Skip to main content

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

See other formats


e 

4 

7 


Nv-- • 

K ; ~- 


\£& 



SSf 

§?$ 

2 *v& 

s?%8 

aS*!: 

P* r °ai V. 

sS 


■X--- 


Heralb 


INTERNATIONAL 



tribune 





PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


** 


Paris, Satnrday-Siuday, November 19-20, 1994 



‘^icd i!5fc 

•ts»f 


1 tv.7L 

H O -^k 

"*UV« v S 

ls r. f 

2i: 

•J u ? 

~- C ‘ * 7 flS “Jk’ 

5- 

'I 



— - ' S»r. 


tvard? 


v :;;V^p 


Ud Haiu The Ancctalrd Press 


_ _ . . Xdd Hans/ The An 

Rioters hnrbng stones at the police on Friday in Gaza City as Palestinian fought Palestinian in the worst such violence since Gaza gained autonomy. 

Gingrich Opposes Aid to Bosnia, ‘Europe’s Problei 


— *v 


A Reuters 

MARIETTA, Georgia — Representa- 
tive Newt Gingrich, the future speaker of 
the House of JRepresen tati ves, said Friday 
he would oppose auy ^ultihilhcm-drflar- 
UJ5. aid package f<h Bosnia’s TVtusEuhleii 
govemHKat, callix^ She crisis there “a Eu- . 
ropean problem.” . ;; 

The Georgia Rep ublic an^ who is expect- 
ed to take over as speaker on Ian. 4, also 
said that the overwhelnringponxon of any. 
aid package for Bosnia would have to: 
come from wealthy European nations. 

“I can't imagine, given the current bud- 
get constraints, that this administration 
would commit itself to $5 billion in aid to 
Bosnia," Mr. Gingrich said. 

• “It certainly would not be a step toward 
a balanced budget and it wouldn't be a 
step towards a strong American militiuy. - 


rd be very skeptical of that kind of pro- 
posal.” 

. Mr. Gingrich’s remarks followed ques- 
tions by reporters about the Clinton ad- 
ririnistratjon’s contingency plans for mili- 
tary aid to the ; Bosnian Muslims, along 
with a militaiy training program for their 
army. 

rankly, I can’t imagine why we would 
go in and provide that kind of money,” Mr. 
Gingrich said. 

“Bosnia is largely a European problem. 
The Germans and the French and the 
; British and the Italians are more than 
wealthy enough to provide the overwhelm- 
ing bulk of the aid” 

Art Pine of The Los Angeles Times re- 
ported earlier: 

■ The Clinton administration has com- 
plied with an order by Congress to draft 


options for arming and training Bosnian 
government forces, but it warns that carry- 
ing out the proposal would be risky, costly 
and almost certain to jeopardize ties with 
U.S. allies. 

The scenarios, outlined in classified 
briefings with lawmakers this past week, 
call for the United States to lift the arms 
embargo unilaterally, to aim and train 
Bosnian government soldiers and to help 
evacuate allied troops now on peacekeep- 
ing duty in Bosnia- Herzegovina. 

But officials have warned that the opera- 
tion would require a substantial U.S. air 
campaign to protect Bosnian forces during 
t raining and the deployment of thousands 
of American ground troops, with a risk of 
widening the ground war. The cost could 

See BOSNIA, Page 4 


Kiosk 


In Mozambique, 
Vote-Count Delay 

MAPUTO, Mozambique (AP) — 
Election officials again failed to keep 
promises to release final ballot results 
Friday. 

• -The announcement of final results 
from the Oct. 27-29 election, the first 
multiparty vote since independence 
from Portugal in 1975, has been re- 
peatedly delayed. Provisional results 
have put President Joaquim Chissano 
and his governing Mozambique Liber- 
ation Front, or Erelimo, firmly in the 

lead. . ' . . 

Mr. Chissano, who had expected to 
hear the results Friday afternoon, 
postponed a nationally televised ad- 
dress after the National Elections 
Commission said the announcement 
would not come before late in the 
evening. i — 

Starting on Monday: 


L X4VWJV 

On Monday, the International Her- 
ald Tribune begins a weekly page de- 
voted to reporting and analyzing the 
world’s capital markets. 

Capital Markets on Monday wdl 
chart details of the world's 250 most 
actively traded international bonds 
exclusive to the Herald Tribune from 
the Enrodear System, tbeleadmg 
clearance and settlement system for 

• Cari Gewirtz listens to the sound 
of money moving and reports where 

It ”«?¥ta^rrib*s chart of new interna- 
tioual bonds details the terms of the 

of the week ahead in U.S. credit mar- 
kets. - 


UN Finds Evidence of Napalm in Bosnia 


OumpUtd by Oco Staff From DispM&a 

Low-flying jets, apparently from Serbi- 
an-held land in Croatia, attacked a United 
Nations-dedared “safe area” in north- 
western Bosnia on Friday, and UN nriH- 
tary observers said they found evidence 
that napalm and cluster bombs had been 
used. 

A spokesman, Paul Risley, said UN ob- 
servers in the town of Bihac observed two 
planes flying low over the town. “After 
they arrived, two loud explosions were 
heard,” he said. Other observers reported 
seeing a missile launched, he said. 


Mr. Risley said that observers on the 
ground “found fragments of napalm and 
cluster-bomb weapons within the safe 
area.” 

It was believed to be the first time in the 
war that a napalm bomb had been 
dropped. There have been allegations in 
the past of such anti-personnel weapons 
being used, but none confirmed. 

UN and Western military sources con- 
firmed that radar had picked up planes 
flying from territory controlled by Cro- 
atian Sorbs, who are involved in the fight- 
ing around Bihac. (Page 4) 



Demio KnUnovic'Rciins 

A man crying in pain on Friday after 
he was shot in the foot in Sarajevo. 


New Status Lands Dole in Trade Dilemma 


By David E. Sanger 

New York Times Service 

WASHINGTON — The phone is ring- 
ing endlessly at Senator Bob Dole's offices 
in Kansas and on Capitol Hill, but not just 
with congratulations for his new status as 

'm^ority-leader-designate. 

Barely 10 days after he was swept to a 
victory even he did not predict, Mr. Dole is 
caught in the crosscurrents as Republican 
Party leader and nascent statesman, as 
jtential presidential candidate and as a 


popularity of free trade. 


It is not a happy place to be, especially 
when the argument is over an international 
agreement that everyone says will have a 
vast but unknowable effect on the fate of 
the world economy and that is so stagger- 
ingly dense — four volumes costing $145 
at the Government Printing Office — that 
no cme knows anyone who has actually 
read it. 

“I wouldn't want to be Bob Dole," said 
Jeny Junkms, the chief executive of Texas 
Instruments, who heads a business lobby- 
ing group, the Alliance for GATT Now, 
that is trying to push the wavering senator 


to support the agreement, which would 
cover 123 nations. 

“Boeing is big in Kansas, and so are the 
farmers,” he said, ticking off others with 
longstanding ties to Mr. Dole who stand to 
gain from the accord. 

“But he must be thinkin g about other 
thing s as wdl,” he added, such as prima- 
ries m New Hampshire and Iowa that are 
only 18 months away. 

The vote on the world trade agreement, 
which will be taken up by a lame-duck 

See DOLE, Page 4 


No. 34,750 



Arafat’s Police 
Shoot Palestinian 
Protesters in Gaza 

11 Killed , Violence Seen 
As Severe Test ofPLO Rule 


By Gyde Haberman 

New York Tunes Service 

GAZA CITY — Yasser Arafat's police 
force opened fire for the first time Friday 
on Palestinian protesters, killing at least 1 1 
people and wounding as many as 200 in 
street battles that raged for hours across 
the Gaza Strip's main city. 

The police said that one of their officers 
was killed and 10 were wounded. 

It was by far the worst internal violence 
since Palestinian autonomy began six 
months ago in the Gaza Strip and the West 
Bank town of Jericho, and some Islamic 
radicals opposed to Mr. Arafat warned of 
a brewing civil war. But leaders of the main 
Islamic resistance group, Hamas, sought to 
allay such fears, saying that they would 
work to keep Gaza from tearing itself apart 
in bloodshed. 

Nonetheless, the rioting and shooting 
shocked Gaza residents, and it was a po- 
tentially devastating political blow to Mr. 
Arafat in his efforts to show that he and his 
struggling self-rule government were in 
charge and capable of maintaining order. 

Israelis and Palestinian moderates both 
expressed concern about the possible con- 
sequences for their soon-to-resume peace 
talks to expand Palestinian authority be- 
yond Gaza and Jericho to encompass the 
entire West Bank. 

On Gaza City’s streets, Mr. Arafat was a 
reviled figure Friday, denounced by Pales- 
tinians regardless of political affilia tions as 
a “traitor” and “collaborator with Israel." 

“I supported Arafat before but now I 
hate him,” said Jamil Kafaraeh, a social 
worker who stood with protesters at one of 
the scenes of serious dashes, Palestinian 
police headquarters, formerly Israel's main 
prison here. . 

A young man nearby shouted, “Arafat 
must hang for this,” and an older Palestin- 
ian said, “Arafat is worse than Ceauseseu,” 
a reference to the assassinated Romanian 
leader, Nicolae Ceauseseu. 

What appalled and enraged many Gaza 


residents was that, this tune, it was their 
own forces, not the hated Israelis, who had 
taken aim at rock-throwing protesters. 

The Palestinian police blamed Islamic 
ectremisis, saying that radicals were look- 
ing for a fight and that officers had fired in 
self-defense. A police statement said thaL 
extremists had fired first from the main 
Gaza City mosque, where the turmoil be- 
gan just as noon prayers were ending. 

There was no independent confirmation 
of that charge. Witnesses said the police 
had started the shooting to keep thousands 
of worshipers at the Palestine Mosque 
away from a planned march to denounce 
Mr. Arafat’s government, the Palestinian 
Authority, and his self-rule agreement with 
Israel. 

Either way, the authorities apparently 
decided to draw a line in the sand, re- 
sponding firmly in a showdown with Is- 
lamic groups and their supporters that bad 
been building for weeks. That was also the 
view of an Israeli negotiator with the Pales- 
tinians, Environment Minister Yossi 
Sarid, who said on Israel Television.^ “I 
assume that Arafat reached the conclusion 
that it's either him or diem.” 

The resulting clashes were ferocious, 
spreading quickly from the mosque tc the 
police headquarters, another police post 
and to Shifa Hospital, where most of the 
victims were taken. 

Rioting also spread Friday evening to 
Rafah, at the southern end of the Gaza 
Strip, where youths beat up a video-shop 
owner and smashed cafes and a movie 
theater. 

Dozens of youths marched on an Israeli 
Army checkpoint near the isolated settle- 
ment of Netzarim, where three soldiers 
were killed Nov. 1 1 by a suicide bomber 
from the Islamic Jilted group. As the 
young Palestinians approached, soldiers 
pulled back to avoid a confrontation and 

See GAZA, Page 4 


North Korea Moves on Pact, 
Freezing Nuclear Reactors 


By James Stemgold 

New York Tones Service 

TOKYO — North Korea struck its most 
conciliatory and cooperative note in years 
on Friday, announcing publicly for the 
first time that it had frozm its nuclear 
reactor program, as promised in an agree- 
ment with the United States. It also vowed 
to carry out its commitment to dismantle 
the remaining dements in its suspected 
nuclear weapons facilities. 

Given the long trail of broken agree- 
ments in North Korea’s relations with 
Washington, the remarks did not assure 
compliance by Pyongyang. But coming at 
a time when the North has taken several 
other steps to reassure the United States 
and the United Nations, the comments 
were taken as a promising sign. 

Earlier this week, U.S. nuclear experts 
were received in North Korea and. for the 
first time, permitted to visit a key nuclear 
complex at Yongbyon. 

The group inspected a muddy cooling 
pond where North Korea is temporarily 
storing nearly 8,000 spent nuclear fuel rods 
taken from a small reactor last spring. If 
reprocessed, the uranium in the rods could 
yield enough plutonium to construct four 
or five nuclear bombs, U.S. intelligence 
officials have said. 

[The United Nations nuclear agency 
said Friday that a team of experts would 
travel to North Korea in the next few days 
to discuss details of the nuclear freeze, 
Reuters reported from Vienna. The Inter- 
national Atomic Energy Agency said in a 
statement that the team had obtained the 


necessary visas and would leave for North 
Korea shortly.] 

A key element in the nuclear agreement 
is that Pyongyang will not reprocess the 
rods and will eventually allow them to be 
stored out of North Korea. 

In a dispatch monitored in Tokyo, the 
official press agency, KCNA, quoted a 
spokesman for the Foreign Ministry as 
saying, “We have taken steps for totally 
freezing the graphite-moderated reactors 
and their related facilities." 

The accord with the United States aims 
to dismantle three old-style graphite core 
reactors that produce relatively large 
amounts of plutonium, the key component 
in a nuclear bomb. 

In return for doing so, North Korea will 
receive two modem light-water reactors 
for generating electricity. It will also be 
provided fuel for an interim period to 
make up for a critical power shortage. 
Eventually, the United States has prom- 

See KOREA, Page 5 


The Tape Is Red, 
White and Blue, 
Russians Assert 


Amid Modem Woes, South Korea Searches Its Soul 


By Andrew Pollack • 

New York Tiroes Service -' 

SEOUL —As pan of his response to the 
collapse of a major commuter bridge, in 
October, President Kim Young., Sam took 
Korean reporters to a remote spot behind 
his official residence and showed them that 
the large stone statue of Buddha was still 
there. 


New sstand Prices — 
torra 9.00 FF tuxembourg 6Q U Fr 

^""USSIJO UAHMI.(Bur.)«.10_ 


Trib Index 




mctoN 

BTBVtaHdOW 

DM 

1.5553 

1.5525 

Pound 

1.56* 

. 1A719 

Yon 

88.58 

98.33 


5.341 

5.3345 


. Mr. Kim offered the tour to dispel the 
rumor that he, a Presbyterian, had re- 
moved the statue from the presidential 
gflrrfpn and was therefore somehow re- 
sponsible for the collapse of the Songsu 
midge, as wdl- as for the boat accidents, 
train derailments and air crashes that seem 
to have afflicted this nation all at once. 

Perhaps it is not surprising that some 
Koreans have turned to religion to explain 
the series of disasters. After the Oct 21 
bridge accident, in which 32 people died, it 
.is dear that the structure itself was not die 
only thing that has fallen. So has the faith 
of Sooth Koreans in the modem society 
they have buQt in the last two decades. - 
Once so proud of the speed at which the 
nation has developed, many people here 
are now .asking whether South Korea 
ought have tried to grow too fast, sacrific- 
ing quality for the sake of quantity. 

“we have achieved tremendous, rapid 


„ said Lee CM, a legislator 
from the opposition Democratic Party. 

“From the outside, it looks fantastic, but 

on the inside, the structure is so poor." 

ipk of the Songsu Lee Haeng Won, an editorial writer for that morals are ( 
£e boat accidents, Hankook Hbo, a major daily newspaper, country’s phyrica 
ir crashes that seem called the bridge collapse “a national fau- But the Biggest 
initiation.” The bridge was only 15 years 
old. 

Three days later, a sightseeing boat on a 
lake southeast of Seoul caught fire, causing 
29 deaths. In August, a Korean Air plane 
crashed on landing on Cheju Island, al- 
though everyone escaped. 

In October 1993, an overloaded fen 
sank off the west coast, killi ng about 25 

Afl A A J-V _ 1 L. 


. train deraOment killed 78. 
i here say that these diverse acci- 
dents have same common dements: poor 


maintenance, sloppy operating practices 
and overloading. 

The country has also been shocked by a 
series of grisly murders, leading to a sense 
that morals are decaying along with the 
country’s physical structures. 

But the oiggest jolt came when the 157- 
foot-long (47-meter) section of the Songsu 
Bridge broke off, sending cars, vans and a 
bus plunging into the Han River. Now a 
jittery public is starting to find cracks 
everywhere — in apartments, schools, an- 
cient temples, and monuments. 

At the time of the Korean War, Seoul 
had only one main bridge over the Han, 
arid it was destroyed by North Korean 
So South Korea began building 



See RELIGION, Page 4 


By Alessandra Stanley 

New York Tones Service 

MOSCOW — Russians are once again 
complaining about long lines, red tape and 
bone-drilling rudeness from petty bureau- 
crats. 

Only now they maintain that such typi- 
cal Soviet-era indignities are rampant in 
the consular section of the American Em- 
bassy . 

People seeking visas are increasingly in- 
dignant over what they describe as rude 
and h nwritinting treatment by American 
consular officers. 

The U.S. Embassy retorts that 80 per- 
cent of all visa requests in Moscow are 
granted and that the complaints reflect the 
Russians’ misunderstanding of American 
bureaucracy and immigration law. 

But the conflict also is a reflection of the 
new kinds of cultural dashes that have 
surfaced now that the grand ideological 
divide between the former superpowers 
has narrowed. 

Russians, accustomed to bong treated 
by American diplomats as cherished allies 
in the struggle against the Communist gov- 
ernment, are now shocked and offended to 

See EMBASSY, Page 3 


V 


1 „ 


_± 



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



| With High Court Filled, a Rebuke to South Africa’s Past 


This 

mot 


1B'A 

23 

30 

am 

22 V-. 

43 

*TM 

21* 

17 1 * 

23* 

33W 

S v ‘ 

29V* 

IMi 

22M 

28 

B? 

r 

24V 

25V 

s* 

5S V 

iff 

41V 


IP, 

16’ 

28' 

631 

211 

281 

19'. 

3 . 

S' 

5* 

40' 

31' 

31’ 

92 

J& 


25* 

29 

34 

34 

24 

18 

17 

22 

IS 

23 

39 

IB 

26 

60 


WORLD BRIEFS 


By Bill Keller 

New York Tama Service 

JOHANNESBURG — .Kus Langa’s first 
dose insights into the machinery of South Afri- 
can justice when he worked as a lowly 
interpreter in the rural courts of the Zulu coun- 
tryside. He remembers, for instance, the interro- 
gation of a black farmworker arrested for desert- 
ing his white employer. 

“Why did you leave the farm?” the judge 
asked. 

“X was going to the police station to report that 
the mas ter assaulted me,” the worker replied. 

“Ah, but did you get the master's permission 
to walk away from the farm?” the judge asked, 
before handing down a conviction on the charge 
of desertion. 

Such memories are part of the resume Mr. 



power to overrule the government on questions 
of constitutional law. South Africa has never had 
a court with authority to veto its executives, or 
any court that looked at the world the way this 
one wilL 

With the appointment of the final justices last 
month, the architecture of South Africa’s new 
national democracy is now complete. The 1 1- 
xnut is to hear its first case in February. 


member court is 
a challenge to the death penalty. 


Some appointments were a stunning rebuke to 
the past. 

Before and after he earned his law degree from 
a correspondence school, Mr. Langa knew most 
of the indignities that South Africa and poverty 
could inflict on the black majority. His family 
was forcibly removed from its home to an apart- 
heid ghetto. He was rousted in the night and 
arrested for violating the notorious pass laws — 
once for illegally sleeping at his parents’ house. 
Dissident friends were murdered. 

Then there is Albie Sachs, a white African 
National Congress lawyer whose rig ht aim was 
tom off by a 1988 car bomb planted by an agent 
of the apartheid government. 

And there is Catherine O’Regan, 37, a law 
professor. Asked what she would bring to the 
court, she chirped sardonically: “Youth, eternal 
youth!” 

Even the more conventional choices, judges 
who have long loomed large in the legal fraterni- 
ty, have not spent their careers in law libraries. 

Judge Richard Goldstone directed a commis- 
sion that investigated the most sordid secrets of 
political violence, and is now overseeing the 
Balkan war crimes tribunal. Judge Johann 
Kriegler led the independent commission that 
directed South Africa’s Gist free elections in 
April. Ismail Mohammed, an Indian jurist who 
broke the white monopoly on the South African 
bench in 1991, led the negotiations that pro- 
duced the new constitution last year. 

“If there is one thing they have in common, it 


is that they have shown a commitment 
rights in what they have said or done 
lives,” said Arthur Chaskalson, the president of 
the court 

Mr. Chaskalson represented political dissi- 
dents, including Nelson Man dela, m many major 
political trials, and in 1979 he quit a lucrative 
practice to found the Legal Resources Center, 
which defends victims of apartheid. 

Like most of the new South African democra- 
cy, the court is a hybrid. Mr. Chas kals on attri- 
butes the baric idea erf a supreme constitutional 
court to the United States, but the structure is 
closer to Germany's court, and the elaborate 
selection process is not quite like any other. 

“It’s a pretty homegrown animal," Mr. Chas- 
kalson said. 

The new 
after elaborate 


to human beai stacked with African National Congress Aegean War Games Provoke Dispute 

SrARAOtauart-T. 


er parties or who had dashed with Mr. Mande- 
la’s party were passed over. 

During hiri n g 5 by a commission set up to 
nominate candidates, Mr- Sachs was grilled 
fiercely for his failure to condemn the ANCs 


after Greece said 
airspace. 


from 


fright, has come under fire as insufficiently di- 
verse (became six of the 11 justices are white 
men) and conversely as being too representative 
(because some blo cks and women woe named 
over white men with more impressive legal 
credentials). 

Mr. Chaskalson pointed out that before these 
appointments, there were only three blacks pre- 
siding in all the courts of South Africa, including 
its ostensibly independent black homela n ds, and 
only two women. But he conceded: “The^full 
diversity of the country is not yet reflected.” 

A more stinging charge is that the court has 


=««>■- commander who fight^s ctas«i the 

dkriS an Mr. Sachs ™ a Greece’s m games in the Wan. 

- 1 ANC inquiry that investigated the two “i^STtavolved in Aegean 

fcSanta ererrisesTwirich a says are planned and rmmne, on 
Monday and has said they will end next Wednesd^f. Greek an 
and naval forces arc also conducting .mooses 
tension has been raised over the possibility of a conflict. 

d. Skinheads Sentenced for Rampage 

ERFURT Germany (Reuters) — Four German s kinheads were 
given suspended jail sentences Friday ranging from few to seven' 
monthsfortaking part in a rampage at the former Nazi death 

camp at Buchenwald. ... 

The young men, in the third group of skinheads to go on trial . 
over tire July riot, woe charged with breaching the peace, uang 
Nazi symbols and c ausi n g material d a ma ge. A young 
woman in the group was put on probation for two years._ 
Thirteen out of a gang of 22 skinheads have appeared m court 
so far over the rampage, in which gang-members chanted “Heil 
Hiller,” ^nmag«id buddings and threatened to bum a woman; 
assistant 


member of an 
deptii, and critics 

about his wfllingness to defend tire public agamst 
official abuses. w 

“Not all tire appointees inspire confidence, 
said F.W. de Klerk, the former presiden t and 
now a deputy president in tire coalition govern- 
ment, in fear reference to Mr. Sachs. 


absurd” to assume that anyone 

with the ANC “would for that reason 
alone lade integrity.” 

Ms. O’Regan, a member of the African Na- 
tional Congress, said the new judges’ anti-apart- 
heid credentials would assure that the govern- 
ment was not tempted to defy the court when a 
ruling goes against it. 

“If we had the old striking down the new, the 
possibility for conflicts would have been enor- 
mous,” she said. ‘This court wfll be almost 
impossible for the government to attack 
tically." 


Defense Minister 
Pleads for Rubles 

Army in Dire Straits, He Says 


By Steven Erl anger 

New York Tunes Service 

MOSCOW — Russia’s belea- 
guered defense minister, Gener- 
al Pavd S. Grachev, cautioned a 
skeptical Parliament on Friday 
that an impatient and impover- 
ished Russian military was in a 
catastrophic state, under- 
equipped and underfinanced 
and losing its capacity to de- 
fend the motherland. 

“Not a single army in the 
world is in such a catastrophic 
state,” General Grachev said. 
“I ask yon to take this as a 
warning.” 

In a speech full of warnings, 
the general launched into a 
tough analysis of the army’s 
problems and its unmet needs. 
If it did not get more money, he 
told tire lower bouse of Parlia- 
ment, “then the irreversible 
process of losing our capability 
will occur and the armed forces 
will then collapse.” 

His dire assertions also 
seemed aimed to show his own 
troops that he remains a capa- 
ble spokesman far them in this 
new, semidemocratic world 
where Russian generals are 
summoned by elected legisla- 
tors to testify. 

The general, who is under se- 
vere public pressure because of 
long-simmering allegations of 
corruption in the retreat from 
Eastern Germany, also said he 
would not resign. 

Military training was being’ 
sharply cut due to finances, he 
said. Pilots were not flying and 
ships were stack in port Only 
40 percent of the army has 
modem equipment, he said, a 
number that would drop to 10 
percent by 2000. 

Talented young officers. 
General Grachev said, are leav- 
ing in large numbers, 2,600 of 
them this year alone. 

“These are difficult times for 
the army,” he warned 


“But the army is not a deaf and 
dumb machine." 

In the tough draft budget for 
1993, the military is scheduled 
to get 22 percent of total spend- 
ing, about 43 trillion rubles. But 
that is worth only $14.5 bilEon 
in the gradually depredating 
ruble, and General Grachev 
said he needed three times that 
amount, a financially IudicTOUS 
demand that may get him into 
further trouble with President 
Boris N. Yeltsin. 

“For the sake of the country’s 
security, think about this bud- 
get,” demanded the general, a 
46-year-old paratroop veteran 
of the Afghan war. “We must 
frankly ask ourselves the ques- 
tion: Do we need an army? If 
so, it is a sin to keep it in pover- 
ty and half-starved.” 

Some military experts say 
that the problem is not merely 
financing , but a reluctance on 
the part of the generals to reor- 
ganize the old, land-based Sovi- 
et Army to meet the new de- 
mands of a more democratic 
Russia without dear enemies. 

Mr. Yeltsin criticized thenril- 
itary in a speech to top generals 
this past week for bong too 
slow to reform and too quick to 
waste money and matdieL 

The deputies, dominated by 
Communists and nationalists 
opposed to Mr. Yeltsin, are al- 
ready skeptical about the bud- 
get and are calling for signifi- 
cant changes. Even Mr. 
Yeltsin's chid economic advis- 
er, Alexander Y. Livshits, has 
expressed strong reservations 
about its rigor and fiscal disci- 
pline, which many deputies be- 
lieve to be too big a price for 
promised loans from the Inter- 
national Monetary Fund and 
tire West 

Other deputies, like many 
Weston economists, believe the 
budget is too optimistic in its 
revenue projections. 



Irish Crisis 
Unlikely to 
Roll Back 
Peace Effort 


By James F. Clarity 

New York Times Service 

DUBLIN — Efforts toward 
peace in Northern Ireland will 
not be seriously affected by the 
collapse of the Irish govern- 
ment, officials aifgrtflmg a gOV- 

enunent-sponsored peace fo- 
rum in Dublin said Friday. 

Among them was John Al- 
derdice, head of the Alliance 
Party and the only Protestant 
leader from Northern Ireland 
attending the meeting of the 
Farumfor Peace and Reconcili- 
ation. The forum was fostered 
by Albert Reynolds, who re- 
signed as prime minis ter on 
Thursday. 

Mr. Alderdice’s statement. 


Salvagers Raise Part of Baltic Ferry 


HELSINKI (AF) — J 
sunken ferry Estonia on Friday, hoping for more dries oh why tfie- 
ship in the Baltic Sea with more than 1 ,000 people on board j. 

Tire 56-ton outer door was ripped off in a storm on Sept. 28,“ - 
causing water to flood the vehicle deck. The feny sank in less than 
30 minutes, killing about 900 people. 

“The door is up, and we hope to bring it into port tomorrow,” 
said Kari Lehtola, a member of the commission investigating the 
accident “The operation went wdL There were no mishaps.” 

Scientists Discover Element No. 110 

BERLIN (AP) — Scienti st s in Germany have discovered a new 
riemen t, brin g in g tn Hfl the number of basic substances known to 
make np the earth. 

The demen t was detected Nov. 9 during the bombardment of 
lead atoms with n ickel at oms in the accelerator at the Heavy Ion 
Research Center in Darmstadt The center said a dozen scientists- 
from research centers in Russia, Slovakia and Finland collaborat- 
ed in disco v ering the dement, which does not yet have a name. 

Flnmmts are snbstances that cannot be separated into otho~ 
substances by ordinary chemical means. The latest — and heavi- 
est, with an atomic weight of 269 — existed for onty a fraction of a ■ 
thousandth of a second in the research center. 

Fi ghting Delays Angola Pad-Signing 

HUAMBO, Angola (AP) — UNITA rebels, their fences under 
attar. k, said Friday that their leader, Jonas Savimbi, could not- 
leave Angola to sign a peace treaty as planned Sunday. 

A UNITA spokesman in Brussels, Alddes Sakala. said that 
rebel faces were under a third day of heavy bombardment by 
government planes. Mr. Savimbi, said to be at a secret location in 
Angola, was to have signed tire pact in Lusaka, Zambia- 

Heavy artillery was heard Thursday around the central city oT 
Huambo, the farmer stronghold of the National Union far the 
Total Independence of Angola. Military hard-finers in the govern- 
ment are said to be pressing President Jos6 Eduardo dos Santos to 
te weakened rebels. 


finish off the weakened 


Lnrau R/imw/Tbc AsaociMol Pm 

President Francois Mitterrand bokfing his hat against the wind Friday in Chartres, 

A France - U.K. Air Command 

Corps Would Plan Joint Peacekeeping Missions 


that he exposed the peace pro- 
cess to continue at an adequate 

Aristide Names New Chief of Army 


£ 


Reiners 

CHARTRES, France — 
France and Bri tain, sounding 
closer than ever before on Euro- 
pean union, announced the cre- 
ation of a joint air command 
Friday. 

President Francois Mitter- 
rand and Prime Minister John 
Major said after a one-day 
meeting hoe that their aim was 
to consolidate the achievements 
erf the European Union rather 
than seek a great leap forward. 

Officials said the harmonious 
public statements reflected a 
trade-off in which Britain had 
taken a step toward France on 


European defense, and France 
had moved nearer to Britain in 
opposing a federal Europe. 

The two countries agreed to 
establish a French-British Euro 
Air Group of about a dozen 
officers to plan possible future 
joint peacekeeping and hu- 
manitarian air operations. 

The group will be based at 
High Wycombe, England, 
where NATO has an air com- 
mand, and will initially have a 
French general in charge. 

“This project shows our con- 
cern to move forward pragmati- 
cally on European defense,” 
Mr. Mitterrand said. 


Finland’s Parliament Says ‘Yes’ to EU 


C emptied by Our Staff From Dispatches 

HELSINKI — Furnish law- 
makers on Friday overwhelm- 
ingly endorsed membership in 
the European Union, paving 


the way for the country to join 
the group next year. 

Despite a filibuster by a 
handful of legislators that de- 
layed the vote by several weeks, 


Cashmere House 

Alexandre Savin 

— Since 1963 — 

QUALITY IS OUR KINGDOM 

Europe's top royalty shops with us why not you ? 

A most princely welcome awaits you 

100 % pure Cashmere 
Largest selection at best prices 
Socks, scarves, headbands, gloves, coordinated 
with sweaters for women and men 

2, rue d'Aguesseau (60, angle fg St Honor€ - 8 r ) 

I — Tel. (33-1) 42 65 42 61 Fax (33-1) 47 42 50 73 I 


the EU measure passed with the 
required two-thirds majority. 
The vote was 152 to 45 in the 
200-jnember Parliament 

“Fm relieved,” said Prime 
Minister Esko Aho. “The long, 
arduous task, at least on Fin- 
land’s part, is now over.” 

Anti-Union lawmakers, 
mainly from Mr. Aho’s govern- 
ing Center Party, successfully 
delayed the vote until after 
Sweden's referendum Nov. 13. 
They had hoped a Swedish re- 
jection would help them block 
ratification, but about 52 per- 
cent of Swedish voters ap- 
proved EU me m bership. 

Finns voted 56.9 percent to 
43. 1 percent for membership in 
an advisory referendum on Oct. 
16. Parliament had the final say 
but most members said they re- 
garded the refe ren dum as mor- 
ally binding. 


Last week, the Austrian Par- 
liament ratified EU member- 
ship after voters overwhelming- 
ly approved in a referendum. 

Norwegians are to vote Nov. 
28. With the Nordic nations 
and Austria, the Union would 
grow to 16 members encom- 
passing 375 million people. 

When Finland joins the EU, 
Mr. Aho said, it would act as a 
bridge between East and West 

“We are dose to Russia and 
tire Baltic states, and our task is 
to promote cooperation across 
that border ” be said, referring 
to the l .270- kilometer (790- 
mile) border Finland shares 
with Russia. 

The membership applica- 
tions of Finland, Sweden and 
Austria are subject to ratifica- 
tion by tire Parliaments of all 12 
European Union nations. 

(AP, Reuters) 


They also agreed cm a joint 
initiative to train and provide 
logistical support for an Afri- 
can peacekeeping force that the 
Organization of African Unity 
has agreed to establish. 

The new warmth in relations 
between two traditional foes in 
European affairs was as evident 
in the tone as in the content 

Mr. Major told a French 
newspaper that relations bo- 
tween London and Paris “have 
never been as good,” and Mr. 
Mitterrand spewe of “a better 
dimate than we had for years, 
with a real will to reach agree- 
ment” 

The prime minister empha- 
sized that Britain’s greater com- 
mitment to European defense 
in no way ran counter to 
NATO, which he insisted must 
remain the bedrock of Western 
defense. 

French officials, however, 
said they believed tire new Brit- 
ish openness to European de- 
fense reflected a realization that 
the so-called special relation- 
ship with Washington was fad- 
ing and that tire united States 
would be a more distant ally in 
the future. 

France and Britain also 
agreed to set up a working 
group to study possible British 
participation in producing a 
European military 
known as the Future 
craft, on which Paris is already 
cooperating with Germany, Ita- 
ly, Spain and Portugal 

French officials said they re- 
garded a British decision to join 
tire project and eventually buy 
tire plane as a litmus test of 
London's commitment to Euro- 
pean defense cooperation. 


London and by Gerry Adams, 
the leader of Sinn Fein, political 
arm of the Irish Republican 
Army. 

The resignation and collapse 
of the Irish coalition came after 
the Labor Party, Mr. Reyn- 
olds’s partner, abandoned him, 
saying he had deceived Parlia- 
ment in defending his actions in 
a case involving tire failure of 
his attorney general to extradite 
to Northern Ireland a Roman 
Catholic priest accused, and 
eventually convicted, of child- 
molesting. 

In seeking to hold power, Mr. 

Reynolds had suggested that his 
removal would impede the 
peace initiative that he ad- 
vanced 1 1 months ago with the 
British prime minister, John 
Major. 

But the leader of the Labor 
Party, Dick Spring, who was the LONDON (AP) — The trains taking passengers thro ugh the’ 

coalition’s foreign minister, Channd Tuimd made it through their first working week with no 

major glitches, but they were not quite a sellout, a spokesman said’ 
Friday. 

“Load in g s have been reasonable — we wouldn’t have expected, 
than to be full,” said Ken Gibbs, a spokesman for the Eurostar 
trains that began r unnin g Monday between London and Paris and 
London and Brussels. Some trains have had about 700 passengers' 
on board, dose to the capacity of 794, Mr. Gibbs said, “but some 
trains have not done so wdL" The Paris service is proving to be' 
more popular than the Brussels route. 


PORT-AU-PRINCE, Haiti (WP) — President Jean-Bcrtrand 
Aristide has named a new army commander as part of a U.S.- 
backed plan to legitimize and transform Haiti’s disgraced, coup- 
prone military without completely -disbanding iL 

Brigadier General Bemardin Poi$son,~unt3 recently an obscure 
colonel heading the fire department, was given co mmand in a’ 
decree signed by President Aristide, Prime Minister Smarck 
Michel and the new defense and interior ministers. He replaced 
Major General Jean-Gaude Duperval, who had been interim 
commander since the U.S. occupation forced Lieutenant General • 
Raoul C6dras to resign as armed forces chief Oct 10 to end Haiti’s 
three-year military dictatorship. 

General Poisson, who has trained in the United States and 
France, assumed command over a military institution sullied by 
years Of brutality in support of the Duvaher family dictatorship 
and more recently by the bloody repression that followed the coup 
against Father Aristide in September 1991. 


TRAVEL UPDATE 

Ghuimel Trains: Smooth First Week 


said the peace effort could sur- 
vive without Mr. Reynolds. 
Leaders of opposition parties 
who might take part in a new 
coalition said they were ready 
to advance the peace efforts, 
which have accelerated since 
the IRA began a cease-fire in 
the North on Sept 1. 

Mr. Reynolds, who is 62, 
confirmed Friday that he will 
not seek a comeback, and that 
his Fianna Fail party was pre- 
paring to elect a new party lead- 
er at a meeting Saturday. This 


Euroslar would not say how many empty seats there had been. 
Although Euroslar suffered several embarrassing delays in test 


nms shortly before it opened to the public, Mr. Gibbs'said that 
during the first week the trains had afl run close to schedule, with 
only a handful of delays lasting no more than a few minutes. j 

L . French National Assembly approved legislation on Friday! * 

leader, who would automatical- maimcreases fines on motorists for speeding from a maximum of 
ly become a candidate for prune 5,000 French francs ($940) to 7,500 francs. The measure now goes 
minister, is expected to seat the to the Senate. (Reuters) 

Lufthansa, die German national antine, will make two daily 
round-trip flights to Oily aiiport in Paris from Frankfurt starting 
Jan. 2 after France agreed to open Orfy to other European 
earners. (AP) 

A 12-boor strike by pflots of AfitaHa, the Italian state airline, 
wounded more than 100 international and domestic flights at 
Rome s Leonardo Da Vinci airport on Friday and caused several 
delays, airport officials said. (Reuters) 

KLM Royal Dutch Airlines and Korean Air have agreed on a 
cooperation accord i after three years of negotiations between their 


renewal of a coalition govern- 
ment with Labor. 

But the 44-year-old Mr. 


' transport. Sprin g, in the kingmaker's posi- 
e Large Air- don, could also choose to torn 
is is already a coalition with the largest orv 


form 

a coalition with the largest op- 
position party. Fine Gad, and 
smaller parties, the Progressive 
Democrats and Democratic 
Left. 

All parties made it clear they 
would prefer a new coalition to 
the alternative of a general elec- 
tion before Christmas. 



to fly three times weekly to Amsterdam. 


permitted 
(AFX) 



To call from country to country, or to the U.S., dial the WorldPhone® number of the country you're calling from. 


Improve 

International 

Relations 


Antigua 

(Aval la bis tram public card phenes only.) 
Argentina* 

AustrialCC* 


*2 


8001-0022 
1 - 800-761 -6624 
170 


Bahamas 

Bahrain 

BafguunflX)* 

Bannuds* 

BoKvia* 

Brazil 
Canada ICQ 
Cayman Wands 
CMMCCl 
CpfomtriWCD* 
Costa Rica* 
Cyprus* 

Czech RapubSdCCl 


De nmar k tep* 

Dominican RapubBo 
001-800-333-1111 Ecuadort- 
022-303-012 Egypt! CO, 

1-800-624-1000 (Outside of Cairo, dial 02 first) 

800-002 El Salvador* 

0800-10012 FMandiCCH 
1-600623-0484 FrancaTCQ* 

0-800-2222 Gambia* 

0008012 GantianyffQ 

1 - 800 - 888-8000 (Limited availability in eastern Germany-) 

1-800624-1000 Greece* CCl* 00-8001211 

OOv-0316 Grenada* 1-800-824^721 

980-100001 Guatemala* 189 

162 HaltKCO* 001-800444-123* MonacotCO* 

08090000 Honduras- 001-800674-7000 NettnrtandslCQ* 

00-42-000112 ffcmgarytCQ* 00r-800-014ll NHhartmdi AntflesKCM- 


MandlCCl 
Israel ICO 
3S6-S770 KaiyKQs 
196 Ja maica 
Kanya 

{Available from moat major cities.) 08001 1 PolandiCO 

Kuw * rt 800MCH800624) PortugaHCQ 

!£««'«» 600624 Puerto Hta»Ca 

lOtrtalde of Beirut, dial 01 fira.) 425-036+ QatariCO* 


9800102-80 

19T-0O19 

001-89 

01300012 


999-002 Nicaragua ICCJ 
(Special Phones Only) (Outside of Managua, dial 02 first.) 
1-80055-1001 NorarayffCi* 

177-1502727 Panama 

172-1022 Military Bases 
800-674-7000 Paraguay^ 

Pani ( Outside of Lima, dial 180 first.) 


Spainicci 
166 SwedeniCO* 
80019912 Switzerland! CO, 
108 Syria* CC) 

2810108 Trinidad & Tobago 

008-11-600 Turkey* 

001-190 Ukrakio+ 


90089-0014 

020795-922 

155-0222 

0800 

(Special Phones Only) 
008001-1177 
8+10013 
800111 


Uad iiana tehnco* 
Luxembourg 
Majrfcaa 


155-0222 Romania! CCT+ 
0800-0112 RuxsiaiCO+ 
95-000674-7000 San MarinoiCCf* 
19V-0O19 Saudi Arabia 
00022-91-22 Slovak RepufaiicfCQ 
001-8009501022 South Africaica 



Use your MCf Card.* local telephone card or call collect- .all at the same low rates. 
^ ICQ Country- w-courrtry calling available. May n« be available ttffrom all international locations. Certain 
, ,,, . # _,PSSsB5 restrictions apply. + LimilBd availability. T Wait for second dal tons. A Available from LAOATEL public 
\ P hones only. Rale depends on call origin In Mexico. 7 hrtcmadenBl communications carrier. * Not avail- 
able from public pay phones. ♦ Public phones may require deposit of coin or phone card for dial tone. 



0+-0 1-54-800-222 United Arab Emirates 
054)17-1234 United KlngdorMCCi 
1-800-888-8000 To call the US. using BT 0800-89-0222* 

^"l! ltaU f^ in0MERCURV °5004J9-0222f 

_ To caW anywhere other than the U.S. 0500-805600 

8*10-800-497.7222 Uruguay jColtacr not availeble.) 000-412 

Til 022 U “ S - Vk ** n ““W* Co 1-800-888-8000 

mOO-11 Vatican ChylCCt 

00-42-000112 Venezuela** -2,^3 

0800 - 99-0011 eoo-m*-u 


Let It Take You Around The World 

From MCI 


> 


Jmprime par Offprint, 75 rue de I'Evangile, 75018 Paris. 




jJ J o' M 






“KU\ 


a >^V 


** 41 /' V 

»« p ^ 



fetus v 

‘^pyuE 


T^V, 


. , -"r— *s-_ 


£ 


'*•-•" ^Vf,*... i' 


"a* sc nit 


intNo.i^ 


•t- 




■Vi r ir. ^ - ••■ ■*■ 




^act-Sigr‘ 


*f of It 



0*^11 (_A* f J^Q 




. tT fc . 


** 



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


WLAMERICAS/ 


p age3 




r # 



t 




iv^r. v. ^ 

SOS' &S 


i-yt 


'*S ?' 

is* iv4«: 


ZESidf 




Experts Shudder as Republicans Try to Meet ‘Contract* 


By Clay Chandler 

Washington Port Service 

H ?“» Republicans’ 


ing — is what the Republicans' dramatic election 
victory was all about 

But many analysts — liberal and conservative 


als. Wall Street, while generally pleased with the 
Republican victory, “is very nervous about the 
veracity of this contract” said Donald Strazheim, 


taxes on capital gains — profits, from the sale 
stock and property — and changing account! 


con- 


“Timfrart UriT »iui«s t\cpuoucans uui mauv analysis nnerai ann mnsprv.inve n.mwi^ui uuaw.>4wm,v wuiA>uaj U juiitm.u^ s iw& onu propeny — suiu uiaiigiug titwUntmg 

'™Tj Wlt “ Amenca” embraces a tangle of —fear that the more likely result of the Republi- chief economist at Merrill Lynch & Co. “The tax rules for the depreciation of equipment would 
v”*"**^^ economic-policy goals that defy can economic strategy, which offers more detail laid out but the spending cuts are not ” add significantly to the deficit. Republicans 

tne conveotjonai wisdom about what is political- The crux of the Republicans’ dilemma is Lbis: — J * l - *- 1 J 

and challenges Congress to funda- TVFWQ AIM a I vcrc Projected savings from the list of sample spend- 

n^otally restructure the role of government. * AKALiblj ing cuts put forward by Republican contract 

The 10-point program that Republicans ran about proposed tax cuts than the spending re- supporters would total $176 billion over five 

' — and Democrats ran against — promises ductions to offset them, will be a return to the years, based on current projections of spending 

u«»o- ~ . f soaring deficits of the Reagan era. and inflation. That sum is just enough to offset 


on 


ran against — promises 
tiouse votes on a constitutional amendment re- 
qmnng a balanced budget by 2002 , a stronger 
mflitajy and multtbiflion-dollar tax cuts over the 


next Gve years. 


The Rqmblican economic plaJ oim u “a b ig 

iw, senior economist at - , u ° 


increases at 


said Herbert Stein, bcuiur wummusi « Bu t just breaking even on tax and spending 

the budget without touching was chBir^'Sl^'Stod mfwStaJS 

eouncil of Econonuc Advise. 

Sf ¥“ L“ E t0 Congressional Bud8e ’ or,ire 

^^fedeJ^^sSytadVa^ tta^dgS with all those togs off the if Re P „bUc a? prop<»a)sa re consid 1 «dov=ra 

lysts said. lu ^y ouagei ana taoie. seven-year period — the interval within which 

SpnuhiUn, . , Republicans “used to be the crowd you could the Republican -backed amendment would re- 

House vi di e pdnt The count on for deficit reduction," said Martha quire the budget to be balanced — the revenue 

rannfSS'?'”' S *" 1 Omfficb, Republi- Phillips of the Concord Coalition, a bipartisan shortfall balloons to $1.2 trillion. 

;■ 1135 “lis sort of sweep- group advocating fiscal restraint. “This doesn't Arguments over accounting also underlie dif- 

nm ° Q 111 SOv^nurcnt along with a look like deficit reduction to me.” ferent estimates of the impact of Republican tax 

approach to federal budget account- Investors, too, are wary of Republican propos- proposals on government revenue. 


petting to the Crux 
Of Army Readiness 

k It Politics or a Fiscal Issue? 


By John F. Harris 

Washington Post Service 

WASHINGTON — The ad- 
mission by Defense Secretary 
William J. Perry this week that 
a, quarter of the U.S. Army is in 
a low state of readiness brought 
angry accusations from Capitol 
Hill and defensive explanations 
from the Pentagon. The ques- 
tion that did not get asked or 
answered was more fundamen- 
tal: Ready for what? 

The news that 3 of the army's 
12 divisions are not fully com- 
bat-ready is a direct result of 
the Clinton administration's 
decision to use the military for 


NEWS ANALYSIS 


non traditional missions — 
helping refugees in Rwanda, re- 
storing democracy in Haiti. 

Paying for these ventures 
meant that the anny ran out of 
iponey for training three other 
^visions. These divisions 
would be used as “follow on” 
forces in a more conventional 
fight: if the United States found 
itself involved in a new war with 
Iraq, for example.: or. tb«c.s?as 
trouble oittheKorcai). Peninsu- 
la. : > • ■ ■ 

Pentagon leaders did their 
best to portray the situation as a 
temporary cash-flow problem 
at the end of a fiscal year. 

The reality, according to. 
many military officers and ana- 
lysts. is that the readiness gap 
reflects a deeper tension be- 
tween different notions of how 
best to use the military. At bot- 
tom. the readiness issue is not a 
matter of accounting but a po- 
litical debate about whether the 
United States should be per- 
forming missions in places like 
Haiti and Rwanda. If the an- 
swer is yes, some administra- 
tion critics say, the military 
should be reconfigured so that 
it can' fight brushfires without 
causing a serious crunch in re- 
sources each Lime. 

“The Cold War assumption 
is that we prepare for the big 
war and the little tasks are 
easy,” said Roy Alcala, a retired 
colonel and former strategist in 
the army chief of stairs office, 
who believes the reality is that, 
“Your real, go-to-war capabili- 
ty suffers .every time you do 
something else." 

Sensible remedies. Colonel 
Alcala said, would include giv- 
ing broader training across the 
army in peacekeeping and other 
non traditional missions, so that 
.the same units, such as the 10 th 


Mountain Division, are not 
called up over and over. Some 
people also propose a contin- 
gency fund so the military could 
respond to crises without raid- 
ing from operations and main- 
tenance accounts, as it is now 
forced to do, while waiting for 
Congress to allocate supple- 
mental funds. 

Of course, peacekeeping op- 
erations may become less com- 
mon in Washington's new polit- 
ical environment. The readiness 
issue “is one of many factors 
that will make it harder for 
Clinton to send forces abroad,” 
said John Isaacs, president of 
the liberal Council for a Livable 
World, which is generally sup- 
portive of peacekeeping. 

Mr. Isaacs believes the sky-is- 
f ailing rhetoric about readiness 
is misplaced. Haiti and Rwan- 
da, he said, were real-world sit- 
uations where the military 
saved lives, while the divisions 
that stayed home simply fell a 
bit behind training for wars that 
seem unlikely in any case. 

“There's a lot of situations 
where combat is not the an- 
swer,” Mr. Isaacs said. 

But one-of the new powers on 
Capitol Hill, Senator John 
McCain, Republican erf Arizo- 
na, believes that dismissing the 
importance of readiness is na- 
ive. “I don’t know what's going 
to happen in North Korea, and 
Islamic fundamentalism is on 
the rise,” Mr. McCain noted. 
With the Cold War's end, “We 
live in a much less dangerous, 
but more unstable world.” 


Away 


From Politics 


• A mistrial was declared in a 
British tourist's murder when 
a jury in Monticello, Florida, 
failed to reach a verdict after 
six hours of deliberations. The 
court declared the mistrial 
and ordered a retrial in the 
case of John Crumitie, 17, ac- 
cused of killing Gary Colley 
during a robbery attempt in 
September 1993. 

• A deadly storm confounded 
forecasters by gaining 
strength and turning back to 
shore to pound North Caroli- 
na’s barrier islands with 16- 
foot (5-meter) waves. Later, 
the storm turned south and 
was downgraded from a hurri- 
cane, designated Gordon, to a 
tropical strain. The center of 
the storm that killed hundreds 
in the Caribbean was stalled 
about 165 miles (265 kilome- 
ters) south of Hatteras. 

• In an effort to move home- 
less people out of the New 
York City subway system, 
where they five in rat-infested 
utility rooms and narrow pas- 
sageways between tracks, the 
federal government has an- 
nounced that it will offer them 
federal housing vouchers. 

• The number of murders in 
New York Gty has dropped by 
18 percent from last year, ac- 
cording to the police. A total 
of 1,403 people were mur- 
dered in New York as of Nov. 
13, down by 310 from the 
same period last year. The 
number of rapes reported 
dropped 14 percent, to 63,792. 

• Expats dismantled a bomb 


found attached to a huge pro- 
fter a day- 


X 


>e storage tank after i 
long scare that forced me 
evacuation of about 2,000 res- 
idents of Redding, California. 

AP. NTT. Room, AFP 



I luf," KlIlhT. 


Margaret J agger reacting to the mistrial in the slaying of her friend, Gary Colley. 


EMBASSY* Russians Complain of Massive Buretmcratic Tangle at U.S . Mission in Moscow 

officer he knew, but was not put 


• GMtfuued from Ftge 1 

find themselves treated no dif- 
ferently than other national- 
ities. _ 

But even many American res- 
idents — and a few U.S. diplo- 
mats — complain that the 
American Embassy in Moscow 
has faded to adapt to due post- 
Cranmunist era, remaining in 
some ways as insular and bu- 
reaucratic now as it was when 
under siege from a C ommun ist 
government. 

Paradoxically, as Russian so- 
ciety grows more open, the red- 
brick fortress- America in cen- 
tral Moscow seems all the more 
impregnable. 

Earlier this month, Sergei A. 
Kovalyov, a former anti-Soviet 
dissident who now is chairman 


s NFW REPORTS: 

How to Profit 
and Avoid Taxes 


!?? 


1 “225 TAX HAVENS’ 

2 ‘^mllNATIONAL MADLDROP 

DIRECTORY” 

3 ^WTOSETUPY6ffi)WN 
PRIVATE INTERNATIONAL BANK” 

How 10 Acquire 

US£2£'" * >o Apply. 

T0 " lyDiff ^^SSI" ,fS 




Y rr T,lk You How to Systematically 

ReV,SC Accuinu^ggMo^^hore... a nd 


„. v r krfE INFORMATION on ALL 
WRlXE^or FAX fpr FREE LW Business Card to: 


5 REPORTS - Or Send Your Bust 
Privacy Reports 


Central^Ho ^8 Nii whi , n Kep iy iHJ . 


of the Russian Parliament's hu- 
man rights committee, picketed 
the embassy to protest a 
friend’s visa denial 

In an open letter in Izvestia 
to the American ambassador, 
Thomas R. Pickering, Mr. Ko- 
valyov said bis friend, Georgi P. 
Gngorenko — the son of anoth- 
er well-known dissident, the 
late Pyotr G. Grigorenko — 
was denied, a visa to visit his 
dying stepmother because the 
consular officer thought he 

t immigrate. 

Communist authorities 
did not allow Georgi to go to 
the States to his father's funer- 
al,” Mr. Kovalyov wrote. “Now 
the U.S. consular service is do- 
ing the same.” 

Embassy officials said he 
should have called the political 
section first, where officers 
would have been more likely to 
recognize his name and would 
have intervened. 

Mr. Kovalyov replied that be 
tried to reach the rate political 


through. Finally, he telephoned 

a well-c 


a well-connected friend in 
Washington who called Clinton 
administration officials. Mr. 
Grigorenko was issued a visa 
the next day. 

“I spoke to two consular offi- 
cers and neither had ever heard 
of Grigorenko ” Mr. Kovalyov 
said. “It’s like a Russian diplo- 
mat at our embassy in Washing- 
ton not knowing Martin Luther 
King.” 

Mr. Kovalyov’s outrage 
embarrassing to an on- 
staff that believed the visa 
controversy had been finally 
pat to rest This summer, the 
issue had reached a boiling 
point after a journalist, Y evgen- 
iya Albais, wrote an article in 
Izvestia about the “humiliaL- 
tng” treatment she received 
when seeking a visa to the Unit- 
ed States. 

“It was like being in a Soviet 
store in die middle of the ’80s,” 
she wrote. 


The article caused such a stir 
that the ambassador wrote a 
letter to Izvestia rebutting the 
article and explaining the con- 
sular section’s constraints, 
which indude having to inter- 
view as many as 500 applicants 
a day. Rut privately, embassy 
officials were dismissive about 
the accusations of uncouth be- 
havior. One senior diplomat 
said scornfully: “The Russians 
should know. They are connois- 
seurs of rudeness.” 

Most embassy employees are 
housed in a compound of 
condo-style apartments. It has 
its own basketball court, video 
store, bar, gym, football field, 
barbecue pits, post office and 


grocery store — a kind of sub- 
urban American biosphere. 
Residents can easily avoid con- 
tact with Russian society, and 
many do. 

The embassy staff is large, 
with several new departments 
such as the National Aeronau- 
tics and Space Administration 
and the Agency for Internation- 
al Development, but it is diffi- 
cult to gauge how much it has 
grown over the Last five years. 

Embassy officials said that 
their employees were exhausted 
and overworked, and that much 
embassy time was tied up re- 
ceiving congressional and State 
Department delegations. 




USA Food and Bar 

THANKSGIVING 

DINNER 

Thuwily 2<th Nov. 

190 FF. with aperitif. 

ALL YOU CAN EAT. 
UVEMIKIC ALL NIGHT. 
Reservations required. 
PARIS 

tiftrucdeftnihfcu 
T^OOR PARIS. 
TeLni4S62 01 77 
12 pm -2 am 

Him* delh^HSTvire (li 45 67 64 99 

MADRID 

Cahallcm dc Gracia, 10 
2H01J MADRID. Tel. S32 1976 
1 pm - 5 am. 


THE STUDIO 
THANKSGIVING 

Traditional menu 

at FF. 200 
Live music 
41 , rue du Temple 
75004 Paris 
Td. Reservation: 42 74 10 38 


PASS 2th 


ALOW IN MBS FOR 1HANKSGMNG? 
Join m and your (riefwt «i o Mawnfaro 
real Ihanb^yiM <fiww. limy and J ■» 
rtumiML pwrpwi an. tranbery bum, to 
wwfal Or aw i«^or a la carte Anwnean 
m Mmk. w* video, ontoi 


AMEtCAN MIAMI WGOPEEA 
21, meDounou, 75002 Paw. 
Bewve£wd.22<50»W. 


I 




Democrats, for example, charge that cutting 

e of 


tend these lax changes would actually generate 
new revenue in the long run by encouraging new 
investment and raising the economy’s 
productivity. 

This week. Republican budget experts began 
translating the contract’s promises into detailed 
legislative proposals. 

The task will not be easy. Republican staffers 
acknowledge. The “contract” that Republican 
House candidates signed was a broad, 10-point 
summary of measures they promised to bring to 
a voie in the first 100 days of the next Congress. 
The Republican staffs of the House and Senate 
Budget committees, who are reviewing more 
than 270 pages of draft legislation, said there are 
many details to be filled m. 

Asked if the plan's budget estimates add up, 
William A. Niskanen, chairman of the conserva- 
tive Cato Institute, scoffed, “Of course they 
don'L” The Republicans, he said, are “nowhere 
□ear making the numbers come oul” 


APOLITICAL NOTE 


Losers Hope Rivals Trip on Theftr Tongi 


WASHINGTON — Call it “Silence of the Dents.” 

With the incoming House speaker. Newt Gingrich 
Georgia, the Senate majority leader. Bob Dole of kans 
and other Republican victors in the Nov. 8 elections saturate 
ing the airwaves, the virtual silence of the Democratic leader- 
ship on Capitol HiU has been deafening. , 

To some extent, the silence reflects a tactical decision by 
Democratic leaders in Congress and at the White House, 
according to sources who asked not to be identified. Demo- 

‘ »ed Republican oratory 
te debate, the thinking 


K 



In addition. Democrats said they were ceding center stage 
because they wanted to make clear that Republicans now 
‘"own” Congress. They said that widespread public dissatis- 
faction with the institution would now reflect poorly on 
Republicans, rather than on them. (LA T) 


Clinton Unfit to Be Army Chief, Helms Says 


WASHINGTON — Senator Jesse Helms of North Caroli- 
na, the Republican who will be the new chairman of the 
Senate Foreign Relations Committee, said Friday that Presi- 
dent Bill Clinton was not up to the job of commander in 
chief. 

When asked in a CNN interview whether he believed Mr. 
Clinton was up to the military commander in chiefs job. Mr. 
Helms said: “No, I do not. And neither do the people in the 
armed forces." He said this view had been expressed by “just 
about every military man who writes to me." 

On other issues. Mr. Helms, the Senate's leading conserva- 
tive, who often opposes the administration on foreign policy, 
said U.S. troops should be pulled out of Haiti immediately. 

He also said he was opposed to U.S. troops being stationed 
on the Golan Heights as part of a force to monitor a possible 
Israeli -Syrian peace accord. 

“Look, this whole peace process over there is a fraud, and 
you’d better look carefully at what's going on," he said. 
“Syria doesn't want peace. They want the Golan Heights. 
They want access to the pocketbooks of the American tax- 
payers. And I don't think we ought to police the world." 

I Reuters) 


Factional Battle for Senate Republicans 


WASHINGTON — Senator Trent Lott's decision to chal- 
lenge Senator Alan K. Simpson of Wyoming for the post of 
Republican whip confronts Senate Republicans with a major 
factional struggle that could affect the party's 1996 presiden- 
tial race as well as its efforts to unite behind a legislative 
program in the new Congress. 

The race pits Mr. Lott 53. an aggressive conservative from 
Mississippi who as a House member was allied with the 
incoming House speaker. Newt Gingrich of Georgia, against 
the more moderate Mr. Simpson in what could be a turning 
point in determining the leadership of Senate Republicans. 

But a Lott victory could forge closer ties between Mr. 
Gingrich and the Senate Republican leadership, some of 
whose members have been reluctant to commit themselves to 
the House Republicans’ “Contract With America." ( IVPt 


Quote/ Unquote 


\ 


Senator Mitch McConnell, Republican of Kentucky, who 
will be the new chairman of the subcommittee that appropri- 
ates foreign aid: “1 have a hard time justifying expenditures in 
most of the African continent. 1 know they have enormous 
problems, but I have a hard time finding an American 
national interest. " (AP) 


Federal Transfers Undercut 
Sales of Closed U.S. Bases 


Snt York Times Service 

WASHINGTON — Nearly 
90 percent of the U.S. military 
installations scheduled to shut 
down in the first two rounds of 
base closings will remain in the 
hands of the federal govern- 
ment or state or local govern- 
ments, a General Accounting 
Office report says. 

As a result, according to the 
report, the revenue from pend- 
ing and completed property 
sales from these base closings 
has amounted to only $92 mil- 
lion so far, well behind the pace 
needed to reach the $ 1.2 billion 
in total sales the Defense De- 
partment had estimated. 

The report, which examined 
37 of the 120 bases closed by 
independent commissions in 
1988 and 1991, dispels any no- 


tion that bases are being sold to 
private buyers for hard cash, 
one of the" program’s original 
goals. Under the base-closing 
law, properties can be put up 
for sale only after all govern- 
mental agencies and advocates 
for the homeless have been of- 
fered them first. 

The accounting office, an in- 
vestigative arm of Congress, 
round that 88 percent of the 
properties it reviewed would re- 
main in the hands of the mili- 
tary or be transferred at no 
charge to other federal, state or 
local agencies. 



AMSTERDAM 

PARIS 6th 

BRAS5BUE DE ROODE LEEUW 

% 

Damdi WM AmSodwii 

CMBMM. DUTCH CU5VC 
RixsanandBdbrMCHQW 
Lundi/Oraer. Open: 12 noon-lOpm. 

TeL |20| S5S0666. aB RM|or cc. oocsplad 

YUGARAJ 

Haled os to bed Man resauranl m Fiance 
by AeleaSng guides jpk anftonsd). 14, me 
Dauphine. 1: 43 26 44 91 . 

PARIS Ttii 

THOUM1EUX 

Specialities of the South- W ml Confit de 
canard A oouedd « confit de canard A* 
conditioned. Open everyday. 79 rue 
St.-Dommique. Tdj |1) 47.05.4975. Near 
InvaKda Termini. 

HAESJE CLAES 

Bed Djdij Coobn^Open from lunch until 

Al major era* tank 

WWW 

PARS 15th 

CARR'S wsh 

RESTAURANT BAS 

French At* ojisne Wetland bnreh 75F 

Open W. MPARC. CAWS SAB IS NEVER FAR. 
l,rueciuMcrtTlK±cr.M 42.60.o02O. 

UETOfTDE PARIS 

Dcnce Pcrtes every SaMday nighl 
tofng id 8 pm wot godronomic seo 
bed Dufia and live music at le Ted de 

Pore on #» ICdi Boor of to hotel foa 
luring a tpkrefid view ai fie cBy end 
foEffd Tower. 

ff 350 ind. buBd end daring. 

Paris Hfar 18,0*. Sulim TL- 4273.92.00. 

nwszncf 

AUX LYONNAIS 

Tradfono! boko cooking in oufmtic 1900 
decor. Excellent wuw & mineral waters. 
32.iwSl.Morc.Td.: 111429665 04. 

PASS 17th 

PAtUS 3rd 

CHEZ FRED 

One of the olde* berms oi Park. 

French bodfeond noting. 190 ba bd. Ftrere. 

Resent**!. TeL- Hi 45742048 

ALGOLDENRERG 

Melt fenngj hataffli - Deem chene begd 
and bx homemade - Oheeee cate & aB me 
trod. Jewiih woe- 69 Av de Wagrom. 
Tet42.27.34 79. Ewiy day up le mklngni. 

RMS 6ih 

VIENNA 

LE CLOCHER 

Feeing St. Germain des Ml A reel bWrat 
excdSel regicnei products. Menu el 135 r, 
neon p» 60. Open feetday. thru Swdoy 
fcom 1 1. 30 am end votn 7 p.m. to 

42.06.OO.Se 

KERVANSARAY 

Turkish £ Im l specialties, lobster bar, bed 
seafood restauronl, 1 it Boor. Mohlenlr.9. 

TeL. 5128843. Air condtfared. 60m Opera 
. Noon-3 gm^ 6 pm -lam, adapt Sunday 


THANKSGIVING 
Shopping at 

FAUCHON 

26/28/30 Place de la Madeleine 
75008 PARIS 
Tel.: 47 42 60 11 
Fax: 47 52 28 71 

• Turkey (uncooked or Roast 
stuffed) 

■ American stuffing 

• Sweet Potatoes (whole cooked) 

• Whole Cranberry Sauce 

• Mince Meat 

• Pumpkin Pie 

• Cheese-cake 

All traditional 
and tmusnal delicacies 

Open without interruption 
Monday through Saturday 
9:40 a.m. - 7 p.m. 

MINI FAUCHON: until A30 p-m. 

Telephone orders 
recommended 48 hours 
In advance to ensure 
timely service. 

Brasserie Fauchon 

will propose you 
hs special Menu: 

Roast stuffed turkey, fresh 
pumpkin soup, Pecan pie at 
FF150 (Kir & Wine included) 


28 PLnce de la Madeleine 
Open from 7 p.m. tiU 1 a an. 
Phone: 47 42 56 58 
Fax: 47 66 38 95 


Also, at 30 Phce de b Madeleine 
Restaurant "La 30' or our 
Hmvor Mi Caviar”, with its 
finest caviar and salmon dishes, 
are both inviting you to enjoy 
yourself in a warm and 
gastronomic atmosphere 
Reserv. Phone: 47 42 56 58 
Fax: 47 66 38 95 


Opening on November 22, 

the "BsreoT de la Mot" 

located at 

26 Place de h Madeleine, 


will propose >«j ttefreshest .Sea 


Food ai lunch and dinner time, 
from Monday lo Saturday. 


HELL 


HAS COIVIE TO 



T he ni ght mar e of anarchy 
and bloodshed in the 
African nation of Rwanda 
defies d escri ption. The hearts 
of everyone at the African 
Wildlife Foundation go out to 
the people of Rwanda. 

Our team also go out io the 
mountain goriUaa. popularized In the 
fBtn _ Gorillas in the Mfer" who Bve in 
the Parc Des Vokans in Rwanda. 
Underst a nd a bly, many of the park 
rangers who guard this endangered 
species (led during the fighting. Others 
bravely remained at their poet through 
most of the dvil war, monitoring the 
gorillas' whereabouts and weH-being. 

Ir is imperative for the gorillas' 
safety that these wardens and 
rangers receive the food and basic 
equipment they need in order to 
return 10 the park and set up regular 
patrols to protect the gorillas. 

That's why the African Wildlife 

Foundation has established the 
Mountain Gorilla Cm argen c v 
Fund. Our goal is to raise $85,000 to 
re-equip the rangers, and provide 
park personnel with food and equip- 
ment and money to live on for the 
next six months. 

Please send a donation to the 
Mountain Gorilla Emergency Fund eta 
African Wildlife Foundation. 1717 
Massachusetts Avenue, N.W., Suite 
BQ2. Washington, D.C. 3W38, Or call 
1202) 285-8393 for more information. 

Together, we can ensure the sur- 
vival of one of Earth's true wildlife 
wonders — the magnificent mountain 
gorillas of Rwanda 1 



A— i-a.-T — - ' 

•tt.W'UwM. m- iUHlh. 

niJi.ll.'I.IMMh-.. -I ,r I 


t 




rt 







Page 


INTERNATIONAL HERA LD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 19-20, 1994 


on Sunny Day Ends 
Death for Sarajevo Boy 


Gaza’s Cry: ‘Uprising Against Arafat Has Just 


\ The Associated Press 

SARAJEVO, Bosnia-Herzegovina — On a mild autumn 
d Jay, with sunshine hi g hli ghting the colors of fading leaves, the 
ca life erf 7-year-old Neman Divovic came to a sudden end when 
in a sniper's bullet pierced his skull as he strolled with his 
r mother. 

The child's mother, Dzenana Sokol ovic, was wounded in 
the sniper attack Friday along the notorious thoroughfare 
known as “Sniper Alley. Two people were wounded in sniper 
attacks earlier in the day, as thousands of Sarajevans turned 
out to enjoy the autumn sun. 

Nermin, his mother and two companions were walking 
down a relatively safe section of the street, when they paused 
to chat with a foreign television crew. Then they made the 
dangerous dash across an open intersection. The crackle of 
gunfire rang out, and Nermin fell on the sidewalk in a pool of 
blood. A second round hit his mother in the stomach. 

The intersection is in sight of an apartment building known 
as the Red Madhouse — so named because of its color and 
because both Serbian and government soldiers hold positions 
in it 

After Nermin was shot, a United Nations fire department 
ambulance drove up and firemen placed his body in the 
vehicle. As his mother was helped into a van she screamed: 


‘Where’s my boy? Nobody was killed! Where's ray boy?” 

The government estimates nearly 17,000 children — Serbs, 
Croats and Muslims — have been killed in the war. 1,500 of 
them in Sarajevo. Two other children were killed Friday by 
shelling in Tuzla, in northern Bosnia. 



By Joel Greenberg 

Sew York Time Semes 
GAZA — The Gaza pohee 
headquarters, once a hated bas- 
tion of Israeli occupation and 
now the nerve center of Yasser 
Arafat's security forces, was 
again the target of Palestinian 

^f^scenes reminiscent of a 
six-year uprising against Israel, 
hundreds of angry youths, 
rocks in hand, surged for hours 
toward the fortress-like build- 
ing, hurling chunks of stone at 
the compound and at Palestin- 
ian policemen who responded 

with bursts of heavy gunfire. 

The police officers, who took 
over here from the Israeli Army 
in May, suddenly found them- 
selves in the Israelis’ boots as 
Gaia’s seething resentment, in- 
flamed by a deadly dash at a 


forward and shouting. God u 

Greater!’* They turned back 

two fire trucks sent to put out a 
blaze at a theater set on fire by 
Muslim militants. 

Men waved their arms, rally- 
ins the protesters, wide others 
□leaded with police officers to 
bold their fire- “Dont shoot at 
the people!” an ambulance 
driver shouted over his loud- 
speaker as he plowed through 
thecrowds. “Everybody go 

One of the clashes had begun 
when a funeral procession for a 
Palestinian killed earlier in die 
day reached the whitewashed 
he adq uarters bidding, a sym- 
bol of Mr. Arafat’s authority id 
Gaza. Mourners, many of them 
supporters of the mffitant Ha- 
mas and Islamic Jihad mow 
meats, chanted “Arafat get 
out!" 


mosque, turned against them. ^ youth shouted bitterly 

“Bring backRabin!” — a rcfer- 
-T^uprW eoc« to the now departed Israe* 


Bosnian Serb Planes 
Attack Safe Area 


Muslim nriHtants carrying the body of a Palestinian shot and killed Friday during violent dashes with the police in Gaza. 


Fawzi IsiambouIL "The upris- 
ing against Arafat has just be- 
gun.” 

Wailing ambulances sped 
through the streets, ferrying the 
wounded. For a while, a person 

Fj\a NarrtJ»e/A(eon: France- Pre»«< was being hit every few mifl- 

ith the police in Gaza. utes. As a crowd fled gunfire 
down one road, a young man, 
grimacing and holding his 
n i j 9 stomach, stumbled toward an 


race to the now departed Israe- 
lis. . 

But other Palestinians who 
watched the dashes from side^ 
walks and office buildings 
seemed more sorry than angry 
about this first serious outburst 
of internal violence since the 
Pales tinian Authority took con- 
trol of Gaza. ^ 

“This is a victory for Israel,# 


n j j 9 stomacn, sramoiea towara an iuBUd*iwui;iui 

BOSNIA: Gingrich Opposes Major Aid Package for a ‘European Problem 


Reuters 

SARAJEVO, Bosnia-Herze- 
govina — Bosnian Serbian air- 
craft attacked the United Na- 
tions “safe area” of Bihac in 
northwestern Bosnia on Friday, 
and a missile struck the Bosnian 
Par liam ent building in Sarajevo 
despite UN warnings that such 
attacks would prompt NATO 
air strikes. 

The United Nations con- 
firmed that planes fired a mis- 
sile in a raid on the Muslim- 
controlled town, but the North 
Atlantic Treaty Organization, 
whose AWACS planes monitor 
the area, could not confirm the 
attack. 

A UN spokesman. Colonel 
Jan-Dirk Merveldt. said be 
could confirm the sighting of 
two jets, believed to be of the 
Orao (Eagle) type, flying at a 


L nivll Contained from Page I 

ran as high as £4 billion, administration 
enforcing the UN arms embar- officials said. 

go against the Bosnian govern- They also have cautioned that any uni- 
menL lateral lifting of the arms embargo would 

After a breakfast meeting in so anger major U.S- allies — such as the 
Paris, the three ministers pro- British, French and Dutch, who together 
posed that they meet their U.S. have 1 9,000 ground troops in Bosnia — 
and German colleagues in Brus- that U.S. planes might not be allowed to 
sels on Dec. 2 with a view to use North Atlantic Treaty Organization 
reviving their five-nation “con- bases. 

ta ^S rou P-” .... The a dminis tration consistently has op- 
Tne group has beep largely p^ged any unilater al lifting of the aims 
ineffective since Bosnian Serbs embargo or outside t rainin g of Bosnian 
rejected its peace plan in Au- troops gut that position has been popular 
gust ... among lawmakers, many of whom are 

“We agreed on the absolute frustrated with the war and want to 
need to preserve the unity of the slrengt hen Bosnia’s government forces, 
contact group. Foreign Secre- whirh are largely Muslim, 
taiy Douglas Hurd of Britain _ __ , , . _ . 

said after the informal meeting Officials concede, however, that Presi- 
Friday dent Bill Clinton may be hard-pressed to 

Foreign Minister Andrei V. avcrt a “ove after Republicans take 
Kozvrev of Russia said. “We all control of Congress m January. 


height of 200 meters over Bihac. 
The last air attack on Bihac, 


the last air attack on Bihac, 
on Nov. 9, in which an ammuni- 
tion dump was destroyed, was 
carried out by a Bosnian Serbi- 
an ground-attack Orao jet, 
which took off from Croatian 
territory. 

Bosnian media said Friday’s 
raid was carried out by two or 
three Serbian jets that took off 
from Udbina m Croatia. 

In Zagreb, Croatia, the Unit- 
ed Nations said its officials had 
found evidence that napalm 
and cluster bombs had been 
used in the air raid on Bihac on 
Friday. But a UN spokesman. 
Paul Risley, said no casualties 
had been caused in the attack. 

In Sarajevo, the Bosnian Par- 
liament building’s glass facade 


contact group,” Foreign Secre- 
tary Douglas Hurd of Britain 
said after the informal meeting 
Friday. 

Foreign Minister Andrei V. 
Kozyrev of Russia said, “We all 
reject the military solution.” 

Differences wi thin the con- 
tact group have flared this 
month, with France, Britain 
and Russia all sharply critical 
of the unilateral U.S. derision 
to end its enforcement of the 
aims embargo against Bosnia. 
On Wednesday, Foreign Minis- 
ter Alain Juppe of France called 
the move a “blow to interna- 
tional law." 

On Thursday, a U.S. State 
Department spokesman said 
Washington had told Paris that 
its criticism was “inaccurate 
and divisive.” While Britain 
and Russia have been marginal- 
ly less forthright in their com- 
ments, they, too, fear the Amer- 
ican action could fuel the 
Bosnian conflicL 

The three foreign ministers 
met in Paris because Mr. Ko- 


Defense Department and intelligence 
officials flatly denied a report Thursday 
from Europe suggesting that the United 
States h»s been sharing satellite photos 
and other intelligence with the Muslim-led 
government following Mr. Clinton’s deci- 
sion to stop enforcing the embargo. 

The report, contained in The European, 
a London-based weekly newspaper, said 
small teams of CIA operatives were work- 
ing in Bosnia to train soldiers, provide 
them with satellite photos and control air 
traffic. 

The plan the adminis tration outlined to 
lawmakers this past week involved essen- 
tially two alternative approaches: 

Fust, to pour enough tanks, artillery and 
weapons into Bosnian government hands 
to give its army the same level of equip- 
ment as the Bosnian Serbs. The United 
States would send either American-made 
armor or less expensive Soviet-manufac- 
tured weapons, depending on how much 
Congress wants to spend. 


The alternative would be to forget about 
sending heavy weapons and concentrate 
instead on exploiting the Muslims' current 
advantage in manpower over the Bosnian 
Serbian rebels by equipping them with 
more anti-tank weapons, rocket-propelled 
grenades and small arms to create a more 
effective infantry force. 

But the move would bring on a spate of 
problems. 

Training the Bosnian forces fully would 
require a period of a year or more! during 
which time they almost certainly would 
come under stepped-up attacks by the 
Serbs, which the United States would have 
to counter with a substantial air campaign. 

As soon as the United States lifted the 
embargo, Britain, France and the Nether- 
lands would pull their peacekeeping troops 
out of Bosnia. Since Washington is com- 
mitted to helping to evacuate them, Mr. 
Clinton would have to send in thousands 
ofU.S. troops. 


soaked sheet, was loaded into a 
second vehicle. 

Small groups of tense police- 
men in blue and olive uniforms, 
their M-16 rifles pointing sky- 
ward, moved gingerly into the 
streets to disperse the crowds. 
As they were pelted with rocks 
and bottles they broke into a 
run, firing In the air and some- 
times at the stone-throwers. 
Unprepared and unequipped 
for riot control, they relied 
heavily on their automatic 
weapons to clear the streets. 

A mob tore down part of the 
fence surrounding the head- 
quarters and spilled into the 
compound, battling policemen 
in the station yard. The sound 
of a heavy machine gun ripped 
through the air and the stone- 
throwers scattered, only to re- 
group and pour through the 
breach 

As gunfire crackled in the 
streets, groups of youths 


disintegrated when a missile zyrev was completing a three- 
causcd an explosion that badly day official visit here, while Mr. 


wounded a woman. A second 
missile missed its target and 
landed near a secondary school 
without exploding. 

UN spokesmen said that 
Bosnian Serbian forces fired 
similar missiles on the Bosnian 
presidency building on Thurs- 
day. 

■ 3 Nations Meet on War 

Alan Riding of The New York 
Times reported from Paris: 

The foreign ministers of 
France, Britain and Russia 
agreed Friday on the “absolute 
need” to maintain the cohesion 
of an international effort to end 
the Bosnian war following 
Washington’s decision to stop 


Hurd was accompanying Prime 
Minister John Major for his an- 
nual summit meeting with se- 
nior French leaders. The meet- 
ing is bang held in Chartres. 

A French spokesman said 
that Mr. Major and President 
Francois Mitterrand agreed at a 
private meeting to try to per- 
suade the United Suites not to 
pull out of enforcing the arms 
embargo. 

The spokesman quoted Mr. 
Mitterrand as saying that he did 
not want to withdraw French 
peacekeeping troops from Bos- 
nia, but that he aid not wish 
French soldiers to be caught in 
the crossfire. 


World Trade Organization on a sustained bullets flew but then rushing 
basis and main laming the threat that the 
United States could puD out of the agree- n 1 7 i „ , 

ment if the new group of international JrOUCe COUl Militants LilOSIU 

arbiters repeatedly rales against U.S. envi- m 


romnental or labor laws or other regula- 
tions for imported goods. 

But Mr. Dole's problems with the trade 
pact have less to do with the accord than 
the polarizing issues that lie beneath its 
surface. Many in the Republican Party 
said the Nov. 8 election was a landslide 
because Republicans finally won oyer 
white high-school educated men whose in- 
comes have stagnated in the past decade. 

They are the workers most hurt by free 
trade rules that allow in more foreign im- 
ports. And they are the ones who are least 
likely to move to the new industries — in 
high technology and in service industries 
— that the administration believes will 
continue to be the cutting edge of Ameri- 
ca’s export drive into world markets. 

But GATT is overwhelmingly supported 
by Mr. Dole's core constituencies, the peo- 
ple likely to finance a presidential bid. 


on fire. 


DOLE: New Status Lands Probable Senate Leader in a Trade Dilemma crouched lehind waiis y and at 

. street comers, flinc hing as the 

Continued from Page 1 many sides, Mr. Dole has done what he World Trade Organization on a sustained bullets flew but then rushing 

cKcinn rtf fnn««c at tho rst the usually accuses the White House of doing basis and m a in ta in in g the threat that the 
month hac curifprJv tvmmo ti,*. a i on foreign policy issues: He has waffled. United States could pull out of the agree- A ry A n 

to Mj He lik«4e<3eneral Agreement on Tariffs ment if the new group of international GAZAj Police a 

and Trade, he keeps saying, because it wiU arbiters repeatedly rules against U.S. envt- 

convince ftSSnt BmClSwn tbaSke ton ? r America's competitor to 'town their mmnemal orlabor laws or other reguJa- Grind bom Fags 1 

Representative Newt Gingrich, Who is tariffs, stop governm ent snte&es of com- tiog torngMalgoota watched as their outpost was set 

to hi* crw* 5 tW of «h»* W 0 .. 0 * he- pames that compete with U.S. industry But Mr. Dole s problems with the trade R ^ 

intm-Kittl inwmmmmitf i«-rrvine in and extend copyright protection to include pact have less to do with the accord than p , h ^ n 

computer sof*5rTs£rad recordings and She polarizing issues that lie beneath its 4® 

look like a statesman. ^ eqxjrli surtax. Ma?y in the Republican Party ?np cm Fnday mgfrt. But from 

At the same time, Mr. Dole is feeling the But be has problems, he keeps saying said the Nov. 8 election was a landslide g°? ] 

heatfromtheri^itwiDgofhispartyvWliich without being too specific, with many pro- because Republicans finally won oyer _ s £2*, 

would happily hand Mr. Croton an em- visions in the legislation. Late Thursday, white high-school educated men whose m- i^ fr n^ a ,^nr^^ rirL ,n 

barrassmg international defeat. And he his staff was putting together a modest list comes have stagnated in the past decade. 10 

has to decide whether to side with the of changes that, in the words of one negoti- They are the workers most hurt by free fJPPJ * 5 

prwmg numbers m his party who, after ator would “give him a way to protect trade rules that allow in more foreign 1 m- 

five decades of unquestioned support for himself politically.” ports. And they are the ones who are least 

free trade, now join many Democrats in The White House concedes that without likely to move to the new industries — in nmr _ t * piK>scareoume 

arguing that it is a code word for destroy- Mr. Dole, the trade agreement is dead. So, high technology and in service industries p R . . .. 

mg middle-class jobs and surrendering administration officials, in the first taste of — that the administration believes will . j ™? } iXT® 

American sovereignty to an ominous- the next two years, have gone out of their continue to be the cutting edge of Ameri- ^7" “ e 

sounding group of anonymous foreign way say that they were sure that whatev- ca’s export drive into world markets. S ™* 5 “J ™ 3 , ^ echoed for 

judges called the World Trade Oiganiza- CT Mr. Dole wanted Mr. Dole would get. But GATT is overwhelmingly supported £ ours “ e staccato of gun- 
don. The main issue continues to be finding a by Mr. Dole's core constituencies, the peo- ^* an<1 Lhe waiis of ambulance 

Faced with so much pressure from so way for Congress to monitor the new pie likely to finance a presidential bid. 1:1 _ 4l _ 


office. “They have been waiting 
a long time for this .” 

A Hamas leader who ordered 
the crowd to disperse blamed 
the clashes on “collaborators” 
who he said were serving Israeli 
interests. “Go home, otherwise 
there will be more dead and 
wounded, and that's wbat the 
Israelis want,” he said over a 
loudspeaker. 

As night fell, crowds lingered 
at another police station where 
pitched battles bad been fought 
through the afternoon. Rocks 
littered the station yard, where 
the windshields of parked cars 
had been smashed. The fence 
surrounding the station was 
gone. 

As more bursts of gunfire 
echoed through the streets, an 
ambulance carrying the body of 
a victim careened down Gaza’s 
main shopping thoroughfare; 
Omar al-Mukhtar Street. Men 
standing at the back of the vehi- 
cle shouted: “With blood, with 
spirit, we will redeem you, mar- 
tyr.” 


Gortmoed from Page 1 orders of Rabin and Clinton,” 
. , . . said a young Gazan as he 

watched as their outpost was set wa tched a doctor tend to a rela- 


tive who had been shot in the 


J . ^ m nj uau la-vu auui ui uiG 

•Calm returned to the Gaza 1 ,™* 

At Shift, the rage against Mr; 


Mr. Arafat's officers fired thou- 
sands upon thousands of bul- 
lets from automatic rifles to 
suppress angry Gazans, whose 
primary weapons were rocks. 
Most of the firing was in the air. 


Arafat was almost palpable as 
ambulances and private cars 
pulled up every few minutes 
and, for long periods, even ev- 
ery few seconds. “AH the time 
Arafat talks about democracy,” 
said Iyad Kassem, an unem- 


oml a ^ atlen,Pt “ Karc0ff,he 

P Bin often mu, oh th*. v how democratic be is.” 
But often enough, the pohee -r^ Pa i«ri n}sn 


took deadly aim. And the 
streets of Gaza City echoed for 
hours with the staccato of gun- 
fire and the wails of ambulance 
sirens. 


“They’re acting like the 
Jews,” an old man screamed 


RELIGION: Besieged by Modem Woes, South Korea Searches Its Soul 


about the police as he watched a 

QnrrhvK ft a Sntd hcavUy bfeetog youngster be- 
l iUiXJMSa kjuu* mg earned from an ambulance 

... ... , into the Shifa Hospital emer- 

lat is m keeping witii South gency room, which was so over- 
area s Ccrnfuaan tradition, m taxed that some victims were 
iicn the benevolent leader is treated on the floor 
pposed to provide for the - .. 

fety of his subjects. .7“ C 0 ?P ans 9“ ^ Israeli 

./ v . . J , . , behavior during its occupation 

Mr. Kim immediately forced was made by many people. 


Continued from Page 1 


Maintenance and safety in- 


divides the city. Since the col- spcctions- were not performed 
lapse, numerous problems have rigorously, and the aty failed to 


on trucks were frequently ig- That is in keeping with South 
noted in the rush to move goods Korea’s Confudan tradition, in 


come to light The builder of the act on a 1 993 warning from its 
bridge, Dong Ah Construction r °ad maintenance department 


and people around the city. which the benevolent leader is 


Industrial Co., appears to have about the bridge’s dangerous 
cut corners on welding to finish condition. Traffic exceeded the 


“It’s the abuse of the bridge supposed to provide for the 
that brought the catastrophe, safety of his subjects. 


not the bridge itself,” said Pak 


the bridge 
Sodety of 


the Korean amount for which the bridge 
;ineers said, was designed, and weight limi ts 


ESCORTS & GUIDES 


INTERNATIONAL CLASSIFIED 


MUNICH ‘WELCOME 

BCOfT & GUK AGBJOT. 
Pl£ASECAlL<W-91 2314. 


BELGRAVIA 

ORCHID5 


(Continued From Page 15) 


AMSTHDAM BUTTTSR.Y tsart 

Service. 1A RZWtflW) 

. Cat* 


Byung So, a professor at &>- the resignation of the mayor of TE 

Seo^LreWonJon&But the entire episode, insisting th£ 
ttaf fie couth ticuB. man he i picked to replace hun. Prime Minister Yitzhak Rabin 

Immediately after the acci- Woo Myoung Kyu, bad been had phoned Mr. Arafat and or- 
dent, Mr. Kim apologized say- the deputy mayor a year ago dered him to carry out what 
mg that the catastrophe was the when questions had been raised Hamas in a statement called a 
result of his own lack of virtue, about the safety of the bridge 

and had also been in the rity's 'This was all done on the 

construction bureau when it 


LONDON HUBS GENEVA ZURICH 
Emit Agency CrtdH Conis VMccnw 


•• ZURICH ” VJOtET •" , 

Emxf SarvfcB. G«dS aril ooasptod 
Tdt 077 / 63 83 32. 


105 ANGBfS, SAN RMNCBGO « K01KOQ55aDOgEJONN AREA 
las Vegas - Gd*y Irtl baxl & Exnrt 5ervK*Cre* Cards. 

Guide Serra. QIO) 281-8225 US*. TeL 0Z2I-5T0 6U5.+ 017J-5AN9C 


" * ICIRSTY *5 • " — 
■U*CON • E5COKT • S0WICE* 
THHWONE071.362.0032 


UK 071 589 5237 


MOAN -JUUA ESCORT SBMCE 
CAU 8654 39 


NTBINATIONAL ESCORTS 

r • — 

JonCB - VnVWMOV 

M 211-765-7896 New Yet*. USA 
Mcpr Gmi* Carxh Accepted 


*LOEOQN HEATWOW6ATWCX* 
ESCORT T* 071 370 2096 SKVOCE 


ULTIMATE ’10’ 

Tifc 212-U&-1 666 

Mrw York Eecort Sanrk* 


TOKYO -TOP far TOP 

««cy *135 8815 90 


LONDON’S N0.1 ESCORT 

3 SbcwMmn St London W1 
AGENCY 071 358 0090 


PRIME TIME ••• 

MULTUNGUAL ESCCKT SERVICE 
LONDON&HEATHROW 
rfaneQA : 071 -730 ■ MQ5- 


‘■■OflCAGO A KW YORK*** 

COSMOPOUTAN ESCORT SERVICE 
Onmo Tel: 312797-1 110 
NnwrakTet 212753-3939 


SWDBLST0CXH0M 
BCORT SStVTCE 

TEL- 06 157821 

TOKYO ESCO RT SBjVp 
Moior rafl cardi iMTfil ed. 

Tel; <03) 343M5W. 

• GENEVA 8 PARIS* 
■•••GLAMOUR**** 
BASH. Escort agency 022/346 00 89 

*— LONDON ESCORT SKVKE — 
— KIMBERLEY—*^* 
— -*TH;07)-4a6-M6l — — 
ZUHCH • BB94 • UiZKN 
NATHAUE Escort Service 
Tet 01 7 4g 233* 

* • * * * FIVE STARS 
ESCORT & GLIDE SSVKE 
FRANKFURT OW / 552 221 

■ LONDON • ESCORT • SERVICE • 
• ,H,H WY-JESSCA"" , « 
TE 1 1 0 7 1 -4 B6 - 4 5 1 5- 
OUBSaOOSF • COLOGNE • BONN 
EjcdtI vd G«de Service. 

Tetanias 06 87. 


TeL 022T-5T0 6145,+ 0171-5404907 
FXANHRJRT X0IN DUSSHOORF 
aS areas. Exon Service. 


™ areas, fes 
O0473B* 


FAREASTBM 
LONDON ESCORT AG&4CY 
TH-071 589 ZPO 


Basque Suspect Killed 
In Battle With Police 


•ZURICH 'SUSAN* ‘^Sr’SSrr 

Rror t Service cX\Mi bo <VKx 

mo) 7^99 48 mjaiuuKU 

ITALY * PARIS * C0TC D’AZUR VBMA*PMBS*iBYBA*ROME 
vraridwideFrtachlavieraeKDrr agency ELROCCNTACT IntH Esoai + Tr 
Did RrdM-39 TB4 348 B7 Service. CJ faw +43-1410 il 


TcpEsasrl Service 

TriT 0B9 - 719 61 B2 

’ZURICH • STAR * G8CVA * 
fonde & Adate Escort Serna, 

Please did 089/400 7 Q 38 

ZUWOI - VDtU - MONACO 
AMETHY STE l« 1 EirotwTravel Service 
_CAU SWreZHlAND 08X10 22 ». 
•PARIS A LONDON* 
•ELEGANCE • 

Escort Service Lwrion |71) 394 5145 
G8CVA- ZURICH AKaoc* 


TH.071 589ZP0 neuters 

u/sshdosf BILBAO, Spain — A sus- 

pected member of the Basque 
tb. azn ■ 44 25 m separatist group ETA died and 

WNA'PABS’HVOA'ROME a oolicemin w« critirallv 
HJTOCONTAa Inn Esaet + TrW- a po»ceman was cnucauy 

Service, gj + 43 - 1^10 63 19. wounded m a shoot-out Fnday 

after the police stopped a stolen 

car at a roadblock m the Basque 

country of northern Spain. 


construction bureau when it 
was built. Mr. Woo resigned 
after 11 days. 

So far, 15 city government 
and construction company em- 
ployees have been arrested in 
connection with the accident. 
Neither Mr. Lee nor the presi- 
dent of the construction compa- 
ny has been arrested, though. 

The accidents have lowered 


The Palestinian police fared 
no better. When a wounded of- 
ficer was brought to the hospi- 
tal Friday night, staff workers 
had to push bade a surging 
crowd that was ready to grab 
the man from a stretcher and 
beat him. 

Despite the anger, there were 
signs that Gazans were trying to 
keep the situation from spin- 
ning out of control. 

At his offices, Mr. Arafat 
summoned his security chiefs to 
a strategy-planning session. 
There was no public comment, 
however, from the Palestinian 
leader or his aides. 

Hamas, while expressing out- 
rage over the shootings, urged 
calm. In fact, the clashes at por 
lice headquarters, which lasted 
more than three hours, did not 
subside until Hamas leaders 
urged people over loudspeakers 
to go home. 


Russia Is Suppressing 
Adoptions by Foreigners 


Mr. Kim’s popularity, although suspend adoptions by foreign- 
itis clear he was not personally ers as of Dec. 1, pending the 
responsible. Opposition parties implementation of tougher laws 


Washington Post Service 

MOSCOW — Russia will 
suspend adoptions by foreign- 



&cort Service. MOmrA. 
Did Geneva 022/31 1 V 24 . 




AB5TOCATS ESCORT SBMCE 

TeL 071-402 5544 


LONDON BRAZILIAN Essart 

Sanaa 071 724 5597/71 - crarif eertfc 


To w bmlb R in Swi t iarl and 
{list cad, tofl fra«, 

155 5757 


T'-Vi: l.’.l : -^T7 


EXECUTIVE* • 

LOWON ESCORT 5ERVICE 
THj 071 722 5006 Cradl Confc 


A police spokesman said 
three people were traveling near 
Galdakao in a car that they had 
seized after a botched attempt 
to kill an army sergeant. Two of 
the car’s occupants, Angel Ira- 
zabalbeitia and his wife, 
Lourdes Churruca, were 
wounded and hospital sources 
confirmed later that Mr. Iraza- 
balbeitia had died. The police 
said they had arrested the third 
person, a suspected ETA leader 
identified as Koldo Martin Car- 
mona. 


demanded the resignation of that respond in part to nation- 
the cabinet, but no-confidence alist concerns that too many 

vntM asaincl tlw minictAr, i. n ! v i_ ■ . I - 


votes against the ministers in 
the National Assembly were 
easily defeated. 

Some analysts say that the 
bridge collapse is part of an 
inevitable stage a developin g 
nation mustpass through, just 
as Japan suffered cases of seri- 
ous Illness caused by pollution 
from its breakneck industrial- 
ization. They say that the hridoe 


Russian babies are being taken 
out of the country. 


The ruling by the Education 
inistry wiff effectively shut, at 


Ministry will effectively shut, at 
least for several months, the 
most popular foreign source for 
Americans of adop table chil- 
dren. Many here charge that 
childless Russian couples are 
being deprived of children be- 


much as $25,000 to handle 
adoptions. Some Russians have 
charged that this is tantamount 
to Russia selling its children. 

The agencies say that, in fact, 
few of the children adopted by 
foreigners would have been 
considered acceptable to Rus- 
sians. Many of them had physi- 
cal handicaps or were consid- 
ered unhealthy. 

Experts say die new law, 
which was given final approval 
Friday by the lower house of 
Parliament, will create new bar- 
riers for foreigners by essential- 


Eauon. They say that the bridge cause foreigners can pay large ly banning the adoption agen- 
disaster will serve as a catalyst sums to adopt them. . cies that Americans, in 

for reform. Adoption agencies charge as particular, hire. 


THE NEWSPAPER OF RECORD FOR THE INTERNATIONAL MUTUAL FUND INDUSTRY 


Listings - Daily * Money Report - Weekly * Fund Performance Focus - Monthly 

REACHING PERSONAL INVESTORS IN OVER 180 COUNTRIES 
HeraiagfiUh...'.. 


rvouMss the v* lotx runs axd the iM w nw rorr 


tf* fj£*> 


vi fin" 


\F hi'-* 


r: ... 




a u * / 1 * <r 


i 





vKtfiJ-i&o 







£v ,5“(, • 


"is ll V’ 

*** ■ 

SLS* 


"SSf-SN 


a* Ls! 


?!(-,., . 
t 'tfn 


' Jij 


! *.**?■% 
■* S? e. 




“r^ 






/?' '^.3 v 


% 


‘ U d-TV 


'“ : t 


f a -« ! l:i,,. 

*fu e fc** 


-rr. 

! .R>S 


..-l . ■ 'T-3 n 
■“■■' ,;ir > :•:.* }' 


• v: - ;r ’- ’nr l.- .. 
c r si c ? 
.'■'■‘iSe, tJ? 
r lt n-K^_ -? 




c _ ' ■“•'•'Vt- 
n -r^ ■ *"5 


1 !.* :- r 


tints Ci 



. ..• 


3 C 1 



** 


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


Page 5 


East Timorese Clash 
With Indones ians 

Canceled Mass Sparks Unrest 


serving a 17-year prison sen- 
^ .jjILI, East Timor — Several 16006 m a Jakarta prison, 
hundred East Timorese chant- About 400 East Timorese, in- 

^g. pro-independence slogans eluding worshipers and protesi- 
pashed with Indonesian civil- were holed up in the Roman 

jans^and security forces Friday Cholic cathedral for several 
in the latest outbreak of unrest 0 9* urs ^ ,C ^ OTC being led out by 
in Dili, the provincial capi ta l Ihshop Carios JFUipe Ximenes 
witnesses said, Belo, a military official said. 


■ East Timorese protesters who 
had gathered around the cathe- 
dral compound in central Dili 
attacked two men believed to be 
Indonesians, lacking and beat- 
ing them before the police inter- 
vened. 


About 500 youths then 
dais h ed with a group of Indone- 
sian civilians who were throw- 
ing rocks, some of which hit 
foreign journalists. Die police 
and security forces fired tear 
gas to disperse the crowd. 

. “Indonesians are our ene- 
my” said a youth as he kicked 
an Indonesian. “Viva Xanana, 
viva East Timor!” 

Jos 6 Xanana Gusmao, the Ti- 
morese resistance leader, 

V 


is 


The official did not know 
whether any of the protesters 
who left the cathedral had been 
arrested. He said that the situa- 
tion had been defused and that 
calm had returned to Dili's 
streets. 

' It was the first such dash 
since three days of protests sub- 
sided Tuesday. The police have 
blamed “unscrupulous ele- 
ments” for the unrest, the terri- 
toiys worst since troops shot 
and killed up to 200 mourners 
at a Dili cemetery in November 
1991. 

The violence on Friday 
erupted after Bishop Belo, the 
disputed territory's spiritual 
leader and a critic of Indone- 
sia's 1976 annexation of East 



KOREA: 

Reactors Frozen 


Fraike. Sflraa/Agence France- Prose 

A cameraman trying to stop a protester from beating a man Friday near tbe Dffi cathedral. 


Timor, canceled a scheduled 
Mass. More than 500 people 
had gathered for the service. 

The Mass was canceled after 
rumors swept the dty that a 
demonstration would be held at 
the churchyard. 

Some in the crowd then 


shouted anti-government slo- 
gans and waved protest banners 
for about 20 minutes. 

Teenage boys and young men 
attacked and clubbed several 
others in the crowd, accusing 
them of being government 
spies. 


Protests earlier in tbe week 
coincided with a meeting of 
Asia-Pacific leaders, including 
President Bill Clinton and the 
occupation by East Timorese 
dissidents of the U.S. Embassy 
in Jakarta Iasi Saturday. 

(Reuters, AP) 


In Policy Switch, U.S. Seeks Dialogue With Burma 


By Elaine Sdolino 

New York Timer Service 


BANGKOK — Judging the 
initial results to be “somewhat 


promising,” the Clinton admin- 
istration will take a conciliatory 
approach toward the Burmese 
military junta in an effort to 
encourage improvements in its 
hrnnan rights record. Secretary 
of State Warren M. Christopher 
said 

A recent high-level policy re- 
view recommended a strategy 


of trying to engage rather than 
isolate the 


government of Bur- 
ma, seen as (me of the most 
repressive in the world. 

Earlier this month, Thomas 
C. Hubbard, a deputy assistant 
secretary of state for Asia, met 
with Burmese military Jeaders 
in the capital, Rangoon. He was 
the most senior American offi- 
cial to meet with the military 
leadership since it ousted a ci- 
vilian government and crushed 
an uprising by democracy cam- 
paigners in 1988. 

Mr. Hubbard was not al- 
2*- — ; 


lowed to visit Daw Aung San 
Suu Kyi, the detained Burmese 
opposition leader, during ids 
visit. But at a news conference 
here in neighboring Thailand, 
the last stop of his 10-day swing 
through Asia, Mr. Christopher 
called Mr. Hubbard’s mission 
“somewhat promising.” 

He noted that a Bmmese mil- 
itary officaal had met twice with 
Daw Aung San Suu Kyi in re- 
cent months »nd that the Bur- 
mese authorities had told Mr. 
Hubbard they would soon al- 
low tbe International Commit- 
tee of the Red Cross to visit 
hospitals in the country. 

the United States is con- 
cerned over the plight of Daw 
Aung San Suu Kyi, who has 
been under house arrest since 
1989 and who won the Nobel 
Peace Prize in 1991 for her ef- 
forts to promote democracy in 
Burma. The military invalidat- 
ed elections won by her party in 
1990. 

The more conciKatoiy Amer- 
ican tone departs from the posi- 


tion held as recently as July, 
when the State Department la- 
beled the Burmese military gov- 
ernment “one of the world's 
worst violators of human 
rights” and called for more vig- 
orous efforts “to bring pressure 
to bear upon the regime.” 

The administration’s effort 
to reach out to Burma is consis- 


tent with recent overtures to 
other authoritarian govern- 
ments, notably China, in tbe 
hope of modifying its behavior 
and preserving the possibility of 
cooperation in other matters. 
The Clinton administration is 
min dful that an estimated 60 
percent of the heroin entering 
the United States is produced 


from opium poppy grown in 
Southeast Asia, most of it in 

Burma. 

At his news conference, Mr. 
Christopher also said he had 
told Thai leaders that he was 
disappointed that they had re- 
jected a U.S. proposal to build a 
floating military depot in 
Southeast Asia. 


ised to open normal diplomatic 
communications. . 

The statement on Friday left 
out an important feature of the 
accord. The United Stales has 
demanded that North Korea 
open two nuclear-waste storage 
facilities to international in- 
spections. It is hoped that those 
inspections will reveal how 
much plutonium North Korea 
may have already diverted. 

Pyongyang has insisted in the 
past that those waste sites are 
off-limits, although the agree- 
ment suggests they will be 
opened. 

Another critical issue in com- 
pleting the accord is under dis- 
cussion in Washington. Offi- 
cials from the United States, 
South Korea and Japan are dis- 
cussing plans for setting up an 
organization to manage con- 
struction of the reactors in 
North Korea. That may prove 
to be contentious because so 
much money is involved. 

Officials said that weeks of 
tough negotiations might be re- 
quired to resolve questions over 
how much each 01 the countries 
would pay and who would con- 
trol the process. 

South Korea is willing to pay 
well over half of the cost, esti- 
mated to be at least S4 billion, 
and perhaps double that 
amount. Seoul is also expected 
to play a leading role in the 
construction. But, officials said, 
it is demanding more control 
over construction than the 
United States or North Korea 
may be willing to cede. 

Japan is hesitant to make any 
specific commitments on how 
much of the cost it would bear. 
ftffiriflk said. Japan has alsn 
been pushing hard for Europe- 
an countries to shoulder some 
of the cost 


AMERICAN 


TOPICS 


Exercising Is Good, 
But More Is Better 

A regular stroll in the paik 
can mak e y our heart healthi- 
er. And a new study suggests 
that the more exercise you 
get — within reason — the 
better. 

In the first study of the 
heart-disease risks of a large 
group of serious runners, re- 
searchers at the Lawrence 
Berkeley laboratory in 
Berkeley, California, found 
that the benefits of exercise 
continued to climb even at 
the most intense levels. 

Runners who logged 40 
miles (65 kilometers) a week, 
for example, had a lower 
heart disease risk than run- 
ners who covered 30 miles a 
week. 

Peter Wood of Stanford 
University, another author- 
ity cm exercise and heart dis- 
ease, agreed that many of 
the risk factors for heart dis- 
ease — including body fat, 
cholesterol, blood pressure 
and triglycerides — contin- 
ued to improve with more 
intense exercise. 

“Certainly we don’t want 
to dissuade people who do 
nothing from doing some- 
thing,” Mr. Wood said. “But 
don't want to short- 


we 


change people who do a lot.’ 


The Berkeley study found 
rly 7,000 


that of nearly 7,000 men 
runners recruited from the 
readers of Runner’s World 
magazine, levels of so-called 
good cholesterol climbed in 
direct relationship with the 


number of miles that run- 
ners covered each week. To- 
tal cholesterol also dropped 
with increasing mileage. 


Short Takes 

The Navajo nation, in Ari- 
zona, New "Mexico and 
Utah, is the poorest of the 10 
largest American Indian 
tribes, the U.S. Census Bu- 
reau reports. The tribe had 
the highest proportion of 
people living in poverty, 48.8 
percent, and the lowest per 
capita income, $4,788. The 
Iroquois, living mostly in 
upstate New York, had the 
smallest share of tribal 
members living in poverty, 
20.1 percent. Per capita in- 
come was $10,568. Navajo 
officials and Indian rights 
advocates said tbe statistics 
overlook a thriving barter 
economy and a philosophy 
of wealth that is difficult to 
judge by mains tream Ameri- 
can standards. 

Samuel Phillips founded a 
boarding school for boys in 
Andover, Massachusetts, in 

1778. Three years later, his 
uncle. Dr. John Phillips, 
founded one in Exeter, New 
Hampshire. Both schools 
have been admitting girls for 

more than 20 years. This 
year, the traditional hand- 
shake between the leaders of 
the two schools, during half- 
time Of the awnnat footb&ll 
game, was different Both 
Phillips Academy, Andover, 
and Phillips Exeter Acade- 
my are now headed by wom- 
en. Neither is called a head- 
mistress. Barbara Landis 
Chase became the head of 
Andover in July. Kendra 
Stearns O’Donnell has been 
the principal of Exeter since 
1987. 


International Herald Tribune. 


BOOKS 


THE AFTERLIFE: 
And Other Stories 


By John Updike. 316 pages . $24. 
Knopf. 


Reviewed by 
Y m 

J N this, his 11th collection of 


Jonathan Yardley 


DEFT Faces Accusations in Singapore 


The attorney general of Sin- 
gapore . has started contempt 
proceedings, against thelnter- 

national Herald Tribune for 


publishing an opinion-page ar- 
ticle that allegedly called into 


question the independence of 
theSinga 


McOean, publisher of the In- 
tcmational Herald Tribune; the 
newspaper’s Singapore-based 
distributor and printer; its Asia 
editor, Michael Richardson, 
ami the author of the article, 


Singapore judka&iy. 

A hearing m the case has 
been scheduled Dec. 2. Tbe 
coart papers cite Richard 



m court 
Ldngle's opinion 
article in the International Her- 
ald Tribune’s editions of Oct 7. 


short stories, John Updike re- 
tnms, after a long sojourn in the 
realms of politics, foreign affairs 
And macro-think, to the familiar 
world of domestic life that is his 
natural territory. To be sure he 
lapses from time to time into 
rodomontade — “We live in 
plague times,” he writes in one 
story — but for the most part the 
odor of the Op-Ed page is rarely 
to be detected herein, much to 
the benefit of these 22 stories. 

Updike is and always has 
been a miniaturist. He has 
made repeated grabs for the 
brass xing of bigness — in the 
“Rabbit” novels most especial- 
ly — and for this has been 
praised by a literary community 


to which his reflexive political 
and cultural views are conge- 
niaL But with the exception of 
the first of the “Rabbit” novels, 
none of these books is likely to 
outlast the author himself; in- 
stead he will be read for his 
stories about the Maples and 
for other short works in which 
he explores, sometimes with 
genuine acuity, the social and 
moral terrain of the American 
upper middle class. 

In mapping that terrain Up- 
dike has consistently been con- 
cerned with what a rather less 
talented writer has popularized 
as “passages.” In Updike's case 
these co n cern going not merely 

from one phase of the human life 

.span to another but from (me, 
human connection to another, 
most specifically from marriage 
to estrangement to divorce to 
reconnection. In the stories in 
“Die Afterlife” these different 
passages converge, as men and 
women in their fifties and sixties 
awaken to the unsettling aware- 
ness that “the Big Guy is getting 


our range" 


and search for com- 
and comfort as the 
journey nears. 

Updike’s attitude toward his 
characters’ mortality — and 
thus, by dear implication, his 
own — is a mixture of sadness 
and stoicism, anger and humor, 
realism and nostalgia. On the 
(me hand he can be both mor- 
dant and funny about the 
“body’s accumulating failures” 
and the “twilight inconse- 
quence” into which his charac- 
ters are slipping, while on the 
other hand be can labor tbe ob- 
vious (“Time takes all”) and in- 
dulge in sentimental rhapsodies 
about “the time when they were 


all in coDege and young and 
freshly acquainted, and the elms 
weren’t blighted and cars were 
enormous,” or what he else- 
where calls “the transparent 
mass of lost time.” 


This ambivalence and inter- 
nal contradiction may seem 
marks of weakness, but anyone 
who has reached an age roughly 
proximate to Updike’s will rec- 
ognize it as a condition of that 
stage of life. 


Updike is preoccupied almost 
to the point of obsession with 
memories of a boy and his 
mother tha t, although trans- 
mogrified into fiction, clearly 
are those of the author hims elf. 

Alas, for me it is these irritat- 
ing aspects of Updike’s fiction 
that invariably push to the fore. 


epiphanies with which so many 
of the stories conclude. When 
Updike is good he is very good, 
but he is always Updike, which 
is to say that mann erism tri- 
umphs over matter. 


Jonathan Yardley is on the 
staff iff The Washington Post 


So in his ambiguity Updike 
speaks for many of us, yet there 
is about him an innocence that 
Is at once appealing and irritat- 
now, in his 63d 


ing. Even 


year, 


There are several very good sto- 
ries here, particularly the title 
stray and an ingenious little 
comic bit called “Farrell’s Cad- 
die,” but in the end what stand 
out are the archness of so much 
of the prose, the coyness of the 
authors inescapable presence 
and the glib facility of the little 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors Worid-wMa Invied 
Write or send your manuscript to 
MINERVA PRESS 
ZOTOBBOMPTON RD. LONDON SW73DQ 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL CHUR- 
CH Hwfanarahatowl a Ewradcal 
dm Sente! IttCOam & IlflDam/ Kkte 
Welcome. Da Cunretont 3.S. Amsterdam 
Ida Ce940-15316ar 0250341399. 

KIEV 

INTERNATIONAL CHRISTIAN A SSEM- 

1030 OJn_ Kiev Counci ’ ' 
BukSng, l6KhresdwflBc - — - 
don Brown (7044)2443378 or S5C& 
PARIS and SUBURBS 
B4MANUB. BAPTIST CHURCH. 58 Hue 
dee BonfrflflMns. RueH-Mfthwfaon. An 


1HE EPISCOPAL CHUROES 
OF EUROPE (Angfcan) 


BREMEN 

INTERNATIONAL BAPTIST CHURCH (Bh 
cish hnguaae) meets at Brangeish-FreMr- 


MUNKH 


Pastor B- 


PAJUS and SUBURBS 

THE AMERICAN CATHEDRAL OF. THE 
HOLY TRINITY, Sun. 9 8. 11am, 10*6 
am Sunday School far ctddwi and Ninety 
care. TNM Sunday S pm Evensong. 23, 
avenue George V, Paris 75008. TeL 33fl *1 
20 17. 92.- Metro: George V. or Alma 
Msrceau. 

FLORENCE 


i at Bongefah-F 
16, Hotaniohastrasse 

Hetmwm-BosftS*. (around tw comer tan 
ItaBahrM) Sunday worship 1730 Ernest 
D. Whiter, pastor. TaL 04731-12877. 


BUCHAREST 


INTERNATIONAL BAPTIST CHURCH, 
Strada Popa Riau 22. £00 pm Contact 
Pastor Mas Kemper. TbL 312 Swx 

BUDAPEST 


community located In the western 
urtK&S. 


suburbs^. 9:45; Worship: Ij M&ChS- 
(kerfs Church and Misery. ^2* 

Dr. BjG. Thomas, pastor. Cafl 47.51 2&63 or 
47/48.1 529 far Mormaflorv 


ST. JAMES’ CHURCH Sin. 9 am. Rtol& 

11 am. Rita IL Via Bernardo RuceBBI 9 , 

OTZ& Florence, Bflly. TeL 3965 29 44 17. 

FRANKFURT 




ndcaft. Sun. 830 am. L — , 

•Esplanade de La Defense. Tel.: 
47.73bS3£4 or 47.75.1427. 

THE SCCrre WRK {PrefflYT^WfllT. 
rue Bayard. 75008 F%ria Meho FDRopse- 


CHURCH OF CHRIST THE KW0 (Epto>- 
«#Angfc»i) Sun. Holy Commuilon 3411 
am Suit** School and Nursery 10*5 am 
Setwtton Rtna St 22, 80323 FtanMut Ger- 
many, U1. 2, 3 Mquel-Atee. Tat 4W63 
5501 84. 

GENEVA 


NTERNATIQNAL BAPTIST CHURCH 
meets to Modes Ztonond Ghmaaum, To- 
ralweKUt 48-54, Sundays. lODOC&Rae 
FfefcHehtoi 1030 Take Bus 11 
Item Benhyarw ter. Other mwdngs, cal Pas- 
tor Bob Bmden, TeL 250-3932. 


vbIL FrenBy seivtee & Scho ° 5 31 


■» ioi30 ara every Su 
' Ion 48 78 47 


welcome. 

ftxWcrmdtai48'78479^ 

SAINT JOSEPH'S CHURCH 
Caticfci Masses Sunday: 9ri5 am, llsu 
amVl2:15 pm, andiSo pm aa gdey: 
11300 am. and 630 pm Mon^yFrimy: 
&30 am. SO. wenue Sche, Psri^ItTm. 
42Z73&fiBrMBto: Chariee da G«* - Etta 
MUNICH 
artBWWTWNALC^^ 

SALZBURG 

BEREAN BBLE CHURCH In i Berea. -Thw 
searched the scriptures 4rtrAcR™V 
Evangetad Bribh sen** at tOSOamrt- 
ft Pastor Davldfabcte ^Fa m ^te el Saas- 
se2a Fw Wocal 43. W W 45SS61 
TOKYO 

ST. PAUL NTEFWATIOI^UJTT^RW 
CHURCH new BdabasW Sin. 

374tt WbrsNp San**: 930 am Sirtays- 

TOKYO UNON 

sta. TeL 3400-0047, Worship 


bmanuel church w. ad* a* 

10 am Eudwrlst & and & 4th Sun. Momfag 
r. 3 rue da Morthouc, 1201 Geneva 
LTeL41/22732807£L 


BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
World Tnwte Center, 36, Drahan Ttenkov 
BML Worship 1130. James Duka. Pastor. 
TeL 704387. 

CELLE/HANNOVER 
INTERNATIONAL BAPTIST CHURCH. 


INTERNATIONAL BAPTIST CHURCH OF 
MUNCH Hohsir. B Endteh Language Ser- 
vices. Bfcte study 1R0O. Worefip Service 
173d Pastor's phone: 8908534. 

PRAGUE 

htematoW Bapfet Fekwwhb meets at the 
Czech Baptist Church Vtoonradsfca # 68, 
Prague a At metre stop JMnz Podebrad 
Sunday a.m. 1 1:00 Pastor Bob Ford 
102)3117974. 

WUPPERTAL 

International Bapfet Church. English. Ger- 
man, Persian. Worship 1030 am, Selerstr. 
21 , Wuppertal - Bberfald. Al denomlnafions 
welcome- Hans-Dteter Freund, pastor. 

TbL0B02M688384. 

ZURICH - SWITZERLAND 
INTHWATIONAL BAPTIST CHURCH d 
WBdunswl (ZOrfch), Rosarfaergrtr. 4, 8820 
WSdanswB. wtxshp Servtoes Sliiday mor- 
nfaas 1130 TeL 1-724 2862. 


ASSOC OF WTL CHURCHES 
N EUROPE &MDEAST 


MUNICH 


DE CHURCH OF THE ASCENSION, Sin 
11:45 am Holy Eucharist and Sunday 

SSVSSSR&USC 

many. TeL 43*89 64 81 8S. . 

ROME 


1400 Bble Study. Pastor Watt 
Ph. (06141)46416. 

DARMSTADT 

DARMSTADT/EBEHSTADT BAPTIST 
MISSION. Bfaie study A Worsh' “ 

1030 am. Stadtmteaton Da-1 


Ekjasehetetr. 22. Btofa Study 930, worship 


ST. PAUL'S WTTMN-TH E-WALLS. Sun. 
830 am Holy EueheristRte t N*30am 
Chord Euctabt Rte B: 1030 am Ctatft 
schod far c«tten & Nursery care prcwfajt 
1 pm Spanish Eucharist VlaNapoi 58, 
00184 Horns, TeL 396488 3339 or 39*5 

474 3569, 


10:45. Pastor Jim Wabb. TeL 
6009216. 

dQsseldorf 


BERLIN 

AMERICAN CHURCH IN BERLN, cor. d 
Clay Alee & Potsdamer Sir, SjS. 930 am, 
Warship 11 em TeL 0308132021. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS, Suxtey Schod 
930 am end Church 10-45 am KaBen- 
barn 19JatthalnL9diod).TeL673J0581. 

Bus 05. Tram 94. 


NTBWATTONAL BAPTIST CHURCH. Err- 
- ‘ . Worst*) and ChUen's Church Surv 
i at 1230 pm Mseftn temporefy at 
h-RdkfchtoeGmteindBh 
111). Friend- 
i welcome. 


iheEvaigabch 


brussels/waterloo 

all SAWTS* CHURCH. 1st an 9* 11*5 
iui cxrhafe* hAi CMdraris Chapel 


For farther information cal thepastor: Dr, 
WJ. Delay, TeL 0211 -400157. 


FRANKFURT 



INTERNATIONAL CHRBTTAN FH10W- 
SMP Evangstech-fiei u rchfche Gemdnda 

0 L .— n 4 n loonDulUmhim 


Begun. TeL 3&2 


do 


services 
345 am. 


830 A 11:00 am, SS U 


USA . ^ 
wedd 8® a free iWo < coax bt maL 
se coda* LmBE tfcOfKf /- IX 

513, StBMIton.Irrfana 47881 USA. 

' VIENNA 


s4e do Louvain, 

384 " 355a WIESBADEN 
THE CHURCH OF ST. AUGUSTINE OF 
CANTCRBURY, Sual 10 
cfcyfet Rankfutet SfraaM 3, Wiesbaden, 
Germany. TeL 48611 J0£S.74. 


Sodenersfr. 11 -IB. 6380 Bad 


phona/Ferc 061 7302728 serving toe 

fat and Tb 


land Tamua areas, Germany. 


worship 09:45, mitsaiy + Si 

^bfate smJbs. Houseguups 


lOuawomeift bfafa T — 

- StBvtey+ Wednesday 1330. Pastor M. 


Itorey, member EGtuen Bapfet Ccrvcrv 
— ‘-te glory amongst toe na- 


Ucn. ” Declare Hs 
tons. - 


ssssS L 


n^Snafencd:43-1-3lB-74lo. 


EUROPEAN . 
BAPTIST CONVHfflON 


BETHB. iNTERNA710NAL BAPTIST 
CHURCH. AmOachsberg ffi. Frankfurt 


aJA. Sunday wocshto rifio am and £00 
pm. Dr. Thorite* w HR 


umtarun 


UNWERSAUS15 


BARCELONA 

FAITH FELLOWSHIP 
meets at ftOO 


, HR, pastor. TeL 083: 


SBSBWSSMIiS- 




W3S131 


i Mi cimriav each moL d 2 P-ro-, 
- r.S.Mur*to..‘ 


BSBaSTSSWBw- 

issBrnr* 


BERUN 

^ BONN/KOt N 

the internatwna 1 - BAFn^rajR- 

SfoF BONN«0LN.RhfltowS6»se9- 
K 5 ln.,WoreHp 1:00 p.m. Cahnn.Ho^ie, 

TeL (0823B) 47021. ' 

BRATISLAVA 


HHDBBERG 

GRACE INTERNATIONAL BAPTIST 
CHURCH Industrie Str ll, 8902 Sanctoau- 
sen 8Ua 8tjdy0345, Wortffe 11SX1 Pastor 
Pad Hard™. TeL 0G224-S2295L 

HOLLAND 


TRINITY BAPTIST S.S. 930. Worship 
1030. nursery, wpm Worship. Meets d 
Bloemcampiaan 54 In Wassenaar. 
TeL 01 751 -78024. 


MADRID 


WMANU6L BAPTCT, fcWDBD. WNW 
DEZ DE TEJADA. 4. B4QUSH SERVICES 
11 am, 7pmTeL 407-4347 or 3QMQ17. 

MOSCOW 



Stole SludV h English: Pafeady Baptist 
S«keha2 1630-^- Contact 

Pastor JozspKdtek.Te£ 31 6779 


INTEPNATX3NAL BAPTIST FB±OWSHP. 
UeegngHOaKlno Center BUkSng 15 Dna- 
DmzNdittvsiraa UL SliFbar, Hal fcMfr 
to Station BsraKlwa Pastor Brad Sta- 

mey Ph.(095)1503283. 


COPENHAGEN 

INTERNATIOMSL CHURCH of 
gen, 27 FdveigadB. Vartav, near . 

Study 10:15 & Worship 11:30. Tel.: 
31624785. 

FRANKFURT 

TRMTY LUTHERAN CHURCH Ntodurv 
gBn Alee 54 (Across bom Burner HasplaO, 
Sridey School 930, worship 11 am TeL 
{069)599478 or 512552. 

GENEVA 

EV. LUTHERAN CHURCH d Gama. 20 
rue VoOtoe. Sunday wonhjp 930. in Ger- 
man iiOO In EngfehTd: (022) 3lQSQBa 

JERUSALEM 

LU7VERAN CHURCH ol the Redeemer, 
Old ay, Mwlstan RtL Engfeh worshto an 
B amAI sewdame To: (02} 281-049. 

LONDON 

AMERICAN CHURCH In London 79 Tot- 
tenham Ct Rd. Wl. SS at 10.00 am 
Wbrehbal H-OOamGocdgeStttaTet 
071-5802791. 

PARIS 

AMERCAN CHURCH IN PNFVS. Wastw 
1130 am 65. Quel dOraay. Pate 7. Bus 63 
a door, MreoAln aMoi t oau or bwakxs. 

' STOCKHOLM • 
MMANUa CHURCH, Wfantf%>Cts« In 
Swedsh. Engfeh, Of Korean. 11XD am 
Sunday. Birger Jarisg. at Kungstenag. 
17. 46/08/ 15 12 25 x 727 lor more 

TISANE 

NTERNATONAL PROTESTANT AS^W- 
BLY, Interdenominational & EvangeficaJ. 

Servfces: Sul 1030 am, aOOpm Wed. 
SOOpLiit Rn«a Myaiym Shyri. TeM^x35S- 
424S72or2ffi6£ 

VIENNA 

VIENNA COMMUNITY CHURCH Suiday 
worship In English 11J30 AM.. Sunday 
school nursery, rte ma tiona l . fll<Janon*ia- 
fcnswstam. Dotolheeigasse lAVamai. 
ZURICH 

INTEFNATTONAL PROTESTANT CHUR- 
CH Edgfeh.spaalfeg. workshlp service. 
Sunday School & Nureary. Srefays nao 
a,m.. Schanzengaaso 25. Tel: (01) 
2825525, 


■■ ‘.T ^ : S V : s - . . ■ • 


.tv 


1 Wf/Vf. 
. < 


SSL' 


llcralb 


I MKK NATION \ l, 


eribunc 


r. HI4M1M 1 WITH 1UI SI W tl-KK THUS %M» TRf Wifl.Xi.il aV i-u-i 


*««? :: 






•Vi...- 


more out 






JrM ■ 


4 • . 

regular .readers ybw’ left us that not only do you spend 30 enjoyable minutes ‘ 

g - , yotiT paper, .but dsoyoo don’t miss a page.j 

tell us that 57% of you have telephone 
ranis. : feaivQn' your business trip abroad, collectively you used 
1*50(^000 calls * / . 
v Ail titiS’ convinces 1 : us bodi you and the telecommunication companies . 

of the International Herald Tribune,. 

-these facte we rnken, f^ease call, ’ 
81; in Asia, Andrew Thomas on . 






i:»* ! 


p ; ^65j v 2^T^?SVin 'fe^Ajeneridas,' Lynch' on (212) 752 3S90. 


•= ; '- c - '• >• » * . 







J_ ,.... 


• 1 


i 


id 


be 


zb 


I 


1 


1 







• ‘-i>;7S=v; 


i^TfSSSTEjr 


Page 6 


AUCTIONS IN HAMBURG • 
HAUSWEDELL & NOLTE 


USA GERMANY 

225 Central Park West PoseWorfer Weg 1 
New York. NY 10024 D-20148 Hambura 
Tel: 21 2-5950806 TeT + 49-40-4448366 

Fax: 21 2-595-0832 Fox: + 49-40-41 041 98 


BAUMEISTER, BECKMANN, BISSIER, D1X, FE1NINGER, GROSZ. 
HECKEL, JAWEENSKY, KANDINSKY, KIRCHNER, KLEE, 
LISSITZKY. MOHOLY-NAGY, NAY, NOLDE, PICASSO, RAINER. 
RENOIR, SCHMIDT- ROTTLUFF, SIGNAC, TOULOUSE-LAUTREC. 


auction sales 


DROUOT RICHELIEU 

9, Rue Drouot, 75009 Paris -TeU (1)48002020. 


Wednesday, November 23, 1994 

Rooms 1 & 7 at 2.30 p.m. - OLD MASTER PAINTINGS, 
FURNITURE AND OBJETS D’ART - CARPETS - TAPESTRIES. 
MELLON-ROBERT, 19. rue de la Grange Batelifrre, 75009 PARIS. 
Td.: (I) 48 00 99 44 - Rue I I) 49 00 98 58. 

Friday, November 25, 1994 

Room 3 at 2.30 p.m. - CLOCKS AND WATCHES COLLECTION. 
MELLON-ROBERT, 19, rue de la Grange Baieli&re, 75009 PARIS. 
TeL: <l) 48 00 99 44 - Rue (I> 48 00 98 58. 

Monday, November 28, 1994 

Room 13 at 2 p.m. - FROM A PRIVATE COLLECTOR: 
SILVERWARE CHR1STOFLE - 19th Century PAINTINGS. BARON 
RIBEYRE, 5. me de Provence. 75009 PARIS. TeL: <I) 47 70 87 05 - 
Fa* (U 45 23 22 92. 

Tuesday, November 29, 1994 

Room 8 at 2.15 p.m. - FROM A LIBRARY COLLECTOR 
ILLUSTRATED MODERN BOOKS - MOSAIC BINDINGS. Expert: 
M. D. Courvoisier. ADER TAJ AN. 37, rue des Mathurins. 75008 
PARIS. Td.: (1) 53 30 30 30 - Fs«: Cl) 53 30 30 31. In NEW YORK 


please contact Ketty Maisonrouge & Co. Inc. 16 East 65th Street, 
fifth Door. N.Y. 10021. Pltone: (212) 737 35 97 / 737 38 13 - Fa* 


fifth Door. N.Y. 10021. Pltone: (212) 737 35 97 / 737 38 13 - Fa* 
(212) 8G1 14 34. 

Wednesday, November 30, 1994 

Room 14 at 2 p.m. - OLD MASTER PAINTINGS - 18th Century 
FURNITURE AND OBJETS D’ART. BARON RIBEYRE, 5, rue de 
Provence. 75009 PARIS. Td.: Cl) 47 70 87 05 - Fa* Cl) 45 23 22 92. 


Rom 16 at 2.15 pun- - FAR EASTERN ART. Expert: M. Th. Poitter. 
ADER TAJAN, 37, me des Marhurins, 75006 PARIS. TeL: (1> 53 30 


30 30 - Fa* Cl) 53 30 30 31. In NEW YORK please contact Ketty 
Maisonrouge & Co. Inc. 16 East 65th Street, fifth Boor, N.Y. 10021. 
Phone: (212) 737 35 97 / 737 38 13 - Fa* (212) 86l 14 34. 

Friday, December 2nd, 1994 

Room 16 at 2.15 p-m. - FROM A PRIVATE COLLECTOR Pierre 
Louys MANUSCRIPTS - 19th and 20th Centuries BOOKS. Expert: 
M. D. Courvoisier. ADER TAJAN, 37, me des Mathurins, 75008 
PARIS. Td.: Cl) 53-30 30 30 - Fa* Cl) 53 30 30 31. In NEW YORK 


please contact Ketty Maisonrouge & Co. Inc 16 East 65th Street, 
fifth floor, N.Y. 10021. Phone: (.212) 737 35 97 / 737 38 13 - Ri* 


fifth floor, N.Y. 10021. Phone: (21 Z> 737 35 97 / 737 38 13 - R>* 
C212) 861 14 34. 

Wednesday, December 1 , 1994 

Room 2 at 230 p-m - HUNTING (OBJETS D ART. PAINTINGS, 
SCULPTURE, etc.). M1LLON -ROBERT, 19, rue de la Grange 
Batd&re, 75009 PARIS. TeL: Cl) 48 00 99 44 - Fa* Cl) 48 00 98 58. 

Friday, December?, 7994 

Room 12 at 2 p.m. - MEDALS - DECORATIONS. BARON 
RIBEYRE, 5. rue de Provence, 75009 PARIS. TeL: Cl) 47 70 87 05 - 
FS* CD 45 23 22 92. 

Sunday, December 11, 1994 : 

Room 4 at 230 p-m. - AMERICAN QUILTS AND PATCHWORK. 
MELLON-ROBERT, 19, me de la Grange Baidiere, 75009 PARIS. 
Td.: (1) 48 00 99 44 - Fa* (I) 48 00 98 58. 


DROUOT MONTAIGNE 

15, avenue Montaigne. 75008 Paris -TeL: (1) 48 00 20 80 


■ Tuesday, November 29, 1994 


At 3 p-m. - HAUTE -COUTURE. MUJLON-ROBERT, 19, me de 
la Grange Batelifere. 75009 PARIS. Tel.: Cl) 48 00 99 44 - Fa* 
O) 48 00 98 58. 


-Thursday, December 1st, 1994 


At 8.30 p-m. - ART NOUVEAU - ART DECO. MELLON-ROBERT, 
19, me de ti Grange Bateliere, 75009 PARLS. TeL: (1) 48 00 99 44 - 
Fa* Cl) 48 00 98 5«. 


Friday, December 2nd, 1994 ■ 


At 8.30 p.m. - MODERN & CONTEMPORARY PAINTINGS. 
SCULPTURE from Mrs. HUAKT ESTATE AND OTHER 
COLLECTORS. MILLON -ROBERT, 19. me de b Grange Baidtere, 
75009 PARLS. Tel.: t l.i 48 00 9*1 44 - Fa* (1) 48 00 98 58. 


- Safurday, December 3rd, 1994 


At 230 p.m. - IMPORTANT JEWELLERY. MILLON-ROBERT, 
19. me de b Grange Biitdide. 75009 PARLS. Td.: (1) 48 00 99 44 - 
Fa* (1)48 00 98 58. 


7 rue des 
5008 




TEL: (33.1) 53 30 30 3( 
FAX: (33.1) 53 30 30 31 


PARIS, 


M onday, November 28, 1994 

HOTEL GEORGE V (Salon “La Paix") 


31, avenue George-V, 75008 PARIS 

VERY IMPORTANT SET OF 18th and 19th Centuries FAIENCE 
AND PORCELAIN MAINLY MARSEILLE - MOUSTIEKS. Experts: 
M. cl. Lefeln-a- in o ilbilxir.il tun with M. Irniis UTdwre. On 
view Saturday, Noveiiilw 26, from 2 p.m. to 8 p.in. and 
Sunday. NuvenilxT 27, from II a.nt. tci 8 p.ni. ADER TAJAN, 
37. me des Mathurins. 7SIKIK PARIS. Tel: (I) S3 .30 .=W1 30. 
Fax: H) S.3 SO 3i» 31. In NEW YORK please contort Ketty 
M.iLxtnnxige S G>. Im. 16 Eum f»5tli Street, fifth ftxir, N.Y. 
11)02! Phone. (212) 737 .35 97 / 7.37 .38 13 - Fax: (212) 
8»1 !i.3i 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 1SL20, 1994 


ART AUCTIONS 



Christian DELORME et Vincent FRAYSSE 

Associated Auctioneers 

14. AVE.OEMESSINE- 75008 RU0S- TEL: (33.1) 4S&31.19-BK: (33J) 45-O2M0 


Paris - Drouot-Richelieu - Room 6 
Wednesday 14 December 1994 at 230 pan. 

OLD MASTER DRAWINGS & BUNTINGS 
18* and 19* CENT FURNITURE & OBJETS d’ART 



DRO 

your auction 



A. Renoir . Ma remit* ", 1889/86, 
Estimate: DM 950.0U0,- 


H. Laurens .La Muslrienne*, 1937 
Estimate: DM 130.000,- 


DeC. 3 




with major works by Feininger, Gilles. Kokoschka, Laurens, 
Lehmbruck, Noldc, Pechstein, Picasso, Renoir, Schrimpf, Slevogt 


with major works by Beuys, Christo, Hartung, Lupertz, Manzoni, 
Penck, Rainer, Ricnter, Warhol, Ritschl, Dahxncn, Riopelle 


Preview in Cologne; Nov. 25 - Dec. 1 1994 
Preview in Bruxelles: Nov. 21 - 23 1994 


Catalogues on request 

LEMPERTZ 

gegrilndet 1845 


KUNSTHAUS LEMPERTZ 
NEUMARKT 3 • D-50667 COLOGNE 
TEL 0049/221/92 37 29-0 ■ PAX 92 37 29 1» 


34, rue aux Laines - B-lOtiO Bruxelles - Tel 02/514 05 86 


3.541. 600 FF - $ 

(. h i i! II ii 'i'll t>: l: !'!■'•! i> 

Iritis', [fro it a h 


DROUOT, THE AR 

• 108 an 
• clear straiajilfor 
• 23 rooms lor |uil>! 
• Payment possible with 


DliOl. ( )T-U< )V! MISS \ I If !•;> 


DR. JURGEN FISCHER 

KINST- UND ALKTIONSHAIS 
HERBSTAIKTIONEN 1904 


AUKTION: KERAMIK UND KUNST 
26. NOVEMBER '94 


Ober 1.400 Losnummern 
Sammlung Fachbibliothek ■ Porzellan ■ Fayence 
Steinzeug ■ Jugendstil ■ Religidses Kunsthandwerk 
Gemalde und Grapbik alter und modemer Meister. 

Vorbesichtigung: 20 - 25. November *94 


I AUKTION: SCHMUCK 10. DEZEMBER '94 I 


700 Exponate aus verschiedenem Privatbesitz 
(u.a. NachlaG einer Adelsfamilie). 


AUKTION: SILBER 10. DEZEMBER '94 


AUKTION: UHREN 10. DEZEMBER '94 


Vorbesichtigung der Auktionen 
SCHMUCK • SILBER • UHREN 
20. -25. November und 4. -9. December *94 

Zu jederAuktion erscheint ein farbig ilfustrierter Katalog ; 
den wir Ihnen auf Wunsch geme zusenden. 


KUNST- UND AUKTION 5 HA U S DR. JURGEN FISCHER 


<• IU I l)HH! ( )T. T.'d(E) 


OPIA ITU >M MOM) n TO 
Iiilormnlkm : liT. I ) 18.0 



YOU SAW THIS AD. 

So did nearly half 
a milli on potential art 
collectors worldwide. 


Shouldn't you too 
advertise in the 


INTERNATIONAL 
HERALD TRIBUNE? 



AUCTIONEERS 



Paris-Drouot - Rooms 5 & 6 

Monday November 28, 1994 at 8 JO p.m. 


FORMER COLLECTION OF 
MARGUERITE AND AIME MAEGHT 

and others collectors 


IMPORTANT MODERN 
PAINTINGS and SCULPTURES 


BRAQUE - BUGATTI - CALDER - CROSS - DAUMIER 
DUFY - ERNST - KANDINSKY - LEGER - MAGNELL1 
MANET - PICASSO - SOUTINE - VUILLARD 

Alberto GIACOMETTL Annette IV tl%2). Braize, brown patina, signed 
on the base at the bottom, numbered 3/6. Snsse Fond cur. H • 58 cm. 

Exhibition : Alherto Giacometti, Oiangerie des Tutferies. Pans. 

October IS, 1969 - January 12, 1970. n° 1 IQ, tejn.duced p. 62. 


Marc CHAGALL 
Janata dr Sauu -Paul (19731 
Oil on canvas signed and dated 
at lower right. SL5 x 1164 cm. 
Edflxdon : Marc Chagall, lesamfes 
metSifmatfennes, Venn. 

July 2* - October 30" 1994, n°32. p. 66. 
On view at Loudmer office : 

- Saturday 19 lo Thursday 24 Nov.. 
lOajn.' I p.m.and 2p.m.-6pjn, 

- Friday 25 November 10 im. - 1 p.m. 
On view at the Hotel Drouot : 
Saturday 26 and Monday 28 November: 
11 ajn.to6pm 

Caakigoe uc tequeg : FF IQOUy mail : FF 120. 



Forth c om i n ^ . A u c ti o ns. 
in' New York 


CHRISTIES 


.4 painted red pottery figure of j guardian, 
Tang Dytuisty 33 l iin. (58.7 an) high. 
Estimate: $6,000-8,000. To be offered in the 
auction of Important Chinese Works <f Art from 
the Arthur M. Stickler Collections. 



Important Chinese Works 
of Art from the 
Arthur M. Sackler Collections 





Auction: New York, 1 December 

at 10 am 



Fine Chinese Ceramics and 
Works of Art 


Auction: New York, 1 December 

at 2 pm and 430 pm 
2 December at 10 am 



Viewing: New York, 25-30 November 

Enquiries: (212) 546 U60 

Catalogues: New York, (718) 784 1480 
London (4471) 389 2820 


^ •' : "■ : Vo: 0 Vi-. OV;. r: : :: 


502 Park Avenue, 

New York, New York 10022 
Tel: (212) 54* KNU) Fax. (212) 980 8163 


LOUDMER. 7. rue Rossini, 75009 PARIS . Tci.: iJ3.Ii 44 7y 50 50 - Fax- (53, U 44 79- 50 51 


please rontact your nearest 1 HT office, representative 
or Kimberty GUERRAND-BETRANCOURT 
181 , Avenue Charles-dMkuBe, 

92521 NeuHfy Cedex, France. 

Telj (33-1) 46 37 94 76 - Fax: (33-1) 46 37 S3 70 

2tcraU>2&ribunr 







=?,!? A y 




A ! 


Vii 



^ s i 















INTERNATIONAL HERALD TRIBUNE 





^IS 


UiD 



ART 


Saiurdav-Sunday, November 19-20, 1994 

Page 7 


British Art, French Eyes 


ARIS — c Q „„ . newly crowned Charles X. While the French king sat 

thrmioh *5*. lts nei &hbors for him in the Palais des Tuileries. Lawrence met the 

rji'vprrStl?! S? 1 ™ Its own precon- Duchesse de Berry. The young woman had been mar- 

> m ■ art in 1116 Frenc ,b 1 poked at British ried to the king’s son, who was assassinated; in 1820. 

' show “D’oiimT can.be judged from the She presumably asked Lawrence to portray her as well 

■ ■» And so it was that Marie Caroline de Bouibon-Deux 


' Dec. 19. 


pubhques fran^tises" at the Louvre until 

British painting in French public collections sav« 

I **£ reQch ^8“ anything else. It is astf 

. someone had been commissioned to study haute cou- 

|t SOUREN MET.fKTAIV 


Sfevres, wearing an ivory satin dress and a chiffon hat, 
her lips slightly open and her dreamy eyes shyly 
averted, was given the appearance of an English rose. 
But neither the pretty, and even facile, portrait of the 
duchesse, nor the royal likeness, induced the French 
establishment to follow suit 
It was left to the stolid bourgeois King Louis- 

Philippe to form the first French collection of English 

t ture from George III to Queen Victoria. While 18th- We *l almosL At his request the American 

! century Britons were busy rifling the greatest Claude palter George Healy copied some 30 “English" pic- 
. Lorrains, the French collectors at that time had never l H re ?’ throwing ui one or two by fellow Americans in 
; heard of British landscape pain tine, nor had S loL Tbe y m now ^ the Versailles museum but 
19tii-century successors. °* u were not deemed worthy of the Louvre show. Louis- 



_ - the literary field 

mere were only quirky exceptions. One is shrouded 
j in mystery. How one of the most important works on 
; yehum by Isaac Oliver, “The Entombment.” dated 
i (his son Peter added finishing touches), left the 





“The Entombment ” by Isaac Oliver. 

E nglish royal collection in the 1770s to surface around 
1800 in the Mus6e des Beaux Arts at Angers has yet to 
be explained. An unreported piece of skulduggery? Or 
an unrecorded present to some French envoy? It 
certainly looks more French, Ecole de Fontainebleau- 
style, than English. Oliver was the son of a Protestant 
refugee from Rouen, who may owe a spot of Flemish 
influence to his brother-in-law Marcos Gbecraerts. 

Another mystery surrounds the purchase of “Little 
Samuel Praying,” painted by Reynolds in 1777. The 
Old Testament prophet is seen as a little boy with curly 
hair kneeling hi. his white nightshirt, as soppy as a 
Greuze. It was sent in 1778 to, or by, a “Monsieur 
Charmer” in Montpellier, at a cost of 50 guineas. 
Later, It was bequeathed to the Musfe Fabre, where 
vthe name Chamier is recorded. 

*•/ Thereisa whiff of adventure in the East to the third 
picture, a double portrait of- Shujik ud-Dawla, Nawab 
of Oudh in India, and his son Miiza Mam, done by 
Tilly Kettle in 1772. It was acquired against aQ proba- 
bility by a Frenchman who arrived in India in. 1752 
and foi^ht'^ramst the Fn gKdi. In .1 765, Jean-Bap tiste 
Joseph Germ helped: negotiate theBenkres Treaty 
between the-Enghsh and- theNawab, whom hebe- 
friended in the process. The Frenchman was invited to 
live ai the court ofOudh. There, he saw the painting : 
and one day commissioned an Indian artist to execute 


1831 at the age of 64. 

In one, aboriginals in the nude are dancing around a 
brushwood fire in the middle of a clearing, surrounded 
by huge trees plunged in darkness. The painter identi- 
fied the scene on the back: “A Corrobery of Natives in 
Vandiemans Land by J. Glover. October 1st 1840. I 
have seen more enjoyment in such occasion than I ever 
saw in Ball Room in England." Another landscape with 
aboriginals running under the same huge trees, while the 
sun lights up a distant mountainous barrier, seems 
equally remote from mainstream English painting. 

Louis- Philippe persisted a year later when he 
bought the portrait of Shuja ud-Dawla and Mirza 
Marti, again not the most English-looking scene. 

It took another three decades before French collec- 
tors stepped in, gingerly. A Paris judge, Joseph Au- 
diffred. had an eye for excellent painting and was 
intrigued by the English school. Yet, he, too, chose 
works that came closest to Continental models. He 
bought two portraits of a couple by Thomas Hudson, 
one dated 1749, which the catalogue summarily dis- 
misses as “flattering and stereotyped." 

The woman, painted three-quarters length in a satin 
dress “4 la Van Dyck," is hardly that. Under the 
appearance of formality, there lies a penetrating psy- 
chological study, enhanced by the very conventions of 
attire and posture. The inscrutable blue eyes, the faint 
shadow of a smile, the commanding dignity, are not 
easily forgotten. 


B 


ARON Gustave de Rothschild lived up to the 
family tradition by acquiring in 1874 one of 
the grandest portraits by Gainsborough. Like 
Hudson's portrait, the life-size likeness of 
Lady Alston is totally formal, yet powerful and su- 
perbly done. But it does have much in common with 
the French grand manner. 

Court-styfe portraits seemed to sum up English art in 
the eyes of the best French collectors. Nelly Jacquemart. 
the wife of Edouard Andrfe, went to London where she 
bought, in 1899, one of Reynolds's great masterpieces, 
the portrait of Captain Torryn, about whom nothing is 
otherwise known. Toned down by the British polish, he 
has the ferocity of a Florentine condottiere. With his 
narr ow oval face in which the eyes are settoo close, his 
thirlr sensuous Bps, and his mannered, slig htly effemi- 
nate posture, he looks threatening. 

But landscapes remained virtually absent from 
French acquisitions until World War i L Two Consta- 
ble masterpieces were donated to the Louvre in' the' 
19th century, both by Britons. One was donated by 
Constable's son Lionel Bickndl, the other by John 
Wilson, a collector living in Brussels. The first unfor- 
gettable masterpiece bought by a French museum, 
“Lake Nenri” by Joseph Wright of Derby, was ac- 
imred by the Louvre as late as 1970. A great Stubbs 
(not a pure landscape) entered the museum in 1984. 

: the oil painting to-France. This year, die catalogue says, the Louvre appointed a 
r - Curiously, the discovery of English landscape pain t- curator, Olivier Meslay, to “expand and embellish” 
. mg by French artists who admired it in theT820s had the collection of English paintings. 

►no impact on coHecting-Bscbard Bonington, while in ' In market terms, it is a hit late in the day. The 
J France^ painted Norman urban scenes and: also bold museum could have acquired all it wanted in the 1 960s 

t landscapes in a sketchy manner, sbdi as the admirable 1 and 1970s, the years when Paul Mellon was building 

• view ©! Versailles now in tbe Louvre but^ alas, not in up his fabulous collection at one fifth or less of the 

t theshpw. Constable senthK workto tlie Balaam. 1824. price be would have to pay now. Lucidly, the French 

r " In 3825lThotnas Lawrence, then a European celeb- -taxpayer can pick up the bill far whatever may still be 

| rity. was sent to -Piuis by GeorgeTV to portray, the available. 



More Is Less in Cologne 


By David Galloway 


Mukrau 


Gainsborough's “ Lady Alston. 


ART EXHIBITIONS 


MANUFACTURE IN AUBUSSON, FRANCE 

Galerie Robert FOUR 

TAPESTRIES & RUGS 



Purchase & Sate - Restoration - Expertise 
Estimations. Transports & Insurance free. 

Genuine Antique tapestries and rugs from XVRh to XDOti 

28, rue Bonaparte, 75006 PAWS 

Tel.: (33-1) 43.29.30.60 - Fa* (33-1) 4325 33 95 

Open 7 days a week during trie ’Blennate des Antiqucdres 

from 10 am to 8 pm - 


in ai iv FINDLAY GALLERIES INTERNATIONAL 

2, av. Matignon - 48, av. Gabriel, 75008 Paris 
Tel: 42.25.70.74 - Fax: 42.56.40.45 

CHAURAY 

until 10 December 

Anfesonne - Audi** - Bittar - 

. Fabian - Gantner - Gavaau - Hembourg - Kluge 
• _ Tnhnubanov - Vignolas 


RENOIR-GUINO 

EXPOSITION DECEPTION 

Bronzes d 'Auguste RENOIR 

Bronzes et bijoux 
de Richard GUINO 

ESPACE ARFAN 

35, bd des Capodnes 
75002 PARIS 
TEL 42.61.66-74 


du 25 novembre 
au llddcembre 1994 
dellb 30 & 18 b 




3 ALBERTO VARGAS 

Bm. eti lithographic prints 
for sale. FuDy authenticated. 

CowrQM, Legacy Nudes Ho*. 11 412 
Calt 67.74.06. 14 (France) 


JVIICHEL-HENRY, 

17 NOVEMBER- 17 DECEMBER 1994 

galerie Etienne sassi 

14, AVENUE MATIGNON - 75008 PARIS 

PHONE: 42 25 59 29 


Palricia Demers 

presents 

IIBf 


November 10 & 20 

Espace Plan&te 

47 rue dc ChaMM - 5Ui floor 
75016 PARIS 
46.24 .97.73 

M 1 1:00 a.m. to 7.-00 p.m. wmm 


Galerie 


15, qoaiVotwre, Paris 
across from ihr Louvre 

Exhibiting 

J. de AreSaao, B. Manfred!, 
M. Marfcsdi, C.C. van Heartem, 
J.deEeem,J.Spsendoock, 

. M. Stonier, cte. 


TiLM(IJ«61IE01 . 


COLLECTORS 


Spink 
de al in 

English Paintings, and Watercolours 
Oriental, Asian and Islamic An 
Textiles • Medals 1 Militaria 
Coins ■ BuHion ■ Banknotes 

■ SPINK! 

SPiNK A SON LTD. 5. ft A 7 KING ST. 
CTJAMETS. LONDON. 
ENGLAND SW1V WS. TEL- D7HW) 7S8K 
Wt07l«94WVrEUX: 41571 1 


C OLOGNE — Since 
1958, the internation- 
al an world has cele- 
brated its Rites of 
Autumn in this Rhineland cap- 
ital for one turbulent week m 
November. For collectors, crit- 
ics, curators and gaiierists, 
“Art Cologne" has become a 
seismograph of market trends 
and emergent fashions. It is the 
largest event or its kind, 
though perhaps not the fairest 
of the fair. By common con- 
sent. Basel has a handsomer 
profile, but “Art Cologne" is 
more international and, at 
least on the fringes, demon- 
strates conspicuously more 
pizzazz. 

This year’s installment, 
which closed Wednesday, pro- 
vided a forum for a record to- 
tal of 320 galleries from 22 
countries and, with 72,000 visi- 
tors, totted up an all-time high 
in attendance. Breaking re- 
cords has itself become an in- 
dispensable aspect of the au- 
tumnal riLuals. The juggling 
with superlatives, however, 
only thinly obscures a common 
complaint that the Cologne ex- 
travaganza has grown too big 
for its britches. Stretching 
through three vast halls with a 
total area of 42,000 square me- 
ters (50,400 square yards), the 
show seems to make physical 
fitness a prerequisite for the 
connoisseur. 

T HE general mood of 
this year’s fair was 
one of cautious opti- 
mism. London's Todd 
Gallery sensed that the modest 
but consistent upswing in the 
German economy was making 
collectors more adventure- 
some. Todd was one of 26 in- 
ternational galleries invited to 
show the work of a single 
young artist in a separate space 

? rovided by the organizers. 

odd's choice was Joanna 
Kirk, whose larger-than-life 
pastel portraits are executed 



“Dance” by Alexander Archipenko at Cologne show. 


with virtuoso trompe I'oeil pre- 
cision that stands in ironic 
contrast to the homeliness of 
her subjects — and buyers 
were not shy. 

DtisseldorFs Hans Mayer 
enjoyed a similar success with 
the mixed-media drawings of 
the American artist Michael 
Ray Charles. Priced at 6,000 to 
10,000 Deutsche marks ($4,000 
to $6,600), the works quickly 
sold ouL Mayer, however, does 
not believe the popularity was 
only a result of the prices but 
also of “a renewed interest in 
innovation.” 

There was, to be sure, no 
shortage of blue-chip, muse- 
um-quality works: a Mondrian 
classic at the London gall crist 
Annely Juda for 8 million 
Deutsche marks; Picasso’s 
“Seamstress” (1906) at Wit- 
trock for 2.9 million marks; an 
Yves Klein “Anthromorphic” 
at Gmuizynska for 1.2 million 
marks. Absent, however, were 


the high-rolling collector-spec- 
tators who once whipped out 
their checkbooks on the spot 
and added such choice com- 
modities to their portfolios. 
But the ebb in the market has 
again made room for the spe- 
cialist collector who deliber- 
ates before making a decision. 

By general agreement, “Art 
Cologne” offered exceptional 
quality in works by established 
talents. The tendency to 
counter recession with some- 
ihing-for-everyone presenta- 
tions, which made many recent 
fairs resemble flea markets, 
was largely absent. But youn- 
ger, more innovative tenden- 
cies by no means suffered as a 
result of the new selectivity. 
Indeed, by absorbing a com- 
petitive event entitled “Un- 
fair,” Cologne lent the avant- 
garde a new legitimacy. 

“Unfair” was founded three 
years ago by gaiierists dissatis- 
fied with the commercial and 
largely conservative trends 
that they saw as dominating 
the market. What started as an 
alternative to “Art Cologne," 
however, came to be regarded 
by some as a threat to that 
institution. Meanwhile, in the 
pin-suit of originality, “Un- 
fair'' ran up a deficit that 
taught the organizers basic les- 
sons about a market economy. 
Ultimately, they agreed (in re- 
turn for a debt-clearing cash 
payment) to join “Art Co- 


Majrie de Paws 


= & 

10 e SALON DES ANTIQUAIRES 

de PARIS XVI e 

HIPPODROME D'AUTEUIL 
11 am 21 NOVEMHRE 94 
de llh. h 22h. tons les jours 
Salon de The - Restaurant - Parking - ta Salon: ti)45 20 4S7B| 

Organisation : EXPOTHOUE5 17] me du Faubourg Saftn-Amotortc 
7 Mil PARIS - Ttftephooe ; U.i 43 47 38 00 - fax : CP 4341 M 25 


COLLECTORS 

ANTIQUES 

HARRY FANE 
wishes to purchase old 

CARTIER 

objects: 

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

OBSIDIAN, London 

Tel: 071-936 8606 fins 071-839 5S34 



W« buy and aafl Japonm Antiques o< 
the Edo end Hefll Perfode: 
RnoSahuna, (mad Japanese detaorra. 
btuizes. Sanual swonfe. itflnss end amor. 

(Wth century trough I9(h centnyj 
FLVWO CRANES ANTIQUES, LTD. 

1050 Second Avenue, GaBery 155 

New Y«K N.Y. 10022 

Tct 02)2234800 - Fee pigz234W1 




logne” and surrender their 
claim to the title “Unfair ” 
These and other like-minded 
galleries, all committed to pro- 
moting the an of the 1990s, 
were clustered in one hall, Hall 
5, that bristled with energy and 
sheer chutzpah. The art ranged 
from stringently reductionist 
through erotic-environmental- 
i st-genetic to punk-funk-junk. 

One can either applaud this 
extension of the fair's aesthetic 
range or deplore the establish- 
ment’s takeover, in either case, 
a gargantuan fair becomes even 
larger and less coherenL 
If less is not always more, 
neither is more always more. 
Despite the contagious energy 
of Cologne’s annual art bash, it 
is hard to resist the feeling that 
communication within the art 
world increasingly resembles a 
bombardment by MTV, 

W HAT is missing is 
the clarity of vision 
that Mana de Cor- 
rall, winner of this 
year’s “Art Cologne” prize, 
brought to her curatorial work, 
first at “La Caixa” in Barcelo- 
na, then at the Reina Sofia Mu- 
seum in Madrid. Two weeks be- 
fore the prize was awarded, de 
Corrall was relieved of her du- 
ties by Spam’s minister of cul- 
ture. The (Erector’s conflicts 
with the establishment were the 
result of a growing tendency to 
measure the success of an exhi- 
bition by attendance figures. 
The fact that three other Span- 
ish museum directors resigned 
their posts in protest has great 
symbolic, humanistic value, but 
the numbers game mentality 
prevails. Even m Cologne. 

David Galloway is an art critic 
and free-lance curator based in 
Wuppertal, Germany. 


HVNKRim 



EXHIBITION 

29 ORIGINAL PAINTINGS 
OCT. 1994 -FEB. 1995 

72 page col. cct. $35 


LANDAU FINE ART 

1456 Sherbrooke St. V/est 
Montreal, Canada H3G 1K4 
T S I: 514-349-3311 faxr. 514-2S9-9448 


39. Deutsche Kunst- und Antiquitatenmesse 
Miinchen '94 

Deutscher und internationalei Kunsthandel 


->( it 1 p 1994. Messegelande Theresienhohe. Eingang SUD, TOR 14. HALLE 24 

: ,' n _ Fr n - 1 9 h. Mi. - M .3° h. Sa./So. 10- 1 8 h 

K istenloser Zubringerbus alle 10 Min. von U 4/5. ..Messe NORD‘\ TOR 6 und Haupteingang NORD. 
Parkplatz und Taxistand vor Halle _4 


SONDERAUSSTELLUNG: 

Odiot a Paris 

und die Franzosische 
Goldschmiedekunst 
des Empire 

VORTRAGSREIHE 

zu Aspekten des europaischen 

Kunsthandwerks 


t 


t > 







Pa* 


Thi£ 

mos 


hSgtl 


l&U 

23 

3% 

2* 

47W 

21 V 

17W 

33V 

33V 

31’/ 

33 

29*. 

16V 


w 

25 V 

3 

!$* 

179 

11V 

411 

37V 

23V 

1S\ 

14} 

38? 

63’. 

an 

381 

19'. 

28< 

251 

12 ' 


/O' 

31> 

21 ' 

92 

2* 


as* 

29 
ST 
34 
34 
Tf 
17 
22 

30 
15 
23 
39 
IB 
H 
60 
33 


Page 8 


SATUKDAY-SUNDAY, NOVEMBER 19-20, 1994 


O P I IV ION 


i Heralb^SJribtttte. Reaction Ahroad Underestimates ^0^* in Amen^ 


PUB1JSHKO WITH THE NEW YORK TIMES' AND THE WASHINGTON POST 


^^ASHINGTON —From Bo- 


A Safety Net for Ukraine 


ris Yeltsin has come a rath- 
er calm reaction to tile “victory of 
the conservatives” in the Ameri- 
can elections. A “certain tough- 
ening” in American foreign poli- 


Bj Stephen S. Rosenfeld 


The Ukrainian Parliament’s over- 
whelming vote on Wednesday to make 
Ukraine a nudear-weapons-free country 
is a terrific piece of news for that country, 
Che United States and Russia. The vote, 
by a Communist-dominated legislature 
regarded as otherwise resistant to reform, 
eases one of the nastier regional/ global 
crises of the post-Cold War period. 

For three yearn Ukrainians had hedged 
on ratifying the Nuclear Nonprolifera- 
tion Treaty as a non-nuclear state. Some 
wanted to retain a nuclear option. Others 
wanted to bargain their inherited Soviet 
missiles, which they did not have the 
technology to launch or the money to 
property store, for status, security guar- 
antees and economic aid. Finally, a newly 
elected reform president, Leonid 
Kuchma, carrying the credentials of a 
former missile factory director, brought 
the Pa rliame nt around. Ukraine’s brash 
with nuclear disaster at Chernobyl 
doubtless facilitated the result. 

The United States helped by keeping 
on the pressure, organizing security guar- 
antees from other nuclear powers and 
mustering sizable incentives, including 
economic aid and nuclear dismantle- 
ment. Mr. Kuchma arrives in Washing- 
ton next week to be hailed for his difficult 
and responsible policy and to be encour- 
aged to stride seriously along his chosen 


ith of internal market development. 
The urgent requirement is for Europe to 
join the United States in putting up the 
funds to weave a safety net under his 
promises of reform. 

Russia is sometimes thought of as a 
potentially greedy and disrespectful Kg 
Brother to Ukraine. But the Yeltsin gov- 
ernment, subduing much Russian nation- 
alism, has played an integral rale in win- 
ning Kiev’s cooperation in disarmament. 
Large Russian and Turkmenian loans, 
stretched out partly at American nudging, 
keep debt-ridden Ukraine in oil and gas. 

With Ukraine's accession to the non- 
proliferation treaty, moreover, the door is 
unlocked to America’s and Russia’s fur- 
ther missile cuts in accordance with their 
earlier treaties to reduce strategic arms. 

Ukraine has delayed unconscionably 
in rejecting Communist ways. The coun- 
try’s distress is imm ense and practically 
paralyzing. This is no small, forgettable 
country on the edge of things. It is large 
anH i n the center of the new Europe, and 
its collapse would become Europe’s 
greatest post-Communist disaster. ' 
is a last-chance quality to the Kuchma 
policy of settling the nuclear question, 
op ening up new ways of cooperation and 
ling with reform. That’s why the 


cy and military posture can be 
he Russian president 


nited States must be there. 


— THE WASHINGTON POST. 


The Dust Around Gingrich 


Watching the first days of Speaker-in- 
little IH 


waiting Newt Gingrich is a little like 
watching the start of a buffalo stampede. 
There is a lot of dust in the air, but it 
is impossible to tell exactly what is going 
to get trampled. 

In his initial instructions to his follow- 
ers in the House of Representatives, Mr. 
Gingrich unveiled some ideas that could 
earn him a place as a historic reformer 
and some others that would put him 
alongside the worst of the Democratic 
hades he helped defeat 

His instincts on committees and com- 
mittee chairmanships seem basically 
sound. He passed over some seasoned 
time-servers in favor of more vigorous 
junior members. That is a healthy prece- 
dent and shows a willingness to overturn 
the Democratic habit of rewarding con- 
gressional survrvaHsts with power out of 
proportion to their talents. 

Mr. Gingrich’s approach contains a 
lesson for Bob Dole, the Senate's once 
and future majority leader. Mr. Dole’s 
blind embrace of seniority-as-usual is 
about to elevate some dubious choices, 
including Strom Thurmond of South 
Carolina, 91, as chairman of the Armed 
Services Committee, and Bob Packwood 
of Oregon, as chairman of the Finance 
Committee, despite his ethics problems. 

While Mr. Gingrich’s decision to over- 
ride seniority is healthy, it is not a guar- 
antee of quality. For example, his deci- 
sion to reward tobacco interests by 


tradition of chaxrmen-for-Hfe to keep good 
legislation off the floor and to protect 
special interests. Simflariy, Mr. Gingrich’s 
promise to ban proxy voting is a fine idea. 
House members make a fair salary; it will 
not hurt them to show up in person to 
vote. The requirement might also provide 
the impetus for further trimming of tmnec- 
essary committees that tie up members’ 
time and provide them with an excuse not 
to appear on the floor. 

But Mr. Gingrich's anti-tax ideology 
has led him to defy common sense and 
legislative history with his proposal to 
require a three-fifths vote to pass tax 
increases. As a trained historian, he has 
to know that he is importing to the House 
the most harmful and discredited proce- 
dural rule of the Senate. 

Filibusters and super-majorities are 
antithetical to orderly representative gov- 
ernment They are foundation stones of 
gridlock. Mr. Gingrich has a right to his 
wacky prejudice a gains t any and all reve- 
nue measures and even to demagogue the 
issue during campaig ns. But to limit the 
ability of the House to legislate in a 
reasonable way with traditional majority 
rules is irresponsible. 

Mr. Gingrich has one more supremely 
bad idea that causes one to wonder if hie 


fully understands the R^ndilican victor 


making a Virginian, Thomas Bliley, the 
f Energy! ' “ 


chairman of Energy and Commerce, sug- 
gests that while Mr. Gingrich cam- 
paigned as a populist he will not get in 
the way of corporations. 

On the positive side, his proposal to 
limit committee chairmen to six years is an 
inspired reform. The Democrats use their 


he so skillfully managed. He would 
ish the House Ethics Committee and 
farm out its functions to ad hoc commit- 
tees of the highly partisan House Admin- 
istration Committee. The voters threw 
out the Democrats in part because they 
thought them a bunch of crooks protect- 
ed by an old-boy leadership. Mr. Ging- 
rich seems inclined to abandon his pledge 
to clean house and to move into the 
messiest room vacated by the Democrats. 

— THE NEW YORK TIMES, 


My Genes Made Me Do It 


The debate over genetic “predisposi- 
tions” and their policy implications was 


once purely speculative. Not anymore; 
accelerating advances it 


in gene mapping, 
especially in locating the genes that cause 
particular diseases, have brought the 
speculations uncomfortably dose to real- 
ity. The furor over the Charles Murray- 
Richard J. Hermstein book on genes and 
intelligence is one example of this uneasy 
awareness; another is the protests that 
tend to fliue up whenever govenunent- 
Funded researchers focus too closely on 
the possible links between genetic factors 
and criminal behavior. Critics' concerns 
about misuse of such information range 
from inability to gel health insurance to 
curtailment of dvil liberties. But few can 
have gone so far as to anticipate the case, 
described recently by the Wall Street 
Journal, of a Georgia man named Steven 


Two aspects of the plea by lawyers for 
Mr. Mobley are in stark contrast to ex- 
pectations of those who fear genetic in- 
formation’s misuse: First, that its use 
would be primarily against African- 


Americans (Mr. Mobley is white) and 


Mobley, who is appealing his death sen- 
510! 


tence for murder on the grounds that he 
was genetically predisposed to commit it 
Mr. Mobley^s argument can be seen as 
an extension not just of gene-based 
thinking but of the push to plead leniency 
based on circumstances, or to make out 
accused c riminals as vic tims it is unlikely 
to be Important as law, since appeals to 
disadvantage of other kinds have proved 
of limited effect in reversing death sen- 
tences. Its real significance is as a map of 
the odd directions genetics-based reason- 
ing can take. 


second, that it would be a weapon of 
prosecutors or other authorities seeking 
to predict guilt or assert scientifically 
likely guilt, rather than factually deter- 
mine guilt for a crime that has already 
been committed. Mr. Mobley’s lawyers 
offer the novel suggestion that he is a 
murderer because lots of people in his 
family are murderers and that this inborn 
aggression meant an inborn lack of con- 
trol over his actions. 

This line of argument has more in 
common with responsibility-lifting “vic- 
tim defenses” like those of the Menendez 
brothers in the murder of their parents 
than with the specter of preventive deten- 
tion for large groups erf people ruled 
“predisposed” to commit crimes. They 
have in common, though, one key factor: 
the reduction of criminal behavior to the 
product of some collection of outside 
forces. Whether your genes are grounds 
for leniency or grounds for deprivation of 
liberties, they falsely imply patterns of 
behavior untouchable by the workings of 
individual choice and will power. Either 
way, it is a dead aid and a terrible basis 
for public policy and judicial decisions. 

— THE WASHINGTON POST. \ 



International Herald Tribune 

ESTABLISHED 1887 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 
Cu-Chairmen 

RICHARD McCLEAN, Publisher A Chief Executive 
JOHN VINOCUR, Exeam* Editor A VkvPnsidmt 
• WALTER WELLS. Nrws Etbnr • SAMUEL ABT, KATHERINE KNORR and 
CHARLES MrrCHELMQRE. Depute EiEturs • CARL QEWIRTZ. Asocial Editor 

• ROBERT J. DONAHUE, Edhtxrifthr Editorial Paj^a "JONATHAN GAGE, Businas and Finance Editor 

■RENEiBGNDY, Deputy Publisher "JAMES McLBOD, Advertising Director 

• JUANITA L CASPAR! baemuand Oevekfnent Dtmtr/r ■ ROBERT FAKR^Gra^gfo ££*«&*-. Eurtf* 

Dim-few Jc la Puhbctubm: Richard D. Simmons 
Dirrcteur Adjoint dr lu PtMicruion: Ktaharme P. Darrmv 


Ink-malkna] Hi'mkl Tribune. J8I Avenue CharfcvtJe-Gaiillc, 9252 1 NetuTy-sur-Seine. Fhvxe. 
Ttf. : ( I ) -Id 37.93.1X1. Fa* : Cm:.. 46.T7.OfL5 1 ; Adv„ 4&3T52. 12. Internet: IHT^curnkonuc 

f/ftw fur Askr Mkbarl A Anidvat, 5 Cauedvn RtL Snxqvnr 051 1. TrL IA5l 472-77M. Fax fitfj 274-2334 
Mny. Dir. Awi &#!). KttmepM. 5» downier fUL Han* Kim r Tel «C-«2E-//fR Fax: XS2 -K22//9Q. 
Hm Mgr. (Jenna n: T. & bluer, h'riednrbtr. 15. W23 Fnadfun/M. TrL ittWj 72 07 55. Foe flWl 7273 IQ 
Pm L'St Mhhod G«n<r. J6U Third Axe. A4n JUL NY. 10022 M (2121 7S2-3ML Fa c (2121 7558785 
I'.K. Adrertiain; OJptv: 6 3 Unix Acre, hindim WC2. Tel. (0711 836-48112. Fat: (071) 240-2254. 
5 A. au i upihil Jr I.2UU.IKMI l. RCS Nanirrn H 732021126. Commission Paritoirv No. ft! 337 
i. IV44. haenunkskd Herald Triher. AH rights reienrd. £SV: II2V4-8052 



expected, the 
says. As for the policy’ implica- 
tions, he thinks Moscow will have 
to reach out to the Republicans 
“so as to level otic our relations” 
with Washington. 

Similar signs of more or less 
measured concern have crane from 
other international quarters. There 
is an appreciation that U.S. for- 
eign polity is the product of sever- 
alhands, only one belonging to the 
next speaker of the House of Rep- 
resentatives, Newt Gingrich. 

Mr. Yeltsin knows something 
about parliamentary challenge 
to presidential policy. He is smart 
not to overreact to a development 
in Washington that can only com- 
plicate his effort to tame conser- 
vatives and nationalists in his 
own opposition. 

no area of American 


foreign policy has enjoyed more 
consensus and continuity in the 
Bush-Clinton years than matters 
involving Russia. Bet on Boris: 
That has been the policy. But now 
some considerable part of the 
party controlling Congress is not 
so ready to bet on Boris. Mr. 
Clinton has a problem. So does 
Mr. Yeltsin. 

To sec the specific shape it may 
take, you can read the foreign 
policy chapter of the Gingrich- 
sponsored House Republican cre- 
do, “Contract With America." A 
National Security Restoration 
Act, which is meant to be submit- 
ted to an early vote in the new 
Congress, would restrict Ameri- 
can participation in UN peace- 
keeping, “reinvigorate” a full- 
fledged continental anti- missile 
defense, “accelerate” the expan- 
sion of NATO and zero in some- 
how on a defense funding “short- 
fall” All of these issues bear more 
or less directly on the interests of 
Russia and many other countries. 


The Clinton policy has not 
been so successful and effective 
as to admit of no Republican cor- 
rection. On almost all of the items 

above that the Republicans high- 
light, the administration had al- 
ready been backing off, shuffling 

to the right and reducing its polit- 
ical exposure. Its feeling is palpa- 
ble that it is unfair to be further 
crowded just as it was making 
headway. But it is not unf air, it is 
merely uncomfortable. The ad- 
ministration’s own missteps in 
foreign polity contributed to the 
overall vulnerability that the Re- 
publicans exploited on Noy. 8. 

Thai leaves everyone having to 
deal with the Republicans’ new 
hard It is erf the old-fash- 
ioned sort, bearing oo power. Fra 
frwfaTK*;, the new-age question 
that dominated Mr. Cfinton’s Aria 
trade trip — whether the h uman 

rights component of Am eri c an 
policy is in the right balanc e with 
the commercial component — is 
not a Gingrich priority. 


The Republicans’ 
mise is that notwithst 
America’s emergence from the 
Cold War as the one wona-oass 
great power, its security is no* en- 
sured but needs to be bolstered. 
Their further implication is that 


the rvwwmmist comer but retains 
aty fra menace. 

-- — ' "cans are 

United 


at pains to protect the 
States from su fferi ng incursions 
upon its sovereignty or its freedom 
of movement by international 
bodies such as the United Nations. 

All erf these premises are, of 
course, open to challenge- The 
reading at American insecurity is 
willfully lopsided in its emphasis 
on strictly military threats and its 
neglect of demonstrably live 
threats and burdens arising from 
ethnic rivalries, global poverty, 
mlation, drugs, migrations 
so forth. 

The scarcely concealed fear of 
a now-broken and foundering 
Russia’s hostile rebirth (hence the 
call for a big anti-missile shield) is 


a parody of the hardheaded 
thinking one has a right to ask erf 

defense conservatives. 

The hostility toward the Unit- 
ed Nations and toward coopera- 
tive action in general ignores the 
reality of the American veto. It 
also evades the question of who 
else besides the UN is gomg to 
deal with all the global disorder 
that is bound to be left over after 
the United States takes care of 
the part of its special concern. - 

At its best, the evoJvingpoiicy 
of George Bush and Bill Omton 
— both erf them foreign poficy 
realists and pragmatists 7— repre- 
sents an attempt to adapt 10 fluid 
late 20th century dreomstances. 

The Gingrich polity, if that is 
what it is, is different. It locks 
backward nostalgically to a hard 
and in same ways heroic single- 
threat time. But that time has riv- 
en way to a werid that is Jess 
alyptic and more democratic, 

: at die same time more disor- 
ind less stable. Gingrich Ro- 
ans need 10 catch up. 

The Washington Past 


S Americans Are Setting Their Sights Too High 


B OSTON — “Why do we want to kill 
our presidents?” A doctor asked me 
that the other day, and left me wondering 
whether there is something about the 
American system, or the American psyche, 
that now makes the presidency a hopeless- 
ly vulnerable institution. 

“With the exception of Reagan, who 
was sui generis,” he said, “we have cut off 
every president for nearly 30 years: John- 
son, Nixon, Ford, Charter, Bush. Now it 
looks as if the same will happen to Clin- 
ton. We don't just say they failed at this 
or that We say they failed as human 
beings, and we seem to get satisfaction 
from that idea. There’s almost a glee 
about it: ‘Boy, he really was terrible.’ ” 
With each of those presidents one can 
find a fault that lea to his undoing. 
Mr. Johnson dug the country into the di- 
saster of Vie tnam. Mr. Nixon was respon- 
sible for the lies and abuses of Watergate. 
And on and on. 

Vietnam and Watergate, moreover, had 
lasting effects on the institution. Ameri- 
cans ceased to believe presidents, to as- 
sume their good faith. The press became 
hostile, and has re maine d so. It did not 
give Bill Clinton even a brief honeymoon. 

President Clinton, too, has inflicted 
many wounds on hims elf. From ZoS 
Baird to Lani Guiltier, from Bosnia to 
prayer in schools, he has repeatedly failed 
to stand on principle. But the doctor’s 
point was that something larger is going 


By Anthony Lewis 


on. Whatever the mistakes of this presi- 
dent or that, we Americans want to find 
some fundamental, personal flaw in the 
man. Is tha t so? 

What is undoubtedly true is that Ameri- 
cans expect far too much of their federal 
government nowadays. In a vast country. 


They expect Washington to 
prevent local crime and repair 
family life across a vast nation. 


they ifomV W ashing ton can and should 
prevent local street crime. They expect 
it (0 repair family life;, and make sure 
their incomes rise. 

And theprerident is the great symbol of 
national government. Americans lay on 


Henry V felt the night before the battle of 
Agmcourt in Shakespeare’s play: “Upon 
the King! Let ns our lives, our souls, our 
drills, our careful wives, our children and 
our sins lay on the King!” 

At least since the New Deal, we Ameri- 
cans have bad this romantic notion of what 
presidents ought to do fra each of us. 
Asking for the impossible, we are bound to 
be disappointed. As in a failed romance. 


we turn bitterly cm the one who has failed 
us. So the theory might go. 

Now we are evidently returning to the 
pre-New Deal political system, congres- 
sional govemmenL However much re- 
solve Mr. Clinton can summon up, the 
legislative aff-nHa is likely to be set by the 
newly dominant Republicans in Con- 
gress. It is there in Newt Gingrich's 
^Contract With America," and no one 
should doubt the seriousness of his inten- 
tion to carry it onL 

Will the planned Republican measures 
fulfill expectations? Mr. Gingrich has 
taken some welcome procedural steps, 
such as shaking up the House seniority 
system. But what about the nation’s sub- 
stantive problems? The rise in illegitimate 
births, especially among teenagers, is one 
such problem. WEQ a denial of welfare 
benefits to illegitimate children — the 
idea being discussed by Republicans — 

change their sexual hatntsff the govern- 
ment takes their babies away and puts 
them in Gingrich orphanages? 

Or crime. Longer sentences and more 
prisons have not affected the level of 
crime noticeably so fax. Will even more 
savage policies turn the growing popula- 
tion of young men without hope into 
good citizens? 

The economy is the problem causing the 
most profound discontent. Real per-capita 
income has been stagnant or declaring for 



years- The rich have grown dramatically 
richer, while the middle class struggles 
to keep afloat 

Some of the Gingrich contract’s eco- 
nomic ideas are appealing: the SSOO tax 
credit per child, for example. But the huge 
cost of the various proposed tax cuts 
would make the deficit balloon or require 
cuts in Social Security, Medicare and like 
entitlements on a similar scale. WiH such 
ease frustrations? 
concern is not an idle or a partisan 
one. Frustrated expectations can exact a 
heavy cost in politics. They can turn peo- 
ple against the whole idea erf representative 
government Unless political leaders begin 
to talk honestly about the limits of what 
they can produce, the present cynicism and 
anger may become dangerous. 

The New York Times. 


In a Postwar Suit, They Decided to Take a Chance on a Revolution 


W ASHINGTON — In July 
1945, Britain held its first 
election since the start of World 
War IL Prime Minister Winston 
Churchill was fresh from saving 
Britain (and much else). But a 
grateful nation threw the bum 
oul The rebuff was nicely timed 
to humiliate. Churchill was un- 
ceremoniously yanked from the 
Potsdam Conference (with Jo-. 
seph Stalin and Harry Truman) 
and replaced by the new Labor 
prime minister. 

Meanwhile, across the Atlan- 
tic, voters had to wait a year to 
vent their anger on the party that 
had gotten them triumphantly 


By Charles K ran tli amm er 


through the Great Depression 
and wo; ” 


forld War II. Americans 
threw out their bums, the Demo- 
cratic Congress, in the 1946 Re- 
publican landslide. And that was 


a reprise of the huge defeat they 
had handed Democrats in 1920, 
a thank-you-and-goodbye for 
victory in World War I. 

Which brings us to the great 
Democratic debacle of 1994. Of 
the ntyriad reasons advanced to 
explain the November disaster, 
the historical context has been 
largely overlooked: This is a 
postwar era. 

It does not feel as postwar as 
1920 or 1946, but postwar it is 
and in this century postwar elec- 
tions have not been kind to the 
ruling party. The Cold War was 
a world war, not as bloody as the 
first two, but just as bitter and 
far more protracted and corro- 
sive. Its end came with the fall of 
the B erl i n Wall, and we have 


been living in a postwar environ- 
ment ever since. 

That environment is usually 
mariced , by a kind of postpartum 
depression, an uneasiness and 
anxiety otherwise incomprehen- 
sible in the face of peace abroad 
and relative prosperity at home. 
A state of melancholic agitation 
fills the gap between our expec- 
tations of what the world would 
be like when the great struggle 
was won and the mundane im- 
perfections of the postwar world 
as it turned oat to be. 

George Bush was the first ben- 
eficiary of that feeling, thrown 
out of office in 1992 for reasons 
partly of recession, partly of in- 
ertia, bat partly of irrelevance. A 
man of war — his career spanned 


Ex-Yugoslavia: Why Clinton Is Right 


P ARIS — The troubling as- 
pect of American and UN 
policies in the former Yugosla- 
via is the hypocrisy in both. The 
United States ana those West 
European countries which are 
the main contributors to the 
UN Protection Force there have 
all acted with the intention of 
helping the former Yugosatvia. 
Whether thty have done so — in 
comparison to what alternative? 
— cannot be known. 

Their policies by now have be- 
come hardened by commitments 
already made. There is a prob- 
lem in distinguishing good inten- 
tions from motives of national or 
political self-interest. The West 
Europeans today accuse the UR 
government of irresponsible po- 
litical exploitation of the Bosni- 
an situation. President Bill Clin- 
ton’s aider last week that UR 
farces no longer enforce the UN 
arms embargo on Bosnia is de- 
scribed by some European offi- 
cers of the UN Protection Force 
as “a stab in the back.” 

Perhaps less passionately put, 

this is also the opinion of offi- 
cials in Loudon, Paris and Ma- 
drid, the NATO allies contrib- 
uting most to the protection 
force. In Moscow, the American 
decision is seen as a challenge to 
Russia's legitimate concerns in 
an area where Russia also has 
troops and commitments. 

An see the American govern- 
ment’s decision, mandated by 
the UR Senate, as pandering to 
an ill-informed public that 
wants to feel good about the war 
in Bosnia without talcing any 
real responsibility to endiL 
There is justification in say- 
ing that if a country claims to 
lead it most assume the respon- 
sibilities and dangers of leader- 
ship. Nonetheless, in my opin- 
ion, the Europeans are wrong 
about Yugoslavia and the Unit- 
ed States right. The reason they 


By William Pfaff berg and contact group plans, 

all of them failures. Now they 


are wrong lies in the hypocrisy 
of the position in which they 
themselves — and, through 


and, through 
them, the United States — now 
find themselves. 

The UN force was sent to ex- 
Yugoslavia with what proved to 
be anfulfiHable missions. It was 
supposed to “keep” a nonexis- 
tent peace. In the absence of 
peace it has reinterpreted its obli- 
gation as to protect civilians, dis- 
courage escalations in the fight- 
ing and promote txuoes. _ 

Its humanitarian missi on has 
in practice, in many places, fa- 
cilitated the work of the belli- 
gerents by feeding their victims, 
or their civilians. Again in prac- 
tice, certainly not in principle, 
it has facilitated “ethnic cleans- 
ing” by helping its victims flee 
their homes. 

The protection force’s instruc- 
tions say that peacekeeping re- 
quires strict neutrality. This, as 
the Bosnian government justifi- 
ably complains, means that vic- 
tims and aggressors have been 
dealt with as moral equivalents. 

These contradictions are un- 
derstood by the officers, soldiers 
and civilians of the protection 
force and the humanitarian 


agencies. They plausibly ask 
; there have I 


what alternatives there have been 
to accepting these contradic- 
tions. Nonetheless thty and their 
governments, France and Britain 
m particular, have by now ar- 
rived at a point where their poli- 
ty toward the war is lazgdy dic- 
tated by the interests of the 
protection frace itself. 

They have also constructed a 
theory about the war to justify 
this policy. They have argued 
that peace can be found in an 
internationally supervised par- 
tition of the country. Thus the 
Vance- Owen, Owen-Stolien- 


argue that Serbia's isolation of 
the Bosnian Serbs will force the 
latter to accept the contact 
group plan, or a version of tL 

There is little reason to think 
that no minal acceptance of this 
or any other partition program 
will produce lasting peace. The 
Bosnian government has accept- 
ed the contact group plan simply 
to put the Bosnian Serbs at a 
disadvantage. They claim that 
their recent offensives are meant 
to impose the plan's frontiers. 
Yet their real ambition surely is 
still to reclaim their country’s in- 
temationaBy reoognized borders. 
Nor does Croatia accept its per- 
manent partition. 

As conquerors, the Serbs* in- 
terest is to keep their conquests 
—to keep the status quo. Keep- 
ing more or less the status quo 
has also obviously meant the 
least trouble for the UN com- 
mand, The Bosnians want to 
over turn the status quo, which 
creates trouble for everyone. 

It may be that the internation- 
al community will eventually ac- 
cept the Serbian conquests. 
However, the present stand of 
the United Nations and of the 
Europeans effectively ratifies 
and even confirms these con- 
quests, as well as the population 
purges that have accompanied 
them. Is this necessary? 

The United States thinks not. 
If the Bosnians — those princi- 
pally concerned — wish to re- 
sist, and are prepared to pay the 
further human costs of doing so 
why should the internati onal 
community oppose them? The 
UN polity followed until now 
has not nude peace or promot- 
ed settlement. Without intend- 
ing to do so, it has prolonged the 
war and fostered injustice. 

International Herald Tribune. 

® Iffl Angeles Times Syndicate. 


world war. Cold War and Gulf 
War — seemed ill-fitted fra the 
postwar times ahead. 

This year it was the turn of the 
Democratic Party, custodian of 
Congress for 40 years. Through 
the Cold War, it held the United 
States together with a social 
agenda for domestic tranquillity 
that consisted of buying off the 
poor and discontented with a 
generous welfare state. “Fire in- 
surance,’’ Evan Thomas of 
Newsweek once called iL 

The apotheosis of this social- 
peace- thro ugh-sociai- welfare 
approach was the 1994 crime bill 
with its billions of “prevention” 
dollars to induce would-be crim- 
inals not to be — the theory 
being that they cannot be ex- 
pected to “say no to crime” if the 
federal government does not 
first give them dance classes and 
such “to say yes to.” 

That approach has now run its 
course, as has the party that pio- 
neered it The Republicans this 
year ran on a platform radically 
rejecting Democratic serial the- 
ory and promising radical re- 
form. The voters responded by 
giving them a blank check. 

In a postwar world one can 
take such chances. We Ameri- 
cans took a chance on a neo- 
phyte president two years ago. 
We shall now take a chance on a 
revolutionary Congress. 

The conventional wisdom is 
that voters turned to the Repub- 
licans because of a sense of inse- 
curity. On the contrary. It is a 
profound, if subliminal sense of 
national and international secu- 
rity that allows voters the kind of 
postwar gyrations we saw in ’92 
and now ’94. In time of emergen- 
cy, it is a lot harder to take a 
leap in the dark. 

This phenomenon is not con- 
fined to America. The ieap-in- 
the-dark impulse is obvious 


worldwide. As The Washington 
Post’s Jim Hoagjand has. noted, 
the last two years have seen the 
epochal collapse of the govern- 
ing Cold War parties in most of 
the leading Western countries. 
Italy experienced a political 
revolution that vaponzed the 
Christian Democratic Party. 
It had ruled since Wodd War 
In Japan, the Liberal Democrat- 
ic Party lost power for the first 
time since 1955. 

The French Socialists were 
decimated in parliamentary elec- 
tions. And Canada saw the 
greatest electoral catastrophe of 
them all The ruling Tories went 
into last year’s election with 154 
seats. Thty came out with two. 
That should be consolation to 


today’s grieving Democrats. 


aen the war is over, people 
turn inward. Traditionally, that 
is understood to mean indulging 
isolationist sentiment and reduc- 
ing international commitments. 
But it also means turning a more 
critical eye on the reigning polit- 
ical establishment 

Voters are less willing to sub- 
mit to leaders, often grown arro- 
gant and corrupt, who kept them 
going through dangerous times. 
They are quite prepared to take 
chances, whether on Italy’s Sil- 
vio Berlusconi, on Japan’s 
prime-minister-of-the-rnonth, or 
rat America’s own Newt Ging- ^ 
rich, former parliamentary guer- 
rilla, now co-president of the 
United States. 

Washington Post Writers Group. 


Letters intended for publication 
should be addressed "Letters to die 
Editor" and contain the writer's 
signature, name and fuB address. 
Letters should be brief and are 
subject to editing We cannot be 
responsible far ike return of unso- 
aated manuscripts. 


m OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894c Figaro in Mourning 

PARIS — We regret to announce 
the death of M. Francis Magnard, 
the eminent editor-in-chief of the 
Figaro. [The Herald says in an 
editorial:] The Parisian press — it 
might almost be said the press of 
the whole world — has ms taitwri 
a cruel loss. M. Magnard was the 
recognised representative, in Pari- 
sian journalism, of average ideas; 
he was the type of the lettered 
bourgeois, and his short articles, 
written in a language worthy of the 

greatest writers of the eighteenth 
century, were masterpieces of 
common sense. It was by this qual- 
ity, as much as by his spirit that he 
had obtained a marked influmw 
over French public opinion. 


through the United States today 
[Nov. 1 9] that members of a radi- 
cal or ganiz a t ion in the large dues 
are planning to send wifwaal ma- 
c h i ne s to federal. State and mn - 
nicapai offices as Christmas gifts. 


1944: Tirana Is Freed 


— (From our New 
York edition:] Tirana, capital of 

ths ttn,. , r 


1919: Christmas Bombs? 


PHILADELPHIA — [From our 
New York edition:] Official 
attered i 


warning was scattered broadcast 


the tiny Balkan kingdom of Al- 
bania, occupied by the Italians 
and then by the Germans for five 
and a half years, has been liber- 
ated by Albanian partisans, Ber- 
lin admitted in effect tonight 
[Nov. 18] by anno uncing a with- 
drawal of German troops from j 
that city of 21,000 peculation.* 
Tirana is the fifteenth European 
capital to be freed from Axis 
domination since June 4. Europe- 
an capitals still remaining in Nazi 
hands are Budapest, Prague, Vi- 
enna, Warsaw, Amsterdam, Co- 
penhagen, Oslo and Rerfin. 



"V 




,r- 


Ja 


=T 

K 
; 


rt*-T * 


W.lkT*! 

Ck . ; 





v*' - V. 


\ I 

[V* • 






t 




,L 


is 

^pfaa 

^Icfi 


■•vnlZ^ 


policv 


fc»T,S 

stis 

St* 


Cffi« 

3 caS 4 ^ 



* -■** ** 

-* 

-r'r 

SB 


•'““ r-z 

j ..' : -7»>. .-“_ 

L '~ 


lutioa 


ri-.c « •— 
_ •• *.:: :.:- 

"'• x 

, . •< •■« i r 

Hi >i.\ ■* - 

5 ;•- 

- .^-^; 
•vc V» -r : 

j_ r-ca 
» y ■ — ■' 

• v;^. - - "’ 


--. .».i>- -■ 


■-,- • " V i- - ' " 
", .< 




- v-*’: 


O^jfi LJS 



• ' >■-■ /.• 


.... 

• •I ,'*; — ^ 

am 1 " ,v* 

• •* ■ .■*■ •;■ 

. . > '-Z' >u 

--*■ , #> 
•*- 1 r r* xV. . V 

: *, -;■* ',S> 

•%^ *""• ,:* ■', ’■“ 

■**#* 



p8 jSI ||lk ™¥J 

skss ft 5 *. jg%' - - * **&,. 

*5 .. ... 

Page? 



$9!. SR , 2Ki ?J|jf^3s , .!RS5| ISjg 
™!*»" ERRS *$ TSSfci 

International Herald Tribune, Saturday-Sunday, November 19-20, 1994 



€ B€ L 

the architects of time 


11 HETRIB INDEX: 113 . 

Irilemaftomi HonM t«*;u. m ._. _. . . . _ 


^SaESSeSnas 



World Index 

1 1/13/94 close; 113. 
Previous: 114.31 


i ?-- ■. ■■MgaSOTPSniMM MaM 

.'v :V s i:: 

90 aL 'feft ■!»*». ^ vyy.v;i:,|. '' .:, ,~=^ : ;~ fc .\ ■-. ■ , . ,. , t ;> . 

3 J A S O N 

1994 


150 


Asia/Pacific 


Approx. eraghUng; 32% 
Ctosa 12454 Prev. 125.75 


Approx, waghang: 37% 
dose: 115.72 Prev.: 11607 


130 i%s^r***<*e*** % > 

m s 
aq LL,w.Vr x>rf ' -A'- . . ->V<- L.-.» 

J JASON 
1994 


( -vi t 


150 


North America 


Appraot. wraighfing: 26% 
Oosa 0631 Prw4 98.49 


J J A S O N 
1994 


Latin America 


Approx. WBtghfng: 5% 
Close: 131.31 Ptevj 134.29 


130 




J JASON 
1994 


The index tracks US. doBar values of stacks kr Tokyo, Men York, London, end 
Aigontina, AuMrafa, Austria, Belgium, Brad, Canada, CMs, Danmark. FMand, 
France. Germany, Hang Kong, Italy, Haodco, Nethertmda, New Zarinrd. W or m y, 
Singapore. Spjdn, Sweden, SwHaarland and Venezuela. For roAyn New York and 
London, the index tt composed of die 20 lop issues in team cf market capdaEzafhn, 
otherwise toe tan top stocks am tracked. 


■ industrial S^ctars 1 


Til Pm*. % 

doer dam ckaigt 


FK. 
d am 

Prey. 

doee 

« 

tenge 

Energy 

11^98 11174 -0.67 

CapM Goods 

114^2 

11526 

-028 

UfflfiBS 

126-56 127.78 -005 

RawHatoriafs 

131.71 

132.75 

-0.78 

Flnaaos 

11253 11128 -066 

Oonsunef Goads 

105.08 

105.12 

-0.04 

Savfces 

11604 110.72 -008 

UsabneotB 

121.85 

122.40 

-045 

fFor mom tofontmtton about the index, e booklet is avaflabfe fme ot charge. 

Write to Trib Index. 181 Atronue Charles de GauSa, 92521 NevSy Codex, France. 


O International Herald Tifcme 


BAe Puts 
Price Up 
In Battle 
For VSEL 


By Richard W. Stevenson 

Afar York Times Service 

LONDON — British Aero- 
space PLC struck back Friday 
in one of the biggest takeover 
fights in Britain’s military con- 
tracting industry. 

The company increased its of- 
fer for VSEL PLC, a submarine 
maker, to tiy to top a bid by 
General Electric Co. of Britain. 

British Aerospace's new offer 
gave VSEL's shareholders a 
choice of £14 (S22.06) a share in 
cash or 33 British Aerospace 
shares, which at Friday’s clos- 
ing price of £4.46 would be 
worth £14.72. 

The offer valued VSEL at 
£573 milli on and gave British 
Aerospace a slight edge over 
General Electric’s current offer 
of £14 a share in cash. 

British Aerospace also re- 
newed its call for General Elec- 
tric's bid to be r ef er red to anti- 
trust regulators at the 
Monopolies and Mergers Com- 
mission, a step that would com- 
plicate General Electric’s efforts 
and perhaps doom its bid. Brit- 
ish Aerospace argued that be- 
cause General Electric already 
owned the nation's only other 
military shipyard, it should be 
barred from acquiring VSEL. 

General Electric said it would 
respond to British Aerospace’s 
new bid "in due course.” 

The battle for VSEL,' Brit- 
ain’s only submarine maker, is 
part of a gradual consolidation 
m the nation’s weapons busi- 
ness. British Aerospace, the 
country’s No. 1 military con- 
tractor, and General Electric, 
which is No. 2, are both posi- 
tioning themselves for intensi- 
fying worldwide competition. 

British Aerospace shares fell 
20 to close at 446 pence on the 
London Stock Exchange. VSEL 
[cd 90 to 1,4S8, while Gen- 
lectric rose 2 to 288. 


The Sleeping Giant Stirs 

HSBC Tries to Recapture Its Market 


By Kevin Muiphy 

International Herald Tribune 

HONG KONG — The Hongkong & 
Shanghai Banking Corp.’s capital markets 
team has decided to begin flexing a major 
muscle long gone soft. 

Regional bond, derivative and foreign ex- 
change markets are still growing dramatical- 
ly, but even its rivals admit Asia may not be 
big enough few everyone if the newly formed 
HSBC Markets improves its game. 

“We’ve had to respond to competitive pres- 
sures, from the U.S. investment banks in 
particular,” said Stuart Gulliver, head of trea- 
sury and capital markets for HSBC Markets, 
during a visit to a new 60 million Hong Kong 
dollar ($8 million) Healing room described as 
the largest in Asia outside Japan. 

Given iheir dominance of Hong Kong’s 
corporate scene, a vast regional network and 
hefty balance sheets, Hongkong & Shanghai 
Banking and its wholly owned subsidiary, 
Wardley Holdings Ltd., should never have 
allowed the Americans, or anyone else, much 
more than a capital markets beachhead in 
Hong Kong. 

But a combination of complacency and 
distraction with absorbing Midland Bank 
PLC of Britain, which HSBC bought for £3.6 
billion in 1992, left the door to Hong Kong 
open for eager rivals. 

Foreign investment h anks have swarmed 
on Hong Kong over the past three years, 
hiring executives and bringing the latest fi- 


nancial instruments and technological inno- 
vations to a market keen to catch up with the 
rest of the world. 

“They had the whole market to themselves 
in the past, but they left plenty of room for 


others to take some of their clients away from 
them,’’ a capital markets executive said of the 
recent performance of HSBC Holdings PLC, 
the parent company of Hongkong & Shang- 
hai Banking. 

Many of Hong Kong’s leading corporate 
names, HSBC’s traditional customer base, 
have recently tapped international finance 
markets for cash using a variety of means and 
calling on Wall Street companies. 

Bui Mr. Gulliver is ready to fight back with 
HSBC Markets, the result of merging Ward- 
ley’s treasury operations with a Hongkong & 
Shanghai Banking team strengthened by the 
Midland Bank takeover. 

“We now feel we have the products and 
technology to complement our traditional 
strong relationships,” Mr. Gulliver said. “But 
it won't be automatic. The competition will 
be strong.” 

HSBC Markets has hired 31 new traders 
and sales people for its foreign exchange, 
derivatives and fixed-income operations and 

See BANK, Page 10 


U.S. Deficit 
Takes a Turn 
For the Worse 


Rockefeller Center: Crisis Over 


SCENE 



ByPeterPassdl • ... 

New York Times Service 

N EW YORK— Opening thedoor to 
a lower-cost 'method for reducing 
so-called greenhouse gases that 
contribute to global wanning, two 
big electric utilities announced a first-of-its- 
kind dad Friday to trade air pollution -allow- 
ances. 

The agreement by Niagara Mohawk in up-’ 
state New York ana Arizona Public Service m 

Phoenix is the first in which the right to emit 

one type of pofiutant is being swapped for the 
right to emit another. 

Xhe agreement may eventually lead to an 
international trade in pollution allowances. 

Thai is because part of the deal involves using 
a portion of the Tnfllir yn -dollar proceeds from . 
a. tax break to experiment with reduction pf 
climate-wanning emissions outside the Unit- 
ed States. 

Government officials are promoting the 
idea erf allowing utilities in the United States 
to meet potential future obligations to com- 
ply with international agreements by shop- 
ping abroad for the least-expensive ways to 

cut greenhouse gases._ ■ 

. At first, the experiments will be modest 
One reportedly high on the utilities tat is a 
plan to generate electricity m India with 
waste heat from sugar refineries that now just 
mes up the stack. Another is reforestation m 
Medea, where Arizona Public Senoce is al- 
ready building strategic alliances with electric 

J1 *Bwfthe experiments could deliver immense 
benefits in the future. Almost all of the cheap- 
est ooDortunities for reducing ennsnons of 
gawe that are warming the atnwspbere lie 


outside North America, Western Europe and 
Japan. 

Modernizing electricity production in Chi- 
na, for mstanoe, offers one of the best pros- 
pects because the economy there is growing 
rapidly, requiring China to bum enormous 
amounts of coal in highly inefficient power 
plants. 

“If we are going to deal with dimate warm- 
ing efficiently,” said Robert Stavins, an envi- 
ronmental economist at Harvard University, 
“there will have to be international trading in 

which Western countries get credit for reduc- 

ingenhssions elsewhere.” 

The Clean Air Act of 1990 put a cap on- 

utilities’ emissions of sulfur dioxide, a by- 

product erf fuel burning that contributes to 
add rain. But it lets utilities to meet their 

obligations by buying emissions “allowances” 

from other companies. 

This market-based approach is already sav- 
ing utility consumers $400 million to $600 
milli on a year, according to the Environmen- 
tal Protection Agency. 

It works because one utility that finds a 
cheaper way to cut emissions can prefit by 
doipg more than the law requires, selling the 

right to pollute to another utility that would 

have found it more expensive to achieve those 

reductions itself. 

Arizona Public Service can easily meet 
some of the requirements of the law in its own 

territory because it eariier agreed to pay for 

equipment to reduce the haze above the 

Grand Canyon. In the process, it is reducing 

sulfur emissions. 

Niagara Mohawk also is in good shape 
because it relies on huge amounts of nonpol- 
See POLLUTION, Page 13 


By Saul Hassell 

New York Times Service 

NEW YORK — Rockefeller 
Center Primerties, the public 
company that holds the $13 
billion mortgage on Rockefeller 
Center, has arranged to borrow 
$225 million, averting what had 
been a looming finandal crisis. 

The deal does not affect the 
company’s more fundamental 
problem: that Rockefeller Cen- 
ter’s owner, the Rockefeller 
Group, which is controlled by 
Mitsubishi Estate Co. of Japan, 
does not have enough money to 
make the payments on the 
mortgage and may default on 
the loan. 

Rockefeller Center Proper- 
ties is a real estate investment 
trust whose only business is to 
hold the mortgage on Rockefel- 
ler Center. 

It said it had reached a tenta- 
tive agreement to sell $225 mil- 


lion in long-term debt to White- 
hall Street Real Estate Limi ted 
Partnership, a fund managed by 
Goldman, Sachs & Co. Terms 
were not disclosed. 

Whitehall will also receive 
warrants and stock appreciation 
rights, allowing it to buy the 
- equivalent of 1 9.9 percent of the 
company’s shares at $5 a share. 

Snares of Rockefeller Center 
Properties rose 87.5 cents on 
Friday, to $4,875, recovering 
from a record low of $4.00 hit 
Thursday. 

In 1985, Rockefeller Group, 
then owned entirely by the 
Rockefeller family, took a $13 
billion mortgage on the proper- 
ty, which is bordered by l%th 
Avenue, Avenue of the Ameri- 
cas, 48th and 51st streets. The 
money was lent by Rockefeller 
Center Properties, which raised 
$750 million selling stock and 
$550 million selling bonds. 


Bloomberg Business News 

WASHINGTON — The 
U.S. trade deficit took a turn 
for the worse in September, 
widening 4.6 percent to $10.13 
billion, as Americans’ appetite 
for imported goods continued 
to climb and as U.S. manufac- 
turers’ exports unexpectedly 
weakened. 

Imports of computers and 
other high-technology equip- 
ment set a record in September, 
as did the trade gap with China, 
the Commerce Department 
said in the report released Fri- 
day. But the merchandise trade 
deficits with Japan and the Eu- 
ropean Union narrowed during 
the month. 

The news of the decline in the 
trade gap with Japan slightly 
boosted the dollar, which rose 
to 13553 Deutsche marks from 
13525 DM on Thursday and 
climbed to 98380 yen from 
98330 yen. 

Many traders and analysts 
expect the dollar to re main 
weak against the yen and the 
mark until the U.S. trade deficit 
shows dramatic improvement 
At the same time, however, the 
weak dollar deals a p unishing 
blow to both Japanese and Ger- 
man exporters when they sell 
their dollars for yen and tnwrifs 
in order to send profits home. 

The September results repre- 
sented a reversal from August, 


when the deficit narrowed 133 
percent to $9.68 billion. At the 
current pace, the 1994 trade 
deficit in goods alone is on tar- 
get to climb to $148.8 billion — 
second only to (he $152.1 bil- 
lion shortfall in 1987 — after a 
$132.58 billion gap last year. 

Supporters of the proposed 
world trade pact, which is in- 
tended to lows- barriers to com- 
merce worldwide, said the new 
report made its approval in a 
lame-duck congressional ses- 
sion this month all the more 
critical. 

“Unless Congress gives the 
US. and world economies a 
shot in the arm by passing the 
GATT Uruguay Round Agree- 
ment, future trade data reports 
will be more of the same,” sad 
Willard Workman, the interna- 
tional vice president at the U.S. 
Chamber of Commerce. 

Opponents countered that 
the trade agreement would not 
do anything to reduce U5. 
trade deficits. 

. “There have been eight 
GATT agreements signed in the 
postwar era,” said Representa- 
tive Marcy Kaptur, Democrat 
of Ohio. America’s excess of 
imports over exports has been 
increasing astronomically every 
year since the mid-1970s.” 

The trade deficit remains 
stubbornly high, in part be- 


See TRADE, Page 10 


In later years, the real estate 
trust bought bade some of those 
bonds, borrowing money by 
selling short-term commercial 
paper. The repayment on that 
paper had been guaranteed by 

SS'SVse Matsushita Seeks MCA Plan 

the company faced a liquidity 
crunch unless it found other fi- 
nancing. That is the reason it 
gave Goldman, Sachs the equity 
warrants on top of the interest 
■ Charge Hite Sony Shares 
Stock of Sony Corp. took a 
battering in Tokyo on Friday as 
investors took fright at a $33 
billion write-off by die compa- 


ny to cover its foray into the 
U.S. movie business, Reuters 
reported from Tokyo. 

Sony’s stock price fell 310 
yen to dose at 5,480 on Friday 
and plunged as much as 490 yen 
at one point 


Reuters 

TOKYO — Matsushita Electric Industrial Co. said Friday it 
would draw up a medium-term business strategy for MCA Inc., its 
U.S. film unit, suggesting it is trying to repair a rift with top 
manager s at MCA. • 

At a news conference, Motoi Matsuda, Matsushita's director of 
accounting, financ e and auditing, said the absence of a medium- 
term strategy in the past and Matsushita's lack of familiarity with 
the film business had caused the dispute. Mr. Matsuda said MCA 
was not for sale. 

Speculation about MCA’s future flared this autumn when 
Sidney Sheinberg, MCA’s president, and Lew Wasserman, its 
chairman, criticized Matsushita’s management and said they 
would resign unless Matsushita granted them greater autonomy. 

Matsushita made its announcement one day after its rival Sony 
Crap, took a $2.7 billion write-off related to problems with its 
purchase five years ago of Columbia Pictures. 


VW Sets Goal 
Of 340,000 
Skodasby’97 

Bloomberg Business News 

PRAGUE — Volkswagen 
AG, endmg more than a year of 
negotiations with the Czech 
government, agreed Friday to 
produce 340,000 vehicles at its 
Skoda car unit by 1997. 

The new target levd, outlined 
in an amendment to Volks- 
wagen’s 1991 investment agree- 
ment for Skoda, cuts the Ger- 
man company’s original coal by 
50,000 but stm exceeds the out- 
put figure of 300,000 that VW 
officials had suggested in recent 
months, amid disappointing 
sales in Eastern Europe. 

Last year, Skoda produced a 
total of 219,612 vehicles and 
had a loss of 43 billion koruny 
($150 million). 

Skoda officials said that by 
1997 they could justify produc- 
tion of 340,000 vehicles through 
sales in the Czech Republic and 
Western Europe. They would 
produce the new Skoda Fetida, 
Felicia station wagon and Feli- 
cia- pickup truck, to be built 
next year, and an additional 
midsm* car planned for later 
this decade. 


CURRENCY & INTEREST RATES 


Cross Rates 


FRnfcfort 
iw 


Nov. 18 

awmmmm, ^ gj. y M Cl KSCia 

... S « OM. »>-£ UH 17*85* U» UM5* 

M4MM 'IMS »» “5 KE SSI- MSB — JtMS WP ZUI *** 

cans «f 2S SMS '■** S 1 ’ 

3 ^ => S5.S 22 SJS S - 

ssr - "JB-JKiS s ’E'SE S 

sr s £ r- sssr-ss 

ittU j,™ ui maw uns wj? 

uan,l7#<r 122iSSS2S^“ UB2 ^ ^ m4fll 

UBS U3S ~«i7uritA. SxtaSS brother iMdefS, 

not 


EurocwTWitcy Dsposlts 




Nw. 18 




Swiss 


French 




Dollar 

D Mrnic 

Franc 

Sterling 

Franc 

Yen 

ECU 

Imsath 

'5KrM 

4%-5 

3»Wft 

5ft5ft 

SVWSft 

2 ft-2 ft 

5W-5% 

Smeidtts 


5 KrS ft 

3<Hr3ft 

Shri 


2VM2ft 

5ft -5ft 

Amanita 

AMpAft 

StWdft 

4 Hf4ft 

IPMVk 

4ft4ft 

2fth2ta 

A4ft 

lyw 

AftrAft 

SVsrSYs 

4Mr4ft 

7VMft 

AKrtfft 

2%r2 ft 

Aft-Aft 


do om s: N B uten -Uords Book. 

Rales votieob* to Interbank deposits ofamMmmlntmumtoraaMtnt/. 


Tokyo 


MM* 

lECU-'i '' uar VW ^ unff is» a** ihs «*•««. — 

a: To tm one pound; b- near 

ovettobte. . 


Ksy Monty Ratal 


PoiiarValuffff 

m.] currency ■- - 

■ » : ESf. SS 

Si 

£*!**■ “j 

* “S kbmmsw 


per* 


Currency 
Me*, peso 
IL Zealand * 


PUKfb* 
pow> iWy 
Port escudo 
Ross. mWe 

toummwi 

Shi*.* 


Per* 

WBS 

UOff 

fcfl15- 

24LZ2 


1565* 

3M7JH 

17515 

1-6715 


Currency 
S. Afr. rund 
tKocLwaa 
swrthntaq 

Taiwan I 
Tool baW 
Tuitnnia 
UAE Arman 

Venex. Mttv. 


PVS 

1527B 

7M40 

73311 

26JB 

MJ» 

36369. 

1472 

WSJ 


United State 
P ha not r ule 

Prime rate 

Federal feud* 

3-mealti CDs ■ 
Cmmn. uantr W days 
Xnaatti Treasury bflt 
WeurTrsasmfT MH - 
S-rear Treasury nete 
STBarlm—rr note 
Hw Treasury note 

m war Treasury sate 


Close 
4% 
BA 
5ft 
5ft 
&» 
132 
123 
7.19 
7 M 
MI 
Ml 
KQ 

Merlin tyu d i 3S a ny ready asset 433 


Pray. 

40a 

n* 

5ft 

MO 

195 

133 

lit 

7.16 

Ui 

739 

101 

112 

452 


lHMXitk Interbank 
larnim tntrrtimitr 
HmiMMuIhS 
IHfMrMt 


mrardlW** 


rancr 
ISMfUM 


SS^hrr ii-uw M-day 
1,3665 15681 13661 

flUJS 9755 TIM 


CnHmatr 
HnonMi ht nrbuwk 
3 o wtah tate rt unk 
I woe Iti Interbank 

lO-yaur o e v int en t l 


3WW •’Sw SSSdellar 

--- • S IS SS tara**** . . 

13146 .«”» ^ ^/B^^JBancnCemmereMemrnta 

ncs: INO Bonk T»S^t Tokn ITokmN Bank of Cenodo 


Leonard ram 

can mimy 

T-roonh lahrtM 


MMA Interbank 
HHrearBund 


™ Vi 
2.19 

214 3ft 
2ft 7M 
242 242 

4J0 470 

U0 600 
SJJO ISO 
5» 500 

120 120 
130 5J0 

752 749 


Britain 

look base rate Sft 5ft 

5ft 100 
Sft 5ft 
6 5ft 
Aft Aft 
157 &5A 

m srvt nH corate 100 500 

CafiOMaty Sta 

VaaMtatatartank 5ft 5ft 

UMotaiotafta* 5»w 5ft 

frmtak interbank 5ft 5ft 

IHarMT 120 Ol 

Sources: tteatanu Bloombergs Merrill 
Lynch/ Bonk of Tokyo/ Commerxbonk. 
Gteerrwett Martian CtMtLyeonbbL 


Gold 



AM. 

PAL 

arge 

Zwridl 

3BS50 

383S5 

— 2SC 

London 

WK 

3B40D 

— 275 

Maw York 

3UA0 

38150 

— 140 


(AS doftom per ounce. London ofHckst fbf- 
hws; Zurich (tad New York opcnbtv aid closr- 
h*> prices; New York Cemex (DecembarJ 

Source: Reuters. 


Trust, discretion, understanding, dialogue. 

In fact, what you need is a bank that isn ’t like yours. 



In a highly volatile financial environment, where change is the order of the day, Union Bancaire Priv6e 
offers its clients a unique approach to international asset management 

Blending Swiss tradition and innovation, Union Bancaire Privee allies prudence and imagination 
in meeting its commitment to protect and enhance your assets. 

By becoming a client of Union Bancaire Privee, you too will discover the privileges of a very private bank. 


UNION BANCAIRE PRIVEE 

GENfeVE 

TRfeS PRIV£e 


Head Offio?: 9&-9H, rue du Rhflnc • 1204 llfiNEVF. 

tJENfiVH • ZORICEI . LLKiANO . I.ONDON . NASSAU . NEW YORK - TOKYO . HONU KONO . ISTANBUL . AMERICA LATINA 





I 







Page 10 


ENTERINATIONAL HERALD TRIBUNE, SATURDAY-SUNPAY, NOVEMBER 19-20, 1994 




Interest-Rate Fears 
Send Prices Down 


[ Via Associated Press 


Compiled by Our Staff From Dispatches 

NEW YORK — Stocks tum- 
bled Friday on renewed con- 
cerns that rising interest rates 
would hinder the economy and 
slow corporate earnings. 

The Dow Jones industrial av- 
erage closed 12.79 points, to 
3,815.26. Financial stocks were 
the worst hit. 

Two stocks declined for every 
one that advanced on the New 

U.S. Stocks 

York Stock Exchange, where 
volume totaled 352.8 million 
shares. 

Part of investors’ concern is 
that higher interest rates make 
money-market funds and other 
less nsky investments more at- 
tractive than stocks. 

The benchmark 30-year 
Treasury bond fell 1/32, to 
yield 8. 13 percent, up from 8. 12 
percent on Thursday. 

“You’re seeing the tide going 
out in financial stocks,” said 
Cummins Catherwood, manag- 
ing director at Rutherford, 
Brown & Catherwood Inc. in 
Philadelphia. “This pump up in 
rates has created a mood of de- 
pression." 

Bank America fell ft, to 3 9%, 
Bankers Trust New York 
dropped 1%, to 57, and Mellon 
Bank declined to 33%. 

Investors were unconvinced 
that the Federal Reserve 
Board’s aggressive 0.75-per- 
centage-point interest rate in- 


crease on Tuesday would be 
enough to head off inflation. 

The most active share on the 
NYSE was Sports Authority, 
which ended unchanged, at 24, 
after the company made an ini- 
tial public offering of 123 mil- 
lion shares at S19 each. 

Auto and auto-rdated stocks 
fell, as analysts worried that I 
higher interest rates could cut 
off car sales. General Motors 
slipped H, to 37%, and 
Chrysler fell ft, to ^.Good- 
year Tire & Rubber, which' fell 
I, to 33%. 

Amgen’s agreement to ac- 
quire Synergen sparked rallies 
in other biotech stocks amid 
speculation of more mergers. 

Merck rose I, to 38. 

Novell rose 5/16, at 19% and 
Lotus Development rose 2%, to 
42%, and Oracle ended up %, at 
43%, after reports that Dean 
Witter Reynolds had suggested 
Oracle could be considering 
buying Novell or Lotus. 

Charter Medical fell 1%, to 
23%, after its loss from continu- 
ing operations widened in the 
fourth quarter. 

Autodesk closed 4% higher at 
38%, after the maker of com- 
puter software for engineers 
and architects said earnings in 
its third quarter ended Oct. 31 
rose to 32 cents a share from 30 
cents. 

General Electric ended down 
li, at 48%. 

(Bloomberg, AP) 



Dow Jones Averages EUROPE*!! FUTURES 


Obm Mon Low Lewi 0*0- 

indus 3818.63 J836J0 378*98 3815J24— 1X7? 

Tram 1479.25 1«U4 1467 -8« 146*54 — *75 
UN 17545 175.98 171.47 17447 —155 
Comp 1272 J? 127547 12*3.97 12*7.78 —538 


Standard & Poor’s Indexes 

High Lour don CUV* 
Industrials 55*21 55005 55242 — 141 

Tramp. 35*48 2522* 35230 — 0.12 

UtlllHo* 14921 14745 M745— T.18 

Firms 4137 41.18 4121 — 04* 

SPS 30 4*344 44025 4*147—2119 

SF IN 432.18 42942 4303* — 141 


High Low Loti Stifle Oi*St 


One 

Bid AM 


Previous 

Bid AiK 


ALUMINUM CHWi Grade) 

192T20 imx 

R?wnnJ IWaSO 197140 193240 193340 
COPPER C ATHOD ES (Htoh Grade) 

sS2f” P-r "w»4o"aS140 2B91M 2W*M 
Forward 282740 282840 284140 284240 


fSS 

33 &?: 

i Hov M - T - 

I EsL volume: lMH . 


N.T. HOSO 
14950 T4935 — C25 
15240 15125 — 

NT 1532S — IL5D 
JPr iSm —020 
wltI u7oi -on 

H.T. 15940 —020 
Open (nt **2S5 


U.S./AT T HE Q*H — 

NEW YORK (AP)—^ ^8 woirid buy Synergen Inc* a 

tfSS S'^bobblcd dri. year -h. w of its 

mfflSSPn 1C niws ^ Syue^en s st^ e «^ 25 ^ 


NYSE Indexes 


Mgh Low Lost Qs. 

Com watte 25349 2513* 25220 —1.19 

Industrials 32140 31935 32060 —130 

Tramp. 228.90 22*25 226.94 —0.14 

Utaty . 19044 19721 19721 —140 

Finance 19724 19520 19549 —125 


NASDAQ Indexes 


.Dollar* per metric ton 
Spat *7*20 *7720 

RjSrard 69*00 *9540 

NICKEL 

DoPan per metric toe 

Spot 759540 7*0540 

Forward 772040 772540 

TIN „ „ 

Dollars per mofttotoa 
Spat 619540 620540 

nrword *290 J0 62954 0 

ZINC (Spo dol HW Grade) 
Dollon par meMcjon 
Spot 117520 117*50 

Forward 120340 120440 


*7240 *7340 
*9040 *9140 


753540 754040 
7*4040 7*4540 


*20040 *21040 
*30000 631000 


117040 117140 
1T9S40 119640 


NYSE Mas* Actives 


Composite 
Intel striate 
Banks 
Insurant* 
Ft nance 
Trans*. 


Mgh Low Lost 

74*34 7*3.10 76*45 
77431 77032 771.49 
69920 69448 69*98 
901.43 B9B38 90056 
87952 B7X4Q 87453 
*7**9 AA723 6*723 


VOL Mgh Low 


SoiAuttin 

GnMotr 

WcrfMart 

TalMox 

Merck 

RJKNcfc 

AT&T 

SonOstr 

CMcorp 

WCNA 

GenBs 

BankAm 

IBM 

PMMr 

PeasIC 


25 

22W 

24 

saw 

37Vi 

374k 

23 W 

224k 

22 Vk 

51M 

50'A 

5D4b 

38 

364k 

38 

7 

64k 

*46 

92% 

52 

52V, 

24 Vk 

24 

24 

439k 

424k 

434k 

18W 

179, 

18Vk 

49 

48 Vk 

48 M> 

40 VS 

399k 

39ta 

TXV. 

7246 

739k 

62 Vk 

*2 

A34k 

366V 

3*'«a 

364k 


AMEX Stock Index 


Moh Low Last CM. 
44*43 443A6 44*04 —249 


Dow Jones Bond Averages 


NASDAQ Host Actives 


Metharoc 

Autodks 

ShJva 

MCI 

Informix 

Lotus 

Svtwoes 

ForestO 

Amaon 

TetCmA 

Maiw 

IntetEI 


Mgh 

Low 

Lost 

20 

199k 

191 V B 

9t4fa 

9 

9Vg 

44 

62 

63Wu 

139b 

13 

13Vu 

39 

3SVk 

384k 

314* 

289* 

319b 

21 Vk 

21 

214k 

299k 

274b 

29Vu 

43 Vs 

40 

43 

46 

434* 

44 

79k 

19k 

29k 

579k 

559k 

564k 

24 M 

24 

24 Vk 

’U 

9b 

Vo 

13W 

134k 

IWit 


20 Bends 
M Utilities 
10 Industrie Is 


NYSE Diary 


Advanced 
Declined 
Unchanged 
Trtd issues 
NSW Highs 
New Lows 


AMEX Diary 


CtoK calm 

9338 —047 

8*99 — 034 

9826 — 149 


79* 762 

1431 1470 

703 706 

2930 2938 

21 21 

217 202 


Financial 

Mgh Low Close Change 
MMMNTH STERLING IUFFE1 

KSOMOO-Ptxot IKpO 

Dec 9337 9331 9337 +044 

MOT 9343 92.96 9341 +041 

JM 9141 9224 9X40 +043 

Sap 91.93 9147 9133 + 010 

Dec 9126 9149 9126 + a£3 

MOT 9121 913* 9120 +043 

jot 91 12 9146 91.12 +042 

Sep 98.98 9032 M-98 + 044 

DK Stun 9038 90L83 +0.0 

Mar 9831 9030 9036 + 044 

Jsra 9066 9062 904* +044 

Sep 911*5 9068 9063 +043 

EsL volume: 58.952. Open InL: 520SI7. 
3-MONTH EURODOLLARS CLfFFE) 
n nBBon-Ptsaf iNgct 
DOC N.T. N.T. 9348 +041 

, (Mr N.T. N T. 9329 Unj*t 

Jan N.T. N.T. 9275 — J41 

SOP N.T. N.T. 9228 —043 

EsL volume: OOoen Hit: 4553. 

3-MONTH EUROMARKS IUFFE) 

DM1 ndBoa-PtSOllMpd 
DK 9424 


BRENT CHU DEOIL <]PE1 tarrwll 

& B£ sa ms -i 

tS, 1*35 I&ffi 1*40 ifcu-ag 

j* l*a TABS 1643 7*03 — X® 

I ’ll I 1=1 

Nm NX tLT. ILT. 1*1* -Otf 

5S £t: f*T. N.T. 1*17 -031 

EsL vatume: 39487. Open Ml. 199419 

Stock indexes 

(Mi Low Closo Ofonge 
FTSE 1BC {LIFFE1 

WT B m SSS 19 

votamo?U43& opt lnt?»JlS. 

CAC 40 CMAT7F3 

^ l imin 04 mioc i93S40 u*»l 
K? 1W940 192SJ9 196*00 UOCh. 

SS iw-oo yjSj- 

197000 197000 1^40 

nS NT. N.T. 195100 UlW- 

«£ NX N.T. 197720 Uneh. 

EsL volume: 19483. Open KO.: 60*3* 

Sourcwj: Motif, As&clatit^ ^r ess. 
London Inti Fhx nclal F utures Exctxwve, 

tntl Petroleum Exchange. ~ 

Dividends 


to abandonmmt by ctocou awy announced the faflurc of 

srwis * mff'* ».ood *!» d« Ida, 

100,000 people a year. „ 

U.S. Trust Sells Business to Chase 

MCW vork /Bloomberg) — Chase Manhattan Corp. said 
mEFJSm busmess of U.S. 

Trust Corp- fOT expected, will make Chase one 

providers in proassing. which is the busi- 
for various services including handling 
securities and proc«smg nte. VS. 
^S^tting a gcSpdce for a business m which a bank of its 
size has trouble ^ rm -- 


w 

$ 

% 

m 


TRADE: U.S. Deficit Gets Wider 


AMEX Most Actives 


Cootiimed frora Page 9 
cause the American economy is 
growing more quickly than in 
most other major trading coun- 
tries. Imports of goods and ser- 
vices rose 03 percent in Sep- 
tember to S69.8 billion, while 
exports of goods and services 

Forei gn Exchange 

declined 03 percent to S59.67 
billion. 

At the same time, economists 
are counting on the U.S. export 
machin e to continue growing. 
“As opposed to other sectors of 
the economy, we expect inter- 
national trade to contribute to 
U.S. economic growth in the 
coming quarters,” said Donald 
Straszheim and Bruce Stein- 
berg, economists at Merrill 
Lynch. 

“Many countries, like Japan - 
and Germany, are emerging 
from a period of economic mal- 
aise and should continue to. 
grow,” they wrote. “That global 
pick-up in economic growth 
rates will allow U.S. exports to 
rise while our domestic demand 


slows. The result should be an 
improving trade deficit.” 

The merchandise trade defi- 
cit with C hina widened 7.9 per- 
cent in September to a record 
S3.49 billion. For the first nine 
months of the year, the deficit 
with China totaled $21.09 bil- 
lion, up from $16.72 billion a 
year earlier. 

In contrast, the merchandise 
trade deficit with Japan nar- 
rowed 7.4 percent in September 
to SS.37 billion, the lowest since 
May. The big swing was due to 
a $730 milli on month-to-month 
decline in Japanese vehicle ex- 
ports to the united States, pre- 
sumably linked to the high val- 
ue of the yen. 

Japan's trade surplus with 
the United States totaled $4727 
billion for the first nine months 
of the year, compared with 
$4225 billion a year earlier. 

Against other currencies, the 
dollar rose to 1.3185 Swiss 
francs from 1.3050 francs 
Thursday and to 5.3410 French 
francs from 53345 francs. The 
pound fell to $13660 from 
$13718. 



VoL 

High 

Low 

Lost 

dig. 

VkKB 

9875 40U 

39W 

399k 


Roadmst 

7658 


3"/i. 

4 

+ ’V« 


7164 

IVu 

19* 

I'A 






10V« 

— Vk 

EchoBav 

5699 

114k 

109* 

109k 

—9k 


5531 


39k 

39k 

— 

ChriMed 

5330 249k 

33 Vk 

234b 

—14k 

HBhrTcn 

4810 

14 'A 

lOVs 

124s 

♦ lb 

AdvMedT 

4491 

2V» 

lVk 

2Vi> 

+V» 

xa Lid 

4487 

Wu 

1 

1 




Close 

248 

Prev. 

226 

Declined 

336 

360 

Unchanged 

142 

220 




New HBgfis 

9 

10 

New Lows 




NASDAQ Diary 


~ Uochonoed 


13*9 I44T 
1BS7 1816 
1099 1870 

5125 5129 

54 74 

147 1*8 


|S|Hrt Commodfttoa 


Market Salas 


CoaMMflhr 

Today 

Prev. 

AlunUnum, lb 

CLB92 

0566 

Copper electrolytic, lb 

1J9 

154 

[Iran FOB. tan 

21X00 

21300 

Lea*® 

tLA? 

054 

Silver, travaz 

5.16 

521 

Steel [scrap], tor 

12700 

12700 

Tin, lb 

IUX 

*1978 

Zinc, lb 

0J9M 

05924 


9443 +881 

9452 +DL02 

9*23 +am 
9324 +041 

9344 +041 

9116 +&M 

92.90 +042 

9244 +041 

92*2 + 041 
9221 +041 

9223 + 041 

SOO 92.16 92-13 92.16 _+043 

Eat volume: 69265. Open Int: 711.197. 
3-MONTH PIBOR (MAT! FI 
FP3 million -pis 01108 pci 
DK 9421 9*29 9*31 +041 

MOT 9388 9346 9347 U«Jl 

JOH 9349 104* 9347 —042 

Sep 93.14 93.13 93.14 —042 

Dec 9179 92.77 9278 —042 

Mar 9253 9250 9251 — gig 

Jun 9249 922* 9228 —882 

5tp 72.10 9247 9288 —042 

Eat. volume: 24*0* Open Int.: 187489. 
LONG GILT fLIFFE) 
csMOB - pts A 32pdt of raa Pd 
DK 102-15 101-26 102-11 +0-16 

Mar 101-19 101-06 m-19 +0-17 

Eli. volume: 5&4T5. Open InL: 11*30. 
GERMAN GOVERNMENT BUND (UFFE7 
DM 2SW00 - ptl of I IB pel 
DK 8926 8958 8946 +043 

MET ES45 8840 039 +884 

Est- volume: 118366. Open InL: 20240 
W-VEAR FRENCH GOV. BONDS {MATIFJ 
FPsmaoo-pHoi m«o 
DK 11078 1184* 11874 + 046 

MOT 10972 10976 10952 +046 

JWB 10948 10890 109JM +044 

Sep N.T. N.T. 10834 +046 

Est. vatume; 11*305. Open InL: 15*52* 


Industrials 

High Low Loti Settle Oft* 
GASOIL (IPQ 

UJ5. BoDon per moMc ion-lot* of 100 Ion 
DK 15075 14940 14940 14940 — 025 

JOB 15275 15140 15L25 151-25 —UTS 

Feb 15350 15275 15275 15275 Untt. 

MOT 15150 15240 15275 15275 Umft 

APT 15225 15140 15140 15140 - 025 


Aim Fund 
A®*! myoatora ^ 
Sentinel Band Fd 
Sentinel GvtSocs 
Sentinel PA T»Fr 
velcro Indus 


Per And RK Par 

IRREGULAR 

. M TT-14 1 V-71 
, _ 48 11-28 12-5 

u jrn 11-22 11-29 

S I Si 1172 11-29 

“ : 452 11-29 11-29 

_ 240 12-2 1-2 


Anthony Indus - jj% 12-1 IMS 

KffaS' 8 - : 15 83 

REVERSE STOCK SPLIT 

Dollar Time 1 for 2 reverse artlL 
water Jet Tech 1 lor 8 reverse apiil- 
STOCK SPLIT 
AJr Express mtl 3 for 2 split. 

INCREASED 

Campbell Soup O -H 

Eaulty ResM g 12 1 3 “ ^ H 

Keyst one Fin d S » im m 

issn^ | |8g~ 

smite wEf™ Q '% is-21 

INITIAL 

^ j|-| 

FrenkM Tem Muni - JM 11-21 Il-Zl 

SPECIAL 


Brand N rtIBcp - -JO ^ ' 

Asset Investors _ 43 11-28 12* ; 

REGULAR 

Q .15 ll-» 1M 

Q 71 12-2 12-5 

a 70 11-30 12-15 

Barclays Bit adr E - JO i>» «-i 

a Ai 124 1-3 

a JT5 12-1 12-15 

O 20 12-1 12-15 

0 51 T2-7 12-21 

O 35 Tl-28 12-12 1 

a JO 12-16 1-1 

Q .18 11-28 12-12 

Q .ITS 13-15 12-29 

Q .10 11-30 12-U 

Peoples Bui X- Tra i l Q 24 12-2 12-15 

a-atmual; OHmva bl e la Canadian tends; to - 1 
moalMr; Ganarlerty; s ne mt-o na gnl 


Amajre Fnd 
Amer Mutt Fd 
AroontBanlc 
Barclays Bk ADR E 
Barnett Bks Inc 
Colonial Gra 
Della NaturlGas 
ETownCnra 
Fst BncoOH 
Fsl Bk IMInab 

Kelly 5VCA&B 
Morcurv Gen 
Nordstrom Inc 
Peoples Bu ixi T rai l 


L^Orp_, wiiu a. 

Chemical Bank to Furlough 2,000 

NEW YORK (Bloomberg) — Chemical Banking Corp. plans to 
lay off about 2,000 enyloyees, or about 5 percent of its woit 
force, sources dose to the bank said. 

Analysts said the job cuts were needed to reduce expenses as 
revenue growth slows. The cuts are to be announced Dec. 1. 

Cutting 2,000 jobs would be “sort of the minimum they would 
need to do,” said Lawrence W. Cohn, an analyst at PaineWebber 
Inc. “It’s been obvious for quite some time that another round of ^ 
cuts needs to be done to reduce expenses." 

BP Pays Alaska $1.4 Billion in Tax 

ANCHORAGE, Alaska (Reuters) — The Alaskan subsidiary 
of British Petroleum Co. has pledged to pay $1.4 billion to resolve 
state tax disputes that dale from the time oil began flowing 
through the trans-Alaska pipeline. 

The settlement, coming after years of negotiations between the 
state Department of Law and BP Exploration (Alaska) Inc_ is the 
largest tax deal Alaska has ever been a party to. Governor Walter 
J. Hickel of Alaska said Thursday. 

BP, Alaska’s top oil producer, will pay $700 million to the state 
on Dec. 31, $350 milhon at the end of 1995 and another $350 
million at the end of 1996, Mr. Hickel said. 

Macy’s and Federated to Close C h ai n 

NEW YORK (Reuters) — Federated Department Stores Inc. 
and RJi Macy & Co. said Friday they would discontinue 
operations of the 13-store I. Magnin speciality chain, beginning 
with clearance sales after next week’s Thanksgiving holiday to 
liquidate the drain’s inventory. 

The companies said four of the 1. Magnin stores would be 
converted to Bullock’s or Macy’s stores. Possibilities for the other 
nine stores were still being explored. 


BANK: Hongkong & Shanghai Bank Seeks to Recapture Its Dominance Bull Privatization Announced 


Continued from R®® 9 

will take on more as the busi- 
ness expands in volume and 
new products. 

“We hope to become the 
dealing room of choice for Chi- 
na,** Mr. Gulliver said. C hina 
will take over Hong Kong in 
1997 and is expected to become 
a major Financial mark et as its 
economy grows and reforms. 

Given the group’s balance 


sheet — Hongkong & Shanghai 
Banking Corp. is one of the 
world's largest banks — a re- 
vamped HSBC Markets can ex- 
ert more financial muscle than 
many of its more innovative 
trading rivals; it can also be- 
come more aggressive in under- 
writing new business, analysts 
said. 

“They have very major re- 
sources available to them,” said 
Karen Udovenya, a banking 


analyst with Morgan Stanley in 
Hong Kong. “But you still need 
the personnel, and good ones 
are at a pr emi um in this mar- 
ket” 

Rival bankers will be watch- 
ing to see whether Mr. Gulliver, 
who previously merged Mid- 
land and HSBC's Tokyo opera- 
tions into one unit can do it 
again in Hong Kong. 

The benefits of combining 
Midland and HSBC’s treasury 


operations were trumpeted at 
the time of the takeover as one 
of the reasons why a merger 
could bring up to £300 million 
in new profits to HSBC. 

“They were always quite con- 
servative, and some would say 
arrogant in the past,” said the 
head of one European invest- 
ment bank’s Asian operations, 
describing Hong Kong’s domi- 
nant bank. 


The Associated Press 

PARIS — The government on Friday announced plans to 
sell off Groupe Bull, the state-owned computer maker. 

By Dec. 9, the government wants to ime up a majority 
investor or a group of minority shareholders to hold at least jf 
10 percent of the company’s capital, according to the Eco- 
nomics Ministry. 

AT&T is a potential bidder for Bull, sources said Thursday. 
International Business Machines Corp. and NEC Corp. bom 
hold small stakes in Bull. 

On Oct 12, the European Union approved $2 billion in 
government subsidies to Bull on condition that the company 
would be sold to private investors. 


WORLD STOCK MARKETS 


U.S. FUTURES 


Via AnodWed Pnw 


RWE 

Rlwlnmelall 

Schrrlrio 

Siemens 

Thvssen 

varta 

tfefca 

VEW 

View 

VoUcsmwen 

walla 


4*050 461 

285 287 

iooi 1000 
615 61B 
291 292 
32750 325 

53453350 
3727037*80 
4605046*5 0 
46040 455 

1015 1004 


DAX I ndex : 21 «L23 
Previous ; 789.51 


Helsinki 


Amor-Yhiymo 

Enso-Gutzolr 

HuWamokl 

K.O.P. 

Kvmmene 

Metro 

Nokia 

Polilota 

Reaoia 

Slodunann 


100 103 

39.90 39.90 
147 148 

6.10 647 
130 130 

153 152 

702 709 

69 70 

93 9250 
250 250 


NltiWit Water 
Pearson 


HEX General Index : 192879 
Preview : min 






12V* IZVi 
2IM 201* 
121* 13V* 


Stockholm 


AGA 
AseaAF 
Astra AF 
At la* Coaeo 
Electrolux B 
Ericsson 
asset te-A 


68 6850 
534 542 

200 199 

9950 9750 
393 393 

44350 439 

93 94 


Madrid 

BBV 3415 3415 

Bco Central Hbp. 2940 2915 
Banco Santander 5290 5250 


Bonesto 

CEPSA 

□raoados 

Endesa 

Ercros 

Iberdrola 

Reosol 

Tabacaiera 

Tele low co 


956 940 

3125 3140 
1935 1910 
5890 5860 
151 155 

876 880 

3885 3900 
3785 3Mi 
1695 1680 


Handelsbank BF 9*50 94 

Investor BF 1895018850 
Norsk Hydro 253 2S2 

Pharmacia A F T23 12250 
Sandvlfc B 128 129 

5CA-A 117 114 

5-EBankimAF 46 4*3J 

Skancfla F 131 130 

Skanska BF 16950 170 

SKF 8F 13350 133 

5 tor a AF 451 450 

TreHebara BF 111 113 

Volvo BF 14514350 

AtfOenvaertdan : 1937.12 
Prevtow : 192741 


Sydney 


Amcor 8.91 B44 

AHZ 371 3AS 

BHP 19 18.96 

Boral 354 350 

Bougainville 070 0.W 

Cotes Mver *06 4j» 

Coma Ico 451 5 

CHA 1740 1750 

CSR *52 *50 

Fosters Brew 1.14 1.13 

Goodman Field 1.18 1.16 

ICl Australia 10.92 1080 

Mooellon Z20 270 

MIM 255 259 

Nat Aust Bonk 1054 1056 

News Coro 5.44 558 

Nine Network NA NA 

N Broken Hill 341 ITS 

Poc Dunlop 170 163 

Pioneer Inin no 114 

Nmndv Poseidon 2.14 2.16 

OCT Resources 149 1 50 

Samos XBO 177 

TNT 258 250 

Western Mining 7A4 755 

westuac Banking *12 *16 

WOadsMe *60 *60 

m iMfttr 151 ” 2 


KS&TM 


VR 


Montreal 


Also Ltd I 

Bank Montreal 


14U 14 W. 
344k 3446 



season 

HWi 

Season 

Law 

Open 

KMl 

Law 

ESL sales 1*400 Thu's, sates 14.992 
Thu's open ini 171563 UP 2961 

1580 

1041 DSC w 

1285 

12*9 


1605 

1077 MB 95 

1322 

1330 


1612 

1071! May 95 

1354 

1154 


1600 

1225 5495 

1369 

1373 


1560 

1380 Sep 95 

1405 

1405 


1631 

1290 Dee 9S 

1428 

1428 

1428 

1676 

1350 Mar 96 

1418 

14SJ 

I4S6 

1642 

1225 May 96 
JulW 

1490 

1490 

1490 


EsL sates 55a Tiki's, soles 2576 
Thu's open kit 69576 off 60 
OKANGEJUTCE CNCTN) 

I3ZH0 89404X195 11LOI 110.40 117.10 

12445 93JOOMor95 13075 12140 120.40 

11*65 9740Mov95 124JB 17*00 12X50 

12750 10050 Jut 95 12640 12*40 12*40 

13045 10775 S«J 95 13000 13040 12940 

12940 10940 Nov 95 12750 12750 137 50 

129.00 10S50Jon96 12850 12850 12850 

moo mooMarot 

Est. soles 2.100 TIN'S, sales 6433 

TTn'saacnlnr 29406 up 2ZM 


-1 1584 
4 1 .951 
—1 9419 
—1 347* 
-3 1585 
-3 5,127 
-3 5.150 
*3 B73 

+3 11 


-LIS 1M06 
-4140 6.147 
-OJ0 1404 
— 0.95 1 436 
—LID 1475 
-1.10 1500 

—no sm 

—075 10 


Livestock 


CATTLE ICMERI ewoo bs.. ones bbt il 
7*30 6740 Dec 94 70.15 7020 49.90 

7*23 4*45 Feb 95 69.10 «JS *940 

75.H *777 AST 95 4945 7045 6940 

*940 6*20 Am 9J 65J7 65.70 6555 

6*10 6X60 Aug 95 6375 6*07 6345 

OSS 644003 95 6*75 4*92 6*60 

4*55 6SA0Dec9S *5.92 6192 6120 

EsL sales *<799 Thu's, sales *993 
Thu's open ini 77437 off 870 
WTEDCR CATTLE (CMB7) supm-m,, 
8045 71 A0 Jon 95 7*67 7*02 7*65 

B045 7045 Mar 95 7245 7100 7*40 

7*90 TO. ID An- 95 71.75 72.|j 71.90 

76JO 6740 Wav 95 7140 71 M 7145 

2-S 71J0 71 

>040 7750NovTS 

7140 4940 Sea 96 71.10 71.10 7140 

EsL soles 942 Thu's, sales 1400 
Thu'S OOteiirt 8454 up 166 
HOGS (CMEK) WBn-imnft 
5050 3240 Dec 94 3255 22.95 3253 

9040 15 ID Fee 75 sms 3585 Mm 

4840 36.10 Act 95 3640 3745 3*45 

4750 4 157 Jun 75 42.12 4240 4147 

4540 4140 All 95 42.10 4235 4140 

4X40 41,15 Aug 95 4127 4193 4155 

4*50 384000 95 39 JO 3945 3940 

4150 3940 Dec 95 41.15 <1.15 4140 

4250 4140 Feb 96 

Gsl.sdes 6494 Tiki's, soles 7410 
Thu'sauenH 37464 ue 116 
PORO BELLIES (CMERI Anota-amnn 
6045 3740F«b9S 3*70 3942 K40 

SUB 3750 MB* 95 3940 3942 37.90 

41.15 3*95 Mar 95 4040 4055 39.10 

5*00 37A5JU195 41. W 41.10 394S 

4*00 3*75 Aug 95 3900 39.05 3*60 

EsL soles *2*0 Thu's, sates *481 
Thu'saoenln 10.118 uo 40 


69J7 *042 2*171 

49.17 +0.15 3*4*9 

6942 —043 1*419 

bSJO —QJJ2 \!KK 

6X87 —040 1,701 

6*75 — 0.15 S25 

4530 —0.13 97 


7*80 + 0.13 3,765 

7247 *0.17 1504 

njo +043 6B9 

71J2 +047 42* 

7145 *045 170 

7*87 +0J5 1J74 

7140 +OI0 26 


+ tLB 1*656 
♦ 013 114*6 
-0.10 *173 
*999 
739 

— 0.17 <74 
-0A2 504 

-043 105 

—0-15 |B 


-042 0401 
— *92 1J43 
— 0.72 n 
-0*8 378 

— 048 08 


m 



*49 Dec 94 
6250 Mb 95 
6440 May 95 
*VJ0Jul« 

66400(395 
6*25 Dec 9S 
60401 Mb 96 

May 96 
1*000 Tiki's, scfcs 13*46 
imt 53*66 ott 547 
OIL (NMER- 
<440 Dec 94 
4X254X1 95 
47 95 Feb 95 
4740 Mb 95 
4345 APT 95 
4740 May 95 
4*794X195 
4745 Jul 95 
OJOAUB9S 
<X45Sep9S 
50.050(3 95 
SI JO Nov 95 
C. 45 Dec 75 
5X30 Jen 96 
5340Feb94 
5*70 Mar 96 
*640 Apr 96 

HSS 83 is f 

Mb 95 1 7 A0 17.62 i; 
IfLBAcr VS 1734 17 j* i; 

1752 17^ r, 

1 5. D Am 95 17A* i; 

*05 All 95 1752 1;5 1 

6.16AU0 7S 1750 7 jo 

I7 40&P95 1751 75* 

r 6*2 0(3 95 1752 1752 , 

IJ.JSNovM 1754 1754 11 

650Oec9S 1752 1754 13 

74SJwi*6 1750 1750 II 






d*jlJ 




















V >• 



SvC'^S , 

*fcS*S*t 

^ * « 

£?*Si >5 

*■* ■; »" •■~Scr 

■4 ; ;.- ^ 

-»j . -• Ij.; A 

■f“ '■>. C'Tj 

Cha^ 

^ f,-. ' 

?U> !r .-^ *. 

■*M , r .■< 

., '■ -i 

’ Ar, ’-h . 
■iS-Oiiv 
TV^U J n, *Ch 




* 2.000 


r-. v 

r*;., t 

- r -se Ls-“: t - ' 




ra in Tax 

• i ' ~ ' 'r „ 


u>e Ch 


ami 


U* t&o 


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


Astronomical cost 

has kept the future of 
personal communications 

up in the air. 


Weve just 
brought it 
down 
to Earth. 


& 


Today’s market is clamoring for 
truly portable, global personal com- 
munications. But the costs of such a 
system - costs that will ultimately 
come out of the consumer’s pocket - 
have remained dauntingly high. Until 
today. Because today we launch the 
Odyssey™ system, a constellation of 
medium-earth orbit (MEO) satellites. 
In a world in which most people lack 
access to even basic telephone service, 
this satellite-based mobile communica- 
tion system will provide convenient, 
effective, consistent communications 
to subscribers around the globe. And it 
will do so at a price that compares 
favorably with cellular service. 





MEO virtually eliminates the voice delay of geostationary 
[BED] satellites and minimizes the shadowing effect of 
buildings and other obstacles that interrupts taw-earth 
orbit [LEO] and calfular systems. 





Directed antenna coverage concentrates service on land 
masses worldwide. Dual-satellite coverage provides even 
greater assurance of reliable communications. 


FROM URBAN CENTERS TO 
THE MOST REMOTE CORNERS 
OF THE GLOBE 

The Odyssey handset, essentially a 
palm-sized earth station, will operate 
in both cellular and satellite modes. 
Where terrestrial service exists, the 
Odyssey system will augment it, regard- 
less of regional or carrier compatibility. 
Where it is absent or interrupted, 
your handset will link you directly 
- and transparently - to an Odyssey 
satellite. 


JOINT VENTURE OF TRW AND TELEGLOBE 

For more than three decades, TRW Inc. has stood at the forefront of space communi- 
cations, enjoying a worldwide reputation built on innovation, reliability and techni- 
cal excellence. Teleglobe Inc., through its subsidiaries, operates one of the world's most 
extensive digital telecommunication networks and is a quickly emerging leader in the 
global mobile arena. 

Together, TRW and Teleglobe create the driving force behind Odyssey. 


and components derived from proven 
TRW technology. Initial start-up costs 
will be 60 percent lower than for the 
two other major systems in a recent 
study.* And Odyssey’s constellation 
price will be fixed. Estimating over a 
10-year period, replacement satellites 
for the other systems evaluated will 
give Odyssey an even more dramatic 
cost advantage. Just as importantly, 
subscriber projections indicate that 
Odyssey will offer the best value for 
the end-user. 

Today, TRW and Teleglobe forge 
a new alliance to launch Odyssey. 
For more information, please contact: 

North America & South America 

(New York) Tel: 212 903 4267 
Europe (London) Tel: 081 247 0123 
Asia (Hong Kong) Tel.: 852 845 1008 


THE BEST VALUE FOR THE USER 

Simpler technology and faster 
start-up are scheduled to bring Odyssey 
into global service in 1999, before any 
other system. Superior service and 
minimal user cost will attract sub- 
scribers worldwide. 

RELATIVE COST OF SATELLITE SYSTEMS 


10-YEAR COST 


Licensing authority for the Odyssey 
system is expected in early 1995. Unlike 
other systems, it will use frequencies 
already allocated for this type of service 


Page II 




_ , . . Sawwe Communca**® Systems 

••AFte^iaDonofSeto^Mn^w^ TJw 

— ^ raptor. Mum and OoyssCT 
Tjapsn. Gtotw . -nyy me. Ttrtcgfcbe Inc . 

-imVandC ) Cti BSB l ,areV*ien**sd. 


the adventure is just beginning 


: si 


ODYSSEY 







l 

















































































6* jjS& 


INTERNATIONAL 


TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 19 



Compiled by Our Staff From DLspmcha 

' — Metallge- 

sellschaf t AG, the Ger man met- 
^ mming company that 
almost wait bankrupt in Janu- 
aiy, said Fnday that it expected 
“P 051 ^op^ating profit oi 
w^ovexlOOmaiian fi^tsche 
maiks (565 million) in the fi- 
nanaal year that will end on 
Sept. 30, 1995. 

Tbe company said that as of 
the year ended Sept 30, 1994, it 
had freed its balance sheet of all 
foreseeable risks from its U S 

* which ran up 

bjlEons of dollars in losses on 
oil deals. MG had burdened the 
bafcnce sheet with 2.9 billion 
DM of losses. 

Metallgesdlschaft reported a 
prehmmaiy net loss for that 


esellschaft Sees Turnaround 


year of 2.7 billion DM, 37 per- 
crat more than in the previous 
year and well above its forecast. 

nio„ t?. mpany re peaied that it 
planned to propose a new set of 

CaDlLal itiMninr 


«piml measures to ta ££ 
****** 

^aiyst with 

S5f?? r , SecunUes “ London, 
said the loss of 2.7 billion DM 
was horrendous.” 

"One really has to wonder if 
vxKj any equity left," he said, 
^ney cleariy only exist because 
or bank support." 

The fact that capital mea- 
sures axe still necessary is going 
to be kind of upsetting for the 
market on Monday/’ said Lynn 
Reinhardt, analyst at Barclays 
de Zoete Wedd Deutschland. 


Metallgesdlschaft said the 
funds needed to put its balance 
sheet in order had mostly been 
raised through a series of di- 
vestments carried out this year. 

In a statement released after 
a supervisory board meeting, 
the company said the board had 
made clear to the supervisors 
that it was now seeing a rela- 
tively positive development 
only a matter of months after it 
had run into crisis. 

“Without MG Corp., the op- 
erating loss would have been 
365 million marks at September 
30, 1993, and 69 million marks 
a year later,” Metallgesdlschaft 
said. 

“Since June 1994 we have 
been seeing positive results," it 
said. “That means that all the 


goals which the board set for 
itself in the previous year have 
been reached.” 

The company said that its 
bank debt had been sharply re- 
duced to 3.1 billion DM at die 
end of September from 7.4 bil- 
lion DM at the end of last year. 
It said that on Sept. 30 it had 
liquid assets of around 3.1 bil- 
lion DM. 

The company has undergone 
a rapid restructuring in recent 
months, divesting assets, cut- 
ting jobs and lowering its costs. 
Its two former top managers, 
summarily dismissed in Decem- 
ber, are currently under investi- 
gation for possible breach of 
shareholder law. 

(Reuters, Bloomberg, 
Knight-Ridder, AFX) 


LVMH Trims 

Guinness Stake 


Surging Orders Give ABB a Boost 


Agence France- Prase 

PARIS — The LVMH 

luXUiy products company 

has sold 4 percent of Guin- 
ness PLC, in which it held a 
24-percent share, for £334.8 
i million (SS27 million). 

The sale put into effect 
an accord between LVMH 
Most Hennessy Louis Vuit- 
ton SA ana Guinness 
aimed at unwinding ties be- 
tween the two. 

LVMH said it sold the 
shares Friday for 457 pence 
a share. It bought the 
shares in 1989 at 390 pence. 


Agence France-Presse 

a — The Swiss-Swedisb group ABB 

Asea Brown Boveri Ltd. announced Friday that 
its profit after financial expenses but before 
taxes and exceptional costs jumped 21 percent 
e * first nine months, to S874 million 
from $722 million in the year-ago period. 

It also said that orders for the period rose 1 1 
percent, to $22.58 billion, while the order back- 
log at the end of September had risen 16.8 
percent, to $33.3 billion. 


The company's nine-month net profit weighed 
m at $444 million, up from only $187 milli on for 
the comparable period last year. The increase was 
largely due to exceptional expenses of $161 mil- 
lion incurred in the first nine months of 1993. 

ABB’s net result for last year was only $68 
million because the group had to set aside provi- 


sions of almost $600 million to finance substan- 
tial internal restructuring in Western Europe and 
North America. 

Operating profit for the first nine months this 
year after depreciation was calculated was $1.65 
billion, up 16 percent from last year. 

The company said that demand for its stan- 
dard industrial products “rose constantly” over 
the first nine months. 

■ SCA Raises Outlook After Profit Surges 

Svenska Cdlulosa Aktiebolaget AB, a Swedish 
forestry company, said its nine-month pretax 
profit after financial items jumped 102 percent, 
to 1.59 billion kronor ($216.45 million), Bloom- 
berg Business News reported from Stockholm. 


The company said it had lifted its full-year 
netax profit forecast to a range between 11 
nUion kronor and 23 billion kronor. 


POLLU TION: Trade in the Right to Pollute Could Spawn Global Deals 


Continued from Page 9 

luting hydropower to meet the 
needs of its customers. 

The utilities signed a Climate 
Challenge Accord in April 
1994, a voluntary agreement 
proposed by the White House 
to do their part in meeting 
America’s international treaty 
commitment to keep emissions 
of greenhouse gases under the 
levels producea in 1990. 

William E. Davis, chief exec- 
utive of Niagara Mohawk, said 
the company boped to demon- 
strate that its method offered a 
better approach than “com- 
mand ana control regulations 
by Congress." 

^Niagara Mohawk said it ex- 
pected no difficulties in hitting 
its greenhouse gas target. But 
Arizona Public Service does: 


“Demand for power in our ser- 
vice area is growing at double 
the national rate,” said O. Mark 
DeMichele, the chief executive 
of Arizona Public Service, and 


‘‘power consumption is already 
three years ahead of proiec- 


three years ahead of projec- 
tions." 

The Arizona utility thus 
needed help, which was forth- 
coming from Niagara Mohawk 
Under a deal brokered by the 
Environmental Defense Fund, 
the New York utility agreed to 
absorb 1.75 million tons of Ari- 
zona Public Services’ obligation 
to reduce carbon dioxide emis- 
sions in return for 25,000 tons 
of sulfur dioxide allowances. 


Since Niagara Mohawk has 
no foreseeable need for the sul- 
fur allowances, the utility plans 
to donate the allowances to a 


nonprofit group, as yet un- 
named, which will retire them 
permanently. 

Niagara Mohawk still bene- 
fits because it will be able to 
claim a corporate income tax 
deduction of about $150 a ton. 

Utilities have been exchang- 
ing sulfur dioxide allowances 
for cash for some time, both in 
private agreements and through 
a commodities exchange main- 
tained by the Chicago Board of 
Trade. 

The Climate Challenge Ac- 
cord deliberately offered utili- 
ties maximum leeway in meet- 
ing emissi ons reduction targets 
— anything from insulating 
bouses to subsidizing electric 
cars. 

The deal between Arizona 
Public Service and Niagara Mo- 
hawk shows that American util- 


ities may be able to fulfill their 
obligations even more cheaply 
by finding foreign sources of 
pollution that they agree to 
dean up. 

The Department of Energy, 
which has been not-so-quietly 


urging such experiments, plans 
to help by amassing a data base 


to help by amassing a data base 
to be used for arranging inter- 
national trades and verifying 
compliance. 

The deal does have a few 
weak spots. This is not a free 
lunch for everyone: Some of the 
money to finance the experi- 
ment is coming from taxpayers 
in the form of deductions for 
the sulfur emissions. More is 
coming from consumers and 
stockholders, since the utilities 
could choose instead to sell 
their extra sulfur allowances for 
a profit. 



Friday’* dosing 

Tables include the nationwide prices up to 
the dosing on WaB Street and do not reflect 
late trades elsewhere. Via The Associated Press 


« 13 t| 
.n » il 

“2 § h 


- 5 


I? M 




EU Telecoms Pact 
To Bring Firms 
Major Savings 


Investor’s Europe 


Conyiilcd by Our Staff From Dispatches 

BRUSSELS — The Euro- 
pean Union's decision to 
abolish all telecommunica- 
tions monopolies in 1998 is 
the signal that the industry 
has been waiting for and 
could unleash a flood of new 
investment in the sector, an- 
alysts said Friday. 

The accord late Thursday 
came after a meeting of tele- 
communications ministers 
from the 12 EU nations. 

The drive to liberalize tele- 
communications mark cis has 

been fueled by a business 


lobby hoping to reduce the 
industry’s dependence on 


industry's dependence on 
high-cost monopolies. 

The deal will result in 
“dramatic savings” for busi- 
nesses, said Keith M alien son 
of Yankee Group Europe, a 
consulting firm. 

But the ministers remained 
divided over how soon exist- 
ing telecommunications net- 
works owned by companies 
such as railroads or cable-TV 
networks could begin com- 
peting with state-owned tele- 
phone networks. 

The Union's executive 
body, the European Commis- 
sion, said such alternative 
networks should be allowed 
to cany phone services from 
next year. The commission 
warned it may use its monop- 
oly-breaking powers to force 
that market open. 

Karel van Miert, the EU 
competition commissioner, 
said he had refused to sign a 
declaration that would have 
prevented him from using 
the c ommissi on’s antitrust 
powers. 

The decision to abolish 
telecommunications mo- 
nopolies in 1998 should 
bode well for the planned 
strategic alliance of Deut- 
sche Telekom, France Tele- 
com and Sprint Corp., Wolf- 
gang BOtsch, the German 
posts and telecommunica- 
tions minister, said. 

Deutsche Telekom and 


France Telecom want to 
take a 20 percent stake in 
Sprint, the third-largest 
long-distance carrier in the 
United States, for more than 
$4 billion. The alliance must 
be approved by the U.S. 
Federal Communications 
Commission. 

Chris McFadden, an ana- 
lyst with Merrill Lynch in 
London, said, “The FCC has 
been waiting for this deci- 
sion.” 

“It will have interesting 
consequences for the likes of 
AT&T and Sprint,” he add- 
ed. “It's also good news for 
the BT-MCI alliance and will 
provide bigger opportunities 
for German companies like 
Veba and Mannesmann." 

The deal grants Spain, Por- 
tugal, Greece and Ireland an 
option to delay opening their 
markets until 2003. 

In Britain, which liberal- 
ized its markets 10 years ago. 
competition is already 
fierce. Energis Communica- 
tions Ltd., which is owned 
by the national power com- 
pany. promises businesses 
savings of as much as 40 
percent for services carried 
on its network of fiber-optic 
cable laid across the nation- 
al power grid. 

Veba, the German energy 
group that plans to spend 6 
billion Deutsche marks ($4 
billion) in the next few years 
on telecommunications, has 
a deal with Deutsche Bahn 
AG, a railroad company, to 
set up a national phone net- 
work to compete with state- 
owned Deutsche Telekom. 

The most direct benefits 
will be felt by operators of 
cellular phone networks, 
corporate networks and data 
networks, because they wQl 
be able to lay their own ca- 
ble to connect with the net- 
work of local operators rath- 
er than lease lines. 


Frankfurt 

London 


pans 

DAX 

FTS6 100 Index 

CAC40 

2300 

3300 


2200 

2200 *. ft 

380 p 

JL. 

2100 

■vv 

3100 A 

W 

2000J1 f 

3000 A J 

V 

w 

2000 IT 

2900 V 


1900 W 

1900 J J A SON 

JA 

SON 

IfflOj j 

1894 

1894 


199< 

Exchange Index 


Friday 

Prev. 


Dose 

Close 

Amsterdam AEX 


40945 

411.29 


Frankfurt DAX 


2,100.23 2,102.69 -0.12 


Helsinki 


London 


London 


1.926.79 


Financial Tunas 30 2^07.00 


Paris 


Stockholm 


Vienna 


Zurich 


FTSE 100 


General Index 


MIBTEL 


CAC40 


Affaersvaerlden 


Stock index 


SBS 


3,131 JX) 


300.85 


1,945.02 4183 


2,406.60 +0.02 


3,127.50 +0.11 


-0.65 


1,922-77 


1,937.12 


419.54 


923.58 


Sources: Reuters. AFP 


1.927.53 -0.25 


1,927.01 +0.52 


419.81 -0.06 


921.42 +0.23 


ImitiuiiiiiijI Hctalt! Tiihuw 


Very briefly 


• Hapag-LJoyd AG said it would order 16 Boeing 737-800s for 1 
billion Deutsche marks ($644 million). 

■ Ferruzzi Finanziaria SpA and its main operating subsidiary, the 
chemical company Montedison SpA expect about break-even 
results this year as debt reduction continues. Montedison's direc- 
tor-general said. 

■ Boelwerf Vlaanderen NV, Belgium's last major shipyard, said it 
would file for bankruptcy after regional authorities and Royal 
Begemann Group NV failed to agree on a rescue deal. 

• Grupo Financiero Banamex-Acdval SA of Mexico and Aegon 
NV of the Netherlands plan to provide insurance in Mexico. 

• Glaxo Hohfings PLGs chairman said sales were slowing in the 
first four months of the company’s financial year and the compa- 
ny was considering offering stock buybacks or special dividends. 

AFX. Bloomberg. Knight-Ridder. AP. Reuters 


Olympic Air Gets Last Bailout 


( Reuters, AP) 


Reuters 

ATHENS — Greece's ailin g 
state carrier Olympic Airways 
must radically restructure or 
close down. Transport Minister 
Thanasis Tsouras said Friday, 
outlining a Soc ialis t govern- 
ment bill for the company’s sur- 
vival. 

The bill, which was submit- 
ted to Parliament on Friday 
and expected to be voted on this 
month, calls on the company's 
9,900 employees to accept wage 


freezes, early retirement and 
benefit cuts. 

It outlines a four-year surviv- 
al plan that was approved by 
the European Commission in 
July that allows the state to as- 
sume Olympic’s $2 billion debt 
but puts an end to state funding 
in the future. It also guarantees 
company loans of up to $378 
million to buy new planes. 

“This is the last money 
Greeks will pay for Olympic,” 
Mr. Tsouras said. 




Donf miss the upcoming 
Sponsoring Section on 


Lebanon 


in the November 22hd 
issue of the newspaper. 


International 

Classified 

Marketplace 


Monday 

International Conferences and Seminars 
Tuesday 

Education Directory 
Wednesday 

Business Message Center 
Thursday 

International Recruitment 
Friday 

Real Estate Marketplace, Holidays and Travel 
Saturday 

Arts arid Antiques 


Plus over 300 headings In International Classified 
Monday through Saturday 

For further information, contact Philip Oma in Paris: 
Tel: (33- 1) 46 3794 74- Fax: (33- 1) 46 37 52 12 


INTERNATIONAL | 



FUTURES LIMITED 

* 24 Hour margin based foreign exchange dealing 

* Fast competitive rates with a personalised service 

* Catering only to professional investors. Fund managers 
and institutions, for their speculative & hedging needs 

* Up to date market information and technical analysis 

* Full futures brokerage in all major markets 

33 Cavendish Square London W1 
Reuters Dealing: SABX. Reuters Monitor SABY/Z i+ Daily faxl 
TeL: (071)412 0001 Fax: (071)412 0003 
Please call for further information. 


Catch The Big Moves 


DID YOU SELL DEC DAX AT 2142? 

DID YOU SELL DEC S+P 500 AT 472. 55? 

DID YOU BUY COFFEE IN MARCH? OUR CLIENTS DID 
Corrmrirae, ttia computerised trading system is now available by tax and covers over 75 
conwmdffiesffinanctal tutureeflndkaes wifi specific ‘Buy’ . ‘SeT or ■NeutraT recommendations 
Request your 5-day free trial by sanding a fax 
to Carol on 0624 662272 Ini +44624 662272 



ECU Futures PLC 
29 Chesham Place 
Belgravia 

London SW1X8HL 
TeL: +71 245 0088 
Fax: +71 235 6599. 

Member SFA. 


FUTURES & OPTIONS BROKERS 


$32 rr 

EXECUTION ONLY 


USD/DEM 3-5 pips DEM/JPY 2-3 pips 


Competitive FX spreads with no further costs 
Experience - Security - Analysis - Strategies 
Trading facilities based on margin or company balance sheet 
Direct Dealing 24 Hours - London - Berlin - Copenhagen 
RUBICON +49 30 Tel.: 885 9330 / Fax: 882 4266 


Rncenbal Coil I HI Griwp 

Keystone 

■ iiadiii bniilu 


■ Indus b)»ulu 
Wtitncr Macvski. Mngcr 
1!B& BhaUdrltsa ChapiB>falOa 
Hester hM 


Everyday Offer To Professional Traders 

USCofflfliodtyExctengts 

800-967-4879 $9475 


312 - 207-0117 


tv « Cuwai f. Aton 
Rama N*i 


© Signal Realtime! USA© 


O Stock St Futures Quotes that CONNECT to 100+ applications O 
O Now m Europe O 65,000 QUOTES from just S3 day! O 
O Call NOW for YOUR free Signal Investment Software Guide & price list 6 
® Call London 44 + (0)171 231 3556® 



Currency Management Corporation Plc 1 

11 Old Jewry - London EC2R 8DU 1 

TeL: 071-865 0800 Fax: 071-972 0970 1 

1 

I Co 

1 — Call 

MARGIN FOREIGN EXCHANGE | 



CURRENCY & FUTURES TRADERS 

„ _000:of|eaiebrU5S18 

TmarnMUL^foaolcft no fa scwawihNINnGAL trades: 2monia 


Sutnadia lor 2 mond« fcr US$ 2,500; w 6 months ferlSS 6J0Q; or 1 y*n(or SI 2#X 
NOIL EACH HAS MLM0MY-UO( 0 UMANTS,Wbm ^ 

HVW® ACCOUNTS |n™i«»USS3i.0Clt4 ask (iwl CUSTOM PBOOBAHSlwTOlfltlmwfc 
S, Cafl 3Q5-251-6762 or 800-392-2664 ■ Fcec305*254-3272 
^ LIMITS) aVaILABUTY. ACT NOW1I ~ 



CapddJhmjffamManagemmt 

$32,691.77 

NOT REALIZED PROFITS 
7BR Siayxo UNDER MANAGEMENT 
Juts 27, 1994 thbough October 21, 1994 



B 

MEMBER SFA 


Margined Foreign 
Exchange Trading 

Fast, Competitive Quotes 24 Hours 
Tel.: + 44 71 815 0400 
Fax: + 44 71 329 3919 


For further details 
on bow to place your listing contact 
WILL NICHOLSON in London 
Tel: (44) 71 836 48 02 
Fax: (44) 712402254 


Hcralb“SEribunc 


sf 


1 


n 



































ju' 


Page 14 


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


NASDAQ 


„ Friday** 4 p.m. 

mis Dst compiled by the AP, consists at the 1 ,000 
most traded securities in toms of dollar value, tt is 
updated twice a year. 


1 2 Month 

HbtiLo* Stock 

a'AMHBogChs 
1BV4 ntBosrrc 

MV 7Vj BoxEn B 

19V TVBritev 


D>v Trio re iota noti Lowuwacnmo 

_ 57 4275 17% 16H 17V« *-VU 


ltmnn 
HWt low Stock 


17% 16H17Yu th 
IM \Vm IBM -VS 
8% MS B% _ 


13% 3V,Emy*$y» 


z*£mw*2 =tt 

— — 308 MM IMS Mh -% 
_ _ 338 32V 31 Vi 32% „ 


sirgEsss 

23 MVErwcyCp 
30V. IfttEquioS 

is&SNiitffir 

levuvEmstHm 

ff^sas? 


PE 1803 Hdtl Low Latest O/M 
- 1J5 !15* W T1TA *h 


12 Month 
High Low Stack 


II Month 

HbhLow stock 


Ob YM PE IDOs Hon LowLdestdi'ge 


iCour _ li 291 12% 

Fom _ .» ffi llh 

JOBS 2t IS 17 3675 7% 
Mots - 13 179S 10 


_«6 13*4 ISM 13*S — M 


IB 291 12% 11*6 12V, *■! 

« «s lih ii inw-4 

17 34/4 9V 9Vi 9M ♦ 1 
13 179S 10 ns 9h 
_ 1194 ins IB 18% -1 


x^S ift IS 

_ 2893 4 3* 


- 2893 4 TV- 3h 4Vu 

'WM jgflSVL- 1- 

41 202 19V. IBM 19 — V„ 

12 345 17h 2TH2FV. — Vu 

as m-.jp* Et 8 


54 20 KLA .. 

3?* 23 ,6 KeftSl J1 23 ii 14 

23V613 KWTtOf - 18 1 

SftavISivfiT 1 *’ 134 il 13 1 

MVkllVKndrLr _ IS 5 

RiPessss = ts I 

gS’Riaajo = z 68 


18 12 11 M 12 _ 

;ltt !?A 17% 17V — h 


23% UV Boars 
25V M%Exkte£l 


t7 19B7 23V 
_ 218 21*4 


»v YM PE 1W W LBwUM<ye 

; ” 118 s m T‘h^ 

” ; “'I life 
“ = "HXS3 




12Mon8l _ . 
Hiatt LOW go* 


riLSKfa 

5* — 31 Ala: Tel 
21V 14%ADFler 


_ la as m i3M iav -% 

- 29 462 U 23V. 22V 22V + '/. 

„ 9 1548 ISV d 14% 14M —Vi 

.120 3 _ 203 17 14 14 — H 

_ _ 190 B 744 8 — Vi 

_ •’8 1421 38 37 '4, 3714 — M 

_ 34 1312 48 44V, 44V — h 

— — 145 18V 17V IBM — M 


54V13MCJ 
34% 12% DC 


Ui U fo 
_ SB 


1 213 V 814 814 —IS 

2K3 38 Vi 37U 38 Vi 
106 S3VS 32V SV4 -12 


_ 218 21V 31 VS TIM * VS 
IS 16 14M 15V ISM -V 
21 X 22 JIM 21V —V 


S %25%CadDyS 
M ivtGaere 

Star, 


324 23 271 

2219 17M 16 

rn 7 tv. r 


9 % iov 

MW *%s 
29 XVu +Vh 


aWEWFHPpfA 

sii.rasjs. 


JflB 

§J& 
« ,d i? s 


UV 11V. *'4 

SS£i::5 

38JS*r* 

gv^jze 


251.12V 
XH M 
5M 2 


46V Z7V LamRSCh 
39V4 29MLOnC*tri 


J7V lOVAESChn „ ..2234 11M I0V4 IT * 'A 

&.1MA§Crj 481 33 18 557 19M 19V 19V _ 

33V. IrMAK Start _ .. 2076 29 28V 28V _ 


34 V JOVCWineA 
92% 99VfcCQnonJ 

21 ISvEareerl-ii 

22 V 10*6 CarsPlr 
40 V 21 CoseCom 
I4V1OVCSS0VSS 
25 BVeraAms 

?7V 4VcS)5«fc 
22 7VCofl1eEn 


31V 14V APS Hid 
33 1 OH AST 

29M14 MAllbqyH 
4MAbtoTel 
»ft 1 MAcasHtr 
» IThAockUm 
27V 14 AemaMet 
14H 7V4ACM 
24 V IShAdVofc 
30 IBM Acx lorn 
24V M AdopfCS 
ay, io ASohh 
37 M 21 AdaSv 


_ 11 I4S 2flV 28 38 —W 

- a M'* IS 14 lTM1219a -Va 
_ S 1543 22V, 21M 22M-1 
_ 14 288 7W„ SH 7 ‘»- 
_ ^ 211 19V 19 19V *V« 

_ IB 4221 14V 14 I4M -V 

_ 7 41 IMS 16'4 1*V -V 

_ 27 55 8V 8*4 IV - 
_ 23 453 23 M 21 h 22'- — V 

„ 32 IDS 27V, »h 24h —V 

.. 18 3373 23M J2V 23 

.. _ 84 I2V4 11M 1IM —V* 

J 14 25 35V 35 V. 35V —V 


24 1261 27H 29 25“/|4 + Vi| 

53 202 19V 1BV 19 — M 

45 814 33V 33V 33V —VS 


„ 45 114 33V 33V 33V —VS 

-31 0 3 68 22 89 BBSS S _ 

-34 1-7 16 609 21 20V 20V —VS 

; ?? 2 ?S JT 

m 3 i? 2 ^ R W*?**.' 1 * 

» 7 395 99% 9V 9M - 

18 448 20V IBM 19V — V 
_ 12 3274 SM 5 SVS —56. 


55 45 F»hT 
MM 4MH«tfaA 
SUmFHW 


29V 14VFMN41 
11V ShFUBsrm _ 

22V5 SVFltAlartS 
3S 27M FTATh 1-DO 17 

30 5J 

17>A 13V FtFnCp 3! 17 


_ 151 23V 2BV 28V _ 

14 1099 51V 5DM 50V— 1 
_ 1535 7V &V 7V -M 
21 487 2* 25VV 25h -M 
_ 1103 4M 5H 4V% - 

_ 1914 IBM 18 18 — M 


5v 14V Lance, 
35V 16 L-QmXQoh 
30*4 17V Landry* 
34 14V LondStr 

18*6 SMLMrmTc 
20 M 12VlS5co 
31 ZlVLavnn 

29*S 14H LeodrFn 
25V5 llVLmoCO 


38M 19 Adobesv X A 27 4273 3SV 34*% 34M - 


34M 20*%Adtnm 
35 lDMAdvHN 
]7M 12M AdvTLb 
11 M 4VA<fvTlsS 


_ _ 99 35V 34 V 35*4 -V, 

_ 24 315 31V 29M 30W —V 
_ _ 2214 17V I6V 17 M — M 
_ „ 1803 9 M 8V BV — M 


■ 25M Advanta J> 1A 11 588 26V 25V 26 —Vi 

,34MAdwamB -32 1 J 10 1744 25V 24V 24V - 

» 17 AflcSoS _ _ 34 21*4 21 V 21V *> 


22 7VCasfle£n . ! 71 14M 14 14M — V 

19V B CdlhSIr _ 10 47 BM 8 8M *¥t 

04 SMCatoCp .18 IT 12 4124 iKdt 8V — V 
21 12 Cetatan _ 29 22 18M 18V 1BV —V 

34V IJMSgJtkd _ 10 380 16V 1JV 1* —V 

36M 14V,®IFV0 _ _ 420 I5V 15 1» tM 

20V 9HCeft5hT _ 21 813 18h 18V 189% _ 

SSV40VCeiCmA _ _ 35 54 V, 53 M 53U> -4k 

48V llMCeti Inti 1 _ _ 124 43V 43 24% _ 

37V, 18V CalCmPR _ _ 122 7TA 36M 37 —V 

24V 8'ACMlrTc a _ 134 *48 15 14 V 14*4 +V, 

24Vi 14 CSntCet „ _ 1718 17K 14V 17V, -V* 

IB WiCenhUk _ 24 B09 10M 10 10 V +M 

43 10 Centgrm —114 2634 2DM 19V 20M -M 


8 627 23V 23V, 32Vx —V 


RilhfiSSS 

43V45MAIaa 
219% 9<4Alantec 
JB*4 lsMAbcnk 
19 V 10V AldUa 5 
2BV4 22 AltuiBId 
2SM 9MAHOSR 
17V BVAHanPh 
32V 7V,AlnSeml 


AgnlcoB -lOe S 


.100 3 „ 854 11V UM llh— Vu 
- _ 2016 13 10V 12 *V 

J 4 3 fS 348 MV 28 H 7SV« — Vu 


-24 X 16 466 Ml** 7HH «»U — »U 

1 JO# 32 _ 205 57 54 M 58V — V 

_ _ 1147 21 20 20W _ 

M 1.9 11 2487 21V 2H% 21V, — V 

_ 18 5400 12M llhUVu - 
88 34 14 833 23M 23 23 -V 

_ 34 *56 24V, 24 24 _ 

_ 521 TV 7*4 7*% — VS 

_ 34 1120 31V 30V 30V— 1 
M 2A 6 330 Z7 25Vr 25W — I 

_ _ 9B9 11 BV. 10 4-1 


31 Yk IBVAItflex _ _ 19? 30 29V, 30 +Vu 

21VV 10M AJtron _ 15 M 21 HI'/. 70V _ 

92 47V AmerOn Ate * 97 t8S3 74M 72V 73V - 

28*. 19 ABnkr 72 3A 7 734 TOM 20 20 — V 

17V lY.AmOJdo - _ 224 18V 18V. IBM > V 

19M MMAaSVw .16 3 1700 IfiO 1 Vh 17 17 —<A 

3S'MiaV,AXUMM 34 1A 22 579 17V 14V, 14V —V 

29V l2HAmEaoi0 ._ 31 403 24V 23V 24V +M 

24 H 15V; AmF rant 27 1 07 2114 11 21 —'A 


28*. 19 ABnkr 
17V 9V.AmBMa 
19M 14VAO Svoy 


S5V40VCo*CmA 
BSVlIVCMIlntlS 
37V,18VCalCmPR 
24V 8’ACaUrTc s 
24V. 14 CfentCd 
IB WiCentrttk 
43 10 Centgrm 

18V BhCWtlpeor 
34W26 CFkfflK 
19M 7’*CeohM 
49MSMCemer 
36V lfl'ACervocar 
MM 4VQirmSh 
24 17VChlOnFs 
15 SVCheckm 
24 V 13VChescki 
29V WQRSEna 
IBM 4MC>lk3KS 

«7M J k8»C S 

94 50V Qi Iron 

21M BVSimmds 
32 M 15 COCa 
58W4S Qrn, Ftf, 

40V 18V ovens 


4M 

% MPMm 
■ SVPoamex 
I 5’AFajoB 

' 2o'*For : eSy5 

"4 ^n 

SMFramTe 


10 BB 22H 22 22V -*6 

- 4H 19 18V 18V — *4 

B 301 14V MVS MV - 

t^5M sS— "S 


19 10V 
34V 19 
32 V 16M 

20 7 

!PR 


,A 19 2^ «'* gV | 
Z 42 OT MM 23 23 


W> S M IK OV - 

3 £!]v£S?tfS? 1 J ?tv fk 

*1*? 

1£S pSJ? - 68 65M 82V 63M —V 

34V nvPerrtwj — itv ib*S +v 


RibBE 

ftii 

i|S 

*15 


ry, vu PE UQB Htoh LwdJattttOfge 
r .L. ■ — a 49M 89M 8fh " 


J M *8 » ^ 

5 “ ^ 5ft SSP^k; 

= = 91113 


.,1V" 


Eli i m-i* 


_ 3488 6<A d5M 5Vi — 'V» 

M 1093 14*4 MV MV, —'A 
10 3884 25M 24 M 24V —V 
9 1565 43M 42 'A 42V— 1M 


33 16 172 15 
A 29 2064 « 


- 24 1382 22 21M 21V— Vu 

: if & w J r = 


xv umnne 

ll>4 a LoJortc 

fflssrtw 




2SM lOMACnOoid 


40V 18VQ5COS 
23V IShOfi^CHtr 


29V !2MAmEaql0 
249k ISM AmFraht 


IBWUVAMSS 


DM MWAPwrOw 


_ 10 B97 6V 6M 64, — Vu 

_ 20 77 179% 17VJ 17V ♦ Vu 

„ 14 293 7 6M 7 *h 

_ _ 37 14 13'A 13V * V 

.. 24 4166 17V 17 17 — Vu 


llMAPubSsh .03 e 2 _ 1131 12M 11V 12 


aviSMASavPL 
9M 24M AmSuk 
I lOVATravel 
6Y4 19MAmted 


S V 8*A ArtiidtCp 
VTlVAnctiBcd 
17V, lOMAnchGm 
S3 799, Andrew s 
21V 13MAnckxK 
38M ISMAntec 
12V 2VApertu& 
1*V 1318 Apogee 
479. 24V ApcteC 
18 V 129% AplSou 5 

76V lavApdDgtt 
33 15 Apdlnov l 

54V, 30 ApMMod 


- 7 165 16M 16 16 _ 

_ , 24 35 33V 35 41V. 

_ ft 51 17 'A 1CV 169% _ 

24 1J I? 1403 22 2DM 20V —V 

_ 2023438 57V 55V 56V — Vu 
A8 A 9 646 10 M 9V 9V — M 
_ B 109 14 13V T3*% —4% 

. II no 18V. IBM IBM _ 

- 30 >331 SIM 50 50V —V 

- 12 141 14V 14M IBM ._ 

_ _ 1215 26 25V, 25V —V 

_ _ 2324 10'/. 9'A 9M— kba 

_ _ 61 15 MM 15 *M 

M 1 A 15x13049 40V 39V 40 _ 

A2 .1 36 146 16V 16<A 16M — M 

A4 3 29 139 17 16V 16V _ 

_ „ 2058 11 TV 10V *h 
_ _ 532 25 'A 74V 24V —V 

_ 32 28 23V 33 23M _ 

24 9336 51V 50V S1V+1 


28 B'ACBniccm 
42 2B'ACstHlttl 
41 V 12 V Co bras 

24*4 16 SjjexiP J1 
22V 2'Atrrovior M 
p 5*4 M 

2SV 4 V. Comes, s A9 
24M 4VCmcsps A» 

29 rscornmnet 
23*4 4VCmcBNJ AS 
33V 27MCmcBMO M 
23 SMCiTtceGo AO 
27M /VCmcPdf _ 


1.12 Al 10 1169 2BW. 27M 27M — V? 
_ _ 3346 9V 8V 9M-1V 
^ 35 637 42 4&V 41h — V 

.43 e 1 J 29 636 26 25 V 25*% — V 

-09 1A 11 6865 6V% d 6V» 64% — V 

M 33 7 iSt 18V 18 IBM 9*4 

_ 23 4397 3Hu 3M 3VS —V. 

„ 26 1073 17V* 16JA 16V — h 

_ 26 2102 29 'A 2BM 79M -M 

„ ID 377 7V% 6h 7M - 

_ 47 2542 43V 42 43 +'4 

_ 32 4648 6V 6M 6V -Vi, 
_ 9517906 78V 75V7BV%*2V 
-471 2.9 80 1424 16 1$ M -M 

_ — 1489 30'* 29 3D -V 

1A8 2A 13 2D? 48V 40V6 48V -*% 

.17 J 29 637 34V 34 34 YS -VS 

_ 12 4728 27,* 26JS 9 

_ 361B318 34 'A HkMk.lV!, 
„ „ 1870 22'* 3 m 22’A — M 

_ 29 1422 12'A UM 12*% +1 

_ 33 217 33V 33 33V »’* 

_ & 3491 39V 37V 3B — 1M 

1.00 AO 19 X12S 25V 26 25 _ 

_ .111 807 7 6*4 6V _ 

Jle 15 _ ig 21M 2TM 21 V% — M 
_ 30 192 24V 23V 23V —V 

50 .9 _ 231 21V 21 21V — M 


35 MVFustanSv 
24 BVFuturHI i 


94 2525 5V 5V 5V — Vu 
_ 1B30U 59 55V 58*5 — 2V 

33 386 26V 25V 26V -1 
13 901 31V XV 30V— I 
35 812 15V 14V 15V _ 

20 253 14V 14 14M— Vu 

I? 73 32V 32U 32V *V% 
32 691 16V 15V 16W — M 
— 1459 32V 32 32 - 

47 153 23*4 21M 2IM — *% 


; ute 17V 13 


4OvaVPay0tex J6 
*4*432 K39£- -S 

Bfmri 

ifvs 3Q' U ProoT el 

MMlOMPerwtr 

34ViivPerrtgo 

gvlOVSneWfc ^ 


i2 1054 24V ZTA 23V ' 

II 94 17Vdl«U 18*6*45 


R2!B 


^ b 15 Is# 5252 1SS _« 

: to 'll 2» 26M MJA — M 


16V 13 MUFBe 

28V 17*4 MSCar 

11V 1VMTCS 


zrv. UTinwy Tt 938 25V 34V 35M 

feEK<.d!iBB$3 

MW * “ »38 1 *£^1 
IB =8aJEE«kS 


26V av smwc „ >3 11 574 17VUI8M 18*6^45 

3? |g£« ■« if «*gi 

jMg, a 

tij. 3 Ills #t S-Ai-z 

SS”?sS F s’ig 8als3i 

»»ir*KiaS. M 94 17M 17 17-3% 

« - is.ss ss sa*3 

S'SS& 

RqSBBl - i tI ^ 


«jtg> 


42M 10*4 


.18 i3 r 


29V MH Player* 
9*4 5VPknWui 
21M10 PnltoTro 


- 5 30i n loy. lov - 


iy£ 6VSyrnetric 

W iVS vncor 
mh afkSymrsn 




«v —V . 

if*-*. 


_ Z »17 lSd!2M W *’* 


38 26MMO flmP 


21V 9 GMIS 
SM 17VQPFnd 
»M 7VGTJ 


64% 26VBnCrHlt 
2 V lSVGenNutr 
9 V 37J4 GqnettnsI 


46 V 46V, *Vu 
28V 27% * 1 


.18e A 39 1048 22M 21V 21V 
AQ 18 5 S3 16Mdl5V 14 


MV 

19 V 13VGUf=ncJ 


18 5 463 16MdlSV 14 fM 

1.7 13 1592 19V 18*4 19 — M 
A - 1370 17V 17V 17V— Vu 
A _ 13933 17V 17V. 17V — % 
_ -.2799 29 24V XV* IV 

U 1 38 18V ISM IBM »M 
12 11 149 XV X% 304% *V% 

IJ _ 90 16V 15% 15*4 — M 
_ _ 189 19V 19*4 19V _ 


27V laVGtLkBc 
11 M flSGtNYSV 
MV |6 

a 

24M19VHwlpf 
17V 11 M owan D 

X l? HDMlne 
29% 17 HltMSvs 
XV lSMHttCmp 


?% It Artx>rOra AO IA 24 42 27% 21% 22 


3644 20V Comnenc .9} 4J B 1140 22M 21V 21V— 1 
16V ThCmprsL _ BOO 2047 BV 7V B — M 

12V 5*%C|MNwk _ _ 868 6V 6*4 6*% —Vi 

49%22%campuwr „ 29 4069 38 34% 35 — M 

16V 8 Comvars _ 21 718 12V 12V 12V +V 

25 11VCncEP5» _ M 300 27V X 27V *W 

14V 10 CDnesfoo _ XI 10V 10V 10M — Vu 

22V lOVCansGph _ _ 324 1BV 18% 18V *V 

24V 13 ComtcT _24X 41B 24*4 MM 24V —M 

W*% MV Coots B AO 29 _ 374 17 16*4 17 ♦% 

46*4 13 CotHevPh - 19 951 19 17 1BV r-lh 

13V 3%Capyto 577 S 4V 5 + V 


20V 20% 20V - 

20% XV 201V u - 
17M MM 17M *V 
16V 15% 16 —V 

« M 35% 35% —Vi 
% IBM IBM — % 
21V 20V 21 — M 

* 464% 46 V 4MS *Vu 
27V 2444 27% * 1 
41 1A 40% 40% - 

5 <S% 4V +V4 

23 XV 23 *M 

^ - 
13^3 12*4 *3*2 — M 
ISM 14*4 14V +M 
1044 TV. 10 +1 

60M 59*4 60 +M 
9 BM BV *«u 
17V, 11*4 12 — M 

21V 21 21 "M -»u 
21V 21V 21 M - 
MV MV MM —V 
25 24*% 24% —V 

SV 8 BM — Vu 


RR83& 

SSmSST. 


: X Bt n% 21 % 2i v - 

= S ’S 11 M ^“’2 

Z 15 931 37 3SMWM. *Vu 


21*44 10 PoltoTro — qSTj rjv. xriL 43 jh 

DI.S. EfBBSfcat 


XV X *M 

T*i« - 

81V 81 W —Vi 
12V 13M —VS 


ARSRh 

xv B Msecm 

24 isvisvmuii 
X*S 1344 Most and 

16V, 9MMaxcnjB 
17M BMMaxlmGp 

67V»Mhtaxml 
18V 9 Medar 

iuPBE 


IS ni 37 3SM3PM* ♦*» 

M 11e§ 


33 20 Pnmodn 


_ 29 188 13M 72V U 

_ « ms 7 »^v- 4!. 
z a* 7 ^ S& 44v x&4 + 255 . 

f ? 8 % wsat 

_ 2* 537 20V 20*% SDvTS 

“wv ; f 


f ? g % W 


Z _ 151 D 27% 2SM 


14V — 

R-V* 


s HUBS 


RgS = ? *8 R RlR Vvu 


- 12 178 9M 944 _9H —V . 
,44 1.9 25 IX 2TM 22V 22V _ 
A2 1A 19 1542 17 d18 16 %4£ • 


17M UMTR 4»8 3 ff 2703 1» 12M m5 


9V. 10 +1 

59% 60 +M 
BM BV +•% 

iTv 12 — M 




23V, EVMeootes, 
34V 15% MenWre 
18% 12 Meritar 
17% 9VM0fHGr, 
XVITMMdnTtBk 
24V 6 V M er cer 


ISJvJESg 

a 6 MesoAr 
1B*M, 7MMe«honx 
XWT12 MomiSA 


22 % XV 22 % — V 
17 16M 18V + M 

30% 29% X — M 
127% 12M 12V —V 
32% 31 32 *1 


ESI jt 

“ 41 JB0u26% 26M 26V — M 

= 91! 18 Ig^*£ 

f ”3eS 1S% 

JO 2A 10 186 2* 29 — M 

,JS « i! *2 ^ - 

• ia i iSml ^ 

_ 1742039 13V 13 lMu — fv 


39% 7MPrtDdma 

IS SMPureTc 
2< 7 Purapoc 

28M 15 PlWilSen 
IBM SVPymiT 


Z7%15VOuu9e 


-■•SR 

•» 2 " g? r a 9S^ I 

Z 20 3852 18% 18 IBM —V 

= S’S ^ 

» Zll2106^ XM 

. ■» £ t j 3^ T« 

Z 30 ts 40M 40M 40V. 

. _2Q 9 — 245 24% Z3M 23M — % 

? _ 22 292 M MV 15 — h 

Z 27 287 11% UM UM —V 

Z 19 2990 18V 17M 17% — % 


X 7% TocoCab 

g*V?3SJ 

miMVcndM 


; u 2 ^ T st 

- X 1(4 29M 29 29 —V 


- X 188 29M » 19 — 4% 

- _ 113 UV UV11V— *% 

_ 18 1363 1744 18V 17 — V 

. 31 in 17V W 74V +V 


62% 41 % TecumB JOa 1A » , «V m 054 +v j. 
554k 42% TecumA AOQ 1A 9 1059 44V ait 43% 9*4 . 


32 1A U B19 16% tbM 15% % 

_ 19 160 20% 20 20 —V 


XMlSVjQuix* 

23 i6MQuenjmH 


R1&H8U 

24% BVTatutar 
lBVu lOMTelxan 
47*% 10% Tancor 
34M22VuTBVd 

43*S 16M3O0TT1 S 
34 VV 9 300 Co 
2DVi 7*kTeddVM 
8 3VSTdko**fld 
■M 5MT0PPS 
14V TMTwrAutn 
28V, 21 TroeSoo 


_ 36 741 17V, 17V 17M +M-. 
_ XI 22265 24M 34 24M _ , 




_ - 1284 MV * 

jn .1 41 784 «V 12 

- 34 2177 45 43 

A6a 1A 21 927 U 25 

«. —11837 Lkt3M 41 
_ - 841 UM M 

_ X 1014 17V- U 

- _ 1988 6m 6 

AS 5-0 12 1427 31% 5 

» - 92 71 W 

_ - 1 24 34 

JM A 24 376 IBM 10 

_ — 225 XM X 


i .?% +.1 • 

I'B ft ; 


33 'A 2U 32M — M 
23% 22*4 22% —V 
26 25V, 23V + V 

14M 14 MM _ 
17 ,6V 17 *S 

24 _ 

MM— Vu 
17% — M 
7B *— 1 
an - 
xv— 1 

20V— IV% 
2S*4 — M 
10V - 

ITV — M 
3*4 — M 
17V — *4 
33*% — % 
10 — M 

14 *M 


15 ArtJOrHl 
I0'rtu*rt»hm 
13HArctODS 


X 246 19M IBM 18% — V 
_ 22 B8 14V MM I4J4 — M 
5 Ifl 795 XM » xi* _ 


■ 26'/. ArBOGp 1.16 A1 a 524 28% XV. 28M — M 


13h 3%CopyM 
17*. 9 CorTher 
23V MHCorGobF 
61% 36 Coni', 
16V TMCorelCfl I 


k 13% Heart Tc 
kXMHmn« 


^ _ 1440 13Vi 13 13% +V 

- 9 an 16V 15*% 16 —V, 

_ 24 965 A0V> 59% 60 »V 

_ _ 1675 MM 13V13>Mt— M, 


27 T2V, Arnosv 
15% lOMArkBast JI4 

24 l am Armor m 

XV, 18 Arnolds A4 

MV BM Amrt 
35 Va M'AAscandC 
13M 7%Astlwrth 
46 24 Aapctn 

31 MX AsdCmA 
XV. 21 *6 AsdCmB 
XV 12 Adfc 
34l*2?*AstoriaF 
3B% 14V, AltSeAir J2 

37*4 TIHAImeJ a 
30 1 1 Vi AtrtaStt 

MV 15 AuBan 
9*4. S' Vu AoraSv 
10 2*%Ausnex 
35 19%Aufodks J4 

34V. XVAlItctlKt 
29 m 13 Auwtore 
43V. 17 AvtdTdi 


_ 51 1493 14 M 13V* 13h —*k 

JM J 18 563 11*% UV 11*. _ 

.64 11 18 61 21V 20% 20%— 1 

44 2J 18 337 MM 19V 20h +V 

- II 3682 «V Bh 9*4 _ 

_ - 2257 29 28 V 29 

_ 73 473 10V 10 10 'A _ 

- 22 84 34% 34 34 _ 

.. _ 184 27V. 25V 25V— IV 

- 243 27 76 26M _ 

_ 10 58 13V I3h 13V *V 

- _ 2648 2774 27V, 27V, —V 

X 2.1 9 3831 15V 15 15M +M 

_ 28 4476 34 V 33V 33V— iv. 

_ _ 341 27% 26 27V +1% 

- 27 7X 17% 17M 17M _ 

_ - 7113 3V 5Vu 5Vu * M 

- 73 1263 7V 7M 7V, _ 

J4 A X 40255 U 39 35*4 38% r4V, 

„ 15 1064 25 24M Wt. -V 

_ 29 5278 14% 13V 14 _ 

_ 37 2979 XV 43 42* — h 


26 UMCorUnog 
17% BVGoraCP 


14V 15 — M 

15% 15V - 


26V lSVCvntry 5 
29% 19 CrfcrBrl JO 
24 9% CrTdiL s 

» ll &edSvs 


3W8 CrdAens 

32 7*6CrtKCom 
39M XMCullnFr 
28 12ViCustC7i 
27 10 CynneD 

47V lfiV Cynx CP 
44V lAVCVik 
7*% 2hCytocpi 


- _ 5645 lOVi 9% 10'/. **4 

_ n 1774 25% 25M 75% /-Vu 

.1 20 3915 X 19V4 19V - 

_ 13 2151 |3V% 13 13% — 

_ 21 445 XV 24 V 25V *h 

- 45 77 XV 37V XV _ 

_ 333 647 10M 9% 10 —46 

2J» 10 377 37V X 31M— 1% 

- 22 68 20 19% 19V —V 

- 16*154 14 15 16 .1 

- 32 2409 <* M 39 M 40 —V 

_ 13 444 40V 39 40 +V 

- _ 926 3% M IK W 


35*4 9VHtvwdEs 
31% 10 HtwdPk 
18V 3%Hotoa>C 
8Vfc 3VHmeThea 
39 26 Homedc 

30% 9 HomeTBs 
34 34 HorUnd 

iaVtlVHorr*]lt 
KV 15 HuntJB 
42V16%HunJco 
22V. 16MHuntBni 
41 21%HmchT 
7V 2 HvdrTct, 


»vfi2 MathdA 
8*4 


Z I242H7T 13h 13. 1»S — mJ » 

J i» |% IS *1% 

TA Z ^6 11M 10V 11% 


I3V4 7Viwcnu- -41 14 - in-, jr— \wr 

2 j» fi Jl g C Ssfp-^S 

S* fjM - 


33 V 9*SAAlcxAa 5 
31V 12 MkxrleiS 


io% 2%Mkxccm 
9*4 49>wiicrop 


X 4V«tatest 
«2V Sh/lWchS 
XVXMMdOai 
MVS IBM Midi Fn 


32 M ISVMBcmln 

i| W l«j^? n 

27% IS’SAAWTel 
31M 23% Mocfine 
36V 13V Vlonawk 
45 XV Mole* 
42M 29MIW*DteuA 
31 lAMlWJltenM 


sS IT* 

10 V —v. 
26V -% 
13 — Vu 

15*k 6% 

M*k ^ 
24 U 6% 
5% + Vu 


“jt W 3i% XV 31 -V 

= 3ffl SwR-js 

E?^ % a 3 ^ 

m ]4 s 37 36 37 — % 

” X 15960 64% 64 64'.% — M 

Z ffl lTSi 19% 19 M 19% -V 
_ 63 2894 41 B’i 3WS tV 
12 67 23V: 23 2 SV* —V 

$'d n 76£ Sv 

E s ^ 

Z _ Z7M 19V 18% TO. -v 

■» w s g 

« 5 2^ 2* SS3k-« 

_ " 381 XM 19% 20V, — Yk 


WUBEL 

U% 7%rSS? = = )» 9* ,9% ,9S 

TIM IB «o««t “ V, fa 19% ,5%i?%IaS 

24M 9V, RoinTc - T7 UJ lg% 1«S — % 

24Hi3MR»Li£ Z» ^ d 5 ZJtaS _ 

T9T110hRraSb - 40 1415 17V 16% 1> — M 

Sr«a ijBPRBi 

£!RS»i L20 35 fl .a if ^5^^ 


43%33MTVnwCk 1JM 2J 13 119 37% 36V 




30% 21%TriPdvto 
X JHTrtcnrd 

1» ISSSSf 

i/ii /"•Trcrtco 
X nUTAm 
12V AVTsens 
X 18%Ty*jn 
14*4 10*4 UST Q> 
41% 14%littrOSMP 

6% 4%UnQab - 


_ _ 667 25V 2*V»h -*S 
^ 14 788 6*4 6h ih IJr 

- 33 1X« MM 13% *4 ^Z- 

_ _ 353 4M 4 4' _C 


_ _ 3 12% TOS DV— V 

X 2JB ll 1170 7V 7V m, 

J08 J — 1070 XV 23 a 


_ X 655 10% d 9h ID 
_ 34 121 39% 38% 39 ♦% 

_ X 1356 4*4 M A ■_ 


36%29V^«^n L20 19 10 1510 31 30h 31 _ 

14 sMrSbcp AO 4.1 - 837 10 9W TV _ 

31 TB'iRenCam — — 513 28% 27% 27% — 5i 

25% lMRefKTTrt - 26 26 XM 20% 20V, — V 

M ikS - 15 643 BM B 8% *V4 

pZ 2MR£OT - - T760 4% 477u 4M —V 

14 9hRTO0CP A20 2J 8 WO UV lOh Ilk —V 

S rS& - 28 416 10% 9% 10 

n <2 4MRg£r^ _ _ 1117 SV 4h 5V ♦% 

4% 34 Reaavdx A2i A X 2530 45% 45M 45V —V 

a thKi - 31 X6 10M 9% nk-Vu 

ll’-k IftRalm — — 2715 4*4 41% 4V _ 

18% 13 Richfexxt .10 J M B1 15V. 14% V4% -V 
ll'.i 7VRiBSNt _ _ 756 9 Bh 83% *Vu 

18%12V.RiSn - 16 4585 13Md12V12V— *4 


48 30 UMCosP AOb IA 9 IX XV 33 33V - 

19 12 UKflnts 359 ISM 14 V 15*4 *% . 

2SVXVUS8cOR 1JB0 43 16 3846 23% d 22V 23 — V . 

14V 8 M US FOCI - 12 6 10V 10V KHS —V 

49 XMUS Hints M 13 20 nB7 48 48V 46V— 1 

19% 8*4 US Lonfi - 31 2528 12 11 VII Wit— Va 

46 ffliUSTO 230 3.” M 2® 66 63% 64V— 1 

z ^7 S§ Sv 

51VXVUniH4n l/t U 21 in 44V 4>% 44% t V, 

3?*i&y£§S. : 

15V 3%VtrfVlS A „ _ 1087 4V 4% 4V —V 

23%13%ValOJet _ _ 364 23% 23% 23% -V 

29V18VVorda* _ _ 266 7E% KM 28M 

46 15VVerar1tX _ 43 6316 28% 27% 28V —V 

24M 14%VerMrw _ 30 737 21V 21 21V _ 

X lOVVertxPh „ _ 47 14% 13% 14% +V ■ 

30*4 18 Vto _ 27 179 25% MV 25*4 ■_ 

27% 13M Vicnrp - 16 257 16% 16V 16% — *4 

29 ZSVVkdBn A2 2J _ 78 24V 24 U — V . 

23 7%vSSl - 12 322 9» ?M 9V -V 

X UVV/Iewlo - - 2319 73 21% 22 • —V 


_ 16 4585 13% d 12*4 


26*kl6Mfi5val .16 A 16 250 X 24*4 24*4 —% 

74%52MSoodSw 1A0 2J 41 4869 53%d51 51 -2*4 


sa^ssssef ’5 1. J ig 


19M 8VA6ordPai 
1214 4%JVtas«xni 

Riaeag 14 

XV 27 Muttmdh 


Z - 72 12V 11V 11V —V 

a _ 1241 9% BV 9% -V. 

_ _ 204 29V 28% 285k — V 
_ 17 602 20% X X *V 
_ 13 2CJ9 29% 29 29 — *4 


74>« 52MRoodSv 
4r*a19%RtsPhr 
21V 14VR0CttCS 


1A0 2J 41 4869 53%d51 51 —2*4 

_ 30 TO 31 3£T*. 30% ♦% 

.10e A — 187 17% 16V 17% * V 


21% MVRocflCS .10e A - 187 17% 16V 17% ♦% 

IBM 13% Rock Ten JO 13 13 IX 16% 16% 18% —V 

31*. X M RoaCantl _ _ 6 31 M 21% 31% — V 


- 11 198 73V. 22V, 23* 


SSH%RS 

a 5VDomarfc 
VlASDcmkas 


_ XI 6286 34V 32*4 X — lVu 
05 a IJ 12 43 24% X% 24M * M 

^ _ 656 22 21% 21% <k 

_ fi 165 UV 11 11 — % 

_ X 1666 22% 21 % 21 Vu — Vit 

« 18 647 IBM 17% 18 —VS 

_ _ 807 13% 12V 12V —V 

1JJQ 4.1 11 351 24V 24 24% *M 

_ 53 1D75 31 29% 30% —V 

„ 13 277 15% 14% MV — % 

_ 19 697 30 29 29 —V 

_ 14 275 15% MV 15*4 -% 


X% 13Y,BMCW1S 
25*415 BW1P M 
29 BV, Batx»e 
45% JIUBabySstr 
22V 1 5*4 Baker J 86 
21% lOVBatvGm 
33M29%BanPonc 180 
69% SO-A. Beane etc in 
4S*k 22 V BncGatic 32 r 
27M18MBanc20C 
2IMl3VBkSaum A2 
XM» Banta A2 
26% i2*»BanvnSy 
19 lIVBanefls .12 
22*4 10 Barer Rs. 
37%25 1 *BassettP AO 
43hl8V8ayM>ws 

65M43*iiSyBfef e 1.X 


3ST>, 22*4 BedBattl 
29%22*.BellBcDS JO 


29% 22*. BelIBcD 
26 lAiVuBflllCabl 

iSviLEXf 

IV 3V. BantOG 


26 8%Bertoa 
19V i2%BestPvvr 
55%27 , /.Btooen 
12V 9 Bkxne* 


73V, 19 BobEwi 

21 Yi 12% Boomtvm 
17V BVBorkid 
40% 27 Bant Be 


4-2 9 2394 

_ 33 679 

- 24 345 

- 17 3425 

I 429 
2J 499 209 
_ 54 486 
_ _ 365 
A 9 403 
_ _ 863 
13 I 71 

7.0 _ 328 

(A _ Ida 
_ 14 1040 

3.0 10 4843 
1 A 14 679 

_ 109 702 
.9 15 1217 
_ 46 340 
2.8 17 470 

- 2319313 
_ _ 494 

3-4 10 482 
_ X I860 
,J 15 

- - 537 

- IS 430 
.. 15 414 

ij 20 'nS 

- 20 75 

- 11 97 

_ .. 9496 

- IB 2744 
.. _ 1749 

- _ 2389 

4* *J2 

1A 17 610 
_ _ 122 
_ _ 2865 
27 5 58 


29Vd27V 279m — 1 M 
8 V. BM BV —V 
21V 21 V 21% — % 
44% 43 M 43% —V 
13V. d IJ 13% — % 
18% IBM 18V — M 
14 V 14 MY, ♦ M 
47% 4TV 47*i * M 
16M 16V 16V .. 

10 V d 9 V 10 —>' 6 , 
X 30 X — Yi 
50%d» 50 M _ 

23 ti72<M 27% _ 
21 ' i H VA 21% _ 

17V, 17% 17V ~M 
37% 31% 32M ♦% 
18% IBM 18'/, -M 
13% 12V 13% _ 

21V 21 11 % - Vu 

29 28% 29 _ 

26% 25% 26 - V 

12% 11% 11% — % 
S3*i 53% 53V: — ■/, 
29 M » - *. 

24% X*i 24% — >-■ 
24% 23V 23% -% 
13 12 V 12 V— Vu 


19 V, 17 Darscp 
XV 7% Dataware 
27V, 22'VDouprm 
X MVDavdsnA 
22% I OY, Day Run 
33%X%DeVry 
23 1 1 % Deck Out 

47% UVkDeMCPtr 


22% 10%1-STAT 
XYS SMIOBCms 
35V 25 IdexxLab 
7*S 4VB3MEAV 

SZZ&ESg, 

15% 6 ImoLOB 
13*4 6’AlmunRap 
22 lOMIrrunex 
31 10% InFocu 

21 7%lnoaim 


_ 452 19% 19% 19Vu — '/u 

■ 1071 13V 12V 12V — V 


17 Ml 74*4 25% 25Vu — 'V, 
34 15 38% 37% 38% * V 

_ 294 14Vd13 13 — *4 

_ 298 7V 6*4 7% Hi 

- 178 7% 7% 7M **k 

- 1622 14*4 15% 15% tk 

25 £6 29*4 29*4 29% > V 

_ 714 9*i 9V 9V —V 

% ,7 .. 2*S4 16V ♦% 

67 lfc 31% 30*u 30% — % 

- MX X% XV ~% 

_ 1542 IPS 14V 14V *V 
3328964 U29V 27%2»Vu-1'Vu 
28 1M 19% 19V 19$. -M 

_ 3 27*4 26V 27 1 A _ 

X 157 12V 12% 12*4 — % 


20% 13 [ndtoONV 
M XMmtnBrds _ 

35% 17% InfoSatt _ 

39% 1 1 M Infoftes 
28*4 14'Alntormi* 
MVISMInsaRi 
29 12V Ir&jcn _ 

T6M io’-', IrailTc _ 

39*4 M% litsAut 
34V 12 IrrtuDv _ 

29% MVIntSTSy _ 

73% 50% Intel ,24a A 

19V 12% Intel art - 

ItilWuMOraL 
X 12VIMOIEI AO 3-0 

13V 2%hltNlwk 
17 laMMrfcIn J4 21 

11% TVIntopr, _ 


a XVDonftoty 
34*j 25V>DedGry 
18 AVOetitms 
al lAMDkaPce 


1918995 46V 44V46V u *1Vu 
_ _ 280 14% 14% 14% — % 

-Me J IS 607 31% 30*4 XV +V 

1.12 SO 1 IM 28% 27% 27V —V 
_ 29 3603 9*4 BV 9% - 

_ _ 210 17 dlSV 14 — ' h 

_ _ 212 rav ii ism — % 

AO 3.9 _ 2088 20V XV 20V * % 
_ 15 1634 17V 17 17% +M 

- 50 145 X 30'-. 30% — V 

_ _ 327 24% 22V 24% *1M 

_ 1493 16 MV 15V —V 
_ 1» 107 37V, 34% 37% _ 

- _ 964 15% MV 14V - 

JO .7 26 Z375 30% 29% X *% 

_ 7 258 13V 13V 13% —V 

_ - 1081 21% 21 71M.-V. 

- - 69 XV; MV 25h — % 


TT'/llflVDttkomc 

XVlSMDOirfHI 

It™ 

30 BVDibMk: 

khzzzr 

26V lOY.Donkenv 
22% MMDWerree 
XM IS Oovotm 
15% SV.DrasB _ 


S3 SvS3^5 


. 812 Z7% 26V26K/«— OS, 
1165773 64 62 63Wu ♦ T»u 

_ 6805 14% 13% MV +*5 


- 272 lWi, IV IVw - 

1320049 13% 13% 13Vu .Vu 

- an 31 Vu x*. 3V _ 

M 209 lift 11 11M _ 

_ 1534 8V BM 8M —V 

21 460 24 M 23% 24Vu *Vu 

-. 844 4V 4% 4% —V 

- 64 12 V 11V 12 V *V 

_ 156 30V 30 30*4 .*4 

29 557 26*6 25 UV— IV 

_ 1834 17M 16V 17V. «M 
X 1254 13% 13% 13V *'» 

- 913 69 68 MV —V 

18 373 30M XV 30V „ 

X 3 214 211%211%— 3V 

37 31 22V 22 22V - 

U IX 12M llh 11V —V 

15 375 40 M 39 40 *1 

14 55 M UV 23% _ 

_ 12 13 Yi 12% 13V. • _ 


2B*S X% Interim 
8V avintrtoaf 
15*6 9 IrrtrCm 
33*, ITVIntQUo 
29% 15 Inti mag 
18 8 V Intersfv 
18% 5htntvo4ca 
73 M 27 Intuit 


16% 15V 16V, 


33% MM MM — % 
13% 12V 12 Vi 
MV 13% 14V. -V 


XV XV 39 - % 

11% 11M 11*1 _ 

3M 3 3Vu — Vu 
l’Vu IV 1'Vii -”u 


MV 14'.i 14V 


XV 27V 27V— <6it 
X% 19% 19% — % 
14V 13V 13*i— 1 
10M ?h 10 
28 27V X *% 


31 *4 21 M DreyerG 

MM lSVDytctiC 
XV 14 V EClTel 
Mh 9*«ilSlntt 
27V 7 EMP1 
32V BVEoIHrd 
X UM Earn Van 

fFliS 


J4 .9 46 488 25 

- 26 176 X 

42 U if 141 18 


25V, MV 25% 

29 X 38V — M 


Lie til 


.13! J 21 2055 1BV 17% 18% -M 
_ 22 1Q0SU15Y. 14M 15V. H 

I 17 788 ^ BV V* *Vi 

A4 22 11 83 29V X 29 —Vi 

za’fflA^St* 


32 V. 23 M hrveare AS J 

aiyjm itoYokd lJ2e A 

23% 14 Itron _ 


2OV10%J8JSn 
41*4 18VJLG .10 J 

27V22 35B Fn M 3A 

17 IJVJocorCm — 

45VM%Je«tCa X A 

23V T2V Jefimrf _ 

30 V. 10 JohnsJnA _ 

XV. 11 JonalA _ _ 

21 17% JurwLt -2B 1A 

34 uvJustPPeet 
16*610 Justin .16 U 


RSIS&iSSsr 


% i ritih* 


„ - 1680 9% 

- 15 2942UXM 
_ 16 1042 39V, 

= !»ll 


6*4 9% <Wu 
9 19% — M 


S6I6 


32 24 NACW 
21 Yi 14V. NN BcH 

33 26% NS Bep 
15 lOVNAlK 

15 lOMNJCDtr 

R’asssss 8 

18>9ull%NWa 
MM SVNatrBJY 
3?% 19M Nautica 

34 aMNefleor 
36 17%NetsnT 
IB *4 TVtNetframe 
31 UVNetmnOS 
23V 12YkNtwkG 
13% SVNwfctma 

9V 6VNtwkky 
2tV 15V NE BUS 
16V SVNwtmOB 

16 SVNewWrtd 

25 8 NwpkRS 

46*4 ITVNoxrrCm 

9% 6 V. NtrieOr 
40 V 23*6 Narund 
63 aYiNardsn 
49V 31 Nortfcl 
19V 14 NcrreD 


Zt6 ,7 17 108 25 24% 24% _ 

16a A _ 278 XV. 19V 19*1 _ 

J2 IJ II 7438 26% 26V 26% *% 

Z 14 217 1IM 10% 11M “V 

J6 ia IBS 497 15 MM IS *-% 

_ 14 4133 *5*6 44 45*6 -V 

_ 30 2341 5% 5Ya 5% _ 

. . 22 11 17V 17% _ 

_ M 1135 6 SWu 5V — M 

Z 18 315 29 7B 28*4 — % 

_ 26 33T6 34 33% 33V _ 

.16 J 22 124 21% 20% 21% .*4 

_ M 2104 BV Bh fh— % 

_ 43 741 28% 27% 23 —V 

_ 27 1742 22 % 21 VTVVii —*•■* 
_ _ 613 6% 5% 6 —V 

_ _ UQB 7% 6h 7Y» *M 

AO 4J 15 433 18V 18*4 IBV ♦% 

_ _ 365 6% 5h 6 —V 

_ _ 75X 13V 13% 13V * M 


3V1.22MRosCanl 

18% 17MRnssSlr 
2rA12VR«*cn 
XV Wt Rouse 


11 _ _ 4 MM 21% ZTS4 — % 

SHU. 2774 MV MV 14% —V 
X J 21 4Q 27*4 26*4 26*4 —V 


X 1A 11 194? 13% 13V 13*» +Y« 

Z 26 2125 26 *S 25*4 26 -*? 

A8 3A _ 97 17% 17*6 17% ■*% 

56** 48% Rouse Of 3J5 66 - 6 49 48% 49 -% 

21 M ISMRurclMel _ 27 254 21 20% 20V —V 

“ _ 12 3048 TV 6% 68k +Vu 

_ 48 5731 15V 14*4 Mh —V 
- 24 2773 18% 18% 18V — % 
.16 A X 223 19% 18% 18% — % 

X Ut - 186 14*4 d 14 V 14% — % 

«71 3% 2% 2» t-V 


9V 5*6RymF 
20% 6% S3 Inc -S 
2TA 12% SO Sys 
28% 17 5E1CBQ3 
23M14VpF«d 
29 2VSLMS 
59V 47V Safeco 


X 4%UnvSc 
31V 19*4 UrtxiOut 
16% 9*4 VLSI 
XV ZHVtJTecfl 
15V 3*4 VafVls A 
25*s 13V vatuJet 
29V 18% VordO S 
46 15VVarsr1tx 
24M 14% Veritrie 
20 lOVVVrtaPh 
30*418 Vtcor 
71% 13MViCOrp 

29 ZSVVkdBn 
23 mvSiaL 

30 uvviewlo 
32% 21 VHnas 
28*4 10VV1SX 
MM 12MVmork 


_ 37 1217 30*4 30% 30*4 +VS 
„„ 725 12*6 11 11V 4-V 

26 733 15'/. 13V M 


33%20MSBylst 
41 2*t,SUude 


,J< “ 3§ 'S R §^^3 

AO IJ) IS 2582 40% 39% 39% — V 


31% l5MSam>tna 
liVt JliSartCrz 
24M 2V Sapiens 
28V 18 ScncSdc 


_ _ 50 2SY4 X X 

_ X 1699 9h 9*4 91 Vu —V* 
_ _ 134 2>%t 1% 21%. + V 
_ _ 11 23V 23 Z3V _ 


u17VSCtmtzr M 1 A 14 712 21 M 20*6 X% 


0 33VSCb0lO 
9V-. 1 y/. StJuitar 


_ 39 1656 24 M 23V. 23% — % 
_ _ 19333 18 dl6V 17 —V 

_ X 2993 6*4 6% 6% —V 

_ X 40 39% 39 39% -% 

A4 |.| 24 80 58*6 57% 57% —V 

.40 .9 X 3549 47M 44 44% — % 

Me J _ 1097 18% 17V 17V - 


32%2S Sc*ned 
13V yASckHftov 




19M1J tto-reD JJ6e J -. VT/r ]B% 17% 17m — 

8%2tVuNAB% - 17 549 7% 71i 7% *lf» 

43 M 33*4 NorTrsI 1JM 3.1 10 941 34Md33M 33% — M 

21 % 1 1 % NwStAtri _ _ 2C80 18T6 11% 18% - 

■ U. UAMiiiCMWtfr 1C TB7 A Urn Qh AVa 


WAlSkiStfc 11 - 13 987 15% 15 15% +V 

28*. Tff*4 Seagate - 9 7816 25% 24V Mh +V 

51*4 34 SacCm, _ — 272 44 43% <3% —V 

X'.k lfuSeouri -1X1412 19% 19 IWu— %• 

32% 12%SufmQuod _ _ 09 15 15 15 

31%21%5hrMed 84 2A X X67 30% X 30V. — M 

26% r.'jShOvvGo _ _ 339 9 8 8% ik 

23*411 Shorwd _ 34 587 18 17V 18 +S4 

15V 5%5hu»Vt4t 381 1 0*4 10*6 10V +V 

24',.18VShurOTd IJB0 5A - TO 19% TO4 TOk 9% 


_ 26 817 47*4 46 46% *-% 

- 9 930 16% 15% 15*6—1 

JO 1.1 23 367 X 27-4 27V, _ 

- - 3578 6% 6% 6% ♦%. 

_ 17 587 45V 44 44% +V 

_ 201 <280 50*4 90 SDV —‘A 

- _ 2997 69k 6 6% ♦% 

A2 2A 15 1296 XV 19% 19V —V 


48V 37*4 WD 40 2.40 
32% I7MWLR Pd 32 
31V 16V WdbftJ AO 
60 29'A WodDota 

S&YRBsr* A4 

25 16VWMSB 36 
116*683 WMSB_pfD6JU 
X’A 1214 WaisnPh 

29 72 Woman s 32 

35 Zl VWausP s -2< 
25% 18 WbstPn AS 
27 16 WcWIt 

30 MVWetlMBf 
33*4 22V Warner .10 
32*4 23%WastOne AS 


W-X-Y-Z • • ,1 

5.6 26 188 42% 42 42V— H* 

1 J IS 72 MM 2SY6 25V — % . 

2J 11 591 17V 17V 17% —V 

_ 29 1077 36 34V 3SM +M 

-Ml 359 11% 11V 11V *M 
4.9 7 1218 17Vdl7 174-u — Vn . 

4A 6 1639 !6Vdl6V 16V — % 


24V 6VWltCOtS 
MViiSwtesterfed 32 
XV 9VWstnPt> 

32 17 WStWotr 

17% 17V WktpfStv 
11% 7V6Ws*wOn 
37*4 29 WhtfeRvr 
25V ISMWMFd 8 
30V 9%WhOtHty 
24*4 12*i WlckLu 
59%40VWlllamt -96 
35V, 12% WmSon s 
28Va%W8mTr 1-08 

9¥u 31%, Winstar 

48*425 WlscCTs 

27M.12 Wondwre 
23VI7MW tP 11^1 n AQ 
<0V20VXRH» .!« 
17V 4VXcelNat 
60V,29 XBblX 
XM 12V Xircom 
22V 12 XpedilB 
IS 1 * 13'AXykJBic 

XV. 16VYeUowCP M 
26V. 12*6 Younker 
M 8 ZoirCp 
60 23V,7 £ tXO 

XV 13 ZanLab s 

37V 26 7409 

42 X ZJonBco IX 

38% AVZaHMed 


- _ 473 4% 4VS 4*4 —Yu 

- 13 987 15% 15 15% + V 


is ij™ — 

3 33% 33% 33% — V 

19 1744 17 I7M * V 


_ 89 1744 17 17*4 • % 

26 56 19% If 19*a - 

- 4 14% 14V 14V - 

16 132 19 18M 19 *V 

_ 293 33V 32% 33V — V 

9 516 12V 12% 12% tk 


IT*. SVjNwSJIWr _. IJ 

XV 15 NcrtMc _ 13 

XV. 1 JVNovefl - 26 

56%a Novtus - 24 

1 9 * k i o 1 4 Novan - - 

23 IS NufCote A - 91 

MMI7%OMGrp X IJ 14 
19VUMOPTT _ 14 

14% 4%Ooos?or _ _ 

io 1 /. iv. Demon wt _ _ 
X 15% Octet _ 43 

ITVllVOffsLoo - 13 

33*426%OWoCaS 1A6 4.9 11 
35V»VOk»C ent 1-24 3J 10 
15V 6VOOc£>m _ _ 

13V AVOmeoaEri - - 

ZSVZSVOnbO, 7,00 33 7 

UV 4*4Qncor - — 

34% II OneCorn — _ 

24V10VOptdDt - 27 

46%26'4Croda - 42 

26% 14 OrbSd _. _ 


_. IS 383 6% 5V 6h - 

_ 13 24 16*4 15V 16V ♦% 

- M 74025 X 19V194M +% 

_ 24 2567 ST, a 57% 53*2 *V 

- _ TO 16V 15V 14 »% 

- 99 933 22% 21% 22% +V 

X IJ 14 93* 21V 21 MV -14 

_ 16 6631 16 15 15V ♦ % 

- - 445 5 4% 5 ♦% 

_ - 427 14 lk 14 _ 

_ 43 210 21 M 20V 71 V ♦% 

- 13 380 13% 13 13 - 

1A6 4.9 11 399 MM 29'A 30 —V 

1.24 3J TO 246 31V 31% 31%—% 

_ _ 554 UM 11 ll — % 

- - 413 5V y,k 5% +»u 

1M 3S 7 522 X 25% 25*i —Vi 

- - 1M 5% 4h 5% — % 

_ _ 951 18*idl7*4 17% — 1 
_ 77 1641 u25 73V, 34% 1 1 M 

- 4210091 44 <3Vi 43% * V, 

_. _ 983 31 M X 20V —V 


W :=IBEI! 

-- ,s »lr bs a .c 

41 I8%s*ywest JMa A 9 8110 18 015 15V— 3M 

M% 5 SkytXDc _ 3 481 12h 12V 12V +% 

31V 14*4 SmttiP - 17 873 XV X S% 6% 

MV llWSnapaie _ 26 3115 13V 13V13dfe4%, 

33 'A TO Sodak - 19 286 15M 14% ISV _ 

73 tovsofldesic _ - 491 711k 21 211, *h 

21 fVScrtfcey. - _ 71 K? 19% 18% 11V —i V 

B V 6M5ornoten _ _ 1B5 TV 7M 7% * Yu 

%16V5onicCp _ M 267 23 % 23'A 23V — V 

A6 is $48 


13V 6V.5omoten 
X%16VSonicCp 
17M 6%SanicSa< 
25V I9VSonocaP 


7 J _ 39 83% cS2 -83% ^4 ? 

- 27 416 26 V 25V 25% +% 

IJ 15 804 22% d71 '/. 21 Vk — IV '. 
IJ 15 30* X MM MV *% 

2A 6 161 19 18V 18»— V 

_ 16 9*3 M XV 23%'—% 

_ 29 206 2* 23*6 23V <-K 

A 17 167 24M 23'A 23V — % 

3J 10 1631 27V 26 V 26V —V 

- 21 2028 12V 12V 124k +M 

1.9 _ 342 T2% lift llh - - 

_ - 136 12% UhHWit +Vu 

- 56 309 u 32% 31V, 32 - 

- - 270 15 l4kl«Vii — V 

- - 92 9% 9% 9% — M . 

- 19 67 32V 32 32% —V 

- 26 3750 16 ISM 15V *h 

- 47 8*0 13M 12 12M —V 

_ _ 96 ISV 15% 15% - 

2J 2111053 42*6 41V 42% _ • 

- 43 3526 30% X 30 +V. 

4A 10 540 24V 24 24% 

_ _ 8050 uWu 8% 9 if 
_ 21 775 48 M 46 Yi 46M — 2*y{ 
_ si 2627 uZ7% 25V 27 ■ -rV 

1.9 21 1288 21% 21 71 +V 

A 36 356 X XV 38% — V* 


_ 17D I6Y5 16 16Vf> — M 

31 3612 60V. 58V 59% +% 
18 1)44 16 17 17% *V 


31 52 19% IBV 19 *'A 

33 3334 U 37 34% 35V + 1V 


4.9 - 2622 19% 19% 19V - 

_ 7 519 18M 17V-18 ■ — *6 

- 20 887 12V 12% 12V — *4 

- X 160 39V 39 XV. —V. 

- 37 5B1 23V 73 23'A — M 

_ IS 371 26V XV 264 —V 

33 B 26 37M X 36M— 1 ■ 

_ 27 5831 16Y4 M 15V -IV 


12 Month Sis 

High Lour Stock Dtw Yld PE 10<h High UiwUtelQYge 


12 Monti 
H481LPW Stock 


Pv YM PE IPOs Wth LoarUXettQr-ge Ugh Low stodt; 


Pr» Yld PE UOi HW» mwUWatOi’ge 


Dt» Yld PE lOOt HWl LowLotedOl’X 


ll Monti 

High Low Stcdt 


Dh Yld PE lOOi HWl lowtAteBtOltt 


Friday's Closing 

Tables include the nationwide prices up to 
the closing on Wall Street and do not reflec 
date trades elsewhere. Via The Associated Press 


12 Worth 
High Low Slock 


16%12'k^onSrn 
5. jkcmwt 
17V 10 CMorcg 
25M16 CdnOco 
13% TVCapgtyT 

S 2 ^ S^SSil 

13% avcormel 
M% a carmarn 
UV JVtoflftAs 
27 avearfd. 
|2h 8 C-OJotU 


□iv Yld PE loot Hah Law Latest OYg 


9J« 4MCentTcr 
7^17^^ C n 


XV 29V 
1 ‘Vu 
12%dl2 
2V }'» 
lO'.i 10 
MM MV 
U 9h 
9% d 9*4 
10% 10 
BV d 4 

.3 ift 

23 % 73 

10V 10V 

it. diiy, 


XV *% 
1»9« 

24% — % 

io. *v 

,rTit 

BV —V 
9V _ 


9 V 8 AIM Sir A4 6A 

38M 23V ALC - 

12*., BV AM Intin _ 

26M20M AAK pf 1-75 7J 


26% TOV ARM F I 

71 AlfSA^Fd 
4Vi 2V AcmeU 
Wj, IV Ad ion 
BV 4%AdmRs< 
5. lVuAdvFin 


F pt 2.38 ll3 
•lie 6.9 
Fd 2J30 4J 


5 IVuAdvPln - 

Z‘ 

'Sft z 

3% 2%Aer050n 
16% 5VA>rWcd 
5 ZYiAirCure .. 5 

5h XuA&ISn Z 

,_V YiAlerlC wl . _ 

llh 14%AHOasn n 1A4 9.7 

2V VAtfln _ 

9V 7*. AtkJRsn _ 

11% 7% AllouH 
7V 3 Atphcrtn 
9% 4%AlPinGr 

ia£: Z 


14V 9VAF5TP7 


8% BV 

^5 3 k 

»V *£k 
3*A 3% 

21%d20% 
TV 3V 
6*V 63% 
3 TV 
1% IV 
BV BV 
IV 1M 

uF/u ’?% 

'V* 

2% 2% 
6V 6% 

15 14V 

1 1 

7^5 d7M 

S5 SS 

V V 
10V 10% 
1% Wi, 
}0M 10V 


8 % » % 
3S*A — % 
9V — % 
11 -V. 

22V - V 

2% —V 
64V - 

2 Ik —V 
IV ♦% 

Uk — V 
13V - 


6 4Wi*CFCdag 
18, MVCentS# 

« sv8£§a. 


I AO 8.1 
J> J 
lAieioj 
J51 4.1 
Ml 5 J 


12. dllW 

ns te 


23% ♦% 
12*“ —V 

h 

18« -C6 


7% SVGarrntf 
MV I5%Gartm 
l* JVtakfci 
8h 3 GaytC* 
15M 8 SSmS: 
11 V IVGa&ru 

.3% ,%PSI 

26V 19%6iaS5 

X'A ITMgSyS 
19 V MVGkitm 


91 4% 

18 17% 

fi! K 

19 13% 
8)7 10 

}S 1 1 v “ 

643 av 

as u zov 
313 16V 




29V 22*5 M^5 WTl, lA4 L I ^ a%d22%D%— V 
10% S McxnHry _ 11 1? 10 10.. To. 


xVMVPmtLm 


17V UT.GloBSrnl 
17% 7%GtobHnk 
3% lV.GoVkho 


i 16% —V 

! 8-5 

i 16M * V 




20 15VGOTRUPS 
14% loVkGnJxxn 
3% iwi.Granaa 




’Iv^S^ 


UV B U Yi 

i2^i nil 


3% liVi.Granog 
7% SVGreron 

lLi?' 4 SS"n 

^liSJBJSSS 


30 li 

13 11 % 
379 l*»u 


1 *11 
Ar S 

5 11% 


TV SV— IV 

10% iiSe * v “ 

*7 *7 — h 

20V. 20V ♦% 
16% 16Y] * M 
3 3 —Yu 

11 11 _ 
15V 15V * V 
W, Xr. -% 

*1! ’5-; 

6 % 6 V ♦% 
17% 17V — % 
11 11 —V 

a iv iv— Vu 

AM 6% ♦ ’A 
5% SV _ 
11 % 11 % *% 


ISV hMnuHE J6o 73 _ 18 
44 V, 29% Mnxam _ _ B 

16% 10T« AftodcR _ _ _ 17 


8% 6 PrasR 6 

^ oSSgA 

3% lVPrisment 
7% 5% PrapCT 
20% 14 V Pr/tena 
24%20%Pt>St6 

IBV IshpSj 

IBV 16 PtiStlO 
I7*U iy>j Past 1 1 

1 7M 14% POST! 7 
T7h lyAPbSJM 


Ilk 7MModeva -22 e 2J 16 

30 71VAAe<ta .44 IA 25 

6 lVuMecSaUw _ _ 

2% IVuMedRA _ M 


11% 11% 11% - 
U% uh 10%-v 
29% 28V X ♦% 
2V Xu 2V ♦ V 


3% YuMdoore 
4% 3' A Meow 
9 4%M0dOS 1 
6V 3% Mom 
7V TVMenllHR 


ITV IJVMrChGp JO IA 3 


„ - 32 57 2h 2V 21fc +% 

•Wj _ _ 155 3*Vu 3*k 3htu *Yu 

_ 16 61 8V 8 8 —V 

_ » 40 4% 4Y. 4Y. — * 

.. s . 3 > ** 


7% y.'u MercAir 


14% 14V, 14% 4-1 


_ 8 1481 U 7% 7 TV . « 

... . _ _ n it, iv i% ♦*% 

IV 'VuMerPtA , _ _ tt V >Vu 'Vu— Yu 

4Vu 2MMerP6 of _ _ 74 2% 2V 2% *Vu 

11%, '/uMerf Of „ „ 32 >Yu 'Yi, *%, .-Vu 

5% 2%Met^Pl __ _ 73 2V d 2V 2V — % 

JV VMerPprB . Jfl A _ 10 2V 7V 2V — V 

5*. 3 MerPt W, J2e 4A _ 5 5 5 5 *V 

12 5 MLUSWwt _. _ 10U12V 12% 12% «-V 

6% 5VMLUS96wt „ _ 315 6V 6% 6% _ 

& bSS&^ao a fd 4 9 W A 9 W 


10% TVThrmP _ 34 253 

16V12%TherRen .15e S 36 55 

10V 7 ThrVott _ 33 7 

10% TV, Trrmotee n _ _ 15 


fte ^ 


3 l/,.Grdpa 
4r/u 2V.GhCOag 


15% ISV, 
2th 21V 


z 

79 2t AFxpi pt 2J5 8A 
5% 4VAPamRn _ 

14% Wii AIMB4 1.42e39J 
16% 13% AIM 85 14* lOJ) 

14% 11 % AIM 86 n 1J0 107 
15 ii AIM W n I.S*al4J 
52 36VS Aiiroel lJHe 2J 
19 M 14V Am Uit J0b 4A 

3*M IS 1 .. AMzeA A4 2.7 
23% 14 V AMieB 64 18 

14% AVAmPag n _ 

9% 6% AREInv J2 11.1 
11% &% ARn-.tr A4 9J 
6V ZVAScEE _ 

3% VuAmShrt 

13% 6% > ArrSf C Z 

,2V MAmpalwl _ 

14V11 VAmwest J6 30 
2H*A 9% Andrea 

1 4 SV 14A0C z 

11 V 4VAnuhco _ 


Vi 


VArmtm 
7 ArrawA 
2% Amyth 


26M 26% 
4V 4 vi 
,3V 3V 

its IIS 
ii ii 

17% 17V 
23V 23% 

6% a 

5V 5V 
_% Vu 
3% 3V 
7h TV 
,'Vu % 

22 JJS 

5*4 5V. 

■Yu I,, 
10% 10 
SV 8M 
8 % 6 % 
■Yu 'Vy 


10V, ‘Vk 

IV —V 
2% _ 
6<A — % 
2V - 
6% ♦% 
2 V — Vu 

% 

Mh — y, 

4 — % 

7% _ 

6% _ 
5V — M 

V _ 
10% — % 

IV. — % 
10*4 — % 
15% _ 

21% ♦ M 

av ■►% 

2V _ 
lVu - 
26V. _ 

4V - 
3V _ 

i?is 

il r§ 

17% ♦% 

av >v 

23 -V 
7M —V 
7% — % 


J0% |V ^^6h r 

IBM aMCokjfng 
19% 12%Commc 
7% SHCmdASI 
25V, ii' .Ovncnok 
IV, Vi.Cmorrc 
10V 7 ConcdF 
14 TVConlMn 
9 4%CnvstE 

W» 

8% 6%CtxjrtkJ 
17V 12% Cross 
12% JVCruwlMs 
24M MVCmCP 
23% 13 CmCPB 
21V 14%cwnCr 

23*4 17*4 Oik 
4% 2*4Custmd 
4*4 %Cycomm 


z “ ^ 
-H 

“ * <7 A 

_ _ 2514 
•94t 10A 10 12 


_ _ 52 

_ 4 121 

..6 3 

_ 50 6 

lJO 1QJ _ 6 

35 2.4 _ 10 

J8e 3.9 2 


6V ^ 

iv 

10 % io. 
y% 4% 

i’bv iS% 

15V 14V 

aS » 

lik u% 

10 9*i 

10 JA 10 M 
7% TVk 
16% I4'4 
5% SV 
15V ISV 
14V 14Ya 
16 15V 

dR & 

17%dl7% 

2"'r, 2'%. 

IV IV 


M J 


3% 2VGHCdapr 

igSSSfi 

BV 5%HMQDat 

i» psiSs 13 ® 


25 4% 


15V - 

75k —IS 

T z 

10 ♦ M 

10'A „ 

7% —'A 
16 V. — h 
5V -V 
15V —V 
14V — M 
16 _ 
»u * *u 


8V 5VHCXEP 
3% l%HOURty 

i At ^%Homyn 
7 JVuHongOr 
7V 3V u HcrruO(r 
"'u Vi.H^n wt& 
2% 'Vu Harken 
5, 3'SHaiyn 


14M 9!2hS5S 

39 XVHMra 
38 21hHa5ting 


36 2<Yu 
177 2V 
157 5V, 

1*1 IV 
382 4% 

2121 'V s 

310 2 


S* E 

4M 4% *V 
5 5V *h 
6*k 6% *'k 
«7* Y-a-v* 

6V 6V * W 
5V 4 — % 

Xu 2V _ 
2M 2V. — M 
d 5% 5V — M 
03 3Vu —Yu 
3*%, <Vu » Vu 
'V* "m — J/ n 
1^ Uk -V 


17*4 13% RiOTS 
1PA I7%PbSll6 
]4'4 12*. Pb3l / 
16V 12 PbSIlB 
11% 9 Pb5tl9 
15% TOVPutnCA 
14M10VPIG1M 


ji 9VPH3MT3 
is** lovftnhiT 


A0 43 10 70 f 


26% ii% MetrBcrfi 32 3.1 10 81 2<V4 73% 23% — % 

lBVlOVMatrtJk A0 3A 11 10 17% 17Y, 17% — V 

9*5 4VMiCflAnt _ _ 10 240 6V 6% AV _ 


9% 4VMidYMf . _ 10 240 6V 6% AV _ 

20%16%MidABc A0o 3A 13 19 17% 17V 17V, _V 

10% iVMMorRJy J 1IJ n 174 I TJfc 7h — V 

4V 2HMlcUbv ._ 34 90 4% A J k AV *% 

7% 6%MitwLnd _ _ 3 6> AV 6V - 


7% AVkMItwLnd _ _ 3 6*k 6V 6V - 

15V 10 MmnMul J3 7J _ IX 10% 10% 10% — % 

11% |%AAJm772 39 64 - 73 1% Sly >V _ 


67 51 fk MonP PtA 4A0 8A -7400 Slkdilk _ 

l.. _ » X 8*5 »V 8% _ 

14 JVMooaS _. 79 2 13V 13V 13V —V 

IB 10V MMofl _. u 20 13% 13% 13% *% 

32 V 31 MS CSCO rO.25 A9 _ 254 33% 32M 23% . « 

21V 17VMS JGT n 1J3 7JJ _ 53 17VdT7V 17% — Vk 

64, 52% MS TMX n3.7B 7J) _ 32 54% 53% 53% — % 

8% IklWOKwm _ „ 17 3k Ik 3V — V 

3% 'VuBASJYpwt _ _ 130 V V Jk — 

7 2%MSJ96wt _. ... 10 3 3 3 

7% 3%MottHd _ _ 1296 4 d3% 3h — % 

2*4 1. Mcwjestr _ _. 109 lVu US. lVu — V* 

11 BVMunifn A5 6A _ 141 8V 8% 8% _ 

10T-, 7 . Munvsr. M 1.7 _ 1806 7% 7% TV _ 


60 12 6% 6% 6V _ 

_ Z40D 51 Vd51% 51% - 


W'mts 1 


31 10V 
5 V, 
3488 30% 

i av 

U 16 


??4 :a 


r-’MSsr. 

llh 8Y,Hamlog 


10% 10V *M 
Vu Yu— Vu 
XV 30% 4% 

av av — ’.i 

IS> 15V —V 
% Yu »Vu 
i*!t Ik _ 
17% 12% - 

5 5 _ 

7% 7% _ 


- »1 “ 13% 13V *% 

6.9 _ 254 32% BM 32V * V. 
7J) _ 53 17*4dT7% 17% — % 

7J - 32 54*4 53% 53% — % 


15% lVQuolPd 
.8. WuRBW 

11V VRXMdS 

S 12W life 5 

i%“^gt 

21 %RedLn 
2*4 RecSow 

14*5 f'AMffltl 

UY,.SVR0toc 
15% 1 1 Vi RegrtS 5 
r« XuR#S7 
4% 2 RbpGW o 
14 SVRsnin 
1% VRsJInt 
5% 2M RBRd 

3V. r%RspTch 
7V 4VRevMn 
.4% 1% RJctdon 


7-6 

1.12 6.9 
1A6 819 

lAO 8.7 

136 8A 
IX 8.1 
IX BA 
IJDa 7.4 
1.08 79 

1.16 7.8 

1.12 7J 
-60a S_5 
93 a 7A 
A9a 63 
AO 7J 
-93a S3 
JS# 2A 


,5 ^ 
23V 23 M 
6M 16V 
if 17 V 
17 16V 

16% I6M 
16. . Sh 


16% 13 Thrmotx 
IV '/.Thrmurd 
50 12%ThreeFs 
8*IiRPST 


- X 123 

_ — I<2 

- 24 174 
_ 26 225 


TV 7*4 7*4 ■ _ 

14V 16 16 — % 

8 8 j 

BY, 8% BV. _ 

15 14V 14h — G 


1% 1%4 JJk +**l 

32% 32% 34V —YU 
21V., 2% TV _ 


16M 16% 
lA'-i 16*4 
13V 13% 


14% 14V 
SV ISV 


SS 7 

17V —'4 
17 * V 
16M _ 

ffi=R 

IS t 


IV ■YuTatuttl A4 60J S3 9 
94 68 ToflEptC 736 lfJ _ z3X 


9V UAToftond 
9. 3. TopSrce 


18% lOVToftPot 

& Jirzssr 

2V 'VuTrmsctS 


11% 11 
13% 12V 
11?* ” 
ffii J?33f 
% & 
IS 

9M 9V 


ft ys 


535 2 i2 
1*5 h 


is? rS5 


tv a Xu 
IV 2% 


.6% IVKlctdcn 

UVUVragelB 
20, 13VRloAIg 


4V 4h 
2% 2 
6% 6% 


25*4 15VHrtgMa 

22 SVKondo 
Mh AhHaapH 
16 SVHownBi 
ll*k 6 Hawtak 


lVi| YiDJInd 


-% 
% — % 
3V — M 
7V —V 

1114 Z 
21 h —'A 
SV — Vk 

V ‘Ku 

'MzZ 


3% 1 VDokataM 
2 %Dc*or wt 
9V 6 DanIHd 
6V 2%D otcmet 
JOM 4%Datarom 
7V7R7uPDV5tr 
4 1 Davsl wr 

BVk 5%Daxor 
12V TV, Deco, at 
8V SMDMElC 
36% 17VDevnE 
5*. rVuDHan A 
3% 'VuDigTcmi 
V VDtaicn wt 
9'/. TVuDtgltCT 
13% 10 DUMAC 


% h . 

"ft i «s. 


6BO 10% 
73 24% 
4810 ul4M 
99 11*4 
69 76V, 
» 17% 
117 13% 
,35 7V 
154 6 

B9 9V» 


10 10 % — % 
av MV ♦ *4 
10 % 12 % ♦% 


25V 26% *1. 
17% 12% — *4 
12V 13% ♦ V 
7*4 7V * V 


,S . ?V**4urTYAZ2 .82 8A _ 73 9V 9% 9M _ 

19'A llh Mmjrtfi 5 .14 IJ 13 133 1* 13% 13% — % 

10% 4Yi. NTNCom _ _ 1171 «M 5% Ik rk 

TIM 5VNVR ..525 667 SV 5*4 SV _ 

5V VNVRwt _ _ in hd V 'Vu — Vu 

B% 5V Nabors _ 19 2296 7% 7% 7% _ 

7V 2VNCTTmfc _. _ 10 5V S% SV *% 

lBVMMNtGlO 31 U 11 10 16% 16% 16% _ 

3DlM24V»jttC 30 U IS 3 X% ZB 2B% _ 


30, 13vRiaAlg 
4V2W^RSmst 

ft %R?i^ 


12'A llh 


IBV 18V 
4% .6% 


15V _ 

11 —V 
12V _ 

11% —V 
10% ♦ V 
11V ♦% 

'ft 

IV _ 
Z 

sS-^yC 
av _ 

ft-; 

9% *V 
TV » *4 
13*4 —V 
2V _ 
2V _ 
Bh _ 

1 * Vu 

49. — % 
2%^_“ 


MH 10% TmznB 
6V rVuTrMJtv 
2*k ift.Tr] Li lewt 

27*4 16V TumB B 
9V AVTumrC 


-19 5 

„ _ 76 500 

J0e IA 15 460 

.14 IJ io 

_ _ 5B 
.18 IJ 13 13 

J4 2A 17 5 

_ 4 197 


rt'WJI AV2 , am 


14% 13h 14 —V 
BV BV ft 

(ft l^lft^ 

14% 14V 14V ♦ V 
2>*!. d 2H 2V —V 
% Yu % + Yu 
3*4 3% 3'A +.M 

6V 5h 6V t% 

ILYi. ?% IV —V • 


J7 A 169 213 
~ - 188 


6 1 HUS AJC 

9H ,4V US Intc 




BM 4V„£ni Eng 
3Vmft,UrvteFn 


4Vi. 3'Vu 
42% <2*5 
IV lYu 
3-1M 0 3V 

|Yu 


llh — H 
IBV — V 
6% — V 
4 r'Vu 
42Y. — V 

'Vu Z. 


6% 4*»UruMrt 
TV 4VUntflexs 
10 BMUnimar 
BV 4hUniaMM 
12V 8VUnCap 
2% lY u UFaodA 
y.S IkUGnn 
11V 5% US Band 
35*4 B V US Cell 
9V 4VUTBMV 
70*4 1 5*» UNITIL 
8V 5VUnvPot 
IV YivTX 


- - 977 4V 4*4 4Vi 

i. 9 o a loj ; i i^,^ 

» £1 j ft ft ft fl 


_ 16 67 5% 


, _ . .w ,n a an riw 
1-73 el 8.1 _ 134 9% 9% 9% _ 


ft ft -5 


19 HWolFrg 


- *4 a TV 1*4 1% 

1109 7h 7*6 7% 

-3300 X9 a 32V 33 

18 19 a SVm 6 • 

73 9 3 17M ITV 17% . 

- - 54 6h 6% Sh 

_ _ 235 YS d Vu % 


14V 9*.VKAAAd2 

14*4 9'kVKFLO 

I5V10VVKMAV 
IS 9VVKNJV 
15% 9 VKSelS 
14% 10 VKOHV 
8 SVVREF1 
7% 5VVREF 11 
IV VVtRsh 


> tykrtt Po mr _ - Ilf Xu Wu 2 *y m 

k 75 NttRtty X 23 ... 24 28*2 23V 28V 


XV 3VSBM tnd _ 44 624 

1,0 * IS .ol 

i^'ivisssr, z ? .f| 

«SSW* - «* 


ft I I#. 


13V 4 V Nat Art 
UM IklWIxAr 


_. 17 49 5% 4 Jk SV ♦ 'A 
13 2 9% 9M 9*u ♦ Vi 

•80b 4J 8 124 18% 18% 11% _ 

M 7JJ .21 9* 9V .9% 


17% 12 Salem 5 A0 £4 ll 5 
53% 41 SalAMGN r8.1B 6J _ 45 


16% 13V Mh *•'/, 

Xu 3 TVi, Z 

15V 15% 15% *% 
4V 4V 4% » 
Y'l % Vu * Vu 
, *V d Vu '/u — Vu 


9 1 2 }i s itS d ift ,t2 

if j ^ ^ >ft 
Safi z ’S ft ft ft 


.72o 73 _. 
A3 8-5 _ 
-S*> 7A _ 
•|3a 7-5 _ 

-£ a ,J - 
8.9 _. 
37 a 73 _ 
1 69 e 26.5 14 
A0e 9.8 18 


35 9*6 9% 9V 

.38 11 V 10V II V 


101 9V 9*u 9h 
99 9V 9V 9V 
24 10V 10M 10‘A 
6 6% ik nt 


4'A, 2 Astrotc 


VAstrlwt 

7% Atari , _ 

SMAItCTTJK .10 IJ 

MAnsCM - 


ift ft 


■ft 

ft fliftsss? 


1Yu 1 

4% 4% 

2V 2% 


•Vu — 

7 —V 
2V -. 
2i«u * Vu 

5V -V 

1Y. — % 
7% — % 

l.t* r- 


3!k 10 D1MAC 

r 


10 AVDIodes 
IV hDtvCam 
10V A DIxnTlc 


10V TMDryCai 
11 7HDryfMu 
11*6 8*kDrvfNY 
5% 7*. D neon 
17V BVDaptot 
6 3 Dycrxn n 

TV »/uECI trrt 


IV I Yu lYu 
*6 Vu M 
2%u ,2V 2h- 
13V 13V 13V 
14V MV 14% 
5*- S% 5% 
1% IV 1% 
BV 8 8V 
I6M 16 16V 

R ft ® 
ft ft ft 


12M 8 Id 
4Vu 2%iaenlbc 

20*k MVSIncOpRT 
.%• IJitncsW 
llh bVmcyte 
11 V 9%tiHMM 
Y, VlnfDis 
13% 9%lreitron 
M% 9%tnteic m 


s v, nmuwwi 

ft 

6% 5V nFnYB Wt 


12 % 11 % 
2'Yr. 2V 

S J* 
'5 '! 

10% 9% 
9% dfv 
Vi 

U'A 11 

;s 

'3ft 

,5 ^ 


12% » V 

2'Vu _ 
8 '4 ■.% 

34 —V 
18 _ 

uh +S 

9V —V 
V - 
11V - 


X% 71% NY Tim 36 23 f3 1371 M'A 24 M — K 


::S 4ft diM 2%ZS 

39 23 n"?3'il \l li*TS 
6% JVNthnfch J6e 1.1 IB 284 5% 5 5% — % 

13% BHNCAPl .7BOB.0 _ 250 9% 9% 9*u — ' % 

MV 9VN^LP1 J5 7A _ 25 10H 9h 9h — M 

15% 9VNGAPI 34 73 - 76 1(»% 10% 10% _ 

14% 9 NMOPT2 68 7.0 _ Ml 9h 9V 9V _ 

UMIOViNMOPl 70 U _ 75 11 10*4 10*k — ' % 


■**7i v 1 jwvnvn io. I O ou — , «3 

XM23VSa£Dec 13 7.0 ! 61 

EJ«5I SB3^r"i« ii z 96 

ffiSSKl S8fk a S3 z 9 

13V. flWSamion lJUo BA 10 71 


.'A. -«0 8J - 7 

is K = "B 

a ■“ “.is 

'IS ikjSBF - '• 'j 

.16 IA 8 25 

'g 2.1 tt 4 


3 « 


2% — t'u 
15% — % 


M .9 t*ypu J3 7J _ 81 IO 


iSv’r^ 


t<% 9 % NPAP13 .76 7 A - 13 10% 10 ID _ 15V idYkMm 

M% 9HNVAPT2 A U . II fk W % K “ 

14V 9VNWWA -78 7J _ 42 loV |6v 10*6 *V iW,s!mPkv 


|g£s 

B6Y< B6'A BAM — *u 

Sfi? Pf 4 93 '* — * 

36h 36% XV _ 
a 35 a _ 
15% |5% Z 

.its itS ir%- .% 


_4% Verscr 
55 A 24% Y/locvn 
<9%7i vvtaca 
B 3%v)acmrt 
2V lW.Vhacvr-r 


5 fi 


.ft 

15% 9 WoyCO 
14V fTiVuvFlo 
17 12 VoyAW 

15% 9VVoyMN2 


18 IT 6% 6% 6Vk 

- 7 lVu 1%, IVu 

- 15 3H, 3% 3V 

“ US 41 

_ W75 40% 3*% XV 

- TO4 3V 3*4 3% 

- Ufa I'A I Vi 

- 1613 3M 3V 3V,. 
_ 13M y* 5% 5*4 

Z 492 ulVk 1 IV 


6V 6V IV _ 

8% B% 8% _ 

BM 8% BV _ 




SJ _ X TO 
95 7J _. 123 Ifr 
■77 7J _ 53 IO 

■go 7J _. 86 13 

-fjo 7 A „ 119 IO 
a 7J 56 10 

M 4.1 15 2 1ST 


.32 JM* mV )o% 
'S 32?* IK* wv 

53 10% 10% 10% 


86 13 12% 12V 

119 10V 10% 10% 
56 10 9V 10 


2 19V 19V ifv 


IA ,8 25 

A 10 9 

" tt itt 

Z 19 Si 


4«/u 4 4"/u . 'Vu 

JIM 11% 

166% <84 164 — JV 
10% 10% 10% _V 

5% 5% 5V, .Yi 

1% JV 1% *% 


3?** l*YuSerntdi 


34% 9ME20C An 
34 BVEXXBn 
3". I’vEZServ 


iftiisisre 

gvnvBHc 

X 19 QoOarM 
11 3*u Baker 


23*4 19*6 BanFd 
MV 10% Bgnstr a 
25V 17VBT Cv7ft 
25% 19% BT cv7V 

5 3M Bayou 
AM 2 BSHK wt 
7H 2*4 BSHK pwl 
3*6 ?'/.BSJpn wt 


_! MV 

iS ^ 


3% _ 

14% +% 
75V — % 
24V —Mi 

«*U * Yu 


17V 11 V EstnCO 
48%33'AEChBFpf 


50 30 
7 10V 

72 20V* 
90 ?OV 
5 V 
22 2 
35 26 
1 V 
948 XV 
1 15V 


36v29VB$MRKn 2.01 5.6 

26V lo%im^£ Z 

9?y 2 B2*k Berrx^a 4 00 e 4 - .7 


5% _ 

19V — % 
10% _ 
30% — V, 

w v I 

2 — Vu 

25% -% 

19 V — V 
ISV _ 
3% —V 

2V ... 
2V —'A 

Wi, -Yu 

.2% —Yu 


ISV, 9VEqjien 
9V SVEStO 
5% I'AEOMeh 
47VX%Ekin 

13% 6VEkkxod 
6V. 2%Bsinor 

9% TVEISWth 


191-4 ifc.ENSCO! 

’ft gftlSPfe 


XV 25V 26% 
28 . 26. 26V • 

l"'u 0 1% IV 
13% 12% 13V, 
34% 33V 33*4 
UV 10*4 10V, 

'Sh ft ft 

17% IBV 

? i 25V 25V . 
0 IQ 10 

Xu Tv’ll - 

ft 6V 

'ft ’ft 

.3% .3% 


IS OF = 

^ fm -3 

2*4 Vln i re w lm _ 

laVlIWIntPiyo .I2e - 


TV 7V 
% M 


Vk ft 

3V, 3% 


2% 7VEf)Ctn3 
bv tzvEnointt 


230 17 j: 
1 AO 19.1 
1A0 18J 
JSe 1.9 




lisS 


11% 6VKVPHA 
2Ta 17V Katanas 


16% 16% 
iv iv 
19 law 
mm 
BY, av 
5% 4% 
"r.i v 

10V 10V, 
Mil Xu 


3% _ 

7 — % 

IV — % 
16% — Jk 
IV — % 


XV 19% BlnKMt .40 2J 
28% 10 BkiR A 
.3% YuBioohm 
10% 4MBIouaU — 

14% 9 V BAB 1 09 1 05 10.6 

13V 9VBCA1Q J90 77 

MV 9VBPLIO 39a 7.7 


13% 9VBNYI 


46*, 36% BlakCp 2.05 e 5.1 


70% 16V Bow IA 
5<A XuBawmr 


28% IMBcwm 
19% IDVBrBndn 
15% lOVBrscng 

3V XuBrcCkCa 
Xu IHButhon 


1172 'V M 
94 25V 
IS 7% 

2 85V 
20 19V 

374 UX*. 
456 V 
16 8% 

5 9*. 

8 I0'4 
73 IOV 
16 10V 
92 9% 1 

IB 40 

B 31% 
455 44% 

3 I7'A 

73 3Y„ 

410 16V 
X 18*4 
26 14% 
315 3% 

MI IV 


T“=a 

8SH - % 
19V —'A 
28% -H 

"/u - 

8% — % 
9% _ 

UV — % 
10 *. — % 
IOV 

9% — % 


3V VEssxFn 
13*6 5% EtTLv A 
16% AVEtzLav 


!‘nX ‘il^n 


14% 6% FalcOH 
XVnvRbrtid 
19%l2*iRnPdl 
MV 9%FlAusl 


lyv zov 
13 13 

1% BV 

ft ft. 

i* ft 

.5 14*3 

3?* 30ft 3^ 
7% 7V 7% 
29V XV XV - 


fft’ftSSSSc? 

’f*lM 

6 ViKKm 
4h 3%Klnark 


s* z* 

ft ft 


CV — V 
8V —V 
5% _ 

V — % 
10% *% 
2V U — Vu 


/ft 


! ft 

10% 6%KoarEa 


2V 1 LaSarg 
22V 13*4 Loncar 


3% 02%. 
14% I4v 
4% 4% 

ft ft 

i£ loft 

10V 10 

fSdft 

I. % 


6*6 *Vfc 

5% — % 
3%*1 
14V _ 

4%— Vu 
4V — V 

17V .% 
10*6 — V 


7 13%Landaur 1J0 6.1 
3V XtLrxiiPc 


1% IBV 


11 H FAuiPr 
7V SHFtCnm 


31% «V 
44% .% 
1»Y. •% 
3 — % 

15V — Yi 
18 

MV —Vi 
3Vi ■ V 
IVu - Vu. 


MYklSVCFXCe 
7% 4V Ell Fin 
BV 6VC1M 
»*•. 4V.CMICP 
3% ’Vi,BTEm 
16 V Il'icVB Fn 
5% VCVD Fin 
70% X CitJlvsn 
9% 3 Cbbettln 


.92b U 14 d 17'A 17V 17% -V 

.. 6 94 5V 5V, 5V -% 

.B4C11A ._ *35 7% 7V 7V ■% 

_ 6 238 6% AV 4% ■ ’A 

_ 166 T'A TYu 1% >. 

J2B24 10 14 13% 13% I3%— Yu 

_ _. 149 f* TVi, 21fu - Yu 

_ _ 96 57% S6V 56*1 — Ji 

^ 900 7Y. BV 6% —V 


34 V, 23*6 FlOKCk 

tt 

5% X*a FOTSJC A 

Wu«vjg#t '« 

3V lvFortPet 
6V j'uFcunPws 
BV SVFrkAdwn 
4 V JHFrtSE n 
5V 3 Frxsein 
5h lVFnikSup 
7% 2VFraqEI 
9 5*6 FresenliH 

ISYilOVFmcfK 
3V JVFrgntAdl 


9Vd9% 9V 
1 BV 8% BV 
.6% 6% 6% 
11*. 11*6 11 H 

149 1<4 149 

ttX ffSSlflS: 

30% 30V, XV 
47 46% 46% • 


2 VuLsrTCwl 
Uh BVLouran 
9V AVLnzKOP 

3% 'Y*.umPftr 


S2' , 39 , L«SmGN2.« 5.9 

A JH3MR „ - 

ir*^£BRsaa.5i? ^ 

5% 4hLeHKM**T _ 

13 1 VLOJY9SW1 

TftS&B&r J8 a 


— ,n m e-n —vt 

- 63 4 9Yu 4 . % 

X B B'A BYi BYk _ 

14 24 10% 10% IOV _ 


2& 3 ftfcMi 
1ft WSF 


16% 16V 

5 * 2 ?" 

ft 1% 

Wu T/u 

’ft 

V 'Vu 

50% 49% 

7 ft 

ffiS s% 

IV °1V 

•r ^ 

M 6 V *S 


1 * V 

IV — Y, 
18% — Vk 
16V _ 

3V * V 

ft *'u 

3% — Vu 


.tt&'tttssci ur 

17% 16V OneLb Pt ' 
17V 7VOnpign 
21% 15V Orients s 
12% 6 OriolH B 
7V PAPLCSys 

17% j»R)K 

XVISVPGEpfB 
IBV 13%PGE0fD 
18% 13*6 PGEpfE 
17 HVPGEofH 
16*6 1 1 % PGEpTT 
Z7H 27*6 PGEotM 

S 'A 22VPGEptO 
% 231 A PoeotP 

Zft%20VPGEo«Q 
26% I9*6PGEP1U 
J5VlBVPG&tX 
4V XktaJde 
18%14%PocGHn 

6% 2 PWHKwff 
Sh 

6% 3%PWDYnwt 

4V YuPWUSDwt 
MV I0VPWPI 
7h2WuPomHa 
40 34%ParftN6 
UHMYYParfYd 1 
ISV 12 RjtPtg 
16 14% ParPQ 1 


fS 

-50 BA 
IJ7 B.7 
1-25 BA 
1JS U 
112 

1 J9 9.1 

i-» ai 


UV 11 11% —V 

JC F «^-w 

"ft 

10*6 10*4 T0V _ 
16% 14% 16% _ 

15*6 14V IS — % 
I S'A d 14% MH — V 
7*6 7 7 — % 

A. 5% 5% — % 
2 % W, 2 V +%, 

13*6 d 13 13V _ 

4aVd«S'A 4SV — % 
17 16% 17 _ 

15% 15% ISV • V 
14V 14% 14>A ♦% 
14% 13% 14% — % 
12V 12V 12V —V 
12 12 12 — >4 

av 22*6 22% _ 

23% 23 23 — % 


7V* 2,%Seronprt 
10*6 5 V. Service 

ft 

oft 


z a 97 

_ 10 ia 

-. _ 765 


Jh 2jyu Xk *Yu 

4V 4*k 4V *% 

11V H 11 — (k 

6% A 6V. -V. 




• BViSmtBIr, ^uu B.V _ I Ju 
^UVsnnBmM J5G 6.9 _ 18 
9 SHScflner _ _ 90 

>552 llhSCEd Pie 1J6 9J ._ 2 


.06 3 1 74 

1 

— 4 131 

- - 356 

_ 43 61 

_ 1B3 70 

32 Zl 10 146 
40a 4.9 _ 130 


5% 3 3% _ 

F ^ *- 

tt, 3« 4V •% 


]6Jk 11 V5^Ed PlD 1JB 9J Z 31 


70N07DH 70% ♦% 
20% XV 20% —V 
18hdlB% 18% —V 
3»u 3V 3Mu - V 
l*h 1A% 74% 

3 2*Vu 3 _ 


P<G IAS 9A _ 72 

“ JJf'SCEPPlP U84 83 ... 61 

MV 5oUCo I 91 1 5J 38 31 

1 e e ” 


<»u 3J? 4V *v 

23 22* 23 * V 

5% SV 5% _ 

2S 74*6 74*4 — V 
12*6 12V 12V 'Z 

11V UV U% 

11V 11V 11V <-% 
Jiv jsv 13% _ 

!5Vdl5% 1S% —V 



S 21 167 17V 16V 17% 


j 1 ft .ft .ft 

20 Vu 3 % Vu 


■9* 3 45 tt 11^ 11^114% 

I-12 93 13 xin lft lft 

M “ !f 44 X ^ f 

_ SI 4' Jk, 1 


S2o 3J fl 10 16% 16% 16% 


2TVj il 71 

'F Ja|h^s 

”sv ’ft'ft-f! 


J _ 

4Vi 4 VS — 4% 


’ft ’ft 


UV —V 

ft Z 

X'A —V 
4V _ 
24 

IBV _ 
36V -V 
4 —Vi 

ft-’'." 

17 •% 

6*S — 4fc 
’ft Z 


9% 7%CainsCD . J4b .5 12 <83 B*« 8 BV ■ *n 
18% 7% Gal 11CW 10A9C .. _ 12 IV 8% 8*6 „ 


«V 2VMCShp _ 26 *98 Hu 3V 3V — % 

AS W - = \£ v* .ft w! 

lSViaVMOCNSC A4 5.9 i4 Si? 11% 10V 10% — Yi 


MV HHPeaSfd 
44% 34 PennTr 
25% 18H Pen RE 
13% 9%Parmc. 
24% 21 PemCp* 
4Y, IV Peters 
4% 'VuPhrwLos 

6% ^“SnpTRTt 

8% AhPirwve 
40*6 29%PftlWOV 
« aviPmwvA 

bh svPhtRse 

25%16%PlvCem 
10% SVPtvRA 
10% SHPIvRB 
46% 29% Polar ind 
7% 3 H Pal yah 


3% 3*4 3V * % 

9V 9V 9V _ 

4% 4% 4V _ 

Yu %i Yu *<i 
IO*6 lOYr 10V *% 
6H 6% 6*6 —V 
39 Jk 39% 39% *W 

12Y, T2h 12h _ 

12% 12% 1246 
■ 5% IS 15% - *6 
3% 3% 3% .% 

I3%dl3% 13% — % 


ft Vs ff*Y%Cn - Z 34 

-&r a aiSR .’.i. ii z 264} 

?g , |wi«n Z 8 

l»v lYYSt^l -® a *3 10 U 

is: = 9 its 

'<% J« 9 J _ ?M 

ft z ” ii 

’g’iii^L 33 *'l v i 
j: jgtp« = =, i 

SV 9*stSHX 3a 4J 14 17 

wCSf" 2 1M 

*fc , 3B5S u " ao3 - 6 Z tt 

’> ’hTexaon z Z 280 
:fiif3^=L : z .tt 
=28 is 
z! tt 




iiuZ 


ft nsiss?' 

.51'* .! VSunriiir 


’g’ifeisas 


ft: 

£** 2^1 2W— Vy 

»*k 39 39 — 1“ 

XV 39YI S’A -V 

ift .aft ift 75 

ft ft ft Z 

44% 44V 44V —V 

ftdft ^ 

9 V 9 V »V . % 
5 Al 4Y. -k 


2% Wi 2Vu —Vu 

a. a a •* 


4% 4V 4% 

46% 44fZ W/. 


g— divid end otso axtra(s). 
ckl — coiledu 

d — new yearly low. 1 




jofe d8% 81^—1% 


rjh u 2% 2Wu . % 

9 8*9 9 — Y6 

.6% A 6 —V 
l'Yu 1'Vu 14, .Vu 
2% 2% 2>V» — % 


! — SkSBS ■»?«* dh tWend. _ 
' WttTwL ornoocHon 

taue d 5 WvSM mh ”“■* « «*«nw I oHw 


13% 13*6 13% _ 

5H 5% 5% .% 
IVu 1 Vu llh. +V, 
4 4 4 , Vu 

5% 5*4 SH _ 

»*6 21% 22 % _ 
8% 8V B% _ 
13 12% 13 .Vk 

,2% ,2V 2% — % 
14% 14% 14% .% 
M% 14% 14% — H 


with the stan at iradii^ ™ : hWhhwnxnga^ begk^ 

K-nort.daydenveriT . 

p/ e — prlce- ea mlrma ratio. 

stok rtySSi^ 0 ^ ^ "Old in precedka, T2 monma. plu^ 
J^^wksptlL Dividend begins wirti data of split. 


yasss 


13% 13Y, 13V« —V 
«V J6 46% -Vk 
’3% 13V ,3% .% 

'J! '* 




10 ^ ? ThmSw 


Ve Vy Hfc _ 

K ^ ift ^ 

17*k 17 17 — Vk 

Bk 30% 30% *% 
9 BV 8% — V 


P^Tfn ""''FMOHY 

ww— vrttti warrants, 

«— -tidMAmd or n^Mih, 

«dB — rx -di stribution. “"*• 

*w — wlrfiout warrants. 

KESESh - " - ' mcS "N *" ML 


rid— yfarid. 
z— M wain 1 




Mil 1 : 




UrJrii 1 ■ * 





- '• '2V 




tt? 


L> \&£> 


i 




Honda Profit 


vuaorupies on 
Strong Car Sales 

COW** * Our Staff FnnDtyatte w „- 

TOK.YO - Honda Motor Jz2!2? n lopr ° n ‘ from 
Co. reported a dramatic recov- !no Ung a CTO »-sharehold- 
ety in. its worldwide profit on riL a S r i e emenj with Rover 
Friday; as buoyant U.S and S n ? jp 45" when Ba vensche 
European car sales helped off- ™h« rei L Werke AG ° r Germa ' 
set the negative irapactof the con{ro1 of the British 


set the negative impact of the 
strong yen. 

Honda's group net profit for 
the sjx months to Sept. 30 about 
quadrupled to 38 billion yen 
($387 million). y 

•The company predicted that 
net profit at the group level 
which includes all the compa- 
ny’s operations, would expand 
58 percent, to 60 billion ven, for 
the full year to March 31. 1995. 

The company said strong 
sales of its Accord and Acura 
Integra models in North Ameri- 
ca lifted sales to 1.99 trillion yen 
from 1.88 trillion yen. 

Revenue from the automo- 
bile division rose nearly 8 per- 
„«m. to 1.57 trillion yen. 

-£“We expect sales to remain 
strong jn the second half" said 
Yoshihide Munekuni, an execu- 
tive rice president. “Our U.S. 
facilities are working at full tilL" 

He added, “Demand in 
North America is still strong, 
and wc have a 10 percent in- 
crease in European sales ” 

Honda also received a 12.8 


carmaker. 

At the parent level, current 
r rnfl i 31 P* rcent in the 
iTco h ^, f .. frorn a y™ earlier, to 
14.58 billion yen, which was be- 
low expectations because of the 
yen s appreciation and a weak 
Japanese auto market. A strong 
yen cuts into the value of a 
Japanese company's export 
earnings when these are repatri- 
ated. K 

“We saved 28.50 billion yen 
through cost-cutting efforts, 
while we had foreign exchange 
losses of 16.50 billion yen in the 
first hair," said Kunihiro 
Chujo, a Honda director. 

Honda's slock price rose 10 
yen to 1,690. The earnings were 
reported after the close of the 
Tokyo Stock Exchange. 

Honda is expected to save 56 
billion yen in the whole of 1994- 
95 through cost-cutting, but it 
will face foreign exchange 
losses of 32 billion yen. Mr. 
Chujo said. 

(Bloomberg. Reuters, AT) 


Foreign Brands 9 Popularity 
Weighs on Japan Tobacco 

Reuters 

TOKYO. — Rising competition from foreign brands is weighing 
on Japan Tobacco Inc.. although the company expects a slight rise 
in earnings in the year ending March 31, 1995, company officials 
said Friday. 

Japan’s domestic tobacco monopoly posted current, or pretax, 
profit of 6839 billion yen ($696 million) for tbe first half, up from 
63.77 billion a year earlier. Sales fell about 1 percent, to 1.35 
trillion yea. The company said lower operating costs helped profit 
rise despite the drop in sales. 

“The market share of foreign cigarettes in the first half was 
about 19.1 percent," a spokesman said. “It grew from 17.5 percent 
oneyear ago." 

Tbe tobacco market was ostensibly opened up in 1985, when 
Japan Tobacco controlled 97.6 percent of Japan's market. Since 
then, foreign cigarette makers have steadBy gained market share. 

The company forecast current profit of 1 12 billion yen for the 
full year, up from 109.16 billion yen last year. 

• Since 1985, Japan Tobacco has been trying to diversify into 
outer areas including biotechnology, pharmaceuticals, food and 
real estate. 

Last month, the company listed its shares on the Tokyo Stock 
Exchange and other exchanges. 


wKi/J cm 


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


More Than Just a Pipeline Dream 

Ex-Soviet Republics Aim to Reopen Asia Trade lank 


Cra Angeles Tunes Service tral Asian republics — Ka- 
ASHKHABAD, Turkmen- zakhstan, Kyrgyzstan, 
is tan — It was a bizarre cere- Tajikistan. Turkmenistan and 
mony in the middle of no- Uzbekistan — from their his- 
where. tone Asian trading partners. 

. Invited guests stood in a Now the five are waning io 
circle around two sections of grasp the advantages of re- 
P 1 £ e ’. ^" lve hi diameter, building trade and transport 
winch rested on a bed of grav- links to the south, to lessen 
el in ihe desert. Black limou- their dependence on those 


smes rolled up one by one, running north into Russia. 
feliZV rJ^T lhe J“ d f S ° f Turkmenistan hopes in gel 


rach sienZ. Europe. Bui so does Russia, 

m a With Russian hands on the 

welder! 1 fiu“ dfe i™ IS tap. Turkmenistan has Elite 


cylinders together. 


control over where its gas 
goes. Most of it has been con- 


The rest of^ this would-be sumed by the former Soviet 


pipeline doesn't exist. 

But President Saparraurad 
A. Niyazov of Turkmenistan, 
in a move to drum up financ- 
ing, staged the symbolic inau- 
guration last month for the 
former Soviet republic's inde- 
pendence day. 

When — and if — complet- 
ed, the pipeline would take 
some of Turkmenistan's natu- 
ral gas through Iran and Tur- 
key to customers in Europe, 
bypassing the existing line 
through Russia. 

It is one of a number of 
pipelines, highways and rail- 
roads planned with the aim of 
breaking Russia's economic 
control over former subjects 
in landlocked, resource- rich 
Central Asia. 

“1 hope this pipeline will be 
tbe first of many pipelines," 
said Prime Minister Benazir 
Bhutto Of P akistan, whose 
country is among those seek- 
ing trade and influence in this 
region of 53 million people. 

Decades ago the Soviet 
Union closed its southern bor- 
ders and isolated the five Cen- 


republics Ukraine, Armenia 
and Georgia, which now owe 
Turkmenistan 52 billion and 
are too poor to pay. 

Construction of the pipeline 
through Iran and Turkey is due 
to start early next year. 

But diplomats say financ- 


ing from the West could be 
hard to find because of oppo- 
sition there to any project that 
might benefit Iran. 

Oil-rich Kazakhstan has a 
similar problem because its oil 
exports depend totally on 
Russian pipelines. Russia, an 
oil exporter itself, views Ka- 
zakhstan as a competitor and 
limits the flow of Kazakh oil. 

As a result, Kazakhstan has 
formed a consortium with 
Oman to build its own pipe- 
line through Russian territory 
to the Black Sea. 

Central Asians are also 
planning new transport lines 
for easier routes to the sea. 

New tracks under construc- 
tion will join Turkmenistan's 
railway with the city of 
Meshed in eastern Iran, giving 
Central Asia rail access to 
Iran's Indian Ocean port of 
Bandar Abbas. 

At present, the nearest 
ports accessible to Central 


r 


- TURKEY y 

“'"v X 

SYRIAN*. 
\|RAQ ^ 


■■"yV' 


tA) 




KAZAKHSTAN 




Turkmen- < 

I STAN ‘ ^ 
"'Ashkhabad 




AFGHANISTAN 


Ha^ : 


Asia by rail are in Russia — 
St Petersburg on the Baltic 
Sea and Vladivostok on the 
Pacific. 

Pakistan, which wants Cen- 
tral Asian trade to flow 
through its own port of Kara- 
chi, is also discussing a rail- 
road through western Afghan- 
istan — a pan of that country 
barely touched in recent years 
by the Afghan civil war. 

The Pakistanis also expect 
to spend $300 million to up- 
grade a long-neglected high- 
way through western Afghani- 
stan to Turkmenistan. 

The Afghan war has also 
delayed the opening of Paki- 
stan's most direct route to 
Central Asia, through Kabul 
to Uzbe kistan. 

But there is another obsta- 
cle: President Islam A. Kari- 
mov of Uzbekistan, a cautious 
former Communist, is wary 
about opening up too quickly 
to the Islamic south. 

Other routes connecting 
Central Asia to Pakistan lead 
through western China, such 
as the Karakoram Highway 
over the Himalayan ranges. 
From there, two roads lead to 
Kazakhstan and tbe small 
mountainous republic of Kyr- 
gyzstan. Pakistan has dis- 
cussed upgrading these roads 
with cooperation from China, 
which is also interested in 
more trade with Central Asia. 

C hina and Kazakhstan have 
already improved rail connec- 
tions between their countries. 

Many of these proposed 
links are still in the specula- 
tive stage. But officials expect 
that at least some will be built, 
bringing an end to Central 
Asia's era of Moscow-engi- 
neered isolation. 


Foreign Brokers Cut Hong Kong Staff 


August. The shares fell to 1.19 mflhonjyen on their first day, Oct. 
27, and have continued to decline, closing Friday at 1 million yen, 
down 10,000. 


HONG KONG — Standard Chartered 
Securities Ltd. said Friday it would close 
its private client business in Hong Kong 
and fire the staff, reflecting dwindling 
trading volume and poor profitability in 
the brokerage industry. 

Foreign brokerage concerns flooded the 
Hong Kong stock market late last year 
when it was surging, but the tide has 
turned, and many companies are now feel- 
ing the pinch of declining volume and a 
share index that has slumped 25 percent so 
far this year. 

Standard Chartered Securities, a unit of 
one of Hong Kong’s note-issuing banks, 
has undergone an overhaul after a series of 
setbacks, including a censure and fine by 


the market watchdog authorities for irreg- 
ularities concerning initial public offer- 
ings. 

It has decided to concentrate on institu- 
tional clients, offering retail services only 
in its street branches . 

Christopher Mallows, managing direc- 
tor of the brokerage, said small deals for 
private clients did not always cover over- 
head. “It is very labor-intensive,” he said 
of such transactions. 

He said 30 people were dismissed from 
tbe brokerage concern Wednesday. 

Other firms are also cutting staff and 
rethinking their strategy on Asian business 
as U.S. interest rates rise and lure capital 
away from the region. 

Analysts speculate that some U.S. firms. 


Page 15 


ASIA/PACIFIC 


Investor’s Asia 


Hong Kong 
Hang Seng 

11000 


Singapore 
Straits Times 


Tokyo 

Nikkei: 



J JA S ON 
1994 


J'j A S Off 

1994 


Exchange 

Hong Kong 
Singapore 
Sydney ~ 

Tokyo ~~ 

Kuala Lumpur 
Bangkok 
Seoul 
Taipei 
Mam la 
Jakarta 
NewZeafand~ 
Bombay ' 


Hang Seng 
Straits Times 
.A8 Ordinaries ' 
Nikkei 225 
Composite 
"SET 

Composite Stock 
Weighed Puce 
PSE 

Stock Index 

_____ 

National Index 


9 . 427.44 

132230 

19,302^6 

1,04*88 

1,457.49 

1,11845 

6,350.17 

2^12.86 

509.70 

2,052.86 


Prev. • % 
dose Change 

9518.28 ■• 0.95 

2^5737 - 0.14 

1,922.40 ■ -0.02 

19 , 336.57 - 0 . 18 “ 
1 , 052.48 - 0.34 

1 , 479 - 26 ' - 1.47 

1,12053 . - 0.19 
6 , 267.88 + 1.31 

2 , 904 ! 10 + 0-30 
512.46 - 0.54 

2 , 048.20 + 0.23 

1 , 964.53 ” 

Internal. huI Herald Tnhune 


Sources; Reuters, AFP 


Very briefly: 

m Bankruptcy in China is on the rise. In the first eight months of 
this year, Chinese courts approved 536 cases of bankruptcy, up 
from 478 in all of 1993 and up 80 percent from 1992. 

■ Pioneer Electronic Corp. said a slump in karaoke equipment 
sales contributed to a 53 percem fall in profit io 3.74 billion yen 
($38 million) in the first half. The company plans a wide-ranging 
restructuring. 

• Tbe Japanese Trade Union Confederation, Japan's biggest labor 
union, will seek a monthly pay rise of 14.000 yen during the 
annual round of wage talks next spring. 

• Ricoh Co. said pretax profit in the six months to September rose 
63 percent from a year earlier to 10.1 billion yen. Revenue rose 3 
percent, to 305.4 billion yen, led by sales of copiers. 

• China United Petroleum & Chemicals Co. said it would fight 
charges that it owes Lehman Brothers Inc. $44 million for foreign 
exchange trading losses. 

• Kenwood Corp. said expansion in Southeast Asia helped it post a 

S rofil of 1.17 billion yen in its first half, reversing from a loss of 
.46 billion yen a year ago. ^ » ih^. 


which nearly doubled their Hong Kong 
operations this year by adding on expen- 
sive expatriate staff, were struggling more 
than their long-established British-based 
competitors. 

■ Hong Kong Banks Push lip Rates 

Hong Kong b anks raised the cost of 
borrowing money by 0.7S percentage 
point, a move analysts said was likely to 
reduce apartment prices and crimp con- 
sumer spending as homeowners faced 
higher mortgage repayments. Bloomberg 
Business News reported. 

The territory’s biggest banking concern. 
Hongkong & Shanghai Banking Corp., is 
increasing its prime lending rate to 8.5 
percent from 7.75 percent. 


Official Backs 
China SeU-Offs 

Reuters 

BELTING — A senior 
government economist says 
China need not fear losing 
some state industrial assets 
to foreign controL 

“It is wrong to oppose 
the purchase of assets and 
shares of state-owned en- 
terprises by foreign firms," 
said the economist, Sun 
Shangqing, who runs the 
State Council’s Develop- 
ment Research Center. 


Reuters. AFP. Bloomberg 


ITC 


INTERNATIONAL TELEPHONE COMPANY 

WORLDWIDE CALL RACK 
SYSTEM 

Now offers Direct Dial to anywhere 
in the world u Call Back Prices. 
Fax & Data aa also be used with 
ITU's Direct Dialer. 


International Telephone Company 
290 Pratt Street 
Meriden, CT 06450-21 18 
1 8004*38-5558 cm. Ill 203-338-9704 
Fax:203-929-4906 


^ i 

•V 


INTERNATIONAL CLASSIFIED 
















































































* *■ **'* 




TicralbSKSrilnntc 


Ait' 


;l 


International Herald Tribune 


Saturday-Sunday, November 19-20 ; 


lil^ 




SSS"?SSh?\ 






•jr$ j ! - 


first column = I ADRs Offer Global Self-Determination 


A Tribute 
To Market 
Creativity 

T HERE is a fallacy at the heart of 
cross-border in vesting. It con- 
cerns those who regulate the mar- 
kets and their attitude toward in- 


By Judith Refaak 


T HE standard advice for U.S. in- 
vestors who are about to take the 
plunge and diversify into over- 
seas equities is: “Buy a mutual 
fund and let the portfolio manager make 
the decisions.'’ 

But what of the investor who wants to 
make his own choices and custo mize his 
own international portfolio? Or who am- 
ply wants to buy one specific foreign equi- 
ty? Most financial advisers agree that buy- 
ing American depositary receipts are an 
excellent way to access individual, inter- 
national stocks without navigating the 
minefield of trying to buy them on their 
home-country exchanges. 

For one thing, ADRs simplify matters 
logislically. The broker’s commission on 
the purchase of a French or Chilean com- 
pany ADR, for example, is calculated on 
the same basis as one for shares of an 
American company — the investor pays in 


vestors in one country putting their faitb 
in a security offered by a company based 


in a security offered by a company based 
in another. 

The erroneous proposition continually 
propagated by commentators and ana- 
lysts is that regulators are good shepherds 
who are genuinely concerned for the well- 
being of their flock. It is also said that this 
is why investing across borders has tradi- 
tionally been difficult and, because of the 
regulatory barriers, expensive. 

So what has underpinned the expense 
and difficulty? And why has the American 
Depositary Receipt, or ADR, which al- 
lows international investing in indirect 
form, been allowed to grow so impressive- 
ly in the last few years? 

The truth becomes evident if you look 
at the nature of what a regulator does. The 
conclusion most be that regulators, de- 
spite their task of eliminating the unscru- 
pulous and ensuring that the extremely 
risky is appropriately labeled and market- 
ed, are bureaucrats rather than detectives 


companies simply see no reason to spend 
the time and money to comply with U.S. 
accounting and SEC requirements. For 
example, blue-chip companies like Ciba- 
Geigy AG, the Swiss pharmaceutical con- 
cem,and Deutsche Bank AG have unlist- 
ed ADRs. 


It is equally important to recognize that 
the price of an ADR will be impacted by 
currency volatility. 

“A lot of investors think that if an ADR 
is quoted in dollars and it's listed, there’s 
no currency risk,” said a New York ana- 
lyst who insisted on anonymity. “But if 
the dollar gets stronger against die curren- 
cy of an ADR’s home country, the value of 
the ADR will go down, and if the foreign 
market goes down too, it’s a double 

w hamm y" 

Conversely, ADR investors can do bet- 
ter when the dollar weakens against an 
ADR's home currency. For example, as 
the dollar has weakened against the Japa- 
nese yen this year, investors in Japanese 
ADRs have made a substantial gain due to 


dollars, and the trade is completed in five currency considerations alone. 


And increasingly, American-style re- 
iarch on ADRs is available. Merrill 


or risk analysts. And given that one of the 
strongest instincts of the bureaucrat is 


strongest instincts of the bureaucrat is 
self-preservation, a suspicious, not to say 
obstructive, attitude toward international 
investing makes perfect sense. 

Of course; there are good prima facie 
reasons for arguing that the risks of such 
investments are more difficult for domes- 
tic regulators to quantify. But the mildest 
of skeptics might also suspect that regula- 
tory hostility could also stem from fear of 
losing a power base, the fear that some 
other bureaucrat in another country might 
end up with the prized job of pushing the 
paper around a desk. 

ADRs pose no such threat. They are 
based in one domicile, denominated in 
one currency and offered by institutions 
the regulators know. ADRs are risky in- 
vestments, and a tribute to the creativity 
of the financial industry. Happy investing. 


search on ADRs is available. Merrill 
Lynch, Smith Barney and Dean Witter 
Reynolds (in conjunction with S.G. War- 
burg) are three U.S. brokerages that have 
made it a point to provide information 
and commentary on selected groups of 
ADRs for their individual clients. 

Moreover, for investors who want to do 
their own homework (and use a discount 
broker where commissions are even low- 
er), there are also several newsletters di- 
rected to individuals. 

But for first-time ADR investors, there 
are also a number of points to consider, 
most of them having to do with the “com- 
fort” factor. 

If you like to see how your stocks are 
doing by looking in your daily newspaper, 
as well as by reviewing things such as 
quarterly reports, many experts advise 
sticking with ADRs that are listed on an 
exchange. 

“That ensures that the company will 
meet SEC standards of accounting and 
reporting,” says Scott Kalb, coordinator 
of ADR research at Smith Barney. “You 
can check the price in the paper, and you'll 
have access to a regular flow or informa- 
tion.” 

That’s in contrast to unlis ted, or “Pink 
Sheet” ADRs, whose holders have to call 


But how to deal with the downside of 
currency risk? Count on investing in an 
ADR for three to five years, allowing time 
for currency swings to even out, advise 
many analysts. Alex Pidhorodeckyj, head 
of global equity marketing at Dean Wit- 
ter, adds that the focus should be on the 
company, its industry, and the company's 
position among its competitors. “John 
Templeton has never once hedged his cur- 
rency,” he observed, referring to a well- 
known elder statesman of global invest- 
ing. 

Another approach is to look at a coun- 
try where currency risk is less of an issue. 
While Latin American ADRs seem politi- 
cally risky to some, “Both Argentina and 
Mexico have currency tied to the dollar,” 
notes Ed Cabrera, a Latin America strate- 
gist at Merrill Lynch. “Their economic 
programs are tied to stability in the cur- 
rency, and we've seen that they’ve held to 
that commitment.'' 

Mr. Cabrera thinks that ADRs for qual- 
ity companies in industries like telecom- 
munications and construction will prove 
more rewarding to investors than shares in 
mutual funds that target the Latin Ameri- 
can region or a single country. An exam- 
ple, he said, is Gnipo Tribasa SA, one of 
the largest and fastest-growing Mexican 
construction firms. 

“They’re building toll roads and 


their brokers for a quote and on which bridges, and tbey’U be taking advantage of 


information is often extremely scarce. 

That doesn't mean, however, that un- 
listed ADRs are shady. Many foreign 


the privatization of the infrastructure for 
years to come,” he said. “They have a huge 
backlog of projects and work.” 


0 Future world 
invesco industrialist? 




1 * 

"V. 

I*' 

■Ma ■ '■ 



«r 

.... 

/ 

'v. 

•Vr 



It's hard to imagine that tomorrow's world industrial 
and financial powers, will be bom out of the second and 
third world nations of today. Through inward 
investment, these countries are developing and 
growing, and fast becoming major new world 
economies. 


opportunities whenever and wherever they may occur. 
Since launch on 2/1/91 the Fund has returned, on an 
offer to offer basis, +95.2% {as at 1st November, 1 994). 
(Source: Micropal Limited) 


INVESCO’s Premier Select Global Emerging 
Markets Fund aims to achieve above average growth by 
investing in the leading companies in the emerging 
markets of the world, wherever they may be. Our policy 
is of complete geographic diversification with a larger 
portfolio than would be normal fora blue chip fund, to 
spread the risk. 


Invest at the beginning. Discover 
the potential already being 
realised with the fastest 
growing markets of 
the ever-developing, _ 
emerging world of QlOOf 
tomorrow. 



The Global Emerging Markets Fund has the 
flexibility to capitalise upon a wide range of 


To find out more 
please contact our 
Sales Support Team. 


glolty 


y,vest 


INVESCO International Limited 

INVESCO House, Grenville Street, St. Helier. 
Jersey JE4 8TD. Channel Islands. 
Telephone: (0534> 73114 Facsimile: (0334} 68106 


To: Sales Support, i 

INVESCO International Limited, INVESCO House, j 

Grenville Street St. Helier, Jersey JE4 STD, Channel J 

Islands. i 

Please s end me fuff details of the Global Emerging Markets Fund, i 
including a copy of the prospectus. ! 

NAME I 


HT1911V4 | 
1 


The fund is part of INVESCO Premier Select, a UK Recognised Collective Investment Scheme bawd n Luxembourg and quoted on die Luxembourg SrccL Exchange The Fund is 
denominatw in US dollars but you can mwest in any freely convertible currency and we will exchange it for you free of charge. Please note, however, that movements m currency 
exchange 'ares can cause the value of your irwesmerns to fluctuate. Investors should note thn the value of shares can fell as well as rise and you may not get bad the amotjnyeu 
ong.naty invested, ft should be appreciated mat because of the volatile nature of die emerging ma^ets. favourable market conditions of the pad may not necessarily occur m the future 
Past pen'oTnance * nor a guide to rhe future The Fund is not regulated under the U K. Financial Services Act 1986 and investors will no! be covered by the compensation scheme 
available under the aa Hus advertisement has been approved by INVESCO Asset Management Limited, a member of IMRO. 


But even though much of the ADR 
action is in emerging markets these days, 
first-time investors might find ADRs from 
places like Sri Lanka or Peru a bit too 
exotic — and volatile. 




JK. V*. 'w 


Such investors “may want to look at 
ADRs in more mature markets, so as to 
eliminate political or market risk, which 
may be greater than a specific company 
risk,” said Chris von Hoffmann, a senior 
vice president at S.G. Warburg & Co. 
“That steers the conservative investor to 
pan-European stocks, Japan and Austra- 
lia.” 







%v; 

KsiSi 




American Depositary 
Receipt If 




Page 17 

Privatizations and opportunity 
The scene in Scandinavia 


Page 19 

ADR newsletters 
Playing the 'Pink Sheets’ 
Germany's interest piqued 


Source: The Bank of New York 






»9£B£M rS 




K. -Rr* 


So, What’s an American Depositary Receipt? 


By Rodney W. Burton 
and Diane Juzaftis 


T HE American depositary re- 
ceipt, or ADR, is a bit of paper 
that offers investors an easy 
way to buy into markets that 
once were beyond reach. 

The ADR is basically a negotiable 
receipt issued in certificate form that 
represents an existing class of equity 
shares in a non-U.S. company. The typi- 
cal stray is that the shares are either 
issued by the company itself or bought 
by traders in the home market and de- 
posited for custody in the local (non- 
U.S.) branch of an American bank. 

The branch then communicates with 
its headquarters that shares are being 
held, and the U.S. bank then issues re- 


they represent stay put in the foreign 
branch of the depositary h ank. 

The arrangement helps to smooth over 
problems encountered in cross-border 
transactions and settlements. If shares 
were bought and sold directly on the 
foreign markets, the settlement proce- 
dures would involve currency exchange 
hassles, problems in cross-cultural com- 
munications and other obstacles to an 


expeditious settlement 
In addition. ADRs an 


ceipts evidencing these shares. The inves- 
tor obtains ana holds the receipts, or 
ADRs. 

ADRs are often registered and traded 
on U.S. stock exchanges, while the shares 


In addition, ADRs are usually quoted 
in U.S. dollars. Dividends are paid to the 
ADR holders in dollars as well. The 
depositary bank takes care of receiving 
the dividends and other cash distribu- 
tions relating to the stock in whatever 
currency they are paid and converting 
them to dollars at competitive foreign 
exchange rates. 

Stocks traded in some countries are 
off-limits to individual foreign investors 
who seek to place their money directly, 
making the ADR an effective way to 
access such markets. Mutual funds, pen- 
sion funds and other institutional inves- 


tors are also often prohibited from di- 
rectly investing in foreign securities, and 
ADRs help solve the same problems for 
tTifim as they do for the small investor. 

For foreign companies, ADRs offer a 
wide range of advantages as well. First 
and foremost is entry into the U.S. mar- 
ket, which brings wider access to capital 
and helps ensure a larger, more diversi- 
fied base of equity holders. 

ADRs can be either “unsponsored” or 
“sponsored.” Unsponsored ADRs are 
generally issued by depositaries in re- 
sponse to market demand, without any 
formal agreement with the issuer compa- 
ny. Sponsored ADRs are initiated by the 
company itself and issued by one deposi- 
tary which it appoints and with which it 
has a deposit agreement or service con- 
tract. 


RODNEY W. BURTON is a partner art 
S.G. Archibald in Paris; DIANE JUZAI- * 
775 is a manager at Arthur Andersen 
International, also in Paris. 


We can’t 


keep on meeting 


like this. 


In planes. In hotels. In the street. Oh it’s exciting every time 
we feel your hands on us. your eyes on us. And we know it 
does something special for you as well. Couldn’t we see if we 
can turn this into something more serious? Here’s an offer 
that should make us irresistible -the International Herald 
Tribune for three months, or even a year, for as little as half 
the newsstand price! So fax or mail the coupon now. 


New Subscriber Offer 


Mail or tax to*. International Herald Tribune, 

181, avenue Charles-de-Gaulle. 92521 NeuKfy Cedex, France. 
For full information: Fax (+33-1) 46 37 06 51 


Yes, 1 want to start receiving the International Herald Tribune everv dav 
The subscription term I prefer is (check box): 


Country/Currency 

12months 
+2 months 
FREE 

- % 
SAVINGS 
fori year 

3 months 
-*•2 weeks 
FREE 

Austria A. Sch. 

6,000 

37 

1.800 

Belgium 

B. Fr. 

14.000 

36 •. 

4.200 

Denmark 

D.Kr. 

3,400 

33 

1.050 

France 

F.F. 

1.950 

40 

590 

Germany 

D.M. 

700 

• 32 

210 

Great Britain 

£ 

210 

-.32 

65 

Ireland 

£lrt. 

230 

-37 

68 

Italy 

Lire 

470.000 

50 

145.000 

Luxembourg 

LFr. 

14.000 

36 

4.200 

Netherlands 

FI. 

770 

40 

230 

Portugal 

Esc. 

47,000 

38 

14.000 

Spain 

Ptas. 

48,000 

34 

14.500 

-handdeBv. Madrid 

Plas. 

55.000 

24 

14.500 

Sweden (airmail) 

S.Kr. 

3.100 

34 

900 

■hand delivery 

S.Kr. 

3.500 

26 

1.000 j 

Switzerland 

S.Fr. 

610 

44 

135 1 

1 


□ 12 months (+ 2 months tree). ■ 

O 3 months {+ 2 weeks free). I 

□ My check is enclosed (payable to the International Herald Tribune). S 

□ Please charge my: □ American Express a Diners Club dVISA ® 

□ Access a MasterCard □ Eurocard I 


Credit card charges will be made in French Francs at current exchange rates. 
Card No. 


Exp. date Signature 

For business orders, please indicate your VAT number: 


IIHT VAT number: FH 4732021 1261) 

□ Mr. □ Mrs. □ Ms. 


19-11-94 


Family name 


First name 



Mailing Address: 



D Home 


□ Business 


City/Code . 


.Country, 


• 

V* \ 


INTERNATIONAL 


'■nww —mm im. jttw mu nui .its m woosterm m 


t 




“3 






fj&jQ 


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


Page 17 


l «e fai . 

fex j 


THE MONEY REPORT 




isSs 

$5S 

■•Ws^A 

-ssS 


E. \'4 


• • • **-C ■ j •*- 
• — : ?" -r . 






diitios 


’ ‘ - i*r 


As State Privatization Programs Multiply, So Do Opportunities for ADR Investors 

V* n • w . nmi»iu^ u ii . ..... 


A GGRESSIVE moves 
/I to Privatize state- 
/ A °wned companies 
~ the world 
. “°?S ^th USL investors* active 
mtaert m foreign equities will 
lfl«dy fuel scores of new Ameri- 
can dqwsitary receipt issues 
over the neat five years, accord- 
ing to expert*. 

.In the coining year alone, pri- 
vatizations are expected to raise 
awoximatcly $50 billion 
wonawide, matching the pace 
set nt 1993 and the estimate for 
■this, year; 

'Yinine tbe failing prices of 
many ADRs this year have left 
investors skeptical about the ef- 
ficiency of formerly state- 
owned. companies, analysts say 
that shareholders should keep 
their focus on long-term perfor- 
mance. Witness, some point 
out, the nearly 18 percent annu- 
al ri se in share price of the 
French energy concern Total 
SA since it was issued in ADR 
form three years ago.. 

“History has shown that 
~ there’s a good case for investing 
privatizations,” said Rodney 
Lord, publisher of the London- 
based newsletter Privatisation 
International. “Governments 
often have an interest in making 
sure shares in privatized com- 


panies perform well. As a result, 
people have discovered that 
there s more value to be 
squeezed out of former state- 
owned companies than they 
originally thought.” 

More than one-third of the 
capital raised through ADRs 
since January of 1992 has 
stemmed from privatizations, 
according to Nicholas Didier, a 
principal at Morgan Stanley in 
New York. Though not ail’pri- 
VJtaed companies issue ADRs, 
Mr- Didier estimates that priva- 
tizations could account for 
about two-thirds of the capital 
raised by ADR issues in coming 
years. Indeed, that estimate 
may be conservative, since 
some of the companies that are 
expected to privatize will be 


zation has already raised S2Q 
billion since 1989, government 
officials are hoping to bring in 
another $600 million with the 
sale of airports, the national- 
postal service, three nuclear 
power plants and the country's 
largest petrochemical plant. 

Over the longer term, the pri- 
vatizations of state telephone 
monopolies in Germany and 
France are expected to be 
among the largest equity issues 
in Europe. African countries in- 
cluding Morocco and Zambia 
also have a fleet of firms ready 
for flotation. 

This year, however, has not 
been kind to investors in many 
privatized companies. Buyers of 
ADR shares in Argentine, Mex- 
ican and British telecom com- 


- — r w *V4UJ onu i^llLull ICICVUU1 WUUT 

large telecommunications panies, for example, have seen 


firms. 

“We are talking huge num- 
bers,” he said. 

In the near term, analysts say 
that France and Argentina, in 
particular, are set to push a 
number of new privatizations. 
The French government has al- 
ready begun to sell part of its 
stake in state-owned auto mak- 
er Renault, and the sdloff of 
state tobacco company Society 
d’Exploitation Indus trie lie des 
Tabacs & des All nineties, better 
known as SEJTA, is in the 
works. 

In Argentina, where privaii- 


prices tumble 15 to 20 percent. 
Shares in China’s Shangdong 
Huaneng Power Development 
Co. have fallen over 25 percent 
since Lheir listing in August. 
Italian bank Islituio Mobiliare 
Italiano SpA, known as IM1, 
seems calm in comparison, hav- 
ing lost only around 3 percent 
since ADRs appeared in Febru- 
ary. 

According to Mr. Lord, the 
fall in share prices is less attrib- 
utable to sudden changes in a 
company’s ownership than to a 
correction in the company's do- 
mestic equity markets or to in- 


dusuy-specific business cycles. 
And other analysts note that 
market conditions are not al- 
ways a major factor in deciding 
when to take a state-owned 
company public. 

“Governments often sell off 
state-owned companies to re- 
duce a budget deficit or for oth- 
er political reasons,” explained 
Mr. Didier, “For that reason, 
they often want to privatize 
quickly even if market condi- 
tions aren’t the most favor- 
able.” 

Indeed, the slippage in l-itin 
American telecommunications 
ADRs has been mirrored in 
more general ADR indexes. Ac- 
cording to Merrill Lynch’s 
ADR Performance Monitor, 
the Argentine and Mexican 
ADR indexes have each had 
steep share price declines this 
year, falling by about 20 per- 
cent. 

ADRs of privatized compa- 
nies that have shown recent 
gains include oil companies Elf 
Aquitaine SA in France and 
Yadmientos Petro lifer os Fis- 
caies, known as YPF, in Argen- 
tina, which have gained around 
18 percent and 22 percent re- 
spectively since the launch of 
their ADRs In June 1993. 
ADRs of the Spanish energy 
concern Repsol SA have gained 
about 32 percent since their is- 
sue in March 1993. 


Though the oil companies are 
already showing gains, they are 
continuing to win analyst rec- 
ommendations. Both Merrill 
Lynch and Morgan Stanley are 
currently recommending Elf 
Aquitaine, which recently an- 
nounced an asset sale to Chev- 
ron Corp. and the sell-off of a 
subsidiary — moves which, to- 
gether, are expected to bring in 
some $378 million. In addition, 
Merrill is recommending pur- 
chase of YPF ADRs and Mor- 
gan has a ‘buy’ on Repsol’s. 

Sanford Cohen, a Merrill 
Lynch analyst based in New 
York, is also recommending 
one of this year's underper- 
formers, Shandong Huaneng 
Power in China. Though it is 
still 70 percent owned by the 
government, Mr. Cohen expects 
the company to generate more 
than 15 percent annual earnings 
growth over the next five years. 

Many experts say that even if 
domestic shares are available, 
international investors are bet- 
ter oFf buying ADRs. 

“The common wisdom used 
to be that the only people who 
bought ADRs were those who 
were restricted from buying the 
domestic shares.” said Mr. Di- 
dier. “Today, if a company has 
an ADR available and if that 
ADR is liquid, then there's no 
reason for an investor to buy 
the domestic shares.” 


ADR Leaders 


Germany 22.8% 


By capita! raised 


Mexico 21 . 4 % 


Italy 8.5% 


Chte tJ2L5% 






By number of programs 


0enmark^% 

p Other 
P Norway 3% 
j_ ' '>JapgnZ?% 

Netberfemrfo:: 

J: , , &5% 

* 


Bance^1% 


Germany 8-3% : — ^ 

Italy 8.3%- — j- 

Sweden 4J2%i T — ~_ 

Source: The 8ank of New York 


Denmark 4JH(r ■ 

.w«-Banc$43S% ■ 
UK 4,3% 

Netherlands 4.2% - 



More Scandinavian Companies Likely to Seek a U.S. Listing 


By Aline Sullivan 


M ANY citizens of 
Sweden and Fin- 
land might still 
need convincing 
that membership in the Europe- 
an Union is in their best inter- 
ests, but holders of American 
Depositary Receipts in Swedish 
and Finnish companies proba- 
bly have little doubt on the mat- 
ter. 

The reason is that the value 
of their holdings increased sub- 
stantially when voters in each 
country narrowly approved 
joining the EU in recent refer- 
enda. 

Now, the only Scandinavian 
country still on the fence is 
Norway, whose citizens will 
vote on November 28. A “yes” 
vote is likely to boost the coun- 
try’s stock market if, as hap- 
pened elsewhere in Scandina- 
via, investors anticipate cuts in 
interest rates, a stronger curren- 
cy and the benefits of inclusion 
in the EU trade zone. 

U.S. investors anxious to tap 
into the Scandinavian markets 


need look no further than New 
York. Many large Nordic com- 
panies have long been partici- 
pants in ADR programs and, 
now that much of the region 
looks set to join the EU, market 
analysis expect more compa- 
nies to seek listings on the U.S. 
exchanges. 

“Most Scandinavian compa- 
nies have become very positive 
on foreign investment since 
ownership restrictions were lift- 
ed,” said Per Griderg an equity- 
analyst at Carnegie Interna- 
tional, a brokerage in Stock- 
holm. “They now need to raise 
capital to compete in Europe. 
An ADR listing in New York is 
a big advantage.” 

Sigurd Kallhavde, a Scandi- 
navia analyst at Nat West Mar- 
kets in London, pointed out 
that the largest foreign share- 
holders in Swedish blue-chip 
companies are often American. 
The success of the bigger com- 
panies in attracting LLS. inves- 
tors is certain to encourage 
smaller companies to seek ADR 
listings as well, he said. 

“Apart from the biggest com- 
panies, many Scandinavian 


... 




Over five years to. Nc.vemb.tM 1.- 


EARN UP TO 


pa gross 

equal to 


I * ; l ! j_« r7i : ! alii 
ir’vnji 





9.05 

compound interest* 

GUARANTEED 


You can now take advantage of these 
attractive rates for fixed term deposits. 


saRi 

. .... j y , j-g'.-v-j 







GROSS RXBiRAJE 

COMPOUND 

W7ERB57* 

6.500% pa 

6.71% 

7.125% pa 

7.64% 

7.375% pa 


HAlM.l'H 

9.05% 


OFFSHORE 

COMPANIES 


lawyers 


IMMIGRATION 
& TRUST EXPERTS 


BANK - 

& ADMINISTRATION BV UK LAW™ 

m-ftra K$arv un " , ^ Fm 




■ EUSBlMS) 

.ISLE OF HAM 

■ neUUSBEiiC USB.BB 

_ UHH1KV S39SJB 


■ M x/wuutt taw 


LONDON OFFICE 

jpc-i«H0US*.ia2Sfl!NEirSTR£iT 

n^LSEt. LOimcNS'.vs u..j 
L- J^-71 35: 2?.^ 
r-. ^ 372 OU: 



DEPOSIT ACCOUNTS 

To: Cfatv KirkocHS 

Lombard North CenrdJ PIC. Bamlrin* Sentas tXfpanmm' IW, 
12 Mount Sawi, London W1Y 6RA. 

rv^J<^inriii^iiAT«BUcTiuaaiTiiin»>lllEA$£«wn'r\. , CAJ l rTAlii 

NAME ! ^ 


“hilCT^iiCI'fidiWdluinwllyioeuHhueitaoBiniiataLForejQUBpIpiMnX'depijsiied 

for 5 >■«» becomes £72,625 equivafcrn 10 9.0W pa pom. Gtob rjies aasunv no 
deduction of hanlc me tax, Raua cumxt at limv of Roma I 1 ^ pfe*s hut may change. 

As rhee am fixed lamt wcoums wahdmwak before maturity jn? not pctmkuNl.We 
assume that all uur cuoumen haw complied with kxal rcjpilatiufto when aauimg fiuivla 
to lombard for ikposiL 


companies have probably never 
even been to the U.S. to present 
themselves,” said Mr KaJl- 
havde. “But they know what 
can be achieved there.” 

New Scandinavian listings on 
U.S. exchanges will also pro- 
vide American investors with 
good opportunities, be argued: 
“The biggest Scandinavian 
companies are already global. 
The smaller ones are the most 
likely to benefit from EU mem- 
bership.” 

Per Chrom-Jacobsen, a Den- 
mark analyst at Kleinwort Ben- 
son Securities in London, be- 
lieves that ADRs make a lot of 
sense for U.S. investors inter- 
ested in Scandinavian corpora- 
tions. 

“Most of the ADR programs 
provide investors with more 
transparent accounts than they 
would find in Scandinavia and 
enable them to buy and settle in 
U.S. dollars,” he said. “The dol- 
lar rate is usually just a reflec- 


tion of the exchange rate but it 
is certainly more convenient” 

All eight of the Swedish com- 
panies with U.S. stock market 
listings — Electrolux AB, Volvo 
AB, SKF AB, ASEA AB. Gam- 
ble AB, LM Ericsson, Pharma- 
cia Corporation and Scandina- 
vian Broadcasting Systems — 
are quoted on the Nasdaq. Ana- 
lysts say there is no particular 
reason for this — Swedish com- 
panies simply tend to list on the 
same exchange as their compa- 
triots. 

Only one other Scandinavian 
company, Olicom A/S of Den- 
mark, has an ADR on the Nas- 
daq, while the others have opt- 
ed for the New York Stock 
Exchange. These are: 1SS- Inter- 
national Service System A/S, 
Novo-Nordisk and Tele Dan- 
mark of Denmark, Hafslund 
Nycomed and Norsk Hydro 
A/S of Norway, and Nokia AB 
of Finland. 

Citibank, which issued half 


of the ADRs registered in the 
United Slates last year, man- 
ages 24 ADR programs for 

.Scandinav ian rampanie< or 70 
percent of all Scandinavian 
ADRs. According to David 
Smith, managin£ director of 
Citibank Depositary Receipts, 
Scandinavian companies are 
among the most enthusiastic 
proponents of new ADR prod- 
ucts. 

“These are companies from 
fairly small home markets 
which have became world lead- 
ing firms,” said Mr. Smith. 
“They were some of the earliest 
and most innovative users of 
ADRs.” 

Of the Scandinavian ADRs, 
tflpmmmimic ations companies 
have been the star performers 
as of late. Ericsson, which de- 
signs and manufactures telecom 
and electronic defense systems, 
has seen its shares rise by more 
than 50 percent since the begin- 
ning of the year, while shares of 


Finland's Nokia, a leader in cel- 
lular-phone manufacturing, 
have more than doubled in 

S rice since bang listed on the 
lew York Stock Exchange on 
July 1. 

Volumes for both these 
stocks have also been high. 
Over the past six months, Erics- 
son was the fourth most-heavi- 
ly-traded foreign stock listed in 
the United States, with nearly 
$30 millio n in shares changing 
hands each day. Nokia ranked 
ninth, with more than $18 mil- 
lion in shares traded daily. 

Anthony Bolton, manager of 
Fidelity International’s Euro- 
pean Trust, a fund that invests 
in European equities, is bullish 
on both Ericsson, and Nokia. 

His fund has £535 milli on 
($845 million) under manage- 
ment, of which 12 percent is 
invested in Norway, 12 percent 
in Sweden, 8 percent in Finland 
and 4 percent in Denmark. 


T he managers of Robeco NV consider the world 
economy to be beginning a period of sustained 
non-inf larionary growth. Around the world, 
corporate profits are rising; and many equities are 
attractively priced. The long-term oudook has seldom 
been better; but choosing the right investment will 
take expertise, timing and up-to-date information. 
Access to g lobal investment mana g ement 
Robeco NV is the flagship international equity 
company of the Robeco Group. It aims to achieve a 
balance between dividend income and capital growth 
by investing in blue-chip companies with a proven 
record of success. To date, assets under management 
exceed $5.5 billion. Not surprisingly, Robeco NV is 
often seen as the standard by which investment 
managers are judged. 




With corporate profits on the rise, now’s the time 
to move into blue-chip equities with Robeco NV. 


Attractive rates are also available for £1,000 to £49,999* 
and for 1 year fixed period. 

Interest rates are guaranteed, not to change during the 
period of deposit. For further information about the foil 
range of Lombard deposit accounts for amounts of 
i 1,000 and above simply fill in the coupon and send it 
to Lombard or call us anytime on 071 409 3434 quoting 
reference 1507 or Fax us on 071 629 3739. 


Over the past ten years, Robeco NV has achieved 
an annual average return in US dollars of 16.6%. 

So if you had invested $10,000 in September 1984, 
today it would be $46,580. 

This underlines the validity of the Group’s long- 
term, globally-diversified investment philosophy. 

For over 60 years, the Robeco Group has given 
investors the flexibility to profit from the world’s 
equity, property, bond and money markets. To take 
advantage of growth and investment performance, 
wherever it is strongest. 


The service that reflects your own values 

A Personal Investment Account with Robeco Bank 
gives you access to this wealth of investment expertise 
and to a reliable, confidential personal service. 

Now is the time to open one. 

To invest in Robeco NV in particular, or for more 
information on managed investments from Robeco 
Bank, fill in the coupon. Or call us in Luxembourg on 
(352) 44 50 44; or Geneva on (41) 22-939 0139; or fax 
us or send us your business card. 



To: The Manager, Robeco Bank (Luxembourg) S-A^ J rue Thomas Edison, L-1445 Luxembourg. Fax: (352) 44 5866. 

On The Manager, Robeco Bank (Switzerland) SJl-, 16 chemin da Coquelicots, Case Postale 114, CH-1215 Geneva 15, Switzerland. 
Fax: (41) 22-341 1392. 

D 1 would like to invest in Robeco NV. Please send me an account-opening package. 26162 

□ Phase send me more information about managed investments from Robeco Bank. 


Mr/Mrs/Miss/ Ms ( Delete as , 

Age 

Street 

Postcode 


Surname and initials 
Profession 


Country 


Town 

Telephone 


ROBEC 


% 


BANK 


LUXEMBOURG - S WfTZERLAN D 




















ABC I MV E STMENT B SE RV I CM CO [ EXJ 
JWinomo-BolUB^JW* nSBMTI sina 
m ABC Futures Food Ltd— — S 13*3 

fflABC Istomtc fund (E.CJ—J ISMS 

m ABCGlobol Recovery Fd — S JgffJ 

a) ABC Global Bald Fd s 101.21 

ABM AMRO B«*K,P^BramAAH*rtB« 
w cotumbta Securities— _—-Fj ig-g 

w Truro Europe Fund FI -f l J[-7] 

nr Tran Euro* Fund*— — J ®fn 

wAl rente -—FI HI- 10 

ABM AMRO Funds __ _ 

* rue Jeon MorewL Lux. in-4S4W?J29 

rf Latin America Ea Fd -A fl-'* 

rf North America Ea Fd S g JO 

d Germany EauHv Fd -OM g|7 

d Europe Band Fd — * fgg 

d GarTTOTTV Bond FdB — ——DM WAS 

AIG FUND MANAGEMENT Ud 

d AlGAmer. Ed. Trust S 30^ 

w AIG Balanced World Fd — J ’“■’f** 

d AIG Emera Mkh BdFd — * If]2£ 

WAIG Eurecu Fund PTC — — Ew 111 JBM 

WAIG Euro Sinai Co Fd Flea ?SiH£ 

nr A1G Europe Fd Pic * ’25S!. 

WAH5 Japan Fond — — S MjOJJ 

d A1G Japan 5maU CM Fd— f 1*£ 

w AIG Latin America FdPIcJ J*S®“ 

d UBZ ei^SSflmliar Ftxta®cu n® 

S1JSHS!SS:ES3 s dm=|m 

tf UBZ Liquidity Fund Ecu— Ecu J&SS 

tf UBZ LtauKStv Fund SF SF 1216745 

ALFRED BERG 

a Alfred Berg Morten * HL39 

Alfred Bero Saw . 

d Far East — * I*® 

d Germany DM 2276S 

d Global -* ,17182 

a Japan Y H070® 

d Nelherkmds FI 23451 

d North America— » JJU* 

dSwttzerkmd SF PZ67 

d (F K 1 75.15 

, ALPHA FUND MANAGEMENT. LTD 

I 48 Par-LO-Vllte »L Hartltca HM11 Berowta 


w Aloha Asia Hedge tftov 9) _S 
m Alpha Europe Fd (OdSD—Ecu ntME 
m Alpha Futures Fd Imp 39) -A 21SJ4 

mAMhaGWPrpTiwKM JIB 

m Alpha Global Fd ISep JO) —3 ?»30 

m Alpha Hdn FdOWSmSU 
m Alpha Hdo Fd a B/Sep 30— S 1*J-*7 

m Alpha Hdu Fd Cl C/Sep 30— S 
m Alpha Lattn Amer (SOP SOI -S I7J-« 

m Alpha Pacific Fd (Sop 30J — * 39L£ 

ai Aloha SAM. * 

m Alpha Short FdlOcI 31 1 — S «SJI 

mAJonoSht-T Fix lnc/Seo3Q_s 1IU0 

mWphaTlLtdoleFd (Od 31) J 17B90 

m Aloha Wort hi ngton < Oct 31 IS 11*® 

IV BCO/AiphoGl Hedge Sep HS 9073 

wBCO/AMtoMMMhlSepM* 90.19 

mBudt-AlphoEurHrKs OdSl-Ecv 191® 

ntCrescoi Aslan Hedge Od 31 S 10UJ 

mGtabctverri Value (Od31)-S 153.12 

iv Helsel Jaaan Fund Y ,*66 

m Hemi s phere Neutral Od 31.1 10J|« 

mLol Invest Value 1 Oct 31) — S 129-72 

in NlcTtAeoi Aureha (Sap 301 _S 171X3 

m PocM RIM OPP BVI Nov T4J I0LC 

mRInsoenlnlT Funa/OctTI— * WJO 

mSege Inti Fd (00 31) S 1’*® 

m Sal us lim Fd lOd 31) — _S 11IU2 

AMSTEL (ASIA) LTD TtOBWSBH 
iv Sprinter Japan Small Co l_S ,8*9 

m Theta Company Fd 1 Y MH8A0 

ARISTA CAPITAL GROWTH FUND LTD 
Zurich 41-1-291 8630 , _ 

iv Regulation 5. -J SJ0 

ARRAL ASSOCIATES LTD 
m Ait at American Ouant Fd— S 13.99 

w Arral Asian Fund * 

iv Arrol tall Hedge Fund 1 

ATLAS CAPITAL MANAGEMENT LTD 

iv Altai Global Fd -* . 99.10 

BAIL 12 Place veodotne. 75M1 Ports i 

m Intermarket Fund » S34M I 

/ IntentHI Convert Bda — — FF 2534® 

I Interptfl Inti Bd* — 1 50L38 I 

r mterptfl Obfl ConvertiWin J 58262 

Irrtermarket Muttkurreney Fund 

m Cla» A .FF 231765 

m Class B ■ . ■ ■ -£ 311- 47 

BANK BRUSSELS LAMBERT IXKtl 5*72637 

d BBL Invest America — J «L*j 

d BBL invest Belgium — — BF 1200100 

d BBL Invest Far East Y 3431L00 

a BBL Invest Asia S ML56 

a BBL Invest Latin Amer I 61L29 

d BBL invest UK C 2«s.l7 

d BBL tu lit* Gotdmtnes 1 .JJHS 

d BBL tU Invest Europe . — LF I34NM 

d BBL (LI Invest World LF 34S0A0 

d BBL (LI Invest Bose MetatsS ^2J 

d BBL IF) Invesi France— — FF 42147 

d BBL (FI Rentatund FRF— FF 14790.18 

d BBL Renta Fd Inti JJ= .34OL00 

d BBL Potrlmeitlot Bot — — -LF l«7 Jjo 

d Renta Cosh S-Medlum BE FBF 121730JIO 
a Renta Cash S4Wedlum DEM DM sm03 

d Renta Cash S-Medium USD S 305195 
BANQUE BELGE ASSET MGMT FUND 
Sham Dtstrlbutar Guernsey WB1 724414 
iv Inf I Equity Fund. .. . . » 1JJ1 

IV Inti Bond Fund S li« 

iv Dollar Zone BdFd S USB 

w Asia Pociflc Region Fd * H-I2 

w India Fund- -I .*5 

i* Sterling Equity Fd £ l j» 

I iv Sterling Bd Fd — c *-427 

BAMOUE INDOSUEZ 
iv The Dragon Fund Sicav — S 

m Japan GM Fd A I3I/1D7WI-S 
m Japan Gtd Fd B IJl/WFUl-S 
m Dual Futures Fd O A Units I 
m Dual Futures Fd Cl C UnfrsJS 
is Maxima Ful. Fd Ser. 1 Cl. AS 
mMartma Fut. Fd Sar. 1 CL BS 
in Maxima Fut. Fd Scr. 2 CL CS 
ro Maxima Fut FdSer.2 CI.DS 
m Indosoez Curr. a A Units— S 
m mdosuez Curr. Cl B Units _S 

■r IPNA - 3. — 3 

d ISA Asian Growth Fund S 

d ISA Japan Reg. Growth Fd.Y 

d ISA Pacific Gold Fund J 

d ISA Aslan income Fund. — S 

d Indosuez Korea Fund.. % 

wSlKsigtiol Fund — — ... ■» 

w Hlmalayqn Fund S 

iv Manila Fund A 

w Malacca Fund— —A 
w Stam Fund -J 

d Indosuet Hong Kang Fund J 

d SingopG Malay Trust S 

d Pacific Trust HKS 

<S Tasman Fund —A 

d Japan Fund- A 

v» Managed Trust ■ A 

d Gartmore Japan Warrant _S 
w Indasuez HhAi Ytd Bd Fd AA 
» indoMiez High Ytd Bd Fd B A _ 

6 Maxi Esoana Ptas 08H9AO 

b Maxi France FF 4983. 1J 

w Maxi France 95 FF 4744.95 

d i ndasuez Latin America —Jt 

d mdosuez Multhnodla Fd — * 

BANQUE SCS ALLIANCE-CREDIT BANK- 
(412J) 344-nsi, Geneva 
iv Pletade North Am Equities A 102.71 

wPiekKte Europe Eaulttes. — Eai 1»B 

w Plelode Asia Paelftc Ea — 1 9629 

w Pletade Environment Ea — A »7A* 

iv Plelode Dollar Bands- A 9429 

» Plelode ECU Bands Ecu 16421 

w Pletade FF Bands — FF WLW 

w Pletade Euro Conv Bonds _SF WR 

iv Pletade Dollar Reserve S M2J7 

w Plelode ECU Reservo- Ecu IBM 

w Pletade SF Reserve 5F 1B51 

w Pletade FF Resenm FF 10551 

BARCLAYS INTL FUND MANAGERS 
Hang Kena. Tel: (OH) 1241900 am 

d Chtna (PRC1 A JLSM 

a Hong Kano A 33JB 

d Indonesia * 1JT2S 

d Jaaan— J ’705 

d Korea ■* £775 

d Makryslo A 264S8 

d Philippines -A 30724 

d Singapore— A 21 Art 

d Thailand — A jwoo 

d South East Ada 1 35284 

BARING INTL FD MANGRS (IRELAND) LTD 

(SIB RECOGNIZED) ^ 

IFSC H5EAstam Hse OodaJDufr. 447142840W 

w High YtoW Bona S 9SS 

w World Band FFR FF 55X0 

BARING INTL FD MNGRS (IRELAND) LTD 
(HON SIB RECOGNIZED) 

tv Australia * 2SB 

wJiman Technology —— . * 4417 

w Japan Fund A 2jMI 

w Japan Now Generation— S 2023 

iv Malaysia A Singapore 5 13428 

w North America A 27-51 

vOdopus Fund A «34 

wPacHtc Fund A 11ZM 

w International Bond 1 J7A1 

ht Euraoa Fund ■ 5 12-H 

iy Hang Kong . — — — A 1B73S 

tr Trlstor Waranl 5 3320 

w Global Emerging MBs S J5A5 

Hr Latin America A 1424 

w Currency Fund A 16A4 

vr Currency Fund Mmoged— A 5151 

w Korea Fund I J0A1 

w Boring Emerg World Fd — A 1JD9 

8CL CURRENCY FUND 

ra BCL USD -A 794.12 

mBCLDEM DM g5^7 

mBCLCHF SF 9309 

mBCL FRF FF 421446 

IBBCLJPY Y 

mBCL BEF BF 2992LD0 

BDD GROUP OF FUNDS 

iv BDD USA Cosh Fund A 543444 

iv BDD Ecu Gash Fund Ecu 6255JB 

w BOD Swiss Franc Cash SF 5129AS 

IV BDD inL Bond Fwta-USX — S S149M 

■vBDD Int. Bond Fund-Ecu— ECU 66W-C 

■v BDD N American Equl tv FdS 5053^1 

w BDD Eurapeaa Equity Fund Ecu 593773 
m BDD Asttei Equity Fund — A J491.W 

m BDD US SmaH Coo Fund _A 107022 

m BCD Japan Fd 5 947J3 

ill BDD Emerging Mkts Fd— 5 99414 

wEuroHnanelere Fixed Inc— FF 1Q5HQ8 

w Eurattn Mutll-Cy Bd Fd. FF 909490 

BBUNVEST MGMT (OSY) LTD 

w Ball nvesi -Brazil S 1399^7 

■vBetlnvesl-GMxP A 91939 

iv Belknrcst-lsrael A 624W 

iv BaUnves*-Muttlbond A 95439 

w BaUnvest-Superior —A 9*5-69 

BNP LUXEMBOURG 
INTER CASH 

I Franc FRF FF 15TBUB 

I France Securlte FF 1 1130 73 

t Inter Onh DM — DM 277BJ2 

/ Inter Cash Ecu Ecu 19SL29 

I Inter CashGBP 1 lp2A9 

/ inter Cash USD S l »g 

t Inter Cash Yen Y i*SW 

INTER MULTI INVESTMENT 
w PrtvMfratkms Inlt Invest —5 12277:28 

w Teleenm invest S 1019.63 

INTER OPTIMUM 

nr Intarhand USD A 141027 

w BEF/LUF BF 10«SJ0 

iv Multtdevlses DM DM WOO 

W USD 5 1347-24 

wFRF FF 14917^ 

iv ECU — -ECU 121438 

INTER STRATEGIE 

w Austro tie * 

w France ■ -FF 1092419 

w Europe du Nord ■ l WJS 

w Europe du Centre—— DM OTJX2 

nr Europe duSud Ecu FMJ4 

w Japan ■ ■ Y now* 

wAmertauedu Wort — . - A J 564*4 

w Sud-Esl Aslaflaue A 17B*7S 

nr Global -A 3K43 

nr Small Co n— ■ • .-.-A 988.14 

BSS UNIVERSAL FUND SICAV 

w Intel bond CM SF 7452 

iv Intelsec CM— — — ,.-3F BJR 

irSwtssfund Qd y .J®* 

0 Europe ECU A (Dhr I Ecu 13?AT4I 

rf Europe ECU B (Cewl Ecu MJ2M* 

0 Global Eq USD A IDtvl S 2L157B 

0 Global Ea USDS (COP) —3 2U4TC 

0 Global Bands USD A IDtvl JS 
0 Global Baids USD B (Cap) A W-M® 


i 0 Fktnsac GMxd FM A (Dhr) fm 2izsra 
0 Fbinsec Global FM B (Cap)FM 214*478 
0 Global Bonds FRF A IDtvl.FF 1043707 
0 Global Bends FRF B (Cv) JF ISU541 

0 Far East USD A I DIV) A 2LMJ2 

0 Far East USD BICOB) A 8MJ96 

d Jaaan JPY A (Div) Y 1“4“5 

0 Japan jpy b (Cop) — y 10565622 

0 PWWC FRF B Itoi) f f VIS.MM 

rf Latin Amvrfca USD A IDIvlS 255653 

0 Latin America USD 8tC»K 255153 

0 Nlh America USD A (DIVI-S 165448 

0 Nth America USD Bicap) JS 145441 

0 Asia USD A IDIvl — -S 93141 

0 Asia USD BICOP) A 9 3141 

0 World USD A (Dhr) S 9739 

0 World USD B (Cop) _A 9-9219 

BUCHANAN FUND LIMITED 

C* Book of Bermuda Ltdi W09) 2955009 

f Global Hedge USD 5 1327 

t Global Hedge GBP 1 1339 

/ GMWICHF — SF Ufil 

t European & Aflanttc A 1121 

1 Pacific — » 1416 

I Frnrni l m 1A - w V * ** T 2431 

CAISSE CENTRALE DE5 BANQUBS POP. 

0 FrocHtux-OOLFiesA FF S47CO 

0 Fniditux - ObL Eufo B Ear WBJB 

wFrucfOux- AchunsFsosC-FF Mgjn 

0 Fnidtlux- Actions Eure DJcu 1781JW 

0 Frudllux - CourtTwme E_FF OTL05 

0 Frvctllux - D Mark F DM 110257 

CALLANDER 

iv Cal lander Emer. Growth — S 13434 

nrCrtlander F^SSM- 1S450 

nr CM lander F- Aostrian W 11H56 

w Coltonder F^annlsh, Pta 825*50 

tv coltandsr F-US HeanttCoreA «■» 

w Callander Swiss Growth—SF 14722 

CAMPBELL (BERMUDA) LTD 
ivGtbl (nsH h ittonot (11 Nov) -A 91442 E 

CANADIAN INTERNATIONAL GROUP 
0 ci Cwwiflan Growth F0 — CS 627 

0 Cl North Amcriam F0— — CS MS 

0 Cl Pacific Food. a W-H 

0 Cl Gtabal Fund C5 958 

0 a Emero Markets Fd CS 9J 

0 Cl European Fund CS 52; 

d Canada Guar. Mortgage FdCS 1950 

CAPITAL INTERNATIONAL 


advertisement 

INTERNATIONAL FUNDS 


Nov. 18, 1994 


23959 E i ir Capital IntT Fu 


w Capital Malta SA S 4331 

CDC INTERNATIONAL — 

w CEP Court Terme FF T79M253 

ivGFI Long Tetme FF 15173468 

CHEMICAL IRELAND FD ADM LTD 
353-1 4413 439 

w Korea 2151 Century lmrt — A 1126 

iv The Yellow Sea Invt Co— S 11-56 

Cl NOAM BRAZIL FUND ___ 

0 Clndom Equity Fu nd . . J 1712M7 

d Cindom Balanced Fund — S 1208411 

Cm BANK (LUXEMBOURG) SA. 

POB 1173 Luxembourg TeL 477 95 71 

0 at Invest Global Bond 5 9H.U 

0 Cmnvesl FGP USD A IHAM 

0 ClHrtvest FGP ECU Ecu 1^36 

0 dtfcwesl Selector * MZ7JJ9 

d Ottcurrendes USD » ’f®* 

0 Ottcunencles DEM J)M 

0 Chlcurrendes GBP S 14S29 

0 Ottcurrendes Yoi . ■ ■ -Y 12«6A0 

d at I port NA Equity-———* 23BJB 

d CHipariCanL Euro Equity -Ecu J7*A| 

d Ctttparl UK Eaulhr t 

0 ailport French Equltv- — FF 134920 

0 Cltfaport German Eaidty DM 9226 

0 Cltlpcxl Japan Equity Y **£» 

0 CHipart IAPEC— -» ^ 

0 Cfflport Eomec— * 19757 

d Otlport NAS Bond S 154® 

0 Cmoort Eure Band - - F ai J440* 

0 Managed Currency Fioid— A J4*» 

d India Focus Fund J I097J» 

, CITIBANK (PARIS) SA. 1471 U94 

tf 011 96 Cfte GW A 

0 CHI Gtd Aslan Mkts Fd A 9S2522 

CITTTRUST . 

, wussEauiim * 2 WSSS5 

w US S Money Market 1 £222 

w US * Bands— — * '46000 

mCltlpertormance Ptfl SA — 3 14.19000 

■v The Good Earth Fund 5 1U6M0 

COMGEST (33-1)447*75 10 

f CF^. Lotus Fund * 

w Comgest Asia f ’£9.77 

iv Comgest Europe- —SF I23SA4 

CONCEPT FUND „ 

b WAM G tonal Hodge Fd * 10OT54 

b WAM Inti Bd Hedge Fd S WOT* 

CONCERTO LIMITED 

IV NAVI I NO* 1994 A 9222 

COWEN ASSET MANAGEMENT 
Cawen Enterprise Fund N.V. 

nrCtaSSAShs S 103605 

wClasi BShs * 1597^0 

CREDIS INVESTMENT FUNDS 

0 CS Port! Inc DM A DM 1001® 

0CS Parti Inc DM B DM JOteM 

0 CS Port! Inc l Lire) A7B Ul 9a«6® 

0 CS PorM Inc SFR A SF 9S7.W 

0 C5 Port! Inc SFRB SF 992.14 

0 CS Porff Inc USA A — S W1J6 

0 CS Port! Inc US* B A 97527 

0 CS Port! Bat DM DM 103120 

0 CS Peru Bel turn) A/B Lit 94344400 

0 CS Peril Bat 5FR SF 9095* 

0 CS Peril Bal US s 100050 

0 CS Port! Growth DM DM 10KLS4 

0 CS Portt Gro (Lire) A/B—UI 92183a® 

0CS Portt Growth SFR — SF 94457 

0 CSPorH Growth USA 5 1004.90 

0 CS Money Market Fd BEF JF SBOTUJO 

0CS Money Merkel FdCS — CS jmjl 

0 CS Money Market Fd DM — DM 1709.12 
0 CS Money Market Fd FF— JFF *33448 

0 CS Money Mortem FdEcu-Eai 142121 

0 CS Money Market Fd HFI-FI 122455 

0C5 Money Market Fd Lit —Lit WlSt® 

0 CS Money MorketFdPla— Ptas 129S49® 

0 CS Money Morket Fd SF — SF 5912® 

0 CS Money Market Fd I A 1824® 

d CS Money Market Fd Yen-Y 14425000 

0 CS Money Market Fdc £ 2M6.H 

0 Credls Ea Fd Emera MklsJ 1OT« 
d Credit Ea Fd Lot Amer — s 1103® 

0 Credls Ea Fd Small Cap EurDM H612B 

0 Credls EqFd Small Cap GerOM .9713* 

d Credls Eq Fd Small CopJopY 
0 Credls EoFdSm Cap USA J 99721 

d Credh Korea Fund — .. . .A 
d Credls SmlHMid Cap SwllzlSF OlSOv 

0 Credit Suisse Fds IMI SF in® , 

0 CS Euro Blue Chips A — ■ D M 341-ta 

0CS Euro Blue Chips B DM 254® 

0CS France Fund A FF 90921 

0 C5 Frwiee Fund B F F MB 

0CS Germany Fund A DM »5fl 

0 CS Germany Fund B DM 3M0 

0 CS Gold Mines A A »Ui 

d CS Gold Mines B A 2JJ® 

0CS Gold Valor - . 1 

d CS Httnano Iberta Fd A — Pta 270400 
d CS Hhpano Iberia Fa B — Pta 2923300 

0 CS Italy Fund A Ul 2405Z4® 

0 CS Italy Fund B U t »*»* 

0 CS Japan Megatrend SFR— SF Jtt® 

d CS Japan Megatrend Ycn_Y 23S400 

0 CS Nether! anas Fd 7k FL ®1 J4 

a CS Netherlands FdB. FL «9® 

0 CS Norm-Ameriam A 1 235.10 

0 CS North-American B S 3®ll 

d CSOekn-ProttgA DM 217® 

0 CS Oeko-Protec B DM 

0 CS Tiger Fund * 1H7-A 

0 C5 UK Fund A £ 111® 

0 CS UK Fund B i JJI-91 

d Knergle- Valor SF 1»® 

0 Eurapa Valor SF TJ425 

d Pociflc -Valor — SF «S0O 

0 5chwetECTaktlen SF 77J® y 

d Bond Voter D-Mark DM 10420 

0 Bond Valor Swf — SF 1W® 

0 Bond Voter US-DoU«r 1 in® 

0 Bond Valor Yen Y 10281 JO 

0 Bond Valor c Starting —1 95» 

0 Convert valor Swf— SF 15J® 

0 Convert valor U5 - Dollar _S IB® 

d Convert Valor £ Sterling £ 059 

0 Credit Swiss FdeBd* SF 1235 

0 Credls Band FdAueS A AS 

d Credls Band Fd AibS B AS 

0 Credls Bond Fd Coni A a 

0 CredbBand FdCrwSB C* 

0 Credls Band Fd DM A DM 

0 CnMBs Bond Fd DM B DM 

0 Credls Bond FdFF A ff 

d credls Band Fd FF B FF 

0 Credfs Band Fd Lire A/B —Lit 20931® 
d Credls Band Fd Pesetas A/BPtas 10672® 

0 Credls Bond FdUSI A A 

d Credis Bond Fd USSB A 

d Credls Bond Fd Yon A Y 

d Credls Bond Fd Yen B Y 

0 Credls Bond Fd EA £ 

0 Credls Band FdCB t 

d CS Capital DM 1997 DM 

0C5 Capital DM 2000— DM 

0CS Casltal Ecu 20® Eai 

0 CS Capital 

0 CS Ecu Boml A Ecu 

0 CS Ecu Bond 8 Ecu 

0 CS Eurona Bond A DM 21 

0 CS Euraoa Bond B DM 14 

0CS Fixed I DM 8% 1/96 DM 

0 CS Fixed I Ecu 8 374% 1/W-Ecu 

0 CS Fixed I SF 7% 1/96 SF 

0 CS FF Bond A FF 

0 CS FF Bond B FF 

0 C5 Gulden Bond A FI 

0 CS Gulden Bond B FI 

d CS Prime Bond A SF 

0 CS Prime Band B SF 

0 CS Shori-T. Bond DM A DM 

0 CS Shari- T. Bond DM B DM 

0 CS Snort-T. Bond S A S 

0 CS Short-T, BondSB * 

0 CS Swiss Franc Band A SF 

0 CS Swiss Franc Bmid B SF 

0 CS Eunweal DM 

CREDIT AGRICOLE 
INDEX15 . 

0 indents USA/S&Pm * IMS 

0 rndexteJaoon/HftkoL— Y 7734.10 

0 tndexls G Bret/FTSE 1 13® 

0 lndexHFronce7CAC40 FF 14150 

0 tndexls CT FF 11434 

MONAXIS 

0 court Tonne USD 1 17.1J 

0 Court Terme DEM DM 39® 

0 Court Terete JPY -Y 227134 

0 Court Terme GBP t .1550 

0 Court Terete FRF FF M054 

0 Court Terme ESP Pta MJLW 

0 Court Terme ECU Ecu 20.14 

MOSAI5 

0 Actions Inri DivmHiees— FF la® 

0 Actions Mord-TVmertcolnes -A 

0 AritansJonanabes Y 179058 

0 Actions Anolalsa £ 1354 

0 Actions AiKemoitore DM 39.U 

0 Actions Franenbes — FF 136® 

0 Actions Esp: & Port Pta A®'® 

/AdtonlMlWIK Ut 324M55 

0 Actions Bassfci Pad Rque — J 3736 

0 Obi is Inn Dlverslfiees — FF 11411 

0 Oblta NortLAmericalnes__S 1426 

0 Obilg Jaoonabes Y 2304.a 

0 ObU 0 Anqlotaa £ 1351 

0 Oblta Altemandes ■ DM 3954 

0 Oblta F ronrniwn FF ]*6|* 

tf Obila Ev. 4 Port Pta 2471® 

0 OHIg Convert. Intern. FF 14122 

0 Court Terme Ecu ■ ■ ■ —Ecu 2256 

0 Court Terme USD —A 1754 

0 Court Terme FRF FF 144.99 

CREDIT COMMERCIAL HE FRANCE 

a Ehnees Monetoire. ■ ■ FF *!2f92. 

0 Sam Actlcash USD B A 112T22 

CUR5ITOR FUND 

0 Cursltar East Aslan Eq A 104® 

0 Cursltar Glbl Bd Ooport — A 
0 Curator GIN Gwttt Sub-Fd_S 100® 

DARIER HENT5CH GROUP 
Tel 41 -22 700 68 37 

0 Hemscn Treasury Fd SF 936739 

0 dh Molar Markets Fund— AF 989754 

0 DH Mandorln PorttaUo JF 9723® 

0 Samurai Partial to — SF 29835 

DISCOUNT BANK GROUP 

iv Eureval Equity ■ ■ ..Ecu 12B1® 

tv IL America Equity —A £22® 

w Poctflc Equity— A 135655 

w Dolval Bond — . . .. A_ J14J® 

w Multlcurr. Bond SF ’34755 

w Multicurrency Bond FP 4JM.19 

iv Mull kurreney Bond DM 935® 

DtT INVESTMENT FFM 
d Concentre 4- _ — —PM il® 


0 Irtl Reitttnfond 

DRE5DNER tNTL MGMT SBRVICES 

LO Touche House- IFSC -Dublin 1 
PSBThc roton L ot AmSeiFd 
DUBl?a^w!E^A53eT MANAGEMENT 

Te(; 1009)945 >400 Fox: (069)945 MM 
b HMtaridge Caettai Cora-— 5 ia0MS 

m Overtook Perturnmxice Fd_5 

EBCTRAD Id^RRENCY FUND LTO^ 
0 Capitol A 24071 

INTERNATIONAL INCOME FUND 
0 Long Term 
0 Long Term - PMK 

ERMITAGE LUX BB 4BIM 

tvEtmlMee Inter Rote Stmt J>M 

iv Ermltoge Sen Fund —* 

w Ermltoge Asian Hedge Fd_5 

nr Ermltoge Eure Hedge Fd -DM 
w Ereitwoe Crosby Arta Fd-S 
w Eredlage Amor Hdg Fd— -A 

w e retinae Enter MktaFdL— A 
EUROPA FUNDS LIMITED 
0 American Equity Ftmd — 

d American Option Fund s 

■vAslcn Equity Fd. 

iv European Emiltv . ... 

EVEREST CAPITAL (B09)3fl21M 

FM R fTeIJ GHE ENV riCH GROUP 
m Advanced strategies Ltd — S 
m Chorus International Ltd — S 
ht Fairfield Inti Ltd— 1 21US 

■v pSfiSd SlrateglOS Ltd—* 

BgEEWKg««»iiK£E».LSr“ 

0 Dtscuvanr Fund * ,¥ - 8 " 

d Far East Fund, 
d Fid. Amer. Assets 
0 Frontier Fund- 

0 Global Ind Fund 

d Global selection Fund A 

0 New Europe Fwd 
0 Orient Fund— _ 

0 Special Grewtta Fund 


ftJSi^qSaSSSSSto (^K W - wee^ W ■ bHaanWl W ^ private WSCTMCTGAMFUTOJNC^ 

422) "•* * 









t GT Technotopy FundAStJ* «A2 

r GT Tertmotogy FundBSh^ *** 

BTUAMAGEMEHT PLC (44 71 7M 45 47) 

0 G.T. Btotech/HMlfh Fund — A 7040 

0 G.T. Deutschland Fund A «* 

0 a.T. Europe Fund A 

tv G.T. Global Small Co Fd— 4 ££ 

0 G.T. investment Fund A 2J® 

w G.T. Korea Fund I M* 

w G.T. Newtv Ind Countr Fd_S 

■rG-T. USSmaUConmanleb— 5 _^.7654 

GUERNSEY CAPITAL MANAGEA4BNT LTD 
f GCM1M.EO.Fd A W-M 

1 GCM USS Special A?*® 

GUINNESS FLIGHT FO MMRS (ftwtl LM 
GUINNESS FLIGHT GLBL STRATEGY FD 

0 Managed Currency S 39.H 

0 Globa) Band! A 3323 

0 Global High Income Band— A 21® 

d Gitt & £ Band £ 16M 

tf Eure Hlgn Inc. Bond £ 20® 

d GtOOal Eautty A MA4 

0 American Blue Otlp— A 2443 

0 Jason and Pacific . . J W5* 

0 UK -J ,2*70 

0 -i 12221 

GUINNESS FLIGHT INTL AC CUM FD 

0 Deutxhemark Money— — DM 91®9 

0 US Datiar Money A 39.171 

0 US DoUm High Yd Bond — I 

d lnrt Botoocrd Grth S 3M7 

HASENBICHLER ASSET MANGT OesjpWL 
wHasentricNerComAG— A 
iv HosentHcffler DIv.. ■ * 

n-fEE-r e 1490.00 

HDF FINAHCE > Tel{33-l)4i744jJfcFax487rtrai 

wMondtmest Eurwe FF 13*6-91 

wMondtnvnl Crotssance FF 1342® 

erMandlavestDpplnttn FF 1194® 

w Mandlnvest Emera GrowttLFF 13W57 

w Mondtaveri Futures—— FF 1184® 

HEPTAGON FUND NV (5999-0IS5SI 

/ Heptagon OLB Fund A 

C Heptagon cmo Fund A, ®-9* 

HERME5 ASSET MANAGEMENT LTD 
Bermwkj:lB09)295 4000. Lux;(3S2)*04 MSI 
Final Prices — ... 

m Hermes European Fund —-Ecu 
m Hermes North American Fa* 3^27 

m Hermes Aslan Fund A 

m Hermes EmergMktsFundJ 135M 

in Hermes Strategies Fund — A 675® 

m Hermes N nitre I Fund A 115-” 

m Hermes Global Fond J M123 

m Hermes Band Fund— Ecu l«u 

in Hermes Sterling Fd £ 16922 

m Hermes Gold Fund A 4*231 

HUTZLER BROKERAGE 
m Pegasus PJ*. Portfoho-— -A 12® 

■FDC SA. GROUP. LomkHSlaX (44-71 ITOTin 

iv I FDC Japan Fund V 725*0.00 

iv Interbond Fund Ecu ’“I 7 -” 

w Korea Dynamic Fixtd 5 7332.™ 

iv Malacca Dynamic Ftmd — S l^® 

w Maroc lnveslmettfFtxid — -FF 964444 

INCOME PARTNERS (ASIA) LIMITED 

iv Asian Fixed Income Fd A 16269 

INTERINVEST (BERMUDA) LTD 
C7o Bonk at Bermuda. Tel: 809 2H 40® 
m Hedge Hoe 4 Conserve Fd-A 953 

INTERNATIONAL ASSETS FUND 
lBdRoyaLL-3449 Luxembourg 
iv Europe Sud E wjj 

INVESCO I NTT. LTD. POB 271, Jersey 
Tel: 44 534 73114 

0 Maximum incame Fund — c O-MOO 

0 Sterilng Mngd Ptfi £ 

0 Pioneer Markets £ 

0 Global Band * - 

0 Okasan Global Strategy * Tt ®00 

0 Asia Sup er Grow th—. S 2*54® 

0 Nippon warrant Fund A 154® 

0 Asia Tiber -* 5JC00 

d European warrwit Fund — A 1WM 

d Gtd N.W. 1994 S IMwO 

0 Global Lrissrc— — S 5.1500 

PREMIER SELECT FUNDS 

0 American Growth A 5OT0 

d American Enterprise S 49000 

0 Asia Tiger Growth % ’7-^00 

0 Dollar Reserve A 5J4W 

0 European Growth S 5-«g 

0 European Enterprise -——5 “SOT 

0 Global Emerging Markets _1 9^0 

0 Global Growth S 5®00 

0 Nippon Enterprise S 7J900 

d Nhman Growth A 5JU» 

0 UK Growth — £ *2960 

0 Sterling Reserve £ 

0 Greater China Oops * »■»«« 

IRISH LIFE INTL Lid. ((cm) 353-1-314 1922 
0 Utlenwfionol Cautious — J 1®3 

0 Internattanal Botanced S J®* 

0 int e mattonol Growth A 1®1 

riALFORTUNE INTL. FUNDS 
wCkasAIAom-. Growth 1 taU* ODSl® 

w Class B (GtabM Equity) S IT® 

» Class C (Global Bond) S lOM 

iv rian D (Ecu Bond) Ecu 1467 

JARDINE FLEMING ,GPO Bex 11441 He Kg 

0 JF ASEAN Trap S 60® 

0 JF Far East Wml Tr % 1950 

0 JF Global Con*. Tr * ]J«6 

0 JF Hang Kong Trusl -* 1JJ3 

0 JF Japan Sm. Co Tr. Y 45jaLi 

0 JF Japan Trust Y 'lOOiffi 

0 JF Makmla Trust — 5 27® 

0 jFPocMclne.Tr. S 122 I 

0 JF Thal tand T rust * 4*20 

JOHN GQVETT MART (I.OJMJ LTD 

Tel: 44524 -6394 20 

wGavettMan Futures £ 11® 

w Gavett Man. Fut USS A 7® 

wGavettSGear. Ogrr — S 11® 

w Gavett SGttH BaLHdge 1 10JDU 

JUUUS BAER GROUP 
0 Boerbond — . . . 3 F 

0 COnbar SF 

0 Egulboer America... -.-A 

0 Eaulboer Europe -.-.SF 

0 SFR -BAER 5F 

0 5taricbar -SF 

0 Swl ssb or S F 

0 Uaulbaer A 

d Europe Bond Fund— Ear 
0 Daflar Band Fwtd— -A 
0 Austro Band Fund AS 

0 Swiss Band Fund .-SF 

0 DM Bond Fund DM 

0 Convert Band Fund— -SF 

d Globed Band Fund. — J3M 
d Euro Stock Fund. ■ ■ F eu 

0 US Stack Fund — -5 

0 Pacific Stack Ftmd -S 

0 Swiss Stack Fund SF 

0 Special Swiss Stack— — SF 
0 Japan Sloe* Fund — ■ -Y 

d German Stack Fund DM 

0 Korean Stack Fund A 

0 Swiss Franc Cash 5F 

0 DM Cosh Fund— DM 

0 ECU Cash Fund Ecu 

0 Start lag Cash Fond. £ 

0 Dollar Cash Fund A 

d French Fume Cadi — — — ff 
KEY ASSET MANAGEMENT INC 

m Key Asia Holdings. S 1^“ 

m Kev Global Hedge * 2fJ-£ 

Kl PACIF^J^T MANAGEMENT INC 

mtCI Asia PodficFd Ltd S 11® 

K1DDSR, PEABODY 

b Ctwmeake Fund Ud — S 311461 

b III Fund Ltd * noo-17 

f lit Global ud — — — * 

b Inti Guaranteed Fund S 130*31 

ft Stonehenge Ltd -J »7«M9 

LEHMAN BROTHERS 17/11791 
d Aston Drauan Part NVA— s 1ft® 

0 A*km Dragon Port HVB — A 16® 

0 Global Advtjors 1 1 NV A — I 1037 

0 Global Advisors II Nya_S 1034 

d Global Advtson Port NV AJ 1052 

0 Globat Advisors Port NV BJ ’434 

d Lehman Cur Adv. A/B. A 7^ 

tf Natural Resouroee NVA — S 9^ 

d Natural Reseurcae NV B_S 9® 

0 Premier Futan* Adv A/B J HUB 

UPPO INVESTMENTS 
WF Uppo Tower Centre, ® QucenswavJHK 
TH (852)847 6888 Fax (B2I 5960388 

iv Java Find j 931 

xr Asm Fixed Inc Fd— S 45J 

w I DR Money Market Fd 1 13® 

IV USD Money Market Fd S >0® 

n Indonesian Growth Fd J 2S® 

tv Allan Growth Fund — S 7.92 

w Aslan Warrant Fund A 4® 

LLOYD GEORGE MNGMT (853) WS 4433 
w Antenna Fun d 1 .1439 

iv LG Aslan Smaller Cos Fd— A 193167 

w LG India Fund Ud A I486 

wLG Jmxm Fd 5 104H 

w LG Korea Fd Pic A 1497 

LLOYDS BANK INTL (BAHAMAS) LW 
w Lloyds Americas PorfWkU 955 

LOMBARD. ODI ER ft Cl E - GROUP 
OBUFLEX LTD (Ct) 

d MomcanwKV S 32® 

d Dollar Metium Term— s M3B 

d Dollar Lang Term * 19.11 

d Japanese Yen.-. . Y 4952® 

d Pound Sterling 1 2*29 

d Deutsche Mark DM 1757 

d Dutch Florin FI 1439 

d HY Euro Currencies Ecu tS23 

0 Swiss Franc SF 13.15 

0 US Dollar Short Term— S 1103 

0 HY Euro Curr Dlvld Pay —Ecu 1078 

0 Swiss Multicurrency SF 16® 

0 European Currency —Ecu 21.99 

0 Belgian Franc BF 13412 

d Co nv ertible l 14® 

0 French Franc. FF 154® 

0 Swiss IMulfHXvtdend—SF 955 

a Swiss Fronc Short -Txrm__SF 10457 

d ConaJIan Dolhx- CS 13-53 

0 Dutch Florin Malll FI 1*73 

0 Swiss Franc DivH Pay SF 145* 

0 CAD Mutfieur. Dhr CS 1 1® 

0 MedOer r anetxi Curr — _5F 1456 

0 Convertibles SF 959 

d Deutschmark Short Term— DM 18® 

MAGNUM FUNDS Isle of Man 
Tel 44-04 AM 328 Fax 4*424 6® 334 
m Magnum Fund— — — S 053 

w Magnum MuM-FWid s 9156 

w Magnum Emera Growth FdS BS55 

wMAonum Aggres. Grvrtti Fdl 91.17 

MALABAR CAP MGMT (Bermuda) LTD 

mMotaber inti Fund.: S 1421 

MAH INTERNATIONAL FUTURES 

m Mint Lhnttad- Ordinary s 3756 

mMlnt Limited - income % it® 

mMM Gtd LM - Spec Issue — S 25.47 

mMM Gtd Ltd- Nov 2802 % 2419 

mMintGM Lid- Dec 1994 s 17® 

mMlnt Gld Ltd -Aug 1995 1 1*54 

at Mini 9P Res LM (BNP) 1 9453 

mMlnl Gtd Civnmdre; — % &M 

ri Mint Gtd Currencies 2001 S 459 

mMlnt GGL Fin 2003. S SJ 1 

mMM Phis Gtd 200 S 9® 

mAihena Gtd Futures S 1154 

mAthcna Gtd Cunwides— S 9.14 

m Athena Gfd FtaQixJah Cup 5 9® 

m Athena GW Ftamndols I nc-S 957 

mAHL Capttm Mkls Fd S UM 

mAHL Cantmodltv Fund — » It® 

mAHL Currency Fund t 751 

mAHL Real rum Trod Fd S 850 

mAHL Gtd Real Time Trd S 491 

mAHL GW CM Mark LM S 9-06 

mAHL Gtd Commodities LMlS 1458 

m Mov Guaranteed 19M Lid— s 4® 

/7i Mem Leveraged Recov. LfdJ 1053 

. m MAP Guaranteed 2008 — Jt 9® 

, rpMAP Gtd 3601 — * 957 

MARITIME MANAGEMENT LTD 
73 Front SI Homllhsi Bermuda (8091B2 97® 

■v Martftme Mlt-Seoor 1 Ltd_S 98406 

w Maritime GIM Beta Series _5 809.91 

iv Maritime Glbl Delhi Series .5 77436 

MATTHEWS INTERNATTONAL MOT 
EMERGING ASIAN STRATEGIES FUND 
mCtaBfl — ■■ ■ l 117® 

0 cans B — . ■ - — * its® 

PACIFIC CONV STRATEGIES FD LTD 

m Class A 5 94® 

0 OOUS * 9778 


MAVERICK _ICatm»lU.(**n ^ 

Si 

RPMatm! Amstertam (ZD-521 118B I 

ss 

w EMS DHshoreFd HA/— — — FJ 
v Europe GnwtaPiMtlLV— Ft JJ* 

■vJooan Dtversifted Ftxtd— A **2i 


MERRILL LYNCH , — 

0 Drttar fcwtsParttalfo-— ^ 

0 Prime Rate Porwol ta . . a 
MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

= 3 H 

DU3MLCURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO ^ 

Dunwiirf^.- r~z 1710 

c/Sadian dollar PORTF^ro ' 

d Category A — — ° 

CORroSkTE HIGH INCOME^PTFL 
0 Class A-l J iu 

0 OassA-2. — — * IS 

0 Ck®* B-1 * 5®. 

PE^H E MARK PORTFOLI O 

D M 1227 

EU^PeZn BOND PORTFOLIO (DM! 

0 Class A-l * ‘*2 

0 Class * 

0 aass B-i — \ 

I El/ROPEAW BOND PORTFOLIO (USS) 

ggs a- "z =jm .g 

d Ctass B-i ? Jffi 


0 Class B-2 » ,1UW 

POUND STERLING PORTFOLIO 

0 Category A 'fj» 

0 Category B C 

US DOLLAR PORTFOLIO 

0 Category a S J|53 

0 Category B S 1181 

YEN PORTFOLIO 

tf C ategory A Y » 

MUL-nCURHENCY BONO PTFL 

0 Class A 5 

0 Class B ■ -I 2L53 

US FEDERAL SECURITIES PTFL 

0OassB J 

EQUITY/ CONVERTIBLE SERIE5 
BASIC VALUE PORTFOLIO 

0 CtassA -5 15.18 

d nrrrj ff a 

CON^HTIBLE SECURITIES PTFL 

0 Class J 

0 Class B * ’355 

GLOBAL ALLOCATION PTFL (USS) 

0 CtassA —5 J* 

rf rtrm P ' '"- 19 

GLOBAL EQUITY PORTFOLIO 

0 CtassA - ■» 16» 

GLOBAL SMALL CAP PORTFOLIO 

0 CtassA I 

0 Ctan B —3 9® 

EURO EQUITY PORTFOLIO 

0 QmA ; 1659 

it riTTt ° * 13® 

LATIN AMERICA PORTFOLIO 

0 Class A * 

0 Class B * 17.13 

PACIFIC EQUITY PORTFOLIO 
0 CtassA ; 54J 

ri flwea R S T-OS 

WORLD NATURAL RESOURCES PTFL 

d CtassA -J 

H nrmi H * 

DRAGON PORTFOLIO 

0 CtassA S 1626 

d Class B 5 l*4o 

MERRILL LYNCH BANK (SUISSE) SA. 

0 MLBS Balanced A USD— S 1677JM 

0 MLBS Balanced B CHF — S 2555® 

0 MLBS Fixed Inc A USD — _S 1413® 

0 MLBS Fixed tncB ECU — S 1487® 

LUXEMBOURG PORTFOLIO 

0 US Dollar Fixed Inc S 

0 DM Fixed Inc > 

d ECU Fixed inc_— J 

0 US Doflar Balanced S 

0 ECU Bo tanced — * 

MBRRILLmSMEMERGttlG MARKETS 

0 CtassA * 1J5S 

0 Ctass B — * l’-63 

MERRILL LYNCH INC SPORTFOUO 

0 CtassA J JJ4 

0 Class B » J3I 

ft riaM r ^ p -U 

MERRILL LYNCH MEXICAN INC PORT 
0 Mexican incSPtfl O A — » 954 

0 Mexican Inc S Ptfl OB S 954 

0 Mexican Inc Peso Ptfl a A J 8® 

0 Mexican Inc Peso Ptfl CtB S H® 

MOMENTUM ASSET MANAGEMENT 
m Momentum Rainbow Fd — 3 III® 

m Momentum RxR R.U — — » 7133 

m Momentum Slockmaster — S 1542* 

MORVAL VONWILLER ASSET MGT Co 

nr Wilier Japan Y 2K® 

w Wilier South Emt Asia S 1727 

wWUler Telecom S 1J.13 

wWtilertunds-WllleftJondCcmS IS54 

wWHtertundS-WHIertJOnd EurEcu 1252 

ir WUlertunds-WIIlerea Eur— Ear 144* 

wWHlertundvWlllereq ItOlY-Ut 1*17*® 

wWaierfondeWIUereq ha — S u® 

MULTIMANAGER N.V. 

m world Bend Fund —Ecu 12® 

m European Equities— .ECO U5» 

mJaooncse Equities— Y 

m Emerging Market s | *336 

mCash Enhancement —A 


NtCHOtASnAP PLEGAT ECAPITAL 6*QY 

i|£?K¥Msri s 

NwfiuRADITL’tHONQ KONG) LTD 
0 Nomura Jakarta Fun d S 11® 

QDEY ASSET MAN AGEMHNT LTD 

21 GrasvenorSOdnWIX 9FE5MWWW8 
0 Odev European DM 18952 

ih* Qdfv EOTPfffl 1 HUH 

wOdev Europ Growth Inc — DM 13*« 

wOdtyEurop Growth Acc — DM 13S.W 

iv Odev Euro Grth »er Inc — £ 54.95 

wOdey EuraGrthSter Acc— l 55.15 

OLYMPIA CAPITAL INTL. INC 
Will tarns House. Hamilton HMtl, Bermuda 
Tel: 809 293-1018 Fax: B89 295-2385 

w Finsbury Grow* * 2*331 

ir Olympia SectirfieSF— — — SF 1*1 J7 

wOtvmpla Stare Emera Mkni 97S36 

w Winch. Eastern Drawn — j 17® 

IV Winch. Frontier s wi® 

iv Winch. Fut. Olympia Shw— 5 1*2® 

w Winch. Gl SCC Inc PI (A) — * 9® 

wWInch. GlSec incPt (Cl — S 929 

m Winch. Global Heallfieare-Ecu 1D7.IB 

w Winch. Hldg Inf I Mad I son -Ecu 1H4.19 

wWInch. HldB mn SerD Ecu 1794® 

wWUieh. Hldg rnn 5erF__— Ecu 178557 

wWInch. HWgOly Star Hedge* 9J1.H 

iv Winch. Reser. Multi. Gv Bd-S 
w Wtnchester Thailand — — J 32® 

OPPENHEIMER A CO. INC Fds 
ft Arbitrage internattonal — S ’«® 

ft Emera Mkts Inti it 1 IKt-fl 

b Inn Horizon Fund 11 5 99® 

OPTIQEST LUXEMBOURG 
b Opfiacst GIM Fd-Flxed tac-DM J»®1 
ft Ontlaest Gtal Fd-Gen Sub F.DM in 233 

OPTIMA FUND MANAGEMENT 
H Frant St. HaralttobBermudo 809 29M4H 
tv optima Eirmrutd Fd Ltd — 5 1457 

w Optima Find — ■ S 1756 

wOpHma Futures Fund S 17® 

wOoitma Global Fund-— — I 1*2 

iv Oatlma PericutaFdUd — I 958 

n> Optima Short Pwtd - . 2 7-1} 

iv The Ptatlnum Fd LM 1 1474 

ORB ITEX GROUP OF FUHOS 

0 Ortrisex Ask) Pac Fd S 55M1 

0 OitHtex Com 4 Info Tech FdS 41771 

0 OiWtex GIM Discovery FdJ * 994 2 

0 Ortttex Growth Fd — _ — S 1^590 

0OrtH lex Health 4 EnvtrFdJ 41818 

0 Orbltex Japan Small Gap Fdl 
0 OrUtex Natural Res Fd — C5 133042 

FACTUAL _ . „ t _ _ 

d Eternity Fund Ltd * 4TJ5W9 

0 Infinity Fund I2d J «M«3 

0 Novastar Fund— * 1JHSS 

0 Star High Yield Fd Ltd 1 1415533 

PARI BA5-G ROUP 
w Luxor ■ » 

0 Poorest USA B- 5 

tf Parvest Japan B Y 

d Parvest Asia PacH B— 5 

0 Parvest Europe B Ecu 

0 Parvest Hollands FI 

d Parvest France B- FF 

0 Parvest Germany B ——DM 

0 Parvest QftlFOalter B S 

0 Parvest OtHFDM B DM 

0 Parvest OWFYett B Y 

0 Parvest OMFGuUen B FI 

0 Parvest OM-Franc B ff 

0 Parvest Obii-SJer B 1 

0 Parvest Obil-Ecu B Ecu 

0 Parvest Ooa-B«tux B LF 

0 Parvest S-T Dollar B S 

0 Parvest S-T Europe B Ecu 

0 Parvest S-T DEM B DM 

0 Parvest S-T FRF B FF 

0 Parvest S-T Bel Plus B BF 

0 Parvest Globul B LF 

0 Parvest Int Band B s 

d Parvest OMFUra.B— Ul 

0 Parvest In* Equfrtes B 1 

0 Parvest UK B r 

0 Parvest USD Plus B * 

0 Parvest S-T CHF B SF 

0 Parvest ObiFCoiada B CS 

0 Parvest ObB-OKK B DKK 

PERMAL GROUP , ... _ 

f Emerging MKts Htdge s «■ 

/ EuroMlr(E«) Ltd —Ecu t56J.lt 

/ FX.Fktmictali& Futures -s >9X 31 

/ Growth N.V * 277251 

t investment Hhtai N.v. s 3»a 

1 Media UCammunkattons— S 1044a 

f Noacuf Ltd S 186*51 

PICTET A CIB- GROUP 

0 Amerasec ■ .. — — * 5XC 

vP.CF UK val (Lux) 1 *sm 

i» P.GFGomaval (Lux) DM 

nr P.LF Narumvol (Lux)— S Mi 

w P.CJ= vattaer (Luxt —Ptas 93MM 

w P.CF VafltaRa (Lux) Ut 10777151 

w PG.F VaHronce 1 Lux) FF 1212* 

w P.U.F. votaand SFR (Lux) -SF 2B45< 

■vP.U^.VoSxmdUSD (LuXlJ 22951 

■r p.u.F. vaiband Ecu (Lux) -Ecu wo.ii 
tv P.U.F. vaiband FRF (UiXl.FF 927.R 

tv P.U.F. vaiband GBP U-uxl-t »2 

iv PJJ.F. Vatbond DEM (Lux) DM 28451 

W P.UF- USSBdPttl (Lux)— 5 99501 

ir P.U.F. Model Fd Ecu 1172 

w P.U.F. Ptcllh -SF mb 

WP.U.T. Emera MkH (Ulx) _S 2095 

w P.U.T. Eur. Ooaort (Lux) — Eai 1*15 

ft P.U.T. Global VOlue (Lux) -Ecu 1*3-3 

w P.U.T. Eurovat (Lux) Ecu B05 

0 Pictet tfalsutsse (CM) SF 634b 

mintl Small CrmllOM) 3 *910 

PREMIER INVESTMENT FUNDS LTD 
c/0 P.O. Bo* 1100. Grand Cayman 
Fax: 1809) MM99J 

m Premier US Eaaltv Fund —A 11815 

m Premier inH Ea Funa— 5 12g5 

m Prem i er Sovereign BdFd -2 .7194 

m Premier Glabal BdFd—— 2 1W95 

mP rentier Tata! Return Fd— J M7.| 


GueriHey; Tel: (684* 481) 723432 Fgs;7»«l 
wPrlvotaAs®tMgtCAMFdS WOJT 

0*Srw3hoHtthStTrwL- -1 J7® 

>v Putnam Em. Into. Sc. Trust J 4432 

0 Putnam Gtoh. High GtWrthJ 1454 

0 Putnam High (nc. GNMA Fds 751 

0 Putnam Inti Fund s 1538 

QUANTUM GROUP OF FUNDS 

■v Aslan PevBtgPwen t— * 104® 

<y Emerging Gruwrtn Fd N.V— . g 19413 

w Quantum Fund N.V. S 17095® 

iv Quantum Industrial % 107® 

wQumrtum Realty Trust S 13557 

IV Quantum UK R softy Fuad_£ H493 

eSuaa Inn Fund N.V s 15456 

»QuMaFundK.V. S 1031 

REGENT FUND MANAGEMENT LTD 

iv New Korea Growth Fd S 1197 

IT Nava Lai Pacific rnv Co — s 5®« 

w PacHIc Arbitrage Co 8 1052 

m R.L. Country Wml Fd S 22483 

0 Regent GW Am Grth Fd_S 6.1*89 

0 Regent GDI Euro Grth Fd_S 4JJ79B 

0 Regent GIM Inti Grth M — 5 23021 

0 Resent GIM JOB Grin Fd—S 23796 

0 Rraent Glbl PacH Basht — s 45348 

0 Regent Glbi Reserve s 2.10*1 

0 Regent GM Resources S 25131 

0 Regent GM Tiger S 117H 

0 Regent GW UK Grth Fd — s IJ447 

iv Regent Moghul Fd Ltd 5 1U6 

m Regent PoeHlcHdg Fa % 13KJ917 

w Resenl Sri Lanka Pd S n.01 

d Underval Ass Taiwan Scr 3 5 

IV Undervalued Assets Seri— g 1U1 

0 undervalued Pronfd2 S 

0 White Tiger tnv Ca Ud—S 
REPUBLIC FUNDS 

irRenublicGAM- — — S 137® 

v Renublic GAM America S 11*63 

w Rea GAM Em Mkts GtobalJ UU 

IV Rea GAM Em Mkls Lot AmS 12755 

w Republic GAM Europe CHFSF 11234 

iv Republic GAM Euroe USU 9414 

iv Republic GAM GnribCHFJF SCJtH7 

w Republic GAM Growth 1_J 9447 

IV Republic GAM Growth USM 1066 

w Republic GAM OBMrtunltyS 11255 

iv Republic GAM Pocttfc 8 14*40 

iv Rep Glob Currency S 1655.1* 

iv Rep Gleb Fixed htc S 1023® 

iv Republic Gnsev Dol Inc — S HUB 

iv Republic GnsevEWlnc — DM 1051 

w Republic Lot Am Alloc 5 10411 

w RepubDc Lai Am ArgenL— S 9*1* 

w Republic Lot Am BnsH S 10932 

■v Rvmtyic Lot Am Mexico s 10066 

w Republic: Lot Am Venez. — s 77® 

iv Rep Salomon Strategies S 8475 

ROBE CO GROUP 

POB 77338® AZ Ratterdam.(3l}10 22*1224 

d RG America Fund FI 136® 

0 RG Europe Fund H 12750 

0 RG Pacific Fund FI Ul® 

d RG Dlvtrente Ftxtd — — . — Ft 54® 

d RG Money Plus F F1 H 11454 

Mare RoOeai see Aiasterdcen Stocks 
ROTHSCHILD (GROUP EDMOND DE) 
IN-HOUSE FUNDS 

V Asian Capital Htfdtags Fd_l <8® 

wDolwa LCF RaHtSCMId Bd_S H0*59 

■vDalwu LCF RottaCh Ea S W3119 

w Farce Cash TraditEen CHF 
w Lei com , ■ 1 

w Leveraged Cap Holdings — S 

trOon-Valor SF 

iv Prl OioJlenge Swiss Fd SF 

b Prteautty Fd-Europe Ecu 

ft Prieauttv FtkHetvetta 5F 

ft PrtequUy Fd-LottaAm 1 

b Prl bond Fund Ecu Ecu 

ft Prlboad FUnd USD S 

b Prtbond Fd HY Emer MktsJ 

iv Selective Invest SA S 

ft Source * 

iv US Band Plus Jt 

wVnrloptui. Fm 

ROTHSCHILD (GROUP EDMOND DE! 
OTHER RINDS 
d Asia/ Jaaan Emera. Growth* 
w Esprit Eur Porta tav Tst— Ecu 
w EuraP Stroteg Investm U —Ecu 

ft Integral Futures 5 

0 Pacific Hies Fund 5 

f Se l ec t ion Horiron FF 

ft VkJoIre Arlane 1 

ROTHSCHILD AS5ET MGMT (CJ) LTD 
mNemrod Leveraged H« — s 
SAFDIE GROUP/KEY ADVISORS LTD 
micav Diversified lac F0LRLS 1 
ft Tower Fund Glabal Bond— i 
ft Tower Fund Global Equity _S 
SANTANDER NEW WORLD IMV. 
m Commander Fund — _S 
m Explorer Fund .5 

SC FUNDAMENTAL VA LUE B VI LTD 
Tel S» 9 322000 Fox 599 9 322031 

mNAV — — — S 13295 

SKANDMAVISKA ENSKILDA BAHKEN 
5-E-BANKEN FUND 

d Euraoa I n r S 

0 Flatten Oslem Inc S 

d Global Inc S 

d Lo ka me d et Inc 1 

0 Vartden Inc. 8 

d /Mto'lnc '. — ..Is 

d Sverige Inc —St* 

0 Nord n e rtk o me S 

d Teknoioal I nr S 

0 Sverige Rantefond Inc Sek 

SKANDIFONDS 

0 Equity tall Acc S 

0 EauHv inti me — S 

0 Equity Global 3 

0 Equity Hat. Resources S 

0 Equity Jonon V 

d Equity Nordic * 

0 Equity UJL f 

0 Equity Cent menial Europe -S 

0 Equity Med It e r 1 mea n S 

0 Equity North America * 

0 Equity Far East—— S 

0 mn Emerging Markets S 

d Band lnrt Ace. * 

0 Band Inn Inc S 

0 Band EunwAcc — f 

d Bond Eurane lnc—_ * 

d Band Sweden acc Sek 

0 Baud Sweden Inc— —Srik 

d Bond DEM Acc. DM 

0 Band DEM Inc DM 

0 Bond Datiar us Acc S 

0 Bond Dolior US Inc- J 

0 Curr. US Dollar * 

0 Curr. Swedish Krwwr 5ek 

d Sweden Flexible Bd Acc. — Sek 
0 Sweden Flexible Bd Inc — Sek 

SOCIETE GENERA LE GROUP 

0 Aria Fund- Y 

0 BTWCatA, — 1 

d BTWCatB J 

■vSGFAM Strut FdDhr FF 

wSGFAM Stmt Fd Fin S 

SOGELUX FUND (SF) 

w5F Bonds A USA— S 

wSF Bonds B Germany DM 

wSF Bands C Front*— FF 

wSF Bonds E GJL— » 

wSF Bonds F Jmxsi — Y 

wSF Bonds G Europe F eu 

wSF Bonds H World wide — J 
wSF Bands I Italy — — L i t 

iv SF Bonds J Belgium BF 

w SF Eq. K North America —5 
wSF E 0 .LWJE urate __ — Ecu 

w SF Eq. M Padflc Basin Y 

w SF Eq. P Growth Countries J 

ir SF Ea. Q Gold Mines. S 

w SF Eq. R World Wide * 

w 5F Short Term 5 France— FF 

w SF Short Term T Eur 

SODUtC ASSET MANAGEMENT INC 

w SAM Brazil S 

iv SAM Diversified S 

wSAM/McGarr Hedoe 3 

w SAM Opportunity — S 

iv 5AM Oracle -3 

w SAM Strategy S 

m Alpha SAM J 

w GSAM Composite S 

SR GLOBAL BOND FUND INC 

m Class A Distributor t 

mCtass A Accumulator __S 
SR GLOBAL FUND LTD 

m SR European 5 

m SR Aston 1 

mSR Internattonal.. 3 

SVEN5KA KANDELSBANKEN SA 
146 Bd de to Petnrsse. L-23® Luxembourg 

b SHB Bond Fund S ** 

wSvensha Set. Fd Amer Sit — S 
wSvenska Set. Fd Germany _5 
wSvtnska Set. Fd inn Bd Sh J 

wSvenskaSeL Fd litHSh S 

w Svemka Set. Fd Jixtan___Y 
wSverakaSel. FdMItFMkt— Sek 1 

w SvenskO 9eL Fd Nordic SEK 

w SvensSa Sel. Fd Podf Sh_J 
m Svenslui SeL Fd Swed BdS-S«k 
SWISS BANK CORP. 

0 SBC 186 Index Fund SF 

0 SBC Equity Ptfl -Australia— AS 
0 SBC Equity PHKorada — (3 

0 SBC Equity Pffi-Europe Ecu 

0 SBC Ea Pttl-Nother lands — R 

0 SBC Govt Bd BS S I 

0 SBC Band Ptft-Austr I A AS 

0 SBC Bond PTfi-AuMr 1 8 AS 

0 SBC Bond Ptfi-COnS A CS 

d SBC Band Pffl-CtaU B CS 

0 5BC Bond Plfl-DM A DM 

d SBC Band Ptfl-DM B DM 

0 SBC Bond Ptft-Duldl G. A-FI 
0 SBC Bond Ptfl-DutOh G. B— FI 

0 SBC Bond Ptfl-Eou A Ecu 

0 SBC Bond PIH-Eaj B Ear 

d SBC Bond Ptfi-FF A FF 

d SBC Bond Ptfi-FF B FF 

d SBC Bond Pttt-Plas A/B Ptas 

d SBC Bond Ptfl-5 tori trig A — £ “ 

d SBC Band Ptf FStorilng B _£ 

d SBC Band Portfallo-SF A SF in 

0 SBC Bond PorHolto-SF B — SF 

0 SBC Bond Ptfl-USS A. — s 

0 SBC Band Ptfl-USS B S 

d SBC Bond Ptfl- Yen A y 

d 5BC Bond Pffl-Yen B Y ’ 

0 SBC MMF - AS AS 

dSBCMMF-BFR BF V 

0 SBC MMF - CanS CS 

0 SBC DM Snort-Term A DM 

0 SBC DM Short-Term B— DM 

0 SBC MMF - Ovldl G. FI 

d SBC MMF - Ecu Ecu 

0 SBC MMF - ESC ESC 

d SBC MMF -FF FF 

0 SBC MMF - Ul Ul 

0 SBC MMF - PhD — Pta 

0 SBC MMF • SchUltaa AS 

0 SBC MMF -Sterling £ 

0 SBC MMF -SF—— SF 

rf SBC MMF ■ US -Dal tor J 737* 

0 SBC MMF - USS/11 1 2137. 

0 SBC MMF - Yen Y 

0 SBC Gtbt-Ptfl SF Grth SF 

d SBC GUfi-Ptfi Ecu Grth Ecu 

rf SBC Glbl- Ptfl USD Grttl s 

0 SBC GIW-PHI SF YId A SF 

0 SBC Glbl -PHI SF YId B SF 

rf SBC Glbl- Ptfl Ecu YId A Ecu *'■“ 

0 SBC GUd-Ptfl Ecu YId B Ecu 

0 SBC GtaFPffl USD YId A S 

rf 5BCGIW-PMI U5D YId B 1 tun 

0 SBC GIM-Pffl SF Inc A — SF 

0 SBC GM-PHI SF Inc B SF 

0 SBCGIU-PtflEcuIncA Ecu 

d SBC GlbFPtfl Ecu Inc B— Ecu 
d SBC Glbl-PIfi USD Inc A — S 

d SBC GHri-PKI USD IncB S 

0 SBC Glbl Pflt-OM Growth -DM 
0 SBC G 81 ! Pfll-DM YId B— DM im* 

0 SBC GUX PHFDM Inc B DM 

0 SBC GM-PHI DM Bal A/B-DM 
0 5BC Gtbt-Ptfl Ecu Bat A/B. Ecu — 

rf SBCGIM-Ptfl SFR Bat A/B5F 
rf SBC GlbFPtfl USS Bat A/B J 

rf SBC Emerging Markets s tint 

0 SBC small 4 MM Cans Sw_sf 


■ml Resource U» — * 





To sufascr2be In Switzerland 
iust call, foil frag, 

155 5757 



For information on how to list your fund, fax Catherine de VIENNE at (33-1) 46 37 21 33. 


jij 


































f ! 

XI 

«■< ! 


vM J }} jj* IjSuQ 


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


— - THE MONEY REPORT 


Page 19 


v . 

Scarce ADR Newsletters Vie for Readers 


ByPhflip Crawford 


D espite the rapid 

growth of the ADR 
market, detailed 
analysis of new is- 
sues and the performance of ex- 
isting ones is surprisingly diffi- 
cult to come by. 

„ l “<ieed, the Virginia-based 
Hulben Financial Digest, 
which tracks the financial news- 
letter industry and calculates 
now model portfolios would 
nave fared in the actual market- 
place, lists only a handful of 
publications devoted entirely or 
chiefly to American depositary 
receipts. 

Among those mentioned by 
Hufbert or by other ADR ex- 
perts include Global Investing 
and The Global Portfolio, both 
based in New York, and Inves- 
tor’s World, based in Orleans, 
Massachusetts. The most nota- 
ble newcomer to the market is 
Mornings tar ADRs, launched 
in April by the Chicago-based 
fund tracking concern, 

Eric Fry, founder of Marin 
■ Capital Management in Mill 
walley, California, and author 
of the recently-published book 
International Investing with 
ADRs , said the problems with 
available newsletters include a 
dearth of information on ob- 
scure ADRs and a lack of re- 
search consistency. 

“There’s not a lot out there,” 
he said, referring to the paucity 
of ADR-focused newsletters. 
“And much of what there is a 
hodgepodge, the kind of thing 
where an editor is basically say- 
ing ‘Here’s some ideas this 
month,' There's also a shortage 
of steady, consistent, indepen- 


dent research — the type of 
assessment and review where 
when they're looking at a par- 
ticular ADR and you know 
they’ll be looking at it again in a 
Few months.” 

Mr. Fry added, however, that 
some ADR newsletters are 
“good for as far as they go” in 
research depth, and that the re- 
tail investor can indeed glean 
worthwhile information from 
them. 

Backed by the reputation of 
the widely-consulted Morning- 
Star Mutual Funds publication. 
Mornings tar ADRs has carved 
out a niche in a short period of 
time. Published every other 
week, the newsletter prints 10 
years worth of selected income 
statement and balance sheet 
data for each ADR covered and 
tracks share prices from the 
time the ADR was issued. It 
also offers a forward-looking 
analysis for each equity. 

“We don’t give ‘buy* and 
‘seD* recommendations, but we 
do try to analyze the companies 
and to identify political and 
balance-sheet risks,” said 
Haywood Kelly, editor of 
Mornings tar ADRs. “For ex- 
ample. if we were looking at a 
South African gold company, 
considering the political unrest 
that has taken place there, we 
might try to compare it to the 
risks of gold companies located 
in other parts of the world.” 

Mr. Kelly said circulation 
had reached about the 3,500 
level and that subscribers were 
chiefly individual investors and 
brokers. Momingstar ADRs 
costs $295 per year, although 
less-expensive trial rates are 
available. 

Critics of Morningstar's 


product, some of whom, not 
surprisingly, are competitors, 
say that it covers too many Ca- 
nadian companies — not ADRs 
in the true sense, according to a 
popular view — and that it does 
not restate foreign accounts ac- 
cording to U.S. Generally Ac- 
cepted Accounting Principles 
unless the company issuing the 
ADR does so itself. 

“They’ve missed the boat," 
says Vivian Lewis, editor of 
Global Investing, which touts 
itself as the only newsletter ded- 
icated entirely to ADRs and 
closely related securities. 
“They’ve made no attempt to 
create a common language.” 

Global Investing, a 12-page 
monthly in its fourth year of 
publication, offers readers five 
model ADR portfolios, each 
with a different investment ob- 
jective. Among them are a 
“yield” portfolio, for income in- 
vestors, a “buy-and-hoid” port- 
folio. for wealth preservation 
and growth, and a “specula- 
tive" portfolio, for those who 
can stomach relatively high risk 
in pursuit of high returns. 

Asked what type of research 
was used to provide back- 
ground for the designing of 
ADR portfolios. Miss Lewis 
said that information usually 
became available when an 
ADR was created. “We analyze 
annual reports and, in most 
cases, quarterly reports,” she 
said. “But we’re almost always 
in touch with the companies 
themselves and we have access 
to research from brokers inside 
and outside of the United 
States.” 

Global Investing, which Miss 
Lewis said has a circulation of 
4,300 per year, has a standard 


Daimler’s NYSE Listing Piques German Interest 


By Miriam Widman 


W HEN German 

technology and 
transportation 
company Daimler 
Benz AG listed its shares on the 
New York Stock Exchange as 
American depositary receipts, 
much of the German business 
community was horrified. 

Daimler’s move in October 
.1993 required the company to 
; '•weal its hidden reserves — the - 
jWtof a German corporate bal- 
ance sheet -whose secrecy has 
traditionally been sacred. “We 
were called traitors to the Ger- 
man' accounting system,” said j 
Rotand KTem, a Daimler i 
spokesman.' . j 

Daimler, Germany’s largest 
industrial group, posted an af- 
ter-tax loss of 1.84 billion Deut- 
sche marks. ($1.19 billion) in 
1993 under U.S. accounting 
principles, compared with a 615 
million DM net profit under 
German accounting rules. Mr. 
Klein said the key difference 
between the two systems was 
that in Germany, cash reserves 
can be brought forward to cover 

briefcase - 

OWS Targets Swiss, 

Scandinavian Stocks 

DWS. the mutual fund arm 
of Deutsche Bank, is launching 
two new funds. DWS Skandin- 
avien will invest in stocks from 
Denmark, Sweden, Norway 
and Finland. The main indus- 
trial sectors covered are oil and 
pas, paper, shipping and min- 

“!>WS Schweiz will concen- 
trate on Swiss equities, or 
“high-quality stocks [that] are 

relatively undervalued but con- 
tinuously offer good growth op- 
“ y portunities, " as the company 

puts it . . 

Both funds have a 4 percent 
subscription charge. For more 
- information, wnte DWS at RO. 
Box 10 60 20, 60006 Frankfurt 
am Main 1. 


Lincoln National P*-C 
Offers a Discount 

Lincoln National (UK) PUC, 
' the British arm of Lincoln Na- 
tional Corporation, which has 
assets of more than $46 billion, 

: is offering a discount to inves- 
tors wishing to subscribe tods 
'U.S. equity mutual fund, i ne 
company says that now is a 
.good time to invest because, 
among other reasons, it sees the 
dollar as being attractively 
; priced against sterling; 

Investors comnutJ ill § ^ 
minim um £500 
cove a 1 .percent 

standard initial charg^ whne 
those investing * [2 
£2^00 will receive a rebate oi i 

;P ^!nore infonnati^^ 

<44. 81) 903.3248- 

) Next week in the Money 
RqMt: A look at Europes 
. emerging markets. 

\ne Money Report is edited by 

Martin Bake r 


losses in a given year. This is 
not allowed under U.S. rules. 

While much of the initial re- 
action in Germany to Daimler's 
New York listing was one of 
shock, at least some other Ger- 
man companies now appear to 
be considering a similar move. 
Government-owned Deutsche 
Telekom, for example, has an- 
nounced that it will seek a di- 
rect listing on the NYSE in 
1996, when it plans to sell off 15 
billion DM in shares. Some 20 
percent Of the issue is expected 
to be placed on the New York 
exchange. 

Mr. Klein said that Deutsche 
Telekom's plan represents a 
fundamental change in Bonn's 
thinking. Indeed, in 1991, a 
group of .Germany’s biggest in- 
dustrial concerns approached 
Bonn — and the EU Commis- 
sion in Brussels — seeking hel p 
in convincing the U.S. Securi- 
ties and Exchange Commission 
to relax its roles and allow for- 
eign companies to be listed 
without having to fully comply 
with U.S. Generally Accepted 
Accounting Principles. 

Mr. Kirin said that the Bonn 
government had not been “so 


helpful.” in large part due to 
Ge rman Justice Ministry oppo- 
sition. Herbert Biener, a direc- 
tor in the ministry in charge of 
accounting procedures, called 
that allegation “absurd.” Mr. 
Biener said the ministry never 
blocked such a move and has 
been pushing in various inter- 
national groups for a compre- 
hensive harmonization of ac- 
counting standards. 

In the end, Daimler obtained 
some concessions from the 
SEC, and some analysts say 
that the company’s NYSE ex- 
perience has encouraged other 
German corporations. 

Nicholas Didier, an executive 
director at Morgan Stanley in 
New York, called Daimler s 
listing “very helpful” in encour- 
aging other German companies 
to create ADRs, but said be felt 
it would take time before many 
others actually took steps in 
that direction. 

Analysts say, however, that 
several well-known German 
companies are at least consider- 
ing creating ADRs. For exam- 
ple, VEBA AG, the energy and 
chemicals concern, will likely 
announce a direct listing this 


To Our Readers: 

T HE Money Report is conducting a survey of the 
attitudes and opinions of its readership. We want to 
know what you like and do not like about our coverage. 
Our goal is to provide, week by week, commentary and 
information on the dominant themes of international finance 
as they affect the individual 

On the investment side, our brief is to offer a comprehen- 
sive guide to the potential profits and pitfalls of cross-border 
investment In the past three months, the Money Report has 
published a survey of offshore fund domiciles, analyses of 
chemical- and small-company stocks, plus sections devoted to 
hedge and derivative funds, international bonds, internation- 
al real estate, pension-fund management and tomorrows 
emerging markets. . 

Theother side of the personal balance sheet is managing 
liabilities such as loans, funding health care requirements 
across borders, and paying for higher education. The Money 
Report has published sections devoted to all these themes in 


recent mouths. , . , _ D1 

What other issues would you like us to deal with . ricase 
write to Martin Baker, editor of the Money R^orl, Interna- 
tional Herald Tribune. 181 Avenue Charles de Gaulle, 92521, 
Neuilly-sur-Seine, France. 


^GlgBAUWOTV^ 

DencsitaiY Receipts and other foreign stodo trading in the US. phis dosetiend 


spring, although a final decision 
has yet to be made. 

And Bayer AG, the chemi- 
cals giant, has plans to offer an 
ADR but one traded only on 
over-the-counter markets. The 
reason for the OTC approach is 
that it doesn't require the com- 
pany to produce a U.S.-style 
balance sheet. Bayer has said it 
is unwilling to publish a second 
set of financial statements to 
conform to U.S. accounting 
rules. 

Investment advisers at sever- 
al major U.S. brokerages noted 
that it is costly and time-con- 
suming to produce a second set 
of statements, which require 
firms to bare their hidden re- 
serves. 

The reason behind the new 
German interest in ADRs, say 
observers, is the realization that 
if you’re a global company, you 
need access to the U.S. market. 

“I think there is a lot of inter- 
est, as people realize that for 
large-scale financing, the Ger- 
man market will probably not 
be able to provide the financing 
required,” said an investment 
expert at a large German firm 
who insisted on anonymity. 


Citibank Launching 
Guaranteed Funds 

Citibank is launching two 
new guaranteed funds — vehi- 
cles that offer the potential of 
capital gain and the promise, if 
things go badly, of the return of 
investors’ initial capital after a 
number of years. 

The two vehicles, Citi-Asia 
and Citi-Latin America, will 
sods, to tap gains in the Asian , 
and Latin American stock mar- 
kets. If those markets perform , 
badly, investors have a guaran- 
tee backed by Citicorp Banking 1 
Corporation that they will re- 
ceive the value of their original 
investment, provided they stay 
invested through the end of De- 
cember 1997. 

Minimum investment in ei- 
ther fund is $10,000 with a sub- 
scription charge of 5 percent. 



MV 10022. USA Flat 1-212-7^0407. 



Pnfciaonai Homines. FoaflccBnUng and 
MunOtilon Serm awMfa a 
iwscratfe cost Al lees agreed Wh Otar* 
■ithroMSmums. 

• U K. LTD Cl 20 

• UJ<. PLC E32S 

• BAHAMAS S500 

• B.V.t. S500 

• DELAWARE S295 

• GIBRALTAR £250 

• HONG KONG $350 

• IRELAND £225 

• ISLE OF MAN £250 

• JERSEY £495 

• PANAMA S5M 

• MAURITIUS S350 

flante rt lwuw» 


‘sssssaHSf 1 

W:062«BlS5M|MiHfij F«jcOB248iS548 
pens MWEY Esq 
73 Mwart awtiuntaiwivajo 
**0713551096 Far 071 *953017 
MnDHNABEM 
M Rate Pima, ZOmCttari Cm* 
SraaponOlO* 

TA-53GSft Far 5353991 
MtiSWUMMSoite 
a*KBaAdtawieBt(»af.aHBitMRo^ 
CatfalHongKmi 
let 0B2) 5220172 Fee |6S1 5211190 
KEWdffECM, AttwrwyatLiw 
3 S 01 ttaaJ, Sun 7100. 

Nw^ort Start. CA 9268), USA 
let 1714)854 3344 Far 7714)854 6667 
aflCWBCKaagapterf 


U.S. Capital Wanted 


annual subscription price of 
$199. although promotional 
rates are sometimes offered. 

Investor’s World, written by 
John Dessauer. a former chief 
European investment officer 
for Citicorp, offers short essays 
on current market topics as well 
as strategic investment advice 
and recommendations on glob- 
al equities and ADRs. Its annu- 
al subscription price is $99 for 
12 issues. According to Hulbert, 
the positions recommended by 
Investor's World would have 
posted a total return of 50 per- 
cent for the five-year period 
ended Sept 30. 

A slightly different approach 
is taken by The Global Portfo- 
lio, which rather than analyzing 

ADRs itself simply monitors 
and collects published opinions 
on the ADR universe. “We 
gather recommendations,” said 
Andre Scheluchin. an editor. 
“For example, if someone at 
Le hman Brothers or James Ca- 
pel says something about 
ADRs, we put it in.” 

The $195-per-year monthly 
focuses on ADRs in a specific 
region of the world in every 
issue, and is targeted at the re- 
tail investor. An affiliated 
monthly publication. The Mer- 
cer ADR Report, lists all ADRs 
available in the United States 
and is aimed at institutional in- 
vestors. It is priced accordingly: 
$2,400 per year on paper and 
$6,000 per year on disc. 

For further information, con- 
tact the following: Marin Capital 
Management (1.415) 381.1285; 
Global Investing, (1.212) 
758.9480); Momingstar ADRs, 
(1.312.) 696.6000; The Global 
Portfolio (1.212) 334.6212. 


8 7 \y, ■ 149 


\'.i987 


Source: The Bank at New York 






" S. ; v * • f ' y . s ; # % , 


574 jS ■ ■' i 701 


v • : : ,1993 = •1994*; 


* Pink Sheets 9 Mix Risk With Rewards 


By Iain Jenkins 


B ORED with emerging- 
market funds? Fed up 
with the fund manager 
who always underper- 
forms the markets in Taiwan, 
Brazil and Turkey? 

If the answer is “yes," you 
might want to pick your own 
emerging-market stocks. 

Brokers in New York and 
London report increasing inter- 
est from a growing band of so- 
phisticated private investors 
wanting to make their own deci- 
sions in emerging markets. And 
many seem willing to run the 
gauntlet of buying American 
depositary receipts or global de- 
positary receipts that are not 
listed on the New York Stock 
Exchange, American Stock Ex- 
change or the Nasdaq, but trad- 
ed through the over-the-counter 
“Pink Sheets.” 

It can be a risky business. 
There is the obvious additional 
volatility of investing in one 
company instead of through a 
fund that spreads the risk over a 
basket of companies. Standards 
of financial reporting are also 
considerably lower than U.S. or 
European norms. 

But the biggest problem is the 
lack of liquidity. While private 
investors can find themselves 
paying a heavy premium to buy 
a “Pink Sheet" ADR, they can 
then get crushed in the stam- 
pede to get out when the emerg- 
ing market starts to fall. 

Hus is also not a game for the 
individual with only a few thou- 


sand dollars to invest. Most 
brokers will only deal with a 
minimum investment of 
$20,000 in one stock, which 
makes the “Pink Sheet” market 
in ADRs a play for the relative- 
ly rich or someone with a gam- 
bler’s instinct. 

Despite all these problems, 
however, many investors are 
convinced that there are rea- 
sons to get into this risky and 
complicated market. The most 
powerful argument is that many 
of the exotic companies from 
Latin America or Asia with ex- 
cellent growth prospects are 
OTC stocks. 

However, this OTC market in 
the United States and London 
is cloaked in jargon. There are 
essentially three categories of 
stock: 

• Level 1 ADRs represent 
companies that don’t want to or 
can’t meet the demanding stan- 
dards of a listed stock. They are 
traded in the United States al- 
though they use local account- 
ing practices. Listed ADRs, in- 
cluding many large emerging- 
market stocks such as Telmex, 
the Mexican telecom company, 
use strict U.S. accounting rules. 

• Rule 144a ADRs represent 
companies which, through pri- 
vate placements, issue equity 
only to institutional investors, 
avoiding the many regulatory 
hurdles that a public listing in- 
volves. But domestic U.S. retail 
investors are not allowed to buy 
these stocks. Non-U.S. citizens 
can invest. Foreign companies 
issue Rule 144a ADRs to raise 
money quickly and to make 


themselves more familiar to 
American investors, after which 
a public ADR is often issued. 

• GDRs are similar to Rule 
144a ADRs in that the compa- 
nies often seek to raise cash 
when they come to the market. 
The difference, however, is that 
they are listed in Luxembourg 
and traded in London. There is 
a prevalence of Asian and in- 
creasingly Eastern European 
companies, while OTC stocks 
in the United States are largely 
from Latin America. 

While these securities are 
known as “Pink Sheets," after 
the color of paper that was tra- 
ditionally used on Wall Street 
to write down their price, the 
pink paper has been replaced 
by broker's screens. But the 
market may as well still be in 
the dark ages, say some ana- 
lysis. 

Often there is only one bro- 
ker quoting prices for some of 
the smaller stocks. Sometimes 
the price on the screen is a few 
days out of date because no one 
has dealt in the stock and the 
broker hasn't bothered to up- 
date the quote. Often the price 
quoted will change as soon as 
the broker gets on the phone. 

Even big institutional inves- 
tors complain about the lack of 
liquidity and transparency in 
the OTC market in ADRs. The 
“spread” or difference between 
the price that an investor can 
buy and sell can be as much as 
10 percent. Sometimes, in a 
bear market, it’s difficult to sell 
the shares. 

Emily McLaughlin, director 


of Foreign & Colonial Emerg- 
ing Markets, ihe London fund 
management group, says: 
“There may only be one or two 
market markers and they can 
see you coming. You will gel hit 
on the spread. Sometimes the 
spread is so big that you could 
drive a truck through it.” 

Efforts to improve this li- 
quidity problem with a dealing 
service of OTC stocks in the 
United States have collapsed, 
leaving many smaller Rule 144a 
slocks with virtually no second- 
ary markeL 

Ken Lop i an. global business 
manager of ADRs at the Bank- 
of New York, says: “The sec- 
ondary market for the 144a is 
inactive. But investors aren't 
locked in. If they want to sell, 
they can convert the 144a into 
normal shares and sell them in 
the domestic markeL” 

The picture for Level 1 stocks 
is better. Many are highly liq- 
uid, large Latin American blue 
chips. 

Another thing the investor 
should be aware of is the behav- 
ior of OTC slocks in bear and 
bull markets. When emerging 
markets are performing well, 
stocks with an ADR often per- 
form better than other local 
stocks without an ADR. 

Catherine de Borman, Latin 
American fund manager at NM 
Rothschild in London says: 
“Liquidity tends to dry up in a 
bear market and the ADR mar- 
ket can start to lead the local 
market down.” 


"I do 
. don't 



l; 

I A * 


bank offshore 
have instant access 
to my money 

need the new International 
Debit Card from 
Standard Chartered or 


don't I 


If you keep money offshore, you may have all 
the confidence of knowing it is in a secure 
environment earning a competitive rate of 
interest. But what about getting your hands 
on it when you need it? Your offshore bank is probably a long way away and, until now, 
getting access to your money may have been a slow and cumbersome process. 

THE NEW INTERNATIONAL DEBIT CARD 

Our new International Debit Card can help to put your offshore money right into your 
hands, giving you easy, instant access to it from around the world. 

The new Card bears the VISA symbol, allowing you to withdraw local currency from 
over 180,000 24-hour VISA cash machines around the globe and to make direct payments from 
your offshore bank account for goods and services at over 11 million outlets worldwide 
-wherever you see the VISA symbol* 

Available with both our Sterling and US Dollar Extra Value Deposit Accounts, the new 
International Debit Card can help put your offshore funds right into your pocket. 

And we're sure that, in answer to the question we've posed above, you'll want 
to say 'I do'. 

For more information about our new International Debit Card and the 
Sterling and US Dollar Extra Value Deposit Accounts, please return the 
coupon below to: Steve Cartwright, Standard Chartered Bank (Cl) Ltd, P.O. 

Box 830, Conway Street, St Helier, Jersey JE4 9NZ, Channel Islands. Or call 
us on Jersey (44-1534) 507001. Fax: (44-1534) 507112. 



. ' : 

. I, ■ 


'Uscof tbc-Cird be object lothi‘nHidlUoo«d«aKTft^ to Ihf DtfcUCant CoiKlHi^ TTw InUnuKjMiJ Debit Gild 

b rvailibk M Edn Whir Drpoadt Artounl CnUOtttn who hold t mlidnnan at C500 ** USSyiB M ihch Knul wilh Ihe Jnwy Office of 
Student Owirml Bank ICII ltd. 

Tlw prawpil place 1 1 < builmw U SunianJ Ouneivd Saak 0 Limited b fcftcy and Uf paid-up capita) a»3 nsenw, eicwd £17 mill* ml C«p»- »<f I he 
blt-l -W.I.MH arenunh. are aioILMfl irn iwpiiat. 

Deposit* made with the office of SlamUrd Chkrleied Bank (CU Limited in JtKey are nal eomred hp Ihe Deposit Protection Scheme under thr UK 
Banking Ad 1W7. Jmry bn* part e4 UteUk.. 

f,K Sieve Cartwnshi. Sundart Clwlciud Bank (CU Lul, PO. Bn* 830. Conway Sdvel. S. Hi-licr, lew JE4 Channel I-UihIh. Teh 
i-H-ISWI 5071)01. Far H4-IMI 50T1I2. 

ahouiouf newl*£TOJh«ifllDrWC»Ki? I EWl □ 

Dn you Rqaiir nu«v iidnnruUfln atnai oar 5tcrlliq> EitM Vhhie DcpnJt Acrouni’ !!>*□ I[*wir D 

D«i w>a nxjmrc mi urlnl'e'rcvjboo abend MirUSDnhji C»lra Valw PcpnHl A vxtmiu 1 1 IX* □ llXm'iD 

Dn wmi inir (T<X'tx>n*Jd The Dn'* and Dan'lsiM Otfehnjc BankingT 1 Cki O I l*ei t □ 



Personal Banking International 












international herald tribune, saturpay-sunpay, NOVg^m^^m* 


SECTION 


SPONSORED SECTION 


TE LEC OWlirUN I CATION 








xrm-zm 



HI 




N 



«. . . . IV* 
i ::: 


Sale of Shares 
May Begin in 1995 

The partial privatization of the national telecom oper- 
ator is expected to strengthen its market position. 

In an effort to strengthen Greece's role in Je development 
of the telecommunications market m the Balkans and the 
eastern Mediterranean, the Greek government had an- 
nounced plans to privatize part of the Hellenic Telecommu- 
nications Organization (OTE). Though the scheduled date 
was recently postponed, the commitment to privatize re- 

Minister of National Economy Yannos Papantoniou says 
the postponement was a collective ministerial decision taken 
solely because of a downward trend in the stock jrwrkets- 
Very soon, says Mr. Papantoniou, probably in the first tew 
months of 1995, OTE will once again be on the market 

The government plan is to privatize 25 percent ot u it 
selling 18 percent of the company’s common stock in Loi> 
donm a group of international institutional investors and the 
remaining 7 percent on the Athens stock exchange. OTE 
employees will have a priority right to buy shares at Refer- 
ential 'terms. Six Greek banks have been involved m the 
OTE deal and are likely to remain so once the mantel im- 
proves and privatization proceeds: the National Bank of 
Greece, the Commercial Bank of Greece, the Agnculmral 
Bank of Greece, the Ionian Bank, Credit Bank and Er e o 
Bank. The first four are state-owned. These six were to have 
been joined by 10 international banks in arranging the sale. 
Barclay's de Zoete Wedd, Warburg. James Capeli. Deutsche 
Bank. ABN-AMRO. Paribas, Salomon Brothers, Lehman 
Brothers, Bear Stems and Yaimichi. The banks advising 
OTE are CS First Boston and Schraders. OTE s road 
shows” have been under the direction of Citibank. J.P. Mor- 
gan and the Bank of New York. 

Expanded services , 

Basic telecom services are the core of OTE s business, and 
in 1992 the company started an extensive investment pro- 
gram aimed at the expansion of its network as well as its 
modernization through digitalization and improvements in 
qualitv. It has also moved toward the provision of services 
such as Audiotex, data communications, maritime commu- 
nications and mobile telephony. 

At the end of 1993, total fixed assets amounted to nearly 
700 billion drachmas ($3 billion), with a market value esti- 
mated at nearly 1.2 trillion drachmas. OTE's operating rev- 
enues amounted to nearly 390 billion drachmas in 1993, and 
operating profits reached 132 billion drachmas. Return on 
equity reached an impressive 34 percent, with a debt-to-eq- 

uity ratio of around 40 percent. . 

. . r. ■ anri n CtrotPCir incus 




• Sr 9 « * t* 


m 








*•••* x'~ 

% 

•'*5 




9 -r 



; v'-v-. 

I* w'v- _• >*• • "A 







&*/ -.*•35 


G5fiSP 




t? 








3 1 i'i 11 

** T :. •' vfi 

vt i \ driK: 


UU Witha new.^tieanUinetTorganization and a strategic focus W 1 

on value-added services, OTE plans to play a key role in the V MllfW'* , 

Balkans and the eastern Mediterranean. Its personnel, m- 7 ^ G J^ tetecom( ^fc a f^,narfW«^ the end of the century at thelatest 

eluding more than 1 .200 qualified engineers - jOO with mas- 

riT was 

‘tSSHaSH 

SSSS 31 , S£S 3 S'«^«- itae/SS£SBSS. ssssSSi 


auspices of the Ministry of Transportation and Communica- 
tions. The council would oversee the telecom market- ^Jth 


New legal set-up . 

A new law recently voted by the Greek parliament changes 
the operation and organization of the company. 

OTE maintains its monopoly in the provision of traditional 
. 7 >:n iivu Rut in in n ttp m ni in remain 


The Long Road 
From Marathon 

Modem technology moltes comntunicano , » easier for 
a nation of islands and mountain barriers. 

The Greeks have a 

tion. In 490 B.C.. Pheidippidn* “ ° ™ D5t a foreign in- 
Sparta, 180 miles away, to ask tor n P ag- ^ had to run 
vader lit took him two daysl, and a y bnnfthe news of the 

26 miles from Marathon to Athens i N o recent- 

Athenians’ victory » th* histone r for £** re- 
ly, such heroic messengers we k uI no t any more, 

mote parts of this proWeins re- 

TodayTaithough some telecommumcations prao 

main, there is no village in Greece witho p 

Chie phone for two inhabitants ^ one 

With 4,744,000 subscriber \ines.Gtte™s3 1 ^ 
phone per two inhabitants, one of the high nTE » s Nej_ 

says George Patergiannalds. dir^tor gene^o^OTCs 
work Development There are, howeven over 
s tan ding applications for new subscribers. _ .Ltuled to 
SJ wm ^covered by 1996. when Gr^« schemed to 
have 53 minion access lines m service. In I99DU Greece^ 
J.l million orders for new phone lines 
end of 1993. the average waiting nme for a new line » 

Sf^SSSTsupport. the EU is providing 
75 percentofthe funds). “We aim to reduce the average time 
for connection to 15 days by 1996 and seven days by the 

year 2000,“ Mr. Paiergiannakis says . 

The fust phase of this project, which began in 992. called 
for the creation of 200,000 digital subscriber lines m the 
Greater Athens area. Of these, 50,000 went to business cus- 
tomers and the remainder to replace analogue originals, in 
this phase, which will be completed by the end of the year, a 
digital network with six tandem exchanges and a sophisticat- 
ed management system are being installed. 

Reducing call faflure , , , 

i Mr Paiergiannakis says that the advanced technology used 
in this project is the most extensive in Europe. It covers 70 
percent of the total program budget. In the second phase, two 
leiemetric networks and one network management system 
are beins installed for the upgrading and enhancing ot the 
analogue network in the region. This projectwill lead to a 
duction in call failure from 10 percent in 1992 to less than 5 
percent when it is completed at the end of this year. 

*‘ln 1992, we started an extensive program of network ex- 
I pansion and modernization which will improve the overall 
availability and quality of OTE's services, said George 
Skarpelis. director general of OTE s International Affairs. 
. The project will create 1 . 1 2 million new access digital lines. 
t 2,000 kilometers of fiber-optic cables and 150,000 replace- 
» ment digital lines by the end of 1993. . 

; The future infrastructure development program will in- 
' dude the installation of new regional exchanges linked to 
- the dicital network, the progressive replacement of analogue 
4 exchanges, the upgrading of local analogue exchanges, the 

J - I r/vPTTv. — n r.4 tkd » mnlrt mprt tltinil 


.g-g ftinaggEaisa agrs. «■»—&»*« 


LVU1 WMIlipvuu Mil- 

year tariff structure, which will allow charges to increase 
above the forecast rate of inflation for local calls and in line 
with inflation for long-distance calls, while international 
charges will remain stable. 

The organization structure of OTE is also simplified by 
the new law. At present, 19 regional and 23 central directors. 


SHU MJUIIUL poiliurov.ro ■ I , . 

issues all directives concerning research and development 

National Council proposed 

It foresees the creation of a National Council ot 
Telecommunications, administratively and 
economically independent but under the . - r 


lions. 1 lie kuuuu. mem digital lines by tne enaor iwj. 

administrative, financial and regulatory The friture infrastructure development program will in- 

law determines the slracture of the marte. bv c " e Sd Mon of new regional exchanges linked to 

three areas ot operations: networks, semces die digital network, the progressive replacement of analogue 

The board of OTE has the ultimate responsibility for the “^^^uMrading of local analogue exchanges, the 
management ot the company and its fi naneres - properly an refurbi | im , ent 0 f OTT’s pay phones and the implementation 
other assets, and growth and development strategy. Accord- returoi^mem or ^ m 

ing to OTE spokespersons, the new taw P ro ^ ^ f Mr Pa ?ergiannakis add? that OTE has a $53 billion, five- 

and efficient regulatory framewoik for ? ives year-plan that will replace 1.5 million symmetrical cable 

company, all n> accordance with EU ; direcmes year p new digital solutions and install fiber-optic cables 


Challenging Demand 
For Higher Profitability 


tumpuiij, - , - 

and taking into account the forthcoming liberal- 
ization of the market - by the end of this cen- 
j t ■ tury at the latest. 

« *K , Anthony Kefaias 


V^ai’piUll LllUl ** ■ ■ ■ - — ^ t _ _ 

lines with new digital solutions and install fiber-opuc cables 
in the subscriber loop. These will provide the necessary in- 
frastructure for the transmission of cable television services. 

John Rigos 


msi 


In the following interview, 
Petros Lambrou, director- 
general of the Hellenic 
Telecommunications Or- 
ganization tOTE), speaks 
about the Greek govern- 
ment's plan to privatize up 
to a quarter of OTE’s 
shares. 

International investment 
circles have been greatly in- 
terested in the upcoming of- 
fering of OTE shares. What 
exactly does this amount to? 

OTE is going through die 
most challenging liberaliza- 
tion and modernization in its 
history. In early 1995. the 



Petros Lambrou, director-gen- 
eral of OTE; “We mean to in- 
vest heavily in the moderniza- 
tion of infrastructure." 

Greek government. OTE’s 
major shareholder, will be 
selling 25 percent of OTE 
shares - 1 8 percent abroad 
and 7 percent on the Athens 
Slock Exchange. 

To prepare for this, we 
have been making basic 
changes in the way we run 
this government monopoly. 
We have been expanding 
our telephone network enor- 


mously. upgrading and in- 
creasing services so that we 
will be on a par with some 
of the best telecoms in Eu- 
rope. We have been intro- 
ducing new satellite connec- 
tions and reorganizing the 
management of OTE along 
the lines of private enter- 
prise. When you are a state 
organization and the largest 
employer in Greece, you are 
bound’ to have internal coor- 
dination problems. So we 
have been steadily decreas- 
ing the number of employ- 
ees over the last three years, 
and this number is expected 
to decline further. 

OTE has sometimes been 
accused of lacking commer- 
cial ability. What are you 
doing to correct this? 

We are doing a lot. We are 
approaching our transforma- 
tion into one of the world's 
modern telecoms giants 
within the framework of a 
strict business plan that will 
enhance our quality, ser- 
vices. management efficien- 
cy and. as a result, prof- 
itability. 

What role will the govern- 
ment play? 

The Greek government is 
committed to exercising its 
role as the regulator and ma- 
jor shareholder of OTE. But 
it will not intervene in day- 
to-day operations, because 
neither the government nor 
OTE can afford to compro- 
mise the company's com- 
mercial independence. 

Whin's the current situa- 

litm of OTE? 

OTE, founded in 1949, is 
state-owned and operates as 
the exclusive provider of ter- 
restrial voice communica- 
tion services in Greece. The 


core business of domestic 
and international voice tele- 
phony and phone cards to- 
gether accounted for 90 per- 
cent of OTE's 1993 rev- 
enues. The European Union 
has allowed the Greek gov- 
ernment to extend its mo- 
nopoly on voice telephony 
until 2003. But OTE will re- 
view the monopoly situation 
by 1998. when it expects to 
be in a position to deal with 
competition effectively. 

The other 10 percent of 
OTE revenues derives from 
telex and telegraphy, data 
communications, leased cir- 
cuits, telephone directories, 
radio communications 
(mainly maritime), equip- 
ment sales, interconnection 
fees for cellular phone oper- 
ators and value-added ser- 
vices such as videotex, au- 
diotex and electronic direc- 
tories. 

Data communications ser- 
vices grew 20 percent over 
the last three years, and OTE 
expects this area to continue 
expanding. These services 
include Hellaspac (packet- 
switching network), Hellas- 
com (high-speed digital net- 
woric) and Hellestel (video- 
tex). 

What does OTE plan for 
the immediate fiiture? 

In simple terms, we aim to 
consolidate the strengths and 
advantages we already enjoy 
and capture opportunities 
arising from new services 
and markets. Our strategy is 
to stimulate demand by in- 
troducing new and value- 
added services such as free- 
phone. call trunking, high- 
tech satellite services, etc. 

Over the next five years, 
we mean to invest heavily in 


miii nn 

rfiffjfnT 


Ram &***■' >; 







mtinjE 


im 

i t. 


,i 

‘ * '• 


■ 




*:• 




the modernization of infra- 
structure. From this, we will 
see a big improvement in 
service quality. 

The EU is cofinancing a 
“CRASH” program for in- 
frastructure modernization. 
This includes one pilot pro- 
ject to upgrade the sub- 
scriber network in Larissa 
and a suburb of Athens and 
another project on the island 
of Rhodes that has installed 
a fully digitalized internal 
network using fiber-optic 
rings. 

We will go into neighbor- 
ing countries, loo. With a 


network of about 5 million 
access lines. OTE is the 
most advanced telecoms 
company in the greater re- 
gion and is examining the 
possibility of new strategic 
partnerships in the Balkans 
and in CIS countries such as 
Georgia and Ukraine. Mem- 
oranda of understanding 

have already been signed 

with some countries. 

And telecoms from out- 
side these areas have sub- 
mitted proposals for joint 
participation in such pro- 
jects us consulting, network 

const ruction/opera lion 


and provision of services. 

How will OTE achieve 

greater profitability? 

Like a well-run business, 
we want to sustain growth 
and fund the greater part of 
our capital investment from 
internal sources, which we 
fully expect to do. OTE has 
a strong financial position 
with relatively low gearing. 
Over 1993. OTE had 389 
billion drachmas i$1.65 bil- 
lion) in operating revenues, 
of which 132 hifiion drach- 
mas were profit. Fur 1994. 
first-half profits were 77 bil- 
lion drachmas and arc esti- 


mated at 171 billion drach- 
mas for the second half. 
Compounded annua) growth 
is expected to reach well 
above 28 percent for the 
next five years. 

We believe there is plenty 
of scope to increase profits 


through tariff rebalancing 
and cost rationalization, es- 
pecially in the areas of ac- 
cess lines and traffic volume 
on the Greek telephony mar- 
ket. 

Interview by 
Carol Reed 


‘•Telecommunications in Greece" 
hwn produced in its entirety by the Advertising Department of 
the Internal, itmul Herald Tribune.- It was sponstned by Hellenic 
Ttlfcontmunicarif ms Organization SA. 

Writers: Anthony Kcfafas. Cam/ Reed and John Rigos are 
based in Athens. 

Program director: Bill Mu hder . 







^ fjl £o 


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


E L E C 


1 C A T 


1 N 


GREECE 



New Subscribers 
Won’t Be on Hold 


By 2000, waiting time will be only one week. 


One of the main prob- 
lems that OTE is tackling is 


*-•**»' 


; *i:7 






' r." * 

; w -, . ;|^v v 

‘ v 1 . 



a**"* ■ 






ftiacossfa/pbinnear Thermopylae, huge white satellite dishes nestle among cypress trees, providing a ck& signal for data, teleti^ 


Ships Keep in Touch Through Inmarsat Maritime Satellites 


the waiting list for tele- 
phones. 

An investment of more 
than $4-5 billion by the year 
2000 will give birth to mod- 
ern, high-tech, low-cost 
telecommunications, the 
“turn toward quality" that 
the Greek economy must 
make, says OTE Director- 
General Petros Lambrou. 

To achieve this, he says. 
OTE has "some rime ago be- 
gun long-term research and 
planning to isolate the 
sources of today's problems 
and steer toward solutions 
that will lead to competitive 
telecommunications ser- 
vices of high quality." 

Already, the waiting list 
for new telephones, which 
topped I million applica- 
tions in 1991, has fallen to 
just 240,000. OTE expects 
to whittle down the waiting 
time to only two weeks by 
1998 and less than one week 
by the year 2000. 


dismantle its last non-digital 
international exchange. At 
the moment. Greece com- 
municates directly with 142 
countries and via operator 
with 59 others. Greece is 
also now connected to other 
Mediterranean and Balkan 
countries with new interna- 
tional digital radio links and 
fiber-optic cables, on land or 
undersea. 


Telecommunications in Greece has expanded into areas only dreamt of a few years ago. including cellular phone services and access to international data banks. 


.Aifter the end of World 
War II, OTE provided only 
telephone and telegraphic 
services through a limited 
network, but today it offers 
phone and paging services, 
international telephony, 
telex, telegraphy, data com- 
munications, leased circuits, 
maritime radio communica- 
tions, services to GSM cel- 
lular' operators, phone con- 
ferences and access to inter- 
national data banks and in- 
formation nets. 

OTE has also provided 
over 61,000 coin- and card- 
operated pay phones cover- 
ing the whole of the country. 
It is not unusual to see guest 
workers from East European 
or Asian Countries calling ' 
their families from card 
phones on a street comer in 
Athens and other cities. 
“With a 100 unit card. I can 
phone for five minutes to 
PblandTsay sAlina Charisz, 
a cleaning woman from Cra- 


in 1987, OTE introduced 
paging services, which have 
since grown from 8.600 sub- 
scribers in 1990 to over 
27,000 by July 1994, or 2.7 
subscribers per 1 ,000 inhabi- 
tants. according to John Pa- 
tergiannakis, director gener- 
al of OTE Network Devel- 
opment Starting next year. 
OTE will provide enhanced 
paging services with a sys- 
tem that can display mes- 
sages as well as give audio 
signals. 


ing in the Mediterranean and 
the Indian Ocean. Other 
ocean regions are covered 
by third countries 1 earth sta- 
tions, with which OTE has a 


cooperation contract. 

Through Inmarsat, OTE 
offers maritime telephony, 
telex and low-speed data 
transmission. 

Beginning in 1996, a new 
Inmarsat system will offer 
enhanced telephone, telex 


and data services as the pre- 
sent system gradually be- 
comes obsolete. OTE also 
plans to offer maritime ser- 
vices in the Atlantic region 
through a new earth station. 

People in Greece have ac- 
cess to data communications 
through Hellaspack. an OTE 
packet switching network, 
part of its Hellacom ser- 
vices. Early this year, OTE 
launched Hellastel, its own 


Videotex service, which 
uses the same standards as 
the Minitel system in 
France. 

Through this system, cus- 
tomers can have access to a 
variety of data bases in 
Greece and abroad. 

An advanced Videotex 
service that offers reserva- 
tions. teleshopping and tele- 
banking as well as informa- 
tion retrieval, was launched 


in the Rhodes area earlier 
this year. 

Mr. Patergiannakis says, 
“A formal gateway to the In- 
ternet system is also sched- 
uled for the near future. 

There is nothing in the 
telecommunications world 
that Greece will not make 
available — through OTE — 
to its inhabitants and visi- 
tors." 

JJL 


Digital answer 
Although pan of the total 
network will still be conven- 
tional analogue over the next 
few years, digital equipment 
is quickly becoming by far 
the predominant technologi- 
cal base. 

Of the 4.74 million tele- 
phone connections the com- 
pany now manages. OTE 
will have changed over I _5 
million to digital technology 
by the end of this year. OTE 
has installed three interna- 
tional digital exchanges with 
a total capacity of more than 
24 f 000 lines. It will soon 


CRASH improvements 
Local exchanges were 32 
percent digitalized in 1993: 
in 1998 the figure will be 60 
percent To test the system's 
ability to set up and operate 
full-range infrastructure, 
prototype pilot projects un- 
der the European Union's 
CRASH Program have been 
set up in the Athens area, 
Larissa and on the island of 
Rhodes, in parallel. OTE 
will improve us customer re- 
lations with a Customer Sur- 
vey and a new Department 
of Special Customers that 
will function as a telecom- 
munications consulting ser- 
vice. 

Finally, as part of its ef- 
forts to put an end to the 
phone waiting list, OTE will 
study personnel recruitment 
and introduce training in 


competitive, private-enter- 
prise behavior and advanced 
technology. Mr. Lambrou 
says, "This is the first step, 
which will be repeated often 
in the future, leading to the 
continual upgrading of 
Greek telecommunications, 
a sector of strategic impor- 
tance to the Greek econo- 
my." 

C.R. 


w »» » _ 

Andreas Kowalski from 
Warsaw also calls his family 
once a week from the card 
phone in Athens. “Our 
apartment does not have a 
phone, so I use the pay 
phone at the comer,” he 
says. • 


Radio coverage grows 
Mr. Patergiannakis believes 
that by the end of 1995 
OTE's expanded radio cov- 
erage will be able to reach 
over 95 percent of the popu- 
lation. 

Being a maritime country 
with the largest privately 
owned merchant marine in 
the world, Greece has spe- 
cial needs for good radio 
communications. This has 
been achieved through the 
Inmarsat system of maritime 
satellites. 

OTE was one of the 
founding members of In- 
marsat. Its Inmarsat earth 
station, situated at Ther- 
mopylae in Central Greece, 

' offers services to ships sail- 


Hello, Mom? I’m in Rhodes 


Island telecommunications in Greece 
used to be, at best, mediocre. Now. OTE 
is introducing digital networks to 
Greece’s substantial tourism industry. 
And on the popular island of Rhodes in 
the far eastern Aegean Sea. OTE is exper- 
imenting with an advanced system that is 
a pilot project for the rest of Greece. 

The success so far of the Rhodes exper- 
iment means that OTE will probably de- 
velop similar projects on all islands in 
Greece that have been developed for 
tourism. Calling home to Hamburg, Paris 
- ot Athens - will soon become the easi- 
est thing in the world. 

From an antiquated mechanical-electri- 
cal system, Rhodes and the smaller, inter- 
connected islands of Chalki, Symi, Tylos 


and Megisti now have state-of-the-art in- 
frastructure with 100 percent digitaliza- 
tion, fiber-optic rings and digital radio 
links to small inland communities. 

These are connected to a full menu of 
advanced tourism-related services such as 
videotex, audiotex and expanded data 
communications for all major hotels and 
telepoints. This includes the first cordless 
telephony trial in Greece. 

To sell these services, OTE has opened 
on Rhodes its first customer relations of- 
fice. The new services on Rhodes were in- 
stalled at a cost of 70 million Ecus ($87.5 
million), with cofinancing from the Euro- 
pean Union's CRASH "program. They 
have resulted in an immediate 85 percent 
increase in revenue. CJL 



kWJ&atr-n ffl 






Reopening Communications to the Balkans and Beyond 


Greece's position as a member of the EU allows it to play a vital role in the economies of its neighbors , and its investments in the region have increased in recent years. 




hen Greece was a 
member of the Byzantine 
and Ottoman Empires, the 
Balkans were part of its 
backyard. Greek Mediter- 
ranean ports, especially Sa- 
lonika, were used for trading 
with countries tike Bulgaria, 
Serbia, Romania and Aus- 
tria, and long caravans used 
to cross the valleys of V ar- 
dor and Evros to bring goods 
to those countries. 

Jn the late 19th and early 
20th century, these countries 
became independent, and 
many matte agreements with 
Greece that allowed them 
free zones in some of 


Greece’s ports. With the fell 
of communism, a new era 
opened in Greece's econom- 
ic relations with the Balkan 
countries and those of the 
former Soviet bloc. 

Greece, as the most devel- 
oped country of the area and 
a member of the EU, has a 
considerable role to play, es- 
pecially in supporting the 
economies of its neighbors, 
says National Economy 
Minister Yannos Papanto- 


has strengthened political, 
cultural and economic ties. 
Hundreds of thousands of 
nationals from Balkan coun- 
tries, especially Albania, 
have moved to Greece ille- 
gally or legally as guest 
workers, and thousands of 
Greek enterprises have 
moved into Bulgaria, Alba- 
nia and Romania to form 
joint enterprises and new 
trade and industrial units. 


niou. 

Greek exports to the re- 
gion and investments in its 
countries have increased 
during recent years, and this 


Prewar links renewed 
In Romania, where before 
World War II a strong eco- 
nomic presence existed, 
1,138 Greek or Greco-Ro- 


r^v — ju •** .. * r? 





martian enterprises are now 
in operation, says Ghiorgos 
Kantalepas, secretary-gener- 
al of the Ministry of Nation- 
al Economy. They operate in 
the fields of food, clothing, 
shoes, wood products, furni- 
ture, machinery, building 
materials, hospital equip- 
ment. pharmaceuticals, elec- 
tronics, construction and 
tourism, says Mr. Kan- 
talepas. 

According to the Roman- 
ian Statistical Service, Greek 
investments in Romania be- 
tween March 1990 and Sep- 
tember 1994 amounted to 
$22.2 million. Greece ranks 
14th in the num- 
ber of foreign 
companies oper- 
ating in Romania 
and 13th in terras 
of amounts in- 
vested. These fig- 
ures do not in- 
clude the capital 
invested. by 
Greeks of the di- 
aspora in the mar- 
itime industry and 
in shipbuilding 
orders to Roman- 
ian shipyards, nor 
the investments of 
Greek affiliates of 
multinational en- 
terprises. If these 
investments are 
taken into consid- 
eration, Greece 
would probably 
hold first place 
among foreign in- 
vestors in Roma- 
nia, says Mr. 
Kantalepas. 

In Bulgaria, 
421 Greek enter- 
prises have in- 
vested in a variety 
of industrial and 
trade ventures, 
and over 500 have 
offices and repre- 


sentatives in Bulgaria. Total 
investments exceed $34 mil- 
lion, including some in the 
food and beverage indus- 
tries, pharmaceuticals, auto- 
mobiles, energy, transport 
and sen-ices. 


Albanian openings 
In Albania, about 100 Greek 
or joint enterprises have in- ' 
vested $33 .5 million, mostly 
in trade ventures, industry, 
transport and tourism. Ac- 
cording to an international 
survey conducted earlier this 
year. 20 percent of the $200 
million of foreign capital in- 
vested in Albania is Greek. 
Unofficial estimates say the 
capital exported to Albania 
by Albanian nationals work- 
ing in Greece amounts to 
over $20 million a month. 

In Serbia, 150 joint enter- 
prises have been established, 
but this number will expand 
as soon as the strife in the 
former Yugoslavia ends. 

According to Mr. Kan- 
talepas, the Vardinoyannis 
Brothers Group, which owns 
Chios Bank, is spreading its 
operations in most Balkan 
countries, and Sokratis 
Kokatis, a telecommunica- 
tions material tycoon, has 
expanded his operations in 
Romania, Bulgaria and Mol- 
davia. Two construction 
companies, Sarantopouios 
and Emfietzoglou, have un- 
dertaken to build a road net- 
work in Albania. 

Mr. Papantoniou has 
drawn attention to the 
strengthening of links with 
the states of the Black Sea, 
where there has been a 
strong Greek presence since 
ancient times, when Jason 
abducted Medea following 
the expedition of the Arg- 
onauts. Now, the Bank of 
the Euxinus Pontus (Black 
Sea in Greek), is leading ef- 


forts to improve economic 
ties with these countries 
through trade and invest- 
ment 

“I believe the margin for 
cooperation is very wide,” 
says Mr. Papantoniou, “es- 
pecially if we take into con- 
sideration that these coun- 
tries are in need of economic 


* '#s*a 





**N 




^ wHwmm 


mmm 1 




m 

m 










vsf* *^5 5 7 * T » X •> *47 m 


»«v- ' JA- 






rasa 


to Europe by sea 
and the Balkans by land 


recovery following the up- 
heaval caused by their tran- 
sition from a communist to a 
free economy.” 


Cooperating with Cyprus 
Greece has the cooperation 
of Cyprus in these efforts, 
both in the Black Sea area 
and in Palestine, where there 
are plans for joint participa- 
tion in technological projects 
and other economic and 
trade activities, Mr. Papanto- 
niou says. 

Telecommunications is a 
field in which Greece can 
play a vital part in the Balka- 
ns and around the Black Sea, 
Mr. Papantoniou believes. 
The first contacts have been 
made, and Greek-produced 
equipment is being shipped 
to these countries, he says. 

Panayotis Thomadakis, 


president of A.C.S.. a Greek 
electronics firm that has ex- 
panded its operations in the 
Balkans and the countries of 
the former Soviet Union, 
thinks that OTE, with its ex- 
perienced personnel and ad- 
vanced technology, could 
enhance telecommunica- 
tions in most of those coun- 
tries. 

“In places like Georgia, 
Armenia and Kazakhstan, 
where the phone systems are 
primitive compared to ours, 
OTE could play a major role 
in modernizing their 
telecommunications infra- 
structure,” says Mr. 
Thomadakis. 

That would make the 
work of foreign investors 
easier and more effective, he 
adds. 

JJL 


For further information about 
OTE, please contact 


Supplements Department 
International 
Herald Tribune 
181 , avenue Charles de 
Gaulle, 32521 Neuffly 
Cede*, France 
Fax: (33-1) 46 37 50 44 


In addition, a free Hellenic 
Money Guide (published by 
ICAP) will be sent to all 
those requesting information 
about OTE. 


Name 

Title 

Company 

Address 


City ... 
Country 
Fax 




n ' 







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


QjHfj 


e 




A strategic goal of the Hellenic Telecommunications 
Oiganization (OTE) is the development and expansion 
of Greek telec ommu nications throughout the Ba lk a ns 
and in Eastern Europe. 

The revolution in European telecommunications has 
naturally had a significant impact on the Greek tele- 
communications sector. OTE's current projects include 
the Athens 
CRASH pro- 
gram, the deve- 
lopment of 
know-how and, 
most significant- 
ly, the digitaliza- 
tion of its net- 
work and the 
expansion of 
new services, 
including satelli- 
te telecommu- 
nications sup- 
port and the 
gradual phasing 
in of ISDN. 


Hkdy to exceed $4.5 


This investment is Hkdy to 
year 2GG0. . - : 


OTE is speeding up the development of its new ser- 
vices using state-of-the-art technology^ and. the years 
leading up to the end Of the century 
ve ones for the expansion of Greek telecommunica- 
tions. v . • . ■ ■ ■■■"■ ••••' 


services 


.. \£*' •. '• . ■ 

: •.> ... v ij' * : ’ 


... 


laws -» 




fii 

hbj?| 

3 


isll 

raflpiW 




HEUUASPAG: a 
public packet 
svyitfehipgdata 


Another major 
goal is the inter- 
nationalization 
of Greek tele- 
communicar 




videotex Ser- 
vices such as an 
electronic direc- 
tory, booking, 
and telemarke- 
ting. ' 

OTE is putting 
its efforts into 
digitalizing tele- 
mai ca- 
lk^'' 

' Greece where 


■«v 




Of < 








throughout the 
Balkans and fol- 
lowed by a further expansion into Eastern Europe. 

In the context of these strategies, Greece expects to 
attracts capital investment - both domestic and inter- 
national - which in turn will lead to the best possible 
telecommunications infrastructure. 






-4 


commerce axe 
cbnc^ntrited,- 
as well as in tourist areas and those likely to experien- 
ce rapid growth. ' v ■■ 




OTE's aim is to satisfy future demand within the com-: 
petitive environment of new telecommunications ser- 
vices. ’ /. -i 


.* ' s K; 




DTE 


Hellenic Telecommumcations 


ii3l 


l > }j£k> 





tjStO 



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


ikI_L ECOMM UNI CATIONS IN G REE 


New Department 
To Create Culture 
Of Planning 

Reorganization aims at rational decision-making. 

jV new Organization De- methcxls to widen the pro- 
pijment has been created duction base and re-examine 
by OTE to allow the compa- rules for responsibilities and 
ny to operate under the competencies, 
terms of rational decision- 

matang, healthy competition Commercial orientation 
and the corning European Chief among reorganized 
•telecommunications liberal- departments will be those 
i 2 ? 0011 - , responsible for marketing 

; Its goals are the complete and sales, which will bring 
overhaul of OTE s adminis- in the company's new com- 
trarive system, the optimiza- mercial orientation and in- 
tion'of the organizational traduce the necessary “cul- 
structnre; the re-examina- ture of commercial plan- 
tion of industrial relations ning,” as the organizers call 








r**. * £*&*$&■ 


— ! 


‘ - ; " 





-.v.v +•. v ’ .■ , ... 

, Wit--,-, 'I- ^ 


y-H 










> * ' v '» 

* * * . **■ 

•# ■ ■*. » * \ .* 4 

? ' * • » 



ij 



»|ti- ’Mu 



" H. ' 



.»» >• . 


. Hu 


Sophisticated machinery, backed by technotogical and managerial expertise, results in commtmkxtton,Mthln Greece and with the world outside. 

What Pleases an Investor ■■■K3! 



* *1 


Office efficiency Is based on communication systems using ad- 
vanced information technology. 


and the implementation of a 
well-structured communica- 
tions system using advanced 
information technology. 

: The reorganization aims 
'at wider company efficiency 
through the appropriate 
structural and operational 
changes and Improvements, 
according to Organization 
Department documents. 

Cost-benefit basis 
To increase efficiency, busi- 
ness design/planning and a 
well-structured administra- 
tive system will be intro- 
duced; regulatory con- 
straints will be abrogated; a 
commercial, results-based 
philosophy will be promul- 
gated in the company’s op- 
erations; and projects will be 
reoriented on a cost-benefit 
basis. 

Going after higher returns, 
which will increase the cur- 
rent 10 percent of engaged 
capital to 20 percent by 
2000, the company will 

have to ensure conditions 
for quick financial transfor- 
mation, increase capacity to 
penetrate new markets and 
maintain old ones, introduce 


it. The “Net Department” 
will introduce the network 
development function, con- 
taining both network man- 
agement and promotion of 
the company’s investment 
plan. Financial planners will 
institute a modem cost man- 
agement system and a bud- 
geting control system. ... . iC 
Under the new system, 
top management becomes 
more responsive and more 
responsible, and business 
activities are decentralized 
toward “Strategic Business 
Units.” Top management 
will thus be freed from day- 
to-day tasks and be able to 
concentrate on strategic de- 
cision-making. 

Increase in profits 
If all goes well, the organiz- 
ers foresee a 30 percent in- 
crease in company efficien- 
cy, a real improvement in 
worker productivity, a 20 
percent increase in profits at 
the end of five years under a 
new rational pricing system, 
and better control over the 
cost of capital for technolog- 
ical developments. 

CR. 


George Skarpelis, OTE 
deputy director for inter- 
national affairs, points out 
in the following interview 
that OTE’s restructuring 
into a modern telecoms 
player makes the Greek 
telephone company a 
sound investment. He ex- 
pects OTE to benefit from 
the many opportunities 
that accompany Greece’s 
u period of economic and 
monetary stability, with 
continuing downward 
pressure on Infla tion,’’ 

Will OTE’s current mod- 
ernization program really 
make a difference? 

It will improve the overall 
availability and quality of 
OTE’s services. For in- 
stance, we expect digitaliza- 
tion in the trunk network, 
now at 50 percent, to reach 
90 percent by 1998, while in 
the subscriber network it is 
28 percent and should reach 
around 56 percent at the end 
of five years. 

What about OTE'.s regu- 
latory planning framework? 

Briefly, the regulatory en- 


vironment established by the 
recently revised Telecoms 
Law is very favorable. It 
gives OTE the exclusive 
right to provide fixed public 
voice telephony services un- 
til 2003, giving us an effec- 
tive monopoly in our core 
business for that period. 
OTE's business plan will 
ensure that we are fully 
competitive by 1998. 

How is OTE improving its 
old-fashioned internal struc- 
ture? 

We are trying to simplify 
and streamline OTE’s orga- 
nization, a key step in 
preparing for our future. 

What are OTE’s growth 
prospects? 

Our operating profit be- 
tween 1991 and 1993 rose 
from 553 billion drachmas 
{$231 million] to 133.S bil- 
lion, and operating profit 
margins from 22 percent to 
34 percent Over the same 
period, net profit rose to 
89.3 billion drachmas, and 
total assets grew from 562.7 
billion to 892.5 billion. 
Growth in local and long- 



George Skarpelis: * OTE’s 
business plan will ensure 
that we are folly competi- 
tive by 1998." 


distance calls has risen about 
10 percent yearly, with out- 
going international call vol- 
ume rising steadily - by 7 
percent last year. There is 
also great scope for us to in- 
crease our revenues per line 
substantially. OTE’s figure 
of $354 per line is only 
around half the figure 
achieved in Spain and Chile, 
and well below that of Italy, 
Britain and the Netherlands. 
As the new tariff regime 
comes into force, we expect 
to see significant improve- 
ment in revenues per line. 
OTE’s compound annual 
growth rate in access lines 
compares very favorably to 
other countries - only 
Telmex in Mexico and Tele- 
fonos de Chile exceed our 6 
percent. As we enter this 
new era in OTE’s history, 
there is a great range of op- 
portunities open to us, and 
we intend to capitalize on 
them. 

Will the financial plan en- 
sure better returns? 

OTE’s financial plan cen- 
ters on a number of clearly 
defined performance targets. 
We aim to achieve sustained 
growth in earnings on behalf 
of our shareholders, to 
achieve a high return on eq- 
uity and to fund the greater 
part of our capital invest- 
ment from internal sources. I 
must tell you I am extremely 
confident that, armed with 
these clear objectives, OTE 
can and will continue to 
generate growth in its core 
business and improve the ef- 
ficiency with which that 
business is run. 

CR. 



10,000 Business Executives 
Meet to Discuss Investment 


More than 10.000 executives from nearly 
100 Greek and international banks, insur- 
ance companies, stock brokerage houses, 
financial consultants and other major 
players in the Greek capital market, are 
participating in the Money Show '94, 
Greece's largest international financial 
conference, being held from Nov. 19 to 
20 at the Athenaeum Inter-Continental 
Hotel. 

The Commercial Bank of Greece is 
sponsoring the Money Show’s Multi- 
Conference, which consists of a central 
conference and up to 20 parallel confer- 
ences on capital-market topics. 

The Money Show also includes up to 


100 smaller presentation and exhibition 
pavilions that will allow companies to 
meet the high-level decision-makers at- 
tending. . . 

A poll of financial experts participating 
in the Money Show chose the Hellenic 
Telecommunications Organization (OTE) 
as the preferred Greek investment of 
] 995. The poll was conducted by Organ- 
otecnica Ltd.. Athens-based management 
consultants and organizers of the annual 
Money Show. 

Organotecnica said the financial ana- 
lysts chose OTE because of its ambitious 
growth and modernization programs and 
its high profitability. C.R. 



: T-; 
















average. 





johnPBt Bf tfa rmaki s: 

“We intend to keep our 
prices tower than the EU 


i 








Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY.-SUNDAY, NOVEMBER 19-20, 1994 


SPORTS 


C 


Signing Webber and Howard, Bullets Are Blanks No More 


By Richard Justice 

Washington Past Service 

EAST RUTHERFORD, New Jersey — In 
wbat could prove to have been their most 
dramatic day since the team won the Nation- 
al Basketball Association championship 16 
years ago, the Washington Bullets acquired 
last season’s NBA rookie of the year, Chris 
Webber, from the Golden State W amors and 
came to terms with their first-round draft 
choice, Juwan Howard. 

It was a pair of stunning moves for a 
franchise that, after seven consecutive losing 
seasons, seems on the verge of swiftly becom- 
ing a serious contender. The former Universi- 
ty of Michigan teammates whom they ac- 
quired Thursday should form the cornerstone 
of the NBA team's front court for years to 
come. 

The package for Howard, a 6-foot, 9-inch 


(2.05-meter) forward, could be worth $41.6 
million over 12 years. The one-year contract 
for the 6-10 Wrober is worth $2.08 million. 
This summer he will become a restricted free 
agent, and the Bullets will have the right to 
match any offer he might receive. 

But the excitement of the day was tem- 
pered because the Bullets were forced to pan 
with their most popular and respected player, 
the forward Tom Gugliotta, who was sent to 
the Warriors along with first-round draft 
choices in 1996, 1998 and 2000. 

“I'm drained," said the Bullets' general 
manager, John Nash. 1 “And because of the 
involvement of Tom, to have to part with a 
player and a person like that, it’s tough. He s 
special and you don’t like to part with some- 
one like Yet I didn’t think Golden State 
would settle for anybody less. When you’re 


talking Chris Webber, you're talking top of 
the line.” 


But Nash’s exhaustion could not hide his 
excitement. In Webber, a player he called “an 
awesome physical talent and a very good 
basketball player, who we think can get bet- 
ter," he now has the superstar the Bullets 
have not had since Wes UnseJd retired. How- 
ard gives them a prototype power forward 
with great defensive and rebounding skills. 

In four years, Nash has overhauled the 
Bullets, drafting Gugliotta. Calbert Cheaney 
and Howard, and trading for Don MacLean, 
Rex Chapman, Kevin Duckworth, Scott 
Skiles and now Webber. 


“I don’t know where we're at right now ” 
Nash said. “It makes us good enough to 
compete." 

Both Webber and Howard probably mil 


be in uniform for the game Saturday night 
agains t the Boston Celtics. 

Both deals came together quickly, but 
Howard's was completed after mouths of 
often acrimonious . negotiations with his 
agent, David Falk. 

The Bullets phoned Falk around midday 
and offered an escape clause after the second 
year of the deal. Previously, the escape clause, 
which allows Howard to test the free agent 
market and increase his salary, had been after 
the third year. Falk phoned Howard, who 
accepted.. 

Howard’s Hist 11 years are guaranteed at 
$35.9 million, but the Bullets have a $750,000 
buyout .option for the 12th year, making the 
guaranteed portion of the deal $36.6 mi llion. 
If he exercises the escape clause in 1996, 
Howard, too, would be a restricted free agent. 


meaning the Bullets would have the right to 

match any offer. .. , 

“More than anything, Tm rehevefl that 
Juwan will now be doing wbat he should be 
doing," said Falk, who is a Bullets season- 
ticket holder. . .. T» 

Webber's deal also was done quickly. ne 
and the Warriors signed a one-year contract 
worth $2.08 million late Wednesday, and 
shortly after it was aimoun^ 

State’s general manager and coach, Don wei- 
son, telephoned Nash to begin negotiations. 

Nash said he knew that Nelson wanted to 
get bade the draft picks he bad given up when 
he acquired Webber from Orlando for Anrer- 
rh* r<m draft, and that 


Warriors 

BeatKrdcks 

T0G06-I 


he acquired weooer irom viiauuw 

cnee Hardaway after the 1993 draft, and that 

is what Nash offered. 

“I wanted to put our best deal on tne 
table," Nash said. “I didn’t wanted to be 
trumped by somebody else’s best deal." 


Baseball Owners Offering a Tax 'Carrot’ 


New York Times Service 

HERNDON, Virginia — 
Major League baseball owners, 
as expected, have presented the 
striking players a new proposal 
based on a tax system on team 
payrolls. The owners also have 
made a shrewd and logical new 
move, revising but not with- 
drawing the salary -cap propos- 
al they have stood fast by for 
five months, making it more 
possible to cany it out if they so 
desire. 

The owners, still holding the 
cap as a kind of stick to the tax 
“carrot, " were believed Thurs- 
day to have made the cap less 
palatable for the players and 
more feasible for themselves by 
doing away with the previous $1 
billion-a-year guarantee for 
players’ salaries. 

They also reportedly fixed 
the costs of salaries on first- 
through four-year players in 
lieu of salary arbitration. 

The changes would make it 
easier for the owners to cany 
out their proposal if a settle- 
ment is not reached. The $1 


billion guarantee was based on 
a percentage of 2994 revalues 
the owners once thought would 
reach $1.78 billion. 


Revenue projections have 
been whittled to $1.2 billion by 


been whittled to $1.2 billion by 
the players' strike, which began 
Aug. 12. 

“The clubs' strategy is to put 
both on the table, but clearly 
what we are discussing is the tax 
proposal," said Gene Orza of 
the Major League Baseball 
Players Association. 

The clubs did not publicly 
detail their plan, but sketches of 


ments of $250,000 beyond that 
point. 

The tax plan is the first new 
concept brought to the table by 
management in five months. It 
came as talks resumed here in 
suburban Washington in the 
presence of BiU Usery Jr., the 
federal mediator. 


The tax system, which theo- 
retically could weigh heavily on 
big-payroll teams, is a concept 


growing in popularity and it is 
now the focal point in two 
sports paralyzed by labor un- 
rest: hockey and baseball. 

• In Boston, the National 
Hockey League shaved 10 more 
games from its schedule, reduc- 
ing the 84-game regular season 
to 60 games, as negotiations 
were resumed in that seven- 
week-old dispute. 

[The Boston Herald, citing an 
an unidentified source who said 
that the move could lead to a 
new collective bargaining 
agreement, reported that the 
owners were ready to withdraw 


their theories began emerging 
Thursday night. The tax sys- 


Thursday night. The tax sys- 
tem, according to a person fa- 
miliar with it, would include 
two trigger points in determin- 
ing the lax rate for each dub. 

The first trigger point would 
be the average of all 28 payrolls. 
The second would be $5 million 
beyond the average. The tax 
would be determined using in- 
crements of $500,000 up to the 
second trigger point, and incre- 


their demand for a payroll tax if 
the players compromised on 
salary arbitration.] 

[The owners, for taking the 
luxury tax off the table, “want- 
ed something in return in the 
area of arbitration,'' the Herald 
quoted the source as saying af- 
ter a 7-hour meeting Thursday. 
“I don't think the players would 
settle for the elimination of ar- 
bitration, but I believe they 
were willing to listen to a pro- 
posal that would make it some- 
thing like baseball arbitration. 
A player could file for it after 
three or four years.”] 


Joining the talks on behalf of 
management was Cliff Fletcher, 
the president and general man- 
ager of the Toronto Maple 
Leafs. His presence was seen by 
some as a good sign. 


“Cliff Fletcher is regarded as 
a common-sense, compromis- 
ing authority in hockey," said 
John Vanbiesbrouck, the player 
representative of the Florida 
Panthers. 



Roy Tarpley, out 
of the NBA for 
four years be- 
cause of a serious 
knee injury and 
his third violation 
of the league’s 
drug policy, made 
his return with 
16 points and nine 
rebounds as his 
Dallas Mavericks 
beat the Sacra- 
mento Kings, 96- 
94. The forward, 
who turns 30 later 
this month, 
scored four straight 
points during a 
fourth-quarter run 
that helped the 
Mavericks get their 
fourth victory. 

They didn’t get 
their fourth last 
season untQ Feb. 2, 
in the 44th game 
of that season. 


Chris Webber may have de- 
parted, but the Golden State 
Warriors ran their record to 6-1 
as they beat the New York 
Knicks, 109-100, behind 27 
points from Latrefl SprewelL 
Tun Hardaway added 20 and 
Ricky Pierce 18 for Golden 
State, while Derek Harper got 
21 points for the Knicks, who; 
lost three of four games on a 1 
Western road trip. John Starks* 
missed all nine of his outside 
shots, and was held to four, 
points before fouling out with 
4:30 left. . , 

The Knicks were in foul trou-< 
ble throughout. Patrick Ewing' 
picked up two fouls in the« 
game’s opening 98 seconds and 


NBA HIGHLIGHTS 


had just 4 points on l-for-7. 
shooting in the first half. He* 
finished with 18 points. ( 

“I tried to work inside anti 
get Patrick in foul trouble,” said 
Rony Seikaly, traded from Mi- 
ami to the Warriors earlier this- 
month. “It was part of the game, 
plan.” 

Nets 11L BuBets 103; Wash- 
ington came out fiat in New. 
Jersey and the Nets took took 
full advantage of the distracted 
Bullets. 

Kenny Anderson had 24 
points and 13 assists and 


sparked an 8-0 burst that put 1 
lie Nets ahead, 103-96, with 
3:08 to play at the Meadow- 
lands. 

Rockets 106, BoDs 83: Hous- 
ton, playing at home, ran its- 
season-opening winning streak, 
to seven games, getting 29 
points and 14 rebounds from. 
Hakeem OLajuwon. 

Olajuwon dominated the in-‘ 
side from start to finish, and 
Kenny Smith, who had 19 
points, hit four of six 3-point, 
shots, including two in a fourth- 
quarter run when the Rockets 
took command. 

Scottie Hppen led the visit- 
ing Bulls with 15 points. 

Hornets 99, Clippers 83: 
With its season-opening sev- 
enth consecutive loss, Los An-i 
geles equaled the worst start h r 
dub history. *' . 

By losing their first seven- 
games, the Clippers matched 
the 1982-83 San Diego dip- 
pers, who also began the season 
5-7 before earning .a- victory, 
against San Antonio in then- 
eighth game. 

Cavaliers 81, Trail Blazers 
80: Mark Price sank five 3- 
pointers and scored 30 points la 
send Portland to its second' 
straight home loss. 

The Blazers had three 
chances to take the lead after 
Terrell Brandon made one of. 
two free throws to put Cleve- 
land ahead, 81-78, with 48 sec- 


Paul K. Ruck ' France- 
Pro,: 


Browns 9 Powerful Defense Puts the Battered Chief s Against the Wall 


New York Times Service 

Cleveland (8-2) at Kansas City (6- 
4): The Browns’ defense hasn’t al- 
lowed a 100-yard rusher or receiver 
this season, while the Chiefs are only 
one of two teams with a winning 
record that hasn’t had a 100-yard 
rusher this season. 


no-huddle with three wideouts or a 
methodical two-back set. Bills by 3%. 

Indianapolis (4-6) at Gncumati (2- 
8): The Bengals’ offense is averaging 
401 yards the last three games, com- 
pared to 259 the first seven, since 
quarterback Jeff Blake stepped into 


And, Kansas City has a beat-up 
team. Both veteran receivers, Willie 
Davis and J. J. Birden. are injured. 
Running back Marcus Allen is 
banged up. It would be difficult for 
the Chiefs to get much offense going 
againsL an average defensive unit, let 
alone an extraordinary defensive 
team like the Browns. 

Whether it’s Mark Rypien or 
Vinny Testaverde at quarterback, 
Geveland should prevail. The odds- 
makers favor the Chiefs by 3V4 points. 

Green Bay (6-4) at Buffalo (5-5): 
Packers’ plus-10 turnover ratio leads 
the National Football League, while 
Buffalo looked ugly in loss to Pitts- 
burgh on Monday night The Bills' 
offense appears not to know if it is a 


NFL MATCHUPS 


the starting lineup. Last week he threw 
four touchdown passes in Cincinnati's 
victory over Houston. But the Bengals' 
defense will have to stop Marshall 
Faulk; the Colts have scored 20 touch- 
downs on 29 trips inside the oppo- 
nents’ 20-yard line. Bengals by 1. 

Miami (7-3) at Pittsburgh (7-3): 
The Steelers’ 36 sacks leads the NFL, 
and they are hoping the return of 
running back Barry Foster will pro- 


duce some points. The Dolphins’ de- 
fense will nave its hands full with 


fense will have its hands full with 
him, while the Steelers’ defense win 
have a tough time getting pressure on 
Dan Marino, although the Dolphins 
have struggled on offense the last few 
weeks. Steelers by 3. 


San Diego (8-2) at New England (4- 
6): The Patriots have a plus-9 sack 
differential; Charg ers’ rush defense is 
first in AFC, giving up 83.6 raids a 
game. At quarterback, San Diego's 
Stan Humphries will throw with an 
injured elbow, while Drew Bledsoe, 
breaking a three-game slump in which 
be had thrown three touchdowns and 
1 1 interceptions, ended the Patriots' 4- 
game losing streak last week. Chargers 
hope to get Natrone Means back on 
track. Chargers by 2%. 

Washington (2-8) at Dallas (8-2): 
Ken Harvey’s 10J5 sacks for Redskins 
leads NFL, but Emmitt Smith’s 13 
rushing touchdowns also leads the 
league and the Redskins' defense has 
trouble against the run. It doesn’t 
help that the Cowboys lost to the 
49ers last week. And it certainly 
doesn’t help that this game is in Tex- 
as Stadium. Cowboys by 15. 


Detroit (5-5) at Chicago (64): The 
Bears gave up 4.8 yards per cany in 
their first mne games, and Barry 
Sanders blasted them four weeks ago 


for 167 yards. In that game, Md 
Grays 102-yard kickoff return and 
linebacker Chris Spidman's 25-yard 
fumble return for touchdowns helped 
Detriot narrowly win. Bears by 4. 

N.Y. Jets (5-5) at Minnesota (7-3): 
The Jets have been held to one touch- 
down from scrimmage four times this 
season; the Vikings have limited five 
opponents to 14 points or fewer. Fur- 
ther, Warren Moon has thrown 12 
touchdown passes this year and has 
passed for more than 300 yards the 
last two weeks — and the Jets’ safety 
Ronnie Lott and cornerback Aaron 
Glenn are hurt. Vikings by 7. 

Atlanta (5-5) at Denver (4-6): The 
Falcons suspended receiver Andre 
Rison for this game because of his 
habitual tardiness to meetings. The 
Broncos’ 224 first downs leads NFL, 
although Denver has fiddled with its 
offense the last few weeks, trying to 
keep a spark in it. Broncos by 6. 

New Orleans (4-6) at LA. Raiders 
(5-5): The Saints’ defense has given 
up 17 touchdown passes; the Raiders' 


has gone from 12th in AFC against 
the run (156 yards) in Week 1 to No. 
I (91.3 yards). If the Raiders’ offen- 
sive line can protect Jeff Hostetler, he 
might be able to riddle the Saints' 
secondary. But The Saints, who have 
25 sacks, do get good pressure, but 
they don’t have a good rushing at- 
tack, and the Raiders have an edge in 
receivers. Raiders by 7. 


Pfabdeffrina (7-3) at Arizona (4-6): 
The Eagles were embarrassed by die 
Browns last week, so they'll be plenty 
steamed for this one. Phis, there’s the 
Buddy factor. And, the Cardinals are 
averaging just 12.6 points a game. 
Steve Beuerlrin, who was battered 
beyond belief in the last meeting, had 
knee surgery this week and won’t 
have to play m this game. Eagles by 3. 


Tampa Bay (2-8) at Seattle (3-7): 
Craig Erickson leads the NFL with 
1_5 interception ratio (3 interceptions 
in 206 passes), while the Seahawks’ 
defense has hit the skids during their 
seven-game losing streak. But the 
Bugs are rushing for just 78.9 yards a 


game and haven’t scored more than 
16 points in any of their 8 losses. 
Chns Warren in the backfield gives 
the Seahawks a bigger threat. Sea- 
hawks by 6%. 

LA Rams (4-6) at San Francisco 
(8-2): In the last five games Steve 
Young has completed 72 percent of 
his passes for nine touchdowns, with 
one interception; the 49ers have out- 
scored the Rams. 70-29, in the last 
two games and Young has completed 
803 percent of his passes for 810 
yards, six touchdowns and one inter- 
ception. 49ers by 13%. 

N.Y. Giants (3-7) at Houston (1-9): 
The Oilers’ offensive line has given up 
44 sacks, the Giants’ line has given up 
31; the two teams have given up a 
combined 35 turnovers in their com- 
bined 16 losses; during the Giants’ 
seven-game losing streak, Dave Brown 
(10) and Kent Graham (2) have 
thrown 12 interceptions. But, the Oil- 
ers have never beaten theGiants. They 
are favored by 2 Monday night 

These matchups were compiled by 
Timothy W. Smith. 


ends left But Clyde Drexler 
missed a potential game- tying 


missed a potential game-tying 
free throw, and Clifford Robin- 
son and Harvey Grant misfired 
on potential game-winners as' 
time ran out 

Robinson scored 24 points 
and Drexler 17 for Portland. 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


'hi, my name is rerun. 

90 YOU WANT TO COME 
V OUT AND PLAY 7 -g 


WE'LL HAVE FUN.. ILL 
THROW THE BALL, AND 
YOU CAN CHASE IT... 


. ( IT WOULD HAVE 

^ V^ BEEN F UN II 


VCW \*b TOE DtOCAMA ) 
CDMIN& ALONG ? ' 


C.A 


TW ALMOST 
FINISHED . 


_ ( THK DlDNT 

Si J TAKE TOO 


; I don't see \seetve 
THE ROADRUNNER. ] COTTON 
wosnY too raws I bails i 

TO Put OME IN’ / GUJED 


']Jk 


iC 



' THAT'S 
BECWSE 1W 
A GENIUS. 







THE pDAO RUNNER 
JUST RAN OUT OF 
TNE SCENE, UfNIK 
THOSE CLOUDS OF 
DUST/ 



GARFIELD 


‘Mr. Wilson's cm? has a rathe. 1 guess that's 

WHY HE CALLS IT" BABY ’. tf 


THAT SCRAMBLED WORD GAWE 


UraminMt raw lour Juntta. f _ w. 

tarararev-c-g* I I .“ ^ 



WIZARD of ID 


IS rr BORING- IN HERE, 

ORisrrdtisTmou? j 



me hum* Ate peadY to 

iHe u/nrret? 


FORLO 


# *1 



' w* > 
me ttifr 
one & 
refi/w/ieti t 


/MAT 15 > 
f TH£ 
,46FEE»EWT?y 



BEETLE BAILEY 



f NEVER. 

use 

MAHOtG 
IN THE 
CATAPULTS' 




TOOBA 


CUSSEN 


HEY/ THERE'S 
HO SMOKJNS 
IN HERE 
ANYMORE/ . 


LOUNGE 


WHO 

SAYS? 


SARSE 


BHLEED 

U-, 

TTT 

m 


-—v )-* 

why the rreet> I 

Fuerv-OCG! WANTS’ 
TO LSWE. 


WARNING* 
SMOKING HERE CAN 
CAUSE HEART UtSEAGE, 
LUNG CANCER ANP , 
A GOCV FOUNDING - 


THE FAR SIDE 


BLONDIE 


mm 

;PKi 


I'M SOWS OUT TO GAS up 
THE — 

Mttytne vou 
. heed? ASSSKL, 


I BAKSKY? J 


Nov AnariQi tfio cMad own a 
toon P* saina ran a >¥ 
guM By aw abow cartoon 


srafc, 


JiKM TEASE FIMK RjUSY GOSPEL. 
Anjamir KnMdionMnGKiM 

■wnMM* - -SOLF MATES 


DOONESBURY 


iHecAUFcsvm 

GOUPRUSHOFtK. 


To our readers in France 

If s never been easier to subscribe 
and save with our new 
tall tree service. 

Just cdl us today at 
05 437 437. 


t£T$ CUT TOTHB CHASE 
HOU/ MUCH FOP. EXCLUSIVE 1 
nSHTBTDAHBlWTE i 
\ SHCSUTORy? r -Z *—' < 


SALUff G0TR*£EHOr 

EsamssHxxxK 

SHOW' THEY ALL &VB 
KtUBl PRE-TRIAL 
1 7ALKN6HEAP' fZ 


THISISAOLANP 
"8X£y. GROUP LBADER 
KRAECNEMB' - 


\ASS00NASX6ET 
A BOOK CONTRACT. 
XtCSSNCfFORiOU 
. ATOTHSOiiw. r\ 



mi 



THEi CLEANERS?? THE «- 
UORA fV/?' you KHO W. I 

DON'T REALLY NEED 
6AS... I STIL L HAVE J2 
A QUARTER 

OF A TANK JaffiR&WS 


■ bEP~£TJ& other 

■ GU ' f ASKEO \ 
JP I WAS A ) 

MARRIED MAN 




Vtora looked around Rt« room. Not another chicken 
anywhere. And then it struck her — this was a 
hay bar. 


J J, 


w 


\f\b r 

i }f 




!\ 


it- 





U* iJ&jO 




keh: 








,- If| s.. 

^3s the " tf *, 




■ *■*■!* ■* 


iKS* 


’ :c C*5h 

* ■* i' M 


.;;. u 5^-‘. 

■<C7- J 1 ! *. ^ r 

V- J --. «‘0-. 


>“■ ne^i-'-s, 
-> 'I> •n*' ,-.. S. 




-sir Jin- .. 
MC-x n-" **► 


■mNo.ij 




l - - 




art-jig^ 


■f of A® 


VJjsi 


SPORTS 


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


Page 21 


2S« 

■-> ITl »L ■ 


rSi3> 


£*?& 


H 


;.f ;. *** roi 

a ®*sOt 


Born: A New Tour; 

Wanted: Godparents 

Norman Says the r . Response 


‘ ****& 


- By Thomas Bonk 

Jjai Angela Tima Service 

THOUSAND OAKS. Cali- 
fornia — The World Golf Tour 
has arrived, albeit a little uncer- 
tain of its prospects off the tee. 

Smiting as broadly as new 
parents, Greg Norman and 
John Montgomery, the new 
tour's executive director, an- 
nounced the birth of an eight- 
event, $25-mflIion tour for the 
top 30 players in the world. 

At a news conference at Sher- 
wood Country Chib, where the 
Franklin Funds Shark Shootout 


but said that “everybody I’ve 
woken to, Nick Price, Fred 
Couples, Josfc Maria Olaz&bal, 
all the responses have been ex- 
tremely positive.’' 

Price said he stood b ehin d 
Norman, but with reservations. 


“He has my total support, as 
long as my position on the PGA 
Tour isn t challenged,” Price 
said. 

[The Washington Post 


quoted sources as saying that 
Price and at least three other — 


began Friday, they said Thurs- 
day that the World Tour proba- 
bly will begin next March, al- 
'■'jough it already has drawn fire 
iron* golfs establishment, the 
U.S. and European PGA Tours. 


Montgomery credited Nor- 
ton as the visionary behind the 


mm as the visionary behind the 
new tour, which is being backed 
by Fox Television. 

“What can I say?” Norman 
said. “I think it’s fantastic.” 

If nothing else, it’s lucrative. 

Plans call for each of the 
eight events to have S3 milli on 
in prize money, $600,000 for the 
winner. Last place in the field 
will be good for $30,000. 

The player of the year on the 
World Tour will receive a $1 
millio n bonus. In addition, each 
player who commits to the new 
tour will receive a $50,000 trav- 
el allowance. 

Norman, who said the new 
tour is not ego driven, made a 
point of the financial rewards 
built into it 

“Once you have the word 
professional in front of your 
name, if you are the best, you 
deserve a reward,” Norman 
said. “People out there do not 
realize what it takes to be at the 
top of your sport.” 

The SONY rankings, a three- 
year stiding scale of points 
awarded for performance on 
certain events, will determine 


tte top 30 players. Event spon- 
sors will be allowed 10 exemp- 


sots will be allowed 10 exemp- 
tions to make up a field of 40, 
and Montgomery said he had 
spoken with Jack Nicklans and 
that Nicklans plans to play on 
sponsors!. exemptions. - 

Besides the money distribu- 
tion, few details of the new tour 
were made public. 

So far, it has no sponsors, no 
schedule, no rites and no play- 
ers, except for Norman. 

“The responschasbeen over- 
whelming,” said Norman, who 
read a message of support from 
Jos6 Maria QLazibal of Spain. 
He did not identify any players 
who had committed to the tour. 


Price and at least three other — 
Nick Faldo, Seve Ballesteros 
and Qlaz&bal — had said they 
would play on the new tour.] 

Price’s influence is vital be- 
cause of his stature. He was the 
leading money winner on the 
PGA Tour this season with 
$1.49 million. He won six tour- 
naments and also is No. 1 in the 
SONY rankings. 

Price said Nor man bad been 
impulsive and that he wished 
that Norman had spoken with 
PGA Tour Commissioner Tim 
Finchem before going public 
with the World Tour plans. 

Price said his mam concern is 
what the “repercussions from 
the Tour could be. I made that 
dear to Greg.” 

[Curtis Strange, the two-time 
U.S. Open champion, told The 
New York Times: “The scary 
part is that we could end up in 
court and the last thing I want 
to do is be suing my own orga- 
nization.”] 

Montgomery said the World 
Tour is fielding offers from 
many prospective sponsors and 
sites out mat any further an- 
nouncements aren’t likely for 
60 days. He also said that Exec- 
utive Sports, a Florida-based 
management firm that runs 
some tournaments for the PGA, 
was not involved and that he 
had left Executive Sports to 
head the new tour. 

Plans call for four World 
Tour events to be played in the 
U.S. and one each in Canada, 
Scotland, Spain and Japan. 

As of now. World Tom- 
events are to be played the week 
before major tournaments. 
Norman said the- first event is 
being planned for before .the 
Masters, which is April 6-9. 

Montgomery said Fox tele- 
casts of the World Tour would 
ran in the same time period of 
the PGA Tour events. 



Sampras Gains Semifinals 
As Becker Beats Edberg 


Boris Becker was all thumbs after handily winning the White Group with a 3-0 record. 


By Christopher Carey 

Special to die Herald Tribune 

FRANKFURT — For all its 
computer points and eye-pop- 
ping prize mosey, the IBM/ATP 
Tour World Championship re- 
mains a notch below its tradi- 
tion-rich Grand Slam cousins in 
the pecking order. 

But you can say this much for 
the year-end, eight-man event: 
With only two players advanc- 
ing from each four-man group, 

the last day of round- robin play 
is nearly always an occasion for 
number crunching. 

This year was no exception, 
and while Stefan Edberg and 
Boris Becker served and vol- 
leyed it out in the Festhalle, the 
world's No. 1 - ranked t ennis 
player, Pete Sampras, watched 
and worried about his place in 
the semifinals. 

Would Becker win and guar- 
antee Sampras a spot? Would 
Edberg win in three sets and 
lake it away? Would Edberg 
win in straight sets and perhaps 
knock Becker out instead? 

Thankfully for those who 
struggle with long division, 
Becker made it simple by win- 
ning, 6-7 (3-7), 6-4, 7-5, and 
eliminating Edberg. 

“I missed a couple of lessons 
in school,” Becker joked when 
asked if he was aware of all the 
implications. “I knew I had to 
win at least one set to get to the 
semis, but I really wanted to 

}ixl±bii Hermann' Reuien finish first in the group.” 

Ei a 3-0 record. He accomplished his mission 


by emerging from the White 
Group with a 3-0 record. He 


Group with a 3-0 record. He 
will meet Sergi Bruguera, the 
runner-up in the Red Group, in 
one of Saturday’s semifinals. In 
the other, Sampras, a convinc- 
ing 6-3, 6-4 victor over Goran 
Ivanisevic in Friday’s opening 
match, win meet Andre Agassi, 
bis countryman and closest ri- 
val in the world rankings. 


abusing a tineswoman early in 
the second set against Sampras. 
“I told her something nice in 


Agassi finished first in the 
Red Group by beating the sur- 
prising Bruguera, 6-4, 1-6, 6-3, 
m the final quarter final ma t c h 
Like Becker, Agassi went 3-0 in 
round-robin play, and he is 
clearly in fine form, having won 
three of his last four tourna- 
ments and soaring to No. 2 in 
the computer rankings. 


to the umpire and said that 1 
had said something in half Eng- 
lish, half Croatian, which is not 
right,” Ivanisevic said. “She did 
not understand what I say. She 
was just guessing.” 

According to Ivanisevic, it 
was just as well she did not 
speak Croatian. 

“If she understand, I don’t 
think she would go up to the 
chair because rite would have 


gotten a heart attack straight 
away.” he said. 


At the Paris Open in early 


Overall, this is a highly ap- 


November, he surpassed 
$10,000 in fines in AtP Tour 


pealing and appropriate final 
four. Between them, Sampras, 


four. Between them, Sampras, 
Bruguera and Agassi shared the 
Grand Slam titles this year, and 
Becker, though be has not won 
a Slam since the 1991 Austra- 
lian Open, also provides consid- 
erable indoor expertise. 


$10,000 in fines in ATP Tour 
events for the second straight 
year, which means he could be 
suspended from the tour for 
two months. According to 
Ivanisevic’s father, Srdjan, his 
son filed an appeal on Nov. 7, 
the day after the Paris tourna- 
ment, so he would be eligible to 
play in Frankfurt. 


“Boris is the best indoor play- 
er in the world," Switzerland’s 
Marc Rosset said recently. 

Ivanisevic is normally in the 
running for that title, but after 
reaching the semifinals here the 
last two years, he fell apart this 
year after losing to Becker in a 
third-set tiebreaker on Tuesday. 
He topped it all off by incurring 
a point penalty for verbally 


Pierce Ousts Graf 9 Joins Sabatini inN. Y. Semis 

Mir ivfim i uiPtiiiP nvwi crav ftrul V 


V* easy to subscribe 
in Balgnmt 

Just crib 0800 1753* 


By Robin Finn 

New York Tima Service 

NEW YORK — Mary Pierce doesn't 
consider herself a scalp collector, but in 
the quarterfinals of this year's Virginia 
Slims Champ ionship she has taken up 
where she left off in 1993, and hunted 
down yet another competitor whose 
rank and reputation preceded hers. 

Last year her victims were Martina 
Navratilova and Gabrida Sabatini. On 
Thursday night her prey was the world’s 
Na 1 player, Steffi Graf, who suc- 
cumbed, 6-4, 6-4. 

In the evening’s other quarterfinal, 
Sabatini gave 22d-ranked Julie Halard 
Free ran for the first set but awakened 
with a crowd-pleasing vengeance to 
claim the match, 2-6, 6-2, 6-3. 

Halanfs go-for-broke tactics were re- 
sponsible for the elimination of second- 
ranked Arantxa S&nchez Vicario in the 
opening round, and for a while it ap- 
peared she would wreak the same havoc 
on Sabatini’s chances. 

Sabatini, who may have decided that 
this is the place to end her 37-event 
drought between titles, recreated herself 
whoa she had to. But Graf, who also 


played a tentative and error-prone first 
set, did not. 

Pierce’s victory was the second this 
year in which the fifth -ranked teen-ager 
was able to beat Graf in a major event. 
In June, it was in the semifinals at the 
French Open as she reached her first 
career Grand Slam final. 

According to Pierce, that breakthrough 
bombarded her with the same hysterical 
level of expectation that she once re- 
ceived from her estranged father, Jim. 

“Ever since that tournament, every- 
body expects me to play unbelievable 
and to win all the time, and for anybody, 
that’s impossible because we're human,” 
said the Canadian-born, Florida- trained, 
France-based 19-year-old, a player with 
three passports, two coaches and a limit- 
ed affinity for external pressure. 

That’s part of the reason why hex 
father, who will be banned from the 
WTA Tour again next year, remains her 
former coach, while Nick Bollettieri and 
Sven Groenvdd, two advocates of posi- 
tive reinforcement, are gladhanding her 
through her matches these days. 

Fierce bad looked sluggish in Wednes- 
day’s opening match, something she at- 


tributed to a lingering bout with the flu. 
But with 12 hours of sleep and a long- 
distance pep talk from Bollettieri, who is 
tending to Boris Becker in Frankfurt, 
Pierce came out swinging against Graf. 

“It was a night-and-day difference; 
tonight I fell like the real me, the real 
Mary was out there,” said Pierce, who 
felt it wasn’t overstating the case to 
describe her as “being in the zone” 
a gains t a decidedly pale version of Graf. 

If it wasn’t a sideline or baseline. 
Pierce didn’t aim at it Her forehand 
used Grafs forehand like a power boost- 
er. And of the four break points she 
allowed against her serve, Graf convert- 
ed just one. 

While Pierce felt like all her shots 
were working, her opponent felt [ike all 
of hers were half-baked. 

“I was constantly on the defensive,” 
said Graf, who perhaps unrealistically 
expected better things of herself after a 
two-month layoff because of a chronic 
lower bade condition. “My returns were 
extra short, and right from the begin- 
ning it was really difficult to concen- 
trate; 1 was tired, for some reason.” 


The 25-year-old German, whose year 
has gone downhill since her Australian 
Open victory, still hasn’t found a solu- 
tion to her back troubles. She spent the 
last few months in a revolving door 
between doctor visits. She said she 
would probably spend the next two 
months tile same way, hoping to find a 
cure before she tries to defend her title at 
the Australian Open in January. 

Graf did not play as passively as she 
thought; Pierce merely played too pow- 
erfully, and too accurately, to thwart. 
She made her move in the seventh game 
of the first set, breaking Graf with a 
barrage of vicious forehand drives that 
produced a netted backhand from Graf. 
Pierce held for a 5-3 lead, and when she 
served for the set, it was an ace. 

After trading breaks to start the sec- 
ond set. Pierce tot* over in the ninth 
game, where she broke Graf at love with 
a series of pre-emptive returns. Down 0- 
40 and desperate, Graf slammed a fore- 
hand into the net to give Pierce a 5-4 
lead, and netted another forehand at 
match point 

“I'm not extremely happy," she said 


“We appealed, but Goran ac- 
tually wants to be penalized so 
he can erase all those fines from 
the books.” said Srdjan Ivanise- 
vic, whose son could receive a 
fine of up to $5,000 for Friday’s 
transgression. 

The irony is that being penal- 
ized now would hardly inconve- 
nience Ivanisevic. If his appeal 
is rejected, be is expected to 
begin serving his suspension on 
Monday. But as the ATP season 
is ending and the tour has no 
jurisdiction over exhibitions or 
International Tennis Federa- 
tion events — which include the 
Grand Slams — Ivanisevic 
would only be forced to miss 
one tournament before his sus- 


pension expires. 

There should be plenty of fun 
inside the Festhalle on Satur- 
day. particularly when Agassi 
the baseliner with the game's 
best returns and passing shots, 
meets Sampras, a natural serve 
and voDeyer who also can hit 
winners from the backcourti In 
recent weeks, the two Ameri- 
cans have repeatedly expressed 
their desire to nurture a rivalry 
that would attract further inter- 
est to their sport. 

They already may be on their 
way. Agassi beat Sampras in an 
extremely entertaining match 
three weeks ago in the quarterfi- 
nals in Paris. 


“I think a big rivahy is some- 
thing the game has been missing 
the past couple years,” Sampras 
said. “Hopefully, it will Last five 
or six years, land of like the 
rivalry between Borg and 
McEnroe.” 


AFTER ALL**- by Matt Gaffney 




vT*] : 


Major College Scores 


ACROSS 
1 Kitchen pest 
6 John, in Wales 
10 Any fellow 
13 Some are 
historic 

18 "LA. Law- 
lawyer 

19 Desperate 

20 Pequod captain 

22 ■Fiddlesticks.*' 1 

23 OY 

28 Winged 

27 Have at 

28 Sulking fit 

29 Newel simpers 

30 Dugout 

3! Newspaper 
edit or Charles 

Anderson 

33 Class that uses 
29-Across 

38 Marks out 
37 1990 movie 

1 Tie Me 

Down** 

39 HQ] and 
namesakes 


41 More current 

43 Won! with Band 
or Farm 

44 Followers 

45 AY 

47. Like some vins 

49 “Rhinoceros- 
playwright 

50 Food ftavorer 
52 Custard base 
55 Menacing 
58 LikeMozan 
60 Way to go 

62 Blew in. so to 


63 Candy brand 

64 “ lifei" 

85 Pampered 

67 OneatOriy 

68 EN 

71 Itinerary portion 

72 They’re plucked 

74 Selene's 
counterpart 

75 Sight: Fr. 

78 1988 Literature 

Nobelist 


TWM 


Thetaost contfortaWe way to 0y. T 


77 Extend 

78 Walker of 
football 

SO Bacchus 
attendant 

81 Clarifying words 

82 Palindromic 
time 

83 Not as timely 
85 “Over my dead 

body!" 

87 EY 

91 Jam theme 

94 Wheat stalk pan 

95 Skiwear 

96 Notsostrict 

97 Recruits 

99 pump 

180 Literary 

homophone for 
99- Across 

102 70's tennis 
champ South 

103 Burning 

104 Red and silver, 

eg. 

107 N.YJS-E. listing 

109 Swedish cents 

110 British cents 

111 OT 

115 In the beaver 
state? 

116 Pinfike 

117 Milton’s 
“sweetest 
nymph- 

118 Survive 

119 Habit 
129 Lfleraiy 

monogram 

121 Drudge 

122 Shaw 
contemporary 



NBA Standings 


EASTERN CONFERENCE 
Alhartlc DtvMoo 

W L Pet GB 

Ortancto 4 2 MT — 

New York 4 3 Sn VS 

Wa sh ington 4 3 .571 Vi 

New Jersey 3 S -375 2 

Boston 3 4 333 2 

PMtocMPMa 2 4 JBO 3 

MUaml 1 5 .147 3 

Central DhrbJee 

Detroit 3 3 J\4 — 

Ctovalcnd 4 2 Mt ft 

Milwaukee 3 2 400 1 

Ckleoso 4 4 SX 1ft 

Indiana 3 3 M 1ft 

Charlotte 3 4 429 2 

Atlanta 2 5 286 3 

WESTERN CONFERENCE 
M i dwe st PWiMen 

W L Pet GB 

Houston > e l-ooo — 

Denver 5 2 J14 2ft 

Dallas 4 2 JO I 

San Antonio 3 3 .500 4 

Utah 3 4 A 29 4ft 

Minnesota I 7 .125 7 

Pacific DMsiaa 

Golden State 4 1 .857 — 

Ptwentx 3 2 714 1 

Parti ml 3 2 400 2 

S ou a w e idn 3 3 500 2ft 

Seattle 3 3 500 2ft 

LA. Lakers 3 5 J7S 3ft 

LA dinners 0 7 JM0 4 

THURSDAY'S GAMES 
M HttM OBtOT 22 XI Si SB— 103 

New Jertev 33 24 31 24-111 

W: Choonan HKM 4-6 22. MoGLoan 5-10 74 
17: NJ: Coleman MS M 23. Anderson 8-128-10 


PRESEASON MIT 
FH Raved 

Memphis 70. 5W Louisiana 44 
San Francisco BA New Modes 74 


FEVA Indicates Swim Test Positive 


LONDON (AP) — FINA said Friday il had received the 


official result off a drug test and, while refusing to release the 
result or name the athlete, indicated that women’s 400-meter 
world freestyle champion Yang Aihua of China had tested posi- 
tive for steroids. 

The head of the international swimming federation, Gunnar 
Weraer, said, “The procedure is that the athlete and the federation 
in question has aright to a hearing.” He said he hoped to publicly 
announce the result “in the middle of next week.” 

• A ham Okeke, one of Europe’s top sprinters, was cleared of 
doping charges when the Norwegian Sports Confederation, in a 
unanim ous vote, ruled that he had not taken the banned substance 
Pseudoephedrine to enhance his performance. Okeke, 24. who was 
born in Nigeria, tested positive after a July meet in Stockholm; he 
said he had used an allergy treatment prescribed by a doctor 
without knowing it contained illegal substances. 


THURSDAY'S COLLEGE SCORE 
Troy st. 301 Somton! 24 


FIRST TEST 

UNDO to. west Indian Ut Day 
Friday, la Bo m bay 
India 1st Innings: 272 (alt out} 


© Note York Times Edited by Will Shorts. 


invite a guest for free 

CALL TWA FOR DETAILS 


DOWN 

1 Park shelters 

2 Stew seasoning 

3 Prospero’s 
brother 

4 McLean. Va. 
grp. . 

5 Teenmovieof 
1965 

6 MythotogiSt 
Hamilton 

7 Tracer of note 

8 Fortify 

9 Screenwriter 
Jordan of The 

Crying Game" 

10 One who’s up 

11 Casual noes 

12 Venture 

13 Leeway 

14 AH 

15 Scottish 
chieftains 

16 Leave the 

kitchen 


17 Important TV 
period 
21 “HushP 

24 Moderate 

25 Graph lines 
32 Costume 

34 It fits all 

35 60'scatdiword 
38 Social reformer 

Wells 

48 “Hey there!" 

42 Motorist’s goof 

43 Having the stuff 
46 Thermometers 

measure them 
48 Square 

50 Vocal opponent 

51 Caesarean 
section? 

53 Esophagus 

54 Stalwart 

55 Gear type 

56 “O' follower 

57 What former 
foes make 

59 Some Plymouths 
61 literary award 
63 Pizza 

65 Hopeful plea 

66 “——to Psyche- 


68 “Death Be Not 
Proud" poet 

69 Singer Laine 


92 How some 
people live 


93 Extreme 


70 “Gray's 
Anatomy- 
feature 


95 Northwest 
workers 


76 Mexican 

novelist Puentes 


98 Certain looks 

99 Shock 


101 Babbled 

105 Parodist 

106 Procedure part 
108 Community 

center, for short 

112 Chill 

113 “I get it now!" 

114 Can 


78 Saddle pan 


79 Ex-Aussie PM. 
Bob 


Solution to RttdeofNor. 12-13 


80 Utah's stale 
flower 


82 Guy with a 
deadline 

84 Miniature 
harbors 

86 Kilmer of “Top 
Gun* 

87 Ecdysiast 

88 Columbia River 
pon 

88 Direcrions- 
inquiry word 

90 Conductor 
Ansermet et al. 

91 Brought in 


□yathJLi UUCi UCU LLILJULL 
ejuaaiiiULi ueedlu 
□U 15U15LI OnnEQCIU GUCIikJli 
Ll'jyLJUUBQLlUUUUyGlUU oed 
ano iiUU UUULL 

aanas uoboqu atiuEumiiB 

flHuaaQ □□□□era eeogeih 

UUUUUUDtDQUU OLJOU ELBE 
□ UULJ □□□□ □DL3EL3 BUCE1 
□0Q □□□D □□□QEU DEE 
□□□ □□□□□□□UGJEDDO GEE 
□□□ □□□U13Q DODO ECO 

anna □□nmo dbue geee 
□ ana aaan oddqgbdeede 
uauupa uudflDB bbrjboe 

□□□□□□□a QDOEDD ORBED 

aanoa □□□ □□□ 

□□a □□OnBOUDDOODDOGEGEl 
□□□ana anooBaE eobdggI 
aaanaa ddgdebI 

□□□□HO 00Q 000 EE ED DEI 


New Jersey 5B (Cetanan 13). Anlsts-Wosh- 
bwtan 20 (Sklles T3), New Jersey 25 (Ander- 
son 13J. 

LACRfen 24 17 H tt-83 

anrtaite 32 i? 28 tt-ot 

LA: Deim u 2-2 10. saaiy 5-11 0-2 10; C; 
Johnson 7-125-419, Hawkins 3-7 10-10 17. Re- 
aoradl Los Angeles S (Outlaw TO), Char- 
loHetOIJahraae 14). Assists— Los Angelas 17 
(Richardson a). CharkMo 27 (Bogun 13). 
Oileage 24 25 w it— BS 

Hearts W 22 M 34-MS 

C: Ptaeni-1754 15, Armstrao 4-122-214; 
H: Thorpe 7-M S0 19, Otaknmn 10-14 M2 29. 
Rthe snrti O ileagoSO (Pippin. Wmn l naton 
4), Houston £0 fOMuwon W). AisW*— Chica- 
go 20 (Ptooen 0), Houston 31 (MmnntT B). 
Sacramento 24 19 21 U-W 

DaBas 21 27 17 23-44 

5: Richmond W4 3-4 21, W.W1lQams8-T7 0-0 
14; 0: MartliufflTO-153-5 23, Jackson 4-M M3 
17. miMwnH S acramento 44 (Richmond?), 
Dallas 48 rroratoy 9). Assists— Socramemo 
25 (VUMIItams 7), Dallas 24 (Jackson 9). 
Detroit 19 28 » W-W 

Denver 21 ■ 28 TV-92 

DT : Mil Is 7- 15 34 SO, Duman 7- 19 54 21; ON : 
Stlttl 8-124422. Drills 7-12 44 IS. RolMWMlt— 
pctroli 46 (HU) 7), Denver 40 IMufomho 26). 
AMbta-Oatraft 23 (Dawkins &), Denver 54 
(Pack 71). 

Cleveland 14 25 19 21— ei 

RorHaad 25 M U « ■ ec 

C: Price 12-21 l-l 30. HWi 5-70-2 10; P: C Ro- 
binson M7HX Drexler 7-14 70 17. Rg. 
bomda— Cleveland 42 (Hill, J.WIIIkma 7), 
Portland 48 (Drexler 8). Assists— Cleveland 
17 (Price 4). Portland 19 (Drexler 5). 

New York 2f 25 M 22-toe 

MM* Kioto 21 28 24 34-W9 

NY: Harper 7-13 *4 21, Ewing 8-142418; 9; 
Hardaway 5- 15 M2 SO, SptmmII 9-18 7-8 27. 
Rebounds— New York 55 (Oakley 14), Golden 
Sale 45 (SeHxXv 12). Assists— New York 24 
(Harper 7), Golden Stale 24 (Hardaway. J«»- 
nlnas 0). 


BALTIMORE— Shined Rich DOLuda 
pttcher.and Junior Hotxia, InfMder, to miner- 
jpflfltnf contracts. 

CALIFORNIA— AddMS Erik Bemwn. Ken 
Edenfkrid, Jed Schmidt, BUI Simas and Shad 
wltttama. pitchera. and Morcwls Riley, owl- 
(Mder, to the 40-man rosier. 

CLEVELAND— CkUnmd Steve DUon. 
pitcher, off wahrars from SI. Louis. 

National League 

CHICAGO— Homed Fervuson Jenkins 
pitching coach mi John Young special assis- 
tant to the oenerai ma nager. Purchased the 
contracts of Terry Adtens. Mike watow and 
Derek WaBacb pHthare. and Crie Canton ht- 
itoUer. from lawn, aa. and OtHs Smith and 
Amaurv T i tom ato, pitchers. Mike Hubbard, 
catcher. Brunt Brown. Wte ldir. and Pedro 
Valdes, outfielder, from Orlando, 5L 

ST. LOUIS— Aenounced that Doug Creek 
and Prank QmonHIL pitchers, and Dan Cho- 
lowsky, Mfefcfcr, doored waivers and war* 
sent to LoutovBta, AA. 

SAN DIEGO-dolmed Erft Pkmtenberg, 
pitcher, off waivers from Seattle. 

BASKETBALL 

B nHufwi Basttettxd] A n ofl oH o q 

ORLANDO— Activated Geert Hammlnk. 
center, {ram me inhnd KsL Waived Ktftti 
Tower, forward-center. 

FOOTMLL 

Natlepoi Football League 

ARIZONA— Stoned Mark Htoos. running 
bock, waived Rtdi Brenam. guard. 

BUFFALO— P faced Bucky Brooks, wide re- 
Oliver, oo Mured reserve. Stored Demon 
Thomas, wide receiver. 

MIAMI — waived David ware, tackle. 
Signed Tim irwkk offensive tackle. 

COLLEGE 

MID-CONTINENT CONFERENCE-H- 
amed Dr. Jon A. Stektorecfter commissioner. 

BAYLOR— Fired Darrel Jahnsen, men's 
baskettMl l coadk Named Hairy MBIer men's 
Interim bas k etball coodv 

BROCKPOrT STA TE - A nnounced the re» 
lunation of Ed MateUuvtb tootbaU coach. 

CANISIUS— Announced the resignation of 
Barry Mydtor, (oattaB aoach. 

CINCINNATI— Suspended Marts Wright, 
sophomore guard tade nm tetv tram the Das- 
ketaall teem. 

FLORIDA STATE— IRjRtofldBd James Col- 
zfe, comertoe*, tor «to Hmt tar academic 


FIA to Report on Crash Next Week 


PARIS (Reuters) — FIA said Friday U was still looking into the 
Adelaide Grand rax crash involving Michael Schumacher and 
Damon Hill and would issue a statement it next week. 

A FIA spokeswoman said the report on the crash was still being 
studied and its findings would be made public as soon as possible 
next week “to put an end to the whole fuss.” 


For the Record 


Francis BoreBi, the lormer president of Paris St, Germain, has 
been placed under investigation for fraud over his management of 
the soccer dub, the sports daily l’Equipe reported. Borelli is now 
the chairman of another first division dub, Cannes. (Reuters) 
The U-S. Davis Cup team will play its 1995 opening-round 
matches against France in Sl Petersburg, Florida, on Feb. 3-5, the 
U.S. Tennis Association said. (AP) 

Shigeo Yamada, who managed the Japanese women's team 
world and Olympic titles in 1974, ’76 and 77, resigned as execu- 
tive director of the national volleyball association following 
charges of sexual harassment He denied the allegations. (AFP) 



GOLF-images by famous 
Dutch artist and. golf- 


Dutch artist ana gotr- 
player JUUEN LANDA. 
Limited Editions. 


GOUDA ART HOLLAND 
Oosthaven29 
GOUDA/Netherlands 
Phone (31) 1820-83377 
Fax (31) 1820-83455 


Multi-color serigraph of SEVE BALLESTEROS 
100 available with his original signature 
image size 60 x 68 cm = 24 x 27 inch. 


GEORGIA— Stored Vinca Dooley. atMotfc 
director . Is a nwnar contract extension 
through June 1999. 

PITTSBURGH— Announc#<l that Curtis 
Martin, naming back, will farm hto final 
war of eligliriflty to enter the nfl onm. 

TEMPLE— Named Barba ra KDoour asso- 
ciate alb tottc director and senior women's 
«»ministrator, 

WISCONSIN — Suspended John Todrvfa, 

nose tackle, pending chenes in a Milwaukee 

drug Investigation. 


TO OUR READERS IN BELGIUM 

It's never been easier to subscribe 
and save. Just call toll-free : 

0 800 1 7538 











Page 22 


DAVE BARRY 


Terminal Boredom 

M IAMI — I was at an air- to avoid boring topics. Tb 
Dort readme a newspa- Lem here, of course; is tl 


XVI port, reading a newspa- 
per, when the World’s Three 
Most Boring People sat down 
next to me and started talking 
as loud as they could without 
amplifiers. They were so boring 
I took notes on their conversa- 
tion. Here's an actual excerpt: 

FIRST PERSON (pointing 
to a big bag): That’s a big bag. 

SECOND PERSON: That IS 


to avoid boring topics. The prob- 
lem here, of course, is that not 
everybody agrees on what “bor- 
ing” means. For example. Per- 
son A might believe that collect- 
ing decorative plates is boring, 
whereas Person B might find this 


FIRST PERSON: You can 
hold a lot in a bag like that. 

THIRD PERSON: Franrine 
has a big bag like that. 

FIRST PERSON: Franrine 
does? Like that? 

THIRD PERSON: Yes. It 
holds everything. She puts ev- 
erything in that bag. 

SECOND PERSON: It’s a 
big bag. 

THIRD PERSON: She says 
whatever she has, she just puts 
it in that bag and just boom, 
closes it up. 

FIRST PERSON: Franrine 
does? 

They could have gone on for 
hours If they hadn’t been inter- 
rupted by a major news develop- 
ment: namely, a person walking 
past p ulling a wheeled suitcase. 
This inspired a whole new train 
of thought: (“There’s one of 
those suitcases with those 
wheels.’’ “Where?” “There, with 
those wheels.” “John has one.” 
“He does?" “With those 
wheels?” “Yes. He says you just 
roll it along." “John does?”) 

□ 

The thing is. these people 
clearly didn't know they were 
boring. Boring people never do. 
In fact, no offense, even YOU 
could be boring. Ask yourself: 
When you talk to people, do 
they tend to make vague ex- 
cuses — “Sorry! Got to run!” 
— and then walk briskly away? 
Does this happen even if you 
are in an elevator? 

The point is that you could 
easily be unaware that you’re 
boring This is why everybody 
should make a conscious effort 


whereas Person B might find this 
to be a f ay™ at * n g hobby. Who’s 
to say which person is correct? 

I am. Prison A is correct. 
Plate-collecting is boring In 
fact, hobbies of any kind are 
boring except to people who 
have the same hobby. (This is 
also true of religion, although 
you will not find me saying so in 
print.) The New Age is boring 
and so are those puzzles where 
you try to locate all the hidden 
words. Agriculture is important, 
but boring Likewise foreign pol- 
icy. The fact that your child 
made the honor roQ is boring 
Auto raring is boring except 
when a car is going at least 172 
mph upside down. Talking 
about golf is always boring 
(PLAYING golf can be interest- 
ing but not the part where you 
cry to bit the little ball; only the 
part where you drive the cart.) 
Fishin g is boring unless you 
catch an actual fish, and then it 
is disgusting 


Speaking of sports, a big 
problem is that men and wom- 
en often do not agree on what is 
boring Men can devote an en- 
tire working week to discussing 
a single pass-interference pen- 
alty; women find this boring 
yet can be fascinated by a four- 
hour movie with subtitles 
wherein the entire plot consists 
of a naan and a woman yearning 
to have, but never actually hav- 
ing a relationship. Men HATE 
that. Men can take maybe 45 
seconds of yearning and then 
they want everybody to get na- 
ked. Followed by a car chase. A 
movie called “Naked People in 
Car Chases” would do really 
well among men. I have quite a 
few more points to make, but 
Fm sick of this topic. 

Kiught-Ridder Newspapers 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 19-20^1994 


A Choreographer Turns Unpredictability Into Form 

” .JT ...... . said of her catches and cantilever 


International Herald Tribme 


P ARIS — Stay people some- 
times have a boldness border- 
ing on the brazen. When Tri- 
da Brown studied modem 
dance technique and composition at 
Mills College in California in the 
1950s, it was assumed, even by Brown, 
that she mi gh t become a housewife 

MARY BLUME 

who gave dance lessons. “But my need 
to make manifest my ideas about 
movement overtook my shyness and a 
choreographer was bom,” she said, 
l au ghing . *T am still learning how to 
ran a dance conqtany,” she added. 

Never having been part of a dance 
group, in 1970 she founded the New 
York-based Trisha Brown Company 
which has won consistent interna- 
tional respect In the United States 
she has earned important awards, 
been given a MacAithur grant, testi- 
fied before the House Appropria- 
tions Committee and is a member of 
the National Council on the Arts. In 
France, where her company first 
danced in 1973, she is a Chevalier dcs 
Arts et des Lettres. 

After two weeks in Paris, the com- 
pany is off to Valencia, Spain; Gre- 
noble, France, and Ljubljana, Slove- 
nia, then, after a few days in New 


where the booking is.” 

The touring program has works 
from 1979 to “M,” a 15-minute sec- 
tion of a 50-minute piece which, 
when it is finished, mil be called 
“MO,” after Bach’s “Musical Offer- 
ing” the score she will use and is at 
present grappling with. The works 
are visually st unnin g (she has always 
worked with artists and has exhibited 
her own drawings) and their common 
thread, she says, is unpredictability 
that is marshaled into a form. 

One outstanding piece is Brown’s 
1994 solo for herself, “JF you 
couldn’t see me,” in which, wearing a 
filmy white dress by Robert Rausch- 
enberg, a collaborator since the 
heady Judson Church Theater days 
in the 1960s, she dances with her 
back to the audience. Rauschenberg 
also did the music, his first, inspired 


by a Yamaha keyboard he had been 
given for Christinas. 

The solo came about because 
Brown’s company was in repertorial 
rehearsals unavailable to her. “1 
was reading about spectator-olriect 
r elationship s, putting that embar- 
rassing subject up front and looking 
at it and not knowing where it would 
lead. Bob called me and said I have 
an idea for a solo with your baric to 
the audience. Then he informed me 
than he would write the music.” 

Seen occasionally in profile or 
three-quarters, but with her face al- 
ways concealed. Brown created an 
intricate and Alumina ting piece out 
of what could, have been merely an 
exercise or a gimmick. “I turned my- 
self around in the studio and began 
to address the very real issues of what 
one does minus the expressive appa- 
ratus of the front of the body. It was 
hard because there’s not very much 
back there to work with; only having 
two sides takes away the turning op- 
tion. 

“And then there was the day when 
I thought of what I was doing and 
what it meant to me to turn my back 
because the back is really a private 
place. I was fearful that people might 
think I was rejecting them but the 
bigger psychological subject to me 
was shall I reveal another side of 
myself which I don’t know anything 
about in terms of dance. It’s hard 
dancing because I want to dance full 
and big and yet I can’t see very welL” 

The result has its own drama as an 
exploration of the meaning of seeing 
and of absence; and the wish to 

Hariri f ull and big wi thin limi ts 

which Brown says are on her like a lid 
give tension and strength. 

“Do they? Great,” said Brown, 
drinking Japanese tea in her dressing 
room from a sawed-off mineral water 
bottle. She is lanky in a long-shirted 
black suit and black Reeboks. 

Music, whether by Rauschenberg. 
Bach, Caae, Laurie Anderson or a 
marching band, has only been a part 
of her work since 1981. This is be- 
cause in her early New York days she 
had no theater but did have an inf ant 
son (now a 30-year-old sculptor) 
whom she was wheeling through the 
dry streets and sounds in his stroller. 

“I was moving through great tem- 



JoomESavio 

Trisha Brown and Robert Rauschenberg, her long-time collaborator. 


pies of architecture and think ing 
about them as being places for a 
performer wanting to make a dance 
without music or story, wanting a 
machin e that would tell me when to 
start, when it’s over, what if s like — 
get my questions answered by some 
outside device.” 

Brown’s answer, not the most ob- 
vious one, was to walk down the side 
of a seven-story building. Her equip- 
ment pieces, as they were called, de- 
veloped into projects that involved 
hauling two tons of steel trades up 
the Whitney museum and a magical- 
sounding work strung over 12 blocks 
of Manhattan rooftops in which a 
dancer passed an improvised move- 


WEATHER 


ment to another dancer four blocks 
away, and so on. 

*Tt took me time to get my feet on 
the ground,” Brown said. She was 
seeking a way to make the convention- 
al proscenium theater her own. “My 
own instead of this austere, sacrosanct 
tradition-imb ued theater so I could go 
forward with my work without bring 
scared off by very different interoreta- 
tions of what theater should be:” 

She works in what she calls eyries, 
each with its own langnage The val- 
iant eyrie, for example, involved 
bold, geometric, impulsive move- 
ment exemplified in breathtakingly 
hardy and gravity defying partner- 
ing. “It should be Illegal,” Brown 


PEOPLE 


said of her catches and cantfleveimg. 

Another four-work cycle was called 
back to zoo because even -if she didn t 
know what it would be, she did know 
what, and where, zero was. I don t 
stay in one mode or formula or cycle. I 
apt toy answers and move on. 

The demands on her excellent 
dancers are exceptional— to have all 
the technical skills and to be ready to 
abandon them as required. Her basic 
vocabulary consists of two pnnaples 
working in paradox. , 

“The oat is the geometry of the 
body and the otter is the natural path 
of the body. I move baric and forth 
between these two modes and the mo- 
ments of confrontation from shifting 
from one to the other might be anoth- 
er category of movement — the reso- 
lution of disp arate energies.” She calls 
the result modem sane drama. 

One principle has always been to 
work with composers who do not 
impose thrir rhythms on hers, so why 
is she grappling with J JS. Bach? “It’s 
something that is there to be done 
and it’s led me to some very wonder- 
ful questions. I don’t know that I* 
have answered them. 

“His music is so monumental and 
complex and many of the fhmgc that 
I’ve tried to do to hold separate ray 
own style of movement have been 
nearly impossible. FD make a phrase 
that will have all my campaign and 
m turn on the music audit will look 
like old-fashioned modern dance." 

She studied baroque polyp bonal 
composition for a year to be equal to 
die battle. “I have tins pathetic posi- 
tion to maintain here,” she said wryly. 

.Brown likes to play with dues. 
“Newark,” from the valiant cycle, 
takes its name partly from the stage 
manager calling out “new work” at 
rehearsals (“it sounded like a train 
conductor caning out Newark”) and 
partly, die says, “because there’s a 
certain kind of industrial direness to 
the temperament of that piece and 
there’s a kind of industrial direness 
to New Jersey ” 

The present “M” will be “MO” for 
Musical Offering when it is complet- 
ed, but it also refers to Brown’s duel 
with Bach. “Modus Operandi, MO. 
It’s a wonderful adventure. 1 never 
expected to get this energy flashing 
off the page like that” 


Europe 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. 


Today 
High Lorn 

or or 

Algar.* 23.73 t<-S7 

AnraMom 10 -'SO 9-40 

Ankara 11/52 7-44 

Whom W-sr 8-46 

BaruaWra 20® 12 -S3 

Boors* 7.44 -1f3i 

EflUn T/4 4 <13 

Bnesas 11/52 9/48 

Bjoapoa 6-43 IK 

C-rponnagen 7*44 E/43 

CcsuOe-Sd 2<.7S 14157 

12*9 fl-46 

E-infrjgh lO-SO 7/44 

Forenoa 12-53 7M4 

FonMurt 7/44 4-39 

lienwa 9/«8 6/43 

Hp&nki 3/37 2/29 

Istanbul 12*3 9/48 

LasPakna* 28*2 18/64 

L«en 20-68 13-55 

I3-5S 9-48 

Vt&i 21-70 8/46 

MUn 11*2 7-44 

ttosew. 1/31 0/27 

Uunet- 7.44 4/39 

r-taa 1752 11*2 

Osi-5 337 205 

P*na IB-54 14/57 

Fans 12*3 8/46 

Pr*?je 7.44 3/37 

Reyi-VYdi 4T9 205 

ROTH 13*5 3.07 

a Pmn&wg 1*4 007 

StccUioin 4/38 104 

Sb/uboug HJfflO 7/44 

Taira 3/37 -1/31 

*«f*ce 12 53 7/44 

V-wuia 7/44 205 

ttanan 6/43 0/32 

ZurWI 8/46 7/44 


w mot- 
or 

i 23-73 
i 11-52 
r 14*7 

ill 14.37 

3 22/71 

C 8/46 
PC 9*48 
r 13/55 
pc 9/48 
sh 9/48 
a 23/73 
sft 12*3 
Sh 10*0 
pc 13-55 
PC 9/48 
HI 13/56 
S 4/33 
f 13*5 
5 28/82 
t 20*8 
Sh 12*1 
C 2170 
Sft 13.55 
Sft 2*5 
Sh 11/52 
sft 21/70 
Sft 4/39 
S 21/70 
Sh 14/57 
pc 9/48 
r 3/37 
t 13*5 
s 3/36 
5 8 M3 

Sft 14/57 
3 4/39 

pc 14/57 
pc 9**8 

pc 3-46 

sft 12*3 


Oceania 


21/70 12*3 S 21/70 12*3 pc 
38/79 14/57 ! 22/71 14/57 B" 



Bangkok 

Ba^ng 

Hong Kang 

Manta 

too Mu 

Seoul 

s/uva 

Snpspore 

Ta*« 

Tokyo 


Today Tmoorrea 

HJgft Lam W High Loot W 
OF OF OF OF 


I Unsauo-iaO/y 
Cold 


Ihaaasonatyy 

Hot 


North America 

New York and Toronto will 
have mSd weal her inro eady 
next week but also some 
rain Monday and Tuesday. 
Rain wiO fall in Chicago Sun- 
day and Monday, then a wifl 
turn colder Tuesday. The 
West Coast vril be generally 
dry through early next week, 
with temperatures not far 
trem normal. 

Middle East 


Europe 

Much of Europe will have 
wanner than normal weather 
through early next week. 
Some rain wffl fal from Eng- 
land through Scandinavia 
Sunday and again Tuesday. 
A storm wtH drop heavy ram 
on eastern Mediterranean 
areas. Some snow wID fall 
near Moscow. 


Asia 

Dry. chHIy air w* move from 
eastern China to Japan. 
reaJUng In ran-free weather 
ki moet of the area. In Hong 
Kong, rky and warm weather 
will prevail Into early next 
week. Showers will dampen 
parts of Southeast Asia, and 
a few thundershowers will 
njmbie in Singapore. 



21.70 

18*1 

s 

Z27T 

18*1 S 

Cape Town 

20*8 

13/55 

s 

22/71 

14/57 S 


25/77 

13® 

s 

24/75 

14.57 t 


19® 

6/42 

s 

19® 

7/44 sft 

Lagos 

31® 

24/75 

pc 

31® 

2S/77 * 

Narot» 

20® 

11*2 

DC 22/71 

13*5 1 

Tl»*S 

18*4 

12/53 

sft 

18*4 

12*3 sh 

North America 


Latin America 


Todtv Tomorrow Today Tomomiw 

High vL WHflhLowW WBhLowWW*iLowW 

C/F OF C/F OF OF OF OF C/F 

Beau 22/71 10*1 pc 21/70 16*1 1 BunnaaA/m* 26/79 12*3 S 27*0 >7452 PC 

Caao 24/75 13*5 pc 21/70 14/S7 pc Caracas 29*4 20*0 pc 2**2 21/70 pc 

OorrauciE. 19*6 0/46 * 19*8 87*8 PC Laiw 20*8 17*2 PC 21/70 17*2 pc 

jensMwn 19*8 12*3 • 18** 12*8 sh MewooCBy 23/73 8MS pc 2373 8«0 pc 

Daw 28*2 9/48 S 27*0 12/53 9 ftodoJaneW 25/77 22/71 * 25/77 20*8 sft 

ftyatffi 28*2 19*6 » 28*4 17*2 3 Santiago 24/75 11*2 s 28*2 13® 6 

Leqand: s-amy. pc-perty doudy. odoudy. sh-showeo. Hhukk/ratams. r-rasi. at-man Kanes, 

MtS^TtaSBO-eand d*. provMod by Aoc*»WMher.lnc*1Bea 


Mgh Low W 
OF OF 


Andwaga 

Aflanra 

Boston 

CNcago 

Darwet 

Daw* 
ftynUkj 
Housaw 
Los Ang^as 
Mans 


Toronto 

waaftmjpon 


7144 pc 
6-43 pc 
-1/31 r 
•11/13 pc 
2® i 
22/71 pc 
7/44 pc 
7/44 • 
23/73 pc 
■8 /18 »i 
-1/31 pc 
23.73 pc 
8/40 pc 
6/43 s 
6/43 S 
1*4 r 
4/39 C 
9/48 PC 


Gina Lollobrigida has gone behind the 
camera to produce “The Wonder of Inno- 
cence,” a book of photographs she took 
that has just been published by Harry N. 
Abrams. The book, whose forward is writ- 
ten by Mother Teresa, has dozens of pho- 
tographs of children superimposed dispro- 
portionately on photographs of exotic 
animals. “I wanted to use photography 
with fantasy, and I wanted to use images 
that describe the innocence of children,” 
said Lollobrigida, 67, a spokeswoman for 
Unicef, at a book signing in New York. 

□ 

The New Repablic turned 80 this 
month, so it gave itself a party at Decatur 
House in Washington. Representative 
Newt Gingrich, the Georgia Republican 
who is likely to become speaker of the 
House, was the main topic of conversation. 
Andrew SuUhran, editor of the liberal mag- 
azine, described him as the m a g azi n e’s 
“biggest, fattest, ripest largeL” 

□ 

Setting a record of $3.15 million for an 
advance for the North American publish- 
ing rights to a first novel Dell Publishing 


outbid nine other publishers to acquire 
“The Horse Whisperer.” a still-unfinished 
novel by the British writer Nicholas Evans. 
It was the second time in a month that the 
work-in-progress by Evans, 44, a former 
print and broadcast journalist and screen- 
writer. set an industry record. In October, 
Hollywood Pictures and Robert RedfonFs 
film studio, Wildwood Productions, 
agreed to pay $3 million for the film rights 
to the romance. The amount was reported- 
ly the largest ever paid for film rights to a 
first novel. 

□ 

During his career as a virtuoso pianist, 
Byron Janis also made news as the discov- 
erer of the autograph manuscripts of two 
waltzes by Frtdtric Chopin, as well as of 
two variants of the same waltzes. Janis, 66, 
who retired a few years ago, has now 
become the beneficiary of a discovery. The 
master tapes of Modest Mussorgsky's 
“Pictures at an Exhibition,” made in 1961 
but never released, surfaced at the vaults of 
the Philips recording firm in the Nether- 
lands. They proved to be in good shape, so 
they have been issued on the Mercury 
Living Presence CD label unexpectedly 
adding to the pianist’s recorded catalogue. 



Lac No*oviich/AP 


BROADWAY ‘BOULEVARD’ — 
The actress Glenn Close and An- 
drew Lloyd Webber at the cast par- 
ly after the opening of Uoyd Web- 
ber’s “Sunset Boulevard” at the 
Minskoff Theatre in New York.