XI 17041 30 17to 189* —9* 

632 AV. A 6 —9* YBsOtft - M Ito Ito Ito - 

658 8M 79* 794 —** VortcPn JO 3J0 11721 20V4 20V, —IV, 


- 650 89* 79* 794 —>* VorttFn 

-13815 24*6 22 34% YcyHRS 

- MO 29* 2to 2*h rVu Younker 

JS 16 16 7*6 796 Tto + Ui 

- 4554 179* 16to ITO +to | — — — 

- 41318 161* 18 +to I - 

AS TJ 493 19 18'/, 1894 r to 

- 158 Bto B Oto + to ZSevn 

23 o2J 1187 159* WA 149* —to ZotaCo 

- 642 TV. Ato 7 ZAtaCpwi 

- 625 139* 1194 1294 + to Zaira 

- 5253i?Mi lit* 129* - Zebra 

- 324 7V* 79* 7V* » V* ZaUbt 

- 153 Ito, Ito IV, , +Vu Zeos 

- 3082 Jto Jto <to _ So a 

_ 1765 llto «<A 91*— 19* ano 


_ 4520 49* 396 49* ~V H 
- 3368141* 14 Mto — >£ 


_ 11 16’A 16 16 —1 

- 9512 9to Bto 99* + to 

- IS 29* 39* 29* — to 

- 41V 814 Bto- 89* +9* 

- 42233114 301* +1 

-12746179* 141* 17 +2 

- 1253 29* 1Y> 2 V, —to 

- iniM 31V* 32V*— Ufa 


_ 1765 HU, 9'.* 91*— 19* ano - 29 TA 3 Tito ,+ VU 

- OCMto 25to 259* aonto I.M Z7 7120 419* 39 «to +Bf 


- 3531 Mto Mto Mto —V, ZOel 

52 2J 49U9* 24 24 _ ZonJWad 

- 820 Tto 7 7 _ Zattak 

_ S SI* 29* 29* ZoomTl 

-23721 179* 13 139*— 194 Zvcort 

- 389 49* 4 4Yu +«u ZVOO 

_ nnS 22to » 32'* + 19* Zynoxi* 

- 646550 489* 499* — U H Zvkc 


_ aw 4 39* 3to +**, 

- 1502 18 17 179* +94 

_ « BV. Tto Oto - 

- 161 B 129* 119* 121* +9* 

- 3904 39* 2>Vu rVu — Vu 

- «7 SI* *** <9* 

- &!?po Jto 29* -9* 

- 50810 9'A 10 +to 






’age 26 


MON D A 

SPORT 



INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY SO, 1994 




The Associated Pros 

BARCELONA — Damon HiJJ 
of Britain won the Spanish Grand 
Prix on Sunday to end Michael 
Schumacher's four-race winning 
streak. 

Schumacher, drivings Beneuon- 
Ford, finished second, 24.166 sec- 
onds behind Hill's Williams-Re- 
nault. 

Mark Blundell in a TyrreU-Ya- 
maha took third more than a min- 
ute behind. 

It was Hill's fourth Formula One 
victory, and first this season. Schu- 
macher. from Germany, had won 
the opening four races. 

“This is better than any of the 
wins 1 had last year," Hill said. “It 
was much harder under the circum- 
stances.” 

Hill won three races in a row last 
year after mid-season. 

Schumacher had the pole posi- 
tion and led for the first 22 laps 
before going into the pit for Una 
and fuel. 

But gearbox problems forced 
him to Sow up over the next two 
laps and be lost more than 10 sec- 
onds before recovering his full 


speed, which allowed Hill to move 
into fust place by the 31st lap. 

Schumacher took over the lead 
again but had to pit once more at 
the end of the 41st lap. Hill re- 
gained first position at the end of 
the 46th lap of the 65 to be run and 
held it to the finish. 

Only two other drivers were on 
the same lap as HiU at the finish, 
while just 10 cars of the starting 26 
were running at the end of the race, 
which was held on a humid and 
sunny day. 

Jean Ales in a Ferrari was fourth 
followed by Pier-Luigi Martini in a 
Minardi-Ford. Eddie Irvine, in his 
first race after a three-race suspen- 
sion, took sixLh in a Jordan- Hart. 

Hill's victory puts him into sec- 
ond place for the driver's standings . 
of the season wiLh 17 points. Schu- 
macher is still far ahead with 46 
points. 

"This was very important to do 
well/' HiU said. “This victory must 
go to the team Williams who have 
had a difficult Lime lately.” 

“And also the fans of Ayrton 
Senna in Brazil who said to me that 
they wanted me to do well" Senna 



Michad Schumacher holds die lead on Sunday, temporarily, as be and Damon Hill pass through a makeshift turn bordered by fines. 


die d in a crash at the San Marino 
Grand Prix four weeks ago. 

Hill did 1 hour. 36 minutes. 
14.374 seconds for the 65 laps of 
the 4.747-kilometer f2.95-mile) 
course, a total of 308-5 kilometers. 

Alain Frost won last vear's race 
in 1:32:27.685. 

This year's track was altered 
slightly when the drivers requested 
a new small curve, or chicane, bor- 


dered by tires ai the end of a small 

straightaway. 

Off the track. Italian driver An- 
drea Mon termini was reported in 
good spirits as he recovered from 
injuries following a crash on Satur- 
day. 

“Andrea is fine, be slept well and 
today he's in good form and wants 
to go home," said Paulo Momer- 
minL the driver's father. He said 
Andrea hoped to leave the hospital 


and return home sometime Mon- 
day. 

Doctors said Motuezmim had a 
broken toe in his right foot and a 
cracked heel in his left Mon ter- 
mini, making his debut for the Sim- 
tek-Ford team, crashed at about 
200 kilometers an hour while 
rounding a curve Saturday. 

Continued discussions among 
the drivers, team leaders and the 
sport's governing body concerning 


the new safety measures occurred 
during the weekend. 

The cars' new technical regula- 
tions, some of which were brought 
into effect following a number of 
high-speed accidents the past 
month, will be reviewed at a special 
technical meeting this Tuesday in 
London. 

The next race is the Canadian 
Grand Prix on June 12. 


The Associated Pr*St . 1 

INDIANAPOLIS — So over- 
whelming were Roger Peoske’s 
Mercedes engines in Sunday’s Indi- 
anapolis 500 that even when Emer- 
son Fittipaldi crashed white lead- 
ing with 16 laps to go, teammate Al 
Unser Jr. simply moved in for the 
victory. ' 

Unser. the son of four-tune win-, 
ner Al UnserSr^ inherited a: 133- 
second lead and tamed the race 
back into a IPenske runaway, pull- 
ing steadily away from rookie hia-. 
ner-up Jacques VHknarve. 

Unser driver was able to enjoy 
the final moments of his' second 
Indy triumph as he cruised along 
behind the pace car over the last . 
three laps, a crash having brought 
out the yellow flag. - : 

It was only the thud time in 78 
Indy 500s that the race has ended 
under a caution flag: . ' 

Fenske, who took advantage of a: 
loophole in the Indianapolis rules, 
made a big stakes gamble by po*? 
ting milli ons of dollars into the 
development of the Mercedes en- • 
gine for just this one event 

The payoff, worth an estimated 
$12 million, came Sunday as' the 
32-yeax-oId Unser gave Pctiske Ms 
record 10th Indy win and added 
this victory to his triumph in 1992 - 

in the closest finish ever. 

Fittipaldi, dominating the race, - 
had a lead of more than 40 seconds 


with 20 laps remamra£ ^ ® 
the lead to! 34 seconds; w Jew 
few laps, then Fittipaldi 
. wall coming out of the fourth 

“The tar vas flying. I w* 3X1 
apron," Fittipaldi said- . 

Before Fittipaldi's crash- be no- 
er-lost the lead except when nc 
made pit stops- His 1^™*™ & ’ 

, 163rd lap, giving the lead taefiy w 

' Unser. When Unser pitted five laps 

Inter, Fittipaldi regained die : 

. and' appeared beaded easily to b 35 . 

third victory and second in a row- - 

Rookie Hideshi Matsoda ml the 
wall in turn two on lap 93, bnngiPS • 

' out the fourth yellow light. Mo- • 
meats- later, undo 1 yellow. Jc® 11 . 

. Paul Jr. Mt the wall in turn wee. . 
Then Nigel Mansell and Dennis ■ 
.Vitold collided, Vitdo's car coming s 
to rest OT : tdp,of MansetTs. 

Mans ell leaped out and rolled on 
the inoim^ apparently in pain, but _ 

- walked out of tbe infield hospital 
after a brief examination. . 1 
Mar io Andretti, who will retire : 
at the end of the season, went out 
with ignition trouble after a lengthy ■* 
pit stop. , >■ . 

The first yellow was when rookie 
H ermit Vitolo made a 360-degree 
spin, but did not nrake contact with . 
ibewafl and’ kept wing. Oh. the ■ 
29th lap, Mike Groff and Dominic ~ 
Dobson bumped wheels and 
crashed in trim one, bringing out * 
tbe second ydlow; 





IARD 




Major League Standings 

(Through Saturday) 
AMERICAN LEAGUE 
East Division 



w 

L 

PCt. 

New York 

32 

13 

Jll 

Boston 

29 

17 

AX 

Baltimore 

24 

19 

STB 

Toronto 

23 

24 

AO* 

Detroll 

2) 

25 

AM 


Central Division 


Chicago 

28 

17 

A22 

Cleveland 

24 

21 

533 

Minnesota 

74 

22 

S3 

Kansas Cltv 

23 

23 

5X 

Milwaukee 

19 

28 

.404 


West Division 


California 

23 

r 

.460 

Texas 

20 

24 

-435 

Seattle 

20 

27 

.424 

Oakland 

13 

35 

371 

NATIONAL LEAGUE 


East Division 



W 

L 

Pa. 

Aikxito 

29 

17 

A30 

Montreal 

27 

2D 

J?4 

New York 

24 

23 

All 

Florida 

74 

24 

AQ0 

Philadelphia 

22 

24 

.458 


Central Division 


Cincinnati 

27 

21 

A43 

Houslon 

27 

21 

A43 

St. Louts 

24 

22 

■522 

Pittsburgh 

21 

25 

A57 

Chicago 

20 

26 

•435 


West Division 


Las Angela 

27 

23 

AS) 

Son Francisco 

24 

2S 

-4V0 

Colorado 

21 

24 

.447 

San Diego 

15 

34 

A06 


Friday's Line Scores 

AMERICAN LEAGUE 
Oakland DOS 001 110— 2 10 a 

Cleveland 003 000 001-J « 0 

Van Pence l. Briscoe (8) and Hetnano: Marti- 
nez. Mesa IS) and Alomar. W-Atesa, +Z 
L— Brt5a»> 2-Z HRs— Onktond Javier Mt. 
Cleveland. Sorrento (31. Thome IS). Alomar Ml. 

new Yam soo oat oto— s s e 

Kansas City 030 000 000-1 TJ * 

Key. Howe |9|. wtakman (9) and Lcyrttz: 
Cone and Moctartane. W— Key. 7-1. L— Cant, 
8-2. Sv — wick man (2). HRs— New York. Bov 
ton (1). Kamos City. Moclarlanc (41. 
Baltimore 008 000 000-0 t 1 

Chicago 000 001 11k— 3 8 0 

Mussina ond Holies; Alvarez and Kork> 
vice. W— Alvarez. Ml. L— Mussina. 7-1 
HR— Chlareo. T Homes tie). 


CaUfornla 000 006 000-0 10 • 

Toronto Old 000 010—2 7 1 

Leftwlch, Butcher IS). aPaiterson (8). 
Graft* (O) ana Turner; A Loner. Brow {el. 
Williams (B) ond Borders, w— Leftwlch. 3-4. 
L — A-LeltBT. 3-4 

Detroit 000 003 000-3 7 0 

Minnesota 001 N2 ah— s f 0 

Belcher, Sitavls IB) and Kreuter. Flaherty 
<B>. Tupaii, wuils (8). Guthrie 18), Asullera (9) 
and Walbecfc. W— Tonanl. 5-2. L— Belcher. 24. 
5v— Aouilera dot. HR—ocirWI. Bautista (3). 
Seattle 000 010 100-3 7 0 

Milwaukee 101 000 83 * — 5 9 0 

Boslo. Rlslev 18). Davis IB) and Wilson; 
Eidred. Feden; (9) and Nilsson. W— Eldrea.4- 
4. 1 — Rlslev. 3-3. Sv— Fetters (2i.HRs-Stat- 
t le, Sveum (1). Milwaukee, Vaughn IB). Sur- 
naff (11. Vbtonfln IS/. 

Boston 010 OH 200-3 5 I 

Texas on OH 28*— 4 7 3 

Clemens. Frotiwirlh (7). Howard 17). K.Rvon 

(7) ond Berryhiii; Falorda Honevcutt (8). Car- 
penter (8> and Rodriguez. W— Falorda 1-a 
L— F r u h whBV O-l. Sv — Corner ler (3). 

HRs— BcatoaBerryhlll (3). Texot. W,Ck>rk Is). 

NATIONAL LEAGUE 
Colorado ON IN Ml— 2 6 t 

Montreal BOO 302 00*— 4 6 1 

Painter. Moore (41, Harter <71 ana Gl rant I ; 
While. Polos (71. Wetieiand («) and Webster. 
Spehr (9). w — White. l-O. 1.— Painter. O-Z 
Sv— Wetieiand 141. HRs— Colorado, Galar- 
raga (17). Klngary (1). 

Cincinnati HI 810 HO— 2 8 3 

New Tort 231 0M 92 k — 10 13 2 

Pugh. Schouret (41, Spradlin (81 ond Dor- 
salt; Smith and Hundley, w-smlltv 3-5. 
L—Pugh, 341 HRs— Cincinnati, Boone (5). 
New York. Rivera 131, Hundley 191. 
Chicago 807 MI 009-0 8 3 

Atlanta 051 Ml IOx-7 11 0 

Morgan. Otto (3). Bui linger (SI. Plesoc (71 
and Wilkins; Maddux, Bedraston (81. McMI- 
choei (9) 01)0 J.LOfiex. w— Moddu*. 8-2. 
L— (Morgan. 0-4. HR— ADanta. justice (7). 
Houston HI 003 290 — 4 I 1 

PhUodelBtita 0M 011 880-3 7 S 

Reynolds. Edens (8), Hampton (8), Veres 

18) . Mt.Wllllams (Oi.Hudek (9) and Servols; 
Boskle. Borland (7), Andersen 18). Slocumb 

19) cndDoultoa W— Reynolds. 3-1. L—BosWe. 

l-ZS<r— Hudek (SI. HRs— Houslon, Finley (B). 
Servols (4). Philadelphia. Doulton (111. 
Florida Ml 0M 308-1 t 0 

San Frandsca 080 MO 80 *— * 8 I 

Weathers, Aquino (7). Mulis IB). Non (fi) 
and Santiago; Torres. Menendez (7).M_iack- 
son (8). Beck <9) ana Manwarlng. W— Torres, 
M L— Weathers. 5-1 Sv— Beck (101. HR— Sen 
Francisco. Pottersan CD. 

SI. Louis 808 S00 100—4 4 1 

San Diego 004 400 80*— 8 H 0 

Tewksbury, Eversgerd rsi. R- Rodrlguei 
(7) end Pagnocl; Slanders. Elllotl (7), Hoff- 


man (9) and Ausmus. W— S. Sanders. 2-1 
L— Tewksbury, 8-2. Sv— Hoffman 17). 
H Rs— 5t. units. G/ikev (4), POynozzi (3). San 
Diem P. Clark W. 

Pittsburgh dm oh om 1— 5 10 2 

LM Angeles 010 281 OM 2—4 13 8 

(10 inahm) 

Lleber, Kopo (4). R-Manzanftfti (SI. White 
(10). Dewey HO). Ballard llOi and Steught; 
RJWarllnu, TtL Worrell (9).Osuna 110) and 
Cd-Hernomiez. W-Osuna 241. L— While. 1-1 
HRs— Pittsburgh. J.Beii i4t. van Slvke U». 
Las Angeles, Karras (4). 

Saturday’s Line Scores 

AMERICAN LEAGUE 
Ottlond 0M «M 108-2 5 3 

Cleveland 111 010 80s— 4 7 0 

Wilt, Horsman (4). Taylor (7). Eckersler 
IB) and Sieinbocn: Clark and Pena. W-Oork. 
5-1. l— wm, 4-5 HRs— Oakland. Aldrele (4). 
Cleveland. Boerya i7). 

Cal Hernia 100 300 010-4 11 1 

Toronto DM 102 (Ox— 9 15 1 

Lar»os ton. M. Loiter ID. Letfeds 18} and 
Fabregas; Guzman, Holl |9) and Knorr. 
W— Guzman. 5-5 L— Langston. 2-3. HR— Tor- 
onto. scftofteld (1). 

Baltimore 000 003 000-9 4 0 

Chicago 003 0M 28*— 4 11 0 

McDonald. T. Bolton 131, Williamson <Al. 
Poole (71.MIIIS (81 and Holies; Sere, Cook (41. 
McCasklll (8). RJtemandM (91 and LaVaL 
llere.Karkovlce (71.W-Bere.4-1. L-McDon- 
atd. 8-3. HR— OiIcmo. Thomas 09). 

Seattle 002 ON 0(0-5 7 3 

Milwaukee 028 103 10*— 7 7 8 

Cummings. J-Netson (4), A rate 18) ond 
D.Wllson; Bones. Uoyd 19), Fetters 191 ond 
Nnsson. W— Bones. 4-C L— Cummings. 1-1. 
Sv— Fetters (3). HRs-Seottie. Sola (3). SrM- 
lev Jr 122), Amaroi |4). 

New ror* w m aa 3-s to t 

Kansas City DM 030 BN 8-3 8 1 

C1B tenlnos) 

Perez. Hitchcock (0). KJMmandez 19). 
Howe (10) ond Lcvrrtz; Mltackl, Magnante 
171. Pichardo (0). Montgomery 191. Belinda 
(10). Brewer (10) and Mavne. W— JLHernon- 
Oez, 3-Z L— Montgomery# 0-2. S v H owe tel. 
HRs— New York, leyrttz |9), Boston (2). 
Boston OM 0M 101 1— 3 8 0 

Texas 1M 800 1H 0-2 8 0 

(10 tunings) 

FkivaM. K.Ryan (8), Harris (9). Russell (10) 
and Row km, Valle (8); B. Hurst. Hawaii (71. 
Oliver (B). Whiteside 18). Honeycutt (9), carpen- 
ter (9) and Rodriguez. W-H orris. 3-3. L-Cor- 
netiter. 7-Z Sv— Russell (111. HRs— Boston. M. 
Vaughn (121. Tub, Conseco (ill. 

Detroit 001 003 301 0— 9 13 3 

Minnesota 0)3 080 Ml 1—10 14 1 

no Inn tags) 


Krueger. Boevcr (3). GeHorrls (5), Groom 
(41. Gardiner ni.Henrwman 19) ond Flaherty 
and Kreuter 14); Deshales, Stevens (4), willls 
16). Guthrie 19) and Parks end wotbec* HD). 
W— Guthrie. 3-1. L— Henneman, 1-1. 
HRs— Minnesota. Mock (4); Del roll, K.GID- 
son 2 (9). Fell* 12). 

NATIONAL LEAGUE 
cinctaruti 110 1H MI-4 12 1 

New York ON 302 01*— 5 9 1 

Smiley. Ruffin (Bl and Dorset!; Linton. Mad- 
duv 14), Manzanillo (8). FraiKa (3) ond SHtwiett. 

W— Maddux, i-a smilev, -U. Sv— Franca 

(11). HRs— Cincinnati. Mitchell 113). ft. Y- Bon- 
illa (•), MM (11), Thompson (10). 

Colorado Ml 0M 010 1—3 8 1 

Montreal 818 ON 1M 8-3 5 3 

DO Innings) 

Freeman. Reed (81. Rut Bn 18). Boff enfieta 
(10) ond Sheatter.GIronfl (9); Moninez. Wel- 
leland (B). Scott (101. Show (ID) ana Fletcher. 
Webster {»). W-RuHln, 2-1. L— Scott. 1-2. 
5v— aottentleld (t). HR— Montreal. Royd (2). 
Fieri do 001 80S 101—1 7 0 

Son Frandsca M0 181 000— 2 B 2 

Rapp, Aquino (4)# R. Lewis 17). Y.Perw 17), 
J Hernandez 18) ana Sgnhcgo; Portugal. 
Burba (71, Gomez (9) and Manwaring. 
W— J.Hernondez. J-X L— Gomez. 0-1. 
CbJCnga 810 130 212—9 7* 0 

Atlanta om in IN— 3 9 e 

A-Youna- Otto (7). Bautista (9) and Parent: 
Mercfcer, BkrtecU (4). Stanton (7), wlhiii I«i 
and ALodca H>— A. Young. J-X L— Mercker, X). 
HRs— CWcaga Zambrano (5), Roberson II). 
Houston 300 3M 119—7 13 0 

Philadelphia 013 *1 oofr-s 14 1 

awimams. Edens (7), Hampton (8). To- 
Jones (91 ond Esebto; DnJod.soa Carter 

(7) . Borland (7). wells (9) ond Daulton. 

W—& Williams. 1-1 L— Carter, 0-2 Sv— To- 
Jones (I). HR— Philadelphia, mcoviglla (9). 
St. Louis EM 0M 003—0 4 0 

San Diego *00 820 30*— 4 8 I 

(Motion. Habran (7/, Muroftv (71. Aracfta 

(8) and Pagnanl; Whitehurst. PA. Marline: 
(6). Elliott [81 ana Ausmus. W-Mttiilenunrt.4- 
X L— Watson. 2-X 

Pittsburgh 204 401 000— 7 n 1 

Let Angeles 1M 0M IBO-l 12 0 

Necote. R- While (7). Cooke It) and Ponrish; 
Astocic. Wavne (4), McDowell (7), Dreilort 

(9) and Hernandez. W— Nroole. 5-5. L— Asto- 
cta, 3-4. H Rs— Pittsburgh. Garda 13). Las An- 
geles. Mondesi (7). 

The Michael Jordan Watch 

FR/OAWS GAME; JWBbtiwenfGtor^ with 
two oraundouts and one strikeout in o 4-3 loss 
to Nashville. He reached on a throwing error 
Innls first ol-oat end had two cutouts in r Wit 
Held. 

SEA SON TO DATE : Jordan Is betting 209 


I3i-for-l43) In44 games. He has 27 singles and 
seven doubles. He has driven In 21 runs, stated 
14 bases In 3) attempts and stnick out 48 times. 
He has walked 14 times and scored 13 runs. 
Defensively, Jordan has 44 putouts. one assist 
and five errors In right Held. 

Japanese Leagues 


Saturday’s NBA Be«ult 

EASTERN CONFERENCE FINAL 
Hew York 19 28 13 14-41 

1MOUO 21 14 25 34— M 



Central League 
W L T 

Pet. 

GB 

New York leads (vies w 

New York: Oakley 4-12 4-7 IX Smith 3-4 2-2 X 
EwInrO-W 1-4], Harper 2-5 l-4AStork*247-T2 

Yomlurl 

25 

16 

0 

AID 

— 

11 HDavts 44 0-1 9. Mason 3-4 54 11, Anthony 

ChUnictH 

22 

18 

0 

A50 

2to 

2-61-35, K.W1 Mams 2-3 0-0 A Made man IF2 0-0 

Yakult 

21 

21 

0 

A00 

4to 

0, Banner 0-0 0-0 X Go hies 04 0-00. Totals 22-44 

Yokohama 

X 

X 

0 

500 

41* 

21-39 68. 

Hanshin 

18 

23 

0 

AN 

7 

Indiana- DDavts 5-10 04 IX McKay 6-11 3-4 

Hiroshima 

15 

23 

8 

an 

evj 

15, Sm Its7-I00-0 M, Miller 5-184-4 14, Workman 


Saturday-! Results 
Yomlurl 7, Hiroshima 4 
Chum chi & Yokohama 1 
Yakmt 1- HonshLn 0 

SoDdmrt Results 
Yomlurl 5. Hiroshima 2 
Yokohama A Churriehl 0 
Yakult 5. Honshfcn 4. 10 hvhngs 
Pacific League 



w 

L 

T 

Pet 

GB 

Selbu 

24 

15 

0 

A34 

— - 

Date! 

24 

16 

0 

AJ 9 

to 

Orta 

19 

SI 

0 

A75 

6ta 

Lotte 

19 

22 

0 

A63 

7 

Kintetsu 

16 

23 

1 

A 10 

9 

Nippon Ham 

17 

2ft 

7 

J9S 

10 


Saturday's Results 
on* 7. Settu 3 
Date) 9, Ntnmn Ham 4 
Kintetsu 4. Lotto 1 

Sunday's Results 
Settsi B, on* 2 

Dalel 9. Nippon Ham 4 , 10 tamings 
Kintetsu 7. Lotte » 






INTERNATIONAL FRIENDLY 
Italy 2, Finland 0 
Netherlands 1 Scotland 1 
U.Sl. 1, Greece I 
Swiss Z Llechlettsfeln 0 
Germany 0. Ireland 2 
Russia 2. Slovakia t 

KIRIN CUP 
Final 

Jooan I. France 4 

WORLD CUP 
Quo lifter Match 
Spain a Ponugol 19 


44 4-4 12, FlemlnD 0-1 0-00, Scott 2-8 3-4 7. 
A.DavIs V4 4-108. ICWIIKoms 0-1 3-2 2, Conner 
1-3 2-2 L Thompson 1-2 IH)2. Mllctioll O-OD-QO. 
Totals 32-45 2434 88. 

3-Polnt goals — New York 3-10 (Harper 1-1, 
KDcvtS 1-2. Starks. 1-4. Anthony MJ. Indiana 
0-3 (McKay 0-1. Miller 0-1, SartT 0-1). Re- 
boot**— New York 44 (Oakley 9), Indiana 57 
(AitaWs 10). AiMsfs— New York 15 (Anthony 
4], Indiana 24 [Workman 7). Total fonts. New 
York 30. Indiana 31 Tecturicots — Indiana 
coach Brown. 


HOTKEY 


Friday's NHL Result 

EASTERN CONFERENCE PINAL 
Mew Jersey 0 8 18 '0—1 

NY. Rangers 0 18 8 1-2 

NY. Rangers wins series 4-3 
Ftm p erio d None. PenaNles— None. 
Second period— 1, New York. Lecfch 4 
(Graves, Messier), 9:31. Penattv— Lemteu*. 
NJ (Interference), 12:13. 

Third period— 2. New Jersey. Zelepukln 5 
! Lemleux. Richer), 19:52. Peftattv— Kovalev. 
NY (elbowtaig), 4:32. 

First cremate— None. Penalties— Norte. 
Second overtime — 3.N.Y. Rangns,Matteau 
4, 4.-24. Penalties— None. 

Stem an goal New Jersey 10-3+-W— 32. 
New York 1MHHFG— 48.- power play oppot- 
tunities— New Jersey Oof 1; New York Doll; 
goa li es New Jersey. Brodeur.8-9 US shots- 
44 eaves). New York. Richter, 12-4 (32-31). 

Tour of Italy • 

Resells Soturdoy In tbe seventh Huge. 119 
kilometers TO9 miles) begfiudng ond eoiang 
In Fleggt: 1, Loudsilno Cubbuv Spain, Kdme 


Avfanae, 2 hours. 54 minutes, 12 «■"■)* or 
40 5W1mh t25J79mph) ; 2. MMiele Coppllolte, 
Italy. Navlgare Blue Sturm, I suamd (wbina; 
IFablan Joker. Swit ze rl an d, Co s ta m n>a.sA,- 
4. FabiQ Bordonoll. Itaty, BreeckitaT Re Bn C»- 
ramfbSJ^JL Oscar PeilloM, iratr. Team Peu, 
sJ.; 4. Andrea Chiurata. Italy, MopelClos.sJj 
J. Michele BortMJ, italy^MerrafoneiJfle Me- 
deehlnL'10 seconds betibm; A AndnmferH- 
gata Italy; ZB Ntebni Selle I tad la zX.i 9. AM-' 

steDI Basra, Italy, Amorateid Vita GafciJron, 

sX; la Gtarml Bugna ttoly, ream PolW, 
Resatts Iran Sunday 1 * cMBBi 8M''o«-. 
utametar CZU-mHe). teevtdwn time. Mm 
tram Grasseta taPeUonlca; l.EugenlBerzJn, 
Russia, GfTvriss Badan, 50 nrinutea 44 see-. 
onds;2,AnnandDeLoaC«Myds,FranoivC<»- 
toromal minute. 14 seconds behind : 1 Bum, 
l:4lbehtadj4,Mtaoei Induroln, SpoUv Bdn- 
esta2:34;5,MaeiinilianoLem,]taIv.Merca- 
tone UnoMedeghtaH.2:3»;«, Ptetraugramav, 
LaMaGewtas Beflaa.2:48; DMercoGlavan- 
em. itorr.Maptu doe. 3:49: 8, Francesca Cor- 
tagrande, itotv, Marcatane Una MedegfdnL 
2-J5: 9,'Masslmo Poderaxmi, Italy. Navlgare 
Blue Storm, 3:11: 10. Moreno Araeaha, Italy. 
Gewiss Baflan. 3:19. ' 

Overall S tandings : 1, Berzin, 31 hours. 32. 
minutes, 11 seconds; Z De Las Cuevas, Cas- 
toramo. 2z 14 behind ; 1 Bugna 2:38; 4, Miguel 
indraaki, Spain. Brmesta, 3:39,- 5, Mens Gto- 
vanettl, llaty-Mapel Oas, 4^0) A Francesco 
Casaarande, Italy, M enu tone Uno Medeah- 
inL 5.-02; 7. Belli, 5:34; & Povmt TonJton Ru*- 
skL tanime PwSrlo. 4!89s 9.'Stefano De«d- 
Santa Italy, Mapel Ctos. 4:19; ID, Mosstaaa 
Poderanna Italy. Navlgare Blue Storm, 435. 


BASEBALL 
American League 

BALTIMORE — Stoned John Capplnger ( 
pitcher. 

BOSTON— Signed Peter Man, Pitcher. 

CLEVELAND— Bought co ntra i l of Ruben 
Amara, outfielder, from Charlotte, )I_ Op- 
Honed Herbert Perry, let Basemwi. ta’Ctlar- 
toite. Recalled Matt TUmer. pHcher. ffunr 
Charlotte and nut him zm NHiavdisatatodUsL 

DETROIT— Puf AUft Curler, oaffteUtevan 
lSday disabled ULReca Had Danny Baatteta- 
outfielder, from Toieda 1L. 

Ml LWAUKEE— AcHvnted Damn rtMUfttaw. 
outfielder, from l*dar dteOMad RsL.Opflonat 
Tray OXearv, outfielder, m New Orleans. AA. 
National Leagee 

CINCINNATI— Signed Kevin Moos, MiP 
fleUer-Inflelder, to mbiarHeasue con Tr od 
and assigned trim to IndtamasxHls. AA. . - 

FLORIDA— Prameted Prank Reberaer, 
buDww co oc h . to pHctdnt .aoach. and Bob 
McClure, bullpen ratchor and asststant 
coach, to builpen aadi Acttvaied Gary Shef- 


field, iwfflefcter. and Byron Harvey, puttier, 
tram i>day~<Ssatded USI. Opfkned Carl Ever- _ 
ettouHMder, to Edmonton. PCt. Desrtteded 
OrataeaDastradth 1st baseman., tor assign- - 
mant. ReaOed Greg colbrunn. inftetder. (1 
frem EdmentaA Opttaocd Gran OTtalkiran. . 
inffekier. to pahiond. eu: ’ 

LA. DODGE R3 — Acfivoted Todd WOrretL ^ 
ditcher, from iLdoy dteMBed Ibt. Optioned 
OmarDaM,pRciier,toAUMtefeniu4.PCV_Put 
Davg Hamite Mtakter, on ISdav 'O touted 
Ito retroactive. to May ». Recoded •Qanv It> 
. I noram, I nllekk r. from San Antonia. YL n 
N.Y. METS — Activated Mike Maddux, 
-anther, from Wdav dtettaled Ust Optioned 
Jimmy BarnHz, paHlafcfer, to Hortoik, It- /, 
'TradBdJefLManiacatd)er-ii>fteMer,toBa1li' v 
more lor future anaMoraDau. - 


. . "wor 5M. . . •• 

itaaNdd rasenrSMday from M ladta-i, 
Bg— ea W s LM Unser Jr. ILs. vn Peotw-.. 
Mercedes. 200 taps, ovyroee speed .MDJD2 . 
mph (258A43 kpM, neiriMof yktorv U iect l 
onus; Z Jacques Vntencuvk, Canada, Wt, 
Rey n ord- F ord. 2M;.i Bobby PabdLUntted , 
States. 1993 PeMke-ibnor, 1913 4 Jimmy 
Vraser,U^J994R*vnord-FonL199;3^Rotoy 
Gardoa UA. 1994 LMtaftord, 1997 A Mldtoal 0 
AndrottL 1LS. 1994 Raynard-Fdrd.l98:7,TM 7, 
Fm, Italy, 7W4 Rewiarrt-ltrftar.ltS; 8. Eddte - 
Otoevgr,UXl999Uifa-MenliHhl47;TJh , ydt*'i 
HarkLUA. 1994 Lato-Fard. W; w, JW»a An-,, 
drattC UA, 1194 LMo-FwtL m- • 

SPANISH GRANS PRIX ' '- v 

BesultoSendavgRnieCMHcHaiiMtarCUS- 
mBel Cetota eoarom.gtetoflefdMJPklto-' 1 
JBMati cmjsr ORM la tte c efaa a: !. De- 
mon HIU, Britain. Wlfitorm- Renault, 45, l ’* 
hour, M mtawtavM474 secooas. T92J4* kpft 1 
(119356 mob): % Mtdiaei 5et wm i o tfNr,.Oer-;.« 
many, Benotton-portt 65, 34J44 sec o n tt be- 
htotfi X Mark BtomtetL BrUaki Tyrrto-YO- . 
maha.45.1 minute. 25949 seconds behind; *, 
Jeon Ahsl From Ferrari. 44; A Pter-Latoi 
MarUAr Itatv, Mtaanfl-Fard. mi- A Eddte tr^ ' 
. vfne, Brftaln, Jcnkm-HarL44; 7, OlvtorPanb. ■ 
Franca, Dgter-R«nawn,<3; B, Erik Bernard.' 
France. Uotar-tamourL dZf-X AMsaandra * 
ZanaTOL Uatv, Lotus-MHSteMtoadd, taj 10," 
Davkmvbhanv Australia, Srotek-Ford, 61. 

• Dfven stanAms (after 5 rnaeO: LScHu-> 
macher. dr points; X HML 17; X Gerhard . 
Berger. Austria. 18: 4, AlesL.9,- 5. Rubens Bar- V 
rtchefio. BrazB.7; 4 (ttej.tficotaLartnl, Italy, 
ancf Marlin Braodfe, Britain, b; 8 fttej. AWra . ' 

; Hakktawn, rankmd, Ukya KMayoma. Japan, *■ 
Karl WendHnger. Austria* ond Btonrau, 4. “ 
Censtroaors: l.Beneilign'MjZFtrrarl.ZS; ' 
1 WTO/ams. >7; 4 Jofrtm, n .- i McLaren. 10.1L 
Tyrrell, 8; 7, Sauber 6; X Footwork. 3; (tie), * 

, Mtaanfl, 3.' M, LarraesMvT. -- - * 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 



































9 




DAY 


! ( H 

msa ^i 


SPORTS 


dians 




.ft 

■V: 

■K& 
'■•?.. "C 

S 

■r .** 

-^K 


1 

Roll Over 

TheA’s 




Jack 


»!3„ 

S* 

•’’rt. 


The Associated Press 

Morris, backed by four 
wrae runs, struggled but won his 
third straight decision Sunday as 
ihc Cleveland hdian^ bt&\ the 
Oaldand Athletics, 7-5, f or {heir 
ninth consecutive home victory. 

The streak Ls the Indians' best at 
borne since they won 13 in a row at 
Cleveland Stadium in I96S. The 
conrcm streak was interrupted by a 
2-4 road trip. 

Oakland, swept in a series for the 
10th time this year, has lost four 
straight and 31 of Us last 37 games. 

The Indians bit eight home tubs 
in the three-game series, all with 
the bases empty. Paul Sorrento. 

AL ROUNDUP 

Sandy Alomar, Kenny Lofton and 
-Tun Thome homered off rookie Mi- 
gud Jimenez. 

Lofton, who had three bits, has 
hit safdy in 25 of his last 26 games. 
Alvaro Espinoza also had three hits 

for Cleveland. 

Morris allowed four runs — one 
of them unearned — and seven hits 
in five innings, striking out four 
and walking three. 

Raul Shuey pitched one mnmg 
far his second save. He gave up 
Brern Cates' RBI double. 

In the first inning, Jimenez cov- 
ered first on Carlos Baerga’s 
grounder.' but the throw from Troy 
Ned got past him, letting Espinoza 
score from second. 

Three innings later, Morris 
bounced a short throw past the 



Pierce Lays Claim to 2 Records 
On Way to French Open Victory 


-2 

at 

9 a 

1 « 


• • • •• • " • -.r ■■■■ 




.. Ljwiciriioiwaii/Thr Awuafcd He.* 

May Place, woo has lost odty four games in four matches; after drubbing Amanda Coetzer. 


' V*-.e . 

'"fa 
' ' -r.v_ 

=s 

‘ - : -rv. 
■ *. -,y;. 

1 k 


.' WJJl 
“ 

-- T»i 
• i • rru 


. . 

Srr 

• • r » itr 



sewing on Scott Broshrs’ 
squeeze bunt, momentarily giving 
Oakland a 4-3 lead. 

The Indians went ahead 5-4 in 
the fifth an Lofton’s home nm, his 
seventh, and an RBI single by Al- 
bert Belle. 

Bhe Jays 5, Angels ft Todd 
Stattiemyre pitched a four-hitter 
and Roberto Alomar hit a two-run 
homer Sunday, lifting the Toronto 
to & home-field victory over Cali- 
fornia. 

Stottlemyre, who hadn’t pitched 
more than 616 inning* in kds six 
previous starts this season, struck 
out five and walked three in Ins 
first complete game. It was his 
fourth career shutout. 

Chuck- Finley gave up five hits 
and struck out seven in retching his 
third complete game this season. 
He struck outsix and walked two in- 
loaztg for the first; lime in five 
starts. - - 

Devon White reached base, on 
Damico. Easley’s thromogerror to 
start the firsfand Alomar followed 
with his fourth homer; sending Fin- 
ley’s 1-0 pitch to left for a 2-0 lead. 

Pat Borders hit his firsthome nm 


of the season, a solo shot to left in 
the second to make h 3-0. 

Min games played Saturday: 

Yankees 5, Royals 3: Three 
pilches after accidentally hitting 
plate umpire Dave Phillips with his 
bat and causing a concussion, Jim 
Leyritz hit a borne nm in the 10th 
inning to give visiting New York its 
fourth straight win. 

Leyritz hit Phillips in the head 
with his backswing, and the umpire 
sustained a mfld concussion and 
bruised left temple. 

Pinch-hitter Daryl Boston’s two- 
run homer off Royals closer Jeff 
Montgomery had tied the game in 
the ninth. 

Jays 9, Angels 4: Dick Schofield 
hit Ins fifth career grand slam and 
first home nm in almost two years, 
leading tire Toronto Blue Jays, 
playing at home; over the Califor- 
nia Angels. 

Ed Sprague started the second 
inning with a walk, Mike Huff dou- 
bled and Randy Koorr walked, 
loading the bares against Mark 
Langston. Schofield bit tire next 
pilch for his first homer since Sept 
29,1992. 

Indus 4, Athletics 2s Mark 
dark pitched his third complete 
game m his last four starts and 
Carlos Bacrga homered as tire 


Cleveland Indians beat Oakland 
for their eighth straight home win. 
The A’s lost for the 30th time in 
their last 36 games. 

Clark blanked the A’s on three 
hits until the seventh inning, when 
Brent Gates singled and Mike Al- 
drete hit his fourth home run. Al- 
drete had entered the game in the 
fifth after Rnben Sierra strained his 
hamstring rounding first on a sin- 
gl* 

Brewers 7, Mariners 5: B J. Sor- 
boff drove in three runs and Ricky 
Bones mapped a month-long los- 
ing skid for the Brewers. 

Dave Nilsson went 4-for-4 as 
Milwaukee, at home, beat the Mar- 
iners for the second straight time 
after losing a club-record 14 con- 
secutive games. Bones, who last 
won on April 24 against Kansas 
City, gave up six hits in eight-plus 
tunings. 

White Sox 6, Orioles 2: Frank 
Thomas bomered for the fourth 
straight game to help -tire White Sox 
to their seventh straight win. 

Thomas hit his 19th homer and 
Julio Franco drove in three runs as 
tire White Sox won for tire IO1I1 
time in 1 1 games before 43,589, the 
largest crowd in four seasons at the 
new Conxiskey Park. 


The winning streak is Chicago's 
longest since it won seven straight 
from Aug. 4-11, 1991. 

Ben McDonald (8-3) failed to 
become the majors first nine-game 
winner, giving up three runs and 
four hits in I¥s innings — his shor- 
test outing this season. 

Red S ox 3, Rangers 2: Caries 
Rodriguez doubled home the go- 
ahead run in tire 10th innin g for the 
visiting Red Sox, who were held 
hitless by Bruce Hurst until Mo 
Vaughn bomered with one out in 
the sixth. 

Boston tied it in the ninth on 
Mike Green wed's double off Rick 
Honeycutt. Cooper led off the 10th 
with a single, moved to second on 
Dave Valle’s sacrifice bunt and 
scored when Rodriguez doubled 
down the right-field une. 

Twins 10, Tigers 9: Rookie Steve 
Dunn’s two-out RBI double in the 
JOtb inning helped the Twins over- 
come two Homers by Kirk Gibson. 

Gibson bomered in the seventh 
and ninth innings for the visiting 
Tigeis, who rallied from an 8-2 def- 
icit to take the lead before the 
Twins tied it at 9 in the ninth. 

In the 10th Dunn, batting only 
.194, drove a Mike Henneman 
pitch over the head of right fielder 
Junior Felix. 


iuiwJi WulntL/RrKo 

Arantxa Sanchez Ykario grimacing after a fafl. She recovered to beat Alike Huber, 6-3, 6-2. 

A Courier-Sampras Showdown: 
The Start of Something Grand? 


SATURDAY'S RESULTS 




B<*> SlrMifr'AfrCtia: Fra«r-Prrv< 

The Mels’ Kelly slid safely into first as Reds' pitcher John SmBey and first baseman Hal Morris fumble for the balL 


The Associated Press 

PARIS - Top-seeded Steffi 

Graf and No. 12 Mary Pierce came $3^7 >=■ 1' 
a step closer to a semifinal show- 
down with devastating fourth- 
rouud victories Sunday at the 
French Open. Pierce smashed two 
records in the process. 

The men's lop-scedcd Pete Sam- 
pras, two-time champion Jim Couri- 
er, defending champion Sergi Bru- 
guera ami fourth-seeded Andrei 
Medvedev gained the quarterfinals. 

Bruguera, seeded sixth, blew by 
Australian Patrick Rafter, 6-4, 6-3, 

6- 1, to set up a quarterfinal with 
Medvedev, who beat Jacoo Htingh 
of tire Netherlands. 6-4, 3-6, 6-4, 6-1. 

Sampras lost a set for tire first 
time in his four matches, but col- 
lected himself to defeat Mikael 
Tills trom, 6-4, 6-4, 1-6, 64. He will 
next play Courier, the No. 7 seed, 
who came back from (-5 in the 
fourth set to outbattie Olivier Dc- 
laitre of France. 6-1. 6-7 (9-7). 6-1. 

7- 6 (8-6). 

Graf, a heavy favorite to win her 
fourth title, crushed unseeded Irina 
Spirlea of Romania, 64), 6-1, yield- 
ing only 19 points. 

Pierce, based in Florida but play- 
ing for France, routed a more for- 
midable foe. South Africa’s Aman- 
da Coetzer, 6-1, 6-1. 

Pierce has lost only four games in 
four matches and won her 21st 
straight at 40 in the first set before 
Coetzer snapped the streak. Both 

are modem French Open records. 

To meet in the semis, Graf must 
gel by 36 th-ranked lues Gorrocha- 
tegui of Argentina and Pierce must 
bat 103 lb- ranked Petra Ritter of 
Austria in quarterfinals Tuesday. 

The other quarterfinals match 
No. 2 Arantxa Sanchez Vicario 
against France's Julie Halard. and 
No. 3 Conchita Martinez against 
No. 16 Sabine Hack of Germany. 

Sinchez Vicario beat error- 
plagued Alike Huber of Germany, 

6-3, 6-2. while Martinez won, 6-1. 

6-2, over 246 lb- ranked Alexia De- 
chaume-BaUeret of France. 

Halard, who had never survived 
tire third round is seven previous 
French Opens, upset seventh-seed- 
ed Natalia Zvereva or Belarus, 7-6 
(7-2), 7-5. Ritter also reached her 
first Grand Slam quarterfinal with 
a 7-6 (7-2), 4-6, 6-0 win over Roma- 
nia’s Ruxandra Dragomir. 

Hack beat tire last U.S. woman 
in the field, Shaun Stafford, 64, 6- 
2. while Gorrochategui downed jva 
Majoli of Croatia, 7-5, 64. 

Coetzer. ranked 18tb in the 
world, battled gamely, but Pierce 
repeatedly rocketed ground strokes 
and service returns oat of her 
reach. 

“I didn't make very many mis- 
takes,” Pierce said. 

Graf, while refusing to speculate 
on a semifinal with Pierce, said, 

“She has all the shots to come to 
the top," 

Sanchez Vicario had little trou- 
ble ousting the 1 1 ih-seeded Huber, 
who committed 45 unforced errors. 

Even a bad fall in the sixth game of 
the second set didn’t slow the 22- 
year-old Spaniard, who along with 
Pierce is considered 00c of the few 
serious threats to Graf. 

Huber, now 1-7 against Sanchez 
Vicario, reached the senrifinais here 
last year before losing to Graf. Nei- 
ther she or Sdncfaez Vicario bad lost 
a set in the first three rounds, and 
their match was the only one of 16 
fourth-round conies is in the upset- 
riddled tournament to pair two 
seeded players. 

On Saturday, in the conclusion of 
men’s third-round play, five match- 
es were decided in five sets, two 
involving fourth-seeded Goran Ivani- 
sevic and No. 8 Michael Chang. 

By day’s end, only one seeded 
player, Ivanisevic, was left in the 
bottom half of the draw. 

In one of his best comebacks. 

Ivanisevic overcame Spanish day- 
oourt expen Alex Corretja, 6-7 (7-3), 

36, 6-1. 6-2, 6-3. Chang engineered 
one of his patented five-set rallies 
but fell short against Peru’s Jaime 
Yzagn in a 4 hour. 25-minute match 
that finished 6-2. 6-3. 5-7. 1-6. 7-5. 




X: 


r 





jrl'V. 




■ " -*s?m 


By Ian Thomsen 

International Herald Tribune 

PARIS — It was tire kind of 
match that has ruined others in Jim 
Courier’s league this week. The 
crowd was French, vocally picking 
up and dusting off its French un- 
derdog and patting him on the 
back, and with spectators’ guid- 
ance tire momentum drifted back 
and forth between players like a 
long, lazy raQy: Courier was going 
to win; Courier was going to lose. 

But the voice of a crowd on Cen- 
ter Court at Roland Garros is made 
up erf 17,000 pans, and perhaps 
Courier didn’t notice, at the time, 
that the crowd really didn’t want 
him to lose. It seemed to be cheer- 
ing on the 76th-ranked Olivier De- 
laitre in order to give Courier a 
good ribbing. 

In four years here. Courier has 
never looked more human. He is 
missing tire shots be used to make 
and it is like watching a smile form 
across the face of Mr. Spock. He 
fell behind by four games, then 
recovered five in a row to serve for 
the match — but he bungled that, 
too. 

When he finally won in a tie- 
breaker— by 6-1, 6-7 (9-7). 6-1, 7-6 
(8-6) — they all stood and gave him 
a cheer that was not unlike mussing 
his red hair. So he left sb'ghtiy hum- 
bled but knowing — counting on it 
— that they mil all be pulling for 
him in tire quarterfinal when he 
plays the world No. 1, Pete Sam- 
pras. 

“Looking forward to it," Courier 
said. “It is the match I wanted to 
play since I saw the draw. It will be 
fun.” 

Before his own fourth-round 
match later Sunday. Sampras ap- 
peared to be approaching invind- 
oiiiiy. He has won the last three 
Grand Slam events and is trying 
here to become the first since Rod 
Laver in 1969 to bold all four titles 
at once. Anyone who might have 
threatened turn was fended off as if 
by bodyguards — Henri Leconte, a 
possible third-round opponent who 
has given Sampras terrible prob- 
lems in French stadiums, was 
knocked out in the first round by 
Paul Haarhuis, and then Sampras 
beat Haarhuts in straight sets; and 
Richard Krajicek, the 16th seed, 
who figured to worry Sampras on 
Sunday, was knocked out in tire 


Singles Results at the French Open 


Alberto BerasatvguL Spain. deL Yevgeny Ko- 
tetnttmv, Russia frX fr% 6-2. 

Andrea GaudenzL Itahr. del Amaud Boefsch. 
Francs, 6-1, M. retired. 

Hendrik Dreekmana Ge rmany , def. Richey 
Renebera U-S. HHMMM 
Magnus Larson, Sweden, def. Todd Marlin 
If). UA. 6-7 (ST), fra frtL ia fra 
Goran Ivanisevic (St. Croatia dot. At ex Car- 
retw. Spain 6-7 (1-7), la frl, fr-2, fra 
Jaime Yam Peru. def. Michael awi« (•>, 
Henderson, Nev„ fr-2. 63, 5-7, 1-6. ML 
Aaron Krtctatehv UX. del. Radomir Vase*, 
each Repunnc. wh w. w. 

Javier Prana Amnflna def. Mark Wood- 
ford*. Australia HHHUlli 
Women stogies. TMid Reoad 
Arantxa Sanches- Vicario (21, Spain, det Bar- 
bara Rlttner. Germany. 6-4 fr-Z 
Conchita Martins (3), Spain, del. Brenda 
Schulte. Netherlands, 7-SL fra 
Natalia Zvereva (7), Belarus, det. StH-tlno 
WQna Taiwan. fr-Z 6-1. 

Julie Hakjrd. France, del. Und&av Davenport 
(*). U-i. 4-4 frZ 

AnkeHuber (It LGermanv.deL Leila Meskhl, 
Georgia 6-1, 6-4 

Shaun Stafford, Gainesville, fid, deL Ann 
Grossman. U.S. 67 (4-7), 6-3. 64 


previous round by Mikad HD- am hoping unless he serves 100 
slroem of Sweden, a qualifier percent first serves. So I will get a 
... chance to play and that is all I. 

really ask for against anybody I 


tanked No. 226. 

Against this backdrop Courier 
it have appeared especially 
le. but then Sampras, un- 
willing to finish TiDstroem eariy, 
bad to fend off four break points 
Yrincb might have forced him into a 
fifth unwanted set As it was, Sam- 
pras won by 64, 64, J-6, 64; un- 
convincingly in one sense, but also 
confidently — in that he won the 
points when he had to win them. 

This has been the growing differ- 
ence between Sampras and Cornier 
ever since tins tournament last 
June, when Courier — anticipating 
a third straight French Open title 
— was shocked by Sap Bniguera 
of Spain in the final Within a 
month he was losing the final at 
Wimbledon to Sampras, and Sam- 
pras now appears married to Cou- 
rier’s former No. I ranking. Two 
weeks ago he won tire Italian Open 
on clay, and day is Courier’s back- 
yard. Courier notes, promisingly, 
that this wiH be their first meeung 
on clay, and that it comes in his 
favorite tournament. 

‘‘It should be extra interesting. It 
should," Courier said. “His serve is 
always effective, but it will be 
slightly less effective on this court- 1 


play is to just give me a chance to 
play and so what I know how to do 
and we wQl kind of put our cards" 
up against each other and see who 
has the aces and who doesn’t" 

At midpoint, the tournament re-' 
mains in orbit around the two of 
them. In the women's event. No. 1 
Steffi Graf is awaiting a semifinal, 
chaliengefrom No. 12 Mary Pierce, ■ 
who has lost four games in four 
matches. In the bottom half of the. 
men's draw. No. 5 Goran Ivanise-. 
vie is the only surviving seed; while 
No. 5 Bruguera and No. 4 Andrei 
Medvedev will meet for the right to 
play, and perhaps exploit the ex- 
haustion of, the winning rival.' 
among Sampras vs. Courier. 

Just 18 months ago. Courier was' 
as stable at No. 1 as Sampras is 
now. It is silly to say that Courier ■ 
has Tost it" before Sampras has 
proved capable of beating him on 
this surface, in front of tins crowd. 
Even if Sampras wins, you have to 
ask. how long will be maintain the 
sin gular commitment that seems to 
have momentarily escaped Couri- . 
erf? These are still just the begin- 
nings of a beautiful rivalry. 


EbHoldsLead 


SIDELINES 


In European PGA Copiad Wins Trotting’s EMoppet 


First-Pitch Homer Paces Chicago Over Atlanta 


I it. 


**- 

'jr. 


0 



OuxmpwnshSp 

The Associated Frees 

VIRGINIA WATER, England 
— Erare Els of South Africa in- 
creased his lead to three strokes 
Sunday with three rounds of the 
European. PGA Championship 
having been placed, bat a laic 
charge put defending champion 

Bernhard Langcr back into conten- 
tion, * . . 

Langer birthed tire 17th and 18th 
holes to card the best round of the 
day, a ■5-under-par 67, giving the 
German a 206 tptaiin a three-way 
tiefor second place with &»mards 

Josfe ‘Maria Giazabal ana Miguel 
Angd Jimenez.; 

Hs, who buflt his kad with back- 
to-back rounds of 66, overcame a 
double bogey at the par4 sixth to 
shoorTl for a 209 totaL 

Olazfibal carded a 71, also with 
-to-back birdies at- the finish’ 


STOCKHOLM (AF) — Swedish-bred Copiad, battling Pine Chip head 
to head cm tire last lap, won Sunday’s Elitloppct mile race while the U.S. 
trotter broke Stride and was disqualified. 

France’s Abo Volo finished second, with Shan Rags of Norway in third 
place. The victory gave Copiad tire Nordic “Triple Crown" and extended 
the 5-year-old’s winning streak to sight races tins year. 

• Narita Brian won the Japan Derby by five lengths. leaving the 3- 
year-ddson of 1988 Florida Derby winner Brian's Tnnc one victory away 
from capturing Japanese thoroughbred racing’s triple crown. 

Berzin Flat-Out Out-Rides Indurain 



Sunday when Evgeni i 
ei gh th stage-of the Giro cr juuw. 

Berzin more than doubled his overnight overall lead of 57 seconds by 
covering toe fiatiand course on the Tuscany coast in 50 minutes, 46 
seconds. Annand'de las Cuevas of France came in second, 1 minute and 
16 seconds bade, while Indurain trailed by 2 minutes, 34 seconds. 

Ende avor Sails in Whitbread Lead 

SOUTHAMPTON; England (AP) — New Zealand Endeavor, with 
strong winds on its more northerly route, raced into a 30-nautical-mile 
lead Sunday on the final kg of the Whitbread ’Round the World Race. 

The Maxi yacht made upin 24 hours the huge advantage maintained 
for nearly a week by Moil Cup of Switzerland and the Italian Whitbread 


J: cortonririaTeffort mto a forneadyitweeiCbyMmtU>pot swtzmanoanoincimianwmioreaa 

SSTSifinto Sunday's final 60 Brooksfidd, two boats that had gambled on a mwe easterly course. 
iBeflCo- 


Forthe Record 

Matt Tomes', the Cleveland relief pitcher who had swollen lymph 
nodes in bis gnan removed, has Hodgkin’s disease, tests reveakd. fAP) 
Jufius Bcros, 74, wfaoseeasy-going style belied the competitive fire that 
-made him one of golfs top players, died of heart attack whfle riding a can 
on a course in Fort Lauderdale, Florida. (AP) 


stroke 
round 

lonial in Fort Worth, Texas. . 

Snmsrajput together a ti^mder- 

par 64 and matched the largest 54- 
hoie lead of the Season aw toe PGA 
Tour. His 195 total broke tire old 
course and tournament scoring re- 
cord of 197. • • 


The Associated Press 

Sammy Sosa hit Tom Glavine’s 
first pitch of the game for a home 
run and last-minute starter Tim 
Bullingpr gave Chicago six strong 
innings Sunday as tire Cubs btat 
the Atlanta Braves, 4-2, in Atlanta. 

The Braves, who just before the 
game announced the trade of out- 
fi elder Dei oc Sanders to Cincinnati 
for outfielder Roberto Kelly, lost 
four of six games on the home 
stand and are 12-1 1 at home. 

The announcement of the trade 
during the second innin g was greet- 
ed by boos from the fans at Atian- 
ta-Fulton County Stadium. Sand- 
ess. who was in toe starling lineup, 
immediately left the stadium after 
learning of the deaL 

Expos 4, Rockies 3: Larry Walk- 
er bomered on Bruce Ruffin’s first 

E tch in the 10th innin g to give 
oatreai, playing at home, a 4-3 
win over Colorado. 

Walker hit his sixth homer of the 
season ovex the right-field wall off 
Ruffin, who came in to start the 
10th. 

Tim Scott pitched a hitless 10th 
for the win. 

Walker, Marquis Grisson and 
Motses Alou each had two hits for 
the Expos, who rallied to tie it 3-3 
in the sixth on Danin Fletchers 


sacrifice fly and rookie Cliff 
Floyd’s RBI double. 

Phiffies 4, Astros 2: David West, 
making only his second start of the 
season, and Heathcliff Slocum b 
held Houston hitiess until a leadoff 
single in the ninth inning by Steve 
Frniey. 

West moved from a relief role 
into the rotation after injuries de- 
prived the Phillies of three of their 
starters, pitched six innings. He 
Struck Du l seven and walked three 
before being pulled after 102 pilch- 
es. 

Siocumb relieved to start the sev- 
enth inning He kept the combined 
no-hitter going until Finley opened 
the ninth with a dean single up the 
middle. 

Mets 8, Reds 5: Bobby Bonilla 
set a team record with an RBI in his 
ninth straight game, and the New 
York Mets beat the visiting Cincin- 
nati Reds for a three-game sweep. 

The first-place Reds lost for the 
eighth time in nine games. Prior to 
the game. Cincinnati traded All- 
Star Roberto Kelly to toe Atlanta 
Braves for Deion Sanders in a swap 
of center fielders. 

Bonilla, who drove in two runs, 
broke toe Mets* mark or eight 
straight games with an RBI set by 
Keith Hernandez in 1986 and 


matched by Jeff Kent earlier this 
season. 

■ In games played Saturday: 

Cubs 9, Braves 2: Anthony 
Young, who set a major league re- 
cord with his 27lh straight loss last 
season, became a three-game win- 
ner for the first time in his career in 
Atlanta. 

Young (3-3 1 began this year with 
a 5-35 record in three seasons, all 

I^ROllNPUF 

with toe New York Mets. His los- 
ing streak spanned 1992-93. Young 
allowed one nm and five hits in six 
innings. 

Mets 5, Reds 4: Bobby Bonilla 
homered and doubled twice as New 
York banded Cincinnati Mets 
banded visiting Cincinnati its sev- 
enth loss in eight games. 

Ryan Thompson homered and 
drove in three runs for the Mets. 
Bonilla singled in tire sixth inning 
and Thompson connected with two 
outs for his 10th home run and a 4- 
3 lead. Jeff Kent hit his 1 1th homer 
for the Mets. Pin cb-hi Iter Kevin 
Mitchell had a solo home run. his 
12th, with one out in the Reds 
ninth. 

Rockies 3, Expos 2: Joe Girard i 
singled home (he go-ahead run with 


two outs in the 10th inning for the 
visiting Rockies. 

Dante Bichette led off the 10th 
with a single against Tim Scott and 
Charlie Hayes also singled. Bi- 
chette moved to third on a Dy ball 
and scored on Girardi’s single off 
Jeff Shaw. 

Bruce Ruffin pitched two score- 
less innings for the win. Kent Bot- 
tenfield got three outs for his first 
save. Montreal starter Pedro Marti- 
na tied his career high with 10 
strikeouts in 7 V> innings, 

Martins 3, Gants 2s In San Fran- 
cisco, Chuck Carr scored the tying 
run on a passed ball in the seventh 
inning and drove in the go-ahead 
run with a single in the ninth. 

Florida broke a three-game los- 
ing streak and ended a three-game 
winning streak for the Giants. 

Jeremy Hernandez pitched two 
innings to get the victory. 

Astros 7, PbBBes & Luis Gonza- 
lez’s sacrifice fly scored the go- 
ahead run in the seventh inning as 
the visiting Astros used three re- 
lievers. bat not Milch Williams. 

Williams, who nearly blew Fri- 
day night’s game by w alking and 
bitting a batter in the ninth inning, 
wanned up but didn't get thecal! as 
Houston manager Tory Collins 
went to his bullpen three times in 
three innings. 


Williams, returning to Philadel- 
phia this weekend for the first time 
since being traded to the Astros in 
December, said Friday he expected 
to be released on Monday and hint- 
ed at retirement. 

Gonzalez’s long fly to center 
saved Jeff B&gwefl, who bad greet- 
ed reliever Andy Carter with a dou- 
ble and moved to third on a 
gronndout. 

Brian Williams got the win de- 
spite allowing five runs and 10 hits 
in six innings. 

Fadres 4, Cardinals <k Wally 
Whitehurst combined with two re- 
lievos on a six-hit shutout and Bip 
Roberts tripled in two runs for San 
Diego, playing at home. 

Whitehurst went five inning s for 
the win before being lifted for a 
pinch hitter in the bottom erf the 
timing because of tenderness in his 
pitching elbow. 

Pirates 7, Dodgem 2: Denny 
Neagje, used primarily as a reliever 
in his career, picked up his fifth win 
and his first two career RBIs for the 
Pirates. 

Neagle scattered nine hits and 
struck out seven in six-plas innings 
to reach a career-high in wins for a 
season. 

Jay Bell doubled in two runs and 
Carios Garcia homered for the Pi- 
rates. 


Alexis Dadtounw-Baltem, Franca. Orl. Mar- 
do Gross!. Ilair. 6-3. fr-2. 

Sabina Hock (16), German*. Ort Alexandra ' 
FtoaL France, fra 6-7 (3-7). 6-1. 

SUNDAY’S RESULTS 
Mea\ Stoetes. Rwrttt Round 
Andrei Medvedev (4). Ukratne.def. Jocco El- . ’ 
Urtutv, HetherkKKU, W.M.KM. 

Jim Courier (7). U&. def. Olivier Detalfre. 
France. 6-1. 6-7 IF7). 6-1, >6 (Dfr). 

Serai Bruouera (6), Spain, del. Patrick 
Roller. Australia 6-4 6-1 fr-1. 

Pete Samaras (II. Ui. def. Mikael THF 
straem. Sweden. 6-4 64. 1-6. 6-4 

Women Slnates, Foertti Rooad 
Arantxa Sanctiez-vi carlo (2), Spaiadet. Anhe . 

Huber (11), Germany. 61 6-2. 

JwHe Mutant France, del. Natalia Zvereva . 
(7), Botorua. 7-6 (7-2). 7-1 
Petra Ritter. Austria. deL Ruxandra Drago- 
mir, Romania. 7-6 (7-2), 66. 64. 

Mary Pierce (12). France, del. Amanda 
coetzer. South Africa 4-1. 6-1. 

Sabine Hack (161, Germany, del Shaun 5 tat- . 
font U5. fr-4 6-1 

Stem Gref 111. Germany, def. Irina Spirica, 
Romania 64. 6-T. 

Inn Garradiateoirt, Argentina del. ivo Mfr 
tall, Croatia IS. 6-4 


to 

fe- 

te 

ie 

•y 


ie 

Id 

1e 

■ie 

■U 

I 

it 

IS 

.u 

■o 

•I 

d 

r. 

d 




i 


, Page 28 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 30, 1994 



e Decline and Fall of Bertolucci’s Ego 

t.C'>!f>a“V rfti 


By Martha Sherrill 
Hi&fAi'figffli; i’nif Sorter 

N EW \0RX — So. bow vast? How huge? Surely, a 
man who spent two decades in psychoanalysis and 
has surrounded himself over the past three years with 
Tibetan holy men of every spiritual magnitude can answer 
a simple question about his ego. 

Bernardo Bertolucci smiles." He rolls his shoulders 
around inside his blue blazer. He ingests the inquiry, sulks, 
smiles, sulks, then begins erupting and interrupting. 

“Whoever said this — ■ that I was an egomaniac — it's 
not irue.” he says. “Maybe once. Maybe sometime in the 
past. Bui 1 don't think 1 am an egomaniac like I was in the 
'70s.” 

He's a great director, a poet an enchanting narcissist, a 
limousine Marxist, an adorer of Freud and Buddba. a 
lover of fabulous clothing, rakish hats, cashmere. His fat 
dark Roles, slips around on his wrist. Even in the Sahara in 
1989 for six months shooting ‘ The Sheltering Sky.” he 
dressed up even day. Making his big new S30 million 
picture. “Little Buddha." in Nepal and Katmandu, he was 
followed around by his own private rinpoche. his own 
reincarnated saint. 

“Maybe there was a moment of megalomania." he says, 
“but not anymore. I lost it." 

There’s a smokiness about him. a smoldering of good 
humor, intense feeling, of a man who has never experi- 
enced a dull-hearted moment. He is tall and warm, irre- 
sistibly charming, sometimes manipulative. In the past, he 
has refused invitations to dinner parties unless he was the 
guest of honor. Actors and actresses who work with him 
nave a tendency to fall in love with him and also to get 
back aL him. .After making "Last Tango in Paris." Marion 
Brando said he felt “completely and utterly violated.” 
John Malkovich. who got' along well with the director 
during the making of "The Sheltering Sky." called him 
“treacherous as a* snake.” 

“Bernardo's not a true Communist." the Chinese ac- 
tress Joan Chen said after making “The Last Emperor.” a 
movie that won all nine Oscars it was nominated for in 
1987. “He's probably a Communist for a few seconds a 
day. but certainly not at night." 

“Everybody jokingly and lovingly says he's a megalo- 
maniac.” Debra Winger said afterTmishing “The Shelter- 
ing Sky.” “but, my God! His ego stretches over oceans 
. . . dunes.” 

Bertolucci does not agree. He's much better now. he 
says, nothing like 20 years ago. when he had his big 
explosion of egotism. Thar was right after “Last Tango in 
Paris.” when he was 33. He had been sentenced to two 
months in prison in Italy — his movie was declared 
obscene — and although "the jail time was waived, his 
voting rights were taken away for five years. 

“To be a martyr." he says, "is such a good feeling.” 
Hollywood was at his feet then. too. offering the pick of 
ail the' hot properties, hoping especially that he would 
make another “Last Tango.” But Bertolucci defied them, 
wroie his own screenplay instead, and made “1900": a five 
and a half hour epic about two friends, played by Robert 
De Niro and Gerard Depardieu, whose lives provide a 
Marxist/ Freudian interpretation of modem history. 
Huge subjects have never scared him. 

On location. Bertolucci sometimes comes out of his 
trailer and sees thousands of extras in costumes and wigs 
and makeup and his knees buckle. His legs go. He wants to 
disappear, he says. Sometimes he fantasizes about having 





Bernardo Bertolucci: “1 don't think I am an egomaniac like I was in the '70s.* 


Con Web Bnaa fix He Wcjbio|Km tan 


an ambulance come take him away. Or. he says. “I want to 
cal] the Tire brigade." 

There were SCO hairpieces flown in from Londoa for 
“Little Buddha.” as much an epic as any of his previous 
pictures. Loosely based on a true story, it tells of a young 
boy in modem-day Seattle who is “discovered" by Tibet- 
ans. They believe he might be the reincarnation of a 
Buddhist lama, intercut with this tale is die story of bow 
Prince Siddhartha (Keanu Reeves) found enlightenment 
2J00 years ago and became Buddha. 

To shoot the boy’s story. Bertolucci worked briefly in 
Seattle. But to tell the ancient legend of Prince Siddhartha. 
he dropped milli ons of dollars on Nepal, hiring hundreds 
of drivers, carpenters, interpreters, security guards and 
caterers. It took two months to transform the medieval 
city of Bhaktapur into the location of Siddhartha' s sum- 
mer palace. 

“Little Buddha” offers a sleepy sensuality, some magic 
and grace, and wonderfully kitschy special effects. And 
like Bertolucci’s other pictures, it’s the story' of a transfor- 
mation. 

“It is my most revolutionary movie.” Bertolucci likes to 
say. And ii’s true. “Little Buddha” is outrageously uncyni- 
cal. with a sweetness and passivity that have infuriated 
European intellectuals. 

“I know this film disconcerted a lot or people." he 
admits. “How can I do such a spiritual thing after all these 
political movies? How can I do a movie on Buddha with 
Keanu Reeves? 

“The English reviews are the worst I’ve ever had. In 


France and Italy, they like it, but the British, they’re 
thinking . This cost $30 million? Buddha? Keanu Reeves? 
Oh my God.’” 

He is not a true Buddhist, he says, ’just an amateur,” 
but he enjoys meditation, the ancient wisdom, the philoso- 
phy. With the collapse of socialism and the near-death of 
the Freudians. Bertolucci says be finds solace in Bud- 
dhism. During the premiere in Paris, the Dalai Lama held 
Bertolucci's hand throughout the movie — the first lime 
the Dalai Lamahad been in a movie theater — and 
proclaimed it “wonderful, wonderful, wonderful” before, 
Bertolucci said, “he disappeared in a cloud of body- 
guards.” 

What draws Bertolucci to all this? 

“I found there was no contradiction between this reli- 
gion and what 1 already believed in.” he said. “It gives me 
another way to be allowed to have dreams. The dreams 
you are no longer allowed to have with socialism. Maybe 1 
need a utopia. 1 also like the idea of karma because it is 
very much Freudian: You know, you are the writer of your 
own karma. Freud says we are the writers of our destiny, 
too. Anything we do. it’ s our unconscious which dictates.” 

Also, he loves the Tibetans, meaning the lamas, rin- 
poefaes. monks and nans who participated in the movie. 
All but one of the lamas in “Little Buddha” are the real 
thing. “They have so much joy.” Bertolucci said. “They’re 
so witty. They are such a mixture of sophistication and a 
kind of mountain, strong, physical approach. The Tibet- 
ans were mountaineers originally, and yet were able to 
invent this school of logic and dialectic and philosophy 
which is extraordinary.” 


Pass the Bloopie '] 

By William Safire 

W ASHINGTON — For those of you unable to get 1 
& seat in the white-tie audience at this year’s 
televised Bloopie Awards ceremony, 'here are this 
year’s winners. Missing is the tension felt- by the 
advertising copywriters- nominated by their peereTof 
grammatical gaffes, as weB as the acceptance speeches 
blaming sponsors who demand language that dumbs 
down to the lowest denominated consumer, . 

The yawning lion bloopie to Dreyfus Asset Alloca- 
tion Fund, for the headline “Some Don't Know How 
to Choose Between Stocks, Bonds and Money Mar- 
kets. We Da” Sell short bn benwen when that preposi- 
tion, from the same root as twain meaning “two,” 
precedes more than two items. Go long on among for 
three or more, especially when your motto is “survival 

of the smartest.” 

The Bloopie Awards Committee erf the Led cographic 

Irregulars is not hung up at the rule to use between only 
for two when it conflicts with Nonna LoquendTs rule ‘ 
“When among sounds funny, stick with between." 
Goldman Sachs, in wishing The Economist magazine a. 
happy 150th birthday, chose to use “Between the fire, 
the wfaed and The Economist, mankind will continue to 
evolve." The New Age investment bank was undoubt- 
edly influenced by the idiom between you, me and-the 
lamppost, sod cannot be given a bloopie for its usage; 
but it’s crowding the border. 

The could-care-less, we-meant-the-oppositc semi- 
bloopie to the Lands' End clothing advertisement for 
its “But we keep tinkering with it — u> see if we can't 
improve it somehow.” The meaning is “to see if we can 
improve it,” not the opposite, but here, too, an idiom 
takes over. A loosey-goosey usagist of my acquaint- 
ance, chastising my occasional prescriptivism, sent me' 
this note: “Seeif you can’t do better than T could care 
less.’ ” The meaning s of both are reversed; you can 
read that line as “See if you can do better than T 
couldn’t care less.* ” Don’t fight quirks in the lan- 
guage; idioms is idioms. 

□ 

Which brings us to agreement bloopies. The Honda 
Motor Co. oSers, “One day your child tarns 16 and you 
let them borrow the keys tome wagon.” One child is not 
than. The copywriter might argue that be — or she, as 
the sex may oe — felt that than would be better than 
him or her, either of which imputes a sexist preference to. 
the ultrasensitive. How about “One day your children 
turn 16 and you let them . . No good, unless they’re 
twins or better. Solution: Recast the sentence a little. 
“One day your child turns 16 and wants to borrow fee 
keys to fee wagon.” There’s always a way out 
Another agreement bloopie was proposed for the 
Ford Motor Co., for “In each of us, there’s a dreamer 
and a realist But rtow they can share a ride.” This 
proposal argued that they mnforced the plurality of a . 
dreamer and a realist, disallowing a contraction, of there 
is. It was defeated because the correction, “there are it 
dreamer and a realist,” while grammatically in agree- 
ment, sounds funny. Norma stnkes again. Otto Jesper- 
chi, fee great gr ammar ian, ta qjantd the disagreement 
as an attraction between is and fee first part of the 
compound subject, in tins case the singular dreamer. 
(Jespersen’s example, from Shakespeare's comedy “As 
You Like It,” is “There conies an old man andhisferes 


LANGUAGE — — 

mie Envehpes 9 Pl& ase 


sons.”) Way out: “In eadt of f£; : 

andaie^.ButnowtteVfa^e , 


ride' , 
to Lth-‘* 


by telling customers to dial |0 ies 

Xortky are on the hae. And thil ‘ 2r7 j 

numbers u> remember.” You can YOtL ^Jf i, ut ;bi* 
a football quarterback wo sa” 

combmation stretches the verb fora ip 
even for a Fort company; JJJJJSJL Sprint * 
numbers to remember. For the diet-oam * 0 ■ P -50 

new TV. ad makes the otmnous offer to 
percent off -the person you canmojt ^ i0 

The dramatically misplaced modifier bfoOpKe- 
Estte Lauder for “New Advanced Supcarep^^ 
against the sun’s most damaging ^ ****{£. 
cbePRcal sunscreens ” Are the rayswuhou ^ 

screens? No; the modifying 1* ras l5^S,S wifeoui 
-product tt modifies; “New Advanced Suncare 
h^diamcalshnsc2Beii& * * 1 

□ ‘ _ .. 


■ m nv-f mi rAA mm anrfhis three - 


Beticrclt’s Yognrt! for urging os to “Try a iltm rruu 
Parfait featuring cm Nonfat £r«myogu^^ * 

crazed capita&on can hefound in the Declaration ot 
Indqxmto^wSdi beams; “When in the Course or 
human Events, it becomes necessary for one People to 
dissolve the Political Bands. . . " In ihe past 1*0 
centuries, the trend has been to decapitates. Even u me 
incredulous company hasa trademark onfruapaijaa. u 
has no reason to capitalize “Nonfat” and lowercase 
Towfat?a Can’t Beuere They Did That!) 

The bloopie for most pernicious pronoun goes ■ w 
B arne ys New York, which listed under “Some of Uur 
Favonte Things’ tins salute 16 . a supposedlv » eih 
brooghHip child answering the telephone: “Kids w no 
say “Whom may I say is calling?’ ” Send that preteo' 
tkns litUe pedant back to calling all boy's to Seventh 
Avenue and 17th Street; after placing the needed 
lYirnmaa after the first “say** and around “may 1 say. 
the copywriter should quote Fauntferoy as using * *'»o. 
not whom, because when may Isay is dropped ouL thf 
question is who is calling T — not whom is catling. 

The last envelope, please. The spelling bloopie to 
The New York Times Magazine, in an ad for an 
advertising supplement from the same: issue as last 
year's Bloopie Awards, for suggesting advertisers 
“sniggle into, something warm arm envelope yourself 
in fee pages of Tabolotis Furs.’ ” That was faux 
spelling; envelop is theverb, envelope the noun. 

. . New Yodc Tima Service , . - 

1 

^ CLASSIFIED 

. . . : Appepn an Page 23 1 


WEATHER 


CROSSWORD 


Algal*) 

Ankara 

>imni 

Barcelona 


OttaDriSaf 

tX4*I 

EtJrtwrflli 

FnwiMm 

dwra 

hurt** 

Lfl-. Palmar 

L/Jbon 

Lonb-Dr 

"wt» 

Mijnch 

rr« 

0-J3 

Palnn 

Pons 

Pm-jup 

fV*r« 

31 P“1-**£»jrg 

SltrtjK-jrq 

■>"*> 

‘fvrix, 

Want* 

Z'ji-.'i 

Oceania 


Today 
High Lo« 
c.r cr 

-I.T5 IMS 
16^1 9-« 

3P<» aw 
Jl-w 1»'64 

nrn ijibj 
IJIS^ 2-3S 
'«-M ?’+* 

?1CV 6/4J 

151^5 SKI 
IfliW 
e.-4« 
I3.TS 10/W 
1TVS I6i<5( 
IS/5 9 SI! 

?1.7G II. ST 

5 'AH 5141 
iT.-M 15.39 

am 14 “ 

I0K4 0'« 
3Tii» l««l 
.\>n u. t: 

14,5“ I0.-S0 
17.(2 *■•*! 

1*^1 
«4<57 11 '12 
rt-a? noa 
5'M 

nv> ins, 

IJ. T3 5 41 
i«-«3 ITH5 
U<M ■*'« 

4.-3S 
13 W CHS 
I1TJ 1134 
l?l — 15*3 

IK. 54 r.<4 

1 J .15 S'-ie. 
ww of*:. 


Forecast for Tuesday through Thursday, as provided by Accu-Weather. 


To n er tow 
w High Low w 
C/F OF 
a 24 .'75 16-51 pc 

t 19.64 |4V « 

i 11*5? *n 

, SIAM 1B<64 S 
pe ?9«4 ct.70. y 
pc 22.T1 14.57 9 
e 13« 14.57 J 

s IJ.VI 1661 a 

t 16*64 1355 » 
« 18«4 1753 pc 
pc 2fl.*® iOfOO t 

pc I3« 115Z PC 
th 16 61 1152 * 
a 3 21,79 $ 

C 19/6*5 14*7 a 
pa M/79 18*64 9 
I ii/57 4 09 *h 
9 JS/77 1355 pc 
1 24.75 19« i 

9 2170 14*57 pc 

■> am 1559 * 

1 31 VO 17432 4 
pc :?-TO 21/70 1 
sh IB-64 i.-a Sh 
pc 20.68 1457 9 
i 26.79 20.68 J 
pc 19*38 5 « Pt 
■jh 26*79 S7I 1 
TK 74/75 !7<tC S 
C 18-64 1253 1 
pc 9/46 7/44 pc 

3 7? -87 21.70 a 

,h IE/64 2/35 .Pi 

c 16 61 6 "‘43 sh 

pc 24.75 17/C? S 
ah 8'« 2.-B 

pc 74.75 i9« 1 
c ie*6« 14,57 9 
c H3 91 10 50 pc 
pc n.75 17 62 i 



'«W*~ 

warn 


tUnnaaaruMv 
] Cold 


Ihowoorato/y 

Hoi 


North America 

Hoi WCB0W from New YoA 
City lo Washmglor. D.C . 
Tuesday win gme way lo less 
hum«] and somewhat cooler 
weather Wednesday and 
Thursday. Toronto and Mon- 
treal will be rather cloudy 
and damp th'ough midweek. 
Meanwhile. Madco Cay will 
have daily ahomoon show- 
ers 


Europe 

Warming will overspread 
western Europe Irom the 
southwest under a mainly 
sunny sky. Germany. 
Switzerland and Austria will 
be warmest Thursday as 
cooling begins along the 
Atlantic: thunderstorms may 
erupt in Spam and France, 
and the U.K. may mm show- 
«V- 


Asia 

Tropical downpours wSI soak 
a swath through southern 
China to Taiwan; it may 
Include Hong Kong. 
Guangzhou and Shenzhen. 
Midweek should be dner In 
Korea any rains should bo 
short lived: Japan may him 
mmy Thursday Usual iropi 
cal heal will steam Singa- 
pore. Bangkok and Manila. 


Middle East 


High Low W Hftfl low W 

OF CO OF OF 

28 04 *9/86 « 29*84 21/70 9 
34/93 17*82 s 34 ms 70*68 » 
38.97 18*81 s 36/97 18*4 a 

20-82 18*61 3 2B/B2 18/64 ■ 

43/109 23.71 3 44111133/73 8 

44/11136/79 1 46/1 13 2 7/80 f 


Latin America 

Today Tccnonuw 

High Lew W High Low W 
OF Of OF OF 

BvonxAm 21/70 1950 pc 21/70 11/52 pc 

Caracas JIM 25/77 9 31/88 26*79 pc 

Urr» 21/70 17/62 pc 21.70 17/52 sc 

M*eceC4y 36/79 12*53 pc 28/79 13/53 pc 

Ik-dUmlQ 24/75 18*64 9 35/77 19/66 pc 

SwWa^a >8/61 *ZJ9 pc l««l 3*37 c 


Epr&rk 

Bagng 

Hcngl/ana 

Manta 

McwDrrW 

Sm/ 

smui^iw 

Sogwora 

r«xi 

Tokyo 


Today Tomorrow 

High Low W Low W 

OF CJF OF OF 


33*91 24.75 
33/91 17*62 
28*K3 24/75 
34 .90 23/73 
47/118 29/84 
24/75 12*53 
27/80 15*1 
33/91 22/71 
29.64 21/70 
23/71 14/57 


17*62 11*53 pc '7*62 9*48 PC 

33.71 12/53 pe 21.7® 12-63 e 


Legend: a- sunny, pc-pajtjy cloudy, ocirx/ly. sh-ATeers. l-nundu Stoma, i-rafi. si-snow fcntes. 
sn-snijw. Hcc. vy-Wcattior. AD mep*. forecasts and data provided by Accu-Weather. tie. *- 1996 


Al0t-T> 31.WB 2 
Cao* Town 18A4 1 
CoaoHanca 27*80 II 
IWrara 33/73 t( 
Larne 31*8 2! 
Nanb* 21*70 1i 
Tim 36*97 2' 

North America 

Anchorage 17/62 ■ 

Aflnrta 28*3 II 
Boston 39/64 II 

Cfccago 28*2 1! 
Denver 29*84 L 
DrtP34 37.80 11 
HoncOPu 28*8? 2' 
Hcuwon 3381 21 
LoaA*vrim 27.80 «I 
VfaTO 33.89 2* 

rArmespoti 27*0 1* 
Uaoawl 23 73 II 
Nassau 2784 2! 
New VorV 2682 >1 
Prom 42/107 2* 
Sen Fran 2373 M 
Seam? 1986 V 
Tororao 2982 11 
Weshrvfon 27*3 »! 


pc 33/91 24.75 PC 
PC 3289 19*66 • 

1 2682 24*75 pc 

Ih 37*91 34/75 I 
a 46/115 39/54 a 
a 25/77 13*65 pc 
fi 2780 1884 pc 
CS 32*9 23/73 pe 
DC 29* W 21/70 pc 
0 23/73 12*53 pc 


: 3188 22/71 pc 
20/6B 12 *53 ■ 
26/79 1782 • 
26/79 12.53 pe 
3188 26 F73 »h 
1 22/71 13/56 pc 
3585 23/73 a 


pc 14*57 
pc 29*84 

• 23*73 1 

pc 26/79 • 
3 24/75 

pc 25/77 1 

1 pc 2984 ; 
pc 32/89 : 
pc 24/75 ■ 
I 3188 ; 
ill 24.75 ' 

* 24*75 1 
a 30/86 ; 
I 27.80 ' 
a 39*102 i 
a 24 OS ■ 
c 21/70 1 
ah 24/75 1 
a 30*86 • 


ACROSS 

1 Room between 
rooms 
s Handouts 
9 Farm building 
13 Opera solos 

IS West Virginia 
resource 
IS Sack starter 
tt 1970 Tommy 
* Roe hil 

20 Spain's locate 
si Leslie Caron 
role 


22 Hesitation 
sounds 

23 Writer Bom beck 
25 Swindle 

2* Sweet beat 
3o 'Fiddler on the 
Roortenow 
25 Literary 
collection 
as Weep loudly 
2T Arctic, tor one 
20 Recurring 
theme 

41 French dental 
43 Lisboa's sister 
city 


Solution to Pirate of May 27 


□ina:: anna anna 
□nnn assna nana 
!□□□□ naasH aaaa 
□□DtnsaHaaaaaa 
□□00 0DCD 
, 00DQ0 00000000 

□Haas aaaas asa 
10000 00000 0000 
□□□ 0E0O0 00000 

□sasaaaa saaaa 
000 □□□□ 
:Ha 0 am 0 fl@oa 00 
Enos Q00OO aaar 
□000 00 OHU 00001 
DUQ 0 0000 0000 


44 1985 Kate 
rtolipan title 
rote 

45 Big shot 
47 Calendar ender 
Abbr. 

4* Anglo's partner 
4S Tentaded sea 
creature 

52 Ostrich's cousin 

54 Author Belknr 

55 Lemon drink 
sa Meadow bird 
<0 Drinkers' (oasts 
84 'Black Bottom 

Stamp* 
performer 
•7 Came down 
as Christmas 
centerpiece 
c* The elder Judd 

70 Critic Rex 

71 Cruising 

72 Tift 


1 Pilgrim to 
Mecca 

2 Pilgrim to 
Mecca 

3 Citrns flavor 

4 Emblem of 
victory 

5 Item up the 

sleeve 


e Take it easy 

7 Slander 

8 With cunning 
o Visit Vail. 

perhaps 
10 ‘Come Back. 
Lime Sheba* 
playwright 
H Cowardly Uon 
portrayer 
12 Chooses 
T4 Helical 
18 Doorway parts 
is Perfect 
24 Long, tong time 

28 Caan or Cagney 

27 Gay • 

22 Type of rubber 

29 Superior to 

31 Author Umberto 
22 "Rigoletto" 
composer 

33 Fdm director • 
Peter • 

34 Tennyson's 

* Arden* . 

3e Odysseus’s 
rescuer, in myth 
40 Exquisitely 
42 Guitarist 
Lofgren 

4eEcto or proto 
ending 
4# Panel of 12 
so Alaskan river 


si Groups of 
indigenous 
plains 

si *1 Remember. 

Mama* mama 
55 Parity open 


sa Take out of prirtf 82— Linda, 

*7 Nobefist Wieaa! ' CaW ' 

n'RedBalodn* ' 
painter « Former Ford 

«i On aa — -.ScPerrkw 



mmum mmum am 


-O New York Times Edited by Will Shorty 


ft j 

JL- 


I 

- 1 > Ksssassfr 


navel in a world without borders, time zones 

or language barriers. 




i ooungcon ■ Imagine .i world where you am call country to country as easily as you can from home. And 

! reach the US. directly from over 1 2? countries. Converse ^ ith «meone who doesn’t speak your 

I Bi= Linguage. since it's translated instantly. Call your clients at 3 a.m. knowing they'll get the message in 

| ■ '• s ou r voice at a more polite hour. .Ml this is now possible with AI&T 1 

■ • ~ To use these services, dial the AKT Access Number of the countiy you’re in and you'll get all the 

help vou need. With these Access Numbers and your.ADCT Calling Card, international calling has never been easier. 

tf you don't rave an .XIKT Calling Card or you’d like more information on AIXT global services. }ust call us using the 
convenient Access Numbers on your right 


ATsJ 


: 1 */.W flW 


AES9T Access Numbers 
How to cafl around the worid. 

1. Using the dianbekwv, find thetxnnary you are calling from. ~~ \ • 

1 DijJ the corresponding AKT Arcess Nurnber. 

}. An ADffEn^ish-^xaklng Operator oc voice prompt will ask for the phone number you wlshioi^ll or connect you to a 
cummer senice representative. **- ..." 

To receh-e >t)w free u*^letcaitlof AKTS Access Nurribera justdial theaocess rannberof 
trie country you’re in anda^ fer QjstoraerSerrice 

COUNTRY ACCESS NUMBER COUNTRY ACCESS' NUMBER COUNTRY ACCESS NUMBER 




Australia 
China, PRO»« 

Goaxn 

Bong Kong 

India* 

Indonesia* 

Japan* 

Korea 

Korea** 

Malaysia* 

New Zealand 
Pbmppines* 

Saipan* 

Singapore 

Sri I-i nk a 

Taiwan* 

Thailand* 


loir 172-1011 BrazS 

1-800-881-011 Liednenstcin* 155-00-13 CMe 

10811 IJtthnania* 8*196 ' Cohmdria 

018-872 Luxembourg 0-800-0111 Costa Rica** 

gggjm Macedonia, F.YAo f 99^00-4288. Ecuador* 

000*117 Mata* 060 0-890-110 : El Salvadoi-* 

01-801-10 Momar 194-0011 Guatemala’. 


000-117 Mata* 

001 - 801-10 BOouaco* 


Armenia** 

Affibb*** 

Belgium* 

Bulgaria 

Croatia'* 

Czech Rep 

Denmark* 

Boland* 

PlttftCO 

G erman y 

Greece* 

Hmtgtfy* 

lcdand *8 

Ireland 


0039- m Netherlands* 06 

009-11 Norway 8 

IV Poland** ~ OaOIC 

8000011 Portugal* OS 

000-911 Romania 01 

105-11 fitesia*t»fo»cowj 

, 255-2872 Slovakia 00-< 

300-0111-111 Spain* - . 90 

430-430 Sweden* 02 

0080-10288-0 Sw i c arrland* 

0019991-1111 UK. 050 

EUROPE Ukraine* 

8*14111 MIDDLE EAST 

022-903-011 Bahrain 

0800-100-10 Cyprus* 

00-1800-0010 brad. 177 

99-38-0011 Kuwait 1 

00-420-00101 Lebanon (Beirut) 

8001-0010 Qattr : ’JX 

9800-100-10 Saudi Arabia . ; 

19*-0011 Turkey* OtH 


06-022-9111 Guyana—. . 

80 0-190-11 Honduras^ - - , 

0*010-480-0111 " Xfcadco*** 9 

OS017-1-288 Nicaragua. (Managim) 
01-800-4288 . Panama* . • 

155-5042 Peru* ~ 

00-420-00101 Swlnrov ^ 

90 0-9900-11 Uruguay : " 

020-795-611 Venezuela-. ~ 


01300010 UAE.* 
00-800-1311 

OOa-SOQ 4)1111 Argentina* 
999-001 Belize* 
1-800-550-000 Bothria* 


^ 155-00-11 C& 

050089001 1 naiwvvww* 

8*100- 11 Bennuda* 

IIDPLEEAST BrifehVX 

800001 - Cayman bfcmds 

• 080-900 10 Grenada' ^ 

177-100-2727 Haffi* . ~ 

800-288 Jamaica^ T 

b rfrat) 426-801 Metb.Anffl 

■ 0800011-77 StJCnSfiMevlB 

; 1-800-10 . : . ... ■/ 

00-800-12277 Egypt* (Cairo) 
•. 80P-1 21 " Gabon* " 
AMERICAS. Gambia* 

OOJ-SOO-200-aii - Kenya* - 

- 555 Siberia-. . '' 
.MOO- 1112 -. south TOSS 7 " 


■ ' . 000-8010 
00*-<Bl2 
980-U-OQio 

1 114 

U9 

* • - _190 

| 190 

165 

1 - • 12,1 
95-80^463-4240 
(Managna) . 174 

1 109 

191 

156 

~ ' OQ-frGo 

! 8001 1-120 

CAMBWPAN 

l-80fr872-2^i 
1-80Q-872-2RM 
_ ' I-a]0872->fta i 

wts 1-800^72-3881 

■ " l-flOCMTO-^, 

00l-aoojr3-3»t< 

— 8~800-872-2wi i 
1 001-80Q-872-^rT 

1-^0 372^7 
AFR ICA 

S»1 ~ 

— — po*-ooi 

— — OO 111 

— — «»>M0 

3 ___23Z^57 


'«arr^ K CBUiawiijraiUt*:hiB(6MnRtanfcHdCB*W^Seralce ^lwra*|wnMeft«ne»mrphDor. • v - : . 

prr%SLCurin‘k*ixuimcabtQBtw>c«imurclhn\7<rauffta.kKtlAni!tfiOK ^CcflrctcdtegcfYy H ‘ 

hiwUi’ndKimnivvmaiBcaBiK . • . 

iWLMDI>nrvnxcc<4ciltM^aadk!M«WUaBM3t»«e . . . . . .. 

^BLmou(Kbn^Scrikc.<’i;D'ovr<4w-!<linnekBapMxSraibi(i«erMDlu _ “JSg tiSSSttSSSSSZEEaSr^'U 

W^rtoer&^toJepwUonixphivtrGadlaJkilKira:. aEarA8fl-4t4M<bMt u~li.-lw g M6g « g cta «ir 

"TuMt |6s»r'miuin-JrpiNi<4n3iBnri4ioa;c*tfk>'iM«av CrotOtO^MIUI •Caajngjraaa^ctoca^Pwiprin mimru 

lr/« nun ‘ 







-. 2.1 "71^2 


r a?J yy. Vi»-. 

-,'xr 


j f I 

il .1 


. l-SkJSS’i&r 




fif' ff 





* isa