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'Tl# | V INTERNATIONAL M 4 I 

I'lfralo^^enbuuc 

PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris. Friday, November 4, 1994 


No. 34.737 



IP- Shows It Is Serious 

■ . ' 1 • 

About Defending Dollar 

$0erdt Reserve Move Lifts Currency , 
But Fails to Revive Weak Bond Market 




t^r^By Lawrence Malkin 

l ' ■; “ International Herald Tribute 

■ TJEW ‘YORK — Swooping in for the 
second- staight day, the Federal Reserve 
•• aggressively pushed up the value of the 
dollar on Thursday hi a move seen by 
■. financial markets as aimed at helping the 
government's bonds as much as its curren- 
r.-.- .... . : . cy. But if bond prices were also a laraet 
' die Fed missed. 

The central bank, which can intervene in 


'The central bank, which can intervene in 
currency markets only on instructions 
■ 7 v®qni the elected government through the 
'Treasury, started buying dollars at 1 1 
A.M. Continental European markets were 
J| dosed, and London was just winding 
. L down, giving the Fed a more manageable 
‘ ‘ ,* ! J 1 lie ■ field is which to work 


- ,r -JI 


Signaling its intention to raise its curren- 
cy and not just stabilize it, the Fed bought 
dollars with Deutsche marks and yen at 
the high end — rather than the low — of 
offered prices in successive waves. This 
pushed the dollar dose to points that 
looked belter on traders' technical charts 
in an operation that Avinash Persaud of 
J. P. Morgan & Co. called “intelligent and 
strategic.* 

The dollar dosed in New York at 1.5181 
. DM, up from 1-5154 DM Wednesday, and 
at 97.74 yen, up from 97.65 yen. The dollar 
rose to 5.2075 French francs from 5.1900 
francs and to 12680 Swiss francs from 


12635 francs. The pound weakened to 
$1.6175 from SI. 6230. 

Two days of intervention thus left the 
dollar well up from the postwar low 
against ihe yen, set Wednesday, of 96.20 
yen. But the moves failed to restore confi- 
dence in the Treasury bond market, where 
the price of the benchmark 30-year issue 
slipped 3/32 point. 10 93 10/32, and the 
yield edged up to 8.10 percent, from 8.09 
percent. 

The bond market was still waiting to see 
whether the Treasury’s new policy of 
maintaining (he dollar's value would be 
underwritten by the Fed with higher inter- 
est rates. 

“The psychology iS so pervasively nega- 
tive in both the bond and currency markets 
that they arc trying to shake it up." said 
David Resler of Nomura Securities. “Both 
believe the worst fears about inflation al- 
though they are not justified." 

The collapsing dollar clearly gave fright 
to Washington so close to congressional 
elections and the quarterly sale of govern- 
ment debt set for next week. Those events 
will be followed by a Fed meeting Nov. 15 
to set interest rates, and this combination 
of events helped answer the question of 
why the Treasury ordered the intervention 
now after passing up several opportunities 

See DOLLAR, Page 16 



Tan PuhnuW' Aftnar FniKK-Preuv 

SPOILS OF WAR — Bosnian Croat soldiers displaying a badge of the Bosnian Serb army and a Serbian flag, after 
Croatian troops captured a Serbian stronghold and the surrounding area in central Bosnia on Thursday. Page 10. 


New East Europe Wheezes, Its Old Pollution Woes Unchecked 


By Mariise Simons chemicals interact, it creates a kind of 

He* York Times Service nerve gas.” 

,■ ~ Usti's air and its color-coded scoreboard 

Mur 

^ 5USE5K froinjapan. 

town on a bend of the Elbe River. States anTWestern Euro^e have fleeted 

New sensors are sniffing the bad breath: • here like tourists visiting a chamber of 


: : looming off the local factories, and on the 
: scoreboard the people of l/sti can track the 


horrors. “When they have just 10 percent 
of what we get," Mr. Cemy said, “they 


gases they inhale as if following an impor-. ..think they have a disaster." 
tflflt spprts event ’\- -. -. . The scene is repeated, aqws Eastern 

“We still get about 2G_ types of harmful ■ ' Europe' ai oew Western con^uteHt 5 >robe 


taut sports event; ; ... 

“We still get about 20, types of harmful 
substances,” .said Zdenek Cemy; a former 
army officer in charge of the mcanuss. 
'■Suddenly, half the town' may get pains, in 
the joints. Or skin problems. When these 


Kiosk ; 

Bosnian Hijacker 
Gives Up in Oslo 

OSLO ( AP) — An armed Bosnian 
hijacker surrendered late Thursday after 
commandeering an airliner and demand- 
ing that aid supply lines be opened in 
Bosnia. 

After holding at least 80 passengers 
and crew members aboard the SAS plane 
for. more t han three hours, the hijacker 
surrendered at Gardermoen airport out- 
side Oslo. . - 

The unidentified hijacker had de- 
manded to. speak with Bosnian officials 
and threatened to kill passengers if the 
police stoimed the plane. 

Leisure 

A sort of Biennale, not in Venice but m 
Montenegro. Page *■ 


the bins over Budapest in Hungary, or the 
dust and soot over Krakow in Poland and 
Sofia in Bulgaria. The onset of capitalism 
has not cleaned the region’s befouled air. 


soil or water. But its instruments are now 
measuring it 

The starker message of the sensors is 
that almost five years after Che collapse of 
communism, the region's environment 
continues to decay. Chemical works, 
smelters, coal mines and power plants are 
still infusing air and water with waste far 
surpassing international standards and 
causing severe health problems. Toxic 
dumps go on poisoning groundwater and 
cities keep on spewing rbeir raw sewage 
into rivers. 

What's more, capitalism is bringing 
its own problems — more traffic pollu- 
tion, less public transport, more Styro- 
foam, more clashes between environment- 


alists and the peddlers of consumerism. 

There have been some gains. Factory 
emissions have dropped, perversely a re- 
sult of a sputtering economy where many 
plants have closed or slowed down. But the 
enormous task of installing filters, scrub- 
bers and treatment plants has barely be- 
gun. And energy still comes largely from 
highly polluting brown coal. “Achieve- 
ments?" a discouraged World Bank con- 
sultant wondered aloud. “They are few. 
rather fragile and very dispersed" 

The 'nz ! n rnt'm for ibis s!o v pact- is 
that regional leaders insist that, given the 
urgency of economic recovery, the envi- 
ronment must wait. This policy derision 
underscores a fundamental question fac- 


ing Eastern Europe as it continues its 
transformation. Should anti-pollution de- 
vices, fines and taxes be further postponed 
in order to protect factories and jobs? Or 
will this bring more health and cleanup 
costs in the future, not only to restore the 
havoc of the past but also the new damage 
still being caused today? 

“The modern notion that development 
and environmental protection should go 
together has not reached here,” said Lut- 
chezar Toshev, the head of the environ- 
mental group Ecoglasnost in Bulgaria. 

In theory, communism with its strict 
central planning had more power than 
free-wheeling capitalism to avoid or pre- 

See POLLUTE, Page 7 



America’s Elections Near, 
Voters Are in a Foul Mood 


Book Review 


Page 5. 


Sannagn Lynn The Awvialtd Pnav 

OIL FIRE'S TOLL — A man in Daraoka, Egypt, being comforted 
Thursday amid mourning for hundreds of victims of burning oil. Page 2. 


Breakthrough in Hong Kong Airport Talks 


' _ ' . Ulim L tf But analysts warned that, with final de- 

By Kevin Murpny (aUs Qf ^ fintmC tng still to be hammered 

international Herald Tnbwie QUt several other disputes unresolved, 

HONG KONG — After more than paries remain to a smooth trans- 

three years of negotiations bedevfled oy fer of power to China in July 1997. 


numerous arguments over Hon£ 
political future, China and Britain agreed 
to a 'geheral formula on Thursday * or 
n anting the colony’s $203 billion airport 
The breakthrough on a project that is a 
symbol' ^ British-Chinese coop^non. 


On Friday, the two sides will sign an 
“agreed minute” that will set borrowing 

caps for the Hong Kong government agen- 
cies involved in the project, an amount 
central to a dispute that has soured rela- 
tions between London and Bey mg , since 


theairpf-rt plam were amoanced five 

Beijing,’ has raised hopes that relations 

between the two countries have become The head of jj, e British delegation to the 

inore wmkmanlike. 


Joint Liaison Group handling the negotia- 
tions, Hugh Davies, said the agreement 
would “help restore trust with the Chi- 
nese." 

“It’s a good step forward," said Mr. 
Davies of an agreement that will allow 
Hong Kong to borrow up to 53 billion for 
the project. “It will, with any luck, unlock 
the arrangements that we need to make 
with the Chinese side on the important 
issues.”- 

Zhou Nan. the head of the Xinhua News 
Agency, China’s de-facto embassy in Hong 

See AIRPORT, Page 10 


By Katharine Q. Seelye 

New York Times Service 

NEW YORK — Heading into Tues- 
day's dec lion. American voters are pro- 
foundly alienated from their elected repre- 
sentatives and the political process and 
confess to a deepening powerlessness and 
pessimism over the future of the country, 
according to the latest New York Ti- 
mes/CBS News Poll. 

Disgust with Congress is near the re- 
corded high, and more than 60 percent of 
those polled were unable to name an elect- 
ed official they admired. 

The public has not appeared so discon- 
solate since 1979, when the country was 
gripped by economic stagnation and 
Americans were taken hostage in Iran. 
Now. people say that they are frustrated 
and cynical and that they fed life has 
veered out of their control. 

“I don’t feel the people of this country 
have any control over what’s going on, 
even if we voted in the person we wanted," 
said Debra Flesher. 35, a mother of four in 
Greenfield. Indiana. 

“The country is so big and there are so 
many issues and everyone has a different 
point of view.” she added. “It’s hard to 
nave a safe neighborhood anymore. Even 
the media doesn’t have control because 
bad is what sells. Like the Simpson case: 
That’s what people want to see.” 

Mrs. Flesher was one of the respondents 
who agreed to a follow-up interview after 
participating in a nationwide telephone 
poll of 1,429 adults, taken Ocl 29 through 
Nov. I. The poll has a margin of sampling 
error of plus or minus three percentage 
points. 

Asked about “the way things are going 


in the United States,” 43 percent said they 
expected things to be worse five years from 
now. In addition, most people fear that the 
next generation will be worse off than they 
are. 

In the poll, crime emerged as a stark 
symbol of fear and powcrlessness, and it 
remains the overwhelming concern of 
Americans. Twenty-three percent of those 
surveyed identified crime as “the most 
important problem facing this country to- 
day.” 

Economic concerns ranked second, with 
18 percent calling them the nation's most 
pressing problem. Health care, which 
dominated this year's congressional agen- 
da and ranked second in September, has 
plunged to fifth place, tied with drugs. 

Other sources of anxiety that emerged 
include a fear by a quarter of Americans 
that some close relative will lose his job in 

See SOUR, Page 10 


Dublin Offers 
Unionists a 
Guarantee on 
Ulster Status 

Reynolds Would Ensure 
North of No Change 
Unless Majority Agreed 

By James F. Clarity 

.ViTt York Times Servin' 

DUBLIN — Prime Minister Albert 
Reynolds said Thursday that his govem- 
ment was prepared to approve a radical 
change in the constitution of the Irish 
Republic to assure the Northern Protes- 
tant majority that they would never be 
subsumed in a united Ireland against their 
will. 

Mr. Reynolds said he hoped his prom- 
ise, made publicly and specifically for the 
first lime, would assuage Protestant fears 
and accelerate Lhe peace initiative he ad- 
vanced in December with Prime Minister 
John Major of Britain. 

He said he hoped that, in return. Britain 
would loosen its legal claim to sovereignty, 
and that he thought this was possible in the 
coming months. 

He said be thought the peace initiative 
was proceeding well, and said not even 
isolated acts of terrorism would kill the 
effort. 

One of the most contentious issues in 
the Irish-British effort is that of sovereign- 
ty over the six counties of the North com-, 
prising the British province of Ulster. 

The Protestant majority wants to remain 
part of Britain, but the Irish Republic has a 
direct claim to sovereignty in its constitu- 
tion. The Northern Protestants and Lon- 
don have demanded that Ireland change 
its constitution. A united Ireland is the 
ultimate goal of the overwhelmingly Ro- 
man Catholic Irish Republican Army, the 
ultimate nightmare for many Protestants. 

In recent months, aides to Mr. Reynolds 
have said privately that he is flexible on the 
issue, but have not dealt in details. The 
possibility of constitutional change is also 
suggested in the Downing Street Declara- 
tion signed by the two prime ministers on 
Dec. 15. But on Thursday, in an interview- 
in his office in Government Buildings, the 
prime minister said he wanted, for tire first 
time, to mskc his poliev public and explic- 
it. 

“We are aware of the fears of the Union- 
ist community." he said of the northern 
Protestants. "So we are prepared to insert 
in the Irish constitution the principle of 
consent," that is, that, as pan of an overall 
peace agreement the Irish government 
would approve a constitutional amend- 
ment saying that there there would be no 
change in the political status of the North 
without the consent of the majority. The 
amendment, with the full support of the 
government, would be put to a referen- 
dum, possibly with other aspects of the 
overall settlement. 

Mr. Reynolds acknowledged that the 
Irish claim to sovereignty in the North, in 
Articles 2 and 3 of die constitution, had 
long been a vital article of faith among 
Irish nationalists in the republic, adding 
“The 1 fear of the Unionist community was 
thaL the Republicans boasted that’ they 
would go in and take over the North by- 
force.” 

He said he hoped his explicit promise to 
change the constitution would move Prot- 
estant leaders to meet with him to discuss 
this and other issues. 

The prime minister said he also hoped 
that his statement would smooth out dif- 
ferences between him and Mr. Major on 
the issue, and accelerate the completion of 
the new framework document the two 
leaders are preparing to set the stage for 
eventual talks involving all parties in the 
North, including Sinn Fein, the IRA’s po- 
litical wing, and the Irish Republic and the 
British government. 


Disney Enchants Bourse 

Attendance Shortfall WhisdedAway 


Hr 

8.75 

3S45.89 



For Whom the (German Villagers Toiled 


Thura-OBM- 

1,5187. 

1.6175 

97.74 

5207S 


By Joan Melloan 

Special io the Herald Tribute 

wprsCHDORF, Germany — Money is always scarce in this 
JS^Seof 600 on the uplands of Thuringia, in the south- 

THp houses, sheathed in erav 


told the pastor, Joachim Steinhofel, that it was dangerous and 
should be replaced. 

Mr. Steinhofel and his wife, Eva, were stunned. The insurance, 
plus some funds from Germany’s historic monuments comnns- 

». . . ... . . m n t _ ■ iL Vi alwanv 


: • Newsstand Prices^ - 

Andorra ^ .^9.00 FF Uaemtxturg » L. Fr 
Ah«»aL..-.in20 FF- Morocco....^-g 

Cameroon J .400 CFA Qatar 

Efivai- ' -E.pl 5000 Rftunton.— • 1 

FF Saudi AfubJa^.WR. 

Gabon„,.,.9«)CFA Swegal ...-^60CFA 

G recce... . u,. 300 Dr. ^V^^Yioin 
iW».«.u.-wA«o Ure Tunisia 
- IvowCatf .tfaCFA Turkey 

Lebanon l^USSLSO U.S. WUL CBtr.) 


UJEvf w hft was East Germany. The houses, sheathed m gray ^ would ^ for the steeple. People m the village had already 
date from local quarries, are neat but shabby. Trapped behind 5 ^^ ^ 20,000 Deutsche marks to pay for a new clock m the 

fhJ *iiSTcurtain for almost 50 years, _ the village now waits tow^Cmild they be asked to contribute more? Even during 
fry the economic miracle promised by reunification. A Communist rule, when the Stemh5fels struggled against constant 
of fhe adults are unemployed; more than a third are retired- hostility and few people attended church, the bells had always 

W Despite hard times, there was much rgoiang at Her^hdoir s for 5 ^^ funerals and special events. 

annual. Thanks^ ^ thechurch are A quick canvass indicated that mret villagers thought the 

reason is a kind of economic mirac . cracked bell must be replaced. The first thing to do was to 

ringing once more, - . HerechdorPs 300- establish the tone of the cracked bell and how much a new one 

Four years ago, the ^1°“^ L°?L^ Ndwtroyed by fire. But its would cost The first part was easy. The three SteinhOfel sons, all 
WntfraS&tobt Of Stem musician, in nernby Weimar, knew ,t was a B. 

after insurance money was paid, 0n a Wednesday in late July, Mr. Steinhofel called a bell 

"US See BELLS, Page 10 


annual 

reason is a kind of i 
ringing once more. 


^r ihe odon-domed steeple of HerechdorTs 300- 
Four yeare ago, m nearl destroyed by fire. But ns 

J^hiebSil hSgfrom a strong beam and appeared to be 

S'd™!T«& £oremm 


By Barry James 

International Herald Tribune 

PARIS — It’s a small world as a 
theme song of Disneyland Paris says. 
And it can be a bizarre one, too. 

The share price of Euro Disney 
SCA’s stock leapt 18 percent on Thurs- 
day even though officials reported that 
attendance at the theme park had fallen 
about 10 percent this year, to 8.8 million 
viators, not all of them paying. When 
the park opened two years ago, the 
company forecast attendance of 1 1 mil- 
lion a year. 

Investors were heartened that the 
company had narrowed its loss to 1.8 
billion francs ($345 million) for the fi- 
nancial year ending SepL 30, compared 
with a 53 billion franc loss the previous 
year. 

Investors were apparently also 
pleased that this year, unlike last, there 
were no brutal surprises in the earnings 
statement. The loss was roughly in line 
with what analysts had been predicting. 

Euro Disney said its improved results 
had come in part from cutting costs. 
Some of that improvement, however, is 
only a one-time waiver of management 
fees and royalties by the Walt Disney 
Co. in the United States, which owns 40 
percent It waived the fees for five years 
as part erf the financial restructuring 


plan. This saves Euro Disney up to 350 
million francs a year, according to share 
analysts. 

Management, although sounding a 
relentless whistle- while- y ou-w ork mes- 
sage, was frank to acknowledge the 
theme park’s main woe now that its 
financial restructuring is out of the way: 
too few “guests” spending too little 
money. 

The report pushed up the share price 
to 8.15 francs, more than 150 francs 
short of the price when the park opened 
in April 1992 

Nigel Reed, a Paribas analyst who 
has stood out for his bearish views on 
the stock in the past, said the outcome 
in the face of lower revenues was a 
credit to the management But he said 
in an interview with Reuters, ‘There’s 
an immense amount of work to do.” 

To bring in the crowds, Euro Disney 
has had to cut prices — and even give 
entrance tickets away. Nevertheless, at- 
tendance dropped earlier this year, and 
Disney officials blamed this Thursday 
on rumors that the theme park was 
about to close. 

Wouldn't this have brought people 
rushing to Disneyland for the wake? 
Philippe Bourguignon, the chairman. 

See DISNEY, Page 10 


v 

i 


>■£ 9 &S . 5 ST ? 1 iZY 1 








INTERNATIONAL HERALD TRIBUNE, FRIDAY. ISQVFUTrfu 4< 1994 


\ 


Gaza Factions Allege 
Israel Planted Bomb 
That Killed Militant 


By Clyde Haberman 

New York Tunes Service 

JERUSALEM — All major, 
political factions in the Gaza. 
Strip, including Yasser Ara- 
fat’s, joined Thursday in accus- 
ing Israel of having planted a 
car bomb that killed an Islamic 
militant leader. 

- Thousands of Gazans poured 
into the streets for the bomb 
victim’s funeral, venting their 
rage not only against Israel but 
also against Mr. Arafat, whom 
they denounced as an Israeli 
‘'collaborator*’ and shoved out 
of a mosque as he tried to join 
the religious service. 

According to some reports, 
Mr. Arafat, the leader of the 
new Palestinian autonomy in 
Gaza, was treated so roughly by 
angry Muslims at the Omari 
Mosque in Gaza that they 
knocked off his trademark 
headscarf. 

“This is your peace. Arafat!'* 
people shouted at him . “It’s all 
liquidations and assassina- 
tions." 

[Later Thursday, the Idamic 
Jihad group apologized to Mr. 
Arafat, according to Agence 
France- Presse. 

[In a statement, the group 
said, “We in Jihad express our 
deep regret for the irresponsible 
act and this spontaneous reac- 
tion to which Mr. Arafat was 
subjected during his presence at 
the funeral of Hani Abed. 

[“We consider these acts do 
not represent the political and 
moral trend of Islamic Jihad in 
dealing with differences within 
the Palestinian home and we 
express our apologies,” the 
statement said.] 

Pales tinian anger was also re- 
flected in street protests that 
.spread to East Jerusalem and 
several West Bank towns, in- 
cluding Nablus, where Israeli 
soldiers reportedly fired on 
rock- throwing demonstrators, 
wounding four. 

; The charges of Israeli in- 
volvement in the car-bombing 
came from all major forces in 
Gaza, from Islamic extremists 
to the mainstr eam Fatah fac- 
tion that Mr. Arafat leads with- 


in the Palestine Liberation Or- 
ganization. Although there has 
been friction among various 
Palestinian groups, officials of 
Islamic Jihad argued that the 
bomb was rigged so skillfully 
that it suggested an expertise 
found more readily among Is- 
raeli agents than Gazans. 

Israelis officials would not 
comment on the accusations. 

But they clearly had no desire 
to discourage inferences that 
they were prepared to assassi- 
nate someone like Hani Abed, 
the victim on Wednesday in the 
Gazan town of Khan Y anis . 
Mr. Abed, 35, was a leader of 
the extremist Islamic Jihad 
group and had been suspected 
by Israel of having a hand in the 
shootings deaths of two Israeli 
soldiers in Gaza last May. 

At almost the same time that 
the bomb tore the Palestinian 
apart as he went to his car. 
Prime Minister Yitzhak Rabin 
spoke at a ceremony for fallen 
Israeli soldiers and warned that 
his forces would target radical 
Islamic groups. 

“With one hand we are shak- 
ing the hand of the Hashemite 
Kingdom of Jordan in peace, 
but with the other hand we are 
p ulling the trigger in order to 
hurt the murderers of the Hez- 
bollah, Hamas and Islamic Ji- 
had, " he said. 

A Rabin spokesman, Oded 
Ben-Ami, said Thursday that 
those remarks were intended as 
a general warning to terrorists- 

Nonetheless, Israeli officials 
have not denied or confirmed 
recent reports that the prime 
minister ordered “hit squads" 
to assassinate Islamic leaders, 
particularly from the Hamas . 
group, to avenge the Ocl 1 9 bus 
bombing that killed 23 people ; 
in Tel Aviv. Hamas look re- < 
sponsibility for that attack as ; 
well as others in October. 

If Israel’s leadership has de- ; 
cided on revenge, it would not ; 
be the first time. One by one, it j 
tracked down 26 PLO com- i 
manders held responsible for 
the hostage-taking that led to < 
the deaths of 1 1 Israeli athletes ; 
and coaches at the 1972 Sum- j 
mcr Olympics In Munich. . 








A FIRST — Prime Minister Tansu Oiler of Turkey, escorted by Prime Minister Yitzhak Rabin, met Christian 
clergymen on her arrival Thursday in Jerusalem. She called the visit, the first by a Turkish prime minister to Israel, 
“long overdue” aud promised to bolster MkfcBe East peace. She meets Yasser Arafat, the PLO chief, on Satmtiay. 

Islamic Radicals Kill Pakistani Legislator 


The Associated Press 

ISLAMABAD, Pakistan — 
Armed tribesmen demanding 
Islamic law in a remote corner 
of northwest Pakistan killed a 
provincial legislator Thursday, 
several hours after t aking him 
hostage, the police said. 

Bad! Uzzaman, a member of 
Prime Minis ter Benazir Bhut- 
to’s Pakistan People’s Party, 
died in a shoot-out between his 
bodyguards and his captors. A 
second person was killed and 
six other people were wounded, 
the police said. 

Later, a senior official of 
Miss Bhutto’s government an- 
nounced that Islamic law would 
be enforced in the troubled dis- 
trict, Malakand. 

“In every district the people 
will be offered a choice," Aftab 
Sherpao, chief minister of the 
North-West Frontier Province, 
said at a rally in nearby Buner. 


“They can either have their case 
heard before a Sharia court or a 
civil court." 

Mr. Sherpao also said Eng- 
lish would no longer be the lan- 
guage of the courts, replaced by 
either Pashto, the predominant 
language spoken in the region, 
or Urdu, Pakistan's national 
language. 

There was no immediate 
comment from the group that is 
leading the agitation. Tribes- 
men earlier condemned Miss 
Bhutto's government for reneg- 
ing on similar promises made 
several months ago. 

“We'D release our hostages 
once we are satisfied the gov- 
ernment is sincere about bring- 
ing Islamic law to this region." 
said Maulana Fazle Haq, a 
leader of the Or ganiz ation for 
the Enforcement of Islamic 
Law. 

The trouble began Wednes- 


day, when tribesmen kidnapped 
two judges. Earlier Thursday, 
they took over an airport and 
encircled the home of Mahboo- 
bul R ahman , another legislator 
and culture minister in the 
North-West Frontier Province 
Parliament 

Since then, thousands of 
tribesmen have been terrorizing 
towns and villages in the Mala- 
kand district about 150 kilome- 
ters (95 miles) northwest of Is- 
lamabad. 

By Thursday night, the police 
said, at least 50 people were 
being held hostage in court- 
houses and police stations in 
three tillages in the district 

The group de manding Islam- 
ic law began its campaign after 
Pakistan’s supreme court abol- 
ished regulations last February 
for tribal areas dating from 
British colonial rule, which end- 
ed in 1947. 


Most Pakistanis are Muslim 
but elections have brought little 
support for Muslim fundamen- 
talists. 

On Thursday, tribesmen 
armed with rocket-propelled 
grenades and assault rifles took 
over the terminal and control 
tower at the airport at Saidu 
Sharif, in the Malakand district. 

No one was injured, but four 
scheduled flights to the town 
were canceled, the police said 
Witnesses said the runway was 
littered with boulders to pre- 
vent aircraft from landing. 

The siege of Mr. Rehman’s 
home also started Thursday. He 
was reportedly in good condi- 
tion. 

Last May, 11 people were 
killed and more than 20 wound- 
ed after 30,000 tribesmen 
blocked traffic for five days in 
the Malakand area. 


WORLD BRIEFS 


Northern League Chief Slips in Poll ' 

ROME (Reuters) — Umberto Bossi, leader of the federalist 

Northern League, is losing support within bis party, a poD showed ! 

on Thursday, 

A total of 44 percent of the party’s members said they believed 
Interior Minister Roberto Maioni would make a better party 
secretary than Mr. Bossi, while 28.8 percent said Mr. Bossi was the 
better leader. The League is holding its general assembly in Genoa . 
on Sunday. 

The poll, by the SWG research organization, also found that 70. 
percent of the respondents viewed favorably the government of 
Prime Minister Silvio Berlusconi of which the League is a coali- 
tion member. Mr. Bossi, who has had a stormy relationship with 
Mr. Berioscooi, has floated the idea of withdrawing support for 
the government. 

Haiti Too Unsafe for UN, Official Says 

UNITED NATIONS, New York (AP) — The ablation in Haiti 
is not stable enough for the U.S.-led multinational force to 
relinquish control to the United Nations, the UN special repre- 
sentative for Haiti said Thursday. 

“As long as you don’t have policemen in the streets who can do 
the job, I think you have to look harder before you can say you 
have a safe and secure environment,” the official, Lakhdar Bra- 
himi, said at a news conference. Mr. Brahimi could not name a 
date when the UN forces would enter Haiti, but he said they could 
overlap with the multinational force currently there. 

He said the United Nations was not satisfied with the level of 
disarmament so far, and pointed to reports of continuing repres- 
sion in the countryside by former provincial officials. The report is 
sure to disappoint the United States, which is anxious to turn over 
the multinational operation it leads in Haiti to a UN mission 
expected to number 6 , 000 . 

Paris Stands Firm on Headscarf Ban 

PARIS (Reuters) — Education Minister Francis Bayrou sai</ 
Thursday that the government would propose a law outlawing 
Islamic headscarves in state schools if France's highest adminis- 
trative tribunal opposed a recent informal ban. 

He said in an interview with the weekly Le Nouvd Observateur 
that he doubted that the Council of Stale would rule against the 
ban, which is aimed at combating Islamic fundamentalism. “If 
such were the case — I repeat I do not believe it — it would, 
inevitably lead to a legislative move that we have wanted to avoid 
because of the sensitivity of the subject," he said. 

Twenty-five girls have been expelled from state schools since 
Mr. Bayrou banned “ostentatious religious symbols" in secular 
state schools in September. Some Muslims say the rule unfairly 
targets their traditional dress. A former education minis ter, Lionel 
Jospin, has said that there was only a shaky legal basis for Mr. 
Bayrou’s order. 

Nobel Laureate to Try to Leave Lagos 

LAGOS (AFP) — The Nobel laureate Wole Soyinka, whose 
passport has been confiscated by the Nigerian military authori- 
ties, will try to leave the country Thursday using a UN travel pass, 
he said Thursday. 

Mr. Soyinka, a fierce critic of the ruling military junta, way 
forced to give up his passport on Sept. 22 as he was preparing to 
leave for a tour of Europe and attend an international writers' 
congress in Lisbon. 

Mr. Soyinka said he would lo fly to Paris aboard an Air France 
flight Thursday night. From there he would travel to Strasbourg to 
attend a writers' conference taking place ova the weekend. In late 
October, Mr. Soyinka was named a goodwill ambassador by 
Unesco, qualifying him for UN documents to travel around the 
world. 


Put an End to Holy Wars, 
Pope Urges at Conference 

Remen 

VATICAN CITY — Pope John Paul H, in an allusion to 
Islamic fundamentalism, said at a peace conference Thursday 
that killing or waging war in the name of religion was a 
blatant contradiction. 

“No one can consider himself faithful to the great and 
merciful God who in the name of the same God dares to kill 
his brother," the Pope told an assembly of the World Confer- 
ence on Religion and Peace, which opened at the Vatican on 
Thursday. 

“Religion and peace go together: to wage war in the name 
of religion is a blatant contradiction,” the Pope told the 
assembly’s 900 participants from 15 religions. In his address, 
the 74-year-old pontiff urged the assembly to denounce the 
concept of so-called holy wars. 

The speeches in the Vatican's Synod Hall were interspersed 
with Hebrew songs sung by Miriam Meghnagi. a Jew from 
Libya, and the drumbeat of an African band. As Ms. Megh- 
nagi sang, members of the assembly watched slides of concen- 
tration camp victims, prisoners of war, and soldiers brandish- 
ing automatic weapons. The theme of the conference is 
“Healing the World: Religions for Peace.” 


Grief and Horror in Charred Egypt Town 


By John Lancaster But the greater horror was 

Washington Poet Service yet to come, as burning gasoline 

DURUNKA, Egypt — More from ruptured storage tanks 
than 24 hours after it was swept flowed freely across the water, 
byflood waters and blazing fuel, spreading deadly fingers of de- 
this Nile Valley community was stniction up streets and alley- 
filled with grief and scenes of ways, into apartment buildings 


horror Thursday as stretcher 
bearers maneuvered through 
muddy streets carrying charred 
remains of victims while weep- 
ing, black-robed women lined 
the main road leading into 
town. 

A senior police official in the 
provincial capital, Asyut, near 
here put the number of dead in 
the disaster at 293, many of 
them whole families incinerated 
in their homes. He emphasized 
that the death toll could go con- 


ana individual homes. 

Many residents expressed an- 
ger Thursday over what they 
described as the slow response 
of the Egyptian government. It 
dispatched Prime Minister Atef 
Sidky for a brief visit and sent 
in military personnel to set up 
500 tents, but left most rescue 
activities to the underequipped 
local fire department. 

The torrential rains that be- 
gan Tuesday have been de- 


The whole city was on fire.” 
Mr. Kotb said. 

Later in the morning, Mr. 
Kotb said, he made it back to 
his street and discovered the 
bodies of his wife and children, 
who ranged in age from 3 days 
to 14 years, on the second floor 
of a neighbor's house, where 
they had tried to seek refuge. 

Residents said police and fire 


crews did not arrive in force 
from nearby Asyut until about 
9 A.M., apparently because 
they were hindered by flooded 
roads. 

Wearing masks and leather 
smocks, they used chainsaws 
Thursday to cut through re in- 
forcing rods in concrete nibble 
and were still recovering 
charred bodies late Thursday 
afternoon. 


France Makes Appeal in C anin g Case 


PARIS (AFP) — France ap- 
pealed to Singapore on Thurs- 
day for clemency for one of its 
nationals sentenced to five 
strokes of the cane for passing 
bad checks and overstaying his 
visa. 

Marcel Aime Faucher, 45, 
who has lived in Singapore on- 
and-off for the last 12 years, 
was also sentenced to 14 
months in prison for the of- 
fenses. The French Foreign 


Ministry said its appeal for began a 24-hour strike on 
1 Thursday to bade their pay de- 


ORLY- LONDON 

from FF. 790 RT* 

4 flights daily 
1st flight from Orly 7:15 am 


i i«r rc j 1^5 y e t to be recovered. 

1 [Hospital workers in Asyut 

said that 372 bodies from Dur- 

in ranino 1 flasp unk!i had h9m couausd bcfore 
JSu in wa nin g UaSC rescc operation resumed after 

. . , . an overnight break, and civil 

clemency concerned only the defense workers said tha t the 
caning and not the jail terms, bodies of 55 more victims had 
An American youth received been recovered on Thursday, 
four strokes of the cane in May Agence France- Presse reported 
after being convicted of vandal- from Asyut. ] 
i&n- Disaster struck early 

Wednesday, when floodwaters 

surged through the poorest and 

Swiss Printers Go on Strike densely packed nrigbtror- 

hood of this farming town 325 
Reuters kilometers (200 miles) south- 

ZUR1CH — More than east of Cairo, sweeping away 
13,000 Swiss printing workers trucks and cars, collapsing 
began a 24-hour strike on mud-brick houses and even 
Thursday to back their pay de- spilling coffins from their 
mantis, trade unions said. ciypts in a cemetery. 


SSZEfl^irvX.* scribed as the worst in Egypt in 
still many bodies in there” that half a centur >'- 


manris, trade unions said. 


flSg 1 *** 

Scheduled Airline 
See your Travel Agent 
or call (Paris): 44 56 18 08 

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& I. 191I-FA05 

^THE OLDEST COCKTAIL BAR IN EUROPE m. , 
t) Just fell the taxi driver, “Sank too doe noo" »t 1 
PARIS: 5, rue Daunou 
GENEVA: Confederation Center 
MS EUROPA : At Sea MONTKEUX: Mantreux Palace 


“We were asleep,” said Mo- 
hammed Diab Kotb, 39, a driv- 
er for the local health authority 
who was awakened around 
dawn by the sound of flowing 
water. He roused himself to 
take a look and stepped outside 
into the street, leaving bis wife 
and five children inside the 
house. 

Almost instantly, he said, he 
was caught up in a raging tor- 
rent, pushed across the street 
and slammed into a utility pole, 
which he grabbed to keep from 
being swept away. Then the 
wall of the Christian cemetery a 
few feet away collapsed and 
coffins floated into the street; 
two of them were sliD visible 
Thursday. 

Mr. Kotb said the current 
was too strong lo allow him to 
return to his home. So be made 
his way through chest-deep wa- 
ter along the remaining ceme- 
tery wall, finally reaching an 
asphalt road and higher 
ground 

About the time he made it lo 
safety, he said, “the explosion 
happened" 


Ex’Stasi Chiefs Trial 
Abandoned in Berlin 


BERLIN — The trial of the former head of East Germany’s 
feared Stasi security police was abandoned on Thursday 
because of the defendant’s poor health, a Berlin court said. 

Erich Mielke, 86 , known as the “Master of Fear,” had been 
charged with m a ns la ugh ter for his suspected role in the killing 
of people who tried to flee to the West across the border 
between East and West Germany. 

The presiding judge, Hansgeorg BrSutigam, said Mr. 
Mielke would be entitled to compensation for the lime he had 

r it in prison from August 1 992 to December 1 992, awaiting 
trial and before being granted bail. 

The former Stasi chief had already been sentenced lo six 
years in jail for killing two police of ficers in 1931 outside the 
Communist Party headquarters in Berlin shortly before the 
Weimar Republic gave way to Nazi dictatorship. He has 
appealed against that verdict. 

Mr. Mielke was the last of East Germany’s senior Commu- 
nist officials to face trial over the border killings. German 
authorities say that more than 400 people were slain trying to 
escape from East Germany during the Cold War. 

■ Modnro’s Retrial Ordered 
Germany’s highest court has cleared the way for the retrial 
of East Germany's last Communist leader. Hans Modrow, on 
charges of electoral fraud, Agence France- Presse reported 
Thursday from Karlsruhe, Germany. 

The case involves municipal elections in Dresden shortly 
before the fall of the Berlin Wall in 1989. At the time of the 
elections, Mr. Modrow headed the Communist Party in 
Dresden. 

Judicial officials said the court in Karlsruhe had overturned 
a derision by a Dresden court, which ruled in May 1993 that 
Mr. Modrow had acted fraudulently in three instances, but 
dism i ss ed charges against him in two other cases. 


TRAVEL UPDATE 

Strike Grounds 70% of Iberia Flights 

MADRID (Reuters) — A 24-hour strike grounded about 70 
percent of Iberia Air Lines on Thursday, pushing the struggling 
Spanish airline deeper into crisis. 

“It’s a civilized strike," a union spokesman said. “We are 
fulfilling the minimum requirements and nearly 30 percent of 
flights are going out” Flights of other airlines were operating, 
although there were some delays, the General Workers Union 
spokesman said. Iberia, which has posted losses of 150 billion, 
pesetas ($ 1.2 billion) in the last four years, is at odds with the 
union over pay cuts and layoffs in a restructuring plan. 

British Airways has resigned flights to Beirut after a 10-year 
hiatus because of the 1975-1990 civil war in Lebanon, civil, 
aviation authorities in Beirut said. It will fly between London and 
Beirut five times a week. (AFP) 

Air France wffl be allowed to increase direct flights to India, 
including the addition of a service to Madras, a spokesman for Air 
France said. Under an accord between France and India, Air 
France is entitled to make six round-trip flights a week to India, 
rising to seven in 1995. (AFX) 

Indonesia has opened four more regional airports to internation- 
al traffic in an effort to encourage greater tourist and business 
traffic. The airports are at Banda Aceh, Bandung, Ujungpandang 
and Mataram, a senior Indonesian immigration official told the 
Antara press agency. (A FP) 


Russia Says U.S. Submarine 
Violated Territorial Waters 


Compiled by Ota Staff From Dispatches 

MOSCOW — Russian anti- 
submarine patrols in the Ba- 
rents Sea tracked a US. Navy 
submarine inside Russian terri- 
torial waters for several hours 
before forcing it to leave, the 
Interfax press agency said 
Thursday. 

The submarine was discov- 
ered 8 kilometers (5 miles) out- 
side of Kola Bay, near the 
northern port city of Mur- 
mansk, according to Interfax. 

A Defense Ministry spokes- 
man, Alexander Veledeyev, 
confirmed that a foreign sub- 
marine was detected in Russian 
waters on Wednesday. 

Admiral Oleg Yerofeyev, 
commander of the Northern 
Fleet, was quoted by Interfax as 
saying that the intrusions of 


U.S. submarines into Russian 
waters “undermine the basis of 
peaceful initiatives signed by 
the two countries, and lead to 
an escalation of military ten- /t 
sions at sea." 

Russian anti-submarine 
ships, Interfax said, had the 
American submarine under sur- 
veillance for several hours be- 
fore it left following repeated 
warnings that it was in Russian 
territorial waters. 

Interfax said it was (be third 
time in two years that U.S. sub- 
marines had been found in Rus- 
sian waters. 

In Was hington, officials, who 
asked not to be identified, said 
no U.S. submarine had ven- 
tured within 5 miles of the en- 
trance to the narrow Kola Bay 
on Wednesday. (AP, Reuters) 


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INTERNATIONAL HERALD TRIBUNE. FRIDAY, NOVEMBER 4, 1994 


Page .4= 




V POUTICA^qtfs+\ 


Christian Wight Works to P et Out the Vote 

^7,55 mn «™livc Christian Coalition 

-£S?s!S13M 
■ twomillion 2 

““ ra S? re 10 a presidential election, and then 
Rffid th. 5 ’? nir * can “ tn off-year elections. - said Ralph 
’ S ““U®* director. - We have an opportuni- 

;■ S££a ZZFZZ'V, at ha u becn in selr -™posed^hural 

vjSru n? m ° ,hc nuumtrram ° r A “ ri “" 

- HI raSVf th r° t .f- su r , id “," rm be delivered to congregants at 
£$£/$“£“ ‘ hLS S r d3y - Ihe last ber °™ Electimi Day 

. first time, the coalmon faces organized religious 

-^, f 0D ‘I* 6 f L rm of the In «rfaith AfoUnce. a dergy 

'SSSjEgf ^ SUmmer 10 counter the coalition’s 

- Colon’s voter guides are a focus of 

be J^ use **“ group has promoted them 
: 1 ‘ aooparttsan tool for voter education. The coalition 

- {ESTES ,ls jpp* t0 toe of the League of Women 
••S?L?‘.J' Ca ?K e °? aa s sa >’ they have complained to coali- 

Hf" ‘*®n” that the new guides are more a campaign adver- 
tisement than an unbiased comparison of candidates* views. 

t IV P) 


^Spies’ House Still Skulking on the Market 

WASHINGTON — The deo of secrets that once belonged 
to the convicted Russian spies Aldrich and Rosario Ames is 
not exactly what you would call a hot property. 

After four months on the market, the five-bedroom, split- 
KH h° m c hi a Virginia suburb rhat Mr. Ames bought in 
■ $540,000 cash, still sits empty, and the original 

; 5535.000 asking price has plunged to S497.000. Proceeds are 
. set to go to the government. 

A couple of hundred curiosity seekers showed up at first, 
and there were a couple of low-ball offers, says a source in the 
U.S. Marshal's Office. But there has been little interest in the 
past two months. Even with its intriguing history, the house 
stiU has an old-fashioned bugaboo that must be dealt with — 
water in the basement. t wp i 


Clinton Is Told Where to Draw the Line 


’ PROVIDENCE. Rhode Island — To hear his advisers tell 
it, this is BiU Clinton's mission as he begins his final cross- 
country charge of the fall campaign: define the choices, rally 
the faithful, fill the coffers and help those Democrats who 
want to be helped. 

But these are his instructions: never, never, never stray 
south of the Mason-Dixdn line. 

With less than a week before the election. Mr. Clinton is 
spending his evenings in halls like the Rhode Island Conven- 
tion Center in Providence on behalf of candidates like Myrth 
York, the Democrat who hopes to be the state's next gover- 
nor. By week's end, he will have carried his exhortations to 
New York. Iowa, Minnesota, California and Washington. 

■ But in Tennessee, Oklahoma, Florida and Texas, where the 
Democrats are facing some of their toughest Senate and 
statehouse races. Mr .Clinton will nowhere be seen. 

u We go where we’re invited,” a senior White House official 
said with a shrug. With voter antipathy toward Mr. Clinton 
'Tstill running fierce across the South, that has left his late- 
' autumn march confined to fewer than a dozen states across 
.the Northeast, -the Midwest and the West Coast where 
candidates believe the president can make a positive difler- 
^ ence. ■ - v ‘ .rfVJT; 

CMwte/Unqwgte .. . ' . •' ~ 

A Republican Party spokesman in Hawaii on the cam- 
• paign of Robert Garner, the party’s little-known candidate 
who is running for a House seat against the popular Demo- 
■ cratic incumbent Patsy Mink: “We heard he’s off sailing on 
his boat.” < WP) 


Away From Politics 

• A Florida jory recommended the electric chair for Paid Hm, 
an anti-abortion extremist-convicted of the shotgun slayings 
of an abortion doctor and his escort Circuit Judge Frank Bell 
is not bound by the recommendation and -could instead 
impose a sentence of life in prison. A sentencin g date was not 
immediately set 

; • President Bffl CEnton has signed legislation to allow com- 
payments to Gnlf War veterans who are chronically 
; disabled with undiagnosed illnesses. 

• Several people were injured, vehicles damaged and at least 
six strikers were arrested as a newspaper strike started in San 
Francisco.- Unions representi n g 2,600" workers at the San 
Francisco Chronicle and San Francisco Examiner, the city’s 
two main dailies, set up pickets and stopped deliveries. 

• The NAACP called on organization leaders, members and 
corporate supporters to contribute to a fund drive aimed at 
tearing its S3.8 million debt by the end of the year. The civil- 
rights or ganiza tion has laid off 88 employees for at least two 

- weeks because it cannot meet its payroll. 

I • jjjg m>w shuttle Atlantis roared into orbit with six astro- 
* mints on an 11-day mission to measure the Earth’s ozone 
layer, including the hole over the Antarctic, ap. Reuters, wp 

Er win Knoll Dies at 63, 
Edited The Progressive 


• v New Jerk Tana Service 

’ ErwinKnolL 63, the editor of 
The Progress ve, an iconoclastic 

magazine that crusaded for avfl 
liberties and against nuclear 
weapons and U.S. intervention 
abroad;' died Wednesday, ap- 
parently of a heart attack- m 
M adison, Wisconsin. 

' Mr. KnoU presided over a 
m waTTM that traces its foots to 
, Robert La FoUette Sr., a com- 
bative maverick legislator m the 
$aiiy decades of the 20th cento- 
iy.r Mr,-. Knoll described pie 
Progressive as an “ecumenical 
journal of the American left.” 

•‘ in 1979, the year after he 
lode over as editor, The Pro* 
gresri ve became the first publi- 
cation ever ordered by a fedwal 
court not to .print ah article be- 
•' jaose of. national security. 

> The’ government had sought 
[he order to prevent The Pro- 
gressive from publishing an ar- 
ticle, called “The H-Bomb So- 
. - pret, How We Got It — Why 
We’re Telhng It." 

?•'* t Mr- RnoO raid the article 
. which delated the workings of 
K hydrogen bomb, was based 
day on ; information in the 
taiblmdchhaiiiu'But. the Justin 
- Department contended that ll- 
/ wtotcd.the “restricted data" 
sections ‘of the Atomic Energy 
Attofrl954 - 


Book Accuses Senators of Laxity in Thomas Hearings 


By Joan Biskupic 

ttiishinghn Post Seren e 

Washington — a new book about the 

1991 confirmation hearings of Clarence Thomas 
to be a Supreme Court justice says the Senate 
Judiciary Committee deliberately avoided fol- 
lowing up on additional evidence that Justice 
Thomas may have lied when he denied allega- 
tions or sexual harassment. 

The book, titled “Strange Justice: The Selling 
of Oar ence Thomas," and written by two Wall 
Street Journal reporters, describes the committee 
as awkwardly and only half-heartedly pursuing 
the truth of harassment charges made in testimo- 
ny by Anita F. Hill, a law professor. It portrays 
individual senators as stymied by a lack of com- 
mittee leadership, political fears and their own 
personal indiscretions. 

Showing Justice Thomas as a man who talked 
crudely about sex and propositioned co-workers, 
the book calls into question his denials to the 
committee. It uses statements from Justice 
Thomas’s friends and associates from his college 
years through his nomination to the court by 
President George Bush to show that he had a 
long, active interest in pornography. 

Written by Jane Maver and Jill Abramson, the 
book, published Wednesday, has already con- 
tributed to the ideological and factual debate 
that began with the hearings three years ago. A 
book published last year, “The Real Anita Hill: 
The Untold Story,” by David Brock, contended 
that Ms. Hill lied in her Judiciary Committee 
testimony. 

Justice Thomas declined to comment on the 
new book. His friend and colleague. Armstrong 
Williams, said: “There is nothing new in the 


book. It’s he-said, she-said, they-said. Unless 
there was an eyewitness there, no one knows 
what happened” between Justice Thomas and 
Ms. Hill. 

The book introduces new people who might 
have corroborated pans of Ms. Hill's allegations 
if they had testified. "Strange Justice" says: “If 
Thomas did lie under oath, as the preponderance 
of the evidence suggests, then his performance, 
and that of the Senate in confirming him. raises 


fundamental questions about the political pro- 
cess that placed him on the court.” 

“I could have brought in the pornography 
stuff,” the Judiciary Committee chairman, Jo- 
seph R. Biden Jr.. Democrat of Delaware: is 
quoted as saying. He said that he could “deci- 
mated” Justice Thomas with that. 

“I could have raised it with more legitimacy 
than what the Republicans were doing.” he says. 
“But it would have been impossible at that point 


The Wall Street Journal’s Great Divide 


.Ve * 1 York Time « Service 

NEW YORK — Across the from page of its 
second news section on Wednesday, The Wall 
Street Journal published an article based on a 
much-promoted new book by two of the news- 
paper’s journalists. 

The article, “A Closer Look at Clarence 
Thomas,” was filled with information that the 
writers, Jane Mayer and Jill Abramson, said 
corroborated Aniia F. Hill's version of events 
in the Thomas confirmation hearings. 

The report in The Journal's news pages high- 
lighted what journalists say may be the largest 
gulf between two arms of any influential news- 
paper, an aggressively conservative editorial 
page and what some conservative critics say is 
an aggressively mainstream, or even liberal, 
news section. 

The Journal’s editorial page has championed 
Justice Thomas at every turn, consistently dis- 
missing Ms. Hill’s accusations as “slime” and 
preposterous “character assassination." So it 


may have come as little surprise inside the 
newspaper that one place where Wednesday's 
news article appeared to have the least influ- 
ence was inside the offices of The Journal’s 
editorial writers. 

Like most important news organizations. 
The Journal has long nurtured a church-state 
separation between its news and editorial de- 
partments. But at The Journal that separation 
has often been tinged with enmity because the 
two separate staffs have so little in common. 

Journal reporters often complain that they 
feel the editorial page goes too far. Expressing 
its split personality. The Journal has long cru- 
saded against business skulduggery on its front 
page, while attacking regulators and prosecu- 
tors on its editorial page. 

Some journalists said Wednesday’s article 
appeared to be pro-Hill retaliation by the news 
department that has been repeatedly rammed 
by the pro-Thomas sentiment of the editorial 
page department. 


to further postpone the hearings for more inves- 
tigation into his patterns of behavior.” 

And, he added, “it would have been wrong. 

Mr. Biden said he was trying to be fair to the 
nominee and to respect his privacy. 

Mr. Williams, who was a confidential assistant 
to Justice Thomas in the mid-1980s when Justice 
Thomas was chairman of the Equal Employment 
Opportunity Commission, said of the report of 
the justice’s interest in pornography: “That’s his 
private life ” _ , 

“Strange Justice" uses statements from Justice 
Thomas's friends and associates to undermine 
his testimony that he never talked dirty with Ms. 
Hill. 

The authors, after interviewing acquaintances 
during his college years at Holy Cross, report 
that he talked crudely about sex and enjoyed 
pornography. Kaye Savage, a former colleague,, 
reports that the walls of his bachelor apartment 
were covered with Playboy nude centerfolds. The 
owner of a video store near the Equal Employ- 
ment Opportunity Commission said Justice 
Thomas was a regular customer for pomograph r 
ic movies. 

During his confirmation hearings, four wit- 
nesses testified for Ms. Hill to corroborate her 
testimony. The book also contains a fifth cor- 
roborating witness. Bradley Mims, a friend of 
Ms. Hill's in the early 1980s. said she had been 
upset by Justice Thomas's lewd talk. 

The book details the previously reported sexu- 
al harassment allegations of Lhree other former 
Thomas employees: Angela Wright, who says 
Justice Thomas talked to her about her breasts 
and legs; Rose Jourdain, who corroborates Ms. 
Wright’s story, and Sukari Hardnetu who said 
there was a “sexual dimension to Thomas's treat- 
ment of women” at the equal employment panel’. 







Television images of the eclipse, which lasted 2 minutes 50 seconds, as seen from Putre, Chile, on Thursday. 


Eclipse Gives South America 
Solar Show of a Generation 

The Associated Press 

LA PAZ — The sun set and rose twice over Bolivia and 
much of Smith America on Thursday when a solar eclipse 
passed through the region. Hundreds of thousands of onlook- 
ers took in the last total eclipse to be seen in the region until 
2113. 

The eclipse darkened an area between southern Peru, 
northern Chile, Bolivia, Paraguay, Brazil and Argentina for 
several minutes. In La Paz, a prime viewing area, it began at 
8:18 A.M. and lasted for three minutes. Areas directly over 
the path of the eclipse were completely shrouded in darkness. 

The city of La Paz came to a virtual standstill Thursday as 
school, banks, businesses and government offices were shut 
down so people could watch the eclipse. 

The eclipse was broadcast live over national television and 
was visible despite partly clouded skies. 


8 in Simpson Jury Pool Are Removed in Final Phase of Selection 


The Associated Press 

LOS ANGELES — Prosecu- 
tors dismissed six prospective 
jurors and the defense excused 
two on Thursday as attorneys in 
the O J. Simpson trial began the 
crucial final phase of picking 
the jury. 

After weeks of probing for 
possible bias, prosecutors ex- 
cused five blacks and one white 


out of the pool of 40 prospects. 
The defense, indicating accep- 
tance of most panelists, excused 
just two women, a Hispanic and 
an American Indian, in the first 
six chances they had to chal- 
lenge prospects. 

In the peremptory challenge 
stage, potential jurors can be 
excused for any reason except 
their sex or race. Each side has 
20 such challenges. The final 


jury pool contained 25 women 
and 15 men. 

Lawyers for both sides said 
they were hopeful 12 panelists 
would be selected Thursday. 

Judge Lance A. Ito of Superi- 
or Court said Wednesday that 
he now wanted 15 alternates, 
instead of 8. 

■ Multiple Killers Theory 

Kenneth B. Noble of The New 


York Times reported from Los 
Angeles: 

Outlining what is expected to 
become a central defense theory 
in the case, a defense lawyer has 
said that two or more people 
were involved in the slayings of 
Nicole Brown Simpson and 
Ronald L. Goldman and that 
Mr. Simpson did not have to 
solve the crime in order to prove 
his innocence. 


“Are any of you going to re- 
quire Simpson and his lawyers 
to solve these killings and iden- 
tify the real killers?" the lawyer, 
Johnnie L. Cochran Jr., asked 
potential jurors Wednesday. 
Answering his own question, he 
said, “You understand, that’s 
not our job." 

Later, he added, “two or 
three or four people, whoever. 


were involved in this particular; 
crime.” " ■ 

Marcia Clark, the lead prose-! 
cut or, countered Mr. Cochran's- 
comments about Lhe killings.; 
admonishing prospective j.u^prs! 
to ignore “oddball” theories. ■ 
“I’ve even heard that Ronald; 
and Nicole aren’t dead," Ms.> 
Clark said. “The next thing; 
you’ll hear is that space aliens, 
did it.” 


Crash Evidence Hints That an Old Problem Was Never Fixed 


By Don Phillips 

Washington Past Service 

ROSELAWN, Indiana — Officials investigat- 
ing the crash of a commuter plane said that the 
aircraft, flying in conditions that produced a 
significant ice buildup on at least one other 
plane, rolled sharply to the right at 9,400 feet and 
turned upside down into a deadly plunge. 

P reliminar y information from the flight data 
recorder recovered from the crash of the Chica- 
go-bound American Eagle flight on Monday, 
which killed all 68 aboard, raises the possibility 


that the twin- turboprop ATR-72 may have the 
sameproblem with ice on control surfaces that 
the Federal Aviation Administration and the 
manufacturer intended to correct in all ATR 
aircraft 

The National Transportation Safety Board’s 
chairman, Jim Hall, refused to speculate on a 
cause for the crash, and investigators still must 
track down thousands of dues that could indi- 
cate other causes. But Mr. Hall’s description of 
Flight 41 84's last moments was similar to a near- 
crash in 1988 in Wisconsin that led to changes in 
the ATR’s wing the next year. 


Mrr. Hall said that as the plane descended 
from 10,000 feet (3,000 meters), an “abnormal 
event” occurred. There was a “rapid deflection” 
of the ailerons, flat movable surfaces on the rear 
of wings that control turns. That caused the 
plane to roll sharply to the right. 

The plane recovered somewhat, but then the 
ailerons again deflected rapidly. “It then rolled 
over on its back and a recovery was not accom- 
plished,” Mr. Hall said. 

On Dec. 22. 1988, in central Wisconsin, an 
ATR-42 stalled under similar circumstances, but 


the crew recovered. In 1989, the Federal Aviation,’ 
Administration, acting on safety board recom-’ 
mendations. prohibited the use of the plane’s; 
autopilot in icing conditions until special devices! 
could be installed on wings to deflect air in a way 
that prevented ice buildup. ! 

The problem was ice buildup on the ailerons,- 
which caused them to deflea suddenly. That 
would automatically cut off the autopilot, leav- 
ing the crew Taring a sudden and unexpected 
emergency recovery. Mr. Hall said the autopilot 
was engaged on Fugbt 4184, but went off after 
the sudden deflection. 


Preventing AIDS in Babies Opens Debate on Mandatory Testing 


Judge Robert Warren of U.S. 
District Court in Milwaukee is- 
sued an injunction barring pub- 
lication, declaring that some of 
the information in the article 
could cause irreparable harm to 
the United States. But the Jus- 
tice Department dropped the 
case after it was challenged on a 
second front, when a local 
newspaper. The Madison Press 
Connection, printed a letter 
that the government sard also 
contained secret information 
about the bomb. 

The Progressive subsequently 
printed its article as it had origi- 
nally been set in type. 

Calvin S. FuBer, 92, Qiennst 
Who Co-Invented Solar Cea 

Calvin S. Fuller. 92, a chem- 
ist who was a co-inventor of the 

solar cell, a device used for con- 
verting the sun’s energy into 
electricity, died CHX 28 at his 

home in VeroBearii, Honda. 

The solar cell, originally 
called a solar battery, wasm- 
vented m 1954 by Mn FuUer, 
then on the staff of BeU Td^ 
phone Laboratories m Murray 
Hill, New Jersey, and two col- 
leagues, Gerald L. toson and 

Daryl M- Chapin. The device 
helped make the space program 

available sunlight 


By Gina Kolata 

New York Tima Service 

NEW YORK — A finding 
that it is possible to prevent 
most cases of AIDS in babies 
has opened a heated debate 
over mandatory AIDS testing. 

The problem is that to pre- 
vent AIDS in a child, infected 
women must take a powerful 
AIDS drug while they are preg- 
nant And that means identify- 
ing pregnant women who, often 
without knowing it are infected 
with the AIDS virus. 


The finding arose from a U.S. 
study whose results were so 
st unning that it was halted pre- 
maturely, and its results were 
announced in February, to 
great fanfare. They are bring 
published Friday in The New 
England Journal of Medicine, 
along with two editorials that 
raise ethical questions about 
how to put the discovery into 
practice. 

In the study, which involved 
477 pregnant women infected 
with HIV, the virus that causes 


AIDS, half were given the 
AIDS drug AZT and the other 
half received a dummy drug 
The investigators found that 
just 8.3 percent of the babies 
bom to women who took AZT 
were infected with the virus. In 
contrast, 25.5 percent of the ba- 
bies born to women who took 
the dummy drug were infected. 

Federal health officials esti- 
mate that 1,000 to 2,000 HIV- 
infected babies are bom in the 
United States each year. 

Until now, proposals for 


mandatory AIDS testing were 
quashed by those who said that 
forced testing violated peoples' 
civil rights. A fractious argu- 
ment last year in the New York 
state legislature over whether 
doctors should be required to 
notify parents of the results of 
HIV tests of newborns, ended 
without requiring such disclo- 
sure. Like many states, New 
York conducts anonymous 
HIV testing of infants to track 


the epidemic, but parents can- 
not leam the results, even if 
they wish to. 

The two editorials in the jour- 
nal recommend that HTV test- 
ing of pregnant women be en- 
couraged, but that it should be 
voluntary. 

Dr. Ronald Bayer, an ethicist 
and professor of public health 
at the Columbia University 
School of Public Health, and 
the author of one of the editori- 


als, said in an interview that the 
very thought that the study’s 
results could open a door to 
mandatory testing had deeply 
disturbed many advocates for 
people with AIDS. 

“This is a real issue,” said Dr. 
Harold W. Jaffe, who directs 
AIDS research at the U.S. Cen- 
ters for Disease Control and 
Prevention and who wrote the 
other editorial with a colleague. 
Dr. Martha F. Rogers. 




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FRIDAY, NOVEMBER 4, 1994 

OPINION 



Page 4 


Ucralb 


INTERNATIONAL 



Sribune 


PUBLISHED wr™ THK NEW YORK TIMtiX AND THE WASHWUTON POST 


Now a Net Outflow 


While the shift is small so far, it is an 
important sign al — and a warning. This 
year the flow of investment income into 
the United States has reversed. Now the 
American economy has b<?gun to pay out 
more in earnings on foreign investments 
at home, and on the country’s huge accu- 
mulation of foreign debt, than it is earn- 
ing on American investments abroad. It’s 
the cost of running those big trade defi- 


cits year after year. They are being fi- 
” ' ‘ capital, and, like any 


TiHnmd by foreign capit . 
debtor country, the United States has to 
pay for the use of the money. This year’s 
turnaround carries a symbolism that 
reaches beyond the merely financial. 

In (he 19th century, capital poured 
into the United States from Europe to 
build canals, factories and railroads. A 
steady stream of earnings went eastward 
across the Atlantic to repay the inves- 


ca for nearly 80 years, until last winter. At 
its peak, in 1981, it brought $33 billion to 
America — a substantial contribution to 
American prosperity. But then the Rea- 
gan administration opened the era of the 
big budget deficits, which have depended 
cm foreign financing Private businesses 
and individuals went on similar binges of 
borrowing, similarly supported by for- 
eign money. The payments of interest 
ana dividends abroad have increasingly 


offset the foreign investment earnings 

year the 


tors. That pattern changed abruptly in 
1915, as Eure 


, ropeans desperately liqui- 
dated their overseas holdings to pay for 
World War I — and as Americans' for- 
eign investments rapidly rose. 

In that year the net balance of foreign 
earnings turned in favor of the United 
States — a marker, along with many 
others, of the country’s emergence as the 
world’s leading economic power. 

The balance continued to favor Ameri- 


cozning into the country. Last year 
net inflow was down to $4 billion. In the 
first half of this year, the net was an 
outflow of nearly S3 bflfion. 

What is wrong with that? Note that the 
American economy is now borrowing 
abroad to pay .interest on its earlier for- 
eign borrowings. That is no healthier for 
a country than it is for a business or a 
household. And how long can it go 'an? 
As long as foreigners are willing to lend. 
If and when their willingness diminishes, 
you will see it in higher interest rates. 
Should that happen, Americans would, as 
the economists say, have to adjust. That, 
as the Latin American debtor countries 
can testify, means a lower standard of 
living. The longer the foreign deficits pile 
up, the harder that adjustment will be. 

— THE WASHINGTON POST. 


Rethink Intelligence 


It is now dear beyond doubt that Al- 
drich Ames turned the old Cold War 
game of spy versus spy into a total rout — 
m the Soviets’ favor. According to a Sen- 
ate intelligence committee report, Mr. 
Ames managed to betray most U.S. and 
allied espionage operations in the Soviet 
Union from 1985 on. His treachery re- 
sulted in the exposure and rolling up of 
more than 100 spy operations, the “loss 
of virtually all of CIA’s intelligence assets 
targeted at the Soviet Union,” the deaths 
of at least a dozen prized Soviet agents 
and the exposure of other Soviet agents 
who were then forced to feed false infor- 
mation back to Western intelligence. 

That the CIA allowed a boozy bum- 
bler like Aldrich Ames to gain extensive 
access to its espionage networks and to 
dude detection despite his brazenly 
sloppy practices is and will forever re- 
mam a monument to bureaucratic in- 
competence. In the committee’s words: 
“gross negligence.” 

It would only deepen the tragedy if 
larger questions got lost in the uproar 
over Mr. Ames. There is, for example, the 
question of accountability. CIA Director 
James Woolsey has merely reprimanded 
the officials responsible for the Ames 
debacle. There were more serious penal- 
ties available to him, and he should have 
imposed them. The director seemed obli- 
vious to the message that his tender treat- 
ment of his department’s bunglers sent to 
future generations of CIA managers. The 
committee calls Mr. Woolsey’s response 
“seriously inadequate.” 

Those words apply equally to the 


quality of the agency’s intelligence dur- 
ing the final stages of the Cold War. It 
grievously underestimated the Soviet 
Union’s economic problems during the 
1980s and failed completely to antici- 
pate its collapse, raising the question of 
what real value the country had been 
getting from all those spies in the years 
before Mr. Ames exposed them. 

There are more recent instances of spy- 
sag gone awry. In Haiti, the leader of the 
FRAPH, a notorious gang of anti- Aristide 
thugs, was a spy on the CIA payroU The 
gang handed the Clmtnn administration 
its most embarrassing setback when it cre- 
ated a disturbance that prevented U.S. 
troops from disembarking at Port-au- 
Prince. The CIA man in the gang reported- 
ly had informed the agency of the plan. 
What happened (o that information? 

The agency recently increased its in- 
vestment in spying. One has to wonder, in 
view of the sorry historical record, wheth- 
er this is an intelligent use of the taxpay- 
ers’ money, and whether there are not 
more effective ways to gather intelligence 
in the post-CoId War world. 

If people ask the right questions, some 
good might still come of the disastrous 
treachery of a senior operative who, in 
the intelligence committee’s words, 
“caused more damage to the national 
security of the United States than any 
[other] spy in the history of the CIA” A 
thorough congressional evaluation of the 
past performance and future mission of 
the entire intelligence establishment 
would be a good place to begin. 

— THE NEW YORK TIMES. 


Other Comment 


Casablanca: A Summit of Hope 


All and nothing at the same time. 
Great plans for economic reconstruction 
and an absence of decision on the 
mound. These were the results of the 
Casablanca summit of Israel and the 
Arab states closest to Washington. 

The Casablanca declaration is defini- 
tively a magnificent proposition. It is still 
not the first step of something real, but 
every objective needs propositions. And 
these have been provided in Casablanca. 

— El Pais (Madrid). 


Middle East may become a reality maybe 


two or three generations from now. 
peace has yet to be attained in the region. 

Many Arab countries face internal 
restlessness and instability, and for some, 
there is even terrorism to deal with. Un- 
der these circumstances, foreign investors 
hoping to finance big development pro- 
jects would obviously hesitate to act 
Many countries lack proper infrastruc- 


ture and the private sector is flimsy. Some 
don’t have the money. Countries it 


Talking about regional economic co- 
operation between the countries of the 
Middle East and North Africa is one 
thing, achieving it is another. So the Ca- 
sablanca summit is an expression of 
hope, at most a first step in the direction 
of creating a large trading and investment 
area which will stretch from the Atlantic 
to the Gulf without, however, becoming 
anything like a dose-knit community in 
the foreseeable future. 

What happened at Casablanca was that 
plenty of business cards were exchanged 
and a lot of joint venture proposals were 
talked about between the participants 
numbering more than 2400 businessmen 
and politicians, not only from the region 
but also the United States. Europe and 
the Far East. The three-day meeting was 
really a “getting to know you” occasion 
and a unique bazaar for talking business 
within a regional framework. 

— Gulf News (Dubai). 


in the 

Middle East and North Africa do not yet 
have a tradition of dose trade and eco- 
nomic ties. The Casablanca summit 
leaves the impression that countries that 
were once foes now realize their real in- 
terests lie in striving for a peaceful and 
wealthy Middle East Even that is enough 
to point to the historical importance of 
the Casablanca conference. 


— MiUiyet (Istanbul). 


Demand Safely First in Russia 


Agreements on projects amounting to 
billions were not expected from the Casa- 
blanca conference. Such things do not 
happen overnight. The new vision of the 


Western companies doing business in 
Russia should insist that adequate envi- 
ronmental safeguards be a part of any deal 
struck there for Western help in such in- 
dustries as tnmiwg j timb er flnn petroleum. 
Western governments need to reinforce 
that idea at every opportunity, as disclo- 
sures of nudear contamination in the for- 
mer Soviet Union have shown. (Now, a 
disastrous ofl sp21 in the Russian Arctic 
may be eight times as large as dm 11 
million gallons spilled from the Exxon 
Valdez.) American companies operating in 
Russia can and should help produce min- 
erals, if for no other reason than because 
there’s money to be made as wefl In pro- 
viding the safety technology. 

— The Oregonian (Portland). 



International Herald Tribune 

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For Israelis, Maybe the Jordan Treaty Is Good News 




J ERUSALEM — Israelis might be 
forgiven for resisting euphoria over 
the peace treaty signed last week with 
Jordan. Even if the treaty had been 
chiseled in granite, they would have had 
the nagging thoughts, generally unspo- 
ken, that made their almost unanimous 
acclaim of the agreement more cerebral 
than emotional. 

Israelis understand that the landmark 
victory they have achieved after half a 
century of struggle is provisional. They 
have won formal Arab acceptance — no 

«u: ,i ■ ■ ... 


By Abraham Rabinovich 


small thing — of their presence in the 
heart of the 


Middle East, but not by 

persuading Arabs of the historical merits 
of Israel’s cause. 

What the Arabs have been persuaded 
of is that they cannot now defeat Israel 
and that it is in their interest to shelve 
the war option and come to terms with 
the Jewish state. 

The basic Arab grudge remains. 
Grudges, like war options, have long 
shelf lives, and in the Middle East the 
long run is measured in centuries, not 
decades. The Arabs continue to see Israel 
as an alien intrusion, a colonial body that 
has taken Arab land by force and griev- 
ously wounded Arab pride. 


Feelings as deep as these are not over- 
come by signatures on a peace treaty or 
by argument Nor is the passage of time 
itself a certain healer. What may change 
perceptions is the dynamic that the peace 
treaty has set in motion. 

The Casablanca conference, which 
brought together more than 2400 busi- 
nessmen and political leaders this past 
weekend in an attempt to ignite the eco- 
nomic development of the Middle East 
and North Africa (a conference in whose 
concept Israeli Foreign Minister Shimon 
Peres played a major role), has been a 
possible indication of things to come. 
The energy and imagination that have 
enabled Israel to survive in the face of 
enormous odds can be transformed into 
a driving force for the entire region. 

Arabs already see danger in Israel's 
robust pursuit of the economic opportu- 
nities opening up — danger of becoming 
victims of economic colonialism. Many 
in the Arab world will view with ambiva- 
lence if not hostility the modernity that 
Israel might bdp usher in, seeing it as a 
threat to deep cultural values. 


Nevertheless, it is possible to envisage 
that in the course of time familiarity will 
make Israel seem a more natural part of 
the region to the Arabs and even a posi- 
tive factor. In addition to its potential 
economic contribution, Israel's modem 
medical facilities, already used by 
wealthy Muslims from abroad, and its 
institutions of higher learning might 
serve as bridges to the Arab world. 

As the Arab countries undergo peri- 
odic political realignments in the future, 
it will be interesting to see whether there 
are attempts by competing camps to 
woo IsraeL 

Israelis, for their part, are sobered by 
the thought that the shattering of the 
walls around then will make it harder to 
continue picturing themselves as a Euro- 
pean society in a warm dime rather than 
an integral part of the LevanL There is 
fear that the tautness of a Western mind- 
set could give way in the absence of 
adversity to (Mental fancy. There is also 
fear that loss of Israel’s technological and 
military edge down the line might 
to the Arabs a dangerous weakness. 

Arab leaders have expressed concern 
at the prospect of masses of Israeli tour- 
ists, an uninhibited tribe, descending 


upon them. Israelis express similar con- 
cern about inundation by masses of Ar- 


abs galloping in from the desert with 
Visa cards 


and overrunning already 
crowded beach resorts. 

Even in the short term, the peace 
treaty with Jordan and the interim 
agreement with the Palestinians seem 
tenuous to Israelis. Israeli journalists, 
permitted to operate for the first time 
from Amman, report widespread reluc- 
tance among Jordanian citizens to ac- 
cept peace with their longtime Zionist 
foe. As for the Palestinians, the hand- 
shake between Yitzhak Rabin and 
Yasser -Arafat has not diminished the 
zeal of fundamentalist suicide bombers^ 
AH this is not to dismiss the value of 
the peace treaty with Jordan, which has 
opened up exciting possibilities, but to 
note the uncertain terrain ahead. 

There is no lingering sunset into which 
Middle East peacemkcrs ride, a place of 
bappy-forever-after. The sun sets quickly 
in this region, and it is forever rising on a 
lexpected. 


c jgnni new day filled with the one 


Afr. Rabinovich, a reporter far The Jeru- 
salem Post, contributed this comment to 
the International Herald Tribune. 


Egypt: A Friend of Washington’s Shouldn’t Be Dallying With Tripoli 


A 


W ASHINGTON —The Unit- 
ed States gives Egypt $2 bil- 
lion a year in aid, large amounts 
of military equipment and strong 
political support. Washington 
needs to give Cairo one more 
item: a blunt warning to drop a 
pact with the devil that President 
Hosni Mubarak has forged with 
Libya's Moammar Gadhafi. 

_ Egypt abuses its privileged posi- 
tion with the United States by try- 
ing to get Colonel Gadhafi off the 
hook for Libyan involvement in 
terrorism against Americans. Mr. 
Mubarak has also turned a blind 
eye to the kidnapping of Libyan 
opposition figures on Egyptian 
sou and to the breaking of United 
Nations sanctions by Egyptians 
s mugging goods into Libya. 

To its credit, the Clinton ad- 
ministration has rebuked the 
Egyptians on sanctions viola- 
tions. U.S. officials traveling with 
President Bill Clinton on his Mid- 
east trip last week privately de- 
manded in Cairo that Egypt shut 
off the flow of aircraft parts and 
other prohibited goods that Libya 
now gets through Egypt. 

Stressing that the Egyptians 
quickly agreed to cooperate. U.S. 
officials were reluctant to discuss 
the U.S. complaint to Cairo. Qui- 
et diplomacy, they argued, is 
more effective than a public row. 
This is a disagreement among 
friends that is being cleared up," 
said one officiaL “It is not a crisis 
in the relationship.” 

But Washington will have to be 
more involved and more forceful 
than that if it is to pry Mr. Mu- 
barak and Colonel Gadhafi apart. 
The links run deeper and are 
more devious than U.S. officials 
believe. And these links ultimate- 
ly threaten both Egyptian and 
American interests. What is at 
stake here is not whether to help 
Mr. Mubarak survive, but how. 

Tbe United Slates has many 
reasons to back him. One is the 
violent and repressive nature of 
the Islamic fundamentalists wbo 
are trying to overthrow him. An- 
other js ms sustained support for 
Arab peace with IsraeL 
But the United States must give 
Mr. Mubarak frank advice when 
be creates or tolerates dangerous 
situations for himself and his al- 
lies. He does that with Colonel 
Gadhafi. who seems to have pen- 


By Jim Hoagland 


etrated Mr. Mubarak’s inner cir- 
cle with money, promises of pro- 
tection and threats of retaliation 
if the Egyptians displease him. 

After 12 years in power, Mr. 
Mubarak's regime is tired. A for- 
mer air force general, he has 
cracked down ruthlessly and ef- 
fectively against the Islamic zeal- 
ots who have been murdering 
Egyptians (including Anwar Sa- 
dat) and foreign visitors in the 
name of Allah. But he has not 
raised a band against a group that 
undermines public confidence in 
his government and creates fertile 
ground for the fun damentalis ts. 

In Cairo’s bazaar, they are 
known as the Gang of Sons. 
They are the wheeling and deal- 
ing adult offspring of a few se- 
nior figures in the regime. Two 
of the most prominently men- 


tioned members of this group are 
Mr. Mubarak’s sons. 

The Gang of Sons’ extensive 
network of foreign connections, 
and particularly its dealings with 
the Libyans, sets it apart from 
routine corruption suspicions in 
the Middle East. Colonel Gadha- 
ffs state-controlled h anks and 
factories have granted sweetheart 
deals on hotel purchases and a 
monopoly on steel imports into 
Egypt to the Gang of Sons, ac- 
cording to Libyan exile sources 
who have provided reliable infor- 
mation in the past and wbo give 
minutely detailed accounts of the 
present Egyptian-Libyan deals. 

Colonel Gadhafi can also bring 
pressure to bear on Egypt via the 
300,000-phos Egyptian peasants 
who work in Libya and send 

home their earning s. And the 


Libyan has promised that his se- 
curity agents will help in Egypt's 
camp aig n against the fnndamen- 
talistsTCairo newspapers report- 
ed this snmmer. 

That agreement helps explain 
Mr. Mubarak’s obsessive interest 
in whitewashing the role that Col- 
onel GadhafTs security services 
played in the bombing of Pan Am 
Flight 103, in which 189 Ameri- 
cans died in December 1988. Col- 
onel Gadhafi has refused U.S. de- 
mands that two of his agents be 
turned over for trial in Scotland, 
the scene of the blast- This refusal 
triggered United Nations sanc- 
tions against Libya. 

In his attempts to get the sanc- 
tions removed. Colonel Gadhafi 
has used the Egyptians, Ameri- 
can lawyers and publicists to 
float flimflam proposals for tri- 
als in environments more friend- 
ly to Libya and for dubious pay- 


offs for the victims’ families. 

The Egyptian president has de- 
meaned ms office by refuting to 
pursue a serious investigation of 
the disappearance in Cairo last 
December of Mansour Kikhia, a 
leading Libyan dissident and a 
resident of the United States. Mr. 
Mubarak said in an Egyptian 
newspaper interview that Mr. 
Kikhia did not inform Egyptian 
officials of his Cairo visit or ask 
for protection, statements . that 
Mr. Kikhia ’s wife and 'others say 
are demonstrably false. 

Mr. Mubarak should not sub- - 
scribe to Libya's protection and 
profiteering racket He seems to 
be doing fairly well against his 
declared enemies. But, as is often! 
true in life, it is his “friends” and 
perhaps even family who can do . 
him the most damage, because it 
is least expected. 

77ie Washington Post. 


Bosnia: People Get Fed When Providers Are Neutral 


Z AGREB, Croatia — The war 
in Bosnia continues to gener- 
ate extensive and often heated 
controversy over the mediation 
strategy being pursued by the in- 
ternational community. With the 
crisis entering its third winter and 
no political resolution in sight, 
there are growing pressures for a 
tougher approach that would 
punish aggression and perhaps 
force an end to the conflict. 

But one central fact must not 
be obscured or slighted in this 
debate. Despite vicious fighting 
2 nd cynical obstructionism, the 
United Nations’ policy of work- 
ing evenhandedly with all sides 
in Bosnia has succeeded in pre- 
venting serious hunger and sus- 
taining the basic health of the 
population. That is a remarkable 
achievement, which has saved 
thousands of lives. It will be im- 
periled if peacekeeping gpves way 
to escalating confrontation. 

As part of its mandate in the 
former Yugoslavia, the World 
Health Organization has regular- 
ly monitored the nutritional sta- 
tus of Bosnians in order to ensure 
that food aid is distributed equi- 
tably and in quantities sufficient 
to meet basic needs. During 1993 
and 1994, the agency conducted 


By Hamm Vuori 


surveys in four major cities — 
Sarajevo, Tuzla, Zenica and Bi- 
hac — to collect primary data on 
a variety of nutritional indicators. 

These sites were selected be- 
cause of their large concentra- 
tions of displaced people and the 
continual problems of accessibili- 
ty caused by besieging forces, two 
factors that would make them es- 
pecially vulnerable to famine. 
While the survey results cannot 
be generalized to the entire coun- 
try, they clearly indicate that 
widespread underoutrition has 
been avoided, even during the 
harshest winter months. 

Among 2J259 children and 
2,181 women sampled in mid- 
1993, WHO detected no signifi- 
cant signs of either protein-ener- 
gy malnutrition or micronutrient 
deficiency. These findings were 
confirmed this past May by a 
series of follow-up surveys. Some 
weight loss was observed, but av- 
erage nutritional status remained 
within normal limits throughout 
the winter and spring. 

Even in east Mostar, where res- 
idents lived in basements endur- 
ing merciless artillery bombard- 
ments, and aid convoys were 


Here Comes U.S . Liberals 9 Last Stand 


W ASHINGTON — When a 
desperate president de- 
means his office by trying 10 
frighten elderly voters with a 
rehashed old lie — that the 
heartless Republicans must be 
secretly planning to slash Social 
Security benefits — you know 
that the liberal philosophy is on 
the brink of electoral disaster. 

When in deep trouble, perpe- 
trate myths. Here are a few that 
are flying around the coming 
rejection of the leftist “Clinton 
Congress.” 

Myth No. I. Anti-incumbent 
fever is sweeping the land and 
there Just happen to be more 
Democratic incumbents. 

On a summer’s night many 
decades ago, at the triumphal 
Carnegie Hail debut of the vio- 
lin prodigy Yehudi Menuhin, 
the violinist Mischa Elman said 
to the pianist Arthur Rubin- 
stein, “Hot in here, isn't it?” To 
which Mr. Rubinstein replied. 
“Not for pianists.” 

It’s not hot for Republican 
incumbents. Of Republican 
senators up for re-election, 1 an- 
ticipate no defeats; of Demo- 
cratic senatorial incumbents, at 
least seven are likely to be 
misted by the votes of the di- 
vinely discontented. It ain’t the 
incumbency, it's the tax-and- 
spend mind-set that will be re- 
jected at the polls. 

Myth No. 2. Voters have 
turned irrational, refusing to tax 
themselves for what they want. 
“ demanding the bacon and com- 
plaining about the pork. ” 

That’s the old Jimmy Carter, 
blame-the-public “malaise” bit. 
The truth is that a growing num- 
ber of voters think that govern- 
ment at all levels is spending 


By William S afire 


their money unwisely and are 
upset about being taxed to the 
gilts to redistribute income. Un- 
stupidly, they believe that the 
only way to cut the rate of 
spending increases is to cut the 
rate of taxation; rationally, they 
have decided that fear of defi- 
cits is the only discipline that 
works on legislators. 

Myth No. S. Clinton Demo- 


crats are not getting credit for 
reducing the bud j 


iget deficit, as 
skinflints have long been de- 
manding. 

Two-fifths of the claimed 
drop in the 1995 budget deficit 
comes from the sale this year of 
S&L assets (hat the government 
was forced to buy in past years. 
As projections for the sale of 
these assets goes up. the deficit 
comes down — having nothing 
to do with Gimon economic 
policy. The president whose 
Whitewater dealing was the sort 
that helped put an S&L under is 
claiming credit for the sale of 
S&L assets that our deposit in- 
surance ran up red ink buying. 

Myth No. 4. Republicans are 
criticising each other already, 
and the coming majority is 
doomed to disarray. 

When Republican mayors 
wander off the reservation to 
support state Democrats, that 
is budgetary payoff time; when 
wives and widows of past of- 
ficeholders snipe at present 
candidates, that is a one-day 
filler; but when party figures 
disagree publicly on matters of 
policy, that is a sign of party 
vigor and strength. 

Contrast the open Republi- 


can debate about aid to illegal 
immigrants with the Democrats' 
lockstep march toward a 'phony 
illusion of toughness on crime 
and welfare. Watch the few non- 
attack ads run by liberal candi- 
dates: see them climb into sher- 
iffs cars to point with pride at 
new prisons, declaim against 
child molesters and welfare as 
we know it, tacitly acknowledg- 
ing that costly compassion has 
gone out of style. Democrats are 
suddenly together — pretending 
to be conservatives. 

Myth No. 5. A Democratic 
“surge” in the final week will 
trim their expected losses to such 
an extent that the *94 results will 
be spinmeistered into a kind of 
Clinton victor y. 

Surge, shmurge — races al- 
most always get closer at tbe 
end, and there is a three-point 
polling bias for Democrats in 
midterms because of low turn- 
out But here is a curiosity of 
campaigning; If six Senate races 
are squeakers, the likelihood is 
that they won't average out and 
split three and three, but will go 
mostly one way or the other — 
in my estimation, to the right 

If the surge notion takes hold, 
however, that is good. Not only 
will it energize the horde of over- 
taxed and underestimated For- 
gotten People to descend on the 
polls, the myth will make smug 
tbe Democratic precinct captains 
and chip off the bloc votes. 

Then confident liberal candi- 
dates will make the apocryphal 
mistake of General George Cus- 
ter. who squinted up at a ridge 
at Little Big Horn and suppos- 
edly said, “Those look like 
friendly Indians.” 

The New York Times. 


blocked for many months, a sur- 
vey last March that used method- 
ology similar to WHO's found no 
serious indications of undeni utri- 
tion among mothers and children. 

The situation showed the com- 
plexity of survival in Bosnia, in 
which local farm production, 
home gardens, black marketeer- 
ing and the sheer hardiness of 
the population all form parts of 
tbe equation. In many areas and 
instances, however, relief aid has 
been absolutely decisive. 

Not only have Bosnians sur- 
vived better than most expected, 
there is evidence to suggest that 
their average nutritional health 
has quite possibly unproved dur- 
ing the past two years. This is not 
to underestimate in any way tbe 
horrific suffering that the war 
has exacted on the population of 
Bosnia. It is merely to state what 
appears to be medical fact. 

Although a precise picture of 
the epidemiology of obesity, car- 
diovascular disease and diabetes 
never existed in Bosnia, these 
were recognized as important diet- 
related causes of morbidity and 
mortality in tbe prewar period. 
Tbe “enforced health” of relief aid 
food has ehminated excess weight 
and sharply reduced the consump- 
tion of harmful fats, while at the 
same time maintaining essential 
vitamin and mineral levels. 

Some of tbe beneficial impacts 
of this wartime diet have already 
been observed in noninsulin dia- 
betes patients, many of whom 
have substantially reduced their 
normal medication since mid- 
1 992. WHO has recently commis- 
sioned a new project on diabetes 
in Sarajevo to study the phenom- 
enon in greater detail. 

The data on anemia are less 
dear, and somewhat contradic- 
tory. A survey in Sarajevo initially 
showed a fairiy low prevalence 
rate. But when more sophisticated 
instruments were used in a later 
study, more than 36 percent of the 
samples were found to be anemic 
according to standard indices. 
Another potential nutritional 


problem is the indiscriminate use ‘ 
of infant formula, which can cre- 
ate unnecessary dependency oa£ 
aid handouts. Breast-feeding was' 
in decline in Bosnia before tbe 
war, but tbe distribution of breast- ' 
milk substitutes by relief agencies 
may have had a compounding ' 
negative effect. WHO is encourag- 
ing breast-feeding as a means to 
improve hygiene and prevent ane- 
mia among young children. 

Food, of course, is only the 
major element of the inteniation- • 
al aid program in Bosnia. Tons of 
medical supplies and equipment . 


also flow into the country every • 

itals. 


week, enabling scores of hospil 
and clinics to maintain services 
that otherwise would have shut 
down long ago. WHO alone pro- 
vides 18 different medial “kits,” • 
ranging from bandaging and first ‘ 
aid to one that contains a full 
range of supplies for clinical mi- 
crobiological laboratories. 

As with food, however, distri- 
bution Of these vital supplies will 
continue to depend almost entire- * 
ly upon the goodwill and cooper- 
ation ofall the parties, and on tbe • 
neutrality of the aid givers. 

Blockages and delays will un- i 
doubtedly remain a part of the ' 
daily routine, and international 
patience will continue to be exer- 
cised. But for all that, the hu-' 
mam tan an relief effort has ful- 
filled its appointed task of ' 
feeding and caring for Bosnians. - 

Hopefully, the generals and 
politicians will find a solution 
that preserves that achievement 
before it is too late. 


Dr. Vuori is the World Health 
Organization's special representa- . 
live for the former Yugoslavia. He 
contributed this comment to the 
International Herald Tribune. 


Letters intended for publication 
should be addressed "Letters to the 
Editor " and contain the writer's 
signature, name and full address. 
Letters should be brief and an 
subject to editing. We cannot be 
responsible for the return of unso- 
licited manuscripts. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: Canals on Mars 


PARIS — The planet Mars has 
recently passed very near earth, 
and has given an opportunity for 
fresh observations which abso- 
lutely confirm all the deductions 
drawn of late years concerning 
the strange planet. The result of 
this summer’s observations has 
been to confirm the analogy be- 
tween the climate of Mara and that 
of earth, and to show once more 
the surprising system of canals 
which covers its continents. The 
latest observations give good cause 
to believe that Mars is inhabited. 


priate — now thinks of going to a • 
dinner party unprovided with 
“the stuff' that cheers. It is in the . 
invention and ornamentation of 
travelling wine-cellars that the 
stimulating effects are seen in their • 
secondary aspect. But for prohibi- * 
the “cocktail bag” and the- 


uon 


“Scotch pocket” would never have 
been called into existence. 


1944: Post to France 


WASHINGTON — {From our 
New York edition;] This country 
lifted its ban on free exchange of 
business and personal inforroa-. 


1919: Sober Assessment 


tion with France today (Nov. 3]. ■ . 
as a preliminary step toward re-" • 


PARIS — [The Herald says in an 
editorial:] Prohibition has had 
the paradoxical effect of Serving, 
in a twofold way, as a stimulant. 
In the first place, it has made 
drinking popular. No one in the 
swim — the term is strictly appro- 


opening trade with that nation. 
Five-ceni postal service will be 
started tomorrow, said the Post- 
Office Department The United 
Slates, in co-ordination with the" 
British Empire, officially removed 
liberated areas of France from the 
catagory of “enemy territory.” 


1 O' V&P 




/ 


1 

■ > : 





V 









K i r. .i ■*". V ■ • - 


• •• • 










U)s 


LVTERINATIOINAL HERALD TRIBUNE. FRIDAY. NOVEMBER 4, 1994 


Page 5 


o p i 


ION' 


J «s«n **■ 

r.n , *14 
~ d ‘rcs,I? 


Beware the Phony Populists 


.’Juste, ~ 

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iru,v. , 4 Dd ,«s 
I-CH T-iS 

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s :r. ?Uc eof • 1 

£? i 

• n 


E- J. Dionne Jr. 


' WffSJSP' 11 “P^in Amer- 
,vA-S 5®* to attack ^viciimoloev ” 




ipoff 


--v 

• > WlH^. 
nv 5VJ2jii^ \t 

‘ :n tsfeg S 
•■---.'Kiit,: r 
< \. 7 
V^rn 'J* 

■ -• tar^ ; 1 ; 

Jnjj\ 

’• ■•'rr. 


habit to a * tadc ^ethnology.’' 

rtSLSl 1 ewaygrtnip to claim victim status 
aS^th^^L deny responsibility for 

■««* ^ victimology is 2ai 
^mean-spmted, an attempt to deny re- 

discrimination or injustice 

w, Ul the behind' the anti-victimo- 
right, h *cra5£ 
s^dmg to define anyone primarily as a 

aiSSS t 11 . 1 ! a way of dep y in S people the 
tS ^ ^responsibility for tlSselves. 
-j/r e “^‘Victimology campaign crosses 
ideological lines, but it is especially popular 
on the nghL So it may come as something of 

^ 1994 elections; it is 
primarily Republicans of the right — with 
some exceptions that I’ll get to — who are 
Pree^cmg the politics of victimology 
ar/ t,™y ^assigning victim status not to this 

™S!£ xk? at h Y l to ^ eDtire American 
> public Tne people are cast as the victims of 

b ’ g ta * es ’ bi S government, BU! 

. *mton, bureaucrats, incumbents, “Wash- 
mgton, “social engineering” and out-of- ■ 
control programs, among other things. 

.■ ^ breathtaking, ■ You would imagine 

i^hat the United States has not had a Tree 
flection for half a century. You wouldn’t 
Jnow gat the Republicans controlled the 
White House for 20 of thelast 26 years. And 
Von would have no idea that the bulk of 
federal “big government" spending — on 
Medicare, Social Security and defense — is 

sopopular that the Republicans are criticiz- 
ing the Democrats For allegedly harboring 
secret plans to cut the first two, and for not 
spending enough on the third. 

, Nereis nothing novel about the out-party 

hnlHinft flin ™ , , r J 


pohcies. Rather, the voters are being told 
ihat government itself is an alien creature. 

This is not just Reagan-style anti-govem- 
niem rhetoric, either. His approach, after all. 
was optimistic. The new kind of anti-govern- 
ment campaign has a sinister implication: 
that “the government in Washington" bos 
become an infernal machine which .runs 
without any input from voters. Voters there- 
fore are not responsible for anything. 

They don’t need to make any choices 
about the kind of government they want. All 
that is required is a few quick fixes to “return 
government to the people.” 

Want a balanced budget? Voters don't have 
to think about bow we got here. They don’t 
have to sit down and decide whether they 
want to cut Social Security, Medicare and the 
weather service, or whether they would prefer 
to raise taxes. All you need is an amendment 
to the constitution requiring a balanced bud- 
get. Zap! ThatU take care of things. 

Are voters mad because the same people 
keep winning elections? Let’s not get into 
something complicated (and realistic) like 
changing a campaign financing svstem 
ngged in favor of incumbents. No. all we 
need is term limits. Then you don't have to 
decide which incumbent is worth re-electing 
and which should be sent to retirement at 
some lobbying firm. Out with them all, and 
don’t worry if you just end up replacing one 
generation of career politicians with another. 

It is especially laughable that term limits 
are being pushed by members of Congress 
who have been here 16, 20. 30 years. Think of 


My mem,... ^>v-' 

r congress is mioFqf* 

Af&GOOP, OUT-OFFOUOf, yiA 
^ CORRUPT, /W-4Wy 


Private Talk, Public Talk: 
Still Too Loud All Around 


k JF ELECTED, 
2 a x promised 


By Ellen Goodman 






W ASHINGTON — I’m halfway 
to Deborah Tannen’s office ai 


vdif 




m 


VV to Deborah Tannen’s office at 
Georgetown University when 1 real- 
ize that I'm late. My mind starts 
racing playfully down the pathways 
that Ms. Taxmen has marked out in 
her linguistic mapmaking. 

When I get there, should I sav I’m 
sorry? Would ‘•sorry" mark me by 
gender as surely as my extra X chn> 
mosome? Would my sorrow merely 
be a female ritual expression of re- 
gret? Or a real gender-free apology? 

By the time I get to her doorway. 1 
untie my tongue of its burden by 
telling her my thought-process. As 


MEANWHILE 







popular measures such as term limits and ihe 
balanced budeei amenHmt*n! ■« plitict 


itr Many incumbents are trying to extend 
lb dr tenure by promising term limits. And 
you wonder why voters are cynical? (A hap- 
py exception among Republicans is Repre- 
sentative Henry Hyde of Illinois. He is too 
honest to pretend that a 20-year House veter- 
an seeking re-lection believes in term limits.) 

For good measure, criticize “bureaucracy” 
and overregulation, and don't mention that a 
lot of those regulations are designed to keep 
the air and water clean or workplaces safe. 

It will be said that criticizing currently 


holding the in-party responsible for evety- 
thtagthat is wrong. Bui the anti-government 


j 

' 

■ ■ ■ : .4 

I-.. ’ 


wreeds of. 1994 are more far-reaching than 
the usual out-party campaign. The assertion 
is not just that the incumbents the voters 
.elected the last time have pursued the wrong 


balanced budget amendment is elitist and 
anti-populist. The opposite is true. What is 
elitist is to assume that the voters want to be 
told that they an: not responsible and that 
they won’t listen when a politician respects 
them enough to try to change their minds. 

Sure, when voters are angry, they may cast 
ballots for panders and simplifiers. But the 
politicians people admire in the long haul are 
the ones who take them seriously. Look at 
Franklin Roosevelt’s fireside chats for an 
example of a politician who did very well by 
not talking down to the voter*. 


01 talking down to the voters. 

Look also at the voters’ ability to have 


second thoughts about California’s nasty, 
anti-immigrant Proposition 187. It is losing 
support because non-panders such as Jack 


Kemp were willing to stare the polls in the 
face and talk straight, in practical terms, about 
what the proposal would actually do. 

For some years now. the voters hare been 
in an angry mood. This year they seem mad- 
der than ever. What they have most reason to 
be upset about is a phony populism that tells 
them that they are victims of forces beyond 
their control and not the masters of iheir 
fate. Real populists don’t tell the people they 
are poweriess. They call upon them to take 
responsibility. They argue that the people 
themselves need to make hard choices. They 
don’t pretend that those choices be 
sloughed off or handled with gimmicks. The 
voter fury will abate only when phony popu- 
lism gives way to the genuine article. 

The Washington Past 


she graciously joins in laughter, it 
occurs to me that my response to 
this woman isn't unique. 

Deborah Tannen may be single- 
handedly responsible for making 
millions of American men and wom- 
en seLf-conscious about their speech. 
Talking with her is like cooking for a 
restaurant critic. You assume that 
she isn't just eating, she's analyzing 
the ingredients. Awarding stars. 

In 1 990, this professor of linguis- 
tics set out to describe the communi- 
cations gap between men and wom- 
en to a country frustrated by “he 
said, she said" arguments. “You Just 
Don’t Understand" topped the best- 
seller list because it promised that 
we actually could understand. 

Her evenbanded approach tried to 
calm hostilities. What goes awry be- 
tween men and women in private life, 
she suggested, “may be due to misun- 
derstandings, not bad intentions." 

Now she has brought that perspeo- 


for what you want.’-" At work, he 
says what be thinks and .expects her 
to do the same. She includes. his~ 
feelings in what she says and ex.-/ 
pects him to do the same. Theses 
expectations are often disappointed,*. 

It's not that one style- is betten. 
than the other, Ms. Tannen quickly' 
insists, though any woman who's- 
constantly interrupted when speak-' 
ing may find it bard to be as non-' 
judgmental. Yet the stories in this 
book suggest that when women * 
look out for everybody and men. 
look out for themselves, there are- 
real repercussions. The ’female 
style' keeps the business running * 
smoothly. The ‘male style" gets you 
ahead. One makes for a happier-.' 
ship. The other gets to be captain. - 

Ms. Tannen has followed us 
from our homes into our work—, 
places. But this year we are as frus- ' 
trated with the public dialogue.. 
Reading her book about private' 
talk, I cannot help wondering’ 
about how we talk m the public- 
arena. In the media. In politics. 
Maybe we don’t need an onthropol- - 
ogist to describe the current lan-r 
guage of public discourse. It's po-. 
larized. angry, accusatory,- 
confrontational. Not a discussion 
— but an argument. 

It’s not a coincidence that there’s 
no female Rush Limbaugh. Or that 
fewer women call in to (he talk radio 
shows that have set the political 
agenda. This “conversational style," 
to use the term loosely, turns many ’ 
off, especially women. As Ms. Tan- 


nen worries, “It's another way that * 
women are disenfranchised." 




live to the workplace. Her new book, 
“Talking 9 To 5." is about “private 
talking m a public context." 

Ms. Tannen is careful to say that 
there are not inherent or immutable 
gender differences. Nor is there a 
single pattern for all men or all 
women. She would rather speak of 
“conversational styles” or of cul- 
tures than of genders. 

Still, as office anthropologist she 
hears men saying “I" and women 
saying “we." Men focusing on status 
— “who’s up” — and women focus- 
ing on connection. Men comfortable 
with confrontation and women pre- 
ferring consensus. 

“There really does seem to be a 
difference in male and female strate- 
gies,” she says, sitting in her own 
modest office. “Women are always 
balancing what they want with what 
the other person wants. They are 
trying to save face for the other 
person. Men are saying, ‘I go for 
what I want and I trust you to go 


/•-uri 




LETTERS TO THE EDITOR 


■ 

}i 


f 

till dir 


■■■■ 

• v - 1 ; 




As members of the European Par- 
liament, we recently visited Sarajevo 
as an official delegation and nrfrf 
lengthy, discussions with, various of- 
ficials, including President Aliia 
Izetbegovic of- Bosnia, among oth- 
ers, mid came away with a very pes- 
sixmstic assessment of the situation. 

On returning to. Strasbourg, we 
have tabled a recommendation to . 
the. Enzopean Cotmcil, which we 
hope the European Paziiamen t may 
adopt. It comprises four points:. 

V • Any further lifting of the sanc- 
tions against Serbia and; Montenegro 



mtionby theBdgmdegtwrnmentdf 


the Republic of Bosnia-Herzegovina 
and the Rqmbfic of Croatia within 
- the borders that have already been 
: established by. the European Union 
and the United Nations. 

. . •The siege of Sarajevo should be 
ended and free access should be en- 
_ sunsd by the opening of at least one 
“corridor," under UN control and 
underwritten by NATO support, 

• The policy of safe areas and ex- 
clusion zones should be made ftilly 
consistent, not only with the propos-' 
als set oat in the peace plan, but aim 
; with the security of the population 
concerned. Such a policy implies free 
access to these areas far humanitar- 
ian operations arid active prevention' 
of, apd reaction against, any further 


aggressions against the save havens. 

• The international co mmuni ty 
should recognize that Bosnia- Herze- 
govina, like any sovereign state, has 
the right of self-defense as laid down 
in Article 51 of the UN Charter. 

We believe that in the former Yu- 
goslavia basic principles are at stake: 
the need to frustrate the use of force 
to obtain territorial changes; the need 
to reject policies of ethnic c leaning ; 
the moral obligation for democracies 
to distinguish between aggressors 
and victims; the principles of multi- 
ethnic coexistence. 


GIORGIO LA MALFA, 
JOSE MARIA MEND1LUCE, 
DORIS PACK. 
Strasbourg. 


Roger Cohen’s report “Culture 
Clash Among Bosnians" (Oct. 11) is 
disturbing, as it tends to confirm the 
fear that Bosnian Mu slim leaders 
are moving inexorably toward creat- 
ingan Islamic fundamentalist state. 

The international community was 
railroaded by Germany into legiti- 
mizing the Bosnian Muslim c laim to 
independence, based on a referen- 
dum that one-third of Bosnia-Her- 
zegovina’s population boycotted be- 
cause of the fear of Islamic fun- 
damentalism. It is revealing that 
both of the other Bosnian commu- 
nities. the- Serbs and the Croats, 
have sought to respond by assum- 
ing separate political identities with- 
in Bosnia, and by subtly endorsing 


linkages with Serbia and Croatia. 

The Bosnian Muslim leader, Haris 
Silajdzic, speaks with a liberal voice, 
but he has not repudiated the funda- 
mentalist principles of his party’s 

C * am that cause unease among 
a’s Serbs and Croats as well as 
in the international community. 

The Bosnian Muslim president, 
Alija Izetbegovic, expounds on this 
ideological “blueprint” in his “Is- 
lamic Declaration.” The most chill- 


ing of his prescriptions is that 
“there can be neither peace nor 
coexistence between the Islamic re- 
ligion and non-Islamic social and 
political institutions." 

VANITA SINDH. 

New Delhi. 


As for politics? In 1992, there was • 
much talk of the female difference. ~ 
But in 1994, the entire public style! 
has become what Ms. Tannen would * 
describe as the male style. . 

In this year of the attack ad, * 
every campaign has become a con-. * 
fron ration. Men and women who - 
want to succeed in politics talk-' 
“who’s up/ who’s down.” A debate 
on television is no place to save face ’ 
for the other guy. 

But governing, like business, may ! 
work best with people who can ao- 
commodate, take the other point of - 
view into account, think of nis,” not - 
just “me." The real stylistic clash ' 
may be between the successful can- 
didate and the effective legislator. ' 

With some help from tms linguist 
with a good ear and a facile style, * 
we're building bridges across tire, 
gender gap of private talk. But our- 
public talk has deteriorated into .-a,- 
yelling m a tch . And yes, we ought to- 
be sorry about that. ...h 


Boston Globe Newspaper Co. _ _/ 


BOOKS 


WEDGE* 7 . ; ■■'■-.■V - ’■ 

The Secret War. Between 
The FBI and the QA , 


WHAT THEY'RE READING 


By Mark Ruling. 563 pages. \ 
S27.50:knopf. 


Reviewed by. 
Richard- Gid Powers 


N OBODY in Ainerican his- 
tory ever fought more vi- 


e Margot Hoexraer, director 
of music at .the Woodlynde 
School in PennsyNanda, is read : 
ing “Arrow of the Blue-Skinned 
God” by Jonah Blank. 

“From the pointed hats in Sri 
Lanka to celebrations in Ma- 
dras; it’s a visual book — 1 feel- 
like Fve been to India. It is 


n 

MSI 

f ■v-.i'-'*. 9 ’j 



lory ever fought more vi- 
doudy to protect bureaucratic 
turf-, than J. Edgar Hoover, 
which in no small measure was 
why jhe lasted 1 as FBI director 
for 48 yeare. Ihe idea of a rival 
organizatibn to gather foreign 
intelligence way an outrage to. 
Hoover, When such came to 
pass 'in rite form of William B. 
Donovan’s office of the “Coor- 
dinator of Intelligence” (the Of- 
■ Coe of Strategic Services during 
the war) and was then made 
permanent in 1947 as the Cen- 
tral Intelligence Agency, Hoo- 


that the author wrote 
e was only 25 years 
(K. F. Culder, IHT) 



lie.” He i 
with ah' 


rapports this argument . Riebling’s first case study is 
with a lively and engaging nar- that well-known chestnut of 
rative of interagency bungling, Pearl Harbor conspiracy the- 
infighting, malfeasance and oiy, the old yam about a double 
nonfeasance in every well- agent for the British and the 
itdligence base in the Germans, Dusko Popov (nick- 
: the CIA arid the FBI, named “Tricycle^), who 
'fresh and well-round- showed up at -the FBI in 1941 
its of wdl-known and with a. questionnaire the Ger- 


nonfeasance in every well- 
known intelligence base in the 
history of the CIA arid the FBI, 


and . t h rew his considerable tal- 
A ents intojbattlmg it every step 
' tof the way. - -\ 


It &Mait Riebling’s thesis in 
“Wedge” that “the failure to 
salve jthe conflict between the 
CIA and FBI] has damaged the 
national security and, to that, 
extent; imperiled the Repub- 


ought- to-be- well-known ' conn- mans had given Mm outlining 
tenntefligence agents, drawing _ the intelligence they -wanted 
on scores of original and re- him to gather in / 

. warding interviews. - Riebling (following 

But unfortunately, Riebling John Tbland) tells 
has taken his material -ana this was a “Pearl Hi 
turned it into a series of “for the tionnaire,” and if a 1 
loss of a nail the war was lost” , Edgar Hoover had 
stories in which the missing nail his job and trotter 


the intelligence they -wanted 
him to gather in America. As 
Riebling (following Popov and 
John Tbland) tells the stray, 
this was a “Pearl Harbor Ques- 
tionnaire,” and if a benighted J. 
Edgar Hoover had only done 
his job and trotted the thing 


is the lack of effective coordina- over to Bill Donovan, the Pear] 


don between 'the CIA and FBL 


BRIDGE 




played well in a- contract ofsev- 
en hearisibut tibe luck of Ihe 
Inshj^ out He won-the open- 


. West to cover with, the king, and 
the ace won. Now the run of the 
trumps squeezed East; who was 
trying to hold the diamond jack 
and the spades.' 

This maneuver is seldom ap- 


Harbor disaster could have 
been- averted .But. as Gordon 
Prange demonstrated in his 
“PeariTI arbor: The Verdict of 
History,” the Popov question- 
naire was not exclusively or 
even mostly aboutPearl Harbor 
—it was a general shopping list 
of information on many Ameri- 
' can installations. - 

Just as mispnided and fllogi- 
cal is his thesis that the Kenne- 
dy assassination could have 


squads. But the FBI was ignor- 
ing even stronger indications 
that Oswald was a strange, dan- 
gerous character,, and the bu- 
reau’s failure to pay attention to 
the obvious was such a derelic- 
tion of duty that far months it 
reduced J. Edgar Hoover to a 
slathering, raving maniac out to 
wreak vengeance on every agent 
who worked on the case. 

Riebling fails to understand 
the signal/ noise problem in in- 
telligence post-mortems — that 
only after the fact can the signal 
(true information) be separated 
from the meaningless facts 
(noise). 

Riebling does a nice job of 
guiding the reader through the 
Byzantine disagreements be- 
tween the CIA and the FBI over 
the reliability of notable Soviet 
defectors, but his argument that 
interagency rivalries kept the 
government from reaching ac- 
curate analysis of their revela- 
tions begs the question: The 
true loyalty of these- double 
agents was and is still funda- 
mentally unknowable. 

Popular culture may well be- 
lieve that the underlying expla- 
nation for great public events is 
the devious machinations of se- 
cretive elites, but the world 
doesn't work that way. The real 
story in these superficially ex- 
citing revelations of official se- 
crets is that there is no story — 
the squabbles between J. Edgar 
Hoover and Wild Bill Dono- 
van’s' many successors do not 
explain the history of our times. 
As the dd truism has it, what is 
amazing is not true, and what is 
true is not amazing. 





TV.% U- 


the imsSng T»5l^“*i I JSK23E bin prevented if the CIA had 

sacKsasa- 


Richard Gid Powers, the au- \ 
thbrof "Secrecy and Power: The \ 




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A new breed of engine. 
The same breed of Saab. 

(Or proof that big can be beautiful, too.) 


At Saab, we have a tradition of making powerful 
engines compact and efficient. That’s why we've 
resisted the idea of simply increasing the size or 
amount of cylinders to add performance. 

Consequently, the Saab view of the V6 engine 
has tended to be on the frosty side. But lately, 
there’s been a perceptible thaw. 

The reason is the development of a new kind of 
V6. The one you’ll find in our new Saab 9000 CD 
saloon. This isn’t an ordinary V6 engine. Any more 
than the 9000 CD is an ordinary car. Its the kind of 
car that’s big in terms of space and performance 
and comfort but very modest in terms of weight 
and fuel consumption and engine emissions. 

It’s big. But it’s not stupid. At heart, 
it s still a Saab. 

INNOVATIONS. 

Consequently, we’ve given 



the Saab 9000 CD 3.0 V6 a number of 
technical innovations you don’t normally see on a 
V6. A new three-step variable intake manifold that 
delivers consistent power throughout the rpm 
range. A Motronic engine management system that 
constantly monitors engine emissions. And TCS 


THE FIRST SAAB. 1947. 


(Traction Control System), a feature that signifi- 
cantly reduces wheelspin. They’re the sort of fea- 
tures that do something useful without drawing 
attention to themselves. Very Saab. 

BIGGER ON THE INSIDE. 

We tried to design the body on equally generous 
but practical lines. We made sure it gives you plen- 
ty of room for heads and legs and feet and bottoms 
and luggage (the Saab 9000 is one of the few 
European saloons classed as a large car in 
America). Yet it doesn’t force you to take up unne- 
cessary road space. It’s one of those cars that 
seems a lot bigger inside than outside. 


LOW KEY. 

It’s the same with the fittings. 
The 9000 CD is truly luxu- 
rious without banging on 
about it. You can have the 



wood, the custom designed audio, the 
highly sophisticated alarm system, the natural glove 
leather. It even has reading lights in useful places. 
Yet it’s all low key, unobtrusive, functional. Its 
not trying to make an impression. Its trying to 
make you feel comfortable. 


THE PERFECT PARTNER. 

In spite of its size, the new 3.0 V6 engine is true to 
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environmentally friendly. Yet it gives you the su- 
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kind of driver. 

FOR PERSONAL REASONS. 

We know that everyone has their own reasons for 
choosing a Saab. 

So if you’re a V6 driver looking for some inter- 
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Page 7 



POLLUTE: Eastern Europe^ Environment Is Still Decaying 

* CoatiiHied from Page 1 " ® 


5L?!*®" 8 Yet » it5 squan- 

<termg of raw materials and eneiW 

“OTonwc artifice made in Moscownro- 

^adttwjtionai iwds of pollution *at 

“any of its citizens. 

sS?K=SSS 

a powerful catalysi as citizens’ 
fo nned throughout the East, spur- 
ring broader protests before the faU of 
Almost inevitably, in 1989, 
the new leaders had to commit themselves 
to an urgent cleanup. And the West, look- 
ihg on aghast as scientists and film crews 
swarmed over the badlands of Eastern Eu- 
for doin 8 better and 

promised to help. 

Blame and Complaints 

But progress fell far short of goals, and 
many questioned why much of the almost 
$1 billion offered by the West for environ- 
mmtal improvement was not disbursed. 

Blame is passed around. Western ex- 
perts say that environment ministers have 
no clout, that their staffs are inept or keep 
changing, that lobbyists are inexperienced 
or easily discouraged, all of which has 
i the environmental movement of the 
1 980s into limping factions plagued bv 
infighting. . 

Many Easterners say that the West dal- 
lies, is overly demanding and spends too 
much on experts dwelling in expensive 
hotels, instead of giving aid. 

* “Look at Kozloduy; said Radost Pa- 
tera at the Bulgarian Energy Ministry, 


speaking of a nuclear plant deemed among 
the world’s most dangerous. “Kozloduy 
gets more foreign visitors than our famous 
Riia monastery.” 

A popular argument in the West is that 
the free market, with its environmental 
regulations and dean and more efficient 
technology, will inevitably cm pollution. 
Results so far have been mixed. Several 
nations have copied the strict environmen- 
tal regulations of the West, but the main 
problem is enforcement. 

“Inspectors are not well-trained and not 
motivated,” said Erica Bassin, a Canadian 
legal researcher. “And fines are low. There 
is little incentive to comply.” 

In Hungary, for instance, eight giant 
Western corporations are already produc- 
ing chemicals, plastics, detergents and 
cars, using ibis nation as a hub for exports 
to the east. Hungarians say there is no 
mystery about what draws these compa- 
nies. A senior manager at a Hungarian 
chemical company called Borsodken, 
which has formed joint ventures with sev- 
eral foreign partners, said: “Foreigners 
come here because of cheap labor, because 
of lower environmental demands and the 
lower health and safety standards in the 
workplace.” 

Dorog in northern Hungary looks like a 
typical small industrial town: Old stone 
houses and vegetable gardens coexist with 
dreary prototype high rises. But Dorog has 
no typical mayor in Anna David, a deter- 
mined, 60-year-old pediatrician. Noting 
that Dorog’ s children had three times more 
asthma and bronchitis than the national 
rate, she blamed the local factories and, in 
1988, founded an environmental group. 


In 1 990. when Dorog held Us first free 
elections since 1945. it elected her. With a 
private American grant, she hired a munic- 
ipal environmental inspector. “You have 
to watch them all the time, the Hungarians 
and the foreigners." she says, complaining 
that the Rkhter-Gideon chemical plant, 
which has been acquired by France's Elf 
Aquitaine, so far was still not treating its 
wastewater. 

She worries more about Dorog's toxic- 
waste incinerator, the only one in Hunga- 
ry. Built in 1985, the incinerator was 
bought in 1990 by SARP, a subsidiary of 
France's Compagnie Generate des Eaux. 
“That French company thought it could 
do what it warned,” she says. “We fought 
for a year because of their pollution. We 
almost dosed it down.” 

One recem day at the incinerator on the 
edge of town, where the air stings like tear 
gas, an official conceded that the plant's 
carbon monoxide emissions were 50 per- 
cent higher than the norm. “We are trying 
to improve,” he said. “We will have to 
change the oven.” 

Dr. David wants the entire incinerator 
to move because the prevailing winds blow 
its dioxin emissions right over the town. 

A Look at the Danube 

An official of the French company said: 
“We’re in the line of fire. They should be 
looking at the sulfur and the carbon mon- 
oxide coming from the local coking plant 
or from the chimney on every house." 

A fitting place to gauge what happens 
on land is m the water, and here the main 


barometer is the Danube, the continent's 
grandest waterway, fed by myriad tribu- 
taries. The river is also the main transmis- 
sion bell for waste, running the gantlet of 
discharge from eight countries as it sweeps 
through Central and Eastern Europe on its 
way to the Black Sea. 

Istvan Ijjas heads a regional Danube 
study group and has been taking the river's 
pulse for several decades. Asked about 
changes in the past five years, he said that 
Czech, Slovak and Hungarian tributaries 
were carrying less heavy metals because 
factories have slowed down or closed. 

Unfit for Consumption 

“The drop is only small," he said. “We 
still have all the toxic heavy metals in the 
Danube.” The fertilizer runoff bad dimin- 
ished since fertilizer’s price was no longer 
subsidized, but the load of detergents, 
heavy with phosphates, was growing 
More troubling he went on. was the 
Danube's rising level of bacteria and virus- 
es. He blamed cities that have expanded 
sewage collection without building treat- 
ment plants. From Bratislava to the Black 
Sea, towns use the river as an open sewer, 
in the process contaminating groundwater. 
Budapest alone, beneath its seven magnifi- 
cent bridges, expels the raw waste of two 
million people, treating only 25 percent. In 
Western Europe, wastewater treatment is 
mandated by governments. 

On the northern plains, rivers tike the 
Oder and Neisse still move heavy with 
waste. German engineers said the Elbe had 
improved since many East Goman indus- 
tries were dosed. 


But the Vistula. Poland's main artery 
and principal dumping ground, is still de- 
teriorating. Polish specialists said that be- 
cause of the flushing of Silesian coal mines, 
the Vistula is now saltier than the Baltic 
Sea, where it ends. 

The latest survey by the World Health 
Organization concluded that the water 
drunk in much of Eastern Europe was 
unfit for consumption. 

1 1 also noted that the poor air and water 
quality contributed to the region’s high 
rates of lung diseases such as emphysema, 
asthma and tuberculosis, as well as hepati- 
tis, lead contamination and low birth 
weight and birth defects. 

On the odd and high plateaus where the 
German, Czech and Polish borders meet 
and tree stumps look as if ravaged by fire, 
foresters have been planting new ana har- 
dy seedlings. Y et few young fins are surviv- 
ing. In the valleys below, a phalanx of 
power plants and industries driven by 
brown coal are still spewing sulfur and 
soot, as they have done for more than three 
decades. This region, dubbed the Black 
Triangle, is one of the world’s biggest mak- 
ers Of add r ain. 

These were once dense woods, but even 
the Soviet Army had to move its tanks and 
find new camouflage as tbe foul air killed 
the tree cover. 

In Berlin, Michael Roedcr, a govern- 
ment environment official, recently re- 
called some curious Soviet-think. Instead 
of dealing with the pollution, he said, plan- 
ners asked East German biologists to in- 
vent trees that were smoke resistant. “They 
experimented for 20 years” he said. “In 
the end, the sulfur always killed the trees.” 


Japan Survivors 
Of A-Bombs 
Fault Pay Plan 


The Associated Pros 

TOKYO — Survivors of the 1945 U.S. 
atomic bombing of Japan denounced a 
government plan on Thursday to offer 
special payments to a limited number of 
atomic bomb victims and their families. 

On Wednesday, the three parties in the 
government coalition agreed to increase 
aid to victims and their families. 

But to protesters in Nagasaki the plan 
was not good enough because it is too 
small in scale to fully compensate the vic- 
tims of World War II, for which it holds 
the government responsible. 

Under the plan, the f amili es of atomic 
bomb victims who died between Aug 6, 
1945, when the first nuclear bomb was 
dropped on Hiroshima, and 1969, will re- 
ceive 100,000 yen (SUOOO) in government 
bonds redeemable in two yearn. 

Tbe government estimates that about 
240,000 to 280,000 recipients will be eligi- 
ble. 

In Nagasaki, about 50 bomb survivors, 
supporters and workers’ union members 
had a sit-in in a park to show their dissat- 
isfaction. 

“We cannot accept the government's 
measures." said Sunao Tsuboi, acting di- 
rector of the 30,000-member Hiroshima 
Prefectural Confederation of A-bomb Sur- 
vivors Organization. 

“The compensation should cover all 
other war victims." 


1 


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A1HB4S, Kotancki. Patnarhou taken 
5fr., 200 tarn tc ai m em. . 

Transfer taxes nduded. TeL 411 
4112397, fax 4222S50. 


MONACO 


MONTE CARLO 

BRAND NEW STUDIO 63 sqjn. weh 
not terrace, air canStkmed. eq u ipp ed 
titdhen. drasng mm krge con plete 
l utfraom - rad Seed notary fee. ft 130/ 

AAGEDI 

7/9. Bd dee MsuEre. MCP8D00 Monaco. 
Tet 33-92 It 5? 59 Fax 23-93 50 >9 4? 


GREECE 


CMOS - baouhMy renovated bane et 

medieval vAne of Mob Teh Swit- 

zerland [+4122) 312 30 12 ar rax 
H-41-23 3460602- 


MONTE CARLO SUN 

5-ROOM APARTMENT 
150 SOM. in bgb dess tettng 
with garden & sMrmng pool terr **. 
sea new. aCcr. pertac. 

FBJO&OOOL AGENT5 ABSTAIN. 
TEL: OWMS (33) 92 16 58 90 


PARIS & SUBURBS 


SPECTACUWR HOUSE 

dose to Condi 5art Marin Pais 10Ht 
Featuring 200 sq-n. reception room 
with mezzaaie kvmq space 
flafrU-n, bedroom, bath, sauna) 
Canplemeetsd by seB-contoned 
rajartment with 3 bedrooms, btdien. 

7 bahreonn and bvmg area 
Tate) 350 sqm. I m peccable condtion. 
Ideal for Hone ofhce/phoiqaopher. 
F6.1 Mima. Tefc (33-1 ] 4241 7449 


1*M* OPERA PLACE VBBOME 

Luxurious state oompn u nn entry, bvmg 
■rth fireplace, equipped kitchen, bath, 
WE. 2nd floor, on targe bright court- 
yard Piafesiiwiot & residenti ol use. 
ftxE F2M FSOMO BEAL Sole Agent 
Tab (1) 44 17 18 02 


PLACE OB VOSGES. 100 sojil ofxrt- 
menl m Intoned fowmouse, 
restored to high q witty. Extec 
ftttmgs. CeMa, partaiq Fra^Ot 
Sole Agent; St AmouR mma Tt 
30 59 


Sob Agenb 5 

19 S 31 fa= m 30 39 34 83. 


(921- ROLAND GARROS 

Garten fiat: F3.100DOD. 

(16th) -TOWNHOUSE 

1 3S0 1 niJHMODL 


(17fh) - PERRE DEMOURS 

I ‘ Lmoflious Fimr r " w,n ~’ 

| Tefc (1)42 6746 


Luxurious Faunas: FS ,000,000. 

46 46 ar 42 £7 02 00 


MONIE CARLO 

New proved weh s-jcct. to 5 -ocn 
mtrtner B gvsrdde. P sxins Ti e mew. 
dvaile anise sooce. efrac-ra sr.ae. 
Fjnto’ am s. Ms Eoes n sea ■ 35Mi. 
9 eve cfOirande - v£ S3KiO Menace. 
Tel: (33) 92 16 90 00 


PARIS 1ST 

VcTLDOmF -CONCORDE AREA 
2 recep ? cr aperttnetm 
r. new Inq* - . cfcss buidma 
serins • i56 SQM. 

1MMCWUSJE SATIS 
Tat (1) 45J03.78J8. 


SWIVZBUINP 

FOR SALE 


ALBANIA 


10 mms. from db wnt oam LAUSANNE, Switzerland 

Luxurious, recently built APARTMENT, 

200 sq.iB.iAas 100 sqm. terrace in an exceptional location overiookira 
LUTKlr with abreaihtaking IMF view of the Lake of Gowva and Ihe A^s. 
2 bedrooms, 2 bathrooms, breetiving room with fireplace 
separate dining roam, big kitchen opening onto tenaoe. 
CastoralnaUw^-^ck»ete^l)lk>Lhit<^,bar,gi^bakhnx7m 
aiKl ckiakroQm, 2 garages + one outdoor parking place, 

Price SFr. 2^00/XXL-. 

For further information and rtsU: 

Td^ +0-21-320 79 71 (office hours) - Fax; +41-Z1-3U 50 87 
■faMMWMi Na rereHmHM 


LUXURY HOMES & ESTATES 


ITALY 



Magnificent Villa 
in the heart of 
CHIANTI. 

Renovated from a 
large casa colonies, 
with 2 monumental 
stone structures. On 
a hill surrounded 
by 25 hectares of 
private land, with 
panoramic view. 

MAIN HOUSE { 550 sq.m = 5.920 sq.ft-). 3 bedrooms. 3 
bathrooms, den. living room, formal dining room. Enormous 
• kitchen, granite counter tops. Terracotta tiles and parquet 
Mooring Throughout house Elevator to 2nd floor - car garage 
1 35 sq.m. = 376sqft.l 

GUEST House 1 108 sq.m = I.I62 sq.ft I: Independent 
U water/electric, kitchen, shower, toilet, fireplace, terracotta tiles, 
electric windows 

Both houses have central hear and air condnioning systems 
Automatic sprinkler system, electric gate with remote control 
and TV security cameras Security monitors are throughout 
both houses, alarm system connected to carabinieri 
ideal for corporate retreat Private road 

For further information contact iw Hafir 
Anna Rita 

TUSCAN ENTERPRISES 
TeL: 0577-740623 or Fax: 0577-740950. 


For rent newly constructed 10 luxury 
five star villas located at the Itali a Sqnar^ 
near the University, Tirana, Albania. 

The stums qf liie newly constructed Wftiis is i.'s/i'/fmvs: 

These villas are of 5 units, wii two rogsthar. Es:h viiLi has t»o w 

entrances which are in^-ccansCad. One «nri-ja: Lads in one master bed 
one double bedroom, naser hahronm and kitdtsa 
The other entrance leads tolherao moms winch are to he usai a« an office and Is 
also aaadied with a kheben. mils, sitiing mom, dmine rmns and halctmy. All the 
rooms arc furnished with lush quality furniture which indudes. A/C with heating 
and cooling system. The villas are serviced with landscaping, parking areas, 
roads, street lighting and generates as standby. Water system includes punning, 
water tanks, swimming pool and stack bar. The villas are also completely secured 
wilh security system. The US 2 i fault up area Tor each vilhs is ISO nr. 

The rent per villa wffl range from L'SS 6500 tit $8,000 on a long lerra bass. 

Contact PhTFex: (155) 42-27606 


TOP OI INK WOllD 

Luxury Hots in vary best 1 location, 
aonnerfed with SStor-HaieL 

■ 4 rooms, 166 sq.m., hvmg/tfcting 
room, fireplace, 3 bedrooms, 
2 bathrooms, kitchen. 

■ 2 rooms, 82 sqjn., Cving/dinmg 
room, fireplace, I bedroom, 
1 bathroom, kitchen 

not furnished, long lets 

Facsimile: +41 82-3 27 38 


COMMERCIAL. 

& 

INDUSTRIAL 
REAL ESTATE 


To place 

c amlaHja 


xtL 


l ywwtefw 'Brh Pariti 
Fred Ronam (I) 46 37 93 91 
Fax; (I) 46 37 93 70. 


IL5JL 

LAKE GEORGE, NY 




FAMOUS ADIRONDACK ESTATE 
Private residence or corporate 
retreat of 8.5 acres near Bolton 
Landing on Lake George. Newly 
renovated, elegant & manaaabie. 
1 100' of winding shoreline. Formal 
& natural gardens, breath-taking 
views. t> master BRs plus 4 single 
BRs. Gracious, sunny living areas, 
superlative kitchen. Bam with 
caretaker apartment, greenhouse 
& boathouse. Price & Brochure 
available on request. 

Eugenia McCXaw, la 

J^5 18-668-9266 

Lake Shore Drive 
Bolton Landing. NY I2j^ 

KING GEORGE REALITY 


ON PUCE 065 ETATS UNS - 16* 
400 sqjn. ita aranw n in Kgh<fcst 
buMng wnfi 4m high ta frngt + 
62 iul nxb ream + 2 pahno. 
HC W: (33-11 47 47 86 87 or F& 
133-11 47 4 7 62 65. 


AVB4UE MONTAIGNE - Exceptand 

padoJarra. aapositv Hotel Plaza &h 

floor an garden. Fireffixe. 24 hour 
XMJifcfe Interawng 
56 OB (morningsl. 


lecunty. 
pnat Tel 


STUDIOS, 81 AVENUE FOQi 

M95,D00Tal Owner 1-43 59 65 19 


17* - VniiBS. beounful 106 iqj"- 
mx xt n ia u. 20 hjjil terrace, 5th floor, 
fanng toexn, veranda. 2 bedrooms, 2 
brOa. Parfanq paable. 147 64 31 31 


METRO PONT DE SEVRES, owner sells 

modern flat. 54 sqm with parimi & 

bofaory. faOOJOl Tffi 1-46 21 0810. 


5rGBtMAM DES PRES, end 16* cent. 

3;4-roam couple apartment, edm, top 

Racr, new. mescrane. Tel 1-43294294 


7*- CHAMPS DE MARS, VIEW BFFH. 

T0W5L Sunny, frh floor. 5 roans. 


I Ff9 ntusora TeL itl *5 01 27 tf 


PAWS 16* - HENRI MARTIN 

P-ivsw lowaSoae FU.300JBO Teh 
PROMO CAL ;>|44 17 180? 


SPAIN 


SPAM -GRAN CANARIA 
The mad inSeraxtina and 
bewlM praperSes 

GdB Ceone Macpatamec: 

Lu w wiv s «3os and dxdera. Kt at 
Caunds of itctl IJ200 tarn, irapeal 
partem, pool, oarages, borng space 
iron 200 to 800 sqm (about US- 
S1.156J00) 

Son Agadta: 

ViSas wifi endoBng sea view. Extends 
over abaai 400 on levad Inch, 

nn terraces, balconies, pool ravage. 

set n grounds «f BOO end IjOOD sqm 


Potasea/ Uptown 
TrateanaL eleganl residence avedaoit- 
ing harbor, Afessfe and town in eada- 

sne nmo a xSngi. Finest worfcmaishp 

copnectod vn4h highest sta x tad of 

c adal cart style. Living span 640 

280 sqm terraces, (about 


$R266, 


New construdion of o la does pork 
comptox n txsxne and mdvidud setting. 
21 vOai and 66 apcrtmaits. Top does 
baUng qucAiy, emne gadera. 

K5R bdteA POe-494, M5100 
Crasary Monde, Spin. 


Tab (34 2ti 76 66 84, 76 66 26. 
Fax (34 28] 77 14 28 


SWITZERLAND 




LAKE GENEVft'i 
MOUM RESORTS 


Sale to 


1975 
A CHALETS 
“ G5TAAO, 


•ealtoSbed- 


CRANS-MONTANA. 


REVJ 

MarribrSanL CH-I2I1 Genwa 2 

Tef 4122-734 IS 40. Fax 734 12 20 


room s , SFr. 2001000 to U nix 

m 


LARGE AM) LUXURIOUS HAT 
M GBCVA pOO.sqm) + terraces 
with seated «wot te Wb 
Price Swiss Frara 1 ^00,000. 
Htitcfctfcd cofl 

T* (41-22) 700 07T7 ar (41-77] 245517 


FARM, I78vlWi cenmty, 4 

bos Genevo center, eaceBert tsrai* 

oiorfora to airport and Mil offers, 

km vahiusB, spacious reoK«ai 100 

tqjiL, 11 bedroo nn, "bbtotera* 
fxepfaoes^jnaderv tesu. Tefc 
+4l575T44 23 after 7pm. 


Crans-Montana 

Exceptional 

1730 sqm of land si 
prime ioadon in Gane-Montono 
(Plain MaymsL suitable for 
prastipoin anje chctet, two 
daeto ar ndh apartment chalet. 
View unimpeded Easy access m 
uraHer and ntnmer. 

Tel: (41) 32 23 23 75 


USA RESIDENTIAL 


100 UNTIED NATIONS PLAZA 
CONDOMINIUM 

One erf New York's Finest condemn urns 
offers 24-hour doexman & concierge, 
private physcol fitness center, wue 
& spoaous apartments wifi 
views. 

FURM90 2 BEDROOM 

Magmlicent 2 bedroom/jh bath 
with lovely mews. Beautifully 
hmsned to 


renovated & 
highest standards. 


meet the 


PENTHOUSE PERFECTION 

2293 sq. ft. home plus 557 sq h 
terrace with noeable news A ore-of- 
o-fand exqumle horerl 


Exdcsively throoefi Elavne Gefcet VP 
Tefc 2l2-32fr033f Far 212688-9434 

GSG94THAL RE5IDB4TIAL 


CDEj Douglas Eltiman 


NVC/H East 60 s 7 ROOMS 

Private 51st Hoar 
Penthouse Condo 

fare opportunity! ) of NY's moil unique 
hones n tap whte glove with exertae 
room & garage. SpKtDCuIar protected 
360 degree views. Lock on/ aft elevator. 
Ftenible 3200 it.. 28 9 sf. bdeonies. 
3 master bedoana. 4 5 marble baths, 
modi. eaMn btdien. washer/dryer, 
Iff oeings. central or condhoning - 
Relocated safer. Ads SIAM. 

Sue UBeou 212-891-7021 
Kggms 213-891-7050 


We &i 


NYC/ Pori Aw/72 St. 


7 ROOMS 


REAL ESTATE 
TO RENT/SHARE 


FRENCH PROVINCES 


a OiATHAtNm TOURAB* 
(WMtoaftbelnobles! 

la Gatinorftefe, lovely I 88 i ceaL cosde 
1 hr & 2D min. Paris by TGV often you 
cn in depen d ert vmig. Hypercomfortobla 
vrafi large reception, equipped fakhen, 
4 fomanOc rooms 4 ban, cnni kx tal i e 
period furaitore, lovely large gartten & 
UXIO acre estate vwth swmtrang pool 
H 2 J 00 per motah (yerafy tort) 
and a snfiig host who w* take care 
of dl your dorneshc chores. 

Fox [33}49ft5 3965. TeJ (35 4921 1502 


FRENCH RIVIERA 


CANNS: Spnctaarfor vxew. big terrace. 

' Tdl48047ir~ 


3 roam flat, tennii, 
93389999 - 


Option to buy. 


far Jersey 15 Min. la NYC 
Came M to The GALAXY | 

7000 Bvd L Gc-ttenbei^ L>»ei Mrdl 1 

•e*m. In t Outaocr raoli CM? 

1-2 & 3 Bcctocra & Penrhovsa 
BENTAL5 Jl^OSrOOO 

sales ytataj-ssaroo 

COEPCEATE RELOCATION 



201-861-6777 

OP04 7 DAYS FAX: 201-8614)677 


GREENWICH, CONNECTICUT 
MognAcete Betel Hawn. 2 Acres, 
sweeping towns, 9.500 sq ft French 
fVawiai large indoor Pool, hah 
c ein gi. 2-Pory m arb le entry/ararfra 
Starway, gnnJ pubfic wn & stone 
termce. 6 berio oms. 7 boths. Pnvrrte, 
gated om ooation^. #43)0.000. 

TTEPRUDefllAL 
(X)NNECllOir REALTY 
Tefc 20&8W4BOO 203637 1713 

tode p endendy Owned 


NYC LUXURY PAW AVENUE 60’s 

M ogn fli c e rtty ra nowled 2 bedroom, 2 
morale both, rinng. glass endosed 
tarraoff, QforiK stafc at art blcher, 

seporote room + both near lobby 

home office) 1700 sq. ft Aw J'fete 

Europetii fixiuhed sjLMJpeiuave, in 

tetnaiional ownership wralcotped. Tel: 
212-988-1449 U5A. 


BEST DEAL M TOWN. Quiet stotfa. 

Tix i tel ied Ar conrthonmg, sqjuirte 
kedien. much dotal space, nil service 
buddna In heart of Monhalfcm Near 
QrttXPari. 57th & 6 th. J115K. Cal 
fnm Saro-llam NY bine 212-7466160 


NEW YOU OTY- Kips Bay Condo- 
minium at United Nature and NYU 
Medical Cantor. 1200 jqJi„ 2nd R. 3 
bedrooms, 2 baths. Mainten a nce $521 
Toms $443. Bed offer over S325K. 
fro (7181 6659672 USA. 


LONG BLAND Mogtfcent Engfish 

Manor, 5 acres, wt te front to Allartic 
Ocean, 12 room, 50 min u t e s to NYC 
$1.350000 US. Tefc 516-277-6580, Fau 
516-2 7^-7163, *A. Kay, 


NEW YORK CTTYMdtown, Penthotse 
"condo - . 2000 sq.fi., Iian yy 2 - bwfc 
roctaL 215 berths, Sbrny, fiarnol tto 
mg. 2 terraces, wide ev m ywhe re . 
SL4M Tefc J. Mann 212-09-1610 USA. 


MAWMTTAN STUDIO STEAL luxury 

►Jarre in West 55th 9. Coop.' 

to ol S75X. Matrtenonce $557/ 
Hwrtk has 212582-9461 USA. 


FTHJ-A-TBBB&NYC Pork Ave J63rd 

St, Furnished room, litiwidtr, nod 

SrfSK. Tefc *3661-2653 USA 


Best Penthouse bi New York 

Glamorous penthouse m prime location 
with enormous wrap planted terrace. 
Fabulous Mato Bedroom suite with 
his/her baths. 2 adJhanal be dro om s ar 
1 4 library Double living room with 
woodburnmg feepiace, h:3 aim room 
wtfh skyfcie. Defcnte etrt-in fcfrt ten 

washer 'dryer, cenr-d a amdaxxmq. 

aae candraon. roro^n & corporate 
burms welcome. Co-eiJ.-we. 

Eebeccn Sasnderie- 21755! 70S) 
Res. 21262M057 fax; 212 551-72?? 

NYC/7DS t -5th Are 2 E3WJ0MS 

Exciting Duplex - 
2 Woocfcummg Fireptoces 

Sieps ofi 5th A*e r . nr.'sre rcn.y 
Sou* facing L» ng :oarr w— ■ '4 
ugs & wooer it "rg ease; Wbw 
bedroom wnh wnoc p.-T-.; r-ep-xe 6 
maibif berh & Jx.u. P-.afe 2-c 
MC9» sum* an 2trt lev* acn 6 
rertace. Pawdr -sor- wzshm ';-.r 
Ot* al alwxt 

Ruth Zimme-ncri Tied 


HOLLAND 


RBITHOUSE INTERNATIONAL 
No 1. a Hdkmd 
ter (seiml furnished houses.' rtoti. 
Tel. 31 -20*448751 Fax 31-206*65909 
N hover. 1921. 1023 AM AmBerdtsm 


PARK 

74 CHAMPS aYSOS 
“OABTOGE" 

HMi dres, ready to use flats 
fiwy eryxpped and furnished. 

For Rent: by the day, week or more. 
Tel 1-44.113131 Fax 1 41250*88 


7* - SMALL CHARMING STUDIO. 
Haoricd butting, rez de chaussee 
taridng nurture quaity Korart torn 
term. No parking. 4,100 ft indomh 
dwraes. Tel: Pare (11 42 61 25 39 c< 
CtoSna 7TJ7/43I-0517 References. 


MUOTE - OCC0TKJNAL Beaubfid 4 
(Dorns, 120 sqjn.. 7* floor, efevadx. 
view, sumy. high doss. Par big. 
F1 6,000 + chorees. Tel: 1-4627 0700 


PARS 5A, 2eotm flat m tawnhouta. 

envy. W n berth, sunny, Vie-r. 

heating Tefc One. 1-0 54 65 O 


16ft. TROCADHO, firing 1 bedroan 

equipped krtefat CoD home: 14fe0 
0150 or office Mr. Motto 1-4693 2636 


1ST BANK APARMM5 n#. w . 

weekly. mtwWy, no ogeen lees, if 
JemWAdiel HI 4320506 Fcx 43545T 


PASSY (1ttb| - Char rang 2bedrcr~ 
Act, 70 sqjn. Fe eoloce Fr 6.7D0 F>-- 
now. Tel- owner (1| 42-24-66-13. 

PARIS AREA UNFURMSHF 1 - 


NYC. 5th Ave -73th i- 


?!CCwi 


< AMSTODAM CANAL 

mm OR 2500. Tefc n- 31 206*6*102 
. Fax. 616134* KOOlS HCJST*G 

ITALY 


PERUGIA 

VILLA FOR RENT 

Owner rets far 'crq pr-oes -weavr 
•modem wLc v p jv w til cms i 
» mat) trt exsusve 

sea wr* rar* tf^rngus-tert •onfaen. ■ 
■ The ? sorry "*s “ t-’jtrsd - s jrgt • 
’ perk wih arr>e hy toa tnorm ■ 
I new iacjses snd = s pgcxry : 
•C3 = yr a n rin g a gpra v*w >r SC tor ' 
* onkasg sews User tartry 


Mini Pre War 6 

5th - Weil Views 

Beautiful classic renovations in 
hJ serwee Pre Wb bubfcng rr. a prone 
location. Fabulous part .tews fro= the 
living Room, Fid Daring Room A 2 
Bedroonn- Master Bedroom has ho'her 
bafis. Superb ral-m kitchen, marts 
room & bath, washer- dryer, sound 
system. Thu-wal a* condeatog. 

Maw nerfe a Exclusive. 

Refaecro Stemdetto 212-891^080 
Res. 21 26288057 /Frau 712-891-7239 

NYC/Pori Aw & 59 St. 3VS ROOMS 

Pcvk Ave Condo -Best Buy 

Overaaed one bedroom apartmen t m 
the mart elegant burfring wdh large 
fang room & 115 marble b ate , dressing 
room. Excefla* oondma $410 j000l 
O vsta Shashaom 212891-7011 

NYC/Cmrt to Pari South 30th FLOOR 

Condo Exclusive 

Pork Soufli - The Essex Howe. 
Ths 1600 sf. Pari view apratment Ins 
2 .Beriooms, 2 Bate and a 35 foot 
firing roam overiooking Central Pari. 

A nue find. Exdunve. 

Mane Kona 

2128912083/Fax: 213891-7239 


NYC/Pari Ave/80'i 


* ROOMS 


Tradifiood 

GnxKHt entry gafery, Trench doors 
legring to Ubrnre/Icrriial rinra room, 
firing roam win working firap tooe, 
Soiirii e xposure. Iff ceSngs. Ideal for 
smole/pied-a-terre. Asking $31 5K, 
AAantenance S102Z 

Stephane Asrianaz 212-891-7724 


DOUGLAS BUMAN 


REAL ESTATE 
TIMESHARING 


LANZAROIE BEACH CLUB. Urn 


Imque 

1819. 


jfcahen. 

i Grocnd floor wth rieo occ es t to 
. gam mdudn. bvmg'fcnxly ran wen 
j areptoce. ritxng room, new ki * 3 ien . 
■nosier bedroom and new bathroom 
1 with targe tab. 2-ccr garage. 

The vfln a Uy eanpped end erigamly i 
fumnhetL A new Kawra meritet grart j 
ipns oho awrittie 
Gardner mdirted m fee r*rt Trusted 
domestic employreM with wm era at 
roatandbto rotev Fits w u cfa jt w- 
CAN BE RB>1TB3 AS A WHOIE OR 
UPP® FLOOR OMY 
Currant wn or B : o (fis&ngwshed rented 
Amencanlwt nraeon who a own 
mg to Crifixmi dnr 2 yean. 

ProfJe wflh pdures avmtabie. 

Agencies welcome. Contocr owner go 
FAX 39 (432) 294900 (ITALY] 


PARS 7th - RUT DE VESNEUtL 

70 sqjn 1 bate » sch ■* irw 
2nd floor. b$c. ej^rat rso race .*• 
on graden. fen e vtod * nrrtrr . • 
eg lactoie. FII.2CC no £ «i6jc- 
tertutov Krrxshert Te ! J 4< 7c S '. 
16* M* Pony - Booutrtu! -tv5r- 
surio 40 sqm. *m tjx/ -J r,~-. 
beSCMf/ cverlocxr.rq -as--, "v- 
htnini Te' tl(44-£fA * 
CROtSSY ttSJDBrfTlAl. xs > 
rtge wts «e-» noce-r. •. is 
A ratty G e— nr >te«v- 

Rtr: «»00C V ■:>4 4 r .si 


SPAIN 

7 PLAZA DC E5PANA APARTMBT:. 
In the hetet cl Matte Fhgn c- 
stadas » let Dtiv wsxn.y. rvsr- 
ik Full/ Ktjoped Z'-tc i mer, 
non!. Tel 34. ! -Sra? e5 :S t- 

3*I^42jQ 

PLAZA BASBJCA APAJtTMB4T5 k 
CaroondonlB Zonta Madrid iocraee 
the frianad & busmem area. A «wr- 


PAMS AREA FURNISHED 


Embassy Service 

YOW REAL ESTATE 
AGENT IN PARIS 
TbE (1) 47.20.30.05 


IDEAL ACCOMMODATION 

REA0T TO MOVE-M 
Over 41100 apomnmrts 
■ TOP QUALITY traefir or* accepted 

De Greoart Associates 

Tel 1-47 53 80 13 Fob 45 51 75 77 


CAPITALS • MgnBB 
Hondpidkad qucAy opratmerte, 
dl sow. Pijii and suburbs. 

Tel 1-4614 821 1. Ffa 1-4772 3096 


LOS JERONIMOS APARTMENTS 
More to. 9 Madrid. Berwcen Prod. 
Museum & Retro Pari, finest exatep- 
af eadtand hnuuni Doty - Wrt, . 
- Mantfdy rates, teeraabons ■ Tefc (1: 
1)4200211 Fax p*-l) 429*458 

SWITZERLAND 


homo 


lor antique TXUNO house wuh bnrd 
new (unaumv m front of serc n nond 
«ew ewer Logo M u gguwe. pdm nert 
maraidkn cndal. 

SFr. 4000/ monte 4 bedrooms. 3 bah: 
2<ar garage. CaR ar write: ZCEUY, 
CH®W ifefton. Tefc +41-1-926 25 71 
fox +41-1-926 45 74 


1AIMMMMNBHB * BEDROOM 
apratment. Tenooe/supwb wow Lake 
Gemm G 
USA XI -951 


Gorage. SF-2950 nw mam 
951-7T69 Fa* X1451871D 


USA 


BJRO CASA - NEW YORK. 

Furnished/unfurnahed apartnent:. 
Weedy - Monthly - Yerari Rsrtcte 
SO FMi Avfc, 9th floor. N.Y. 10011. 
Tel pi 2) 2*3-2471, fax (2l2) 2*36205. 


REAL ESTATE 
WANTED/EXCHANGE 


NBBDB M PACK: JAN.-JUN& wet 
3 bedroom. Fax 319-335-7903 «i LBA 
or art 484681-99 m Park. 


“REAL ESTATE MARKETPLACE” 

appears every Friday 


INTERNATIONAL CLASSIFIED 


h, 

JI 

n , 

n 

e 

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International Herald Tribune 
Friday, November 4, 1994 
Page 8 










By Mike Zwerin 

Inicrnatuutal Herald Tribune 


C ETINJE, Montenegro — We on 
the first Yugoslav Airlines ( JAT) 
flight from Western Europe 
since the lifting of interna tiooal 
sanctions against Serb air transport, 
sports and culture on Oct. 5 had our very 
own knight in shining armor. On his initial 
visit to Montenegro in May 1968, Nicolas 
Petroviich Njegosh flashed on the fact 
that he -was a piTnce of an ancient dynasty. 
Then the genie sh-bamraed him back into 
•his backpacking hippie persona and he 
hitchhiked home to Paris. 

For something like four centuries, Mon- 
tenegro was an independent kingdom in the 
[midst of the Ottoman Empire. The sleepy 
-mountain city of Cetinje. long known as the 
smallest capital in Europe (pop. 12,000). 
was founded in 1493 and was host to many 
major embassies. The jagged cliffs are diffi- 
cult to scale, Montenegrins make fierce 
warriors and the savage valleys did not 
.seem worth the climb. Someone has said: 
“It's like Switzerland, only worse.” 

On his second visit in October 1989. 
Nicolas Petrovitch brought the remains of 
his great-grand fa (her, the last king, his 
queen and their two daughters, who had 
died in exile in Italy, to their final resting 
place. To his surprise he was met by 
200,000 Montenegrins (cut of a popula- 
tion of 700,000), many of whom wanted to 
kiss his band. 

• Njegosh (50, a French architect by trade) 
saw all these magnificent now rather dour, 
former embassies scattered about this his- 
toric capital of what is a sullen but current- 


ly peaceful de-facto Serbian colony. The 
embassies dosed in 1916 when Montenegro 
was occupied by the Austro-Gennan 
forces- Venice is across the Adriatic. The 
prince decided to try to make a sort of 
eastern Venetian Biennale art festival in the 
old pavilions. The first took place in 1991. 
We were here to dose the second. 

Our weekend “flight for culture" was 
under the auspices of Unesco. the Council 
of Europe, the Soros Foundation, the 
Venice Biennale and the French Ministry 
of Culture. 

If we were jet-setters, the good God Jet 
was against us. We waited in the Orly 
transit lounge for eight hours while the 
prince worked the phones. “Take off. Just 
take off!" he screamed. He begged offi- 
cials to allow the JAT 737 to come from 
Belgrade and pick us up. The German, 
authorities were late granting overfly 
rights. “I'll pay for the extra gas if it has to 
turn back," die prince pleaded. “I am 
putting my head on the table. Here, cut it 
off. But for goodness sake, take off!” 

Uzi-Loting Serb soldiers surv rilled us in 
the Belgrade airport. Our collective visa 
was not enough for them. They wanted 
individual visas paid for in hard current^. 
It took two hours to talk them out of it. 
We flew on to Podgorica (formerly Tito- 
grad) in Montenegro, once a kingdom 
(everything around here is ex, former, 
once or ramp) and came to Cetinje by bus. 
We checked into the would-be grand 
Grand Hotel at 4 A. M. It bad been a long, 
hard day. Champagne corks popped. 

Cetinje reminds of me of the spa called 
Spa in Belgium. And of old Howard 
Hughes, in need of a haircut and a mani- 


cure. “Meet you at the Serbian Embassy” 
is a time-machine rendezvous in a (own 
this size in this condition in this place. 
“We did this for the town, for art, for the 
country and for Europe." said the prince. 
“Europe is fighting about cheese, wine, 
subsidies — ail these material things. At 
least we can agree about culture." 

He was happy and rather dazed to have 
pulled off his coup. He wore this spacey 
smile. “Everything’s on credit" the prince 
explained. “To the politicians in Belgrade 
this is like a biennale in the Auvergne,” 
the prince explained. “A little sausage 
Biennale. Belgrade considers Montene- 
grins provincial idiots, retarded mountain 
people. They condescend to us. It's impor- 
tant that they see that foreigners wifi come 
here to see paintings. It reinforces us." 

Saturday dinner was ceremonial in the 
hotel ballroom. A folklore troop of attrac- 
tive young men and women put on a spirit- 
ed snow of Montenegrin. Serbian, Albani- 
an, Bosnian, Macedonian and Croatian 
dances. “Just like the old Yugoslavia." a 
cynic said. But here in the rump, when one 
able-bodied male dancer ceremoniously 
kills another with a wooden sword in a figh t 
over a pretty girl, it becomes more than 
pantomine. 

The prince had perhaps been imbibing 
more optimism than eau-de-vie: “It's a 
miracle. We have brought hundreds of 
Western and Eastern artworks together 
here. Look around. There are no minis- 
ters, no protocol officers, no bodyguards, 
not one cop. In August some of us crossed 
over from Albania in a taxi. There is a son 
of tolerance growing — a kind of neutral- 
ity. Suddenly, anything seems possible." 


Charming , H otels ,% ^ris 


PARIS QUARTET HOTELS 

a ' li ‘ j* FOUR OWNER-MANAGED HOTELS 
■ j; Spread across PARIS Each with a courtyard 
J ll t Special welcome for Herald Tribune readers 



HOTEL DE L'&BBAYE 

Saint-Germain . 

10, rue Cassette A 

75006 Paris 
Tel.: (11 45.44.38.11 
Cable Abotel i 

Fax: (1) 45.48.07.86 1 

An 10th century towhouse between 
courtyard and garden ottering a 
relmed mixture ot traditon and 
modern comfort In the heart ot the 
fashionable Left Bank quarter, 44 
rooms. 4 of which are suites with 
private terraces. 


J 


HOTEL DE NOJUXLES 

9, rue de la Michodldre, 

75002 Paris 
Tei.: (1)47.42.92.90 
Tlx: 240644F 
Fax: (1) 49.24.92.71 

The serenity of tne Japanese garden 
and decoration make tor an oasis of 

peace in central Paris, very near the 

Opera. 58 large, well-lit rooms, 

meeting room tor 20. The 
unrrustakat 
purity. 


able quality of simplicity and 


SELECT HOTEL 


I. be la Sorbonne 


1 pl.d 
75005 Paris 





Tel.: (t) 46.34.14.80 
Fax: (1)46.34.51 .79 
Contemporary elegance m the heart 

of the Latin Ouarter. 67 rooms + 1 

duplex suite ottering the perfect mix 

ot modern comtort and Old World 

charm. The interior garden end 
fountains add a soothing touch to this 
special hotel 


UNION HOTEL ETOILE 

44, rue Hamefin, . \ j / . 

75016 Paris AU'A 

Tet.: (1) 45.53.14-95 
Tlx: 611394F 
Fax: (1)4755 9479 
42 large, pretty rooms and residential 
apartments overlooking a private 
garden on a small, calm street near 
ttoile. The perfect spot for business, 
entertainment and shopping. Private 
bar. Excellent service. 



In lie heart of Paris 

near Saint- Grrmain-Ja- Pres 

HOTEL DE L’UNIVERSITE 

2?, rue it: ri'nnuUtv. TilXI? I'VKIS 
TcL(li4:«! n*> in. 1 1 . r*n 
A short mm Ik from the prestigious Mnscc 
d'Orsav anti rhe Louvre. The relmcd 
comfort of a 17th century resident'-.. 
Air-conditioned rooms. 



★ ★ ★ ★ 


LES HOTELS VILLA 


A friendly and refined atmosphere 
W THE HEART OF PARIS 
Special offer for Herald Tribune readers 

^flights for the price of 2 

FF850/Nigfit : . . . 


•r: : 


***** 


HOTEL DES MATHURINS 

in the heart of the theatre district, 
near the “grands magaslns” and Madeleine, 
36 rooms, underground parking. 

43, rue des Mathurins, Paris 8th 
T«.: (1) 44 94 20 94. Fax: (1) 44 94 00 44 

HOTEL n£st PENCE BASSANO**** 

2 minutes Champs-Elysdes, 

31 rooms. 

15, rue Bassano, Paris16th 
Tet.: (1) 47 23 78 23. Fax: (1) 47 20 41 22 


ibotri Brighton 

$3ans 

i 


218, rue de Rtvott 
75001 PARIS 

w TeL: (1)42*30*3 

t-'JJJJjr Fax: (1) 42 - 60 - 4L78 


Directly on the Tuileries 
garden near the Louvre and 
Place Vendome. 

Traditional French refinement 
tied with ail modern 
and excellent service. 
Private tea room offers an 
intimate cosy spot for guests 
and business associates. 

-10% Special discount for 
Herald Tribune readers. 


r 


Hotel atala 


**★* 


10. rue CJuteaubriiinJ. "‘5008 Paris. 
Td: ( 1 ) 4 ? 62 01 62 -Ttt: 640576 
Fin. ( 1)42 25 66 3 ? 




jpyr OFF THB CHAMPS£IY5g5 

• 50 stylishly decorated & 
perfectly equipped moms. 

• Gourmet restaurant gins on In 
picisaM INTERIOR GARDEN. 

Rooms from TOO FF to 1300 FF. 


RESIDENCE 
LORD BYBON 

& cob Chateaubriand. Paris 8th. 

TeL- (1J 43 59 8998 
Tlx: 649 662 - Fax: (1) 42 89 46 M 
HER Etoiie. Metro Geotga V 

HOTEL 

MAYFLOWER 

3 rue Chateaubriand, Parij 8th 
TeL (1) 45 61 67 46 - Tlx: 6« 727 
Fax: (1)42 SB 32 38 

TwochGnra.Tg*'- holds on a calm 
street rusi cH the Ch amps Elyooes 
near Bale Retrod and comfort- 
able rooms with garden 


HOTEL FERRANDK 

+** 

l°il» Cent, lownlmuse in the 
ptr.iicfnl part nf St Genuain-tles- 
l*re5 Refined, cootfniLiNt: n» mis. 
A lielpful and friendlv welcome. 
Prices from FT 580 

JGiwdn ftrirtr-m 73W r\HS 
Ti-L J l| 42 22 97 W ■ Vte (f Ha U 89 97 


Pretent t tits ad jt/wi resenting for 
your complimentary breakfast 


International 
Herald Tribune 
ads wort 


Mexico City: The Past Is Present 


By Anthony DePalma 

Nr" York Times Semce 


Sopo Dmnm Tor The fin Yurt. Thao 

Magnificent old buildings like the wedding-cake Fine Arts Palace near the city’s central plaza have been renovated. 

World’s Most Unusual Art Fest? 


M EXICO CITY — In a place 
as old as Mexico City, settled 
bv the Aztecs in 1325. renew- 
al is as constant as it is inev- 
itable. While it is true that some changes 
brutally wipe away the past, others take a 
fine brush to the city's antiquity, adding 
new shades and meanings. Year after year, 
the most enduring city in North America 
not oaly grows older but also more in- 
triguing. 

Over the next two months, as one year 
ends and one more begins. Mexico City will 
be undergoing another physical and civic 
renovation, making this a good time to 
visit, if the smog isn't too bad. The end-of- 
tho-year holidays also take many Mexicans 
away from home, leaving the biggest metro- 
politan area in the world a little less crowd- 
ed and a bit more open for exploration. 

Magnificent old buildings like the wed- 
ding-cake Fine Arts Palace near the city’s 
central plaza have been renovated in such 
a way that they are more like the archi- 
tects' original plans. Ele gan t mew- hotels 
like the Four Seasons on Paseo de la 
Reforma provide additional evidence 
that, despite recent political instability, 
Mexico City is becoming an international 
business cotter. 

But for everything that startles by its 
newness, there is a reminder of the city’s 
storied history of Aztec warriors and 
Spanish conquistadors. Scarcely anything 
can be built without digging up a bit of the 
pasL Lodged for centuries in the soft un- 
derlayer of Mexico City, these artifacts 
give mute testimony to What may be histo- 
ry’s most notable encounter of strangers, 
as close as one civilization has come to 
confronting beings from another world. 

That close encounter resulted in an en- 
tirely new world, one that continues to 
surprise today. 

The celebration of the 60th anniversary 
of the Fine Arts Palace on Avenida Juarez 
and the Eje Central makes this cultural 
center a focus of special activity at this 
time. The city has just completed an un- 
derground parking garage and a new plaza 
connected with nearby Alameda Park. 
During the construction, workers found 
thousands of pre- Hispanic ceramic pieces 
and the remains of a colonial convenL The 
building itself is a wonder — Italian mar- 
ble on the outside. .Art Deco supreme on 
the inside. It contains a dazzling glass 
theater curtain by Tiffany. To mark the 
anniversary, there is a full schedule of 
music, opera and dance. 

On most Sunday mornings at 9:50 and 
Wednesday evenings at 8:3U*there are per- 
formances of the Folkloric Ballet, which 
traces Mexico's cultural hislorv. Tickets 


cost from $25 to $37. Closer to Christmas, 
from Dec. 11 through 18, the National 
Dance Company of Mexico performs 
“The Nutcracker." Prices are roughly the 
same. Telephone: (525) 512-3633. 

On. Dec. I Mexico inaugurates a new 
president, Ernesto Zedillo Ponce de Ledn. 
who win be sworn in at the Hall of Con- 
gress. and Mexico City becomes the focus 
of a number of inaugural activities, some 
taking place in the National Palace on the 
Z6caio. 

Dec. 12 marks one of the most impor- 
tant religious events in Mexican hisioiy. 
Mexicans believe the Virgin Mary ap- 
peared before a poor Indian named Juan 
Diego on this day in 1531. Millions of 
Catholics from Mexico and around the 
world make a pilgrimage to the spring 
basilica of Our Lady of Guadalupe just a 
few miles north of the Zocalo. Convoys of 
bicycles weave through the streets on their 
way to the basilica, and some devout pil- 
grims make the journey on their knees. 

Joan Manuel Serrat, a Catalan singer, 
will gjve two concerts at the National 
Auditorium in Chapa! tepee Park on Nov. 
1 1 and 12. Tickets cost S15 to $35. 

I N the sooth, the city recently opened 
the Ecological Park of XochimOco, a 
part of the ancient floating gardens 
of the Aztecs. If you’re there on a 
dear day. the park also offers breathtak- 
ing views of Mexico City’s twin snow- 
covered volcanoes Popocatepetl and Iz- 
taccihuatL Open 9 to 6 Tuesday to 
Sunday. A roughly one^hour ride on a 
traditional fiat bottomed boat, called a 
trajinera, costs $20. Telephone: (525) 673- 

Also in the south is the just-opened 
Dolores Olmedo Palifio Museum, 5843 
Avenida Mexico, with one of the best 
collections of Diego Rivera and Frida 
Kahlo paintings anywhere. Inride a splen- 
did former hacienda called La Nona, or 
the Waterwheel, the museum also includes 
hundreds of pre- Hispanic works. 

A notable addition to Mexico’s many 
fine museums is Papalote, a children’s 
museum in the second section of Chapul- 
tepec Park. Featured are a towering cKmb- 


■ Sydney Opera m usicians walked 
out in the middle of “La Traviata” 
after the orchestra pit was 
showered with candy by children in 
the audience. The performance, 
attended by nearly 1,000 elementary 
! and secondary school students, 
i was pan of a series to get children 
I interested in the performing arts. 


able maze, science displays and action 
games. Open every day 9 to 1 and 2 to 6. 
Children to 12 pay $3. Over 12, $6.60. Call 
(525)237-1700. 

The 90 -year-old Hotel Imperial at 64 
Paseo de la Reforms (a beautiful avenue 
built by Maximilian to resemble (he 
Cham ps- Elysees) looks like it was import- 
ed from Paris. Just five whitewashed sto- 
ries high with a gilt cupola, it is one of 
Mexico's most European hotels. Half of 
the 65 rooms have views of Reforma 
Doubles are $156 a night. (525) 705-4911 
fax (525) 703-3122. 

Another stylish place is the Grand Ho- 
tel at No. 82 on 16 de Septiembre Street. 
Opposite the National Palace right on the 
Zocalo, the 125- room hotel is now owned 
by Howard Johnson but retains its turn- 
of-the-century style. It has a wonderful 
lobby, capped by a magnificent stained- 
glass dome and a brasswork elevator. 
Doubles are $100 a night. (800) 654-2000, 
fax ( 575) 512-2085. 

Budget: The Maria Cristina, 31 Chile 
Rio Lerma, not far from the .American 
Embassy, has 150 pleasant rooms, many 
of them surrounding a pretty courtyard. 
Double rooms cost $61. (525) 566-9688. 

Of the many restaurants that have 
opened recently, one of the fanciest is Lq& 
Alcatraces, 102 Tennyson, where the city? 
rich and powerful gather. Mexican spe- 
cialties served here include fried cactus 
worms; a cflantro soup made from a 16th- 
century recipe, and the national dish, 
chiles en nogada (chili pepper stuffed with 
meat and covered with a creamy walnut 
sauce). Dinner for two, with wine and 
dessert, $100. Reservations necessary. 
Telephone: 281-3472. 

A WONDERFUL secret is El Dis- 
crete Encanto de Comer, the 
Discrete Joy of Eating, 76 Oriza- 
ba Street, near the lovely Rio de 
Janeiro park. Snuggled inside a tum-of- 
the-oentury home, it has peach-colored 
walls covered with works by local artists. 
Monthly specials include stuffed squash 
flowers ami an exquisite soup of huitla- 
cache (black corn fungus that tastes a lot 
better than it sounds) with a baked bread 
cap. Dinner for two with a bottle of Mexi- 
can wine costs about $125. 511-3860. 

For visitors who would be disappointed 
without traditional mariachi music, there 
is the Cicero Centenario, 79 Republics de 
Cuba, 521-2934. In the historic center, not 
far from the Z6caio. it has a crowded 
upstairs with small tables and a generally 
friendly atmosphere. Specials change 
monthly. November features roast pork 
with turnip greens for $12; December of- 
fers a traditional salt cod called bacalao 
for about $20. Musicians will play what 
you want for the asking, but a tip of about 
15 pesos ($4.50) is expected. ^ 


THE V 0 f I E SEIZE 


n Mo str o 

Directed by Roberto Benigni. 
Italy. 

Perhaps it is the film's grating 
plot: the search for a serial 
sex killer. Perhaps it is the 
timing of the release, concur- 
rent with the real-life multi- 
ple-homicide trial of a man 
known as “the Monster” of 
Florence. For whatever rea- 
son, Roberto Benigni’s “D 
Mostro" (The Monster) pro- 
vokes more winces than 
grins, and more yawns than 
both. The genial and outra- 
geous Tuscan comic once 
again seems bridled by his 
own script and medium. The 
delightful, irreverent flights 


of improvisations that have 
made Benigni Italy's favorite 
— and most provocative — 
comedian fall flat here. An 
intended comedy of errors in 
which Benigoi's typically 
bumbling protagonist is mis- 
taken for a deranged and 
dangerous criminal, the film 
limps from scene to scene, its 
pace quickened only by in- 
frequent sputterings of Bea- 
igni's pantomimic muse. 
There are several amusing vi- 
gnettes; Benigni, even ham- 
strung by his script, is still 
Benigni. But for the most 
part, “II Mostro" is a predict- 
able pseudo-comedy. 

(Ken S/adman, IHT) 


Les Gens da la MsMro 

Directed by Rithy Panh. 
France, Cambodia. 

Vong Poeuw, a peasant who 
cultivates the rice fields, steps 
on a thorn, he is confined to 
bed and infection takes over, 
sapping his power as head of 
the household. His wife and 
seven daughters try to replace 
him. but disaster infects the 
family nnd his wife goes mad. 
The director, Rithy Panh. 
was the youngest of nine chil- 
dren; be spent his youth in 
Khmer Rouge camps and is 
known for documentaries on 
refugees. He has made his 
fust fiction about peasant 


life, simple and scary as a 
fairy tale. The stony is adapt- 
ed from a novel by the Ma- 
laysian writer Shahnon Ah- 
mad and transposed to the 
rice paddies of Cambodia. 
Since there is no structure for 
filmmaking in Cambodia, 
Panh worked with a French 
crew and backing, and a cast 
of nonprofessiooal actors, all 
superb. The drama is played 
with gestures rather than 
words, and the rhythm makes 
it different from the films of 
contemporary Eastern or 
Western cinema: Violence is 
under the surface, in the fab- 
ric of the daily struggle to 
survive. ( Joan Dupont, IHT) 


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International Herald Tribune 
Friday , November 4, 1994. 

Page 9 


Old Times and New, at La Vieille Amex Widens Its Mileage Program 


By Patricia Wells 


P ARIS —i^are, so rare is it Hat an 

institution can reinvent itself, 
maintaining character and au- 
Jjttntiaty all the while pleasme 
who loved everything 

j^ssABasss 

sKsaKSSSs 1 **'-** 

Since 1958 this Us Halles bistro has 
.been the domain of Adrienne Biasin and 
Jjfj s'^Maddeine, the last of the Pari- 
Sian litres to coddle and coax diners 
xnto overly copious portions of tomaxes 

farcies, letter-perfect renditions of henine 
marinated in oil, an exemplary pot-au-feu, 
and memorable portions of boeufaux car- 
o/tes. Toe tiny dining room ha s just five 
tables, serving no mare than 20 or 25 
dmers each day, regaling them with 
Adrienne s simple cuisine *‘de bon sens.” 

Adrienne, now 73, retired in February 
and closed ihe restaurant until she found 
worthy successors. Besson (whose Miche- 
-gn-starred restaurant, at 5 Rue Coq-H&r- 
bears his name) had been helping 
Adrienne with marketing, and found a 
willing co-owner in Cervoni, a housewife 
who loves to cook, and obviously adores 
coaxing and coddling. So in May they 
opened their doors, engaging Jenard in 
me role of understudy as the next Parisian 
"ra^re,” with Cervoni accepting the moth- 
erly role in the dining room. 


The results are astonishing. A weekdav 
lunch proved that Chez la Vieille has not 
missed a beat. The procession of hors 
d oeuvres, tem'nes, chou farci and vegeta- 




sl? ,&2 




NrabcAxm IHT 

bles (that’s just for starters) proves that 
authentic, top-quality bistro fare can still 
be found in Paris." A cupful of rich, 
smooth, yet homey, creamy vegetable 
soup begins the generous feast. A soft, 
moist, fresh and full-flavored chicken-liv- 
er tenine follows thick slices of rabbit 
terrine stuffed with prunes. What pride I 
would fed in producing a comparable 


leek, cheese and ham tart, encased in mul- 
tiple layers of puff pastry. There are plat- 
ters of leeks and of beets for anointing 
with a gentle vinaigrette. 

Main courses include a perfect fricas- 
see of chicken — this one poulet au vin • 
aigre — served in a tiny black cast-iron 
casserole to keep it warm between serv- 
ings. Thick, meaty breast of duck is prop- 
erly seared — fat side first so iL cooks 
slowly and evenly in its own fat — and 
served with a memorable potato gratin. 
where Lhe dominant flavor is potato, not 
cheese, cream or fat. 

The convoy of desserts is equally gener- 
ous, ranging from gateau basque to an 
entire baba au rhum, ending with a trio of 
chocolate desserts, each one richer than 
the last. 


F OLLOWING Adrienne’s cus- 
tom, the restaurant is open at 
lunch only, but will open for 
groups for dinner by reservarion. 
A charming, old-fashioned upstairs dinin g 
room — decorated with black-and-white 
photographs of the old Les Halles market 
— assures a private banquet for serious 
gourmands. 

A word of warning: The green salad 
and grilled fish crowd should go else- 
where. 

Chez la Vieille "Adrienne, ” 37 Rue de 
i'Arbre-Sec, Paris l; tel: 42.60.15.78. 
Closed Saturday and Sunday. Lunch only: 
dinner by reservation. Credit cards: Euro- 
card, MasterCard. Visa. A la carte. 240 to 
335 francs (S46 to $65 j per person, includ- 
ing service but nor wine. 


By Philip Crawford 

Inienhiuitnal Herald Tnbune 

T HE “customers that Amex for- 
got" have finally been remem- 
bered. Holders of American Ex- 
press’s international dollar card, 
excluded from membership in the compa- 
ny’s Membership Miles frequent-flier pro- 
gram since its inception in 1991. will be 
permitted to enroll. A brochure outlining 
the details of the plan, recently renamed 
Membership Rewards, is being mailed to 
cardholders. 

The international dollar card, which en- 
ables customers living outside the United 
States to be billed in U. S. dollars, has a 
client base consisting chiefly of affluent 
citizens of developing countries whose lo- 
cal currency is not fully convertible. Dis- 
qualification from the program had irked 
many such customers, especially since 
holders of local-currency cards in Britain. 
Germany, France, Italy', Spain and Swit- 
zerland had been gradually allowed into 
the plan over the past couple of years. 

American Express maintains that the 
reason for the exclusion — which affected 
an estimated 100.000 customers in Europe, 
the Middle East and Africa, and tens of 
thousands more in Asia and Latin America 
— was a matter of getting administrative 
systems in place and negotiating with par- 
ticipating air carriers, not of discrimina- 
tion against global dollar-card holders, 
whose accounts are more costly to process 
than those of local -currency customers. 

“It's been a matter of finding the right 
partners and getting the proper systems in 
place, and that’s been a very big job.” said 


John Petersen, London-based vice presi- 
dent of public affairs for American Ex- 
press Europe Limited. 

Five airlines — Air France, Delta, Con- 
tinental, Sabena and Iberia — as well as 
four hotel chains — Sofitd, Occidental, 
Oberoi and Steigenberger — have signed 
on as participants in the plan. Airline part- 
ners for the U.S.- based dollar card are 
Delta, Continental, USAjr, Southwest, Air 
Mexico and Mexican a. Participating hotel 
chains for the U. S. card are Sheraton, 
Marriott, Hilton, Western and Slouffer 
Renaissance. 

Those enrolling in Membership Re- 
wards receive one “point” for every dollar 
spent with their American Express cards. 
The points can then be applied toward 
customer fidelity programs of participaL-- 
ing air carriers and hotels. When the card 
is used outside the United States, which is 
most often the case, the dollar value of the 
purchase is computed at current exchange 
rates. 

For international dollar-card holders, 
enrollment in the plan win be free the first 
year but will cost S30 annually after that. 

American Express declined to reveal ex- 
actly bow much a point is worth, saying 
that it varied with each partner. In tbe case 
of air carriers, however, the company said 
that one point did not equal one mile 
applied to the airline’s frequent-flier pro- 
gram and suggested that the value was 
considerably less. 

Howard Strong, whose problems with 
American Express while living in Europe 
prompted his founding of an organization 
called Credit Card Users of America, said 


that increased competition most likely 
prodded Amex to speed up its efforts to 
include the international dollar-card hold- 
er. He noted the increasing global presence 
of the Diners Club card and the advent of 
Visa cards issued by airlin es themselves, 
which offer yimflar promotional tie-ins. 

Randy Petersen, editor of the Colorado- 
based Inside Flyer, a magazine for fre- 
quent air travelers, said he thought Amex 
was feeling the heat particularly from Din- 
ers Club, a unit of Citibank, whose Club 
Rewards plan has long admitted interna- 
tional dollar-card holders provided they 
live in a country where the card has a local 
program. 

“Diners Chib is much more powerful in 
Europe than in the U. S.,” said Petersen. 
“And they’re being very aggressive inter- 
nationally. I think this will turn into quite 
a race, with American Express and Diners 
Club going toe- to- toe.” 


M EANWHILE, John Petersen 
of American Express stressed 
that it has always been in the 
company’s best interests to 
get the new dollar-card program up and 

r unning 

He said that about 25 percent of local- 
currency cardholders in major European 
markets have enrolled in Membership Re- 
wards and, since doing so, have increased 
their spending on the card by an average of 
about 35 percent annually. “People are 
doing exactly what we hoped they’d do. 1 ’ 
he said. “They’re consolidating their ex- 
penditures on tbe American Express 
card.” 


IBS IBIS U I B E 



art* 


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ifr i? ’ 


AUSTRIA 

Vienna 

Kunsttorum der Bank Austria, tei: 
it) 531 24-5486, open daily. Con- 
tinuing/To Nov. 27: "Herbert 
Boeckl. 1894-1966." 

BELQWW 

Bruges 

Groeningemuseum, tel: (50) 34- 
79-59, open daily. Contintrfng/To 
Nov. 15: "Hans Memling: Rve Centu- 
ries of Reality and Fiction.” 

BRITAIN 

London 

British Museum, tei: (71 ) 323-8125, 
open daily. Nov. 5: Opening of a 
permanent gaflery of pre-Hispanicart 
!rom the CXrnec, Maya and Aztec cut? 
lures in Mexico. On di^jlay am cere- 
tponia) jades, ritual vessels, sculp- 
tures and masks. 

Buckingham Palace, tel: (71) 799- 
2331, dosed Mondays, Contfnu- 
ing/To Dec. 2 2: ‘‘G gnsborouph and : 
Reynolds: Contrasts in Roy sd Patron- 
age.”. 

Hayward Gaflery, tei: (71) 928- 
3144, open dafly. Conttnutng/TQ 
Jan. 8. “The Romantic Spirit in Get- 
nan Art 179&-199Q." 

Royai Academy of Arts, tei: (71) 
494-5615. open dally. Continu- 
ing /To Dec: 14: "The Glory of Ven- 
ice- Art in the 1 8th Centwy." Abo, to 
Jan. 22: "The Painted Page: Italian 
Renaissance Book illumination 1 450- 
1550." 120 illuminated manuscripts 
and Cooks, ranging from smaH prayer 
iBooks to large choir books, conxnls- 
soned by Kalian Renaissance pa- 
rions of art for their libraries. 

Tate Gaflery, tel; (71) 887-8000. 
wen dairy To Feb. 27: ,f BiH Vtote'N- 
antes Triptych’ 1992." A video- 
sound installation about the cycle of 
nfe. A birth, a death (lhe artist s 
mother) and a clothed figure under- 
water described try Vioia as “floating 
-n another world between the experi- 
ences of life and death." 

CANADA 

Toronto 

Art Gallery of Ontario, tel: (416) 
*977-0414; dosed Tuesdays. Con- 
'linuing/To Dec. 31: “From Cezanne 
,to Matisse: Great French Paintings 
>‘rom the Barnes Foundation.” 

DENMARK 

(Humlebaak 

‘Museum ol Modem Art, tel: (42) 
*19-07-19, open daily- To Dec. n: 

I Duane Michais: Photography and 
■Reality." Works by the American 
: s’'otog.-apher, including his early 
^holographs in the Soviet Union In 
•1958 and portraits of personalities in 
'toe world of art 


'Blot 

'.Mustettaflorial Fernand LAger, W: 
I93-6&G&61. closed Tuesdays. To 
■Dec. 12: Temand Leger Photogra- 
150 photographs of the artist, 
?fris family, his friends arid hts workby 
jKertesz,' Brassar and Man Ray, 
i among others, 
t Paris ■ ■■ 

’Centre Georges Pomndoujiel: ( 1 ) 
■'44-7&12-33, closed Tuesdays Jo 
jan. i& "Francesco Clements Early 





*H6tel des Terrasses. r a 1926 photograph by Kenesz. shown in Paris. 


Morning Exercises.” Features works 
tram the first drawings in Rome in the 
1970s to the latest wateredors in 
19994, by the contemporary Italian 
artist 

Centre National de la Photogra- 
phte, tel: m 53-76-12-32, dosed 
Tuesdays. To Dec. 5: "Walker Ev- 
ans" "John Gutmann: Talking Pic- 
tures" “George. Segal: New York- 
/New Jersey. Photographs by the 
three American artiste. 

This Is part of Paris’s Month of the 
Photo, which totals 93 exhibitions in 
November and December. 

Grand Palais, tel: 44-13-1 7-1 7, 
dosed Tuesdays. Continuing/To 
Jan. 9: “Gustave Cafltebotle, 1848- 
1894." Also, to Jan. 2: "Nicolas 
Poussin." 

MusOe de I’Art et du Costume, Pa- 
lais GalBera, tel: (1) 47-20-85-23. 
dosed Mondays. To March 12: "His- 
tolre du Jeans de 1 750 a nos Jours." 
Documents the development ol den- 
im and Jeans, from the American 
workers' and termers’ overalls to the 
present-day teenagers’ uniform. 
Mus6e Dapper, tel: (1) 45-00-01- 
50, open dally. To March 13: "Do- 
gon." 90 works representing the di- 
versity of art created by the Dogon 
ethnic group in Mali. Features seated 
and equestrian figures, as well as 
masks and miscellaneous accesso- 
ries sculpted In wood. 

Parvfflon des Arts, let 42-33-82-50. 
dosed Mondays. To Jan. 29: "Andre 
Kertesz: Le Double d'une Vie." More 
than 200 works covering French, 
American and Hungarian topics, as 
well as 25 color photographs. The 
exhibition win travel to Tokyo. 
Thtttre du Chfltetet tel: 40-28-28- 
40. Philippe Boesmans’s "Reigen. - ' 
Directed by Luc Bondv, choreo- 
graphed by Lucinda Childs and con- 
ducted by Patrick Gavin. With Debo- 
rah Raymond, Bztteta Ardam and 
Franchise PoM. Nov. 25, 26 and 27. 


/./■/// / f * 9 9 f 


• 

fir: NOV. 6: "Jaifraapt^ CamWe 
fiprotiUn SenftneniD Particdare del 
<Pae$acgio." Musa© Cantonafe 
•fr’Arte. Lugano, awitz atand. 
ton Nov. & "Lucas CranadJ:Bn 
WaiCT-Umerrehmer Franken. 
Jhuseum der Mdenden KOnste, 

feTSS ® tar Kunst- 
•tails, Zurich. 


On Nov. 6: "British Deem From Colo- 
nial wntiamsburg." Art institute, Chi- 
cago. 

On Nov. 6: "Visions of the Ott oman 
Enplre." Scottish National- Portrait 
Gallery, Edinburgh. 

On Nov. & "ftnasdmOTto - Da 
Brunelleschi a Mtehelangeto: u Rap- 
presentazionedeii Archrtettura. Pa- 
lazzo Grassi, Venice. 


GERMANY 

German Tour of the Orchestra de 
Paris. The orchestra, conducted by 
Semyon Bychkov wifl perform in Re- 
gendxirg, Stuttgart, Berlin. Munich. 
Frankfurt. Nuremberg, Hannover, 
Hamburg, Cologne and DosseSdort 
Nov. 13 to 23. 

Munich 

Bayerisches National Museum, tel: 
(89) 21124-1, dosed Mondays. To 
Jan. 15: "Zierde far Ewge Zeit: Das 
Penkopenbuch Heinrichs It." The 
prayerbook that belonged to King 
Henry II is an example ol i ith-ceniu- 
ry illuminations. 

ITALY 


Milan Fair Complex, tel: 49-97-72- 
64, open daily. To Dec. 11: “Piriura 
Lombards del Secondo Ortocento: 
Lo Guar do suBa Realta." More than 
150 realistic 19th-century paintings 
from Lombardy. Artists on display in- 
clude Tranqufllo Cremona, Daniete 
Ranzoni and Leonardo Bazzaro, 
among others. 

Rome 

Palazzo Ruspoti, tel: (6) 683-21- 
77, open daily. Continuing/To Feb. 
19: "Nerfertari: Light ol Egypt" A 
commemoration of the discovery of 
Nerferlari's tomb in 1 904, and a trib- 
ute to Ramses ll's favorite wife. Fea- 
tures 1 30 objects, inducting amulets, 
funerary statuettes, jewels, the 
Queen's sandals. The tomb can also 
be visited in "virtual reality." 

JAPAN 

Tokyo 

National Museum of Western Art, 
tel: (3} 3828-5131 , closed Mondays. 
To Dec. 24: *The Unknown Motfiglia- 
ni.‘ Drawings by Italian artist Ame- 
deo Modigliani from 1906 lo 1924, 
until now the most obscure period in 
his life. The drawings were pur- 
chased and collected by Paul Alex- 
andre who became the painter’s 
closest friend and only patron upon 
his arrival in Paris in 1906. 


LUXEMBOURO 

Musde National d’Histore et cTArt, 
tel: (352) 47-93-30, closed Mon- 
days. To Nov. 20: "Nico Kiopp 
{ 1894-1 930)." A retrospective of the 
work ol the Lioemtxxrg figurative 
painter. 


NETHERLAMPS 

Amsterdam 

Stedefijk Museum, tel: (20) 5732- 
91 1 . open daily. To Nov. 27: "Asger 
Jam." a retrospective at 100 pamt- 
ngs and drawings by the Danish art- 
ist (1914-1973). Jem's color paint- 
ings are inhabited by mythical 
figures, strange animals and human 


Van Gogh Museum, tel: (20 ) 570- 
5252. open daily. Continuing/To 
Jan. 15- "Odilon Redon: Prince of 
Dreams.” 

Rotterdam 

Museum voor Volkenkunde, tel: 
(10M11-2201. closed Mondays. 
To Feb. 5: "From Bombay to Shang- 
hai.” Histone photographs of South- 
east Asia monuments and population 
in the heyday ot British and French 
colonialism, by 19th-century Western 

photographers. 

SPAIN 

Madrid 

Museo National Centro de Arte 
Reina Sofia, tei: (1) 467-5062, 
dosed Tuesdays. To Jan. 16: "Sal- 
vador Dali: The Early Years.” 50 
paintings, 50 drawings and photo- 
graphs following DaH's career from 
his early years in Figueras and Ma- 
drid to the fully fledged Surrealist, in 
these early works, Da« experiments 
with a variety of styles, Irom neo- 
Impressionism to Symbolism and 
Cubism. The subjects include scenes 
from cale life tn the '20s, portraits ol 
his family and friends, and of the port 
ofCadaques. 

Valencia 

(V AM Centre del Carme, tel: (1) 
386-30-00. closed Mondays. To Jan. 
15: "Sigmar Polke." More than 60 
works of the 1980s. While the Ger- 
man artist started with figurative rep- 
resentations of daily objects, in the 
’80s he evolved towards historical 
subjects, such as concentration 
camps or the bicenlenary of the 

French Revolution. 

IV AM Centre Julio Gonzalez, tel: 
(6) 386-30-00. dosed . To Jan. 8; 
"Josef Albera: VJdrio, Color y Luz." 
Works from different periods and in 
different media by the German paint- 
er and designer. Indudes collages 
and montages and the 1962 senes 
"Homage to the Square." 

SWEDEN 

Stockholm 

Nationahnuseum. tel: (81 666-42- 


50, closed Mondays. To Jan. 8: 
"Goya." 50 paintings and 60 prints 
on loan from the Prado Museum in 
Madrid, the National Gallery In Lon- 
don and the Metropolitan Museum in 
New York 

SWITZERLAND ~ 

Basel 

Kunstmuseum, tel: (61) 271-0445. 
closed Mondays. To Nov. 27; "Fer- 
nand Leqer 1911-1924: Le Rylhme 
de la Vie Moderne. " Presenis the firsi 
artistic phase of the French artist and 
includes monumental paintings, ab- 
stract works, gouache drawings as 
well es still fifes and interiors. 

fl^piipyg 

Petit Palais, lei: (22* 346-14-33 
open daily. To Dec. n: "Jean Vio 1 - 
Ger. 1896-1&85; Surrealiste Vwon- 
naire." 40 paintings covering the 
Swiss painter’s Surrealist period be- 
tween 1925 and 1934 
Lausanne 

Theatre Municipal, lei t2l ) 372- 
64-33. A new production cl Verdi’s 
■ Ur 3al;0 in Maschera ” Directed by 
Jean-C'aude Auvrav. conducted r.k 
-ean-Cauce Casacesus. with 
Adriana Moreifi. Scndra Keliv ard 
Swetan M-chaetov. Nov 17. 20. 22 
24 and 27. 

UNITED STATES 

Atlanta 

High Museum of Art, tel. 1 404 1577- 
6940. closed Sundays. To Jan. 14. 
"Workers. An Archaeiogy ol Lhe In- 
dustrial Age Photographs by Sebas- 
tiao Salgado." 2C0" Wack-and- while 
images drawn irom the Brazilian pho- 
tographer’s epic study of manual la- 
bor throughout the world 
Houston 

The Menil Collection, tei: {713) 
525-9400, closed Mondays and 
Tuesdays. To Jan. 9: "Colonial Mas- 
terpieces from Boiivia." Paintings 
from the 16th to the 18th cenlury, 
from major ecclesiastical and muse- 
um collections m Bolivia. 

Los Angeles 

County Museum of Ait, tel: (213) 


857-6522, closed Mondays and 
Tuesdays. To Jan. 22: "The Peaceful 
Liberators: Jain Art from India." 150 
sculptures, textiles, monumental 
paintings on cloth, illuminated manu- 
scripts and symbolic objects docu- 
ment the relationship between Jain- 
ism and the Hindu and Buddhist 
traditions. 

New York 

The Heye Center Opening the New 
York branch of the Smithsonian's Na- 
tional Museum ot the American Indi- 
an. inaugural exhibitions will include 
"Creation's Journey: Masierworks ot 
Native American Identity and Beiiet," 
featuring objects from tribal groups in 
the Americas dating back to 3200 
B C : "All Roads are Good: Native 
Voices on Lite and Culture." with 300 
obiecte ot artistic, cultural, spiritual 
aria personal significance, and "This 
Path We Travel: Celebrations ot Con- : 
temporary Native American Creativ- 1 
iiy.” fearurmg the collective talents ol : 
15 contemporary Native American 1 
artisis. 

The Jewish Museum, tel. (2121 
422-3200. closed Fridays and Satur- 
days To March 5. “Jewish Lite in 
Czar ist Russia A World Rectisccv- 
ered.” Remains of the Jewish folk fife 
and material culture collected in the ■ i 
early 191 0s between the Black Sea j 
and Vilnius and from Minsk to War- 
saw 

Museum of Modern Art. tel: (212) ; 
7CS-94Q0. To Dec 20: "Mapping." i 
Featuring paintings, drawings and ; 
sculptures by artists such as &orgio j 
de Chinco and Joaquin Torres-Gar- ; 
ua. Jasper Johns, Ellsworth Kelly 
and Claes Oldenburg. Also, to Jan. 
24. "A Century of Artists' Books." 
Focuses on how artists have en- 
hanced texts with images, working 
with the writings ol Aesop, Wittgen- 
stein or Mallarme. Features 1 40 titles, 
including books illustrated or created 
by artists such as Chagall, Matisse 
and Picasso; experiments from Male- 
vich to Ftauschenberg, 

Metropolitan Museum of Art, tet 
(212 ) 570-3951, closed Mondays. 
Continuirtg/To Jan. 8; "Origins of 
impressionism." Paintings by avant- 


garde artists who worked in Paris in 
the 1B60s. 

Solomon R. Guggenheim Museum, 
tel: (212) 423-3840, closed Thurs- 
days. To Jan. 29: "The Italian Meta- 
morphosis, 1943-1968." A survey of 
Italian arts at a time when the country 
became a leading exporter of culture, 
design and style. Paintings include 
works by Alberto Bum, Ludo Fon- 
tana and Piero Manzoni. Also fea- 
tures architectural models, fashion, 
photography as well as furniture and 
experimental designs. 

Philadelphia 

Philadelphia Museum of Art, tel: 


(212) 715-6475. To Nov. 20:" Japa- 
nese Design: A Survey Since 1 950." 
More than 250 objects including fur- 
niture. electronics, toys, fashion pho- 
tography and textiles will be on view. 
Designed by the Japanese architect 
Kisho Kurokawa. 

Washington 

Hirshhom Museum, tel: (202 ) 257- 
3235, open daily. To Jan. 29: "Bruce 
Nauman. ' ' 60 works by the American 
artist, including video installations, a 
five-part holographic seU-porrraif, 
wall pieces in neon, and monumental 
suspended sculptures. The exhibition 
will travel to Zurich. 


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Page 10 


Serb Stronghold 
Captured by Croats 

Muslim Troops Aid Offensive 
Tor Control of Key Plateau 



Compiled hv Otr Staff From Dtsptatfus 

' BOSANKSI PETROVAC, 
Bosnia- Herzegovina — The 
Bosnian Serb Army said Thurs- 
day that the Serb-held town of 
Kupres had fallen to Croat 
Forces. 

Kupres, in central Bosnia, 
has been under a heavy com- 
bined attack from Croat and 
Muslim forces. 

. The loss of Kupres, from 
which most civilians had al- 
ready fled, was confirmed by 
the Second Krajioa Corps of 
the Bosnian Serb Army in the 
northwest Bosnian town of Bo- 
sansfci Petrovac. 

' It was the first time since the 
early days of the 3 1-month-old 
war in Bosnia that Bosnian Serb 
forces, which have an over- 
whelming superiority in tanks 
and artillery, had lost an impor- 
tant LOWO. 

The Bosnian Serb leader, Ra- 
dovan Karadzic, said Thursday 
that the Serb political and mili- 
tary leadership was expected to 
meet on Friday to declare a full 
“state of war." 

A full state of war would in- 
clude such measures as mass 
mobilization, a closing of bor- 
ders, putting tbe economy on a 
war footing and a declaration of 
martial law. 

The Bosnian Serbs have in 
the last two weeks lost signifi- 
cant territory to the Muslims in 
northwestern and central Bos- 
nia and come under threat from 
forces pressing toward Trnovo, 
south of Sarajevo. 

Before Kupres and the sur- 
rounding area fell to Bosnian 
Croat troops, tbe Muslim-led 
Bosnian government army said 
that it bad taken a valley com- 
n and mg access to the town. 

Croatian television showed 
what it said was footage of Bos- 
nian Croat militias entering 
Kurres and said 22 militiamen 


had been killed taking tbe town. 

The thrust on Kupres. about 
100 kilometers (60 miles) west 
of Sarajevo, began early last 
week with a two-pronged attack 
by government troops from 
around Bugqjno in the north- 
east and Bosnian Croat militias 
from the south. 

The town of 3,500, about 51 
percent Serb, 40 percent Croat 
and 8 percent Muslim before 
the war, sits atop the Kupres 
plateau. The strategic high 
ground links Serb-held territory 
in northwestern Bosnia and 
neighboring Croatia with Serb 
land in central Bosnia. 

Serbs call the Kupres plateau 
“the gates of Bosnia.” It was 
one of the first regions they cap- 
tured in fierce fighting in early 
April 1992. as war began. Their 
leader, Mr. Karadzic, consid- 
ered the plateau a trump card, 
contemplating trading parts of 
it to the Croats only in ex- 
change for access to the sea in a 
final peace plan. 

Muslim -Croat control of the 
plateau could allow their forces 
to push north and link up with 
government troops to try to cut 
Bosnian Serbs off from their 
brethren in neighboring Cro- 
atia. 

But the battle for Kupres is 
more than a military struggle. 
Victory could spell a change of 
momentum in the war, in which 
Bosnian Serbs have taken more 
than 70 percent of the republic. 

Though most numerous. Bos- 
nian government troops have 
been hobbled by the weapons 
superiority of the Serbs. But 
weapons from Croatia started 
coming in after Muslims and 
Bosnian Croats patched up re- 
lations in March*. 

.Any Croat- Muslim military 
cooperation would thus further 
hurt the Bosnian Serbs. 

{Reuters, AP) 


French Magazine Breaks a Taboo With Mitterrand Photo 


By William Drozdiak 

Washington Post Service 

PARIS — The picture seemed anything but 
scandalous: a dark-haired student and her fa- 
ther, his hand resting affectionately on her 
shoulder, emerging from an elegant Parisian 
restaurant. 

But the personalities in the photograph 
formed one of the most explosive “open se- 
crets” in Frendt politics: The 78-year-old Presi- 
dent Francois Mitterrand was with his 20-year- 
old illegitimate daughter. Mazarine. 

For yearn, French politicians and journalists 
have buzzed with gossip about Mr. Mitter- 
rand's extramarital affairs but. in contrast to 
Britain and the United States, conspired to 
abide by a long-standing tradition that protects 
the private lives of public figures. Privacy laws 
are strictly enforced, and it is an offense to 
publish photographs without permission from 
the subject. 

But the French weekly Paris Match shattered 
a taboo Thursday by publishing details about 


the president’s “second family.” Mazarine was 
bora out of a love affair two decades ago 
between Mr. Mitterrand and “a discreet and 
cultivated woman,” as the magazine calls her. 
Mr. Mitterrand also has two sons by his wife, 
Danielle, who has been married to him for 
nearly 50 years. 

The r .-relations about Mr. Mitterrand’s sec- 
ond family appeared to reflect a more aggres- 
sive attitude in the French press in the after- 
math of corruption sca n dals. 

“For too long we have been under the control 
of our government, and maybe one of the 
positive aspects of Mitterrand’s last days will 
be a healthier, less hypocritical press in 
France,” said Philippe Alexandre, a leading 
political commentator and author of a new 
book on Mr. Mitterrand. 

Mr. Alexandre said in an interview that be 
fell no qualms about writing about tbe presi- 
dent's daughter because Mr. Mitterrand no 
longer bothers to hide her existence. She ac- 
companied him on an official trip to South 


Africa and attended a state dinner for the 
visiting emperor of Japan. 

“There is simply no longer any mystery 
about it. The president takes her into popular 
restaurants and cafis where be is bound to be 
seen. So. if we journalists have respected this 
secret until now, there are no grounds for it to 
exist any longer other than to hide it from the 
general public. Frankly, 1 think it’s marvelous 
for a 78 -year-old man to have a beautiful and 
attractive 20-year-old daughter, and if the po- 
litical circles in Paris know all about it, why 
shouldn’t the rest of the country?” 

The revelations in Paris Match and Mr. Alex- 
andre’s forthcoming book provoked dismay 
among French politicians, even among some of 
Mr. Mitterrand's fiercest opponents. 

interior Minis ter Charles Pasqua, one of Mr. 
Mitterrand’s harshest critics, said he deplored 
the step to publish details about the president's 
personal love life. Former President Valery 
Giscard d’Estaing, who was defeated by Mr. 


Mitterrand in the 1981 election after it was 
revealed that be accepted a gift of diamonds 
from an African leader, said be regretted publi- 
cation of the photographs, particularly “if 
those involved did not agree to it 

Leading figures in the French press also 
expressed fears about the impact caused by 
breaking a precedent that they claim main- 
tained France's cherished sophistication re- 
garding sexual tolerance. 

“Transparency in public life has nothing to 
do with this kind of trash,” said Jean Daniel, 
editor of the political weekly Le Nouvd Obser- 
vaieur, in an interview. 

The presidential office refused to comment 
on the affair. 

In August, the journalist Pierre P&an shed 
light on another dark corner of Mr. Mitter- 
rand’s life by revealing that he served as a loyal 
civil servant in the collaborationist Vichy re- 
gime before joining the Resistance in the last 
stage of World War II. 



SOUR: Pessimistic Mood for Voters 

Continued from Page 1 




RarS lubNibin g/ Hemet?- 


President Qinton waving Thursday as Governor Mario Cuomo of New York pointed to a friend during a rally in Albany. 


IMSNEY: Investors Are Heartened AIRPORT: China and UJL Finally Agree on Hong Kong Financing Plan 


Continued from Page 1 

slid at a news conference that. 
r. “. the fault lay with tour oper- 
ators and travel agencies who 
struck the theme park from 
th-ir catalogs. 

After a 1 3 billion franc rescue 
package last spring, attendance 
started picking up again, Mr. 
Bourguignon said. The compa- 
ny now. hopes to woo visitors 
from key markets — particular- 
ly Britain, now that the high- 
speed rail link from London 
will arrive on the park’s door- 
step — by bombarding them 
with television advertisements 
designed to create “emotional 
attachment” to the park 
? Attendance declined by a 
million from the previous year. 
Company officials declined to 
comment on reports that up to 
10 percent of the visitors had 
entered on free tickets distrib- 
uted to attract people on slack 
days in midweek and midwin- 
ter. But they said that people 
with free or reduced-price tick- 
ets contributed to overall earn- 
ings by spending in the stores 
and restaurants. 

The decline in attendance 
coupled with price reductions 
at the park and its surrounding 
hotels reduced total revenue to 
4.1 billion francs, from 4.9 bil- 
lion. The hotels were 60 percent 
booked, which was slightly 
higher than the average in 
France, but earnings were down 
to 1.6 billion francs, from 1.7 
billion, because the company 
had to reduce room prices. 

In contrast, the Ast£rix 
theme park north of Paris re- 
ported its best ever season this 
year, with more than 1.5 million 
visitors, or 32 percent more 
than the previous year, and net 
profits of 15 million francs on 
revenues of 267 million francs. 

Mr. Bourguignon said Euro 
Disney was on course toward 
making an operating profit in 
1996. But he acknowledged that 
the huge real-estate develop- 
ment earnings once forecast by 
the company had vanished like 
the pot ofgold at the end of 
rainbow. “That market has dis- 
appeared,” he said, at least for 
now. 

Earning are down not only 
because there are fewer visits 
but also because those who do 


come spend less than originally 
envisaged on food and souve- 
nirs. On average, each visitor 
spends 248 francs in the park on 
lop of the 250-franc summer 
entrance fee and 880 francs on 
hotels. 

“That’s still insufficient.” 
said Mr. Bourguignon. He ac- 
knowledged that the park was 
still trying to shake off its image 
as an expensive place to visit 

Mr. Bourguignon said cost- 
cutting measures, including a 
10 percent reduction in staff, 
had not resulted in any loss of 
quality. In fact he added, there 
are 20 percent more attractions 
than when the park opened, and 
the average wail to get onto the 
attractions has gone down 45 
percent. 

Euro Disney is also about to 
conclude studies for a new con- 
ference center, which will be 
funded by Prince A1 Walid ibn 
Talal ibn Abdulaziz of Saudi 
Arabia, who acquired a 24.6 
percent stake in the company 
earlier this year. 


Continued from Page 1 

Kong, was more guarded, saying he hoped 
Britain would carry out the accord after it 
was signed. He noted also that improved 
cooperation between the two sides “would 
depend on British actions,” according to a 
report on local RTHK radio. 

“The next step will be to move ahead 
urgently with the financial support agree- 
ments for the two projects so that the 
Provisional Airport Authority and the 
Mass Transit Railway Corporation can go 
out and borrow in the private sector ” a 
Hong Kong government spokesman said. 

Construction of the airport on a nearby 
island and a railroad linking it to central 
Hong Kong is well under way, financed so 
far by the legislature’s willingness to con- 
tinue approving disbursements fiercely op- 
posed by Beijing 

China’s endorsement of the project, 
however, will allow the Hong Kong gov- 
ernment to issue bonds that will be repaid 
after 1997. 

Despite progress on the airport negotia- 
tions, China recently startled Hong Kong 
by calling into question arrangements 
agreed on in 1991 for the makeup of the 
Court of Final Appeal, the territory’s high- 
est court, after 1997. 


Beijing's bitter opposition to a package 
of democratic reforms introduced by Hong 
Kong’s governor, Chris Patten, and en- 
dorsed by the legislature in June this year 
has prompted a Chinese pledge to abolish 
the colony’s legislature in 1997 and replace 
it with another chamber more to its liking 

China has also suggested that an alter- 
native, appointed legislative body be 
formed before 1997 to prepare for the 
transition, a move Britain strongly op- 
poses. 

“Unless these issues are resolved, we are 
looking at a potential legislative and judi- 
cial vacuum at handover” said Nick 
Moakes, an analyst with S. G. Warburg 
Securities, echoing widespread local con- 
cern that Chinese and British priorities in 
planning for the handover have recently 
taken divergent paths. 

In a speech to the Legislative Council on 
Thursday that ignored Beijing's hints it 
would linker with the arrangements for the 
Court of Final Appeal, Mr. Patten urged 
legislators to eudorse an agreement that 
would include a foreign judge on the court. 

Local legal circles and many legislators 
have argued that tbe Joint Declaration 
covering arrangements for Hong Kong's 
future administration signed 10 years ago 


contains provisions for more than one for- 
eign judge on the high court. 

“I don't dispute at all that this Court of 
Final Appeal that we are going to propose 
is not as superb an institution as some 
members would Hke.” Mr. Patten said. 
“Much of life is about choosing whether to 
settle for the good as opposed to the best in 
order to avoid the worst, and this is one 
such occasion.” 

Also on Thursday, a spokesman for Chi- 
na's Foreign Ministry, Chen Jian. signaled 
a more conciliatory stance on relations 
with Britain, welcoming a call made by 
Britain's foreign secretary. Douglas Hurd, 
for closer ties in a meeting with his Chinese 
counterpart, Qian Qichen, a month ago in 
New York. 

Reversing Chinese statements made ear- 
lier in the year, Mr. Chen said differences 
over Mr. Patten's democratic reforms 
should not hamper cooperation “on ques- 
tions concerning other aspects of Hong 
Kong’s political system, Hong Kong peo- 
ple's livelihood and other issues of a larger 
scope.” 

He added, “We wish to see the improve- 
ment of Chinese-British relations at the 
earliest possible time.” 


the next year, and concern by 4 
of 10 about their safety, saying 
there is an area within a mile of 
their homes where they would 
be afraid to walk at night. 

Confounding poll-takers, 
most voters continue to hold 
fickle, if not contradictory, no- 
tions about Congress. But their 
overall regard for tbe institu- 
tion continues to plummet, with 
the number who disapprove up 
a full 10 percentage points since 
September. 

Three-fourths of the people 
surveyed disapproved of thejob 
Congress as a whole is doing, 
just about the same level as dis- 
approved in July 1992, when 
disgust with Congress peaked at 
news of the House bank scan- 
daL Only 20 percent said they 
approved of the job Congress 
was doing. 

Voters still gave their own 
representatives a break, com- 
pared with the rest of Congress, 
but anger at their own represen- 
tatives is mounting. 

The last two months of cam- 
paigning have clearly soured 
the electorate; the number of 
those who disapprove of their 
own representatives has dou- 
bled, to 33 percent, since Sep- 
tember. At no time since The 
Tunes and CBS News started 
asking this question in 1977 
have voters registered greater 
complaints about their own 
representatives. 

More than half, or 56 per- 
cent, approve of their own rep- 
resentatives, but only about a 
third think their own represen- 
tatives deserve re-election. 
When asked about Congress as 
a whole* only 12 percent think 
most members of Congress de- 
serve re-election, while 82 per- 
cent want Congress to start 
from scratch with all new peo- 
ple. And yet more than half said 
that even if all new people were 
elected, the government would 
not work any better. 

Despite their intense feelings 
against Congress, three-fourths 
of respondents could not name 
their own representatives. And 
by a margin of 2 to 1, they could 
not name one public official 
they admired. 

“I really tried to rack my 
brain, and I can't think of any- 
body who has gone into office 
and is doing what they had 
committed to doing,” said Pat 
Butler, 36, a sales representative 


in Fayetteville, Georgia. “They 
find out once they get in that 
they can’t do that much.” 

Two-thirds of all Americans 
said they felt as if they did not 
have much of a say in what the 
government did. This is the; 
highest level of helplessness, 
measured since Tbe Tunes adfc 
CBS News began asking this! 
question in 1990. Nearly three- 
quarters said most members of 
Congress did not understand, 
their needs. 

“They’re not the same type of . 
day-to-day people as you or 
me,” said Tim FIthian, 25, a 
night warehouse worker in! 
Hayward, California. “They’re 
in a completely different world. 
They aren’t someone you would 
want to socialize with.” 

By a margin of five percent- 
age points, registered voters 
said they expected to vote more 
Republican than Democratic 
this year. This is statistically in- 
significant, given the poll’s mar- 
gin of sampling error and be- 
cause such a general question 
cannot accurately predict re- 
sults of local races. But there 
are other indications that Re-; 
publicans may hold some ad- 
vantages going into Tuesday’s 
balloting. 

Fifty-four percent of ail, 
Americans view the Republican 
Party favorably, while 44 per- 
cent view the Democrats favor- 
ably. In another measure of vot- 
er alienation, those surveyed' 
were equally divided between 
those who said the Democrats, 
the party of Franklin D. Roos&; 
vdL favored the rich and those' 
who said the Democrats fa- 
vored the middle dass or the 
poor. 

By a 2- to- 1 margin, people 
believe that government should 
be less involved in solving na- 
tional problems, which is gener- 
ally the Republican approach. 
But 57 percent think die coun- 
try needs a new political party. 

In bad news for the Republi- 
cans, 71 percent of voters have 
never beard of their much-pro- 
moted “Contract With Ameri- 
ca,” the party’s main blueprint 
for what it wants to accomplish 
in the next session of Congress, 
should the Republicans take 
control. 

The poll contains mixed news 
for President Bill Clinton, 
whose approval rating among 
all Americans stands at 43 per- 
cent, with 48 percent disap- 
proving. 


In Ireland, Women’s Movement Stalls 


New York Tima Service 

DUBLIN — When a prom- 
inent leader of the women’s 
movement. Frances Fitzger- 
ald, was elected to Parliament 
two years ago, both her own 
career and the movement it- 
self seemed on the rise in a 
conservative society where 
gains for women have been 
slower than elsewhere in 
Western Europe. 

Ms. Fitzgerald, 44, a social 
worker who had been chair- 
woman of the Council for the 
Status of Women, was touted 
even by some male politicians 
as someone with the potential 
to become prime minister, a 
job no Irishwoman has held. 

The women’s movement 
had been energized by the 
election in 1 990 of Mary Rob- 
inson as president, the first 
woman to hold that job in 
Ireland. And members of tbe 
movement were exhilarated 
by the election of 20 women to 


the 166-member Parliament 
in 1992, compared with 13 the 
previous session. 

Several issues seemed ripe 
for debate and change. The 
virtually total prohibition by 
Ireland on abortion and its 
ban on divorce seemed vul- 
nerable to liberalization. Tbe 
women’s campaigns for equal- 
ity in employment and pay 
and government aid for child 
care seemed to be making pro- 
gress. 

But Ms. Fitzgerald guessed 
wrong in a political struggle 
within her own party. Fine 
Gael, sidelining her political- 
ly. And the legislative gams 
the women’s movement 
sought have been blocked. 

“There is a hiatus.” she said 
in an interview as Parliament 
began its autumn session. 
“The movement is at a new 
crossroads. It's in a different 
phase, more demanding. Any 
social movement goes up and 
down.” 


She attributed the slow- 
down to a natural progression 
from a radical movement to a 
mainstream one. “We’ve got 
the government accepting the 
principles of equality, change, 
quotas, securing rights of chil- 
dren,” she said. “Once you gel 
the message accepted, it's 
harder to deepen it.” 

While more women are be- 
ing appointed to government 
boards and the government is 
increasing financing for child 
care, the changes the women's 
movement feels necessary to 
give women more control over 
their lives have not been 
mad& 

Only 30 percent of Irish- 
women work outside the 
home, the lowest in the Euro- 
pean Union. The birth rate of 
about 2.5 children pier woman 
is declining, but is still the 
EU's highest. 

Ms. Fitzgerald says the 
women’s movement in Ireland 
has been slowed by the strong 


opposition that surfaced in 
public debates over abortion. 

The issue moved into the 
headlines in early 1992. when 
a 14-year-old who said she 
had become pregnant after 
being raped by a friend's fa- 
ther was refused permission to 
travel to Britain for an abor- 
tion, as an estimated 5,000 
Irishwomen do every year. 

Tbe Supreme Court finally 
allowed her to have tbe opera- 
tion, and the case drew inter- 
national attention. 

That led to a vehement na- 
tional debate, and Parliament 
finally approved a proposal to 
liberalize conditions for abor- 
tion. But voters turned it 
down in a referendum. 

When it came into office 
early in 1993, the government 
promised a referendum on di- 
vorce — now banned by law 
— for this year, but that has 
been put off. 

—JAMES F. CLARITY 


BELLS: For Whom Some German Villagers Toiled 

Continued from Page 1 


factory in Western Germany. 
Yes, the factory happened to 
have a bronze B belL Its price: 
10,000 DM. The order must be 
placed by Friday because an- 
other church was also interested 
in it. 

At 4 PM. that day an emer- 
gency council was held in the 
Herschdorf parsonage among 
the three village bell-ringers, a 
neighbor and the Steinh&fels. 
How could they find the money 
in such a short time? Musing 
aloud, Mr. SteinhOfel said, “A 
village without bells is a dead 
village.” 

That phrase became tbe 
theme of a handwritten letter 
they composed at tbe kitchen 
table in the following half-hour. 
Addressed to every family in 
tbe village, it described the 
emergency and appealed for 
donations. Its closing plea: 
“Please come to the parsonage 
tomorrow and tell us if you can 
help.” 

There is only one photocopy- 


ing machine in Herschdorf. In 
the next two hours, as the ma- 
chine slowly printed out 150 
copies, the Steinh&fels and their 
neighbor began delivering them 
to every house. They finished at 
9:30 P.M. 

At 8 the next morning, a man 
knocked at the parsonage door 
and banded Mr. Steinhdfci 100 
DM. He was not a church mem- 
ber. but said, “The village 
wouldn’t be the same without 
the bells.” Then came a woman, 
a church member, who pledged 
300 DM, payable as soon as her 
son came home from vacation. 

Throughout the day. people 
stood in fine outside the parson- 
age with cash in hand or 
pledges. By nightfall, the 10,000 
DM goal had been reached. Do- 
nations continued to come in 
for several more days, bringing 
the total to 15,000 DM. (A 
“godsend." Mr. Steinhbfel said, 
since it was later discovered 
that the beam holding the bells 
also had to be replaced, at a cost 
Of 5,000 DM.) 



COUNTRIES 

ACCESS NVMHRS 

COUNTRIES 

ACCESS NUMBERS 

COUNTRIES 

ACCESS NUMBERS 

COUNTRIES 

ACCESS NUMB 

American Samoa 

833-1000 

Crorvi S ■ 

080-900-01 

Japan |I0C) (FngJrih) * 

0066-55477 

Pern J 

196 

Aflrfguc [deeflanod phanK) 

=0 

C7«hB*poWk K7 

0047-087-1 fl7 

Japan (FOD) [FngJhh} 4- 

0039-131 

Philippine! (ETFI ttabont only] - 

.105-01 

Arnica {ptii phonm) 

1. B0 0-38 6-486 3 



lap on (Joponewl +■ 

0066-55488 

Philippine, [PhACom) A 

103411 

Argonlna 

00-1-800 777-1111 

Daminkan Republic A 

1-800-751 -7877 

Kenya / 

0800-1? 

Philippine* [Pt CTT1 

105-16 

AiiinnJo 

MO-135 

Ecuador S 

171 

Korea (Docam) + 

0039-13 

Poland +■ 

00104400-113 

Auitadla (Ophn) + 

0084311-10 

Egypt (Cairo) + 

3564777 

Karoo (KT) + + 

009-16 

Portugal + 

05017-1477 

Austria fTeKtro) + 

1400481477 

Egypt {all ether) + 

03456-4777 

Kuwait 

BOO-777 

Puerto Rfco - 

1400-8774000 

AutirlaW 

022-903-014 


191 

UtcMmilain 4- 

155-9777 

Romania -*■ 

014004877 

Bahama* 

1400489-71 IT 

Rf I'londl 

004490- 100-3 

Ufcuonie / 

8+197 

Ruetla (Mokow) + 

1554133 

Pwbudot A 

14004774000 

Finland + 

9*00- 1-0264 

Lwmmbourg 

0800-01 15 

Ruiilo {oil other) +11 

8095.1534133 

BoJgiwa * 

0900-10014 

Franca *• 

19+0087 

Macao o 

0800-121 

Saipan 

235-0333 

OcOie (horh| 

558 

Germany + 

0130-0013 

Mokryria t 

KXMKIA 

Tinian and Rata +■ 

1-2354313 

BalUo v 

*4 

Groan * 

008-001-411 

Me 003 + 

95400-8774000 

San Marina + 

172-1877 

Saimuda / 

1.800.623-0877 

Guam 

950-1366 

Monaco + 

19+0087 

Saudi Arabta 

1600-15 

Wivift 

0800-3333 

OvGlemala + 

195 

Nc*. tirt*,-. 


Singapore + 

8000- 177-177 

8r«a 

0004016 

K.ndjrcv A 

001 - 800- 12 moo 

(Cuiocac & Bonoira) - 

001 -BOO-745- 1 1 1 1 

South Africa + 

0400-994001 

BrMfoli Virgin liL A 

14004774000 

Heap *0*9 

BOO-1877 

Nethcriamh + 

06 +023-9119 

Spain 

900-994013 

Balgonu A 

00400.1010 



New Zealand A 


5« iKlO-.r 

1-800-377. 7468 

Canada - 

14004774000 

Hungary 

00+80001477 

[hxuunliy caUi) 


Si. Lucre J 

187 

Onto 

00+0317 

fccMxJ 

999-003 

Now Zeckmd 

000-999 

Sweden + 

020-79941 1 

China {EngEth} +✓ 

108-13 

Indie + 

000-137 

Nicaragua 1 Managua hgttihj s 

171 

Switzerland + 

155-9777 

Chma {Mandarin) +✓ 

108-16 

Indcimio 

001401-15 


1*1 

Syria * 

oses 

Colombia {GngHih) 

980-130-010 

Inland * 

1400454001 


02 + En*fidi it SpaaMi ne. 

Taiwan a 

0080-144877 

CdarnMa CSpnnHA) 

980-130-110 

Inael + 

177-102-2727 

Norway + 

800-19877 

Tturhxdu* 

001-999.13-877 

Cana fflta * 

193 

Roly ♦ 

172-1877 

Parana 

115 

rriridad 4 tobogr 


Croc Ho* 

990400-13 

Iwr-at-i - 

14004774000 

Ftaraguoy A 

008-1 2-BOO 

iporlf at entry only) 

33 


COUNTRIES 


ACCESS NUMBERS 


Turkey ♦ 

US. Virgin litondi - 

UU.- 

Ufc rnl — 

Uiliod Arab Emlrotej * 
Uritad Kingdom (BTJ 
UnHcd Kingdom (Mercury) 
Uruguoy 
Vatican City + 

Venezuela (EngRdi) 

Venezuela (Span ie l) 


00400-1-4477 
I -600477-8000 
14004774000 
8-100-15 
800131 
08)0400877 
W0O4 008 77 
0004 1 7 
177-1877 
800-1 1114 
80011 ll-l 



Sprint. 


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Text days later, villagers lined 
the street in front of the church 
to watch the new bell being de- 
livered. Mr. StemhOfel said a 
few words; the ringers wreathed 
the bell with flowers, and the 
village brass band played the 
only religious tune they knew: 
Handel’s triumphant melody 
“Thine Is the Glory.” 

But the bells could not be & 
rehung until the steeple was fin- 
ished. As it turned out, this 
came just a couple of days be- 
fore the fall festival to give 
th a nks for a bountiful harvest. 

On that October Saturday, a 
throng gathered around the 
church just before noon. A 
chair was brought for the vil- 
lage blacksmith, for many years : 
the repairman for the church’ 
clock, who rose from his sick- 
bed for the occasion. A villager 1 
brought a bottle of Champagne 
and poured glasses for the three 
bell-ringers. 

At noon, after Mr. Steinho- ’ 
fel s prayer of thanks, the three 
bells of Herschdorf rang out 
again. 


i# 


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Guff Of 
tog* 


J LATVIA 

;UEPAJA -'WAKSA 
i JELGAVA- 




Ank 64J58& squana HhwsS&ra- v 
^25^000 squaw ralasj 

-iEfSBsHPaat.-’ v v 


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Prims MhtMah Marfa &*ts- 


Structuring an Economy of Legacy and Niche 

The Latvian economy has now returned to growth with a 1 percent to 4 percent increase forecast for 1994. 


mm 


Bordering Estonia, 
Lithuania, Russia and 
Batons, LaMa Is an Im- 
portant re&onal 
transit point 


ggjgj 




Useful Addresses 


LAA Ministry 

Utvkm DsvsIopffMnt Agency of fils Economy 

8. PArmsSL 1442 FHga 36LBrivtab<**te 
Tsl.: (371 2) 28 7Q 86 or 26 34 26 lOffiHgjft 
F«c (371 2)88204 58 or 28 25 24 TO? (371 2)2288444 
Uhl» VftoBns, Director Fox: (371 2)2280682 

LPA Latvian 

MOWfclilU W A g f l O y laflWCfOIKu 

31, K. Vakfcmftre §L 4. Fte taufcuma . 

1010 ngs 1060 ngs 
T«L: (371 2)32 1338 TsL (371 2)32 7642 
F*#C (371 2)88 3063 Ftoc {371 2)22 9846 


Small countries live off 
their reputations, and Latvia 
is living quite well off its 
reputation at the moment. 
The “Switzerland of the 
Eastern Baltic" is how three 
of Western Europe's leading 
dailies labeled the country in 
recent articles, a reference to 
both the country's perceived 
attributes and its current way 
of earning a national Jiving. 

Like Switzerland, Latvia 
has a reputation that stems 
from the world's apprecia- 
tion of its finances and fi- 
nancial sector. The Latvian 

f ovemment has shown a 
wiss-like abhorrence for 
unbalanced budgets, trade 
deficits and debt loads. 
Latvia has a rock-hard cur- 
rency, the lat, whose 
strength comes from the re- 
spect accorded to the Lat- 
vian banking system’s effi- 
ciency, probity and reliabili- 
ty. Also like that of Switzer- 
land, Latvia’s financial sec- 
tor is thriving on inflows of 
funds seeking a safe haven 
from political and economic 
uncertainty. 

Functional and dynamic 
In a description worthy of 
Switzerland. Latvia is 
viewed as “a place that 
works." In the words of a 
Riga-based German chemi- 
cal executive, it is a place 
“where officials are respon- 
sible and their actions ac- 
countable. where it is possi- 
ble to process trade docu- 
ments. make a telephone call 
and get a supplier on short 
notice." 

The country also features 
a Swiss-like ethnic makeup, 
with ethnic Latvians ac- 
counting for 52 percent of 
the population, and Russians 


two-thirds of the rest. Once 
riven by segregation and 
mistrust, but now aided by 
increasingly conciliatory 
governmental policies, the 
country’s ethnic groups are 
making steady progress to- 
ward a Switzerland-like plu- 
ralism. 

Successful survival 
Although edifying, such 
comparisons don’t even be- 
gin 1 to encompass the .vast- 
accomplishments of the Lat- 
vian government over the 
last two short years,” says 
Professor Manfred Meier- 
Preschany, who has been 
serving as the government’s 
chief economic adviser since 
July 1993. “Nor do they im- 
ply the long, hard work that 
still lies ahead. Before any- 
one even thought of making 
ringing comparisons to 
Switzerland or Singapore, 
Latvia was confronting Iife- 
or-dearb questions about na- 
tional economic survival. 
That has been Latvia's ini- 
tial, most important accom- 
plishment: surviving - and 
surviving well - the most 
wrenching readjustment 
imaginable.” 

Until independence, 
Latvia was an integral part 
of the Soviet Union’s eco- 
nomic and energy supply 
systems. As late os 1 990, 
transactions with the dis- 
solving Soviet Union direct- 
ly accounted for half of 
Latvia’s gross domestic 
product and 95 percent of its 
total trade. 

Transit transactions 
Today, trade with the Soviet 
successor states amounts to 
around 40 percent of the 
country’s total. Since much 


of that stems from transit 
transactions, Latvia's “net 
exposure” to the CIS is said 
to be about 10 percent of 
GDP. By tapping new 
sources of supply and recon- 
figuring existing networks, 
“Latvia is no longer energy- 
dependent on Russia,” says 
Adrians Davis, chief execu- 
tive officer of the country's 
natural . gas authority. A sign 
of change: environmentally 
friendly natural gas now ac- 
counts for 40 percent of the 
nation’s energy budget This 
shift is one factor behind the 
noticeable improvement in 
the country’s ambient envi- 
ronment, seriously strained 
undo- the Soviet system. 

Back In the black 
In fact, as Mr. Meier- 
Preschany points out, Latvia 
has been doing more than 
merely surviving. After the 
first two post-independence 
years' plunges, the country’s 
economy made a return to 
the growth columns in mid- 
1994. with forecasts now 
ranging between i percent 
and 4 percent. During this 
time, the country’s private 
sector has been undergoing a 
major expansion. Since 
1991, some 60.000 compa- 
nies have been founded, of 
which an impressive 4,000 
are either partially or totally 
owned by outside investors 
from 80 countries. Net pur- 

risen 1 ? J*p^Mt < ov&f the 
past three years, suggesting 
the source of the obvious 
prosperity to be seen in Riga 
and in other major cities: a 
“shadow economy” of con- 
siderable size. 

“Survival has. to a great 
extent, come from the 


niche,” says Mr. Meier- 
Preschany. “Lasting, deeply 
based prosperity is gping to 
come from employing the 
niche's resources, impetus 
and contacts to restructure 
tire ‘legacy’ economy. I’ve 
seen a lot of business talent, 
patient industrioosness and 
hard-beaded common sense 
in this country, and it’s go- 
ing to take all of those quali- 
. ties to redo the legacy econ- 
omy." - .. 

Latvia’s niche is handling 
transit trade between the 
mam mass of the CIS coun- 
tries and the outside world, 
and providing related stor- 
age, finishing, assembly and 
financial services. This 
niche is large. Transit trade 
accounts for some 90 per- 
cent of the cargo transported 
through (he country’s three 
largest ports: Ventsprls, Riga 
and Liepaja. The niche is 
also a good provider for 
Latvia, keeping 1993’s bal- 
ances of trade, payments and 
services ail in the black. 


Jfir-wvr ■ -■-« v-,- ?;• 


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Burn in 1951, Maris 
Gaills earned a degree In 
mechanical engineering in 
1978. After holding a num- 
ber of industrial posts, Mr. 
Gaills entered politics In 
1990, serv ing as director of 
the international economic 
relations department or 
the Latvian government. 
Over the next four years, 
he held a variety of min- 
istry-level governmental 
positions before becoming 
prime minister on Septem- 
ber 15, 1994. 

Although they share ties of 
geography and history, the 
three Baltic countries have 
not been noticeably close or 
productive in the post-inde- 
pendence phase. What is the 
current situation ? 

Over the last three years, 
all three Baltic countries 
were often very occupied 
with coming to grips with 
their own national situations, 
and with defining and man- 
aging their relationships 
with Russia and other major 


countries and groupings. As 
a result, our countries hadn’t 
yet addressed themselves to 
tilling in the practical details 
of the extensive, far-reach- 
ing lies mapped out in vari- 
ous agreements. Since June 
13th and the founding of the 
Baltic Council of Ministers, 
we've been doing just that - 
focusing on such matters as 
further reducing border 
crossing times, devising 
common approaches to 
combating crime and har- 
monizing business-related 
laws and legislation. The 
first proposals are now being 
implemented, and they are 
already making a noticeable 
difference in our citizens' 
daily lives. 

The integration of its vari- 
ous ethnic groups has been 
described as Latvia 's 
biggest challenge. Latvians 
account for 52 percent of 
your country's population : 

' two-thirds of the rest are 
Russians. Reports af prob- 
lems with strict require- 


ments for citizenship, includ- 
ing fluency in Latvian, have 
been appearing in the inter- 
national press. Has progress 
been made in this area? 

To describe this situation 
in terms of ethnic groups is 
misleading. Allegiances and 
perceptions of interest are 
the applicable criteria. Inde- 
pendence came unexpected- 
ly and rapidly to many peo- 
ple resident in Latvia Many 
of our country's non-Lat- 
vians had never planned to 
be part of an independent 
Latvia, nor to be here longer 
than a few yean. They were 
thus left stranded here by 
events. And many of these 
people would like to return 
to Belarus or Ukraine or 
Russia, but are facing ad- 
ministrative and financial 
hurdles to their doing so. 
We're working on eliminat- 
ing these barriers on a bilat- 
eral basis. 

Many non-Latvians ac- 
tively demonstrated their al- 
legiance to Latvia during our 


country's drive for indepen- 
dence. Others have made it 
quite clear that they plan on 
making a life in Latvia for 
themselves and for their 
children, for very practical 
reasons. Our standard of Iiv- 


seeing encouraging signs of 
integration from these 
groups. For instance, a 
growing number of Russian 
families are sending rheir 
children to Latvian- language 
schools. You have to re- 



ing is relatively high; life 
here is attractive. For these 
people, and considering their 
depth of interest and length 
of rime-frame, 10 years of 
residency and a passable 
command of their new coun- 
try's language do not repre- 
sent unreasonable or insur- 
mountable obstacles. We are 


member one thing: Our citi- 
zenship requirements were 
formulated to clarify an un- 
clear, rapidly changing situ- 
ation, a situation that is now 
achieving a new normalcy. 
A very practicable modus 
vivendi is now emerging 
among Latvia's various eth- 
nic groups. 


Signs of a new prosperity 
are very evident in Latvia, 
even to the casual observer. 
Yet there are also reports of 
endemic poverty. Is Latvia 
achieving sustainable, 
broad-scale economic 
progress, or is this prosperi- 
ty restricted to a few “pock- 
ets of plenty”? 

Certain economic sectors 
were in our power to 
change, and in these areas 
we have acted decisively 
and quickly. The prosperity 
you’re seeing has ensued 
from these changes. Al- 
though the move was widely 
criticized at the time, we set 
up our new currency, the lat, 
and made it the hardest one 
in the region and currently 
one of the hardest in Europe. 
Along with a freely convert- 
ible currency, we also enact- 
ed free trade, free banking 
and See investment policies. 
The result is that Latvia has 
now become the eastern 
Baltic’s financial and trad- 
ing center. 


The Soviet legacy 
The legacy economy is the 
patchwork of aging industri- 
al conglomerates built by the 
Soviets, and the local mono- 
cultures existing around 
them, often the sole sources 
of employment for commu- 
nities. 'There’s another 
legacy from the past: the 
great stock of highly quali- 
fied, entrepreneurially mind- 
ed people working at the 
conglomerates,” points out 
Jams Zvanitajs. Latvia's 
economics minister. “Many 
green shoots are springing 
up in local communities. 
Our job is to interlink the 
niche and the legacy econo- 
my, to put our international 


Like Hong Kong in the 
old days, we’re handling a 
lot of the transit traffic be- 
tween the CIS countries sid 
the outside world, from as 
far away as Chile and China. 
As a result, our freight-pro- 
cessing sector is growing 
rapidly, along with trade-re- 
lated finishing an d manufac- 
turing. 

On a long-term basis, we 
can’t grow without a high- 
achieving industrial sector. 
Plans of our food processing 
and consumer goods indus- 
tries have already managed 
the turnaround, as has our 
construction sector. Other 
manufacturing operations, 
often funded by foreign in- 
vestment, have started up, 
causing a strong, overall rise 
in manufacturing turnover. 
But (be restructuring of our 
heavy industry, which was 
interlinked with the Soviet 
system, and particularly to 
its military-industrial com- 
plex, is proving a large job, 
requiring large amounts of 


business community on-line 
with our local communi- 
ties.” 

In fact, according to the 
latest statistics, that process 
has already started. Manu- 
facturing output is currently 
up 10 percent over the previ- 
ous year, led by a fast-grow- 
ing, successfully exporting 
food-processing industry. 
“Real” (included urtreportn' 
ed) unemployment seems to 
have peaked at 8 percent: 
Announcements ofmaj^b*-* 
vestments in manufacturing 
companies have become,- 
standard fare in local news- 
papers. The upcoming wave 
of privatization is expected 
to put the restructuring of the 
legacy economy into full 
gear. 

The new vibrancy 
Still, economic statistics tell 
only part of the story of 
Latvia's transformation, ac- 
cording to Vita Anda Terau- 
da, one of the many Latvian- 
Americans taking parr hi re- 
building the country. A 
holder of dual citizenship, 
Ms. Terauda is the country’s 
minister of reform. 

“For most Latvians, the 
transformation has been ex- 
perienced as a prolusion of 
colors, possibilities, issues 
and, of course, concerns and 
worries," says Ms. Terauda. 
“Most of all, it’s been per- 
ceived as a fast-paced flurry 
of events. Sometimes I have 
to simply stop and ask my- 
self what happened to the 
Riga of bread tines and drab 
buddings and cold, uncom- 
fortable rooms. That city has 
so little in common with to- 
day’s vibrant, well-function- 
ing Riga.” 

Terry Swartzberg 


■A 

. \ 7+- .... J tv, -m* * W ; vr> 


capital and management 
know-how. Both of these 
items will be forthcoming 
from Latvia's emerging cap- 
ital and equity markets, be- 
ing created in conjunction 
with the privatization pro- 
gram, now wefl into its main 
phase. 

A nation’s prosperity, of 
course, is. the sum total of 
many individuals’ prosperi- 
ty- Very many Latvians, in- 
cluded many of my own 
friends, have fully exploited 

their first-in-a-Jiretime 
chance to try out new fields 
of activity, new ways of do- 
ng things. For five decades 
aftwafl we were denied this 
freedom. And many people 
m Latvia are actually prov- 
ing to be very good at run- 
ning their new businesses or 
engaging in their previous 
professions in a new way 
This broad array of individ- 
successful endeavors is 

jSfcT" ” n0W ™ 

Interview by T& 


■W.JBO 


I 













Page 12 


INTERNATIONAL 




TRIBUNE, FRIDAY, NOVEMBER 4, 1994 


SPO N SORE i> SECTION 


LATVIA 



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Piece of cake? Most of Latvia's small businesses will be sold to their operators. 


Privatization Program: End of the Learning Phase 


Spurred by recent legislation and the stock exchange, the main phase of privatization should be completed by 1996. 


Until recently, almost all parts of 
Latvia's economic restructuring pro- 
gram were getting high marks from 
outside observers. The exception: the 
country's privatization campaign. Crit- 
ics pronounced its procedures to be too 
time-consuming and complicated, its 
results too meager. Over the last six 
months, those knocks have given way 
to measured, sometimes even vocifer- 
ous praise. 

‘The Privatization Agency’s staff 
enjoys a very good reputation in 
Latvia’s business community," says 
Marcis Bendiks. financial analyst and 
designated chief executive officer of 
the Latvian Deposit Bank. “The con- 
sensus is that the agency has a very 
good grip on its companies and on the 
privatization process as a whole, and 
that the program is now quickly mak- 
ing up lost time as a result" 

Enter the Stock Exchange 
This shift in informed opinion has been 
impelled by recent developments. Af- 
ter successfully conducting a Czech- 
style_ distribution of coupons to the 
country's citizens, the privatization 


agency is now planning to put 12] ma- 
jor industrial companies up for auction 
in December. The auctioneer will be 
the neophyte Riga Stock Exchange, for 
which the newly privatized companies 
will form many of its blue chips, com- 
plementing a well-established govern- 
ment securities market and a budding 
securities market. Buyers are expected 
to be primarily investment funds. 

“Early March's law of privatization 
gave a tremendous impetus and direc- 
tion to the whole privatization 
process. ' explains Druvis Skulte, min- 
ister of privatization, “and has set its 
entire subsequent course. The law in- 
corporated all of our looking at and 
learning from the other privatization 
programs in Central and Eastern Eu- 
rope. It adapted and adopted their most 
successful features. In thai respect our 
period of relative waiting and watching 
is now proving to be our greatest as- 
set" 

Smooth chain of operations 
In much of Central and Eastern Eu- 
rope. privatization is being carried out 
by competing bodies. Thanks to its 


new law, Latvia has a single, well- 
functioning chain of privatization. In 
business since Sept 1 , the State Prop- 
erty Fund, residual “owner" of 1,500 
nonprivatized industrial companies, 
does the groundwork for the privatiza- 
tion candidates, forming them into vi- 
able entities and factoring in investor 
input and interest 

After an appropriate cabinet- level 
decision, the entetprises are then hand- 
ed over to the Privatization Agency's 
“company doctors." who put the finish- 
ing touches on the candidates and han- 
dle their sale. Founded on April 22. 
1994 and headed by Janis Naglis, the 
agency currently has 228 companies 
under its wing. 

Other features of the Latvian way of 
privatization: a judicious use of em- 
ployee stock ownership plans - 
“enough to give employees a stake in 
their companies and a say in its run- 
ning. but not exclusive control," in Mr. 
Druvis' s words - plus the use of the 
“total price idea” of Germany’s 
Treuhandanstalt, in which winning 
bids are those guaranteeing the largest 
total number of jobs, amount of capital 


investment and up-front purchase 
price. 

Quick sales for s mall business 
As is the case in other countries, very 
large and very small companies have 
their own privatization tracks in Latvia. 
By the end of the year, it is envisaged 
that virtually all of the country's restau- 
rants. grocery stores and hairdressers 
will have been sold, mostly to their op- 
erators. in the so-called small-scale pri- 
vatization. Such large, key companies 
as Latvia's telecommunications author- 
ity have been totally or partially priva- 
tized through international negotiation 
or tender. 

Based on current projections. Mr. 
Skulte expects the main phase of the 
privatization program to be completed 
by 1996. “While further privatization 
will occur after that, the public sector 
will retain important stakes in certain 
key industries and in key companies," 
he says. 

Mr. Bendiks agrees with this 
timetable: “It's getting to be a realistic, 
even conservative, goal." he says. 

TS. 


The Welcome Mat Is Out 
For Foreign Investors 

The structure is now in place to accommodate investment from abroad. 


TThe amount of foreign capital in- 
vested in Latvia since independence to- 
taled about SI 40 million through Janu- 
ary 1994 - about half the direct foreign 
investment in neighboring Estonia over 
the same period. This was mainly due 
to the slow pace of privatization under 
previous Latvian governments, some- 
thing that should change now that the 
state privatization agency has started its 
ambitious program to transfer 75 per- 
cent of state enterprises to private 
hands over the next three years and 
provide new opportunities for foreign 
investors. 

Tm very optimistic about the future 
business climate.” says American- Lat- 
vian John Sillich, a trade representative 
for an American company in Riga 
dealing in electrical products. “Latvia 
has certain natural advantages - Riga is 
the largest city in the region, it’s in the 
middle of the Baltics and has ice-free 
ports.” 

The UJ5. pioneers 

By early this year, the greatest invest- 
ment in monetary terms had come from 
the United States - Kellogg. Coca-Cola 
and accountancy firm Price Water- 
house were early arrivals, while the 
ubiquitous McDonald's is due to open 
its first Baltic restaurant in Riga by the 
end of the year. The single largest in- 
vestment, however, is in die communi- 
cations sector, a joint venture involving 
state-run Latte! ecom and TILTS Com- 
munications, made up of the British 
firm Cable & Wireless (70 percent) and 
Finnish Telecom (30 percent). This 
Si 60 million project will renovate 
Latvia's telecommunications network 
over the next three years. The total re- 
structuring will take up to 10 years and 
could cost an estimated S 1 billion. 

Other investors, such as Kellogg, see 
Latvia as a jumping-off point for ex- 
porting to the other Baltic countries and 
to Russia. Kellogg opened its first East 
European factory outside Riga in a $22 
million greenfield investment and has 
already started exporting to Lithuania 
and Estonia. 

Small is beautiful 

Although Western companies are most 
visible thanks to mass advertising cam- 
paigns. Latvia's close ties with Russia 
have provided many more investments.’ 
Over a quarter of the joint ventures in 
the country are with Russian partners, 
followed by Germany ( 1 2 percent), the 
United States (S percent) and Sweden 
(7 percent). Overall, it appears that in- 
vestment is dominated by companies 


with relatively small capital invest- 
ments and that targeting tax advantages 
toward large investments of over 
$50,000 has not yet achieved the re- 
sults anticipated. 

The main areas of investment are 
forestry, wood processing, cellulose 
and the paper indusny, light manufac- 
turing, telecommunications and con- 
struction. Forests, about half of which 
are pine, cover about 43 percent of the 
territory of Latvia. This is regarded as 
an attractive area by many Scandina- 
vian countries as well as by Britain, 
currently the largest importer of Lat- 
vian timber. 

Spreading the wealth 
Latvia has yet to realize its potential for 
investment - well over 80 percent of 
the total capital is in Riga, and in- 
vestors await the results of privatiza- 
tion. There is, however, competition 
among the Baltic states themselves and 
also with the larger St. Petersburg mar- 
ket of 10 million. Both Tallinn and d 
Riga are eager to develop their ports 
and exploit their positions as gateways 
from East to West. 

No one is more aware of the need to 
woo investors than 30-year-old Uldis 
Vitolins, economics postgraduate of 
die University of Latvia and director of 
the government-funded Latvian Devel- 
opment Agency. “At the moment, one 
of our main problems is a Jack of re- 
sources to restructure our economy," 
he confesses. “We have ideas, plans 
and skills, but we have no money. We 
need not only investment, but also * 
knowledge about markets and manage- 
ment.” ; 

Young and restless 
The agency's aim is to promote Latvia 
as a place for investment, working in 
tandem with the Privatization Agency 
and the Riga Stock Exchange, due to 
open early next year and headed by 
Harvard MBA Karlis Cerbulis. The 
younger generation at the head of 
Latvia's financial institutions is impa- 1 
tient - the agencies and laws are in 
place, there are few restrictions on for- 
eign capital entering the country and 
foreigners can lease land for up to 99 
years - but the investment is slow to ar- 
rive. 

“The main aim is to get big names < : 
into Latvia,” says Mr. Vitolins, who 
looks forward to foreign investment in- 
creasing now that the state is selling 
companies off. the government has sta- 
bilized and the Russian troops have 
gone. S amantha Knights 






Reorienting Industry 

New markets and development are the first priorities. 



X oday, privatization and restructur- 
ing toward an export-oriented market 
are slowly shaping Latvia’s growing 
service sector, while the main indus- 
tries - timber and wood processing, 
electrical engineering, construction and 
light manufacturing - are looking for 
foreign investment and know-how. 

Privatization of industry is still in the 
early stages, with about 70 percent of 
industry still in state hands. The gov- 
ernment’s new rapid privatization 
scheme for the next three years aims to 
change this by developing rural areas, 
communications infrastructure and 
transport and by introducing new tech- 
nology. 

Id search oflost markets 

“We have many attractive sectors and 
good knowledge in the engineering in- 
dustry. but our enterprises have lost 
their markets," says Uldis Vitolins. di- 
rector of the government- funded Lat- 
vian Development Agency. 

Figures for industrial output have 
shown a steady decline in the last few 
years, dropping by 34 percent in the 
third quarter of 1992 from the same pe- 
riod the previous year and by 38. 1 per- 
cent last year. 

To reverse this downward trend, ac- 
cording to a World Bank report. Latvia 
will need to reduce its dependence on 
the supply of goods from monopolies 
in Eastern countries and to decrease its 
consumption of energy resources. This 
is particularly important for the energy 
sector, as Latvia has no energy re- 
sources of its own and buys oil from 
Russia and electricity from Estonia. 

Power generation 

To reduce dependence on imports, the 
energy utility has studied plans to build 
two cogeneration combined heat and 
power plants and to develop the hydro- 
electric potential of the River Daugava, 
as well as renewable resources such as 
wood and peat. These plans will re- 
quire an investment of about $2.5 bil- 
lion to complete. Energy was once 
Latvia’s chief export and import, as 
fuel from Russia was transportal to the 
West via Latvia’s oil terminal at 
VenLspils; it remains an important in- 
dustry today. 

Timber is one of Latvia's least- 


tapped natural resources: forests cover 
over 2.6 million hectares, or about 43 
percent of its territory. Last year, only 
60 percent of the amount permitted to 
be felled was used, and over the next 
10 years, the permitted volume is to in- 
crease to 8 million to 9 million cubic 
meters annually, making it attractive to 
future investors. The capacity of the 
wood-processing industry is also un- 
derdeveloped. due to a lack of both 
technology and money. According to 
data from the Latvian Development 
Agency, production has begun to in- 
crease. particularly in plywood. 

New trade agreements 
The engineering sector, which grew 
rapidly under Moscow's control -'con- 
tributing 26.3 percent of industrial out- 
put and 39 percent of industrial em- 
ployment by 1 990 - has suffered heavi- 
ly. A large share of the output from the 
electronics industry and shipyards was 
used by the military, while other com- 
panies. such as VEF, the supplier of 
telecommunications equipment 
throughout the Soviet Union, had mo- 
nopoly status. 

Today, a few industries have renego- 
tiated trade agreements with the newly 
independent countries of the former 
Soviet Union. The railroad car plant 
AVA, for example, is still producing 
for markets farther to the east, while 
there has been considerable interest in 
metal bought in Russia and shipped out 
to the West through Riga. The port of 
Liepaja, occupied by the Soviet mili- 
tary until this year, is also rapidly be- 
coming a commercial port. 

Exports looking up 
On a smaller scale, clothing manufac- 
turers and textiles have succeeded in 
reorienting their markets westward. 
Latvian companies have joined up with 
foreign partners to form joint-stock 
companies such as Velme, Saiva and 
Rita, which import materials and ex- 
port ready-made clothing. Two 
footwear producers, Redeber and Re- 
dex. have set up joint ventures with the 
German company Delta, while overall 
exports of light manufacturing goods 
and services to Western countries have 
already increased from $7 million in 
1992 to $36 million in 1993. S.K. 


“Latvia" 

wmi priklutTil in ms entirely by the Adwrtimg Defxirinieiit <i f 
the Iniemtintmil Herald Tribune. It wax sptmsrtml by the t;nvernineni nf Latvia. 

Wunwis: Samantha Knights it a huxiness and ecanumh'x writer 
who ttiren Haltii affairt. Terry Swanzberx it a Ak sines s writer hated in Munich. 
PlcOf iRA\l 1 >I kKi Tuft: Hill Muhder. 


.** * ..v- ■ 

•: ■ *■ e 


Latvia’s' banking sector is botfly 1 ' smaller Latvian Deposit Banjt are 
shaping upr with “about baff adozeiU 'cpBf^pefe®:for foefcid. while the De- 
banks offering reasonable $6^6^” * ~ posit Baric has recently merged with 
says Midrad Warn manager of ~ ccndhaOfirigl Centra Bank. Riga 
eign ireserpes at J&e Central ' Batik; ?*■’ Ganraerc^ Baric has chosen to issue 
! The bant® are competing aggressaye*'/; ;^^ publicly .to raise.its share capi- 
1 fy for depoats.and the Rattttttcapftal’ 

already propping ’up a &tge Ofre Igrgest pubHc issue in Latvia to 

of 

. crease in ‘time departs bHd by rinr- Y j V * v ' 

. vate indiVKfeials'Bi banksw from '155? , . Credit gap ■ • 

( miUkm lats m Jantfary \993 iTte r^’to attract deposits has forced 

aufllcb at current exchange rata$: rater sky high. At thestart of 

. 1 lt.9 irafiion. lass by tire end of ■ interest rates on short- 

'year. . % .K',V y '•.'tam&aSfr to gri s t ' p rises and fafivid* 

I -^«als vosfe 'ri)6\^^X)perceot, and to-- 

Aroopg tbemis.the ffce saje/l’^ar^inyws^e'f^ companies to: 

• of rare of the three remaining tocafly/.-. . v 1 • 

• batiks, tfaeUoiversa] Bank. The giatt .. •• '- loans are not 

qrf Latvian- banks', Parex; and tire'O -aWBkble eito^.tifeoi^h 'tbe Latvian 

• ' . . • . i- ' • 7 %. .v '•J' • • • • . 


Freeing 

Latvia’s 

Financial 

Strength 

Latvia s freedom isn ’/ just political. 

TThe lat. the national currency, is 
freely and unlimitedly convertible, 
with both local and foreign companies 
enjoying free access to international 
capital markets. Companies and indi- 
viduals are free to maintain accounts in 
whatever hard currency they desire. In- 
vestors are free to take stakes or found 
companies in whatever amount or 
whatever sector, with the exception of 
agriculture. Both profits and invest- 
ment capital can be freely repatriated. 
Following the British model, non-Lat- 
vians are free to buy 99-year freeholds 
anywhere in the country. 

A strict fiscal hand 
This freedom is a product of the Bank 
of Latvia's very strict, even draconian 
hand. Founded in 1990, it began full 
operations in September 1991. The 
bank quickly and rigorously instituted a 
wide range of far-reaching measures: it 
freed prices from their controls, set up a 
banking system and slapped strict capi- 
tal adequacy rules upon iL and kept 
money tight and expensive. In a daring 


i ■ .H ill I J w n il ■ m ii j i. ■ ■ ■■■ ■ ■■» 

.. •. ■ : ..I. :*/!. *:»•».* 3 » fc'.yi ■ |I • 

, ... -f » x »/ » r «iM' *• • • '■ i 

• m % . . • , a ,■ #| e.fff'l, : !v. * <• v ■■ ♦. • ’hAh^ • irf VSm. ■ / ■ \\ 

Sra-roR TaKTsShapk 


■ \ ..i*r : w..|; ■jvS (JflTf !»s. i, : < •' • 

Investment Bank, set up- with : tire wrt- forth as. a i. 
Baric .of Latvia as a ^areboWa : '.aaid^^ Bafoe region,- . 
later joined by foe Entopean-.B - 

channel' fong-term loans ftttors^g: . : Ag*&cy. 

.' •*: v . ■ . -’"v ■ v. ofeitey^naricetr ;■ 
•New regulations /• • • * ... /;• fcml-cuneftcy 

Rela tin g has 'betat launched .• 

. foe grip of the / 

. effling-.fo moves ft wRi,.tbvesr \ 

the; sector, a ransfcej? of Treasury ( 

• -had -theft Ikjenses; issued - 

. itee -fo raedii-poficles. Tfae : ' B&ik-' pg •'ba&kf-iti LaCv£a and-. . 

• t 'btURi TvflC’ -git?/-* dal a minimum l i i fai -' Cmuft. nU .O' 


Latvra.hasalSo setarmntm»m< 


•Atgar’.Sevefs.. chie£ 


For foe frame. Ri§a, ii1'th.fts nK»- ■ Wite.ibAaf$ctatency'-v> 
ey, barits snd.dpen-aoof to ■'jp^■Rusrfa.* , *■ 


, ! : sx •; 



BuASng on a solid aurency: tight monetary policy is paying off. 


step, the bank introduced first the “Lat- 
vian ruble" in May 1992, then rechris- 
tened and redesigned it as the lat in 
March 1 993. The lat was made the 
country's sole legal tender in June 
1993. 

Already a role model 
Says Professor Manfred Meier- 
Preschany. senior international banker 
and chief economic adviser to the Lat- 
vian government, of the Bank of 
Latvia: "They're a highly capable and 
totally professional group of people, 
and they're doing a good job.” 

Mr. Meier-Preschany's opinion is 
shared by both the international finan- 
cial press and local citizens. A recent 
article in Germany's Handelsblati 
called the Bank of Latvia “a Bundes- 
bank in the making” and described its 


president, Einars Repse. as "a role 
model for Central and Eastern Eu- 
rope's central bankers.” 

Ilmars Rimsevics, the bank's deputy 
governor, agrees: ‘There is now a great 
affection for the bank and the lat on the 
street,” he says. “But a year and a half 
ago, we were the most unpopular peo- 
ple in Latvia. Inflation was rampant 
and no one was sure if the new curren- 
cy was worth the paper it was printed 
on." 

Whipping inflation 

Since then, the rate of inflation has de- 
clined from 65 percent a month to 0.2 
percent in late spring, and has since 
hovered between 1 percent and 2 per- 
cent a month. “Inflation will continue 
to fall as the aftereffects of the freeing 
of prices and of the institution of a val- 


ue-added tax work their way out of the 
economy." says Mr. Rimsevics. 

In addition to their native talents and 
plain guts, Latvia's central bankers 
could call on another, invaluable asset 
in setting up a Western-style financial 
system: the support of their govern- 
ment. “The Latvian government has 
shown a willingness to take unpopular 
measures and make them stick." re- 
ports a recent survey of the Latvian 
economy conducted by Germany’s 
Manager magazine. 

Backing for the lat 
By curtailing public-sector expendi- 
tures. the government recorded a bud- 
get surplus in 1992 and 1993 by its 
own accounting; outside figures speak 
of a modest 3 percent of gross domestic 
product deficit in 1993. Public-sector 
foreign indebtedness is a minuscule 
$86 per capita, and that is more than 
covered by the Bank of Latvia's steadi- 
ly growing hard currencv reserves, pro- 
viding the lat with ample backing. 

“Success has quite a few parents” 
runs the maxim. In the Bank of 
Latvia s case, instead of parents, per- 
haps “generous, watchful godparents” 
would be more accurate. The IMF has 
provided the bank with both money 
and technical expertise, as have other 
international banks and national central 
banks. 

Of particular assistance has been one 
institution, which was itself founded in 
the aftermath of war and economic col- 
lapre. and also charged with the de- 
fending of a new, untested currencv 
Germany's Bundesbank. 






K 


1>J*I 




INTERNATIONAL HERALD TRIBUNE, FRIDAY, NOVEMBER 4, 1994 


Page 13 



f 

pj. 

If *y 

■■ ¥■■.■. . : ■' 

•- . V.v. v.-.n • ' «r<* A* H 


Yii-^w '’ rV 

■/''.■I'. ■'. * '■'■:W%! ;: 

%m- 

;| : l;tl j, 11:? ; 4: v iliilililJii 




Milestones of 
Laivian History 

Sixdates highlight Latvia 's recent liistory. 

November 18, 1918: Latvia gains Hs independence, 
putting an end to some nine centuries of outside rule, ia- 
■ chiding nearly 2<X» years of te partial, then total, Russian 
domination; The period’s high points had'beeaihe found- 
ing of Riga is 120 1 ^ddwdly'ssdbs^^ 

Hanseatic League in the year GEL'’-” • 

June 14, 1948: The Soviet army occupies tbe country, be- 
..ginrung five decades of Soviet conM- - • 

Jfnty 28, 1989; Latvia proclaims its sovereignly . ' “ 

Maty 4, 1990: Latvia Teassumes- fe8;-HHiepeodence:-Tbie 
Soviets retaliate with an ocwtbmic. blockade and then with 
aprotracted occupation of Riga.-.^: . . . . ; * 

August 21, 1991:. After negotiations and a plebiscite, 

' Latvia beeotnes folly independent. ;• 

August 31, 1994; The last Russian 'troops depart &Pm 
Latvia,' except for a few smggJsrs; attsdar station wSl vc-. 
1 .main trader Russian control ^ni]^^:five^yew*trai»?3ti<m. 
period. ■' ■ TiS. 










. . til 





-vr t . •/•. ’■K ••••*• 

E* >V* ■*?'*?* ■.t.fvJtt,: 

*e .**.4^ 


-ip. -: 

S . i|l#lli 





•?/!*$$*«* 


1^; 


A" +■■£ '-.v.4^4 




EfJ^ J 


y-.- 





s Cfcefawse from top tett Riga's cates, historic anM&Xwemd open-air markets are about to be discovered by tourists from 
§ amrmd the worki now th& word is getting out about the well-preserved efty. 


Getting Around 

Traveling around the country poses little problem. 




Riga is highly compact, 
and thus walkable. It takes 
less than 30 minutes to cross 
ihe entire inner city, some 54 
hectares in size. Taxis are re- 
liable. and drivers will pro- 
vide receipts unasked. 
Rental cars are available at 
Riga airport - spankingly 
modem and only 15 min- 
utes. 7 kilometers 
and a SI 2 cab fare 
away from the 
center of down- 
town. The coun- 
try’s highways are 
adequate, and the 
“Via Baltica,’’ the 
main trans-Baltic 
highway, is quite 
good. Buses and 
trains run through- 
out the country, 
but the buses are 
quicker and more 
frequent 
Getting into 
Latvia is also easy. 

Visas are dis- 
pensed at the bor- 
der or at Riga air- 
port, and cost be- 
tween $20 and 
$40, depending on 
the frequency of 
the traveler’s vis- 
its. (“Americans 

get in free of 
charge," remarked 
the young official 
at the visa counter.) Holders 
of British passports do not 
need a visa at all. 


Getting there 

Getting to Latvia used to be 
either time-consuming, ex- 
pensive or both. This is 
changing. While internation- 
al rail and road links remain 
slow, air access is improv- 
ing. Increased competition is 
bringing down airfares. 
There are now 13 carriers 
serving the country', provid- 
ing 85 weekly connections 
to 15 international destina- 
tions. 

Ferny sen ice remains an 
easy and economical way 
for those inneling by car to 
enter the country, with ser- 
vice from Copenhagen 
i three times a ueeki. Kiel on 


Germany's north coast 
(twice a week) and Stock- 
holm (weekly). Travel 
times: 36 hours from Copen- 
hagen, 40 hours from Kiel. 

On the ground 

Latvia’s banking sector is on 
a par with those of Western 
Europe, and telecommunicu- 



Sfe 

rw 

P| 

p|l^ 


The Freedom Memorial. 




tions are improving rapidly. 
The lat is fully convertible, 
and banks are thick on the 
ground in Riga. Current ex- 
change rate: 1 lat = $1.85. 
Dollars and Deutsche marks 
are also widely accepted, as 
ore credit cards. Excluding 
occasional lapses, interna- 
tional telephone calls go 
through with a minimum of 
difficulty. 

At latest count. Riga had 34 
hotels with a total of 5.00U 
beds. Accommodation i^ 
w idely available, especially 
in such tourist areas as Jur- 
mala and the Gauja region 
A whole generation o!‘ 
restaurants has sprung up m 
the country, featuring eclec- 
tic mixes of local cuisine 
and foreign specialties. 

T.S. 



i waS - 
Xpert - 1 
trong', 
Mon.' 
: first-. 


Resplendent Riga 
Awaits the Rush 

Latvia offers travelers a once-in-a-lifetime opportunity. 
liiea has been recently and wonderfully restored almost 

. % f i- i t_ j -i a i r .l. 


have yet discovered it 

“Few” is, of course, only a relative term; tour groups will 
soon start screaming into this resplendent city. Tourist ar- 
rivals in Riga rose 15 percent in 1993, and are expected to 
rise 70 percent in 1994. These tourists, mostly from nearby 
Sweden and Finland, have joined the Latvians in filling the 
Doma and “Big Guild” squares. Riga's equivalents of 
Prague's Wenceslas Square and Charles Bridge. But the 
Nordic travelers' enthusiastic reports of Art Nouveau man- 
sions, medieval guild and concert halls and greenery have 
not yet seeped into the global travel consciousness. 

Historic cityscape , 

Lack of information and a lack of access long kept Riga out 
of the world’s sight and mind, but signs are that both these 
constraints are rapidly disappearing. Students of architecture 
and guidebook writers are now seen prowling the Elizabetes 
and Albert streets, comparing notes on the glon« created by 
Michail Eisenstein, father of the well-known film duector 
and the seminal designer of Iale-l9th-cmmiy Riga. In one 
mid -October week, Riga was given top billing m two Ger- 
man travel magazines. Once prohibitively expensive, arr- 
fares are now coming down to West European standards. 
Even better, carriers have started to offer special weekend 
and “Get to Know Riga" rates. 

Everv vear. millions of people go to Prague and Siena in 
search of a city where the past is preserved in all its glory. 
This is also true of Riga, where for 700 years, the city s 
rulers and merchants, from Baltic barons to Hanseatic 
traders. German burghers and the Jewish entrepreneurial in- 
telligentsia, added their own charactensuc structures. 

2JSS«“ must have lovrf the city 
- there’s no other explanation for it, says Juns Avotins, a 

rfSvSSSS Mdrefrainerifrom 

chiteoure. Only one Stahn-era butldtng - the Hotel Latvta 

Monument of Xiben.no* . I 
SSS. « h0n r4 U ~^nns arrives 

mmmrn 

est tourist attraction. 

SBSBi- * “SKSSS 

&S peninsula, a true anradta- and be- 

w* “" d fores “ * ud T t 

with gracious and forbidding castles. 




: 



Latvia’s Crowded 
European Agenda 


Ties are being forged with the EU and other bodies. ^ ^ in above, an Art Nouveau building built in 1903 by Hans Bockslaff on New Street 


e’U have a full associ- 
ation agreement with the 
EU. similar to the ones be- 
tween the Union and the 
Visegrad Four, by the end of 
the year,” says Valdis 
Birkavs. Latvia’s distin- 
guished foreign minister. If 
so, it will cap a long list of 
impressive accomplish- 
ments achieved by Latvia in 
a relatively short ume. 

Taking the place of 1993*s 
trade and cooperation treaty, 
the free-trade agreement 
signed by the European 
Union and Latvia on July 
18, 1994 will take effect at 
the beginning of next year. It 
will remove all tariffs and 
quotas on Latvian goods im- 
ported into the EU. with the 
exception of such "sensi- 
tive” items as steel and tex- 
tiles, while allowing the Lat- 
vians to maintain various 
tariffs for a four-year transi- 
tion period. 

Trade figures talk 
These agreements are al- 
ready beginning to have a 
demonstrable effect The EU 
countries now account for 
over 31 percent of Latvia’s 
exports - up from virtually 
nil in 1991 and 25 percent as 
of the end of 1993 - and for 
a whopping 40 percent of its 
imports. Meanwhile, 


Latvia’s total exports were 
up 44 percent in 1993 over 
1992 (on a dollar basis). An 
increase of 41 percent in bi- 
lateral trade has made Ger- 
many Latvia's second most 
important trading partner. 
With the accession of Fin- 
land and Sweden, two other 
key trading partners, the EU 
share of Latvia’s trade could 
easily rise to 50 percent by 
1995. 

While quickly progressing 
on the EU front, the Lat- 
vians have been busy joining 
and founding other Euro- 
pean organizations - as the 
events of May 13 show. On 
that day, Latvia became an 
associate member of the 
Western European Union, 
while also chairing the 
fourth session of the Baltic 
Assembly, designed to be 
the local counterpart of the 
European Parliament. At the 
session, the assembly set up 
the Baltic Council of Minis- 
ters, which is to oversee im- 
plementation of, among oth- 
er things, the Baltic Free 
Trade Agreement. 

"1 think that we’ve proven 
that we’re good Europeans,” 
says Mr. Birkavs, “and 1 see 
a growing consensus that 
we’ll be a valuable addition 
to the various pan-European 
groupings.” TJ5. 


CARGO TO THE CI.S. 

Now, Latvian Shipping Co. offers you a whole new concept of getting your 
containerized goods to or from the former Soviet Union. Its Riga 
Transshipment train service is designed to get your important cargo there on 
time. It is fast, reliable and competitively priced. 

The process is simple. Just ship your 
container cargo from any of your 
represented ports aboard your 
vessels to Riga, and we’ll transship it 

laivian shipping company by train to your final destination. 


















Page 14 


INTERNATIONAL HERALD TRIBUNE. FRIDAY, NOVEMBER 4, 1994 


V 


ABC INVESTMENT ft SERVICES CO CE.CJ 
Marwmto-BcteulrvPO 2808, F* 5230*2 T15J2ZJS 

m ABC Futures Fund LM J I3*z2 

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mABCGtabol RttevKV Fd_S IIFJ7 

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ABU AMRO BANK. Pi). Box 2S3< Amsterdam 
wrColiinifela PI 136X7 

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ABN AMRO RMS 

* rae Jeon Mernetm*. 352-424*49520 _ 


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AIG FUND MANAGEMENT Ltd 

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WAIG Eureeu Fond Pic Ecu 

w aio Euro Small Co Fd Plc-S 
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tf AIG Jurat SmaH Cas Fd — S 
w AIG Latin America Fd Pic -S 
nr AIG Mltkurrency Bd Fd PtoS 
w AIG South East Asto Fd — s 

rf High u«e Fima ECU 

<f UBZ EuroOptlm&er Fred.Eeu 

a UBZ Liquidity Fundi 5 

d UBZ Liquidity Fund DM — DM 
d UBZ Liquidity Fund Ecu— Ecu 

tf UBZ Ltautoitv Fund SF SF 

ALFRED BERG 

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Alfred Ben steov 

d Far East * 

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d Far East USD B (Ccpl S 2 

d Joann JPY A (KMv) V 108 

d Joann jpy b (Cop) Y IPB 

d Parsec FRF B (Ca»l FF It 

d Latin America USD A (Dtvis J 

d Lotto America USD 8 (Capis t 
d Ntn Amertcn USD a (DW)-S i 

d Nth America USD B (CoM-S I 

d Asia USD A (Div) S 

d Asia USD B (Can) 5 

0 world USD A (Dtv] 3 >1 

d World USD B |Cnpl * II 

BUCHANAN FUND LIMITED 

c% Bank at Bermuda Ltd: IH9129S4N0 

t Gtabal Hedge USD 3 

t Global Hedge gbp 1 

t Global CHF -5F 

1 European ft Attontta ■ J 

I Pacific — * 


ADVERTISEMENT 

INTERNATIONAL FUNDS 

Quotation! sgppBed by funds listed. ead transmitted by kPCTWPAL PAHI5 jTn L 33-1 y ZB 0 9 CBt- 

t — M sto re ip i uttokiyu areerepfladbrgiqneidiltatad with the excepfiaw tore— gootre bared on tere e prices. 


Nov. 3. 1994 


Ttan nunjnel reinhto fi h tooton fr equ en c y to BBtotofare nip p l e d; frq.rfefty; (»] ■ wrekfr; {bl ■ btreonWn M tw tu^l dt y (■*•»» two WMksfc (ri ■ refltonrtjj (tl • (wire weaklnM* menlMz. 


t Emerging Markets S . ,.W 5 

CA1SSE CENTRA LE DES BAHQUE* POP. 


ALPHA FUND MANAGEMENT. LTD 
48 Par-LO-VHle Rd Hamilton. HM1I Bermuda 


w Alpha Asia Hcfee IM2U J* 12551 

m Alpha Europe Fd (Sep OT— Ecu TOM 

mAieho Futures Fd Imp 30)-* JfiM 

m Aloha GIM Pro Trad Sea 303 9627 

m Alpha Global Fd (Sen Nl — S 99 MB 

mAWia Hd? Fd a A/Sep JO— S 421.13 

m Alpha HdD Fd Cl B/Sea 30 — S 1(0X7 

m Alpha HOC Fd C10S» 30_S 100.75 

m Alpha Lotto Amer Imp JO) -t 377X7 

m Alena Padflc Fd (Scs>30)_£ 39147 

mAInhaSAM S 1205 

m Alpha Short Fill Sea 301 — 5 65X0 

m Alpha Shl-T Fix inc/Sep 30-5 11250 

m Alpha TllMale Fd (Sea 301 -S 17135 

m Alpha Worttiinuton (Sea Mis 11130 

wBCD/AtaboGi Hedge Sen 305 9073 

w BCO/AlPha Mkt Nlrl Sea 38 S 9019 

m BtnJi-Aloho EurHdg San 30. Ecu 15000 
mCrescat Asian Hedge Sea 30* 11076 

mGtobawesl Vahre (Sea301_S 161X4 

wHetaei Jam Fund Y ?«8 

m Hemisphere Neutral Sen 303 1009 

roLat Invest Value 1 Sep 301 — S 133JM 

mNkhAaal Aurelia (5 hMJ 171X3 

fflPadf RIMOPPBVIOCI31-5 10115 

m Rtosaen Inti Fund/Sen 30-5 9IJB 

mSopr inn Fd I5CP30I 5 174.97 

mSahalnnFaiSepJO) 5 10939 

AMSTEL (ASIA) LTD Tel: Z5Z4B 87 52 
: 1* Sprinter Japan Small Co l_S 9.70 

1 m Theta Company Fd 1 y iamoa 

ARISTA CAPITAL GROWTH FUND LTD 
Zurich 41-F39I BUD 

w Reeutatkm S S 5.93 

ARRAL ASSOCIATES LTD 

ufArral American Ouait Fd_J Idle 

n-Arrel Aslan Fwd 5 39132 

wArral Inti Hedg e Fund f 71274 

ATLAS CAPITAL MANAGEMENT LTD 

iv Atlas Gta&at Fd 5 9945 

BAH.nPtocxVaidorae.75M1 Paris 

m Inter market Fund S 54171 

f Interphl Cunvwl B<fc FF 261U2 

t imerpffi Intf Bds s SUJ7 

r Interptfl ObU ConverUbfesJ 604.13 

Intermarftet Multicurrency Fund 

m Class A FF 2Z7134 

mClasB B t 21708 

BANK BRUSSELS LAMBERT CB-J3 SO 2037 


d BBL invest America — S < 

d BBL Invest Betolum BF T2U 

d BBL Invest Far East Y 353i 

d BBL invest Asia _s ti 

d BBL invest Lotto Amer s 61 

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d BBL (L) Invest world— LF m 

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d BBL (F) Rcnlofund FRF FF U* 

d BBL Renta Fd Inti LF 351 

d BBL Patrimonial Bed— LF 1951 
d Renlo Cash S-Mrdhim BEF BF 13140 
d Renta Cash Sodium DEM DM 522 
d Renta Cash ^Medium USD S 304 
BARQUE BELGE ASSET MGMT FUND 
Share Distributor Guernsey MSI 726614 


' ir Inf I Equity Fund S 

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m Japan GW Fd A 131/10/MI-S 
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m Dual Futures Fd Cl A Untis S 
m Dual Futures Fd a C unitsJ 
m Maxima FuLFdSer.l CL AS 
m Maxima Fut Fd Ser. 1 Cl. B S 
m Maxima Fut. FdSer.2CLCS 
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d ISA Japan Reg. Growth Fd.Y 

d ISA Pacific Geld Fund I 

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nr Manila Fund - S 

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d Tasman Fund, S 

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w inaosuez High Yid Bo Fd as 
w Indosuer High YW Bd Fd BS 


b Maxi Espana Plus 905*400 

b Maxi France FF 488078 

iv Marl France 9j FF 467086 

d Inaosue: Latin America 5 1 1 JM 

d Indasuez MuKImecffo Fd — S rOTD 

BANOUE SCS ALLiANCE^REDtT BANK- 
14120 346-1281. Ogneva 
w Pleiade Nortti Am Eaultlvs-S no.10 

m Pleiade Europe Equlftes_Ecu 128.15 

w Pleiade Asia Pod Be Ea S 99JS 

nr Pleiade Envlrqnment Ea— S B821 

wPletodeDollcr Bonds S 9671 

w Pleiade ECU Bands Ecu 1O5J0 

w Pleiade ff Bonds FF I5L43 

nrPtetade Euro Canv Bands— SF 09.16 

iv Plelaag Dollar Reserve 5 10225 

■v Pletode ECU Reserve Ecu 10541 

iv pietade SF Reserve SF 1KL4? 

nr Pletode FF Reserve- FF msjo 

BARCLAYS INTL FUND MANAGERS 
Hong Kano. Tel: (8521 8261900 

d China (PRC) 5 822, 

d Hang Kang 3 33499 

d Indonesia 5 11272 

d Jnpcxi 1 10213 

d e«rv. < I4JM0 

d Atatoysta S 27J9J 

d Philippines S 324B8 

d Stogocore S 22.153 

d Thaltond S <1593 

d South East Asia S 34J9I 

BARING INTL FD MANGRS (IRELAND) LTD 
(SIB RECOGNIZED) 

IFSC HS&Custum Hw DackoDub. 44716386000 
nr High Yield Bond S 9X8 

iv World Bond FFB FF 5425 

BARING INTL FD MNGRS (IRELAND) LTD 
(NON SIB RECOGNIZED) 

wAiwtrnlln V 2423 

» Japan Technology i 447 S 

w Japan Fund 5 taps 

w Japan New Generation S 2154 

w Malaysia 8> Singapore s 136.18 

w North America S 2734 

w Octopus Fund * CM 

tv Pacific Fund- S 11520 

iv filler national Band ttug 

w Eurppg Fund « 11.97 

w Hang Kang — — S 10753 

w Trtsta r Warrant —5 34.17 

w Global Emerging Mkts 5 15J8 

nr Latin America , 14.73 

w Currency Fun d t 1443 

w Currency Fund Managed—! 5222 

tv Korea Fund— A 10.91 

w Btotog Emero World Fd S 1X21 

BCL CURRENCY FUND 

mSCL iron $ 796.12 

mBCLDEM- DM (0547 

m BCL CHF SF 92479 

iwAO cap FF 4218X6 

m BCL JPY. Y 8269100 

m BCL BEF BF 2S926JH 

DDD GROUP OF FUNDS 

w BOD USS Cash Fund « S4I4S4 

wBDD Ecu Cadi Fend— Ecu 623QJ9 

w BOD Swiss Franc Cash SF SI 1748 

IV bdo im. Bond FanHiSS— s 51 WJ4 

wBDO InL Bond FurxFEcu Ecu 662162 

w BDD N American Equity FUS 498849 

wBDD European Equity Fund Ecu .g B N W 

mBDD Aden Ewjttv Fund % 1<91M 

mBDD US Small Cop Fund _5 1063.97 

mBDD Jam Fd— — j 947J3 

mBDD EmorgkwMkts Fd— 5 994.14 

nr Eu roll nanclero Fixed lnc_FF 1040C22 

IV Eurafln Muttl<y Bd Fd FF 9000.10 

BELINVEST MGMT (GSY) LTD 
nr BeUnvest.graHI- ... S 136057 

wBeDnycst-Global 3 91434 

w Bettnvesi-israel s 66773 

IV BeHnyrat-MuHIband _J 937 JM 

w BeUnvest-Superior— _ ,5073 
BNP LUXEMBOURG 
INTER CASH 

t Franc FRF — — FF 1S09X3* 
t Fnmee SeeurWv ce 1(08479 

I Inter Cash DM DM 777125 

I Inter Cash Ecu Ecu 19CJ5 

I infer Cash GBP r 1908,77 

I Inter Cosh USD S 12*5X6 

I Infer Cash Yen V 1&S212 

INTER MULTI INVESTMENT 
wPrfvotlKrttons Intf Invest— S 1222*27 

w Telecom limn « I037JN 

INTER OPTIMUM 

w imerboad USD S 141*20 

WBEF/LIIF _ hc 1M220B0 

w Mumdevbes Dm DM 7BSU1 

•» USD— — — I (3*174 

“'FRF— FF 1473*12 

w ECU— —.Ecu 120127 

INTER STRATEGIE 

w Austral I* . s 119970 

nr Fraree FF 10*8972 

w Europe ou Nora. 1 1725x1 

w Europe Ou Centre DM 268204 

w Europe du 5ud Ecu 874S 


w Joann v 

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d Europe ECU B (Cop) Ecu 

0 Global Eq USD A (Div)— 1 

a GfoOat EO USD B (Cool 5 

d Global Bands USD A (Dhu 
d GMOal Bants uso B (Copt 5 


d Fructltux - ObL Fxs A FF 841427 

d Fnictlhix- Obi- Euro B Ecu 1498J0 

W Fructltux- Actions FskCJFF 8016X5 

d FructUux - Adlans Euro D .Ecu 172U9 
ti Fructllux ■ Court Terme E_FF 87S*M 

d FrudDux - D Mark F DM IUXL71 

CALLANDER 

w Consider Emer. Growtn — S 1312* 

wCaltonqer F-Asset * 15529 

w colander Frustum as 1 156.95 

w CatUtoer F-SpanBi Pta 718620 

nr caltonder F-US Heattti CroS 46.11 

w Cdtanaer Swiss Growth— SF t*Z21 

CAMPBELL (BERMUDA) LTD 
nr Gtol mstituttonel (71 Od) _5 92735 

CANADIAN INTERNATIONAL GROUP 
dClCmatonGfowttiFd — ,CJ 6X7 

d Cl North American Fd a 827 

d Cl Podflc Fund d 1132 

d a Global Fund CS W* 

d Cl Emera Markets Fd a 9.95 

d Cl European FraL— CS L72 

d Canada Guor. Mortgage Fd C5 1920 

CAPITAL INTERNATIONAL 

w Capital ton Fund 5 13622 

w Capital itana sa s 43.13 

CDC INTERNATIONAL 

nr CEP Court Term* FF 17921723 

w GFI Lang Terme— - FF 1517208X0 

CHEMICAL IRELAND FD ADM LTD 
353-1 66 U <33 

ir Korea 215* CentvrY Imrt— 5 11JD 

wTheYdlawScalnvtCd— S 1120 

CINDAM BRAZIL FUND 

d Ondam Equity Eixid s 1692873 

d Ctodam Balanced Fund— s 12SJ7W 

CITIBANK (LUXEMBOURG) SJL 
POB 1373 Luxembourg TeL 477 95 71 

d CHtoved Global bena s 9777 

0 ChtovesT FGP USD S 121427 

d Cltlnvest FGP ECU Ecu 122670 

dOtkivest Selector S 1447X1 

d OHcurrenries USD - 5 16975 

d attcurraidesDEM DM 14*93 

d CH Currencies GBP 1 165X4 

a CiWcutrendes Yen— Y 1245720 

d ailPOrT NA Equity S 239.16 

d Cllbwrt Cent. EuraEuuItv-Ecu 17US 

d Cltlparl UK Equity — C 13125 

tf Of (port French Eoultv FF I3B725 

d Clllport German Equity DM 9126 

d CHipotl Japan Equity— 1 Y 473720 

d Clllport IAPEC 5 225.00 

d Clllport Eamec 5 20**9 

d CltkPOrt NJL 5 Bona 5 15627 

ti Cttlport Euro Band Ecu 14*63 


d Mmoad Currency Fund— S 

d Indio Focus Fund S 

CITIBANK (PARIS) SJL 02/17/94 

datl 96 Cop gw s 

d CtH Gfd Aslan Mils Fd f 

curr rust 

w US S Equities 5 

w US S Money Market S 

W US 5 Bonds S 

mCltlperiurmonce PHI SA S 

■r The Goad Earth Fund— 5 
COMQEST (Sftll 44 7075 10 
t CFi. Lotus Fwid — 5 

nr Comgesf Asto ■( 

iv Cement Eurone- ■ SF 

CONCEPT FUND 

0 W AM Global Hedge Fd S 

b WAM Irtti Bd Hedge Fd s 

CONCERTO LIMITED 

! w NAV 23 Oct 1994 S 

I COWEN ASSET MANAGEMENT 
Coven Ent e r p rise Fund N.V. 

■vCkroAShs -S 

vr class BShj - 5 

I CREDIS INVESTMENT FUNDS 

ti C5 Porh Inc DM A DM 

d CS Portf Inc DM B DM 

d CS Portt Inc (Lire) A/B Lit 

d CS Porlf Inc SFR A SF 

d CS Portf Inc SFR 8 SF 

d CS POrtf Inc USSA S 

a CS Pqrtt Inc USS B 3 

0 CS Portf Bal DM DM 

d CS Portt Bai litre! A/B Lit 

ti CS Portf Bal SFR SF 

d CS Port! Bd USS I 

<TCS Pbrtf Growth DM DM 

d CS Portf GTO (Urol A/B U! 

ti CS Portf Growtn SFR SF 

d CS Port! Growth USS S 

d CS Monvy Martel Fd BEF -BF 

d CS Monev Market Fd CS CS 

d CS Money Market Fd DM DM 

ti CS Money Mot Lei Fd FF FF 

ti CS Money Merkel Fd Ecu- Ecu 
d CS Money Market Fd HFl—FI 
ti CS Money Market Fd Lit Lit 


99*52 

102822 

95340820 

94878 

98269 

953X6 

97*24 
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ti CS Money Markel Fd Pta— Ptos 12917020 


d CS Money Market FdSF SF 

d CS Money Market Fd S—S 
ti CS Money Market FS Yen— Y 

ti CS Money Market Fd E t 

d Credta Ea Fd Emera Mkh-S 
ti Credls Eq Fd Lai Amer _ — S 
d Credls EoFdSmon Cop Eur dm 
d Credls Ea Fd Small Cop Gctdm 
d Credls EaFd5inallCaPJapY 
d Cradis Ea Fd Sm Cap USA-S 
ti Credh Korea Fund— s 
d Credls Snul+MW Cap SwlhiSF 

d Credit Suisse Fds inti SF 

d CS Euro Blue Chios A DM 

d CS Euro Blue Chips B DM 

d CS Francs Fund a FF 

d CS France Fund B FF 

d CS Germany Fund A DM 

ti CS Germany Fund B— DM 

ti C5 Gold MIMS A— — S 

ti CS Gold Minei B 1 

d CS Gold Valor S 

d CSHbPano Iberia Fd A Pta 

ti CS Hhpano Iberia Fd B Pta 

d CS Italy Fund a Ui 

d CS Italy Fund B Lit 

d CS Jmxai Megatrend SFR— SF 
d CS Japan Megatrend Yen -Y 

d CS Netherlands Fd A FL 

d CS Neltvsrtaids Fd B FL 

d CS NorftvAmerfcon A S 

d CS NarttvAmerican B S 

ti CS Oeko-Profec A DM 

d CS Oeko-PrafecB DM 

d CS Tiger Fund J 

d CS UK Fund A 1 

rf CS UK Fund B- 1 

ti Energle- valor SF 

a Europe Valor SF 

d Podflc - valor SF 

d SctmebrraUieti SF 

ti Bond Valor D-Mark DM 

d Band Valor Swf SP 

d Bond Valor US -Dollar 5 

d Bond Valor Yen Y 

d Bond VahF t Sterling 1 

d Convert Valor Swf SF 

d Convert Volar US - Dollar— I 

d Convert Valor c Sterling £ 

d Croat Swiss Fds Bdi SF 

d Credls Bond FdAusS A AS 

d Crock Bond Fd AusS B AS 

0 Credls Bond Fd Can* A CS 

d Credls Bond Fd Cons B a 

d Credb Band Fd DM A DM 

d Credls Bond Fd DM B DM 

d Credls Band Fd FF A FF 

ti Credls Band Fd FF B FF 

d Credls Bond Fd Lire A/B— Lit 
d Credls Bond Fd Pesetas A/B Ptos 

d Credo Band Fd USSA S 

0Crwfls Bond Fd USS B * 

d Credls Bond Fd Yen A Y 

d Credls Bond Fd Yen B Y 

d Credls Band Fd ZA £ 

d Credls Bond Fd ZB_ C 

dCS Capital DM 1997 DM 

tf CS Capital DM 2DOO DM 

ti CS Capitol Ecu 2080 Ecu 

d CS Capitol FF 2000 FF 

ti cs Capital sfr am sf 

d CS Ecu Bond A JEdu 

ti CS Ecu Bond B Ecu 

d CS Eurona BwW A . DM 

d CS Eurooo Bond B DM 

d CS Fixed I OM8% 1/96 DM 

d CS Fixed I Ecu 8 3/4% 1/96 -Ecu 

d CS Fixed I SF 7% 1/96 SF 

d CS FF Bond A_ — -FF 

d CS FF Bond B FF 

d CS Gulden Bwid A FI 

d CS GuWcti Bond B R 

d CS Prime Bond A SF 

d CS Prime Band B SF 

d CS Shon-T. Band DM A DM 

d CS Short-T. Bond DM B DM 

d CS Shon-T, Bond* A S 

d CS Start- 7. Bond 5 B 5 

d CS Swiss Franc Bond A SF 

ti CS Swiss Franc Band B SF 

d CS Eurereal DM 

CREDtT AGRICOLE 
1NDEXIS 

d indatia USA/SAP SX s 

tf Indexti Jaaen/Mkkel Y 

tf Indexfs g Bret/FTSE c 

tf Indexls Fronce/CAC 40 FF 

tf Indaxta GT— - _FF 

MONAXIS 

tf Court Terme USD S 

tf Court Terme DEM DM 

tf Court Terme JPY — Y 

d Court Terme GBP ■ ■ t 

tf Court Terme FRF FF 

tf Court Tgrtne ESP . w * 

tf Court Terme ECU Ecu 

MOSAIS 

tf Actions Inti Dtvgrsffleea— FF 
tf Adlan NardAmertcafnes-S 

tf Actions Jopanolses Y 

tf Actions Anatolies 1 

tf Actions Allemandes —DM 

d ACdons Francoises— FF 

d Athens Em ft Part Pta 

ti Adlans Uollennes _l.lt 

d Actions Basin PodHoufl — S 

d Ob IHi Inti Olvenlflees FF 

tf Otrile Nard-Americainee— 2 

tf Obflg JQpanalsex Y 

tf ObltaAngkdses -t 

tf Obflg AUwrwtei DM 

tf Oblig Francoi ses . — FF 

tf Oblig Eta. ft Port... .——Pta 

tf Obflg Convert, intern. FF 

tf Court Terme Eai Ecu 

tf Court Terme USD J 

tf Court Terme FRF J=F 


3*3681 DIT INVESTMENT FFM 

26J68T tf Ggnc*nfra + -DM 5055 

167058 0 Inn Rentenlo n d* —DM 6621 

1670SB DRESDNER IlfTL MGMT SERVICES 
97636 La Touche House- IFSC- Dublin 1 
97636 OSB Thornton Let Am WFd 

1Q3247 tf Caaauistader Fund S HUB 

182247 DUBIN ft SWIECA A55ET MANAGEMENT 

Tel ; (809) 945 1400 Fax : (889) MS 1488 
p b Hlghbrldge Qmital Corn_j 1219*44 

1375 mOnrtaak Pertormonce Fd_5 2048*2 

1191 m Podflq RIM Op Fli 8 105.15 

1193 BBC FUND MANAGERS (Jersey) LTD 
11X7 1-1 Seale St. St Heller ; 05U-36331 

1*8) EBC TRADED CURRENCY FUND LTD 

7*35 tf Costal S 2070 

’OP. tf lncomg_ J 15X71 

141*87 INTERNATIONAL INCOME FUND 

I498J0 tf Long Term- — S 31209) 

5015.45 tf Lang Term - DMK DM Kf»i67 

172829 ERMJTAGE LUX (3SMB3 38) 

(754X0 w Ermltage Inter Rate SJrnl _DM (118 

1)0173 er Ermltage Setr Fund s 6137 

ig Ermltgge Asfai Hedge Fd_S 12 

13134 w Ermltage Euro Hedge Fd —DM *27 

15529 w Ermfiaoe Cras&y Asia Fd_S I9XZ 

1156.95 Mf Ermltage Amer Hdg Fd t 7.74 

188620 "f Ermttosc Emer MMk Fd S 1727 

46.11 EUltOPA FUNDS LIMrTED 

14281 0 Amerieofi &wttv Fixid I 27164 

tf American Option Fund S 177.93 

92735 E Mr Asian Equity Fd . 8 129.11 

» tr Euraueiii Equity Fd — S TZU8 

6X7 EVEREST CAPITAL (889) 292 2288 

827 m Everest Capital Inti Ltd S 13*38 

ini Fairfield oreenwkh group 

93* m Advanced Strategies Ltd s I6Z07H7 

9.95 m Chorus internation a l Lid S tOOJO 

532 W Fairfield mtl Ltd S 21825 

1920 » Fairfield Sentry Ud 5 34*70 

wFairtkid Strategies LM S 8225 

13632 m Sentry Setod L to S 5117333 

4111 FIDELITY I NTH. INV. SERVICES (LSX) 

tf Discovery Fund s 2061 

71733 tf Far Eas Fund A 65X1 

788X0 tf Ftd. Amer. Assets—^— 2 20191 

ti Frontier Fund— —_S 3729 

d Global Ind Fund — 5 1979 

1130 tf Global Setedton Fund___s 23X3 

H3Q tf New Eurone Fund S 1*60 

d Orient Fund S 13626 

92873 tf Special Growth Fund —2 4192 

>2289 tf World Fund. S 119X8 

F INMAMAB EM E NT SA- Logon 0(4131/229372} 

iv Delta Premium Coro 5 1775181 

9777 FOKUS BANK AS. 4710 583 

21*87 w Sconfonds Infl Grawfti Fd-S 977 

22*70 FOREIGN A COLONIAL EMERG MKTS LTD 
447X1 Tel J London 071 628 1234 
65*75 d Argentinian Invest CoSIczwS 3738 

14493 tf Bradlkn Invest Co Stenv— S 4337 

165X4 wCoiontoton invest Co StcavjS 1430 

45720 tf Gtx Em Mkts Inv Co StajvJ 1127 

239.16 tf IndtanlmresICaSicav— _S 12X6 

17135 tf Lotto Amer Extra Yloto Fd* 9X755 

13375 tf Latin America Income CO— S 931 

S7JS tf Lotto American Invest Co— S 12*9 

9136 tf M exic an Invest On Slcnv S 4519 

73720 w Peruvian Invest Co Slcov S 1*10 

235,08 FUND MARKETING GROUP (BIO) 

20**9 P-O- Bax 2981. Hamilton. Bermuda 

15627 mFMG Global <30 Sep) S 13X9 

14*63 mFMG N. Amer, <30 Sec) s 1(150 

14580 mFMG Europe <30 Sari S 10X9 

B8X8 mFMG EMG MKT (30 S«PI _S 1290 

mFMGO (30 Sep) S 9.47 

57088 mFMG Fined 130 Sep) S 10.14 

17X73 FX CONCEPTS [BERMUDA) LTD 

vr Concepts Fare* Fund— S 932 

45500 GAM CURRENCY FUNDS 

29700 w Gaia Hedge II * 13*16 

69400 w Gau Hedge m s 1*47 

67496 C GAIA Fx S 123.92 

86380 mGcdo Guaronteea CL 1 S 81 JO 

m Goto Guaranteed CL II. 5 7951 

12876 GARTMORE INDOSUEZ FUNDS Jl/10/9* 
15058 Tel: (352)46 54 34 470 
81.12 Fax: 13521 46 54 23 
BOND PORTFOLIOS 

Q&H tf DEM Bond DHS23 DM 637 

892* d Olveroond Dfs2JJ SF LOO 

tf Dollar Bond DIs 114 S 2X2 

92.72 tf European Bd— DIs 1.11 Ecu 137 

d F ranch Franc— Dis 936— FF 1262 

d Global Band Dts 210 s 222 

Writ* EQUITY PORTFOLIOS 

i27X5 tf ASEAN S 9X2 

tf Asia Podflc S 526 

9*52 tf Conftornhd Europe — Ecu 1X3 

2822 tfDevefoPtoa Markets s *34 

MJ» tf France FF 10.42 

4878 tf Germany DM 530 

8269 tf International J 2X6 

5166 tf Japan Y 269M 

7E24 tf North America— — S 2X8 

2638 tf Swffisrtand SF 138 

7920 tf United Kingdom t 1X2 

7831 RESERVE FUNDS 

0143 tf DEM D 13 3X81— DM 6X27 

9637 tfOoflcr Ols 2123— . S 2195 

(020 tf French Franc FF 1106 

37.27 tf Yeti Reserve V 2073 

1222 GEFINOR FUNDS 

BjOO Londan:71-499 41 71<Genevq:41-22 7355530 

30X7 w Scottish WBrtd Fund 3 4773463 

1521 w Slate Si. American a 30.97 

13X3 GENESEE FUND LM 

20X0 ■ (A) Genesee Eaate S 156X6 

2637 GLOBAL ASSET MANAGEMENT 

*920 OFFSHORE FUNDS 

1020 11 Athol StAxigtasJot Man 4*62*626037 


1556 

r GTTertnalogyFuMAShJ 4123 

fGTTgdnaloiwFandBShJS 6171 

OTMA8MGEMENTFLC (44717194567) 
tf G.T. Bfotec b/HeotHi Fund_s 2037 

tf G.T. Deufsrtiiand F.mn « 12.74 

tf G.T. Europe Fud c 

w G.T. Gtobol sman Co Fd s 3023 

tf G.T. invesrmenl ftn 9 27*9 

» G.T. Korea Fund * av. 

■vG.T. Newly Ind Countr Fd_s mji 

wG.T. US SmaH Caninntes-l 2L41 

GUERNSEY CAPITAL MANAGEMENT LTD 
t GCM in Ea. Fd___j6 108X1 

t GCMUSSSaectol J 100587 

GUINNESS FLIGHT FD MNGRS (Ginn) LM 
GUINNESS FLIGHT &LBLSTRATKY FD 

tf Managed Currency S 39X1 

tf rt**" 1 a™ 1 3192 

tf GtobaJ High Income Bond— J 21J0 

tf Gill ft i Band — 1020 

tf Euro Hloh inc Bond ( 2021 

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Sis r maM — -i ’jg 

tf 1 124X7 

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tf Deulschemarfc Money — dm 9U31 

tf US DaUar Money s 39094 

tfU5 Dollar High Yd Bond— S 2*75 

tf Inn BoiqnradGrth— J J7.07 

HASENBICHLER ASSET MANGT GCSJtebH. 

w HaseneictUer com AG s 674000 

m Hasenblchler Com Inc S 12114 

wHosenfkchtorOrv S 1J733 

WAFFT- 5 148*56 

HOF FINANCE,Tel(S.1MIW44SfcFtS'«ZM4S5 


! nrMondliivaa Eurooe FF 124 

! w Ma nd Invest Crebsonce - FF 133 

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, HEPTAGON FUND MV (599*615955) 

f Heptagon 0LBFw«l__3 8 

C Heptagon CMO F«vJ„ s 5 

HERMES ASSET MANAGEMENT LTD 
Bermuda:(8D?)295 ®00.Lux:(3S2M0464 61 
Flral Prices 

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ml l erme s North American FdS 30 

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m Hermes Bond Fia vt Fn. (23 


m Hermes Stan brg Ftf c 

m Hermes Qoid Fww s mo? 

HUTZLER BROKERAGE 

m Pegasus P-P- Portfolio 5 1206 

IFDC SJL GROUP, Loatfoahnt [4*71 X35 91T7 

wlFDC JopanFund Y 2397100 

w Intrrtxtod Fund Ecu 10417X1 

w Korea Dynamic Fund S 2319X7 

iv Malacca Dynamic Fund 5 197*43 

m Maroc investment Fund— FF 99867 

INCOME PARTNERS IASUU LIMITED 

IV Asian Fixed Income Fd S 18712 

INTERINVEST (BERMUDA) LTD 
Cto Bonk of Bermuda, Td: 809 295 4000 
« Hedge Hog t Consent* Fd-S 951 

INTERNATIONAL ASSETS FUND 
2, Bd RdvoL L-2449 Luxemboora 

w Eurooe Sod E Ecu 89.17 

INVESCO INTL LTD, POB 271, Jersey 
Tel: 4451473114 

tf Maximum income Fund— J BJeoo * 

rf Starting Mngd Pill L 22900 

I tf Pioneer Markets. 1 *28X 

tf Giotxil Bond < 

| tf Ok asan Globe I Strategy S 177300 

tf Asto Sucer Growth S 27.190 

1 tf Nippon Warrant Fund 5 22000 

rf Alto Ttger Wbrron 1 s 53400 

, d European Worranl Fund S 19U 

1 tf GM N.W. 1994 S 9.(00 

tf Global Leisure— S 5.1000 

PRE/AIER SELECT FUNDS 

tf American Growth 5 62900 

tf Amcr luji Enterprise S L9TO 

0 Ask) Tiger Growth 5 123900 

tf Dollar Reserve 5 53300 

tf European Growth 5 5X700 

tf European Enterprise 5 6Xfl» 

tf GIo&gI Emerging Morfcete_S 9-7400 

tf Global Growth S 5J400 

tf Nippon Enterprise S 82100 

d Nippon Growth— 5 5X100 

tf UK Growth L 53000 

tf Starting Reserve— —I 

tf Greater China Oops s 72400 

IRISH LIFE INTL Ltd, (fax) 3S3-1-384 1922 


tf I n remotfctoni Cautious S 121* 

d International Balanced s 1227 

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ITALFORTUNE INTL. FUND5 
wCiassA (Aggr. Growth ItaLIS 7726620 

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irCtossO (Ecu Band) Ecu 10X7 

JARD1NE FLEMING. GPO BOX 11448 Hg Kg 

d JF ASEAN Trust 5 6222 

tf JF Far East wrnl Tr— 3 2053 


1616720 iv GAM ASEAN 5 

240155 w GAM Australia * 

1263X4 ivGAM Boston S 

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85241 rv GAM Cross-Market S 

97*28 w GAM European S 

737220 W GAM France FF 

101597 w GAM Franc- val SF 

97526 IV GAM GAMCO 5 

21920V w GAM High Yield S 

12550 wGAM East Ask) 5 

239.94 w GAM Japan - - — . » 

25350 W GAM Money MMs USS S 

88841 tf Do Sterling 1 

94856 d Dg Swiss Franc SF 

75050 d Do Deutsctienxirk _J3M 

26441 tf Do Yen .... .....Y 

27338 w GAM Allocated MITFFd— 5 
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146X7 v I w GAM Ml t i- Eurooe USS. 


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w GAM Tradlra USS 5 

w GAM Overseas 5 

iv GAM Pacific _S 

IV GAM Relative Value — -2 

tr GAM Selection —5 

w GAM Slngaporo/Makirsla-S 
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wGAM Tyche 5 

wGAM US S 

w GAMut Investments —2 

w GAM Vofcie —2 

w GAM Whitethorn 5 

w GAM Worldwide S 

wGAM Band USSOrd S 


75350 r | wGAM Band USS Special. 


wGAM Band SF 

wGAM Bond Yen 

wGAM Band DM 

wGAM Bond ( 

wGAM (Special Bend. 
wGAM Universal USS. 


tf JF Global Canv. Tr s U9S 

ti jf Hang Kang Trust S 1?.« 

tf JF Jam Sm. Co Tr Y 47691.00 

tf JF Japan Trust Y 1I4U20 

tf JF Molars*) Trust S 2832 

d JF Pacific Int Tr. S 1225 

ti JF Thaltand Trusl S 45J*S 

JOHN GOVETT MANT (10 MJ LTD 
Tel: 4*624 - 6294 30 

w Gcvetf Moa Futures £ TIXJ 

wGavett Man FuL USS S 7X8 

w Govett s Gear. Curr ■: 11.69 

w GoveH SGIM BaLHdge 5 102314 

JUUUS BAER GROUP 

tf B oerbond s f 836.9s 

tf Conbor SF 16*405 

tf Eaulboer America S 2400.U 

tf Eautbaer Europe 5F 156634 

tf SFR -BAER— SF 108038 

tf Stacfcbor — -5F 225*78 

tf Swlssbar- — — =_SF 2am48 

tf Llqutooer. S 2298X0 

tf Eurase Band Fund Ecu 

tf Dollar Bond Fund— _2 

tf Austro Band Fund AS 125820 

tf Swiss Bond Fund SF 

tf DM Band Fund DM 

tf Convert Bond Funa SF 

ti Global Band Fund— —DM 
tf Euro Slock Fund— — — .Ecu 

tf US Stock Fund 2 

tf Pociiie Stock Fund 5 

d Swiss Stack Fund 5F 

tf SpecW Swiss Stock SF 

tf Jim Stock Fund Y 947020 

d German Stock Fund ,DM 

d Kmean Slock Fund. S 

rf Swiss Franc Cash — SF 122120 

d DM Cash Fund DM 177820 

tf ECU Cash Fund— Ecu 129S» 

tf Sterling Cadi Fund 1 112220 

rf DaUar Cash Fund S 1059X0 

d French Franc Cadi FF 113220 

KEY ASSET MANAGEMENT INC 

m Her Asto Holdings. S 10250 

m Key Gtoool Hedge s 251.18 

mKev Hedge Fund Inc 5 151J9 

Kl PACIFIC ASSET MANAGEMENT INC 


w Global Strategic A S 9933 

w Global Strategic B S 99.19 

wEbroatan Strategic A S 99.15 

w European Strategic 8—2 99.19 

w Trading Strategic A S 15136 

w Trading Strategic B— -2 10722 

w Emera Mkts Strategic A— s llfl.15 

w Emera Mkts Strategic B__S 11238 

w Allocated Strategic Fd A s 10020 

wAhocoted Strategic FdB— 2 10020 

SWISS REGISTERED FUNDS 41-1-422 2636 
Mi0!tebochStTOSsel71Ofaa3*Zurkti 

tf GAM (CHI Europe SF 9126 

tf GAM (CHI Mondial SF 14027 

tf GAM (CH) Podflc SF 282X9 

SEC REGISTERED FUNDS 

13S EesJ 57ih SlraefXlY 1002Z2t2«»4200 

wGAM Europe. ■ ■ 9tXl 

wGAM Global S 13B63 

wGAM InternatkxKd 1 19824 

wGAM Japan Capita I S 9724 

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wGAM podflc Brain S 194X2 

IRISH REGISTERED UCITS 

6S66 Lower Mount STJJubdn 13SS-W6040 

W GAM Asia me Y TOO 28 

w GAM Eurapa AOC. DM 12736 

w GAM Orient Ace DM 15326 

wGAM Tokyo Aar. — DM 17126 

WGAM Tata Bond DM ACC—DM 10*47 

wGAM universal DM Ace — DM 17*90 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda: (8091 215-4000 Fax: 1809! 295X180 
JWH GLOBAL STRATEGIES LTD 
w(A] Original invesrmenl — 1 82X4 

w <C) Financial ft Metals S 14*53 

wlDi Global DtversHted 3 11036 

w(F)G7 Currency 1 91X6 

w(Hl Yen Ftocnrtal. 5 15734 

w(J) Dfvereffled Risk Adi. S 11838 

w (Klimt Currency ft Band_S 116X6 

wiL) Global Financial s 73JB 

wJWH WORLDWIDE FUND2 17X8 


mKJ Alia Podflc Fd LW S 1223 

KIDDER, PEABODY 

h Otesaoeake Fund Ud S 2985X3 

bill Fund Ud 5 1 180.17 

h InTI Guaranteed Fund S 1372.16 

b Slanehwige Ltd s 175957 

LEHMAN BROTHERS 02/11/N 

tf Asian Dragon Port nv A — s KLS4 

tf AsRto Dragon Port NV B J 1052 

tfGtobal Advisors 1 INV A 5 IOSO 

rf Global Advisors 11 Nv B s klm 

tfGloboJ Advisors Part NVA2 Ittrt 

d Global Advisors Port NV BjS 10.41 

d Lehman Cur Adv.A/B— 2 753 

tf Natural Resources NV A— S 1020 

tf Natural Resources NV B S 1*00 

tf Premier Futures AdvA/B-S 10. 17 

LIPPO INVESTMENTS 
34/F LIppo Tower Centre. 89 QucenswqyjtK 
Tel 1852) 8(7 680 Fox (852) 596 0M 

wJavaFimd 5 «X7 

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tv IDR Money Market Ftf S 12.99 

w USD Monev Market Fd s lass 

w Ifxlcneston Growth Fd— S 7AS6 

w Aston Growth Fund 8 8x3 

w Aslan Warrant Fund 5 <X6 

LLOYD GEORGE MNGMT (8S2» 845 «D 
w Antenna Fund— — — s laxr 

w LG Aslan Smaller Cas Fd_S 193179 

wLG uxfla Fundua. s i-.le 

wLG Japan Fd S 1005 

w LG Korea Fd Pic S 10.9- 

LLOYDS BANK INTL (BAHAMAS) LM 
w Lloyds Americas Pori folio .2 >m 

LOMBARD, ODIER ft CIE • GROUP 
OBLIFLEX LTD (Cl) 

tf MuttlcwTencY. — S 33.10 

tf Dollar Medlwn Term— S ?*24 

tf Dollar Lang Term s it.u 

tf Japanese Yen Y 495720 

tf Pound Sterling— t 2654 

tf Deutsche Mark— DAI :’54 

tf Dutoh Florin FI 182J 

1 rf HY Euro Currencies Ecu 1556 

dSwhs Franc SF inn 

tf US Dollar Shari Term s I3JU 

tf HY Euro Curr OivW Pav — Ecu IO46 


GLOBAL FUTURES ft OPTIONS SICAV 


CREDIT COMMERCIAL DE FRANCE 


tf EiyscesMcngfalnr FF 

tf Sam ActKadi USD B S 

CURS I TOR FUND 

ti Cureltar Ena Alton Eu J 

tf CunftorGMBdOwort — % 
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DARIER HENTSCH GROUP 
Tef 41*22 7086837 
tf Henhch Treasury Fd.. . — SF 
tf DH Malar Markets Fund — SF 

d DH Mandarin Parttalto 2F 

tf Samurai PgrttoBo -SF 

DISCOUNT BANK GROUP 

w Euruval Eaultv —Ecu 

wN. America Equity — J 

w Pacific Equity i 

wDatvaf Bond i 

wKluntcurr Band 1 SF 

■vMgHfcurrertCVBand FF 

w Nteiiteurrencv Bond DM 


mFFM Ini Bd Progr-CHF a _SF 90.92 

GO UNMAN SACHS 

wGS Adl Rate Mart. Fd l( S 9.70 

m GS Global Currency J 186136 

wGS World Bono Fund s 935 

w GS World income Fund.. I 10.13 

GS EQUITY FUNDS SICAV 

wGS Euro Small Cap Part— DM 9531 

wGS Global EauDr _JS 11.91 

wGS US COP Growth Part 5 10.13 

wGS US Small Cap Port i 9.92 

w GS Asia Portfolio _2 1IJ9 

GOTTEX FUND MANAGEMENT 

wG-SwenFund Ecu 115136* 

GRANITE CAPITAL INTL GROUP 

w GrmJre Capital Equity. S 03234 

w Granite Capital Mortgage.! 07925 

w Granite Global Debt. Ltd S 09426 

ST ASSET MANAGEMENT (IRELAND) LTD 
Tel: (44) 71 *71# 45 67 

d GT Aston FdAStxwes— J 8*23 

tf GT Aseon FdB Shares— I 8726 

tf GTAsto FgndASharra__j 

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tf GT Smell Cflmp A 5h2 
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tf GT Australia FdB&nres_s 

tf GTAustr.SmallCPASh S 

tf GT Austr. Small Ca BSh s 

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tf GT Berry Japan Fd B Sh S 

tf GT Band Fd A Shores —_s 

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tf GT Emerging MMs A Sh^S 
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tf Swiss MuHtcurrency SF 1648 

tf European Currency— Ecu ?ixo 

OBelgtanFrttaC BF 13*15 

tf Convertible s 1*97 

d French Franc FF 15*86 

tf Swiss Motfi-DMdBnd SF 932 

d Swiss Fntoc Short-Term— SF taka 

d Conodkto Doftar- C5 13X9 

tf Duicti Ftarte Mott! Fi taxv 

tf Swiss FntoC Dtyld ppy ■■ 5F 1036 

ti CAD Mu Ittcur. Dtv CS 1226 

d Mediterranean Curr SF IflJi 

d Convertibles- SF 9xs 

tf Deutsrtimark Short Term_DM 1827 

MAGNUM FUNDS Isle el Mae 
Tel 4*624 60 308 Fox 4*624 MS 334 

w Magnum Fund S 91X4 

wMogruro Multi-Fund S 91.96 

w Magnum Emero Growth Fas 89.12 

wMAgnum Aggre* Grwth FdS 
MALABAR CAP J4GMT (Bermuda) LTD 

m Mo labor inti Fund 2 1&S7 

MAN INTERNATIONAL FUTURES 


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mMitlIGM Ltd -Dec 1994 I 1733 

mMInt Gtd Ltd - Aug I99S S 1*44 

mMJfrt SP Res Ltd (BNPI S 96X3 

rn MM Gto currencies S 6X9 

mMMGtd Currencies 3801 _2 6X9 

mMint G GL Fhi 2883 S 532 

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mMap Guaranteed 1996 Ltd_S 
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MARITIME MANAGE 6K NT LTD 
73 Front St Hamilton Bermuda 18091292 9789 
w Maritime Mlt -Sector 1 LW_S UMXa 

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MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 

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PACIFIC CONV STRATEGIES FD LTD 
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MAVERICK (CaymaflXBen HHW2 

cnfUflVtfltit Find ■■ ^ 1535982 

MCKINLEY CAPITAL PARTNERS, LTD 

mTheCorwdr FonflLW S 77JB 

rnTtw Dounfleu Ftf Ltd— 2 HUB 

MEBSPIERSON 

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w Asia Poc Growth Fdit.V.J 48X6 

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iv Leveraged Cco Hotel 1 6(27 

MERRILL LYNCH 

ti Dollar Assets Parttalto— 3 120 

rf Prime Rate Partial to. S 1030 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

d Class A 5 S3 

tf Class B S 838 

MERRILL LYNCH 

GLOBAL CURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO 

rf Category A AS 17X7 

tf Category B AS 1717 

CANADIAN DOLLAR PORTFOLIO 

tf Category A CS H26 

tf Category B. CS 1327 

CORPORATE HIGH INCOME PTFL 

tf Class A-l S ftff 

d Class A-Z S V25 

tf Class B-l S 8.91 

tf Class B-I S 9J0 

DEUTSCHE MARK PORTFOLIO 

tf Category A DM 1323 

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EUROPEAN BOND PORTFOLIO (DM) 

ti C toss A-l . JS 13X6 

tf Class A-2 S 1538 

d cross ft-)— t ism 

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EUROPEAN BOND PORTFOLIO (USS) 

rf Class A- 1 DM 930 

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POUND STERLING PORTFOLIO 

d Category A c 15X4 

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ti Category A _Y 1283 

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MULTI CURRENCY BOND PTFL 

d ClcssA S 2228 

ti Class B S 21X2 

US FEDERAL SECURITIES PTFL 

tf Class A 5 926 

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MERRILL LYNCH 

EQUITY / CO NVERTIBLE SERIES 

BASIC VALUE PORTFOLIO 

dCtossA S 1527 

d Class B S 1*56 

CONVERTIBLE SECURITIES PTFL 

tf Class A S 1429 

ti Class B. S 13X3 

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ti Class A I 1023 

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tf CICSS A S 1QX2 

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tf Class A 5 1729 

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tf Class A S 923 

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WORLD NATURAL RESOURCES PTFL 

tf CiOSS A S 1228 

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DRAGON PORTFOLIO 

tf Class A S T7.I8 

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tf Class A S 1132 

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MERRILL LYNCH INC S PORTFOLIO 

tf Class A S 825 

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MERRILL LYNCH MEXICAN INC PORT 

tf MexteanincSPtflCIA S 9X5 

tf Mexican Inc SPtfl a B A 9X5 

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MOMENTUM ASSET MANAGEMENT 
w MoaiaUwn Novellier PerLX 9829 

m M omentum Rctobaw Fd S has 

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m Momentum Stodunaster— S 1S937 

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tf DMGtobatCfgwih DM ]?? 


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w Wilier South East Asia -1 17X7 

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wWUiertuuts-WilterenEur—Eeu 1225 

wWillerfum^wiRereq Italy _Ut n 56200 

w Wlliertunds-wmereq NA S 11.15 

MULTIMANAGER M.V. 

m World Band Funa Ecu 1252 

m European Equities Eai 14X9 

m Japanese Equities Y 856 

m Emera tog /Markets S 2356 

mCmh En nc n ceme i i l S 928 

m Arbitrage I ! S 921 

m Hedge —5 1229 

NICHOLAS-APPLEGATE CAPITAL MGT 
d NA Strategic OPPortunMireX 10*70 

w NA Flexible Growth Fd S 1«J4 

w NA Hedge Fund S 11035 

NOMURA INTL. (HONG KONG) LTD 

d Mo mure Jakarta Fund S 1 1.15 

ODEY ASSET MANAGEMENT LTD 
21 Greevener Stitfn WIX 9FEX*7i -499 2998 


tf Oder European -DM 119. 

, wOdey European _S 130. 

wOdey Eurap Growth Inc DM 131 

, w Odey Eurap Growth Ace — DM 13* 

1 w Oder Euro Grth Ster Inc — c S* 

, vOflw Euro Grth SlerA<x_c 5* 

OLYMPIA CAPITAL INTI- UK 
Williams House. Hamilton HM11, Bermuda 
Tel: 8M 292 1018 Fax: R89 29S-2RB 

w Finsbury Group S 222J 

wOlrmotoSecuriteSF SF 161. 

w Olvrre>to Stars Emerg Mkts S 977, 

w winch. Eastern Dragon 5 17- 

w Winch. Fr writer S SOIL 

w Winch. FuL OfYrrxwj Star_» llli 

i» Winch. Gt Sec Inc PI IA1 — S 8.' 

w Winch. G! Sec Inc PI (C) — S 9.' 

m Winch. Global Heufthcare_ Ecu W39J 

■ Winch. HMO lari Mctaison Ecu 1526: 

w Winch. Htagiim Ser □ Ecu 1796J 

w Winch. HI dg Inti Ser F Ea I78SJ 

wWineh-HIdgoly Star Hedges 10811 

w Winch. Reset-. Multi- Gv B«LS 18.1 

w Winchester TnaUunri S 33/ 

OPPENHEIMER ft CO. INC Fd* 
b Arbitrage international — S 18SJ 

b Emerg Mkts tort It * 188J 

a Inti Horizon Fund IL S 99J 

OPTIGEST LUXEMBOURG 
b Opttoest Glbl Fd- Fixed Inc-DM 15127 

b OoflgesrGKX Fd-GenSubFJDM 17721 

OPTIMA FUND MANAGEMENT 
73 Front St. HrenlltaaBermudo 889 29S269 


w Optima Emerald Fd Ltd S 1 

w Optima Fund S 1 

w Optima Futures Fund— _2 1 

w Optima Global Fund S 1 

w Optima PeriaXa Fd (Jd 5 

w Optima Short Futd S 

w The Plattnwi Fd LM 5 1 

ORBITEX GROUP OF FUNDS 

d OibltexAsloPocFd S 5j 

d Ortxtex Com ft into Tech FdS S. 

cl Or* Hex Growth Fd * 7: 

d OrWtox Health ft Envlr FdJ 5. 

tf OrtMexJapon Small Cop Fdl *J 

d Orfattex Natural Res Fd — CS 1* 

FACTUAL 

tf Eternity Fund Ltd $ 389/ 

tf inflrtfy Fund Ltd S 5961 

d Navistar Fund S 114/ 

tf star High Yield Fd Ud s 159: 

PARIBAS-GROUP 
w Luxor S 

ti porvest USA B s 

tf Porvesi JanonB— Y 

tf Porvest Asia Poctf B S 

rf Porvest Europe b Ecu 

tf Porvest HattandB Ft 

tf Porvest France B FF 

d Porvest Germony B DM 

tf Pwesl OMhOoUar B S 

tf Purred Obi I- DM B —DM 

d Porvesi Odd- Yen B_ Y 

tf Porvesi Obfl-Gukten B Fi 

tf Porvesi Obll-Frtxto B FF 

ti Porvest OWKSter 8 1 

tf Porv es i Obd-Ecu B Ecu 

a Porvest Obfl-Bdux B LF 

tf Porvest S-T Dollar 8 s 

d Porvest S-T Europe B Ea 

rf Porvest 5-T OEM B DM 

rf Porvesi S-T FRF B FF 

d Porvest S-T Bet Phis B BF 

rf Porvest Global B LF 

tf Porvest Inf Beret B S 

tf Porvest OMMJraB Lit 

rf Porvesi Inf Equities B % 

ti Porvest UK B 1 

tf Porvesi USO PlusB S 

tf Porvest S-T Qf FB SF 

rf Porvesi OtHLCaaoda B CS 

rf Porvesi Obfl-DKK B dkk 

PERMAL GROUP 

t Emerging Mkto Hides S 929 

r EuraMIr (Ecu) Ltd Ecu 1564 

1 FX Ftoanctofs ft Futures _S 993 

I Growth N.V S 2793 

I Investment mum N.V 5 1316 

t Media* CnmnwetcoMawr. f 188! 

/ NreenfUd- S 1863 

PICTET ft CIE- GROUP 

d Ameroeec * S3 

wP£.FUKVellUni 1 64 

w P-CF Germoval (Lux) DM 98 

w PCJF Maramval I Lux I s 29 

wP^FVWBwILlbO. Plus W60 

wP.CFVamatto(LuX) LB 106248 

wP.CF VOltneice (Lux) FF 1MI 

w P.U.F. Votaond SFR I Lux) -SF 281 

wP.lLF.VotoondVISD (Lin)-S 229 

w P.W.F. vaBand Ecu (Lux) -Ecu 178 

wP.UJ.Va»ond FRF(Uw)JF 927, 

w PM Jr - Voi bond GBP (Lux 1 J 94. 

w P.U.F. Valbond DEM (Luxl DM 286 

W P.UJ. US 5 Brf Ptfl (Lux)_S 99X 

wP.UJ. Model Fd Feu 114 

wP.U.F. Prdlte— -XF 471, 

W pal t. Emera Mkts (lux) _s 212 

w PJJ.T. Eur. Oppart (Luxl — Ea 139. 

b P.U.T.Gtobal Votue (Lux I -Ecu 143 

tr P.VJ- Eureval (Urn) Ea 3U. 

tf FJcta* Vuteufsse (CH) SF 61* 

m inti Small Cap <I0M) S 493 

PREMIER INVESTMENT FUNDS LTD 
c/e P-O. Bm l MB Grand (toyman 
Fax: (809) 9CM993 

m Premier US Equity Fund — 5 1286 

m PremteT in" Ea Fund s 127* 

m Premier Sovereign BdFd_s 753 

m Premia- Global BdFd S 147* 

m Premier Tefal Return Fd— 2 9B7. 

PRIVATE ASSET MGT GAM FUND INC 
Guemsev.Tei: (OM 4BI 1 723432 Fax :723 «b 


w New Korea GromnFd — s 

w Neva Lot Padflc Inv Ca— 8 
w Peetfle Artattrasa Ca A 

m RJ_ Country wnd Fd — _A 
tf Regent GM Am Grib Fd— j 
rf Regent GW Euro Grth Fdj 
rf (tegeaf GBd inti Grth fd — s 
tf Regent GfW Jap Grth Frf_s 
rf Resent GW Padf Basin —s 

tf Regent CM Reserve 1 

rf Regret Gtat Resources s 

rf Regent Ganger - 1 
rf R«nt GW UK Grth Fd_ s 

w Regent Moghul FdLkl S 

m Regent Podflc Hdgf=d 5 

w Regent Sri Lanka Fd— 5 
rf UodenndAsTananSerSA 
tr Undervalued Astets Ser l_s 

tf underadoedPraaiilZ S 

tf vvnffr 7iuer mv Ca Ltd— J 
REPUBLIC FUNDS 


wReneWic GAM Amertcn — s 11457 

w Rea Gam Em Mlrtx GfobaLs 15034 
w Rep GAM Em Mkts Lot ArnS 1332 
iv Republic GAM EartPe OlFSF 112X6 

w Republic GAM EurareUSU 9829 

w RecwhJfc GAMGrwtti CHF-SF U337 

w Republic GAM Growth c __ i 99X1 

w RemUK GAM Gra»rta USSJ WJB 

w Repubflc GAM Opporttxuly J 11329 

w Republic GAM Pacific S 14632 

w RfP GiOO Currency — s 783720 

w Raa Glob Fixed inc — S 10Z7J9 

m Republic Gassy Dof toe S 1BL26 

m ReaubTic Gntay Eur Ik DM 1002 

wReoitoite Lot Am Aitac S H0S3 

w Republic Lot Aaiftr— it « 9*59 

pr Republic Uit Am Brad— . s 109X8 

tr RepvbRC LatAmMudaS 99X5 

w Republic Lai Am Vena s 8135 

w Ren Jaioman Strategies S 8826 

ROBECO GROUP 

PDB 973JU1 AZ RatterdamX3I}10S4l2Z4 

tf RG America Fund R 13650 

tf RG Eurooe Fund F1 TSJS 

rf RG Podflc Fuad ,Ft 14238 

tf RG Divlrente Fuad FI 5388 

rf RG Money Plus F R FI 116X4 

Mara Robed an Aieitinlmii Stocks 
ROTHSCHILD (GROUP EDMOND DEI 
IN-HOUSE FUNDS 

w Asian capital Hofcfln«Fd_s 4Z1W 

w Dai*ra LCF RnPochfld Bd_S 1003X9 

tr Dolwa LCF Roflach Ea — 5 1845.10 

w Farce Cash Traditton Chf_sf KM9445 

wLetcom s 291*23 

w Leveraged Cop HakSnss — S 6127 

wOtrif-Voior SF 94*19 

wPrt Challenge Swiss Fd SF NH7X9 

b Prteautty Fd-Eurone Ea 11*335 

0 Prteautty Fd-Kefvetta SF 181859 

b Prteaotty Fd-Lsrftn Am S 149283 

b Prisons Fund Ecu Ecu 11*42 

b Prtaond Find uso S 109267 

b Prtoond FdHYEmarMktu 119.143 

w Selective invest SA s 367.510 

b Source. S IBXJ9W 

•r US Bond Plus S rax*? 

c»- NDLfl 

ROTHSCHILD (GROUP EDMOND DE) 
OTHER FUNDS 

tf AHa/Japan Emerg. Growths T73412B ' 

w Esnrft Eur Porta Inv Tst — Eco 134022 
wEuranSrrateg (Dvesfm«_Eca ICSStt 

b integral Futares \ 923X7 

rf Padflc Nles Fond _S 93i 

1 Selerilon Horizon FF 8177626 

b Vrctatre Ariane S 510868 

ROTHSCHILD ASSET MGMT (CJ) LTD 
mNemrad Leveraged Hid — 8 85*71 

5AFDIE GROdP/KEY ADVISORS LTD 
etKevQtverdfiedtncFdLNU 1131192 

b Tower Fund Global Band _S 994423 

b Tower Fund Global Equity .X V98839 

SANTANDER NEW WORLD INV. 

jti Commander Fund S 186778 

m Exutorer Food S 199.M8 

SC FUNDAMENTAL VALUE BV1 LTD 
Tel 599 9 322X0 Fax 599 9 38D31 

in NAV s 132921 

5XANDIKAVISKA ENSKILDA BANKEN 
S- E-BAN KEN FUND 


tf Smdkr Cnmnmes Q A_S 
tf Smofler Catnpartes a B — 5 
tf infrastr.ftCommuniaittoiLt 

rf Poa-AMericon a A s 

rf PcuvAroerkon a n s 

rf Ewwi . SF 

rf FarEosI S 

rf CWnaGatewor . V- 

d Emergtag Markets a A_J 
tf Emeryins Mortets Cj A . s 

rf GlobatUtfUttes S 

0 Global Convertible 5 

tf Global Sotaaced — * 

tf Oinhol Income a 4 . S 

rf Gtabal Income a B S 

tf DMGfobd Band DM 

d Yen GJctKH Bond— —_Y 
tf Emerg Mkts Fix (nc CJ A__S 
rf Emero Mkts Fix tnc ci 

rf tn Govnnuret a 

rf Haven JF 

rf USS UodU Reserve S 

rf DEM Utarid Reserve DM 


TEMPLETON W.WIDK INVESTMENTS 
GROWTH PORTFOLIO . 

(7 rr"«« »-i « 1377 

0 OCS3A-2 — S . 18.12 

a CtWSM S . 1551 

ff doss B-l S 1332 

rf Oass B-2 s 1727 

INCOME PORTFOLIO 

ff Oass A S Ml 

rf Class B S . 924 

THORNTON INVESTMENT MGMT LTD 
33 Queen SLLcndon EC4R 1AX 071 34* 3000 

ff PacHIOvtFdSAt C 1421 

rfPodfltMFrfSAOM DM 34X6 

d Eastern Crusader Fund S - 1335 

d Thar. Uffl Dragons Fd Ltd JS - ■ 41X3 

tf TBsmtan Orient Inc FdLWS 2UQ 

tf Thornton Tiger Fd LM % 5659 

tf Managed Sel ectio n S 2X1S 

w Jakarta s 1*77 

0 Korea S 1829 

NEW TIGER SEL FUND 

d Hong Kang— 8 51X1 

tf jerean S 17X0 

r Korea * 939 

rf Philippines. J 8338 

rfT ta^tond - —2 |S88 

d Indanasla S 829 

rf USS LtqutdNy S 1636 

rf China s 

tf IW hboi 1 ^ < 26)43 

THORNTON TAIWAN FUND 

rf Equity Income . . 6 1523 

tf Equity Growth 8 IBJM 

tf Lhufdlly S I860 

UEBERSEEfiAHK Zurich 

rf B - Fund . SF 118286 

tf E- Fund SF 60154 

tfJ-Fund SF 35939 

tf M- Fund SF 118729 

rf UBZ Euro-tacome Fimd SF 1032 

a UBZ Warltf Income Fund _Ecu 5280 

rf UBZ Goto Fuad— 12*71 

d UBZ Nfppqn Convert SF 1W7J1 

ti Asia Growth Convert SFR _SF 1T43J0 

d Asto Growth Convert USS—S 114832 

rf UBZ DM -Bond Fund DM 99X5 

0 UBZ D- Fund- DM 100X1 

tf UftZ Swiss Eauffv Fund SF 10854 

d UBZ American Ea Fund S 9138 

rf UBZ S-Bond Food S 91X8 

tf UBZ Southeast Asto to S 18111 

fltUBZ Diversified strides A _5 160332 

aiUBZDfvcrsHtedShtaiesBJI 180321 

UNION BANCAKE ASSET MGT niBAM) 
INTERNATIONAL NASSAU 

iv Arte) Invest S 3483X9 z 

wArminvest * 101D27 z 


| rf Etrrcbolnc S 

ti Raran Qstern Inc S 

d Gtobat Inc j 

rf Lakamedef tac S 

rf Variden Irvc 5 

rf Jam Inc Y 

dMfltatac S 

d S nwrl iy iwe Sell 

d Mordtpnerfia) lac S 

tf Teknofogf lac 8 

d Sverige Ranfetond Inc Sek 

SKANDIFOND5 

tf Equity inti ACC S 

tf Equity inn Inc 3 

rf Equity Global S 

rf Equity NaL Resources S 

tf Eauily Japan Y 

d Eaultv Nannie s 

d Equity UJC t 

d Equity C nwMnreta Europe-S 

tf Equity Atetf fle rraneon ) 

d Equity North America S 

d Equity Far Eist X 

ti Inti Emerging Markets X 

tf Bend tan Act 8 

rf Bend Inn Inc 5 

d Band Europe Acc > 

d Band Europe Inc S 

d Band Sweden Aa: Sek 

tf Bond Sweden Inc Sek 

tf Bono OEM Acs DM 

tf Bond OEM rnc DM 

tf Band boiler US Aec S 

tf Band Dollar us Inc t 

tf Curr. US Dollar S 

tf Curr.Swerash Kroner Sek 

tf Swettan Flexible Bd Acc — Sek 
tf Sweden Flexible Bd inc — Sek 
SOCIETE GENERAL* GROUP 

tf Asia Fund Y 

rf BTwCotA 5 

d BTWCrfB 5 

w SGFAM Stmt Fll Olv FF 

wSGFAM Strut Fd Fin S 

SOGELUX FUND ISF) 

wSFBamUAUAA S 

w SF Bends B Germany DM 

wSF BandsC France RF 

wSFBandsEGD £ 

w SF Bands F Japan Y 

wSF Bands G Europe Ecu 

w sf Bonds H workl wide— J 

wSF Bonds t Italy Lit 

wSF Bonds J Butatom— _ BF 
wSF Ea.K North America — S 

w SF Ea L W. Eurone Ecu 

wSFEaM Padflc Basin — _Y 
wSF EaP Growth CauntrtesX 

wSF Ea-QGoW Mines S 

wSF Ea. R Work! Wide S 

wSF Start Term S France — FF 
w SF Shari Term T Eur Ecu 


wDlnfutarw s 1032 

wDinvast S SJ7, 

wDtnvesl AsioS S 109* 

WD Unrest Gold ft Mettts JS 1802. 

wDbivest Indio s 919, 

wDbwret Inti Fix lac Strut _S 858 

wjaglmresl S 1979. 

wMonsinvest S 937. 

wMcrtirrvesI S 1295. 

wMoorftwest — 5 3546. 

wMourUrvest Corolnsted J ML 

wMoarfnvest Ecu. Eai 1619. 

» Pulsar J 1839. 

w Pulsar Overfv S 1700. 

wQuanttnveSt S 23KL 

wQuanHnvMf *3 S LB* 

wStelninvest S 2801 

wTudlmwt I UD* 

wuretaverf s 62* 

UNION BAHCAIRE ASSET MGT (UBAM7 
INTERNATIONAL. LUXEMBOURG 


w UBAM 1 Sand S 

WUBAM DEM Band DM 

t* UBAM Emeratag Grtjwlh _S 

WUBAM FRF Bond FF 

WUBAM Germony DM 

w UBAM Gtabal Bond Ecu 

wUBAM Japan Y 

WUBAM Staffing Bond c 

WU BAM Sth POCtt ft Asto S 

W UBAM US Equities- 2 


UNION BANK OF SWITZERLAND/INTKAG 


SODmC ASSET MANAGEMENT INC. 

w SAM Brazil S 2505 

WSAM DhrersIfM S 737.71 

wSAM/McGarr Hedge S 122X6 

w SAM Opportunity S 13839 

w SAM Oracle S 118.97 

w SAM Strategy S 114X6 

m Aloha SAM S 12*85 

urGSAM Composite S 335X0 

SR GLOBAL BONO FUND INC 

m Class A Distributor S 101X7 

mCtossAAccumutotar S 101X1 

SR GLOBAL FUND LTD 

m SR European — 5 101X4 

m 5 R Aslan S 10S57 

mSR Internottanoi S 105.19 

SVEN5KA HAN DELS BAN KEN LA. 

146 Bd de la Pefnme, L-2330 Luxambourg 

b SUB Band Fund S 5626 

wSvenskaSeLFdAmerSh — 5 IS7J 

wSvenskaSeLFd Germany _2 1051 

wSvemkoSei Ftf litrt BdSj_S I2» 

wSvenskaSeLFd inn Sh s 6027 

wSvenskaSeLFd Japan Y 378 

wSvensko SeL Fd MHI-Miit — Sek 11328 

w Svenska Set Fd Nordic SEK 183X1 

wSvensko SeL FdPodfSh S 838 

w Svenska Set Fd Sued Bds_5ek 141253 
SWISS BANK CORP. 

rf SBC 100 index Fund SF 166020 

rf SBC Equity Pffl-Austrona—AS 20*05 

tf SBC Equity Ptn-Canodo CS 222X0 

0 SBC Equity Ptn-Eom>e Ecu JfflXfl 

tf SBC Eq Ptff-Methertands—Fl 39620 

ff SBC GOv*l Bd B 6 » IB22J8 

d SBC Bond Ptfl-AustrSA — AX 9834 

d SBC Band Ptfl-Auslr 5 B — AS 11752 

d SBC Band Pfft-Can2 A CX 10221 

rf SBC Band PHKanftB Q 12675 

d SBC Band Ptfl-DM A DM 1S554 

d SBC Band PTfl-OM B DM 17725 

d SBC Bond Ptfl-Outtfl G. A_R 156X2 

rf SBC Band Ptfl-Oulch G. B— FI m.ll 

d SBC Band Ptfl-Ccu A .Ecu 10*56 

rf SBC Band Pttf-Ecu B Ecu 12733 

tf SBC Band Plfl-FF A FF 53824 

rf SBC Bond Ptfl-FFB FF 653X0 

rf SBC Bond Ptfl-PkH A/B Ptos 9296X0 


m Private Asset Mgt GAM FdS 
PUTNAM 

rf Emerging Him Sc Trwt — J 
m Putnam Em. Into. Sc TnnLS 
rf Putnam GfatL Hire Growths 
tf Putnam High Inc GNMA FffS 

rf Putnun inn FixxJ S 

QUANTUM CROUP OF FUNDS 

>v Aston Deveteamenl * 

w Emerging Growth Fd f*V._J 
w Quantum Fund N.V S 


rf SBC Band Ptfl-SferUng A E 

rf SBC Band Ptfl-Stertlng B —A 

d SBC Band PorttoitoSF a SF 

d SBC Bend PorttoUo-SF B— SF 

d SBC Bond PtfMtSSA S 

rf SBC Band PffHiSSB s 

rf SBC Band Ptfl- Yen A Y 

tf SBC Band Ptfl-Yen B Y 

tf SBCMMF-Al AS 

rf SBCMMF-BFR BF 

tf SBC MMF - CM CS 

rf SBC DM Short-Term A DM 

tf SBC DM Short-Term B DM 

rf SBC MMF -Dutch G. FI 

rf SBC MMF- Ecu. Ecu 

tf SBC MMF- ESC Ex 

ti SBC MMF -FF FF 

tf SBC MMF -LH UI 

rfSBC MMF -Ptos Pta 

rf SBC MMF - Schilling AS 

d SBC MMF- Staffing c 

tf SBC MMF - SF SF 

rfSBC MMF -US-Dfifior S 

rf SBC MMF" US/11 S 

tf SBC MMF - Yen Y 

d SBC G4bU»ttl SF Grill SF 

a SBC GRfi-Ptfl ECO Grill Ecu 

rf SBC GtbFPth USD Grth S 

0 SBCGW-Ptfl SF YW A SF 

0 5BC GJW-Pttt SF YM B SF 

tf SBC Glfal-Ptfi Eat YM A Ecu 

tf SBC GIM-Ptn Ear YM B— Ecu 
rf SBC GIW-PtH USD YW A— 5 
rf SBC GlbFPtfl USO Ytd 8 — S 
rf SBC a W- Ptfl SF Inc A. .—SF 

rf SBCGfW-PHl SF Inc B SF 

tf SBCGIM-PIfl Ecu ine A Ecu 

rf SBC GtoFPtn Era Inc P ... Ear 

rf SBC GJto-Ptfl USD Inc A S 

rf SBC GBH-Ptfl USD Inc B — S 
tf SBC Gtoi Ptfl-DM Growth _DM 

rf SBC GUM Ptfl-OM Ytd B DM 

d SBC Glbl Ptfl-DM Ins B— DM 
rf SBC GlbFPtfl DM Bal A /B_OM 
tf SBC GIM-plfl Eai Bal Artl-Ecv 
tf SBC OUfi-Ptfl SFR Bat A/B5F 
rf SBC GW-Ftfl USS BOI A/B-S 
0 SBC Emerging Markets — s 
0 SBC Stnali ft Mid Crea Sw_SF 

0 SBC Nat. Resource USS S 

rf SBC Byn Fleer CHF 96 SF 

tf SBC Ovn Floor USD 95 s 

rf Amartcavator . . . . t 

ti AnotoVator 1 

it AxtnPnrttm m s 

tf Convert Bond Seteciton SF 

rf D-Mork Band SetoCtten DM 

rf Dollar Bond Selection S 

rf Ecu Band seteeflan Ecu 

rf Florin Band Satectlan R 

tf Fnmce v utur FF 


d Band-lovest SF 

rf Brtt-InveN SF 

rf Canoe- SF 

rf Convert-lnrosf SF 

rf D-Mark-lnvHt DA 

d Do I tar Imres) S 

rf enerste-/nra) _5F 

d ESPOC SF 

d Eurlt SF 

rfFonsa SF 

rf FrancJt SF 

rf Germac SF 

rf Giobtnvest SF 

rf Go Id- Invest SF 

rf Gvkton-invest - Ft 

rf Heteetlnrest SF 

rf HonaMHnvest SF 

rf Hoc SF 

rf Japcn-lnvat SF 

rf Poctflc-tnvest SF 

rf Stoll SF 

rf Skarvflnavlefy- Invest SF 

rf 5ter1lng-lnvc3t 1 

rf Swiss Franc-lnvcst SF 

d Sima SF 

rf Swlrerato. ■■ , ..SF 

rf UBS America Latina SF 

rf UBS America Latina. . . . % 
rf UBS Asia New Harizaa_ — SF 

rf UBS Asia New Horizon S 

rf UBS Small C Europe SF 

ti UBSSmallC. Europe— DM 
rf UBS Pari Inv SFR lnc_ — SF 
rf UBS Part inv SFR Cm G_SF 

rf UBS Port inv Ecu Inc. SF 

rf UBS Part Inv Ecu Inc Feu 

d UBS Port Inv Ecu Cap G SF 

rf UBSPBrtfmrEeuCOPC— Ear 

d UBS Part Inv USS inc S 

d UBS Port Inv USS Inc SF 

rf 1135 Port Inv USS Gap G SF 

rf UBS Port Inv U55CapG S 

tf UBS Part Inv DM inc SF 

rf UBS Pori inv DM Inc. DM 

rf UBS Part inv dm Cop G SF 

0 UBS Part Inv DM Cop G DM 

rf UBS Pari Inv Lit Inc SF 

rf UBS Part inv Lit Inc— Lit 

tf UBS Part Inv Uf Cap G. — SF 

rf UBS Part Inv UICcmG LH 

rf UBS Part Inv FF inc- SF 

rf UBS Port inv FF Inc FF 

rf UBS Port Inv FF Cap G SF 

rf UBS Part inv FFCOPO FF 

a Yert-mveit Y 

rf UBS MM lnvest-USS S 

rf UBSMMlnvert-cSt r 

rf UBS MM Invest-Ecu Ecu 

rf UBS MM invest- Yen— . ,Y 
rf UBS MM InvesMJt — — UI 

rf UBS MM Invest-SFR. SF 

rf UBS MM Invest-FF FF 

d UBS MM Inveto-HFL FI 

tf UBS MM Invest -Can i. cs 

rf (IBS MM lnvesl-BFR BF 

rf UB5 Shod Term Inv-OM— DM 

rf UBS Band Inv-Eni Eai 

rf UBS Bond tnv-SFR — SF 

rf UBS Band Inv-OM dm 

rf UBS Bond Inv-USL- J 

rf UBS Bead inv-FF FF 

O UBS Bond tnv-ConS CS 

d UBS Bond inv-Ut — UI 

rf UBS BJ-U5S Extra Yield— 5 
d UBS Fix Term Inv-SFR «_sf 
rf UBS FU Term Inv-DM 96—DM 
rf UBS FU Term lnvEcu«6_Ecu 

rf UBS Fix Term Inv-FF 96 FF 

d UBS Ea irw-e urone A— DM 

d UBS Ea Inv-Eureoe T dm 

tf UBS Eo tmr-s CffP USA_— S 
rf UBS Port I Fix Ine (SFR) _SF 
tf UBS Port (Fit Inc IDMI-J3M 
rf UBS Part l Fix inc (Ecu)-Ecu 
d UBS Port I Fix Inc UJSM_S 

rf UBS Port i Fix Inc (UI) Lit 

d UBS Port I Fix Inc (FF) FF 

rf UBS COP Inv- 90/10 U5S S 

rf UBS Cap irrvXOMO Germ DM 

WORLDFOL 10 MUTUAL FUNDS 

d S Dally Income 1 

d DM Daily income DM 

4l«iWlinm. X 

d Nan -S Banos S 

tf Global Bon* S 

d Global Botanced 6 

d Global Eaulttas s 

rf US Conservative Equities _S 

0 USAgrerelre Equities, S 

tf ELTooean Eoulltes— 2 

d Pacific Equities . . .1 

d Natural Resoucriw— .9 


4135 y 
5528 v 
14000 y 
7035 y 
12OX0V 
191.10 y 
10*29 y 
nasty 

15*00 y 
33808 y 
7J3JDV 
19020 V 
24150 V 
10620 y 
22550 v 
24830 V 
18130 y 
328509 
13920 y 
24820 y 
44420 y 
22220V 
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For 

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information 

Read 

the MONEY REPORT 
every Saturday 
m the IHT 


R ' 

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** 



International Herald Tribune , /ndp, November 4, 1994 


Page 15 


Tha rntkac tacks US. doBsr vatuoa of slocks n Tokyo, Nm Yortt. London, and 
ArgmUiw, AustraBa, Austria, Bolgluia. Brazfi, Cauda, CM* Domna*, Hntend, 
Rnco, Gamany, Hong Kong, Italy, Mwfco, Nethorivxte, Near ZMand. Norway. 
Singapore, Spain, Swadan. SwUrertand and Vonazuafa. For Tokyo. New Yolk and 
London. 9 m Max is composed of 9 m 20 tap Arms « tarns of martial cafdfahadon. 
othemne 9m ten top slocks ora sacked. 


1 Imiustrial Sectors | 


TteL Pnw. % 

ctaM dam dmqp 


. .'via. 

dam 

Pmk 

tba 

_% 

Enaiar 

116.76 11625 -tO.44 

Capital Goods 

117.10 

117.10 

Unch. 

IM 

126.48 12756 -084 

RmHMs 

13428 

13503 

-054 

Ftam 

115.81 115j66 +0.13 

Comuner Goods 

MJS2 

104.44 

+0.08 

Services 

118.48 118,77 -024 

Mscshneon 

12484 

12400 

+0.19 

For mote hdormasion about the Max.a booklet Is avaBabla freed charge. 

Write to Trib Index, 181 Avame Ctwies de Gsuffe, 32521 NeuSy Cedax, Franca. 


O kdemalional Herald TKxsw 


Britain 
Cancels 
Postal 
Sale Plan 


Ctmpded by Our Sl^f From Dupokha 

LONDON — Prime Minister 
John Major on Thursday aban- 
doned plans to sell Britain's 
Post Office, in the clearest sig- 
nal that public enthusiasm for 
privatization is flagging after 1 5 
years of Conservative role. 

The cabinet dropped the 
£450 million ($730 milli on) pri- 
vatization after some members 
of Parliament from the govern- 
ing Conservative Parly warned 
Trade Secretary Michael Hesel- 
tine that they would not sup- 
port the plan. 

In a statement cloaking the 
political reasons for the deci- 
sion, Mr. Heselune’s depart- 
ment said there was no clear 
majority for any of three op- 
tions put forward in a nation- 
wide consultation program 
about the future of the Post 
Office. 

These were a 5 1 percent sell- 
off of the letters and parcels 
divisions; giving the Post Office 
greater commercial freedom in 
the public sector; or a plan for 
almost no change in its 100 per- 
cent state ownership. 

“We have introduced more 
competition into postal services 
and improved these services for 
all consumers. We win continue 
to examine what more can be 
done,” the statement said. 

But the real reason for the 
climbdown was opposition 
from Conservative MPs repre- 
senting rural districts. Voters 
worried that any sell-off would 
lead to widespread closures of 
post offices outside towns and 
cities. 

With privatization of Brit- 
ain’s coal industry also f ailin g 
to capture public enthusiasm 
the dropping of the plan to sell 
the Post Office will be seen by 
the Labor Party as marking an 
end to one of the Conservatives' 
primary economic policies. 

(Reuters. Bloomberg t 


Tiny Rowland to Resign 

Lonrho Sees End to Controversial Era 


Compiled by Oar Staff From Dispatches 

LONDON — Roland “Tiny" Rowland, 
the flamboyant and controversial British 
businessman, is to resign at the end of the 
year as joint managing director and chief 
executive of the multinational Lonrho PLC. 
the company said Thursday. 

Mr. Rowland, 76, has headed the interna- 
tional trading company for three decades 
years and is believed to have a salary of £1.8 
million ($3 million) plus expenses. 

He started out as a railway porter and was 
credited with single-handedly transforming 
the company from a sleepy mining and ranch- 
ing firm in the early 1960s into a global 
conglomerate spanning engineering, brewing 
and oil. 

Mr. Rowland, who in 1973 seemed to be 
the person that then-Prime Minister Edward 
Heath had in mind when he spoke of “the 
unacceptable face of capitalism," has been 
criticized by analysts for running the compa- 
ny as his private empire. 

Mr. Rowland was known for working be- 
hind the scenes in Africa, and he drew fire two 
years ago when he did business with Libya in 
defiance of UN sanctions. 

His departure had been the subject of 
months of speculation amid reported feuding 
with his rival, the German businessman Diet- 
er Bock, who along with Mr. Rowland shared 
the titles of joint managing director and chief 
executive at Lonrho. 


Terms of Mr. Rowland’s resignation were 
agreed in a board meeting Thursday, Lonr- 
bo’s first since two top Rowland allies left 
about a month ago, tipping the balance in Mr. 
Bock’s favor. 

At the meeting, Mr. Bock was expected to 
confront Mr. Rowland over his eight-year 
dispute with Mohamed aJ Fayed, the chair- 
man of Harrods Ltd. 

Mr. Rowland buried the hatchet over Har- 
rods last year but saw the affair return to 
haunt him with revelations of indemnities 
given, without board approval, to Mr. al 
Fayed’s former finance director over infor- 
mation leaked to Lonrho. 

Mr. Rowland will resign ins executive posi- 
tions with Lonhro effective Dec. 31 but con- 
tinue to serve as a director until March. He 
will then retire from the board but continue to 
receive his current salary, expenses and bene- 
fits until Dec. 31. 199S. 

“In acknowledging Mr. Rowland's decision 
and his exceptional contribution to the com- 
pany over 34 years, the board expressed the 
hope that he would continue to make his 
experience available to Lonrbo, particularly 
in Africa," Lonhro said. 

Analysts said Lonrbo shares were likely to 
soar Friday because it was expected that the 
conglomerate would become more of a “nor- 
mal" company under Mr. Bock. 

(Reuters, Bloomberg, AFP) 


Shanghai Move§ 
To Crack Down 
On Speculation 


A Script to End the Movie War 


By Tom Ruerkle 

International Herald Tribune 

BRUSSELS — American film 
studios have reached a broad 
agreement to help increase the 
production and distribution of 
European movies in a bid by 
Hollvwood to end the trans-At- 
lantic culture war. industry offi- 
cials said Thursday. 

The agreement, reached in a 
meeting ~ between the studios 
and European producers in 
Paris last week, calls for joint 
work to improve dubbing tech- 
niques for the American market 
and to widen the distribution of 
European films, said Jack Va- 
lenti. chairman of the Motion 


Picture Association. The group 
represents the seven major Hol- 
lywood studios that control as 
much as 80 percent of Europe’s 
box office. 

“We have been, we are now 
and will continue to be active 
collaborators and investors in 
the European Union audiovisu- 
al industry,” said Mr. Valenti, 
who addressed business and 
EU officials at a luncheon 
sponsored by the American 
Club of Brussels. 

Both sides plan to release de- 
tails of the agreement this 
month, but officials said it did 
not include any blockbuster 
ventures. Instead, it identifies 
specific areas for further work 


and sets up a permanent forum 
for dialogue between the stu- 
dios and the European produc- 
ers. 


hope. 

talks 


that the talks will provide a fa- 
vorable climate for initiatives 
by individual studios, such as 
the agreement last month by 
Walt Disney Co.’s Miramax 
Films to invest as much as $30 
million in European co-produc- 
tions and to dub three Europe- 
an films a year for distribution 
in the United States. The first 
will be “Les Visiteurs.” the hit 
lime-travel comedy about a me- 
dieval band in modem France, 
which is being dubbed by Mel 
Brooks. 


Reuters 

SHANGHAI — City offi- 
cials have given security forces 
and tbe Communist Party 
broader control over sdl forms 
of stock market information 
under tough new rules an- 
nounced Thursday. 

The regulations are designed 
to crack down on rumors and 
speculation that have created 
considerable volatility on the 
stock market. 

Even brokerage research is 
subject is subject to new super- 
vision under the “Rules Con- 
cerning the Management of In- 
formation on the Stock 
Market** published in tbe 
Shanghai Securities News. 

The regulations, the first of 
their kind in China, were draft- 
ed by Shanghai authorities. It 
was not clear why these officials 
would have jurisdiction over 
market affairs, or whether the 
rules might be countermanded 
by securities regulators or fi- 
nance officials in Beijing, with 
whom Shanghai’s authorities 
have persistent turf battles. 

In Hong Kong, which is the 
base for many funds trading in 
Chinese equities, analysts and 
traders reacted cautiously. 
There was some worry, howev- 
er, that the new rules represent- 
ed a collision of China’s Com- 
munist Party rule with its 
aspirations to develop a market 
economy. 

Although the regulations do 
not spell out what can and can- 
not be reported, they are a clear 
warning to the fledgling securi- 
ties information industry that 
embraces everything ' from 
newspapers to beeper services 
and public discussion forums 
know as “salons." 

“Organizations and individ- 
uals are strictly prohibited from 
influencing the issuing and 
trading of securities and creat- 
ing chaos in the stock markets 
by spreading false informa- 
tion.*’ the rules state. 


The aim was to “guarantee 
the interests of the stock-invest- 
ment masses." * 

Radio and television station^ 
news agencies, newspapers ana 
magazines must report on secu- 
rities within guidelines set ouj 
by authorities. 

The authorities in question 
are the shanghai offices of pub* 
lie security, press and publica- 
tions, posts and telecommuni- 
cations, radio and television, 
and industrial and commercial 
administration, as well as the 
local securities watchdog. 1 


and embarrassed Communist 
authorities. 

There are 10 million stock 
market trading accounts in Chi- 
na, and Beijing fears a vast and 
growing “stock population 
could become a source of sochd 
instability. ; 

Some Shanghai brokers wel- 
comed the rules, saying they 
may help curb speculation tbai 
has enriched a few big marked 
players at the expense of small 
investors. * 

On Thursday the A share in* 
dex of domestically traded 
stocks surged 33.11 points to 
close at 735.57 points. The B 
index for hard-currency over- 
seas investment closed dov.i 
0.12 points at 78.25. \ 

“This is a move to standard; 
ize the market, and the respond v 
has been good,” said Zhang Lt *. 
a broker with Shanghai Intern-': 
tional Securities. “Rumors have 
disturbed the market, and 
vestors have lost money a . + 
result." 


/Commentary 



By Reginald D ale 

International Herald Tribune 

W ASHINGTON — Amid all 
the hype about Asia, it’s as 
well to keep a sense of pro- 
portion — particularly with 
President Bin Clinton about to head that 
way in a cloud of extravagant expecta- 
tions. As Mr. Clin ton prepares for the 
Asia-P&cific Economic Cooperation 
summit meeting in Indonesia this month, 
there is a danger that the rhetoric will 
outrun the reality. 

So it’s refreshing to find some so- 
called myths erf modern-day Asia coming 
under fire, including such basic assump- 
tions as that there is a desirable Asian 
n*fxVi of economic development, or that 
a natural community of interests exists 
among the countries of the Pacific Rim. 

Writing in tbe latest issue of Foreign 
Affairs magazine. Paul Rrugman of 
Stanford University questions not only 
whether the Asians have developed a 
superior economic system but whether 
there has been an Asian miracle at alL 

Mr. Krugman argues that the appar- 
ent dynamism of many Asia n econonnes 
is largely due to the same economic tech- 
niques that created the Soviet Union s 
much-misin top reted boom in the 1950s. 

Although the parallel might seem far- 
fetched, Mr. Krugman says, the results 
of recent research into Paofic Rim eco- 
nomic growth give the few people who 
recall the great debate over Sowet 
growth a strong sense of dija vu. 

Mr. Krugman is not being quite as 


original as he thinks Others have trod- 
den this path before — even to the extent 
of comp arin g some Asian economies 
with the Soviet Union in its heyday. 

It is now widely acknowledged that 
the apparently mighty engine of Soviet 
growth that impressed and frightened so 
many in the West in the 1950s and early 
1960s was faded by a massive input of 
resources into the economy. 

But little or nothing was dime to im- 
prove efficiency. And without increases 
in efficiency, through greater knowledge 
and technological progress, such growth 
cannot be sustained. 

The same, says Mir. Krngman, applies 
to many of the smaller Asian countries. 
“Asian growth, like that of the Soviet 
Union in its high-growth era, seems to be 
driven by extraordinary growth in inputs 
like labor and capital rather than by 
in efficiency,” he writes. 

That means that, like the Soviet 
Union’s, the growth erf most of Aria's 
star economies is bound to decline — as 
Japan’s is already doing. 

What’s more as Japan's growth was 
different from that of the so-cafled Tiger 
ec ononri cs, and much more technologi- 
cally efficient, there is no “Asian system" 
that might act as a model for others. 

As usual, Mr. Krugman overstates his 
case. He skates over China and ignores 
the fact that, unlike the Soviet Union, the 
Tigers won their economic spurs by com- 
peting in the world market. But he has a 
good debating point 

So do Robert A. Manning and Paula 
Stem of the Progressive Policy Institute, 


who question the substance behind the 
so-called Pacific Community proclaimed 
by Mr. Clinton at the APEC summit last 
year in Seattle. 

The region is riddled with so many 
economic, political and psychological dif- 
ferences that the concept “may prove to 
be a chimera." they write in the same 
magazine Trade and a Pacific coastline 
do not necessarily make for a sense of 
community — or, as a Carnegie Endow- 
ment report put it, the Pacific might “re- 
main more of a run than a community." 

High-handed Clinton administration 
policies toward individual Asian coun- 
tries have “galvanized Asian contrari- 
ness.” say Mr. Manning and Ms. Stem, 
and many Asians suspect a hidden agen- 
da behind UJS. support for a Pacific free- 
trade area. 

Furthermore, they add. tbe notion that 
Asia's dynamism is drawn largely 
through the Pacific to the United States 
— the notion on which the idea of a 
Pacific community rests — is simply 
false. East Asian trade is roughly equally 
distributed among the United States, Eu- 
rope and the rest of Asia, but with intra- 
Asian trade and investment growing 
markedly faster than any other. 

Tbe debunking of myths is healthy, 
but it should not be taken too far. None 
of these arguments altos the fact that 
Asia is currently the world’s most dy- 
namic economic area and that its views 
demand much greater attention. They 
don’t invalidate the case for Asia-Pacific 
free trade. But you don’t have to be a 
total skeptic to hope for a little less hype. 


Philips Profit Races Ahead 


Ccmpded h Our Slat] Front Pivatcv. 

AMSTERDAM — Philips Electronic* NV 
said Thursday its third-quarter profit almost 
quadrupled to 530 million guilders (S3 17 mil- 
lion), helped by buoyant earnings at its compo- 
nents and semiconductors division. 

The increase, from 133 million guilders last 
year, was inflated by a 75 million guilder gain 
from asset sales. But it was greater than most 
analysts expected, and the company’s stock rose 
3 percent, to 56.50 guilders. 

“These are splendid figures,” said Agatbo van 
Hilsx, an analyst at the brokerage Amstgeld NV. 
“They are absolutely top across the board.” 

Sales in the quarter rose to 14.19 billion guil- 
ders from 14.13 billion. 

Philips said it did not expect profit growth to 
continue at the same rate it did in tbe first nine 
months, when underlying income more than tri- 
pled to 1.12 trillion guilders. The company 
blamed the lower forecast on the weak dollar. 

Dudley Eustace, the company^ chief financial 
officer, played down the significance of that 


warning. He said he wanted to “temper any 
possible euphoria that may escape realism.” 

Mr. Eustace said the rise in ihird-quaner profit 
reflected growth in markets outride Europe, par- 
ticularly in Aria. Brazil and the United States. 

Sales in Europe were flat, he said, with G run- 
dig AG, Philips’ German consumer-electronics 
unit, continuing to post losses. Grandig's results 
were fully consolidated in Philips’ earnings. 

The company said it would not pay an interim 
dividend. It last declared one in 1989. 

For its first nine months. Philips recorded 
major improvements in components and semi- 
conductor sales. Operating profit in that division 
rose 68 percent, to 1.18 billion guilders. 

Its consumer-electronics unit swung to an op- 
erating profit of 325 million guilders for the first 
nine months, reversing a loss of 206 million 
guilders a year ago. The turnaround was 
achieved despite a 3 percent decline in prices in 
the third quarter. 

(Bloomberg, Knigfrt-Ridder ) 


Japan Factor^ i 
Lead the Pack 

■f.yK.v frjcu- \ 

LONDON — The Jipj- !; 
nesc manufacturing intluj- •' 
try is the most comp-ini’. . j 
in the world, a study by - ■■ 
leading management c or.- 
sultancy showed Thursdw.- . 

“Japan's productivity is l! 
about 35 percent higher 
than Europe, while U.S. ‘i 
productivity is about 15 
percent of Europe,” a study 
by Andersen Consulting 
said. 

“Japanese plants in- ][ 
creased their productivity 
by 38 percent between 1992 : 
and 1994, despite a 16 per- ■ 
cent fall in volumes due to ■ 
tbe recession in Japan,” the !' 
study said. 



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NOV. 3 

Eurocurrency Deposits 




■ NOV. 3 

Cl 

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S.KOT.WM 7M 0 
SM& Kroon 7M* 
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TTHlMlt 3«3 
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mated States CtoM Prev, 

oftcDsat rate <£0 

Prime rote Ttt 7*t 

FootraltaAi f* J'j 

Mawmeos ja ab 

Comm, paper m dan 573 5J9 

Swum Traosanr tfll 5J9 5S7 

l-mriMonryiifn 5S1 Sg 

a- WOT TTOMW-f art* 4S7 &9S 

54 MT Treasury ao» 744 743 

7 -narTTMswvaate 747 746 

W-y*or Treasury note 7J5 7« 

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Cisd 222 
— 2 

— 2S 

— 2\ 
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500 530 

500 500 

520 S20 

£20 £38 

741 746 


wsenoal rate 
Can monrr 

InnvlfcfaKrfafa 

haerthtateno* 
taaaB intertask 

llKicw Gover n ment bond 

W na t w 
■ rote 

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iKBoatti Mertaaic 
xnante diternak 
MoaHiMa«e«fc 
uwM 


Britain 

Bank base nM 
Coll money 
tfflgiU i Inter bunK 
mi«a te te rt onK 
MUMDIi fateifaaflk 
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*-rooatti hrferbook 
18 -year oat 
Sources: Rasters. Btaombere. Merrill 
Lynch. Bane of Tokyo , Commerzbank, 
Cr ce m ma Montagu. Cr*tBf Lronsab. 

GoM 


5* 


5% 


5% 

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sue 

384.M 

-0.15 

LOIMlaB 

383.90 

38180 

—ms 

New York 

385JN 

28440 

—1.10 


US dottars eer ocnce. London otS&otfix- 
inBSJZurkti and Hew York apontnoandetoo- 
too prices; Nme York Comes ( December. J 
Source: Reiden, 


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‘Page 16 

Market diary 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, NOVEMBER 4, 1994 


U.S./AT THE CLOSE 


Shares Rise Slightly 
Despite Rate Fears 


Via Anoeieted 9 iws 


Dow Jones Averages 


EUROPEAN FUTURES 


Baraga 


Oven High Low Lnt Otg. 


Metals 


Indus 384 X 53 3 S 53 X 3 3833 X 3 3 B 4588 -875 
< Tram 1539.47 1522 JH? IXJJJB H1B-61 — 0-23 
un 178.95 180 X 4 17875 180.13 - 0.98 
COmp 129181 T 3 *U 5 138971 129177 -150 


; NEW YORK — U.S. slocks 

■ rose Thursday as auto and retail 
J stocks gained, overcoming 
;• tosses caused by persistent con- 
1 cern over higher interest rates. 

■ But volume was limited, with 
investors apparently hesitant to 
: make major moves ahead of the 


1I.S. Stocks 


•October employment report 
■' due for release Friday. 

“We’ve been living with this 
• type of market for six months,” 
; said John Brooks, director of 

■ sales and marketing at Notiey 
, Group. “People are a lot more 
. nervous than they are saying 

■ they are." 

The Dow Jones industrial av- 
erage rose 8.75 points to 
. 3.845.88. adding most of its 
cain in the last 10 minutes of 
“Trading, 

Stocks were little changed for 
most of the day as bond prices 
dropped, amid reports of strong 
] lousing and auto sales. The re- 
ports prompted concern among 

■ bond investors that inflation 
.Till accelerate. 

The yield on the benchmark 
30-year government bond. 


which moves in the opposite di- 
rection to its price, ended at 
o »n — . r,„,* s,09 per- 

cent on Wednesday and at the 
highest level since April 1992. 

Advancing shares roughly 
equaled decliners on the Big 
Board, where volume slipped to 
284.49 million shares from 
331.39 million Wednesday. 

Shares of auto companies re- 
bounded from recent weakness 
after General Motors said it j 
sold 1.3 percent more cars last 
month than it did a year earlier. 
Shares of GM rose % to 39!*, 
Chrysler climbed Vi to 48, and 
Ford moved up % to 29£. 

Shares of retailers gained as 
many companies reported sales 
for October. Dayton Hudson j 
surged 4V* to 81%, Best Buy! 
soared 3% to 42, Ann Taylor 
jumped VA to 44V*, Limited 
rose 134 to 20 3, i, Gap added 2% 
to 36%, and Sears Roebuck 
spurted 1 to49!6. 

Bank stocks gained as inves- 
tors bet that the demand for 
capital would continue to grow 
as the economy rebounds. 

Bank America jumped 1 to 
43W. Bankers Trust New York 
was up % at 64 H, and Nations- 
Bank rose Yb to 49V: 



Stan da rd A Poor's Indexes I 


industrials 
TransB. . 
Utilities 
Finance 

span 

SPIN 


hibu low aow cn-** I 
55674 55436 55576 + 1 JO 
346 . 2 B 36112 36477 — 0.15 
15 U 9 151.12 151 76 - +QJ 3 
4 X 49 4 X 14 4 X 34 +070 
46 X 64 46140 46771 + 1.41 
43530 43 X 69 43135 +137 




NYSE Indexes 


Htoti Law Last Qib. 


Composite 
in austrials 
Tramp. 
Utility 
Fine no 


256.92 255.98 25166 - 0 M 
TM M 32 X 12 32 X 97 -085 
23107 23 X 59 33 W 7 -089 
20 X 11 20 X 19 20 X 97 -069 
204.05 20309 20 X 60 - 0 J 1 


ALUM 1 NI 

Dollars p< 

Spot 
Forward 
COPPER 
DaBars pc 

Spot . 

Forward 
LEAD 

Dolton i*r metric too 
spot 67480 675J0 

Forward 6 WOO 69QJOO 

NICKEL 

Dollars per nirtrfctim^ 
Spot 749500 750100 

Forward 76WOO 761X00 

TIN 

DanariMf'RiclitkjHi 

Spat 62&5JM 627X00 

Pprwari 636X00 636500 

ZINC (Special HWi Grade} 

Donors per metric too 

Spat 1161J0 116X50 

Forward itBXOO HOMO 


Prewiws 
Bid At 


1837 m 183 X 00 
1859 X 10 114000 
Grade) 


HIM Law Last Settle Cta*M 
May 1 SS 3 S 15 S 85 USAS 15 X 25 +M 0 

June 15150 1 * 1 00 HOI BUS + 12 T 

JatT NT. N.T. N.T. ISAM + 1 « 

An 9 H.T. N.T. N.T. 15725 + 1 J 0 

5 ep NT. NT. NT. 15 X 75 +125 

Oct N.T. NT. NT, KUO + L 00 

Est volume: 17479 . QpanM. 10 X 964 


271 X 00 271100 
3691 X 10 3693 X 10 I 


667 X 10 66 X 00 
68 X 50 68100 


7430 X 10 744000 
7550 X 10 7560 X 10 


613&8S 614X00 . 

623 X 00 £23580 


114850 1149 JO 
117 X 00 1171 JB 0 


BRENT CRUDE OIL (IPC 1 
uj. dollars ner narret-Mzar loh narrate . 
Dec 1733 1739 1757 17 X 7 +038 

Job 1735 1198 1721 17 J 1 + 0.10 

Feb T 7 XD 1 A 00 1693 UN +802 

Alar 1633 1 A 6 A 1639 1633 — 0 X 0 

Apr KJ 5 MJ 1 KJS 16 J 4 — OXM 

MOT 1660 UJJ 1660 1658 — UM 

Jan 16,53 16 lSS IAS 1654 — OJM 

Jtv 16 X 0 KAO leXO 1640 UIKN 

Ana N.T. NT. NT. MAI — 0.13 

Sw NT. NT. NT. 1642 -813 

Otit NT. NT. NT. 16 A 3 —M 3 

NOV NT. N.T. N.T. MX 4 —Ml 

Est volume : 558 K 2 . Open tot. 11 X 229 


Home Sales Rise, Retail Sales Fall 

WASHINGTON (Combined Dispatches) - Sales oF new hoqjjfc 
rose modestly in September, the Commerce Department said 
Thursday. It was the third consecutive monthly increase despite 

St s 2 e 5 of^gMarr^ homes increased 2.6 percent to a season- 
ally adjusted annual rate of 703,000, well above forecasts of a rate 
of 680 000. The department revised its August data downward, to 
an annual increase of 7.9 percent from 9.7 percent. Some econo- 
mists said they expected the Federal Reserve Board would raise 

interest rates at its meeting Nov. 15. 

Separately, major U.S. retailers said their results tor October 
were lower than expected But analysts said the outlook for the 
Christmas season remained good. The Salomon Brothers retail 
index, rose 3.8 percent. In October 1993, the index rose 4.7 percent. 

(Reuters, Bloomberg, AP) 




1 V‘ 
:««' '' 


Financial 


'U-’.iT J A. s ; p 

1994/ =" 


NASDAQ Indexes 


Low Lml Cbs. 


NYSE Most Actives 


Composite 77 X 25 771.01 772 JJ 3 -Ml 

Industrials 78430 78 X 83 784.18 ‘875 

Banks 728.43 72606 73606 — 1-28 

insurance 91887 91458 917.17 -IJI 

Finance 90128 901.03 90165 - 0 - 3 * 

Tran so. 699.45 695 X 9 69 SXI 9 - 1 X 30 


GnMotr 

TrtAHex 

Ofrtcmr n 

Umiid 

VValMart 

PtiKpsEI 

Qlcorp 

Compaq s 

UFBrcrs 

Gap 

Materia* 

DBard 

MlexTcs 

DuPom 

ucara 


VoL MWi 

40777 39 'J 
37816 55 W 
35263 24*4 
31277 20 ^ 
29729 23*6 
25256 33*8 
26669 46*4 
22678 41 u. 
22001 49 Vi 
21882 36 'A 
21842 60'* 
20963 28 *» 
20738 41 *M 
20420 56*6 
20474 XV* 


Dow Jones Bond Avorsges 


I 20 Bonds 
W Utilities 
i 10 Industrials 


dose CtiVe 

9433 — 0.16 

19 Jl -006 

9939 -025 


AMEX Stock Index 


HMl Low Lad Cha. 
455.24 45609 45457 - 0 J 39 


NASDAQ Most Actives NYSE Diary 


DOLLAR: Fed Intervenes Again 


Continued from Page I 


rio do so as the yen and Lbe mark 
continued rising through the 
summer and autumn. 

“When the dollar has been 
weak on its own this year, inter- 
-vention has been measly," said 
Lisa Kaess of Geoffrey Bell & 
Co. “It's no coincidence that 
Washington is intervening 
when the dollar is weak and 
Treasury bonds are at a two- 


Forelgn Exchange 


and-one-half-year low. Some- 
body there is interested in a 
-stronger dollar.” 

- No member of the Clinton 
. administration would want to 
-be embarrassed by the Fed's 
jjeing forced to ride to the res- 
-cue of a collapsing dollar as 
voters go to the polls on Tues- 
day, and as President Bill Clin- 
ton flies to a meeting with 
‘ Asian trade partners in Indone- 
sia. Mr. Clinton is set to meet 
with Latin American countries 
in Miami the week after. 

■■ The Treasury also has to sell 
_S29 billion of three- and ten- 
"year notes next week in a regu- 
lar refinancing of its debt, and 
j j easury S ecretary Lloyd Bent- 
sen .1% going to have to con- 
since someone to buy them,” 


said Carl Weinberg of High 
Frequency Economics. 

But both U.S. and foreign 
buyers of American bonds have 
been sitting on their money for 
months, waiting for the Federal 
Reserve to come to the end of 
its program of raising interest 
rates as protection against in- 
flation in a strengthening econ- 
omy. As rates go up. bond 
prices go down — so why buy 
now when bonds may be cheap- 
er tomorrow? 

There was some speculation 
on Wall Street that the Fed 
might raise rates Friday if Octo- 
ber employment figures are 
stronger titan the expected 
growth of about 250,000 new 
jobs. That would represent a 
preemptive strike by the Fed 
instead of wailing to add anoth- 
er half a percentage point to the 
federal funds rate, now at 4.75 
percent, at its Nov. 15 meeting. 

But that also would entail po- 
litical risks for the central bank 
in an election season and might 
not satisfy Wall Street anyway. 
On the contrary, said Robot 
Brusca of Nikko Securities, the 
weakened bond market and the 
continued necessity to prop up 
the dollar mean that the Fed 
may have to tighten more than 
half a percentage point because 
markets want stronger action. 


Novell 

owns 

told 

TdCmA 

Mlcsfts 

MO 

Snuppt* 

Mettunx 

BarNTwj 

EricT ADO 

USHWtii 

RTLlaA 

MarOrt 

Seoaata 

ainieom 


Hfcb LOW 
10ft 17* 
32 % 31 V. 

63 W*. 6116 
3 m 2 BV 4 
63 % 62*6 

ZW„ 22% 

14 13 % 

14*6 13*6 

28 26*6 
2 '/m 2 

4 S*i 43*6 
5 * 5*6 

4 » 416 

26*6 26 % 
11 BV, 


Lost Ota. 

IBVu — 
32>.6 - *6 

61*6 — *6 

20*6 +*6 

62*6 — *6 

22 % **6 

13*6 _- 

14*6 *Vl 

26*6 — % 

5% ♦ » 

4*6 *'/« 

26*6 * Vj 
10*6 — 7*6 


Mob low close am* 

3-MONTH STERLING (UFFE) 

Qouae-ptsofMBrct 

Dee 9 X 59 93 A 7 9 X 58 + 0 JJ 6 

Mar 92 JM 9 X 65 9277 +005 

Jaa 9 X 18 9105 9 X 17 +SH® 

Sw 91 J 5 91 Jl 9134 +008 

Dec 9 M 0 9137 91 JO +UH 

Mar 9 LI 2 91 X 10 91.12 + 0.06 

Jaa 9032 9039 90.90 + 0 XJ 7 

,S«I KJ 1 rnfi\ 9071 + 0 X 17 

; Dec 91157 90 J 4 9059 + 0 JH 

Mar V 0 J 3 9043 9052 + 0 XS 

Jaa 9051 90.40 9030 + OB 6 

Sep 9059 9042 90 SO +W 1 

j Est. volume: 82207 . Open Ini.; 490 LSH. 
3 -MONTH EURODOLLARS (UFFE) 
to minion -pts of lf«pct 
Dec N.T. N.T. 9 X 98 UllCh. 

MOT N.T. N.T. 9348 UndL 

Jm N.T. N.T. 9 M 0 +RJ« 

Sep 92 J 3 9 X 63 92 J 3 +OXI 1 

Est. volume: 25 . Open int.: A 280 . 

8 MONTH EUROMARKS (UFFE) 

DMT mRIIoa-ptsoflMpd 
Dec 9483 9480 9482 UnCh. 

Mar 9 AS MJ 7 94 J 4 + 0 XQ 

jm 94.14 94 X 15 94.13 + 08 T 

Se« 9374 9 X 6 S 9334 + ROJ 

Dec 9338 9381 9337 +SMI 2 

Mar 9110 91 D 4 93 .TO +o xa 

jnn 9283 9 X 77 9283 + 002 

topi ns * VIM + a® 

Me 92 J 7 9231 92 J 7 +HB 2 

MOT 92 X 5 92 X 3 9 X 28 + 0 JJ 1 

JOTS 9 X 14 9 X 13 9 X 16 + 002 


Stock Indexes 


Mob Law Ctaie C&0090 
FTSE Mt (LIFFEJ 
135 per todax point 

DOC 3 TK 28 X) 30768 3119 X 1 + 22 J) 

Mar 31358 3ITX5 31385 +21J 

JOB NT. NT. 31608 +218 

Est. volume: 12397. Open lnt-: 57X68 
CAC40CMAT1H 
FF 2 W pv Endec point 

NOV 191800 187880 1917 JB +M 80 

Dm 193680 1887 X 10 192850 +3850 

JOP NT. N.T. N.T. UnctL 

Mar 191880 191 X 80 1951 XD + 3&00 

JOB NT. NT. 193450 +»JM 

SOP NT. NT. 195880 +280 

Estvobmt; 2 llS&Dpen ML: 59 . 14 X 
Sources: Motif. Associated Press. 
London ton Financial Futures Exchange, 
inn Pstrote vr n ExboasK. 




Advcncnd 
Detained 
UntfumgecS 
Total issues 
New Highs 
New Laws 


1092 943 

1051 1275 

761 697 

2904 2915 

29 45 

113 170 


Sep 9X0* 9X00 9XOC +081 

Est. volume: 89814 Open lnt: S79833. 


MAO NTH PI BOR (MAT I FI 
FF 5 million - pb ol wo pa 
Dm 9428 94X4 

Mar raJ 4 9178 

Jap 9341 9X35 


AMEX Diary 


ptsattMpct 



MXB 

94 X 4 

9487 

+ 081 

9384 

907 B 

9384 

+083 

93 X 1 

93 XS 

93 X 0 

+ 202 

9381 

9296 

9380 

+081 

92 X 3 

92 J 5 

92 X 2 

+ 082 

9134 

92 Z 7 

92 X 3 

+083 

9209 

9284 

92 JDB 

Undt 

9132 

9187 

91.90 

UnctL 


Per Amt Rec Pay 
INCREASED 

Allied Healthcare O & ,1*J* 

AsWand Oil Q -775 11-® IMS 

Courier Can Q .18 11-18 12-2 ■ 

M .!» iV15 1W0 
Kohler Realty Q -03 M 

Pvt Inc 0X19 1M6 1-1 

INITIAL 

Partoan Group - -33 IMS >1"® 


ACM Gov loco 
ACM Gov Omari 
ACMGovSecur 


ACNIGv spectrum 
ACMMnsdDaUr 
ACMMnpd I 


AMEX Most Actives 


Advanced 
Dncflncd 
UncharwKJ 
Told issues 
NewHiahs 
New Lows 


265 251 

286 330 

246 227 

777 008 

12 13 

29 39 



VoL 

MSB 

Low 

Lent 

Chg. 

Vlacvrt 

7000 

lVu 

m 

1*1 

— Vi, 

US Ale 

5925 4>Vu 

4<A 

«t 

+ *6 

XCL Ltd 

5500 

1V» 

lVu 

1 Vb 


VmCB 

5344 

SOM 

38 VV 

3B*k 

M 

RoyiXOg 

5211 

4Vi« 

3Wu 

4 

— J/m 

GrevLfW 

4795 

3V„ 

Wit 

W* 

—Vu 

USBtosd 

4455 

TVS 

1 

71^ 

+ V2 

SwnUle 

4217 

4W 

3*u 

4 

— Vu 

Datamet 

3994 

6to 

SW 

59, 

4*0 

EcnoBcy 

3470 

13 

11*6 

13 

*Vt 


NASDAQ DUury 


Advanced 
Oedtoed 
Unchanged 
Tblal issues 
NewHiahs 
New Louis 


1626 1560 

1961 1705 

1926 1B46 

5113 sin 
102 102 
98 101 


EsI. volume: 32JM4 Open InL: 184481. 

LONG GILT (L1FFE) 

138000 - Pti & nmtx of TOO Pd 
Dec 10031 100-06 100-27 +0-10 

Mar 1DC-0B 100419 10040+0-11 

Est. volume; 44789. Open fnL; 105.977. 
GERMAN GOVERNMENT BUND (LIFFE1 
DM 258880- pto of IN pet 
Dec BJ.1S 8858 8909 +824 

Mar 88.16 8755 8817 +813 

Est. vutume: 12X301. Onen inU 19X210. 
W-YEAR FRENCH GOV. BONDS (MATTF) 
109 JO +820 

MOT >0172 MB22 >0868 +8X0 

Jm 107.98 10756 W/M 

Sep N.T. NT. 107.10 +020 

Est. volume: 181.980. Ooen Int: 155431 


Spot Commodities 


Industrials 


ACMMnpdmCP 
ACM Mnod Mnttl 
ACM Mon Sec loco 
AMLI Reddent 
Alltanc* WkJ Dflr 
Ai Ounce WldDIrll 
Avon Product 
Blfcrfc 2001 Term 
BIT*, las Muni 
Blkrk Strut Trm 
RIcnchEW 
Broken HIU Prop 
Cl lean* Inc 
C3wm«lCoR> 
Coasted Corp 
Enerpen Carp 
EnoelbaitICofP 
Gen Growth 
Grupa Televisa 
Lftwrly to 
Metro Find 
MkAelbon-y Coram 
NY Tan Exempt 


Market Salas 


NYSE 

Amite 

Nasdoa 

fn millions. 


Commodity Today 

Aluminum, lb 0545 

Copper electrolytic lb U1 

Iran FOB. Ion 21JJ£> 

Lead, in 

Silver, troy cn SXB 

Steel (scrap). Ian 127JI0 

Tin, lb . 

Zlnc lb 0-5769 


Hiati Low Last Settle arve 
GASOIL IIPE) 

U JL dollars per metric fan-lots of IN tons 

Nov 15425 15 X 75 15 X 50 153 X 5 + 85 D 

Dec 15625 15 &XI 0 I 55 L 75 15550 +850 

Jan 15725 15625 1572 S 157 JW + 1 JX) i 


Roto-Roater 
SchnltzarStlA 
Sonar Inc 
Sltiwsi Secnr 
usilco con* 

Wendy's InM 


15825 157 JO 15823 15825 +125 
T 9«?4 157 JO 15725 15800 + 1 JW 
15650 15600 15625 (5625 +125 


e-anerm amount per ADR- 


REGULAR 

M X 912 11-14 1 W 5 
M 066 11-14 11-25 
M XW 12 11-14 11-25 ! 
M SX n -14 11-25 I 
M .1219 11-14 11-25 1 
M JI 9 11-14 11-25 
M 06 11-14 11-35 
KO - JW 5 1 I-M 11-25 

Q .42 11-10 11-21 
M .14 11-14 11-25 
M .1186 11-14 11-25 
G JO 11-16 12-1 
M JB 62 Tl -15 11-30 
M J «2 1 V -15 11-30 
M .052 11-14 T >-30 
- JOB 11-11 12-1 
C 2008 11-10 1 X 9 
O J 15 11-23 1 X 20 
a Jl 11-23 12-9 
Q .W 11-30 1-1 | 

Q 2 B 11 - 1513-1 
Q .12 13-13 12-30 
Q J 9 ll-W 11-29 
C .1172 11-10 11-18 
Q .15 IMS 12-2 
_ X» 11-19 11-22 
am Q J 15 1 X 9 12-22 

M JQ 53 11-15 12-1 

S XJ 23 12-15 12-30 
.15 11-23 1 X 9 
Q US 11-10 11-25 
Q .27 1 V 30 12-14 ; 
Q JB 3 S 12-15 1-3 

Q XU 11-9 U -15 
Q XU 11-14 11-29 


U.S. and China Trade Swipes 

WASHINGTON (Reuters) — A U.S* official said Thursday it 
would take a “pretty big^ miracle for China to win quick entry 
into the world trading system, escalating a war of words between 
the economic giants. ■ 

But China said it was in the U.S. interest to make Beijing a 
founding member of the World Trade Organization, as officials 
made clear they were losing patience with the persistent U.S. 
demands for concessions. 

The main stinnbling block is U.S. insistence that China reform 
its economic system by granting foreign goods better market 
access, cracking down on trade piracy or assuring overseas com- 
panies the same treatment as local firms. 

Marvel Adds to Comic Book Empire 

NEW YORK (Bloomberg) — Marvel Entertainment Group 
Inc. said Thursday it bought Malibn Comics Entertainment Inc. 
Trams were not disclosed. 

Malibu licenses characters from the “Star Trek" television 
series and the popular “Mortal Kombat” video game, h also 
publishes its own line of Ultra Verse super-heroes. 

Marvel, with revenue last year of S415.2 million, controls aboidt- 
35 percent of the comic book industry. Malibu controls about 4 
percent of the market and has annual revenue of about S15 
milli on, according to an estimate from Lauren Fine, an analyst 
with Merrill Lynch & Co. 


New Bid lor Borden Expected Soon 

COLUMBUS, Ohio (AP) — Paul Kazarian’s investment firm 
plans to present a competing bid forBorden Inc., a food company, 
m the neat few weeks, a spokesman said. 

Borden has already accepted a S2 billion offer by Kohlberg. 
Kravis, Roberts & Co-, a New York investment firm with a major 
bolding in RJR Nabisco, a tobacco and food conglomerate. 

But a Borden spokesman said the company remained open to a 
competing bid. 


if;, 

' - •. >.v 


Apple Unveils New Power Macintosh 


oMDibfr; •HuartertK s-emHumoal 


CUPERTINO, California (AP) Apple Computer Inc. on 
Thursday introduced a faster Power Macintosh computer intend- 
ed for people who work with large amounts of visual data, 
Apple said the Power Macintosh 8100, powered by a 110- 
megahertz PowerPC nricroprocessor, is its fastest computer. 

The new machine is the latest in the Power Macintosh line that 
Apple launched in March. The computers are based on the 
PowerPC chip developed by an alliance of Apple, International 
Business Machines Corp. and Motorola Inc. 


Vickers Seeks Partner for Rolls-Royce 


Ruble Crisis Provokes 
Another Top Job Loss 


For the Record 


Bloomberg Business .Vrwx 

LONDON — Vickers PLC is looking far a 
partner to help its Rolls-Royce Motor Cars 


unit develop its prestigious Rolls-Royce and 
Bentley models, Colin Chandler, chief execu- 
tive of Vickers said Thursday. 

“I hope to be able to announce a partner- 
ship around the end of this year," Mr. Chan- 
dler said. “We all accept that this business 
will need a partner, a partner who can bring 
technology, components and support new 
models in the latter half of the 1990s." 


In April he said the company was seeking a 
collaborator for the development of new 
Rolls-Royce models, but that the company 
would maintain control of Rolls-Royce Mo- 
tor Cars Ltd. 


The Associated Press 


Adrian Murray, an analyst from Credit 
Lyonnais Securities Ltd., said the most likely 
partner was Mercedes-Benz AG of Germany. 
Analysts also cited Bayerische Motoren 
Werke AG and Ford Motor Co. of the United 
States as possible partners. 


MOSCOW — President Bo- 
ris N. Yeltsin on Thursday fired 
Russia's top foreign-currency 
regulator, the third official to be 
ousted as a result of the recent 
crash of the ruble. 


Mr. Yeltsin removed Viktor 
Krunya as head of the Federal 
Currency and Export Control 
Sendee. 


Turner Broadcasting System Inc. said it had recorded a loss of 
$5 million in the third quarter, rating the costs of retiring debt and 
fallout from the major-league baseball strike. (AP) 

United Healthcare Coip. reported a 47 percent increase in 
third-quarter profit on Thursday, to $80.8 million, because of 
strong enrollment growth and cost cutting. (AP) 

Merck & Co. said it had agreed to sell Calgon Vestal Laborattv. 
ries, which makes skin care and infection control products. i4v 
Bristol-Myers Squibb Co. for $261.5 milli on- (AP} 

Greyhound Lues Inc.'s bondholders are seeking to push the 
biggest U.S. intercity bus company into its second bankruptcy 
court reorganization in four years. . . . (AP) 

Conseco Inc, the insurance company that outbid General 
Electric for the right to buy the Kemper Corp. in June, has scaled 
back its $325 billion offer and asked Kemper to accept $2.96 
billion — about the same as the GE offer. (NVT) 


Vw- • 4 


WORLD STOCK MARKETS 


U.S. FUTURES 


Helsinki 


Amer-YtUvma 108 112 

ERSO-Gutldl 40.60 40J0 

Huhlamakl 150 150 

K.OP. &5® 8JM 

Kymnmw 126 129 

Motre 149 157 

Nokia 695 680 

Pah lota 74 78 

Rppola 9SM 97.90 

Stockmann 252 260 

HEX GeneralliMSex : 1998M 
Piovlaai ; 1957.53 




Hong Kong 






Stockholm 


Johannesburg 

AECI 27 27 

Allcch 121 121 

Anolo Amtfr ZJB 237 

Bartow 3175 32 

Blyvoer 1850 1850 

Bums 40 49 

Beers 97.25 n 

Drtetonfaln 65X5 65 

Gancor 15 15 

GFSA 12450 126 

Harmony 41 41 


Hlohwld stool 3X50 3X25 



„ 69 J0 69 

Nadbank Grp tiw 33 

ftan oion t em 4X50 

RliSDtat 11X50 112 

SA Brows 97 94 

5t Helena NA. — 

Sajol £ 34J5 

Western Deop 20 9 210 

Coaaoilto lwatei 597X94 
Pmtous-.B26.it 


AGA 7850 71 JO 

AMOAF 518 5 T 3 

Astra AF 189 - 50 193 J 0 

AlteCopra 96 SB 

EhKtraluxB 359 368 

Ericsson 431 432 

EsaelfaA 94 95 

Hontetsbcmk BF 86 J 0 90 

Investor BF 173 177 JO 

Norsk Hydro 253 257 

Ptwrmocla AF 132 135 

Sondvik B II 8 I 20 JO 

SCA^k 112 115 

S-E Bonken AF 44 46-50 

Skandla F 1 X 6 129 

Skanska BF 153 157 

SKF BF 129 132 

5 lory AF 431 438 

TreHebora BF IffiB 151 

Volvo BF 13650 140 




Sydney 

Amcor 892 885 

anz am jis 

BHP 5 SI 3 S -2 

nSwtovJito 0X1 0J5 

sser ^ q 

Fosters Brew 1.17 l.H 

Goodman FleM 1.19 l-» 

ICl Australia 11 X 4 11+0 

Magellan 1-92 1.97 

MIM X 91 2 X 0 

Not Auu Bank 1040 iom 

News Cora 5 JB bjm 

Nine Network M* .4 

N Broken Hill 3 J 4 3 J 4 

PucDuntoP 4.10 487 

Pioneer Inn 3 X 7 

Nmndy PaseMan 732 X 40 

oct Resources 1 JS 1 J 5 

Santas 3 J 0 X 79 

TNT 2 X 7 241 

western MMne 8 X 6 X 3 i 

Westpac Banking 444 449 

Woodslde 4 X 5 444 


!-*+■ 


FhL. 


VtoAnackdetlPteu 


Season Season 
High Uw 


Oren *€gn Low Close dig OaJnt 


Woodslde 485 484 




Industrials 


Livestock 


London 


Abbey Naf| 
Allied Lyons 


MoWMn 2X5 

Argyll Group X67 

A** Bril Fuads 5MI 

BAA 121 

BAe 4J0 


Bank Scotland 2X17 


BAT 

BET 

BtoeCirde 
BOC Group 
Bools 
Donator 
BP 


Brit Airways 1*7 


Brit Gas 
Brit Steal 


Bril Telecom 1 X 7 


BTR 

Cable wire 
Cadbury £31 
Ca radon 


Coots Vlyoiia 1.95 

Comm Union 5J0 

CwrtouJds 4.60 

ECC Group 354 

Enterprise Oil XB4 

Eurotunnel 231 

Fl»ns LIB 


B’ li rn'; 


Maritet Qosed 
TTic Tokyo stock 
market was dosed 
Thursday for a holi- 
day. 


Toronto 


AblHN Price 17* 18 

AlrConoda 2 * 7 * 
Alberta Energy 2D4u 2M 

Alcan Aluminum 35* 35*9 

Amtr Borrldc Wt 31% 


Montreal 


AtcaLMl 
Bonk Montreal 


14 14*6 
2417 24 ** 


For 

investment 

information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


CATTLE (CMERI ameer 

74.30 67X0 Dec 94 7040 70JS 

74X5 4*J5Fe*>M 69X5 »X7 

7 X 10 67 X 7 Apr 95 B 75 6982 

69 JD 64 X 0 Junn 6575 6587 

68.10 6 X 60 AuO 95 64.70 6485 

Sss WMOB9S <5-51 OSS 

66JS 46-30 Dec 95 

Eft Mies 78H W«ri.y*B I7J97 
WBTsppenM 71.132 up 1100 

rKJIJEH CATTLE ICMER) SUKH. 
won 7175 NOV 94 7U0 714] 

80 J 5 71 40 Jm 95 7487 7487 

25 70 X 5 Mar 94 7 X 95 73 95 

76 X 0 70 . 1 DABT 95 71.95 Q .95 

76 X 0 6980 Mav 95 71.77 71 J 0 

7 X 05 69 JO Aug 95 7145 71 65 

71 . A) 6 ?J 9 Seo» 

EJlsatos 1863 WWTs.solw 2JU0 

Wur* SPOT Int 7444 up 117 

HOGS ICMER) 4tM9UA-wni, P V rp 
BJO^ 32. 90 Dec M 3400 MSS 

SU0 EJSFebK 36.90 37X5 

36.ro APT »S 37X5 37J7 

47 JO 41.57 -lun 95 4X50 4260 

4X00 41A0Jul« «J5 4X60 

Sea 41, 15 Auo 95 4185 42.00 

SOM 38X0 Od 95 3885 39.IS 

41X5 - 39X10 Dec 9S 39.90 40.15 

42J0 42 00 KCU 96 4180 <1X0 

teJ*) 7.935 WM'rk.Hlta tJHO 
Wnri^enim 34.9*3 up 765 
PORK BELLES (CMER) HMu-o 
S 3j 3740FM95 4X00 4JJ5 ‘ 

Ba 37 JO Mu' 95 4X20 4280 < 

S 15 38.95 May 95 4280 G.99 * 

sttf 39J5JUI95 4280 44.65 * 

JUO 3&75AU9 95 4X50 4340 < 

E&safc* 2J45 WwfsMle* JJMI 
UHtTsoponin 10XFD up 10 


30.15 70X5 

69.10 49.15 

WJ5 69J7 
65J5 6X40 

64J5 6480 

65X7 6SX7 
66J0 


—0X0 ’eymi j 
— 0 X 5 J 14 Q 4 

- 0 X 3 11312 
— BX 2 4881 
—040 T- 5 T 2 
-O.I* SM 

s 


7X17 75XS 
7450 74.55 

7280 7177 

71X2 71J2 
7180 7180 
71X5 71X2 

7080 


- 0 X 0 1732 
- 0 JS X 844 
— 0 X 8 1.122 
— 0 X 3 MM 
-030 387 

-a« 135 

-OXO 20 


COTTON 2 CNCTN) 18.600 In.- cmNser *» 

77X5 Dec 94 gjn 7280 489 71.84 -0J3 

7H.I5 fiJO Mar 95 7185 73X5 73JD 7129 — 0Xo 

78J5 6480 MOV 95 74JS 74.90 74X6 7440 IflX7 

7BJ5 6SJBJMIV5 74J0 75J0 7495 7115 -OJO 

7470 iUKJ Od 95 H^4j —OHS 

7XB0 64.75 Dec 75 6980 6985 69X5 07.42 .08? 

7035 68-30 Mar 96 S3 -0W 

EtL sales 7JOO Wetrs-sdes 6828 

West's own W 54X99 off 170 

HEATING ML (NMER) anitri-cmnM'ip 

nxn 44*o Dec 9* jiao sijs 5075 51x5 -ois t 

6235 43X5 Jon 95 51X0 57.711 51X0 5180 *0.(1 ■ 

sps 518S S2A5 51 JO fflS .OX?; 

57.50 47J0M<r9S 51 JD PJB 51X0 5180 ><Un I 

55.15 4U15AW95 30X0 50X9 SS^I SOKI -037 


-48 I 5430 47.00 MOv 95 50.15 5020 50.70 -0X8 

—48 SL50 6t7?J«W 5000 50X0 4980 50X0 


5380 44X9 Jim 95 5000 50X0 4780 50.30 *0X5 

2-MJW9S S.10 58-15 5S»0 50.15 -012 

5580 J2X0AUO95 50 AO 3080 5BX0 SU0 —04? 

SJ-M g«Oa« 32X0 5X30 5185 51» 

54.40 5280 Nov 4J 5123 nx jjon c. | S 

P80 5Z-.7nOec.93 5400 54X5 5400 54X5 =0^ 

Es. scries NA. Wed’s, soles sasot 
M ferfS open W I50JS6 trff S2S 


INMpMpiBrlH 

??“ 1 U 0 I 9 J 1 10-69 10 X 0 — 003 1 


1152 3417 

36.17 36.95 
3685 3785 

41.95 4288 
4 2M OSD 
418S «.« 
IMS 3U0 
3985 4085 

4180 41X0 


— 0.10 17X13 
m.rs 0.959 
-0X0 4.766 
2J05 
-ail 609 
♦9J3 400 

*0X0 335 

*0X3 56 

*0.10 I 


ran'* „ 
41X0 42X0 
41X0 M 
4271 43.12 
43X0 44X0 

42X0 43X0 


• 0X3 0076 

•am 1 x 74 

*002 313 

1 0X0 329 

—0.10 76 



??“ 'Ml 1069 1080 -0Q3, 

1985 1 11 5 Jan 95 18J4 1880 VAI 1B8> _nS ■ 

1980 15X0 Feb 95 1 6X6 lSS 1BX7 

2066 15X2 MOT VS 10X5 18 JO 10.13 18.24 — a06 

19J0 15X5 Aw 9S 10.10 18.19 1886 ILM ' 

JJ-JS M.1B 1KB 1087 

20X0 ISX3Jun9S 1001 1084 17X0 1080 — Qjy. 

19.07 1485JWI95 17X0 1883 17X4 17X9 

|9.W |6.l6Aaa9S 17X9 IB80 17.96 IB80 Zow 

JHXO 17X0 Sep 95 1083 1885 17.95 IBffi 

J9.1J ]6X20a95 108B 1001 17.90 1883 

1986 17.15 Nov *5 1082 1882 1082 1SJU —no? 

WOT ]4JgDKlS 1180 1BJH 1880 10.36 ijw ■ 

21.15 1785 Jon 96 1087 1087 1083 lain _ r.n. 

,w ' »" ^aoS 

IB89 17.15 Mar 96 wie Znru 

1.994 I 11.17 1781 AW9& 10J, ^ 

**» I *2 ,aas luo }*■* -«ai 

EsL soles NA. Weirs. Hies 119866 ** “ ^ 

Wed’s open M 391.760 w 4006 
Lffl-OADB) GASOLME (NMER) 42800 w- ewes dwoM 
A0JO 5OJ0Dec9i 5f.10 5PJD 50 ay* —057 j 

5080 5050 Jon 95 57 JO 56® Dn Zo ?1 1 

5005 51.10 Feb 95 5680 563 S3W S4M 

56.95 5289 Mur 95 5680 5645 56 00 56X6 Znra 

2-2 597,1 »■“ huS 

wffi h5?e? “^1 58-50 S0.1S 5455 TJoi 

™ W xlnl W1 "j co fie 4 n in 

57.94 53 JO Jul 95 

563 J4J0Sep95 .nS 

S5L35 52X00093 «« .j?! 

5580 51X0 Now 95 £5? Zg-gf 

54JS 52X0 Dec 95 Sje 001 

PX9 54X6 AuO 96 Jm rfl ft. 

EsLsakn NJL Wed’s, sow 32814 
Wed'i open Vff 65894 up ofj 



Wens open Inf 4,165 up 57 


Commodity Indexes 

nTcIIirae 2.1MJ0 

15106 

toTTL Kesecrcti ■mon 


































Commerciale 
Posts a Rally 
On Bid Plan 


Conyikd by Our Sufi From Dispatches 

MILAN — Shares in Banca 
Commerciale I tali ana SpA rai- 
ded 3 percent Thursday as in- 
vestors cheered the band’s take- 
over bid for Banco Ambrosiano 
VenetoSpA. 

Banca Commerd ale’s shares 
jumped to 3,565 lire ($232) 
from 3.460 after it offered 7,000 
lire a share for a 50.1 percent 
stake in Banco Ambrosiano. 

Analysts said the bid — the 
second major bank takeover at- 
tempted in the past week — was 
shrewdly priced and stood a 
good chance of success. 

Banca Commerdale’s offer 
was well above the 5,295 lire 
that Banco Ambrosiano’s 
shares finished at Thursday. 
That was down from Wednes- 
day's price of 5.380. Banca 
Commercial e’s bid is valued at 
1.74 trillion lire. 

The bid is being pitched in 
two phases, with the offer first 
s ^oing to Ambrosiano's control- 
ling shareholder syndicate and 
then to ordinary shareholders if 
the controlling shareholders ap- 
prove of the bid. 

Banca Commerciale said it 
wanted the core shareholders, 
which control about 68 percent 
of Ambrosiano, to sell as much 
as 29 percent, although it said it 
would settle for 15 percent. 


Banca Commerciale said at 
least one core shareholder had 
decided to sell, which could give 
it the 15 percent it seeks in or- 
der to continue. 

Analysts said Banca Com- 
merciale seemed to have more 
chance of success than Credito 
Italiano SpA had in its bid for 
control of Credito Romagnolo 
SpA, which appeared stalled. 

Credito Italiano said a week 
ago it would offer 19,000 lire a 
share for 48 percent of Romag- 
nolo, aiming to take control for 
about 2 trillion lire. 

Romagnolo branded the of- 
fer hostile and swallowed a pen- 
son piU with a plan to merge 
with Cassa di Risparmio di Bo- 
logna, a local savings institute. 

(Reuters, Bloomberg, AP) 

■ Banesto Loss Narrows 

Banco EspaBoi de Crddito 
SA posted a loss of 16.27 billion 
pesetas (S130 million) in the 
First nine months of the year, 
AFP-Extd News reported from 
Madrid. 

The result was an improve- 
ment from the loss of 21.83 bil- 
lion pesetas that the bank, 
known as Banesto, posted in the 
first half of the year, according 
to AEB, the Spanish banking 
association. Year-earlier figures 
were not provided. 


Transparency — 

Swiss Firms Drag Heels 

Bhomhcrr Business Revs 

ZURICH — The government is trying to compel compa- 
nies to give investors more information, but many have been 
slow to comply. 

The Swiss Parliament is expected to pass at the end of the 
year a law requiring listed companies to report half-year 
earnings. But the changes will not apply in some industries 
until 1997, experts said. 

Meanwhile, large discrepancies in how companies deal with 
calls for greater disclosure persist. Switzerland is a country 
where investors rarely voice disapproval For the most part, 
investors and analysts have allowed companies to get away 
withproviding little information, analysts said. 

“There are still huge differences, and a lot of companies 
just don’t think about investois,” said Hans Kaufmann, head 
of Swiss research at Bank Julius Baer. '’We have seen seme 
progress, but half-year figures on a mandatory basis will only 
happen in 1996 and 1997.” 

Some of Switzerland's largest companies, including Roche 
Holding AG, broke the ice this year, releasing their first half- 
year net profit. Others delayed releases, such as Society Suisse 
Microdectronique & d'Hortogerie SA, the world's largest 
watchmaker. 

Mr. Kaufmann said be expected the introduction of com- 
pulsory reports on the first half of the financial year would be 
staggered. Banks should report next year, industrial compa- 
nies in 1996 and insurers the following year. 

He said the insurance sector needed “the biggest kick.” 

This year Zurich Insurance AG, one of Europe’s largest 
insurers, felt it was enough to give a gross premium income 
figure and a forecast for a “good” full-year result 

“On my general experience, a “good result” means a profit 
increase of between 10 percent and 15 percent,” said Thomas 
Kaibermaiten. on analyst at Union Bank of Switzerland. 

Swiss investors also must learn to be more vocal experts 
said. The current battle between the board of Union Bank of 
Switzerland and Martin Ebner. an outspoken Swiss financier 
and major Union Bank shareholder, shows companies can be 
forced to respond to pressure from major investors. 

“There are only very few shareholder activists in Switzer- 
land like Martin Ebner.” said Andrt Baladl a Geneva-based 
investment adviser. “You might not agree with all his views, 
bat the noise he makes is certainly good.” 


Too Revealing? 

Code Puzzles Germans 

BhatAerg Atones Sew 

FRANKFURT — Although leading German companies 
agree that a disclosure law that goes into effect on Jan. 1 is 
important, few have made concrete plans to conform to it, 
ana many are uncertain how it should be interpreted. 

The majority of large companies say that they welcomed 
the publication this week by the Frankfurt Stock Exchange of 
a manual aimed at providing guidelines on the use and 
interpretation of the new law. Bui there is uncertainty about 
interpreting its often vaguely written mandates. 

“We welcome the new rules because they will lead to a 
higher standard of transparency and they recognize what this 
capital market needs." said Ronald Wei chert, spokesman at 
Deutsche Bank AG, Germany’s leading bank. 

But even the release of tbe stock exchange’s 27 -page man- 
ual aimed at helping companies cope with the new law left 
many companies grappling with its often murky provisions. 

“I think it will really take some time to adapt to the new law 
and find out what it really means," said Rolf-Dieter Grass, a 
spokesman for Lufthansa AG. “There is a lot of uncertainty 
in tbe corporate community about how to interpret it" 

Tie law banning insider trading took effect in August. Its 
provisions on disclosure, which require listed companies to 
immediately publish any news that may “substantially” influ- 
ence its share price, take effect Jan. 1. 

But for many in corporate Germany, the law lacks a dear 
definition of what constitutes "substantial” influence on a 
company’s share price. 

“How is somebody to know whether a certain piece of news 
is going to have a substantial effect?" asked Mr. Grass. “If s 
just one of the areas where we are unsure what to do." 

The new law defines insider information as any piece of 
news about a stock that is not pnblidy available but could 
influence the share's price once it is known. 

Tbe stock exchange’s manual lists the sale or acquisition of 
major stakes, changes in dividends or the announcement of 
capital measures as such news. The list also describes legal 
proceedings or tbe registration of important new patents. 

As a rule of thumb, the stock exchange's manual says that 
any price movement of about 5 percent should be considered 
“substantial" 

It took Germany more than five years to comply with tbe 
European Union directive that outlaws insider trading. 



Bank for Middle East 
Stitt Possible, U.S. Says 


Elf Sells Half Its Stake in Enterprise Oil 


By Steven Greenhouse 

New York Times Service 

WASHINGTON — The 
United States is insisting 
that its braes of establishing 
a mul tibiliion -dollar devel- 
opment bank for the Middle 
East are not dead and that 
many Arab countries are 
open to contributing to it. 

Although U.S. officials 
acknowledged Wednesday 
that several Arab countries 
had not committed any 
money to the bank, they said 
those countries had given a 
green light to the idea at a 
conference in Casablanca by 


setting up a study group on 
how to structure and finan ce 
the bank. 

Michael McCurry. the 
State Department spokes- 
man, said the government 
was confident that Arab 
countries and Israel would 
eventually join the United 
States in financing the bank, 
which would seek to lend 
money for dams highways 
and other projects to devd- 
op the Middle Gut, help tbe 
emerging Palestinian au- 
thority and foster coopera- 
tion between Arabs and Is- 
rael. 


NASDAQ 

Thursday’s 4 pun. 

This list com pi led by the AP. consists of the 1,000 
most traded securities in terms of dollar value. It is 
updated twice a year. 


Bloomberg Burners News 

LONDON — Elf Aquitaine SA said 
Thursday it had sold nearly half its stake in 
Enterprise Oil PLC as part of its bid to 
reduce its huge debt 

Paris-based Elf said it had sold 50.78 
million shares of Enterprise Oil, which 
analysts said was worth about 1.6 billion 
Fremdi francs ($312 million). 

Tbe sale is part of Elf's bid to raise 10 
billion francs over the next two years to 
pay down debt that will cost an estimated 
23 billion francs in interest this year alone. 

“It makes me feel they’re likely to meet 
their target” for debt reduction this year, 
which is 5 billion francs, said Catherine 
Amfidd, an oil analyst at J. P. Morgan 
Securities. 

Elf. which indicated in August it would 
sell part of its Enterprise stake, reduced its 
holding in the British company to about 


12.9 percent, holding onto 63.7 milli on 
shares. 

The French company sold its stake to 
Barclays de Zoetc Wedd, the British secu- 
rities firm, for less than £200 milli on ($326 
million), said Nick Brigstock, head of the 
BZW's brokerage unit 

The firm, in turn, sold the shares to 
about 40 or 50 British investment funds 
and a few funds in the United States, Mr. 
Brigstock said. 

Elf did not say how much it got for the 
stodc or what it would do with the pro- 
ceeds. Elf has already pledged about 600 
million francs for a stake in Renault SA, 
the French car and truck manufacturer. 

Jonathan Wright, an ofl analyst with 
Merrill Lynch in London, said Elf got 369 
pence a share for its Enterprise stock. Thai 
would make the transaction worth £187.38 
million. 


“This isn't a surprise;" said Jonathan 
Wright, an oil analyst with Merrill Lynch 
in London. “This was one of the assets we 
were looking for them to sdL” 

So far, Hi has sold part of its stake in a 
Congo oil field to Chevron Corp. of tbe 
United States, as wdl as its 2 percent stake 
in Belgium’s Petrofina SA and shares in the 
French construction company Technip SA. 

■ Rhone-Poulenc Returns to Profit 

RhOne-Poulenc SA said improving 
economies in Europe helped it clim b to 
profit in the third quarter, Bloomberg 
Business News reported from Paris. 

The French chemical company posted 
third-quarter net profit of 807 milli on 
francs, reversing a loss of 299 milli on 
francs in the thud quarter of 1993. Sales 
rose 73 percent, to 20.99 billion francs. 


Imenmimul HeroU Tribune 


Very briefly 


• Boots Co.’s pretax profit rose 66 percent, to £289.7 million ($473 
million), in the six months to Sept. 30, helped by a one-time gam 
from the sale of its Farleys division. 

• Britain's top economic advisers said the country was on course 
for 3.6 percent economic growth in 1994 and 3.0 percent growth in 
1995, with inflation remaining subdued. 

• MetaBgeseBschaft AG said its net debt fell to 12 billion Deut- 
sche marks ($1 billion) in the year to Sept. 30 from 3.6 billion DM 
a year earlier, helped by higho- returns on investments. 

• Winterthur Swiss Insurance Co. said it expected a double-digit 
increase in 1994 net profit and a rise of 20 percent in gross 
premium income, to 20 billion Swiss francs ($16 billion). 

• Dynamt Nobel AG, the explosives and plastic subsidiary of 

MetaUgesdlschaft said cost-cutting lifted operating profit for the 
year ended SepL 30 by 19 percent, to 76 million DM, despite a 2 
percent drop in sales. Reueis. Bloomberg A F\ 


KIM Net Soars 74% as Ties 
With Northwest Strengthen 


Compiled by Our Staff From Dispatches 

AMSTERDAM — KLM 
Royal Dutch Airlines said 
Thursday its net profit jumped 
74 percent in its second quarter, 
helped by an intensification of 
its cooperation with Northwest 
Airlines. 

The partly state-owned air- 
line said tbe improvement was 
also due to a drive to improve 
productivity, as well as cost- 
cutting and improvements in 
key markets. 


Net profit in the quarter end- 
ed Sept. 30 rose to 354 milli on 
guilders ($211 mOBon) from 
204 million guilders a year earli- 
er. Revenue rose to 2J5 billion 
guilders from 2.40 billion guil- 
ders. 

The carrier said it saw further 
profit growth but at a slower 
rate than in the first six months 
of its current year, which ends 
March 31. 1995. 

(Reuters, Bloomberg) 


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Page 18 


AMEX 

Thursday's dosing 

Tables Indude me nationwide prices up to 
the dosing on Wall Street and do not reflec 
le trades elsewhere. Via The Associated Press 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, NOVEMBER 4, 1994 


date 


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Business 

Opportunities 

in the U A E 

Offsets, Privatization and Capital Markets 

Abu Dhabi December 5-6 

The United Arab Emirates is set to experience rapid economic expansion as its economy diversifies 
away from reliance on oil and gas reserves. 

Join our prestigious panel of speakers by taking up one of the limited places at this major 
conference organized by the International Herald Tribune and The National Investor. Participants will 
gain up-to-the-minute information, as well as the opportunity to meet representatives of international 
and local companies who want to establish or expand their business in the region. 


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8% 

8% — % 

6’i 

2%SunOy 


_ 

31 

56 

6% 

6 

6% C% 

4ft 

lftSurtekr 




623 

2% 

2 

3 _ 

2% 

Tt.SunEnBY 




30 

% a % 

% — V* 

16% llftSuprSra 

33 

2J 

16 

/ 

Mft 

14% 

14% 4% 

Aft 

4'-,Susrmlnd 


— 

8 

10 

5% 

5% 

5% — % 


4 3HSEHKPWT 
3V. IUTCS 
40% 3STSXCP 
20^ I ’, TSX mm 
11% 7V,TabPrd 
15% 1J Tas/y 
5% ?'-jTean 
17*5 8%TecO»S 
14 8% Techtri & 

12% 9’.,7(rtasF»» 
14% 13 TeinR 
54%35%Tea3*a 


- _ 2 4 4 4 — % 

_ _ 3 1 % 1 % 1H - 

_ 94 441 39V, 38 38% — 1 W 

_ _ 2 20 20 30 — Y5 

JO 24 14 418 8*4 8% BY, — % 

J U IS 11 13Vi 13% 13% — % 
_ SO 15 3 3 3 —% 

JO 54 17 » 15% 14% 14% — % 

JB 14 15 6 14% 14% 14% - 

- 33 10 9% 9% 9% — % 

J 70 71 14 14 14 


J 41 523 48 47V. 47% — % 


Sates ffourw ore unofficial. Yearly Mata and laws r er.ee i 
me previous Hwsis plus Hie current week, but no! Hie latesi 

trading day. Where a spill or stack dividend amaunling to 25 

percent or more has bean paht ttw years higlHow range and 
divide nd ar c tho*m for me new stack only. Unfra otherwhie 
noted, rates of dividends are annual disburctnents based on 
the tales! deckaatlon. 
a —dividend also extrolsl. 
b— anmm rate of dividend plus Stock dividend. 

C — I teuton! ins dividend. 
cW— called, 
d — new yea riy tow. 

•—dividend declared ar paid In Preceding 12 montta. 
n— dhrtdend In CancxHon lands, sublecl la 15% non-residence 

I — dividend d ed ar e d after spnt-dp or stock dividend. 

I —dividend paid Nils year, omiltoa deterred, or no oefien 
token at latest dividend meeting. 

k— dividend declared or poU this year, an accumulative 
Issue wffh dtvtdends In arrears. 

«— new Issue In the post 52 weeks. The tegtHaw lame begins 
with Me star! af trading, 
nd — next day delivery. 

P/E — pHce-earrWnBS ratio. 

r— dividend declared or poM In arecedlng 72 months, plus 
xtodc dividend. 

s— slock spnL Ohddend begins *>Wi date of salll. 

Sts— sales. 

t— dividend paid In stock In preceding 12 months, estimated 
cash value an ex -dividend or ex-dlstrlbuMon dole. 

U— new yearly hteh. 

* — trading halted. 

vl — In bankruptcy ar receivership or being reorganized ur r 
der the Bankruptcy Act, or securities assumed bv such com- 


wd — when distributed. 

Wl — when Issued, 
ww— wtlti warrants. 

X — ex-<Svldend or ex-rights. 
MUs — ex-dtstrlbuitan. 

XVr — without worraib. 
y —ex-dividend and sales in lull. 
vU— view. 

2— 90iesInfuiL 




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;' : 1 -1'y . W' 1 -- 1 L gL ’ ■ ’ ’ryv pLTt r 


' •!; ; . - \ 

-1-7 '• 













ey fiuvs 

in Owner 


Changing Forex Polity 


Of NZ Herald 


Malaysia Relaxes Rules for Exporters 


Investors 
Snap Up 
Issue From 


. ; ' Well ington . — . Bneriey 
.investments Ltd. emerged with 
™ 26 percent of Wilson 
: A nortcm Ltd. on Thursday af- 

■ # a surprise 24-hour buyine 

spree and said it wanted to raise 
■that stake to about 30 pereem. 
'^Bneriey;s buying spree start- 

Wednesday and foUowed 

- tb?wg& to Thursday, with the 
company amassing 25.6 million 

•' shares at 9.50 New Zealand dol- 
te(Sjj5j each, for a total of 
243mBBan dollars. 

/ . ’^rieriey bought about 19 mil- 
lion Wilson & Horton shares 
from ■ . institutions Wednesday 
mght and announced before the 
market opened Thursday it 
Would .buy 5 million more. Af- 
ter the market opened, Brierley 
scooped up the 5 mfllion shares 
market and said it had 
decided to buy a further 5 mi]- 
liOnshares. 

.. Brierley’s offer for those 
Shares at 9 JO dollars each, will 
remain open until the close of 
trading Monday. 

- 'Wilson & Horton’s shares 
were trading at 8.25 before the 
raid and dosed at Brierley’s of- 
fer price of 9 JO Thursday. 


Wilson & Horton publishes 
the Auckland-based New Zea- 
land Herald, the country’s larg- 
est-circulation newspaper, as 
well as regional newspapers and 
magazines. 

The Herald, popularly 
known in New Zealand as 
“Granny? because of its staid 
but reliable reputation, has a 
circulation of around 270,000. 

Wilson & Horton's directors 
said they had been given no 
warning of Brierley*s interest. 
The company said it was point- 
ing out to shareholders who 
may be tempted to sell that Wil- 
son & Horton last week posted 
an 1 1 percent rise in profit, to 
21.4 million dollars, on sales of 
193 million dollars for the six 
months ended Sept. 30. 

“It is for shareholders to as- 
sess the true value of their 
shares,” the company said. 
“However, the directors remind 
shareholders that earlier this 
year the shares were traded at a 
price of 1 1.10 dollars." 

Until the end of 19S8, Brier- 
ley owned New Zealand News, 
which then held about a third of 
the country's newspaper mar- 
ket (Bloomberg, Reuters, AFP) 


AgeiKf France-Prase 

KUALA LUMPUR — In a move to liber- 
alize its foreign exchange control rules, Ma- 
laysia’s central bank has selected five Malay- 
sian and two foreign-owned banks to operate 
foreign currency accounts for exporters. Ah- 
mad MobAmad Don, governor of Bank Ne- 


gara, said Thursday. 

BegmniiM in December, exporters will be 
allowed to Seep an overnight balance of $5 
million of their revenue in foreign currency 
with the banks, the central bank chief said. 

The Malawian banks selected were Malay- 
an BankingjBhcL, Bank Bumiputra Malaysia 
Bhd., Publiq Bank Bhd., Bank of Commerce 
Bhd. and Development & Commercial Bank 


The seven banks, Malaysia's largest, will 
make up the top tier of a two-tier banking 
system. Top-tier b anks will be allowed to 
conduct their operations under a “more liber- 
al regulatory environment,” Mr. Ahmad said. 
He called tbe move a significant step in liber- 
alizing the financial system and added that it 
was not be the first and “neither would it be 
the last” 


News Corp. 


milli on of 

with the to 
The Mai 


Together, the seven banks account for 54 
percent of the bank branches in Malaysia, 60 
percent of total deposits and 58 percent of 
total loans. 


Bhd. and D 
Bhd. 

Hongkon 
HSBC Hold 
a unit of O 
Singapore, ' 


\ Bank Malaysia Bhd., a unit of 
Jigs PLC, and OCBC Bank Bhd_ 
irrsea- Chinese Banking Corp. of 
i ere the two foreign banks cho- 


Mr. Ahmad said the first-tier banks bad 
met “stringent requirements” in several areas 
of operations, including capital adequacy, as- 
set quality, management efficiency, earnings 
performance and liquidity. 

The two-tier system will be extended to 
merchant backs and finance companies later, 
he added. 


lila Reverts to Foreign-Loan Curbs 


Reuters 

MANILA — The Philippine Central Bank 
has rolled ba k an important element of its 
foreign exchange liberalization program to 
try to stem the peso’s rise. 


at the beginning of October. A rising peso 
makes exports from the Philippines more ex- 
pensive and reduces the value of foreign cur- 
rencies brought into the country by exporters 
and others. 


Gabriel Sinkson, the bank’s governor, said 
te Wednesday that the government would 


Keating Says New Zealand 
Caused Airline Plan to Fad 


late Wednesday that the government would 
reimpose limits on how borrowers could use 
foreign loans. - 

Foreign loans, he said, will now be permit- 
ted only to finance imports or to repay other 
foreign loans. 

In other cases, companies will have to look 
to the domes til market for loans. Domestic 
loans in the Philippines are generally more 
expensive than foreign ones. 

The action followed complaints from Fili- 
pino exporters that the rising peso had eroded 
their foreign-currency earnings. The peso has 
risen to about 4.b6 UJS. cents from 3.84 cents 


Central bank officials said no date had 
been set for the reimposition of the restric- 
tions. 

One official said the measure was also 
meant to encourage the development of do- 
mestic capital markets and hold down foreign 
debt. 


Foreign exchange dealers were skeptical of 
the measure, saying it would have minimal 
effect 


Restrictions on the use of foreign loans 
were among the first to be lifted when the 
Philippines began to slowly liberalize foreign 
exchange in 1990. 


Reiters 

CANBERRA — Prime Min- 
ister Paul Keating said Thurs- 
day that New Ze aland 's insis- 
tence on keeping a national flag 
carrier had caused Australia's 
decision last week to drop plans 
for a single aviation market 1 

“What’s happened on. Aus-- 
tralian terms is, for us, it's been 
all gjve, give, give, arid New 
Zealand's been all take," Mr. 
Keating said in a radio inter- 
view. ~ 

“Basically, the; view from 
NewZealand is yes, they want n 
Khgle aviation market for pas- 
sengers. but hot a single avia-, 
tion tnarketfor airlines,”- Mr..' 
Keating said. “In other .words, 
they, want to keep a national 
flagearrien” . * 


. Last week, Australia decided 
to block Air New Zealand 
Ltd.’s access to Australian do- 
mestic routes, saying New Zea- 
land bad not complied with a 
1992 agreement to create a sin- 
gle market, 

Prime Minister Jim Bolger of 
New Zealand has said Austra- 
. ha's “ nrisrin rirax lfln {tings ” need 
~to be cleared up. 

Government sources said 
Australia wanted a rationaliza- 
tion Of the region's three air- 
lines. But analysts said the gov- 
ernment's main motive was to 
protect next year’s float of its 75 
percent stake in Qantas Air- 
ways Ltd-i. against which Air 
New Zealand would have com- 
peted on Australian routes. 


Rise in Trading Expected for Korea 


Reuters 

SEOUL — Relaxation of South Korea's 
foreign-exchange rules and introduction of a 
new settlement system will help international- 
ize the heavily controlled market, officials 
and dealers said Thursday. 

On Tuesday, Squth Korea implemented a 
P aHra gp of refoms to streamline foreign- 
exchange dealings 

“Despite some j noblems hindering the im- 
plementation of tl e programs, trade volume 
will rise and tradii g practices will improve." 
Kim Soo Kon. a 1 >reign -exchange dealer at 
Korea First Bank, aid. 

South Korea’s currency, the won, will now 
be allowed to fluctuate in a 1.5 percent hand, 
widened from 2 percent. 


The reforms also improve settlement proce- 
dures for spot currency trades, ease documen- 
tation requirements for forward and futures 
trading, and relax controls on futures and 
options trades. 

The Finance Ministry said the easing of 
option trading would give domestic compa- 
nies opportunities to learn high-level finan- 
cial techniques. Option sales had been pro- 
hibited to prevent irregular fund-raising. 

Mr. Kim of Korea First said, “Trading will 
be much more active, with more speculative 
trading being encouraged as a result” 

Dealers said the reforms would pave the 
way for 24-bour-a-day trading when the won 
is fuBv internationalized. 


Cotrpiled by Our Staff From Dispatches 

SYDNEY — Rupert Mur- 
doch won a small victory 
Thursday after a controversial 
issue of' new shares aimed at 
building up News Corp., his 
global media group, won strong 
backing from investors. 

The issue, designed to raise as 
much as 5.4 billion Australian 
doDars (54 billion) for acquisi- 
tions, appeared to have paid off 
when the stock closed just 12 
percent below the price of ordi- 
nary shares. 

Investors, fearing the new 
shares could trade at a 20 per- 
cent discount, drove the compa- 
ny’s stock down to a 14-month 
low after the issue was an- 
nounced in late September. 

News Corp- issued one bonus 
preference share For every two 
ordinary shares. The preference 
shares dosed at their high for 
the day, 5.14 dollars. The ordi- 
nary shares dosed at 5.85. 

The company aimed to create 
a market for the preference 
shares with the first issue. Once 
that market is established, it 
might issue more shares. 

But the new shares, which of- 
fer less voting power than ordi- 
nary shares, were heavily traded 
— more than 7 million shares, 
valued at 36 milli on dollars, 
chan ged hands . 

Several brokers said the new 
stock could soon sell for as 
much as the ordinary shares. 
That would give Mr. Murdoch 
the market he needs to issue 
more of the shares to raise 
funds and expand News Corp. 

By issuing these limited vot- 
ing shares, Mr. Murdoch can 
raise cash without diluting the 
32.4 percent stake in News 
Corp. held through Cruden In- 
vestments Pty„ the family bad- 
ness. 

“The shares should find good 
buyers in the United States." 
Nola Hodgson of ANZ 
McCaughan Ltd. said. 

She said Americans investors 
would not be as concerned 
about reduced voting rights as 
Australian investors and would 
probably find the dividend of 
7.5 cents a share appealing. The 
ordinary stock pays an a nnua l 
dividend of 3 cents a share. 




mds«' 
01 12 , 
LOpv 
LQioD . 
illion * 


Sources: Reuters. AFP 


iBteroitionaJ Herald Tribune 


Very briefly: 


• The National Stock Exchange, India’s new bourse, began trading 
Thursday. Nearly 400 brokers traded 200 stocks on the screen- 
based exchange. 

• Telecom Corp. of New Zealand said sales growth in its first half 
lifted net profit 17 percent to 293.3 million New Zealand dollars 
($181 million). Revenue rose 12 percent, to 1.37 billion dollars. 

• PhSippiiie Long Distance Telephone Co. said a rise in the peso 
helped posh its profit down 32 percent to 1.28 billion pesos ($52 
million) in its third quarter. Its shares fell 30 pesos, to 1,420. 

• Virgin Retail ial and a local partner. Wheelock Pacific, will 
open a Virgin Megastore in Hong Kong in early 1995, with a 
second to follow later in the year. 

• Indonesia had a record $23.09 billion in foreign investment for 
the first 10 months of the year, nearly triple the 1993 total. 

• SmHhKfine Beecham PLC signed a letter of intent with two 
Chinese partners to produce vaccines in Shanghai. 

AFP. Bloomberg, Reuters 


cash without diluting the T 

China Gives Firms Leeway 


(Reuters, Bloomberg) 


Bloomberg Business News 

BEIJING — China has se- 
lected 100 large state companies 
to be partly freed from govern- 
ment control to try to reduce 
losses, the official China Daily 
reported Thursday. 

“This is another step in Chi- 
na’s gradual process of privati- 
zation,” Ray Farris, senior 
economist at Crosby Securities, 
said. 

Deputy Prime Minister Zou 
Jiahua said the companies 
would be made into legal enti- 


ties independent of administra- 
tive interference. They will be 
allowed to streamline their 
work forces and be responsible 
for profits and losses, tee news- 
paper said. 

The move will put the com- 
panies in a belter position to be 
privatized at good prices and 
with fewer job losses, analysts 
said. 

Forty-five percent of China's 
state companies had losses in 
the first nine months of this 



What a day. Lousy 
market. A terrible 





jam. And then, 
about. 




Welcome aboard 









** ■ 


Page 20 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, NOVEMBER 4, 1994 


NYSE 

Thursday’s Closing 

Tables Include ihe nationwide prices up to 
the closing on wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


u Moran 
wrah Low Stock 


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m m = "a sS P Lii?" 

Continued on Page 21 




We can 

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LiNTTBO STATES BANKHUFTCY CXHJKT 
FOR THE SOUTHERN DESTWCT OF NEW YORK 


in re 


11 


iNOSu 92 B 40477 GBRL) 

I OointtyAdmJnisterd) _ u r rjTJL 

R. H. MACY & CO., INC, ) NOTlOOFC^SOiXIIAlTONOTyOTKTO 

etaL. ' ACCEPT OR mjECTTHEI^TaAN OF 

I REORGANIZATION AND SHEARING TO. 
) CONSIDER CCKSCFIRMATION OFTHEJOINT 
Debtora ) PIAN OF REORGANIZATION 

TO All CREDITORS, INDENTURE TRUST EES, EQU ITY 
SECURITY HOLDERS, AND PASHES IN INTEREST: 

NOTICE IS HEREBY GIV'EN that oa October 13, 1994, the United States' 
Bankiuptcy Coun for the Southern] District of New York Itbe “Court”) entered an 
c»rder i me ""Order") approving the Disclosure St at e m e n t Pursuant to Section 1 1 25 of- 
ihe Bankruptcy Code for the Second A/tuodcd Joint Plan of Reorganization or R. H.- 
Macy & Co.. Inc. and Certain of Its Subsidiaries, dated October 21. 1994 t*e 
"Disclosure Statement"!, pursuant to section ! 125 of title i 1. United Stales Code, in 


“Maty 


(collectively.. 


rhe " Debrors" 1 and Federated Department Stores, Inc. (“Federated"), as coproponenu . 
Pursuant la the Order, copies of the Joint Plan and Disclosure Statement have been, 
mailed to all known creditor* and equity security holders of the Debtors. Ballots for 
voting to accept or reject the Joint Plan have been mailed to all known creditors 
entitled to vote to accept or reject the Joint Flan. If you are a creditor of the Debtors 
and have not received acopy at the Joint Plan or Disclosure Statement, you may obtain 
a copy of same by (clepnoningMr. Walter Cummings at The Corporate Printing 
Company, Inc., art 800 ) 888-2677 or (2 1 2) 620-5600. mid. if applicab$e : you have nor 
received a ballot, you may obtain a copy of same by telephoning (Jeoreeson & 
Company Inc., at (BO O) 223 -2064. 

NOTICE IS FURTHER GIVEN that all ballots cast to accept or reject the Joint 
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Box 1 2002°. Stamford, Connecticut 069 1 2-0029 (if delivering by mail) or Stamford 
Harbor Park. 333 Ludlow Street. Stamford. Connecticut 06902-6982 (if delivering- 
by courier), so that they are actually received no later than 5:00 p.nu Eastern Standard 
lime, on December 2. 1994 uhe “Voting Deadline"). 

NOTICE IS FURTHER GIVEN dial if you are a beneficial holder or publicly 
traded debt securities through a bank, brokerage firm, or agent, you will receive 
special instructions from the bank, brokerage firm, or agent that maintains and 
administers your account regarding the party to whom to rerum your ballot. 

NOTICE IS FURTHER GIVEN that all ballots cast to acceptor reject the Joint 
Plan L>> record holden. of publicly unded debt securities must be properly compleietL. 
executed, and mailed or deli vered to Georgeson & Company Inc., the court-appointed 
solicitation agent, at P.O. Box 1006. Wall Strccx Station. New York, New York. 
JU2tj9-t/224. Atm: R. H. Macy & Co„ Inc. (ifdeliveringby mail) or Wall Street Plaza. 
?thh Floor. New York, New York 10005. Attn: R. H. Macy & Co.. Inc. (ifdelivering 
by courier), so that they are actually received bv the Voting Deadline. 

NOTICE 15 FURTHER GIVEN that if your ballot isnoi properly completed or 
actually received prior to the Voting Deadline, it will not be counted os a vote to aeceur 
or rrjeei ihc Joint Plan. ^ 

NOTICE IS FURTHER GIVEN that the Coun has fixed December 8 1 994 at 
10.00 a.m.. Eastern Standard Time, as die dale and time far the hearing to consider 
confirmauon of the Joint Plan and related matters (the "Confirmation Hearinc") The 
Confirmation Hearing will be held in Room 623 of the United States Bankruptcv 
Court. Alexander Hamilton Custom House. One Bowling Green. New York. New 
York The Confirmation Hearing may be adjourned from u me to rime without further 
notice other than an announcement made at the Confirmation Hearine or ariv 
adjourned hearing. b * 

NOTICE IS FURTHER GUTW that objections, if any, to the confirmation of 
the Joint Plan shall be in wnnng. and (a) shall state the name and address of the 
objecting party and the nature of the claim or interest of such party, tb) shall -iiate with 
porticuldnly au basis and nature of each objection to confirmation of the Joint Plan, 
and t Cl shall be filed, together with proof of service, with the Court (with a copy nr 
Chambers i and served so that they are received no Inter than 5:00 n nv ■ Emtern 
Standard Time, on November 21. 1994. by (i) the Court and Chambersr(ii) WeiL 

nriNh.il .v .i4;inPRc AriiimAi'E Aw rh<i in rr.L xi .v". . . 


c . _ _ . * - - 10001. Ann: Carol H. Katz. 

E-m- fit i Junes. Dav. Reavi% & Pogue. Attorney* for Federated. North Point, 901 

m f ’ w UC -* r ° h , i0 it-iL 4, AUn; ^ vid G - Esq. and Richard 

M. t. .on. Esq.. (\ ‘Berlwk Israels Jl Litkimun. Attorneys for the Statutory Commii- 

tee of Unsecured Bondholders. 1 20 West 45th Street. New York. NcwYmk loots 
! A«n: Robert MiUer. Esq.: fvh Orterboure. Steiild^ HoSm & rSh, Pc 
i Attorneys lor the Statutory Committee of Unsecured Creditors, 230 Park AwnuT 

foreuning paragraph shall be deemed waived. w ,n ^ 

SOUTHERN DISTRICT OF n“J?¥oRK 

COUNSEL: 

*ER, GOT5ILVL& MANGES 
ATTORNEY’S FOR THE DEBTORS 
AND DEBTORS IN POSSESSION 


Dated: New York, New York 
October 21. 1994 


76T Fifth Avenue 
New York, Now York 10153 
HARVEY R. MILLER. ESQ. 
RICHARD P. KRASNOW, ESQ. 
JI DYG2K. UU.ESQ. 


saateia, 


13- 



















































































.Page 22 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, NOVEMBER 4, 1994 


SPORTS 


Larsson Hat Trick Lifts Feyenoord 
After Dutch Fans Riot in Bremen 


Compiled by Our Siajf Front Dapaidtc 

A hat trick by Henryk Lare- 
son raised Feyenoord Rotter- 
dam’s spirits after their trip to 
Werder Bremen for a European 
soccer Cup Winners' Cup tie on 
Thursday was overshadowed by 
Dutch fans’ hooliganism. 

Larsson’s goals in the 21st, 

EUROPEAN SOCCER 

34th and 66th minutes helped 
the Dutch club clinch a 4-3 vic- 
tory over Bremen and a 5-3 tri- 
umph on aggregate that put the 
i earn into the third round. 

But the day was dominated 
by trouble when hundreds of 
drunken and drugged Dutch 
fans rioted on a German train. 
The police detained more than 
400 and seat them back to the 
Netherlands. 

After Bremen had lost the 
first leg 1-0 in Rotterdam, Rus- 
sian Vladimir Beschastnykh put 
the German side level 1-1 on 
aggregate in the 12th minute. 
But Larsson finished coolly 
twice before halftime tc put 
Feyenoord 2-1 ahead and 3-1 
un aggregate. 

Ruud Heus then converted a 


Dutch penalty in the 56th min- 
ute. Beschastnykh struck back 
for Werder with a goal in the 
60th minute but Larsson then 
completed his hat-trick with a 
penalty six minutes later. Ger- 
man international midfielder 
Mario Basler scored a consola- 
tion goal for Werder in the final 
minute. 

In Vienna, Chelsea cashed in 
on a spectacular solo run by the 
Scottish striker John Spencer 
and the away-goals rule to ad- 
vance after drawing 1-1 with 
Austria Vienna. 

With two defenders trailing 
in his wake, Spencer ran SO me- 
ters with the ball after a Vienna 
shot off a corner kick was 
blocked by a wall of Chelsea 
players. He connected in the 
40th minute, after drawing the 
Austrian goalkeeper. Franz 
Wohlfahrt, out of the goal. 

Anninas Narbekovas tied it 
in the 73d minute for Vienna. 
The reams had played to a 
scoreless draw in the first leg in 
London two weeks ago. 

Zaragoza, the Spanish league 
leader, advanced with a 2-1 vic- 
tory over Tatran Presov, having 
compiled a 6-1 aggregate. 


Argentine Juan Eduardo Es- 
naider gave Zaragoza a 1 -0 lead 
in the fifth minute on a shot 
from 18 meters. Tatran tied it in 
the 38th minute on a goal from 
eight meters by Robert Kocis, 
but Oscar Luis Celada scored 
for Zaragoza in the 56tfa on a 
header from 12 meters. 

In Switzerland, Grasshopper 
Zurich, 3-0 down to Sampdoria 
after the first leg, trailed 2-1 at 
halftime in what looked to be a 
hopeless cause. But the Swiss 
stormed 3-2 ahead with goals 
from Thomas Bickel and Mar- 
cel Roller in the 51st and 55th 
minutes to emerge with a vic- 
tory and some honor, despite 
losing 5-3 on aggregate. 

In Auxerre. France, two 
goals from Safari Lamouchi car- 
ried the French club into the 
quarterfinals with a 2-0 victory 
and 4-2 aggregate triumph over 
Besiktas of Istanbul. 

Lamouchi struck his first just 
before the break, slipping the 
ball past the German goalkeep- 
er Raimond Auraann after a 
brilliant dribble across the goal- 
mouth. His second came four 
minutes after the interval, when 


he drove the ball through Au- 
mann’s l egs . 

In Budapest, Ferencvaros 
beat Portugal’s FC Porto. 2-0, 
but the visitors advanced on a 
6-2 aggregate. 

Ferencvaros's Gabor Za- 
vadszky scored after the ball had 
been knocked aside by Porto’s 
keeper, Vitor Baia, in the 27th 
minute. In the 53d minute, Fer- 
nando Barbosa was expelled af- 
ter a red card and Porto was left 
with only 10 men. The second 
goal came in the 61st minute 
from Eugen Neagoe, heading in 
Kenneth Chris tians en’s pass. 

Panathinaikos and Belgium’s 
FC Bruges played to a scoreless 
draw in Athens, allowing 
Bruges to advance on a 1-0 ag- 
gregate. 

In a UEFA Cup match on 
Thursday in Dortmund, Ger- 
many, Karlheinz Riedle scored 
two goals and paced Borussia 
Dortmund to a 3-0 victory over 
Slovan Bratislava that put the 
German into the third 

round. 

Borussia advanced 4-2 on ag- 
gregate, after losing the first leg 
2- 1 in Slovakia. 

(Reuters, AP) 



George, 5d toodcr/Ayncc Frmrrinc 

Garrett Hall of Chelsea polled Attila Sekerfiogiu's jersey in a battle for the ball during their match Thursday in Vienna/ 


Claiming Divine Dispensation, Foreman Makes a Fiery Vow 


mzz 





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Mn iiurni'li 'Attw Fnu'hcw 


George Foreman working out for his heavyweight title fight against Michael Moorer. 


By Gerald Eskenazi 

Sew York Tuna Service 

LAS VEGAS — Suddenly, 
a mellow, avuncular George 
Foreman disappeared. He 
had been given a dispensation 
by the Almighty to hurt peo- 
ple. Or so he said. 

It was as if the dock were 
turned back 20 years, when a 
young, snarling Foreman 
rumbled over opponents and 
friends alike. Saying he re- 
gretted that he had taken it 
easy on opponents. Foreman 
implied that he would try to 
kill the heavyweight champi- 
on, Michael Moorer, in their 
bout here Saturday night 

Foreman's contention sent 
shock waves through the usu- 
ally jaded boxing media on 
hand for the tradition a] pre- 
fight news conference be- 
tween opponents. For Fore- 
man bad carved but a 
television and Madison Ave- 
nue career, cashing in on his 
Gospel-preaching, jocular, 
rotund countenance. 

But his threatening remark 
Wednesday riled even one of 
his former opponents, Everett 
(Bigfooi) Martin, who jumped 
up to complain: “A preacher 
doesn't talk the way you talk! 
Talking about murder?" 

Ah, boxing. Was Foreman 
simply verbally stalking 
Moorer, 26, as Teddy Atlas, 
the champ's streetwise train- 
er, had anticipated? 

Foreman, 45, went into a 
long explanation of how, 20 
years ago as champion, be 


had talked of hitting Muham- 
mad Ali so hard in their Zaire 
fight that Ali would be killed. 
But Foreman said that Ali’s 
fellow Nation of Islam mem- 
bers had reminded him that 
such talk wasn't nice. Ali 
knocked him out. 

There were other fighters 
he had taken it easy on. espe- 
cially during his comeback, 
including Tommy Morrison, 
“but I let him off the hook." 

“But let me tell you. broth- 
ers and sisters, as we stand 
here . . Then his voice 
trailed off and suddenly rose 
again when he said, as if work- 
ing a congregation into a fren- 
zy. “Can I get a hallelujah!” 

Foreman said that two days 
ago. “The Almighty gave me 
permission to unwrap myself, 
unveil who I really am.” 

He was asked, away - from 
the crowd, why he was now 
talking erf “killing Moorer.” 

Foreman's eyes narrowed 
and he shouted: “Don’t be ly- 
ing on me. I never said that, 
about killing. Don’t put words 
in my mouth. Don’t be lying." 

But Moorer and Atlas 
knew exactly what George 
meant, even if the former 
champion denied it- Indeed, 
said Atlas, they had planned 
not only for the fight, but for 
Wednesday’s tactics of in- 
timidation. Foreman would 
try to bore forward on Satur- 
day, said Atlas. 

“I prepared Michael For 
this,” said Atlas. “It’s all 


based on Foreman thinking 
he can con you. This is proba- 
bly the first time a trainer 
ever prepared a guy for a 
press conference.’' 

So when George made his 
implied, but menacing, prom- 
ise. the normally taciturn 
Moorer looked at Foreman 
and said: “The last time we 
were here you asked me take 
off my dark glasses. Well, 
they’re off. You don’t know 
nothing about me. You'll find 
out Saturday night-” 

Moorer has not fought for 
six months, since capturing 
the World Boxing Associa- 
tion and International Box- 
ing Federation crowns from 
Evander Holyfield. 

Both of these titles have 
grown in importance with 
Lennox Lewis’s recent loss of 
his World Boxing -Council 
championship to Oliver 
McCall, hardly a presence. If 
Foreman wins, he will be al- 
most universally regarded as 
the only champion. 

That is an honor that 
Moorer now retains, but in a 
subdued way. When he 
walked into the casino at the 
MGM Grand the other day, 
with his baseball cap on back- 
ward and his ever-present 
dark glasses, no one bothered 
him for autographs. 

Not so Foreman, who was 
pursued by fans Wednesday 
and smiled sweetly as he 
signed dolls and photos and 
scraps of paper. 


Robinson and Bucks Agree on Deal 

MILWAUKEE (AP) — The Milwaukee Bucks and Glenn 
Robinson, the top National Basketball Association draft pick. 1 ; 
agreed Thursday to a 10-year contract, ending a bitter dispute. 
Terms of the deal were not released. 

A Bucks' spokesman, Bill King 2d, said the team and Robinson 
had readied a verbal agreement. Robinson was expected to sign 
by the end of the day, King said. The Bucks open the season 
Friday night in Philadelphia. Robinson, the nation's leading- 
collegiate scorer last year as a junior at Purdue, had turned down 
an offer of nine years and $60 million, fully guaranteed. 

Faldo Shares the Lead in Bali Golf 

NUSA DUA, Bah (Reuters) — Nick Faldo pul himself back at the' 
head of a leaderboard with a four-under-par 67 in the first round of' 
the D unhfll Masters at the Bah Golf and Country Gnb cm Thursday.' 

The Briton shared first place with Mike Cunning of the United' 
States, Terry Gale of Australia and Krishn a Singh of Fiji. One 
shot back was Colin Montgomerie, the top European player. 

For the Record *■ 

Tom G«dEksoo has been reappointed captain of the U.S. Davis 
Cup team. (Reuters) 

The National Football League chose San Francisco over Miami 
to hold Super Bowl XXXUf iq 19 99. (AP) ■ 


T*t*TT 


BOARD 


■ .=?■ r- -ti' 

Champions League Table 


x-AC MI Ion 
Casino S uUlmiw 
AEK Athens 


CROUP D 

W L TGFGAPfe 
I 2 0 2 5 re- 
21 1 5 3 3- 

0 13 14 3 


GROUP A 
W L 


IFK GoteOorg 3 1 

Barcelona 2 1 

Manchester UM 1 1 

Golotasorov 0 3 

GROUP B 
W L 

Parls-St.Germain 4 0 

Bayern Munich 1 1 

Spartak Moscow 0 2 

Dynamo Kiev 1 3 

GROUP C 
W L 

Benflea 2 0 

Holduk Split 2 D 

Steouo Bucharest 0 2 

Anttorlectit 0 3 


T GF GA Pts 
0 4 5 4 

1*55 
2 4*4 

114 1 

T GF GA Pts 
0 7 2 0 

2 4 5 4 

2 4 8 2 

0 4 4 2 

T GF OA Pts 

2 4 3 4 

13 15 

3 2 4 3 

2 2 5 2 


AEK Athens 0 2 2 2 4 2- 

x-eanaliad two points for tan behavior. 

ONE DAY INTERNATIONALS 
Sri Lanka vs- Zimb ab we > 

Thursday, In Harare • 

Sri Lanka Innings: 254-5 (50 inters) 
Zimbabwe fnrtnBS: 200 (all out, 48.1 overs) 
Result: Sri Lanka wan by 54 runs. 

India vs. New Zealand 
Th ursd a y , la New Delhi 
India Innings; 28W (50 oversi 
New Zeakmd innings: !82(afl«rt,45Aovenl- 
ResuJt: India wan by 107 runs. 


DENNIS THE MENACE 


PEANUTS 


C ALVIN AND HOBBES 



rwanowwowaww- -LOTS- or luck 


To our readers in Fn e ic e 

It’s never been easier to subscribe 
and save with our new toll free 
service. 

Just call us today at 05-437-437 




























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INTERNATIONAL HERALD TRIBUNE, FRIDAY, NOVEMBER 4, 1994 


Page 23 


r - rJfjtStfchafd Justice 

' ri ^iv , n 3 c : Ptat Senate 

'^VWAStENOTON — Do you still 
ij«'tSs igaiie? 7Tic National Bas- 
!° ler n AwSfc3^wa»*»ai' $pent a summer 
*S^e y 6 * 1 jnight not. And 

a 1 !or ^fi , „ Srfrf dhaaid yovfl Magic and Larry 

good-bye, 

' Whoewe cHice watched in awe as 
c -ffnished^i fastbreak with a 
... . a dazzling smile, 

, ^ in il «». were-'lflft "with. Lany Johnson 

* f JT ?(ia : ngin& onto a rim woofing at an 
^isl ^^qjpoBent .'lie finals deteriorated 
„ Totq:ha££oiirt mnd-wresding. 

(s-i' ' the NBA commissicni- 

7 c fci He’s not passive. He 

bat± and see whether last 
:Z p-t'i nAeason’t probtems . would still be 
' thft^nrobfcns this season. He didn’t wait 
' •jorrffcoscs-to adjust — he adjusted 

•’l^s J-4 


Change Is the Name of the Game as a New Season Begins 


ues, and salaries, are still soaring, 
State-of-the-art arenas are opening in 
uevdand and Chicago and ground 
has been broken for new palaces in 
Portland, Oregon, and Boston. 

Most of all, it*s still a wonderful, 
fast, graceful game. 

After a summer of fiee-agent 
movement eight or nir»» taanw be- 
lieve this w3J be their year. 

“It's going to be extremely com- 
petitive,” said the Miami Heat 
ooach, Kevin Loughoy. "We have 

ora mamv U*aVi — - - • - ■ 




apprewa- 
Franchise vat- 


MVUllu. X UUIbVC JL } going IV 
be unbelievably competitive to mV<* 
the playoffs. You're going to have to 
win 42 games, and Tm not sure, with 
the exception of three or four 
itH be that easy. It’s going to be a 
battle for everyone else.” 

Stern has attacked the problem of 
low-scoring games by dramatically 
changing the rules. 11 you’re above 
the foul line, a defensive player can 
no longer put a hand on ius man, 
and while it may open, up the court 
and tiie scoring, it may «l«> lead to a 


transition period when a lot of the 
excitement will be watching endless 
processions of players line up for 
free throws. 

“I don’t know if the game was 
rougher last season than in the past," 
said Pat Riley, the Knicks coach. 
“Back in the ’60s and 70s, there 
weren't a whole lot of great, great 
athletes. Most of us used to s nimble 
and fall into one another more than 
anything else. The techniques have 
changed In the late ’80% Detroit 
showed you could win by emphasiz- 
ingdefense.” 

The three-point line has been 
moved in three feet (90 centimeters) 
at the top of the key to make it 
uniform all the way around. This 
gives almost everyone a new weap- 
on. Before, a select few — Reggie 
Miller, Dale TOKs and some others — 
were consistent three-point shooters. 
Almost everyone was allowed to 
take the shot virtually undefended. 
Now, almost no one will get the 
uncon tested three-pointer, and the 

league hopes the change will open up 

the congested lane areas. 


Lots of familiar faces are back, and 
still others are in different places. 

Danny Manning has moved from 
the Atlanta Hawks to the Phoenix 
Suns. Horace Grant left Chicago for 
Orlando. Robert Parish has moved 


As the 1994-95 NBA 

season begins, it’s still 
an easy game to love, 
and a lot of people still 
do. 

from Boston to Charlotte. Ron 
Harper left the Clippers for the Bulls. 

Better to be lucky in the lottery 
than in love, and the Orlando Magic 
has been, defying all kinds of odds to 
win it in back-to-back years. They 
now have a nucleus that begins with 
Shaquille O'Neal and Anfernee 
Hardaway, and having added free 
agents Grant and Brian Shaw, the 
Magic might very wcD be the best 
team in the Eastern Conference. 


But if Patrick Ewing and Charles 
Oakley stay healthy, there's a sneak- 
ing suspicion that Riley and the 
Knicks could get back to the finals. 
Indiana was 13 seconds short of win- 
ning the East and added guard Mark 
J ack son. If Larry Johnson is healthy, 
Charlotte again will be a forcer Chi- 
cago has an interesting cast that no 
longer includes Grant and Jordan, 
but does have Scottie Pip pen, Toni 
Kukoc and Harper. 

Seattle won 63 g bombed in 
the playoffs and added Sanmac M«r- 
cruhonis. San Antonio still is solid; 
Houston is the defending champion 
Denver is interesting after its upset of 
Seattle in the playoffs. 

But the eyes of the West — and 
the league for that matter — wiD be 
on Phoenix, where the Suns not only 
have the league’s most interesting 
team and perhaps only remaining 
marquee player, but also an as- 
tounding new trend. 

The Suns will be picked by a lot of 
people to win it all even though they 
don’t have a legitimate center. What 


do have is Charles Barkley, who 
witn the departure of Jordan and 
friends, has become the single super- 
star who bridges Magic and Bird 
with Generation X. 

Barkley has indicated this might 
be his final season, and if it is, the 
Suns will have a lot of people rooting 
for them. 

Barkley was mulling retirement 
when the owner, Jerry Colangelo, 
began his offseason overhaul. But 
Cdangelo had no salary-cap room, 

he had a superstar talking of retire- 
ment and he had a team that had lost 
to the eventual champions two years 
in a row. 

He didn’t became the league's 
shrewdest operator for nothing, and 
Colangelo found out some players 
would pay to play in Phoenix. 

The Suns wanted Manning, but 
couldn’t afford him. Then when 
visited, he asked Colan- 
fow much can you afford?” 
jelo told him Si million, 
winch didn't seem like much to 
someone who made J3.5 million last 


season and had been offered $35 
milli on over seven years by Atlanta. 
Manning signed. 

“During his visit, 1 asked him 
what was important,” Colangelo 
said. “He listed ‘franchise,’ ‘aly,’ 
‘team,' and ‘coach.’ And then there 
was ‘money.’ That’s unusual in this 
day and age.” 

Likewise. Wayman Tisdale, who 
made $23 million last season, signed 
up with the Sons for $S50,000. ITw 
Gippers had offered $7.5 million 
over three years, but Tisdale, -who 
has played in just four playoff games 
in nine NBA seasons, wanted to win. 

One of the highlights of the season 
should come eariy when Atlanta’s 
Lenny Wflkens, one of the classiest 
and most respected coaches in histo- 
ry, passes Red Auerbach and be- 
comes the winorngesi coach in league 
history. He begins the season with 
926 victories, 12 behind Auerbach. 

“When Red established that re- 
cord,” Wakens said, “nobody, includ- 
ing me, thought it would be broken.” 





;■ 

^ '-7 ; . . By Joel Achenbach 

■y* ^U/ASHmGTON — In most cities, the fanta- 
,,tt - ‘ '-^VV sy of the average football fan is to be the 
^quarterback, driving the team toward the go- 
: 7- i;5i behead touchdown; in Washington there are peo- 
w T^ple who fantasize about bring the team’s general 
r - r ^manager, the front-office guy, periodically trad- 
: tsIiT . Ly ing away marginal players for draft choices to be 
for * named later. 

And because, tins is the City of Perics, there are 
many, corporate 


Vantage 

Point 



P Laotians. who get 

* 'tickets from the 

. . j- ^finri, one game a 

'.year, and can 

‘ ' lr *' never quite get the hang of rooting. “Let’s trice 
_ _ that pigskin down the gridiron!” the corporate 
. ‘-fan wifi shout, trying, to mimic normal fan tafr: 
V^-^ Or maybe, at a dicey moment, “Croon, ref! Cut 
- 'r the bologna!” 

But despite all that, these weenies are the exosp- 
V 4 don to the rufe RI^Stadiumis no Camden Yards. 
. 7 ; ' This is a rather intriguing hit of irony. It is Wue- 
A .• -■collar Baltimore that now has the splendiferous, 
~ socially stratified' ballpark with the chib seats and 

‘ v ~ v -box seats and sky boxes and the Kmos outside, while 
; white collar Washington has the old-fashioned, 
besesysftnncd stadium. At mi Orioles game you see 
/has <tf lawyers and legislators in sports jackets and 
: pdb rimts; at a Redskins game yon see lots of big- 
gt&d mechanics in Art Monk jerseys. 
f The fact is^ the Skins are a blue-collar team, 
^evenifthe cityhasthe reputation for dean 
: r fingernails- It *sa historic ftaochise with a deep 
/fan base, eveaif Washington is full ttf transients. 

■ . . It’s always been sad tiwt the Sons are the only 
. • thrng that brings Tpoo^e in Washington together 
from all walks ofmclt’s also tree mac the Skins 
. are just a catalyst for a deeper lmnoan ye arn i ng . 
I. People want to crime togeiher. What makes a- 
Redskins game so e^oyabte is not the sight of 
; iw large men dring heroic phyrical feats in 
: «»nquesLof hugemenfitHn another city— if that 
were so, this would be a bleak season indeed — 

■ but rather , the aggkxheration of people, the cre- 
ation of a crowflt the enwebbing of disparate 

- mdividuals, the cOT^ealment of a mass. The fans 
do not rwaiaffritfeafiy, they root as a mob. 

T>ESaOMfBnC Waal scientists are running 
X/aro&ptitrifendg about the differences amcrag 
people, ^orit^viskMis in society, about the 

■ growing arid inevitable cleaving of people into 
dhe and! -subservient classes. These scientists 

• riurihE gorto a Redskins game. They would 
. probably look, around and think: But this is 

is full of Washington outsid- 
/ cans — winch b why it's the real Washington. 

‘ Forget vrital you read in the society stories: 
Thcie are several million people who five m tins 
1 area, arid only an infinitesimal pe rc e nt ag e have 
ever been to a Mack-tie dinner in Georgetown. 

- Waslungtoa'b a largely conservative^ d^am 
ef u < mmni t y m which a Redskins game is one of 
the last Vrigat, pleasures. Vulgar cmnes from the 
Latin vulgns, nv^mng “mob” or “common peo- 
pte:". We c tea. Honestly mean it as a compliment to 
say ***** s S kin* game is wonderfully ^vulgar. 


There’s a b^ screea over one end zone i 


Lis too 


technologically primitive to actually show an 
. instant replay; the best it can do is say things Hke 
PENALTY! A sign above the south end zone 
says Budwdser Budwdser Budwriser, a chant for 
the mob as wide as the football field. 

On television the game is a choreographed 
contest between the fleet players in the skill 
positions, but in person the game is just Mg guys 
smashing together and knocking each other silly 
in a giant pile in the middle of the firid. 

And there is plenty of drinking. A stadium 
deck overlooking the D. C. Armory has a kind of 
f ral party at halftime every game. Rooted in one 

r this past Sunday were two guys who looked 
they had been holding beers since the cradle: 
Chico Moline said he was a bartender, and his 
buddy, Doug Thompson, what asked what he 
does* said he was a customer of Chico’s. 

E VERY game they stand in pretty much the 
same spot. That’s part of the charm: You 
know your place. At five minutes to halftime you 
dash for the party deck and take up positions. It 
becomes bdly-to-belly packed. Liquor is served. 

Said Chico: “If s not a bunch of guys in suits, 
it’s a bunch of guys in sweat shir ts drinking tall 
boys on the way m- There’s Neal over there. Neil, 
what’s happening, buddy?” 

Ned waved with his beer. Chico raised bis beer 
back. The men had bonded. 

Chico remembers one time he was driving toward 
the gt fl d hn n on B oming Rood, the gay in the car 
next to him stops, turns on his emergency Winkers, 
gets out, dumps antifreeze on the ground in front of 
the car, and stares seffing crack to people running up 
to the car. The antifreeze was in case a cop came by. 
Car overheated, the dealer could say. 

There was a woman srandmp nearby in a bur- 
gundy and gold nun’s habit. Sdr was drinking a 
Jack and Coke and was working a cigarette. She 
was being worked in turn by a middle-aged sailor. 

- “Tea cm the make,” he announced- 
She was working him right back. 

. “He’s angle;” are growled approvingly to a 
reporter. 

. .. Obviouriy she was no nun. She was Geraldine 
Combs, an investigator for die Department of 
Defense, although she said, “Fm a blue-collar 
person at heart.” The habit was a Halloween 
prank. “I gotta go bowling after this,” she said. 

By die end of halftime the mob started to ds- 
perse. It was ge t ting sloppy everywhere. Things 
were spiffing an the flocc, down the fronts of shirts. 
A woman took a dive outside the rest rocaxL A fight 
broke out in dm north end zone, die security team 
dragged someone away, then the fight re-crupted as 
the man reappeared on the scare, the crowd tom 
between the spectacle of real violence and the 

gimnltanara is field-goal attempt bv Chip I riroUff. 

The kick was good. The fight was just so-so. 

After 59 minutes of play tire Skins were win- 
ning. The Eagles drove down the field. *Ihe fans 
hooted and hollered for the defense to make a 
stand. They stamped their feet The stadium 
literally shook. It was a good vibration. 

When they write the story of the 20th century, 
the historians wifi be in awe of the power of 
crowds. Tire crowd is the mot powetfid force on 
the planet, potentially deadly, and always weird- 
ly in love with itself. The mob is an expression of 
human nature. It feels good to be part of some- 
thing larger, and dumber, than yourself. 



(ieaift Nakim/The Aunoatcd Pro* 


EVERYONE LOVES THE LOSER —The tennis phenom Venus Wnfiams, 14, signing autographs after losing her 
second pro match, to Arantxa S6ncbez Vtcario, right, the world’s No. 2 player, who waited far from die limelight 


Players Threaten to Cut NHL Playoffs 


By Joe Lapointe 

A’w Ytrk runes Service 

TORONTO — While the Na- 
tional Hockey League chopped 
10 more games from its damaged 
regular season, its locked-out 
players’ union met here and dis- 
eased the possibility of retaliat- 
ing by threatening not to play 
some postseason games. 

Such a move would hurt own- 
ers more than playos because 
playoff pw* generate 
ticket prices and profits, as wcil as 
more television revenue, under 
die toms of the league’s televi- 
sion contract, which is heavily 
weighted toward playoff games. 

“If we warn to turn up the 
heat, we tell them. *0 JL, you 


Currently, all four rounds of 
the playoffs are four-of-seven- 
game series. Although players 
are not paid during the play- 
offs, they do get bonus money, 
depending on how far their 
teams advance. However, for 
many players, their regular-sea- 
son salary money, on a game- 
by-game average, is greater 
than their playoff money. 

Mike Gartner, president of 
the NHL Players Association, 


said a union-ordered cancella- 
tion of playoff games was a real 
possibility. 

“When yon look at the play- 
offs, we don’t get much of it, 
and that’s when the teams do 
generate a substantial amount 
of revenue,” he said. “If the 
season is going to §et cut down, 
then maybe that is something 
that we seriously have to look 
at 

Any new agreement will also 


cut into playoff games. Maybe 
the season itself will be extend- 
ed and the playoff games will be 
cut down." 

The NHL announced the re- 
duction of the regular season by 
10 more games Wednesday. 
Four games had already been 
canceled from the season that 
was to begin on Ocl 1, so the 
84-game season has now been 
reduced to 70 games, and the 
lockout has lasted 33 days. 


Baseball: 
New Talks 
Expected 

The Asaocuued Press 

NEW YORK — Major, 
league baseball players and 
owners, who have met at the. 
bargaining table just Jour times 
since the strike began in Au-' 
gust, are expected to resume, 
talks next week in New York. 1 

Three sources, one from man-, 
agemenl and two on the players' 
side, said Wednesday that media-, 
tor W. J. Usay was prepared to- 
bring the sides back together. 

Usery was appointed by Presi- 
dent Clinton as a special media- 
tor on Oct 14. The strike began', 
Aug. 12 and there has been just- 
one bargaining session since own- 
ers voted to caned the season. 

The sources on the players’ 
ride, who asked not to be identi-. 
fied, said they understood- 
meetings would be held 
Wednesday through Friday. 

The management source, also' 
not wishing to be identified, 
said be understood that next 
Thursday was the most likely 
date for 'the resumption. 

The union chief, Donald Fehr, 
and the management negotiator. 
Richard Raviich. could not im- 
mediately be reached. 

*Trn pretty sure be meet- 
ing aexi week.” acting baseball 
commisrioner. Bud Sdig, said. 

The owners have not changed 
their proposal since they gave it to 
the union on June 14, but they 
plan to make changes so thty can 
impose a salary cap. They* intend- 
to remove their SI billion annual 
guarantee to players, remove any- 
joint sharing of licensing money 
from both rides and propose 

mmimmn salaries. 


we start taking away play- t 
off games,’” said Brett Hull, 
star of the St. Louis Blues. “We 
coaid make the first-round se- 
ries two games cut of three.” 

Since there is no collective 
bargaining agreement, all terms 
of the new cue, i n dnd mg play- 
off games, would have to be 
approved by the players. 




CROSSWORD 




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Page 24. 


INTERNATIONAL HERALD TRIBUNE- FRIDAY, NOVEMBER 4, 1994 


OBSERVER 


The Big Hog Wallow 

By Russell Baker bid to four million is no w 


Art or Life? Doris Lessing Looks Back on Her Choices 


N EW YORK — Money, 
money, money, money, 


JLN money, money, money, 
money, money, money, money, 
money, money, money, money, 
money . . . 

Man here bids twenty-five 
for a Senate seat. Million, that 
is. Million dollars. Twenty-five 
million is bid by Mr. Hiiffing- 
too. Do I bear twenty-six. twen- 
ty-six, twenty-six . . . ? 

It’s Ms. Feinstein's seat up for 
sale. A good California seat 
Cheap at half the price for a 
California seat. Richard Nixon 
had a California seat and it took 
him all the way to the White 
House. Do I hear twenty-six, 
Ms. Feinstein? Twenty-six? 
Twenty-six? 

She’s gone to the bank, gone 
to the race track, gone to the 
loan sharks, gone to the big big 
biggies who Eke Washington to 
pick up the phone when they 
ring, we can wait. No sale is 
Final until Nov. 8. That’s why we 
call it democracy, folks: no of- 
fice purchase final until Election 

Dav. 


bid to four million is no way to 
impress your fellow Virginians. 

How’s that. Mister Robb? 
Call you “Chuck”? 

Chuck, you've got to get that 
four million bid up, up, up, up. 
Up. Chuck. That’s a Freudian 
slip, folks, expressing how the 
wonderful old American demo 
cralic process is apt to affect you 
nowadays. 

The colonel's already said 
eighteen, eighteen, eighteen, big 
eighteen, Chuck. Your four, 
four, four, four, four is not even 
in the ballpark, and this seat 
would be a steal at twenty-five. 
Do 1 hear twenty-five, twenty- 
five. twenty-five? 

We are talking Virginia, OUie. 
Virginia, Chuck. Virginia is 
Georgie Washington and Tom- 
my the Jeff, Jimmy Madison and 
Pat Henry. That's class, guys. 
You don't buy class for peanuts. 
It takes money, money, money, 
money, money . . . 


By Diana Jean Schemo 

New York Timet Service 


N EW YORK — As Doris Les- 
sing strolls through the Gug- 


Money, money, money, mon- 
ey, money, money . . . 

Colonel North bids eighteen, 
eighteen, eighteen . . . 

Eighteen very big ones are bid 
by the colonel. Eighteen million 
simolsons for a seat in the Sen- 
ate. But not just any seaL Am I 
right, cunnel? That “dinners" a 
joke, colonel. If yours is the big- 
gest bid on this seat you're gping 
to have to team to speak a liule 
Dixie talk, cuz you gonna hold 
the most expensive seat in the 
Souf, cunnel. Yessir, you wfll be 
Senator North of the* South. 

Eighteen million is bid by the 
colonel . . . 

What's that, colonel? Call you 
“OUie"? 

Mister Robb — you being a 
U. S. Senator, I don't like look- 
ing down on you, no matter 
what Mark Twain said about 
that being the only way to look 
on a politician, but upping your 


Senate. Senate, Senate, Sen- 
ate, Senate. You want to get 
there? Sure you want to get 
there. It’s the top. Cole Porter 
said it in music: “You're the 
top, you're the U. S. Senate." 

You got all that money, your 
wife is tired of the same old 
crowd at the country chib, wants 
to dance at the White House. 
"The top." she says. “Let’s go to 
the top. ’ What’re you gonna do? 
Start way down there? Run for 
sheriff? City council? State legis- 
lature? Waste years learning the 
business? 

Used to be. you had to do 
that. Not anymore, thanks to 
money, money, money, money, 
money. With that good old dem- 
ocratic process called money, 
money, money, money, every 
millionaire can start — yes. start 
— I say START — at die top. 

What am I bid for New Jer- 
sey? For Tennessee? This is de- 
mocracy in action, folks. Mon- 
ey, money, money, money, 
money, money, money . . . 


VfH Yirrl Tima Service 


J.N sing strolls through the Gug- 
genheim, she is drawn not so 
much to the modem Italian art, 
gadgets, furniture and fashions 
on exhibit as to the sleek railing 
that coils around the museum, the 
angles pointed just off the spiral's 
breaks. She studies the circles and 
semicircles of the floor tiles. “Ev- 
erything's a little off center, so 
you feel sick," she says. “There’s 
something vertiginous about it." 

With her own years winding 
down, Lessing has turned to per- 
haps the most dizzying perspec- 
tive of all the look back over the 
people, places, loves and sorrows 
that make up a life. Her book, 
“Under My Skin: Volume 1 of 
My Autobiography, to 1949" 
(HarperCoilins, S25), has just 
been released to coincide with her 
75th birthday. 

U takes her from a childhood in 
Persia and a hardscrabble farm in 
southern Rhodesia, through her 
romance with the Communist 
Party in the 1940s, three children 
and two failed marriages. It ends 
with her arriving in London at the 
age of 30, carrying the son from 
her last marriage and her first 
book. “The Grass Is Singing," 
along with the expectation that 
real life would finally begin. 

Visiting New York from her 
home in London, Lessing wants to 
see the Solomon R. Guggenheim 
Museum on the Upper East Side. 
It is her first time there. At the 
“Italian Metamorphosis, 1943- 
1968" show, the writer is surround- 
ed by the most stylish accoutre- 
ments of an age that in no small 
measure she had helped to define. 

If the Guggenheim were exhib- 
iting not just Italian, but Europe- 
an, influences on the second half 
of the century, “The Golden 
Notebook" would surely be in a 
glass case, labeled, perhaps. “For- 
mative Work in Modern Femi- 
nism.” The novel remains a 
strong seller 32 years after publi- 
cation and has been translated 
into 18 languages. In China, a 


second edition of 80,000 copies 
was recently issued, and “it sold 
out overnight," the author says. 
Lessina savs she finds the 


Lessing says she finds the 
book’s fate mystifying: Its endur- 
ing success surprises her. and the 
feminist movement it helped to 
spawn disappoints and frustrates 
her. “There was this explosion of 
energy with feminism, but what 
happened is they talked their en- 
ergy away,” Lessing says. “Things 
have changed for white, middle- 
class women, but nothing has 
changed outside this group.” 

She recalls a “very dramatic lit- 
tle scene" during one of her visits 
to Zimbabwe after 25 years of ban- 
ishment for her criticism of apart- 
heid. “There were a couple of 
American feminists, expertly 
dressed, lecturing a bunch of wom- 
en who were raising kids on a level 
of about $70 to S80 a month in 
American money about their sex 
lives, how to raise their children, 
how to treat their husbands.” The 
feminists struck her as latter-day 
ideological imperialists, liberated 
most of all, she says, from “a sense 
of the ridiculous." 

As she passes “Uniform 
Opaque Black Metal” by 
Francesco Lo Savio, metal panels 
varnished blade with edges folded 
outward, Lessing loses all pa- 
tience. She sounds a bit like the 
father she described in her autobi- 
ography, maimed physically and 
psychically during World Wax I, 
who would rail at the hills about 
the insanity of man. 

“This is so stupid," she says, 
turning from the works. “At some 
point we are suddenly going to 
wake up and say we were mad. 
One day, well get sick of it and 
throw it all ouL The only problem 
is, there may be some good thin gs 
mixed in with the bad.” 

But it is only upon reaching the 
section on fashions that Lessing is 
moved to reach for her glasses. 
“Now, lode at these," she says 
before the sequin ed sheaths and 
satin trains. “This is a different 
thing altogether." 

She was reminded of her moth- 
er, Mary McVeagh Tayler. a for- 
mer nun who could not guess how 



The Sr.t Vwk Times 

Doris Lessing, at age 75, has published 
the first part of her autobiography, “Lin- 
der My Skin**; below, Lessing in Africa in 
1949, just before leaving for London. 



P r .— i r Jrr M;. S*m" iHarpcColllital 


remote the conventional society 
life she craved would become with 
the move to Rhodesia. Shortly af- 
■ ter the family moved there to farm 
mai 2 e in 1924, helped hy govern- 
ment subsidies and easv loans, her 
mother's trunks of silk dresses, 
high beds, hats and underwear ar- 
rived in the Rhodesian bush, 
where the family had had to build 
a home of mud. 

Her mother, heartbroken, let 
Doris and her little brother, Harry, 
shred her gowns and suits for play 
clothes. “Now. I can't believe we 
did that," she savs. Td love to 
have than." 

What really moved her to write 
die narrative of her life was hear- 
ing that five biographers had cho- 
sen her for their subject. The writ- 
er saw their interest as a kind of 
literary violation, for she does not 
see herself as a public figure. 

Lessing h3S urged her friends 
not to cooperate with any of the 
biographers combing for materi- 
al, and has instead selected her 
own biographer, Michael Hoi- 
royd, to whom she has promised 
access to her papers. 

She has not shrunk from harsh, 
extreme stands in her day, repudi- 
ating her life and background 
upon joining the Communist Par- 
ty — its bold on her she estimates 
lasted 20 years — and giving up 
her two toddlers to the custody of 
their father. Frank Wisdom, with 
the marriage’s breakup in 1943. 

She left them behind in Rhode- 
sia as she set out for the life of a 
writer in England, taking with her 
Peter Lessing, the son from her 
marriage to Gottfried Lessing. 
With time, though, she seems to 
be seeking a kind of redemption. 
She chose Hoiroyd after reading 
his account of George Bernard 
Shaw's childhood, which im- 
pressed her with its insight and 
compassion. 

While Lessing's new book cov- 
ers her childhood as the most im- 
possibly vivid recollection of 
sights, smells and sounds, frustra- 
tions and pleasures, it is strangely 
reticent about her leaving the two 
children behind for the call of 


communism in the 1940s. Lessing 
describes her reasons for drop- 
ping out of the children's lives, 
saying she believed establishing 
her identity before reconnecting 
might 'justify my having left 
them" in their eyes, but she says 
littie about the emotional cost of 
doing so. 

“It's water undo: so many 
bridges now," she says. She sits 
on a cushioned stool by the en- 
trance to the fashion mannequins 
“I thought that would go without 
saying, that if a mother gives up 
her children, it's very painfuL” 

“Don’t forget, there are chil- 
dren and grandchildren who read 
this," she says. Her son John died 
of a heart attack two years ago. !□ 
her book, he is quoted as saying, 
“I understand why you had to 
leave my father, but that doesn't 
mean l don’t resent you for iC 
Her daughter, Jean, is a teacher in 


Cape Town. The two speak regu- 
larly on the phone. 


laxly on the phone. 

“When I get to volumes 2 and 3. 
I will deal with delayed guDt," she 
says, and shudders as she recalls 
her explanations to her children as 
she left. “All this about, ‘I’m going 
to build a perfect world, and you 
can’t come with me, but it will be 
better for you.’" she says, and 
shakes her head. “This is so pathet- 
ically silly, but that's now 1 
thought at the time." 19 

A few moments later. Lessing, 
has discovered the museum's 
post-impressionism wing, where 
she lingers over works by Picasso. 
Manet and Degas, in styles not 
usually associated with those art- 
ists. She stands before a painting 
by Cfczanne, her favorite artist 

Studying the picture, she re- 
treats, until she reaches the hip- 
high railing that gives way to a 
steep drop. 

“We really should be even fur- 
ther away to appreciate the paint- 
ing property," she says. We seem 
to be tottering over the question 
that has riddled Doris Lessing’s 
days: art or life? “Let's stay with 
life." Lessing says quietly, tucking, 
her purse under her arm before 
moving on her way. 


WEATHER 


PEOPLE 


Europe 


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Forecast for Saturday through Monday, as provided by Accu-Weather. 

f’w m ) * 


Today Tb 

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T HE bandleader on “The Tonight 
Show" Branford MarsalK. is taking 




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Hot 


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Dp/, mild v. earner is likely 
Itnm Prflsbuioh rh-autr- New 
fork and Boston Sa fur day. 
Sho -i.*r5 -mil s<ns«o across 
Ihe Northeast Sunday 
followed by dry. cooler 
Heather Mondav Windswept 
ram and even a 
thunderstorm win occur from 
St Lours to Toronto 
Saturday 


Europe 

Heavy rains, gusty winds 
and a tew thunderstorms wiP 
move from eastern Spain 
Saturday to southeast 
France and Italy Sunday into 
Monday. Warsaw through 
Berlin will be dry and mild 
this weekend, while Parte wfl 
have a bit of rain. Istanbul 
will turn vary windy and 
much cooler this weekend 


Asia 

Dry. pleasant weather 
across Jao’n Sa'urday will 
be lirfkwiei t>> shc-MU and 
cooler weather Sunday. 
Bangfcok through Manila ml 
have mainly ram-free. warm 
weathe' ihe n««i few days A 
few showers will occur at 
Singapore dally. Shanghai 
and Hong Kong will be 
sunny and pleasantly warm 


2068 

Care Town 2068 

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L-’TJ.e 30-66 

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Tin* 22,71 


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_L Show." Branford MarsaJK. is taking 
five. The sax man will lake a lea\ e early next 
year but it isn’t a sign of unhappiness with 
the show or its ho«;. Jay Lena according to 
a spokeswoman. Marsalis warns to tour 
more and spend more time with his 8-year- 
old son. she said. Kerin Eubanks, the bass 
player with the band who has filled in for 
Marsalis. wfll take up ;be baton for now. 
Marsalis has conducted Lbe NBC Orehesira 
since 1992. when Leno replaced .Johnny 
Carson. Critics ha-e said Ma^alis seemed 
uneasv playing r>-i: 



North America 


6 41 3/37 S 
12-53 7./4J t 


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Latin America 


4T9 2*35 PC 

14 -67 9 46 ih 

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Today Tomorrow 

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CT OF OF OF 

2475 1&-M i-c 24.75 17*2 PC 
25 77 IS pc 25-77 16'6! 3h 


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hm-ur, 21.70 15 58 cr 2 1 70 II S2 pc 

JCruvW-r. 19 68 1461 pc 20*8 13*5 pc 

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Caracas 29*4 21.-70 pc ia-84 21 70 pc 

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FfcoUaJanero 38.79 21.70 pc 2 ’60 31 70 pc 

Sarflagc 21/70 2/3S s 1966 £'43 pc 


Lagontf: vourwiy. pc -partly cloudy, tx ioudy. «tvsnavws. Mn mOor-Worms. warn, 4-anaw times, 
sn-snorr i-ira W-Weether Alt maps, forecasts and data provided by Accu-Waalftcr, Inc. © 1994 


Arthoraga 

Altana 

Sogon 

Chicago 

Denver 

OelTOI 

Hpnotalu 

i-KAStai 
L04 Angeles 
Warm 

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PC 31.68 
« 22.71 
1 24/75 
pc 18*4 
r 11*2 
Hi 17*2 
PC 23/73 


Olivier Rofin has won France's Femina 
literary prize for "Port- Soudan." a nostalgic 
novel about the lost illusions of the genera- 
tion associated with [he May 1968 student 
rebellion. The British writer Rose Tremain 
received the award for foreign fiction for her 
1992 novel. “Sscred Cowan." 

□ 

Princess Diana ha^ slipped from her 
long-held position as the mo*i popular 
member of the royal family, according to a 
magazine poll. Queen Elizabeth, who has 
stayed out of public squabbling over the 
collapse of her snn Prince Charles's mar- 



/ 


riage to Diana, is the most popular, accord- 
ing to the survey in the women's magazine 
OK. Of 500 men and women polled last 
month. 32 percent chose the queen and 29 
percent chose Diana. Charles got only 6 
percent, behind his sister. Princess Aime, 
and Queen Elizabeth, the Queen Mother. 

Madonna is disappointing thousands of 
J^anish fans by insisting that her latest 
video — which includes shots of a bullfight 
— be filmed behind closed doors. Pan ol 
the video of her record. “Take a Bow.” was 
to have been shot before ".000 fans in the 


Antequera bullring, neat Malaga, but Ma- 
donna derided to limit entrv to 200 extras. 


entrv to 200 extras. 



Branford Marsalis 


Three years after the pop star Freddie 
Mercury died of AIDS, a dispute has 
erupted between a man and a woman who 
were both longtime lovers. The hairdresser 
Jim Hutton assails Mary Austin, who now 
lives in Mercury's Georgian mansion, in 
his autobiography. Hutton, who was left 
£500,000 ($810,000) in Mercury’s will 
when be died in 1991, says he was evicted 
from tire house by Austin. Austin replied: 
“Jim has a very vivid imagination. This is 
between him and his conscience." 





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