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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 



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Paris, Monday, October 3, 1994 


No. 34.709 


Niceties Aside, Another Ambiguous U.S.- Japan Trade Pact IMF Dispute 


By Steven Brail 

InMtmauonai Herald Tribune 

TOKYO —Tlie new U.S.-Japan trade agreement, 
hailed m Washington as a conceptual breakthrough, 
was seen here as another in a long line of ambiguous 
political compromises that will do little to open Japa- 
nese markets. 

While the U.S. trade representative, Mickey {Can- 
tor, said the partial accord in the so-called framework 
talks would ‘‘produce real, tangible change and bring 
concrete results," Japanese negotiators stressed that 
Tokyo had made no commitments to numerical tar- 
gets or market outcomes. 

[The conclusion of the trade summit had little effect 
on the U.S. dollar, with the currency making modest 
gains in the first trading session of the week, Reuters 
reported from Wellington, New Zealand. 

. [The dollar was slightly firmer against both the 
Japanese yen and Deutsche mark in New Zealand, the 


> 


first foreign exchange market in the world to open 
Monday.] 

In private, several Tokyo-based executives of Amer- 
ican companies, whose leaders had praised the deal in 
Washington, said that while the U.S. negotiators had 
made a valiant effort, they were simply worn down by 
more numerous and tenacious Japanese officials. 

As a result. President Bill Clinton, pressured by the 
upcoming elections and anxious for a foreign policy 
victory in Asia, dropped the ori ginal demand for 
numerical targets. 

_ Instead, a collection of nonbinding objective crite- 
ria will be used to assess improvements in market 
access, although these measurements do not represent 
targets or presuppose particular outcomes. Thus, after 
15 months of negotiations, Washington and Tokyo 
have only fleshed out a mechanism for assessing 
market improvement, with no judgment to be made 
until next year. 


Further, should foreign penetration of Japanese 
markets not significantly increase, the United States 
has no means to enforce the agreement, except for its 
own unilateral trade law. The so-called 301 trade 



pattern of agreements that focused on procedures but 
achieved few results in favor of a “results-oriented" 
deal that would translate into tangible improvements 
in sales and market shares has made little progress. 

“There are enough loopholes so the Japanese can 
interpret this one way ana the Americans the other," a 
U.S. executive said. “There’s nothing concrete. We’re 
going to be in a position of saying, ‘We all hope for 
progress.’ " 

After a 20-hour marathon session that capped 
months of arduous negotiations, the United States 
and Japan agreed on Saturday to open Japanese 


markets in three sectors: government procurement of 
telecommunications and medical equipment, insur- 
ance and flat glass. 

Details were not disclosed, but a variety of objective 
criteria were agreed upon. These ranged from trends 
in sales, to market share in the government sector, to 
the length of time needed to get government approval 
for new insurance products. 

The United States also accepted the Japanese de- 
mand to include a variety of criteria to assess foreign 
“efforts’* to penetrate the market. One U.S. executive 
derided these as “squirrel-on-a-treadmill measures 
that exhaust U.S. companies in futile efforts." 

Significantly, no agreement was reached in the area 
of autos and auto parts, a sector dial comprises 59 
percent of Tokyo’s $60 billion annual trade surplus 
with the United States. As a result. Washington 
See TRADE, Page 7 


U.S. to Send Military Police 
To Disarm Haiti Opponents 

Some Combat Troops to Be Withdrawn 


Compiled by Ota- Staff From Dispatches 

PORT-AU-PRINCE, Haiti — Ameri- 
can soldiers trying to stop outbreaks of 
violence increased patrols in the Haitian 
capital on Sunday as officials said some 
combat troops would be withdrawn and 
replaced by military policemen. 

The steps came after officials said that 
the Clinton administration had decided to 
expand the U.S. rmHlaiys role in curbing 
paramilitary supporters of the junta. 
American troops will be told to take more 
aggressive steps in identifying threats to 
security and to order the Haitian police to 
act against those threats and then to take 
action themselves if the police fail to com- 
ply- 

The Pentagon said it would start to 
reduce the number of Marines in Haiti on 
Monday by withdrawing a small number 
and turning their duties over to military 
police. There are about 21,000 troops now 
i m Haiti, up from the 15,000 originally 
called for in the force aimed at paving the 
way for the return erf the deposed presi- 
dent, the Reverend Jean-Bertrand Aris- 
tide. 

Lieutenant Colonel Roger Kaplan, a 
Pentagon spokesman, said 1,800 Marines 
would be pulled out over a period of time. 


brining the U.S. troop presence to under 

The withdrawal represents part of a plan 
to press the disarming of Haitians loyal to 
the military government, especially the 
paramilitary “attaches." 

Colonel Kaplan said the task of quelling 
street violence and disarming Hainan gun- 
men was more suited to U.S. military po- 
lice than to battle-trained soldiers. 

“We have almost an entire military po- 
lice brigade there, and there are steps bong 
taken to disarm the attaches," he said. 
“The situation is such that there really is 
no good reason to have the Marines there." 

Officials denied Sunday that U.S. ef- 
forts to stop the violence was leading to 
“mission creep,” although the White 
House chief of staff, Leon R Panel la, said 
U.S. forces would become “a little more 
aggressive” in disarming the Haitian para- 
military. 

Deputy Defense Secretary John M_ 
Deutch denied that U.S. troops were ex- 
panding their role in Haiti. “1 think the 
mission has not changed one bit," he said. 

But Representative Newt Gingrich, Re- 
publican of Georgia, said, “I think we are 
right now drifting steadily into a quick- 

See HAITI, Page 3 


Israel and Tunisia Agree 
On Step Toward Relations 


By Clyde Haberman 

Not York runes Service 

JERUSALEM — In another sign that it 
is shaking off its role as Middle East out- 
cast, Israel agreed with Tunisia this week- 
end to exchange low-level representatives 
as a first step toward eventual diplomatic 
relations. 

Technically, the step was a small one. 
The two countries announced on Saturday 
night at the United Nations that they 
would appoint economic liaison officers, 
who would work out of the Belgian embas- 
sies in' Tunis and Tel Aviv. 

The road to true diplomatic ties could 
still be long. 

" Nevertheless, the move underlined how 
far Israelis and Arabs have come toward 
reconciliation, especially in the 13 months 
since Israel agreed with the Palestine Lib- 
eration Organization on Palestinian self- 
rule in the occupied territories. 

The economic link with Tunisia is simi- 
lar to one that Israel forged last month 
with Morocco, although it is somewhat 
weaker in that the Moroccans accepted an 
exchange of independent offices and not 
merely of officials working out of a third- 
country embassy. 

Still, an important new direction has 
been taken — “a first-rate achievement,” 
Foreign Minister Shimon Peres of Israel 


said Sunday — with the added fillip for 
some Israels that Tunis until earlier this 
year was headquarters for the PLO and its 
chairman, Yasser Arafat. 

It means that Israel now has some sort 
of official relations with three Arab states, 
all in northern Africa. The third is Egypt, 
the only Arab country to go so far as to 
sign a peace treaty with Israel 

Moreover, the new arrangement with 
Tunisia comes on the heels of a derision by 
six Golf countries, led by Saudi Arabia, to 
end their blacklisting of foreign companies 
that trade with Israel, although their boy- 
cott of Israel itsdf remains intact. 

“It shows that the Oslo agreement^ is 
working beyond the immediate region." a 
senior Israeli official said, referring to the 
self-rule accord with the Palestinians. “It’s 
working. Things are really changing." 

Officials here did not disguise their de- 
sire for domestic political gain. They hope 
they have strengthened their argument to 
Israelis that coming to terms with their 
imm ediate neighbors is a key to broad 
regional and international acceptance. 

But while some officials insist that peace 
with neighboring Jordan and Syria is at the 
door, it does not seem quite ready to cross 
the threshold. 

On Monday, Mr. Peres is scheduled to 
See ISRAEL, Page 5 


Kiosk 


Bosnian Serbs 
Halt UN Convoys 

SARAJEVO, Bosma-Herzegovina 

(Reuters) — Bosnian Serbs reneged 
Sunday on a pledge to unblock UN 
relief convoys. Serbian forces ob- 
structed seven convoys a day after 
Serbian political leaders agreed to lift 
a blockade imposed following a puni- 
tive air strike by the North Atlantic 
Treaty Organization on a Serbian po- 


- 

' Organizati 

sition on Sept. 22. . 

“There was an undertaking yester- 
day and we expected these convoys 
would be on tne road today, said 
Claire Grimes of the UN relief forces. 
Relaxed article. Page 5 


Books 


Page 7. 



A£cncc FnuHv-Pieur 

AN ANNIVERSARY —Nina Matnkhma embracing a portrait of ber son Kirrfl, killed a year ago while Ire watched 
the storming of the Russian Parliament budding. On Sandfly, thousands of hard-finers — some carrying pictures of 
Lenin and Stalin — m a rche d in Moscow to mark their failed uprising and to demand a ret ur n to Soviet-style rule. 


Robots Film Sunken Ferry, Bow Door May Be Missing 


Compiled by Our Staff From Dispatches 

TURKU, Finland — Two camera- 
equipped robots scanned the hull of the 
sunken ferry Estonia on Sunday, sending 
back pictures of the forward section that 
was leaking before the tragedy. 

Although investigators said they had re- 
ceived excellent footage of large sections of 
the ship, they declined to say whether parts 
of the ship were missing, such as the bow 
door, until the information was fully ana- 
lyzed by investigators. 


According to figures released Sunday, 
139 people survived, 100 bodies bad been 
recovered, and 810 people are missing in 
the sinking Wednesday off the Finnish 
coast in the Balkan Sea! 

A Swedish maritime official has said the 
bow door was ripped off before the Esto- 
nia went down. 

The Finnish news agency STT-FNB re- 
ported Sunday that sonar pictures showed 
a large object that had broken loose from 
the ship and was lying 10 to 20 meters from 


the bow. It said it was possible that it was 
the outer bow door but that experts would 
not confirm this. 

Memorial services for the dead were 
held Sunday in Sweden, Estonia and Fin- 
land. All three countries were stunned by 
the disaster. 

Many Swedes wept openly in church, 
comforting relatives and friends erf victims 
of Sweden? worst disaster for several hun- 
dred years as the national flag flew at half- 
staff around the country. 


In the town of Jonk oping, in southern 
Sweden, worshipers sang the hymn 
“Nearer My God to Thee,” which was 
sung by passengers on the liner Titanic as 
it went down in April 1912 at a cost of 
1,503 lives. 

President Martti Ahtisaari of Finland 
attended a memorial service in Helsinki, 
while church services were held across Es- 
See FERRY, Page 5 


Forces Delay 
In Funds for 
Poor Nations 

Furious at Agency Head L 
Germany and U.S. Halt 
Frenchman's Aid Effort 

By Alan Friedman 

huemaiumjl HerjU Tribune 

MADRID — A bitter dispute over fi- 
nancial aid for developing countries broke 
into the open Sunday, threatening to dam- 
age the career of the official who heads the 
International Monetaiy Fund and dealing 
a political setback to France. 

The United States and most other 
Group of Seven industrial countries were 
furious Sunday with Michel Camdessus, 
the IMF chief, whom they accused of try- 
ing to force them to approve billions of 
dollars more financial aid for developing 
countries than they were willing to accept! 

Both U.S. and European officials com- 
plained that Mr. Camdessus, a civil ser- 
vant, had become a partisan campaigner 
on behalf of developing countries, which 
they said was not supposed to be the role 
of the managing director of a multilateral 
institution. 

The controversy developed after the G-7 
rejected as unwarranted and inflationary 
Mr. Camdessus’ proposal to create more 
than S50 billion worth of Special Drawing 
Rights. The SDR is an artificial IMF re- 
serve currency that central banks can cash 
in for dollars and other currencies. 

This was followed by more than eiehi 
hours of heated argument inside the IMF’s 
decision-making committee of 24 minis- 
ters, who represent the organization's 179 
member nations. 

Late Sunday night, a group of develop- 
ing countries blocked any SDR allocation 
at all rather than accept the G-7’s final 
offer, a U.S.- British compromise that 
would have allowed the IMF to create 
S23.4 billion worth of SDRs. 

The developing countries, emboldened 
by Mr. Camdessus' strong support for 
them and his opposition to the G-7 offer, 
also held hostage the extension of special 
IMF credits for Eastern Europe. 

Derisions on both the SDR and Eastern 
Europe credits were effectively postponed 
until next year, although a minor technical 
change was agreed to that would allow a 
slightly enhanced borrowing facility for 
some countries. 

Except for France, other G-7 govern- 
ments had agreed that with the growth of 
global capita] markets the developing 
countries no longer needed to rely on u big 
expansion of the IMFs currency, which in 
any case has never lived up to its expecta- 
tions as an international reserve. 

Until Saturday night, France had stead- 

See IMF, Page 5 

Near Midterm, 
Democrats See 
Dream Fading 

By David S. Broder 

Wosiungrwi Pibi Struct 

WASHINGTON — What a difference 
two years make. 

In the autumn of 1992, Bill Clinton was 
bailed as the savior of the Democratic 
Party, the man who had brought it back to 
the White House after 12 years in exile. He 
had reversed the Republican advantage 
among young voters and first-time voters. 
He had beaten George Bush and Ross 
Perot in the suburbs in every pan of the 
country, while building Democratic turn- 
outs in the minority communities and cen- 
ter cities. 

He and his running mate, A1 Gore, had 
become symbols of the coming to power of 
a new generation of baby boomers, who 
might hold sway for decades. Their redefi- 
nition of what it meant to be a “New 
Democrat” had helped make the Demo- 
cratic Party the vehicle most voters trusted 
to handle me economy, crime, welfare, the 
budget and a host of other issues on which 
the Republicans had held sway. 

Stanley Greenberg, the president-elect’s 
pollster, began writing strategy memos 
aimed at adding the 19 percent of the vote 
that had gone to Mr. Perot on to Mr. 
Clinton’s 43 percent shares, much as Rich- 
ard Nixon welded the followers of George 

See CLINTON, Page 3 1 



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Insider’s Memoirs Portray Mao as Decadent and Merciless Tyrant ’ 

“Zhou Enlai was really a slave of Mao," Mr. Li said, 
speaking of the Chinese prime minister, whose reputa- 
tion in the West was for sophistication and finesse. 
“He was absolutely obedient. Whenever I saw him 
with Mao he acted like a servant with his master. 

"A lot of people think that Zhou protected people, 
that he was such a good man. But actually everything 
he did he did under Mao’s orders. Mao was on the 
sedan chair and Zhou was one of his bearers." 

Mr. U 74, comes from Beijing but studied medicine 
dunng World War II at the West Union University 
MedicalSchool in Sichuan Province in south-central 
Chma. The school was founded by American mission- 

See MAO, Page 5 


By Richard Bernstein 

Hem York Tima Service 

NEW YORK — Mao Zedong, China’s “Great 
Helmsman" whose brilliance, the official doctrine 
insists, led a vast nation to restored greatness, was 
actually an irritable, manipulative egotist incapable of 
human feeling who surrounded himself with syco- 


I alldlCU uis vsu. 

X — - -1 oetTMedinarfly 

portrait of Mao drawn by Dr. Li Zhisui, who 
was his private physician from 1 955 until Mao's death 
in 1976 at the age of 82. 

Mr. Li, who has lived in the United States since 
1988,. has written "The Private Life of Chairman 


Mao,” a 663-page memoir of the imperial court of 
Mao that, in absolute contrast with the official image, 
portrays it as a place of boundless decadence, licen- 
tiousness, selfishness, relentless toadying and cut- 
throat political intrigue. 

Excerpts from the book, which will be published 
soon by Random House, win appear in this week's 
issue of U.S. News & World Report. 

“In outer appearance, Mao was very easygoing, 
easy to contact," Mx. Li said in an interview at his 
home in suburban Chicago. “But when you stayed 
longer with him, you found that he was a merciless 
tyrant who crushed anybody who disobeyed him.” 

Mr. U’s memoir contains very little in the way of 
major revelations about the political or diplomatic 
history of the Maoist epoch. 


But even in focusing on the private side of Mao, it 
contains numerous new details about the nature of 
Mao’s rule, including his associations with other ma- 
jor figures. 

Jiang Qing, Mao’s third wife and later the head of 
the radical faction known as the Gang of Four, is 
portrayed as a flatterer and a hypochondriac who. by 
the time Mr. Li arrived on the scene, no longer had 
conjugal relations with Mao. Other major figures of 
the time are seen as reliably sycophantic toward Mao. 
Those very few who were not were purged as a result. 

“Mao was a man who had no friends," Mr. Li said. 
"He saw everybody as a subject, a slave. The mistake 
of those who got purged was to see themselves as equal 
to him. He wanted everybody to be subservient.” 






Page 2 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 


Armani on Fashion Inquiry: Impossible to Be Honest ? 


WORLD BRIEFS 


0 



By Suzy Menkes 

Znrenutmnai Herald Tribune 

MILAN — In a gesture of solidarity with the 
Italian fashion industry. Giorgio Armani made a 
rare public appearance Sunday, at a rival show. 

The Milan season has opened in the shadow of 
a financial scandal in which seven fashion com- 
panies, including Mr. Armani’s, are implicated. 
An industry used to parading upscale wares now 
finds itself laundering dirty linen in public. 

Mr. Armani appeared at the Dolce & Gab- 
bana show. And in an interview at his Milan 
palazzo, Mr. Armani spoke of the shock of ap- 
pearing last month before Antonio Di Pietro, 
Milan’s besi-knovoi anti-corruption investigator, 
and his disgust with the corrupt system that has 
led to the "clean hands” cam paign 

“I have nothing to reproach myself with — I 
am an honest man and I try to make nice clean 
suits; I never got involved with politics,” he said. 
“But I feel I would like to get out of Italy —not 


really, because I love my country loo much. But I 
hope to have at least 20 more years ahead of rue, 
and Italy has become a country where it is 
impossible to be honest.” 

Mr. Armani, 60, is one of five designers sum- 


moned for Mr. Di Pietro’s inquiry into the kick- 
backs designers say they were obliged to pay to 
government tax inspectors. Evidence has also 
been given by Gianfranco Ferrfc Mariuccia 
Mandelli of Krbria; Gigj Monti, the chairman of 
Basile, which went into liquidation in 1993, and 
Santo Versace, the brother and manager of 
Gianni Versace. 

The jeweler Gianmaria BucceUati and two 
fabric companies — Girolamo (’Gimme) Eiro 
and Fabio Belotri of MB of Milan are also 
implicated. Mr. Elro was put under house arrest 
last week but released Saturday in time for the 
spring-summer showing. 

“It is a bit of a mess, but Di Pietro is just doing 
his job,” said Mr. Etro’s son, Kean, about the 
liming, just as the Milan fashion season opens. 

All interrogations apparently concern the fis- 
cal year of 1990, when the tax police allegedly 
demanded payment for a favorable audit or for 
turning a blind eye to fraudulent bookkeeping. 

Mr. Armani's lawyer said he had given in to 
demands for a payoff, and Italian newspapers 
have put the amount at 100 million lire (about 
565,000). 

"Everyone knew that it was like that,” he said. 


“And if 100 people are questioned, there were 
thousands who did it. Things in Italy are done 
like that, with human contact rather than precise 
rules.” 


Privately, be has said that the summons was 
both a “liberation" of a burden of guilt and the 
worst day he bas endured since the death of his 
former partner, Sergio Galieoti, in 1985. He said 
he was mortified that his mother, who is proud of 
him as “emperor of fashion,” should see him 
summoned to court. 

Five members of the tax police have been 
arrested, suggesting that Mr. Di Pietro is con- 
cerned more with possible extortion than irregu- 
larities in accounting by the designers. Fifteen 
other fashion houses are expected to be 
summoned. 

“We are being judged for something that is not 
finished yet,” Mr. Ferrfi said Saturday as he 
attended a retrospective exhibition of the fashion 
house Missoni. “Di Pietro is very quick and 
dear. 1 stayed just 15 minutes and explained 
what had happened. But the real meaning of this 
story is about Lhe tax force, which worked over 
the regular people.” 

Aldo Pinto, Ms. MandeUi's husband and Kxi- 


ria's president, accused the press of “playing up” 
the scandal, which was “the same dung they did 
to Mr. Berlusconi.” He was referring to inquiries 
into the Fininvest corporation of Prune Minister 
Silvio Berlusconi. “It is about the abuse of power 


playing up” p gmflg p. Control Widens in Spy Case 

me they did ~ , . i i tt Minima 




and intimidation by these super inspectors. 1 ' 
Gianni Cisrna, the chairman of Laura 


Gianni Cigna, the chairman of Laura Bia- 
giotti, said the inquiries in the fashion industry 
were exactly like those in any other industry. 

“Don’t snoot down Italian fashion,” he said, 
and expressed rage at comments in the newspa- 
per Co mere della Sera, in which a magazine 
publisher contended that the fashion industry 
was known to be used for laundering money. 

Giancarlo Giamxnetti, the president of Valen- 
tino, welcomed the “clean hands” campaign. 

“If a new morality comes out of this earth- 
quake, in the end it will be good,” he said. 
“Psychologically the timin g is bad for the fashion 
industry. But this scandal has been going on for 
years and we have seen the most important 
enterprises under investigation. 

“It was the same laws and the same conse- 
quences for all companies. At the end of this 
cycle, when new laws are established, it will be 
good — if the government is able lo govern.” 


NEW YORK (Reuters) — Aldrich H. Ames, the CIA turncoat, 
may have compromised hundreds of spy cases, not only the 3o 
previously estimated, the CIA director, R. James Woolscy Jr., said 
in a Newsweek ma g azin e interview released Sunday. _ ■ 

Mr. Woolscy also said a key element m the investigation of Mr. 
Ames involved questioning all the smokers at CIA headquarters 
because Mr. Ames smoked and spent time outside the smoke-free 
building talking to other agents. “Ames would stand outside vmh , 
feUowsmokers and try to elicit things from them, he said, ^ne 
of the thing* you’ve got to do is talk to the smokers. It’s a vej^r 

P i^Sw^^ ti wrked in the CIA’s counterintelligence unit, ■ 
spied for the Soviet Union and then Russia for eight years starting ' 
in 1985 and was paid mare than 52 mQlion. He was sentenced to 
life in prison in April 


fn I LK., Labor Meets to Chart Future 

LONDON (Reuters) — Britain’s opposition Labor Party gath- 


A Warning as Germany Fetes 


Avoid Turn Down ‘ Special Path,’ Herzog Says 


BREMEN, Germany — 
President Roman Herzog 
warned Germans to avoid cre- 
ating the impression of domi- 
nating Europe as the country 
marked the fourth anniversary 
of reunification with street fairs 


and parades on Sunday, 
"whenever 1 travel abroad or 


I receive foreign visitors here, I 
sense Germany’s increased re- 
sponsibility." Mr. Herzog said 
on German television. "The 
danger this emails, and which I 
to some extent feel is desired by 
some Eastern European states, 
is the impression that we want a 


position of dominance in Eu- 
rope.” 

“We must not allow that to 
happen, under any circum- 
stances,” he added. “We must 
not embark on a third path, a 
special path for Germany.” 

Germany began three days of 
festivities Saturday to mark the 
fourth anniversary of reunifica- 
tion with politicians lamenting 
that the peoples of East and 
West had not grown together in 
the years of togetherness. 

The president of Parliament, 
Rita Sussmuth, said East and 
West Germans, reunited on 
Ocl 3, 1990, after four decades 


of Cold War division, still had 
not developed a sense of soli- 
darity. 

“In terms of reciprocal es- 
teem. we still have a huge 
amount to do." she told Ger- 
man radio. 

The festivities for German 
Unity Day. on Monday, began 
in Bremen and Berlin with 
street fairs offering wine, beer 
and food. 

On Sunday, about 2,200 rep- 
resentatives from the states pa- 
raded in Berlin, while Bremen 
hosted the German Q assies in- 
ternational indoor riding cham- 
pionships. 


German Rightist Loses His Party Post 


Rauers 

BONN — The far-right lead- 
er Franz SchOnhuber, who has 
been stripped of his post as 
leader of Germany’s Republi- 
can Party in an internal revolt, 
vowed Sunday to fight in the 


courts what he called the illegal 
coup. 

The Republicans’ leadership 
deposed Mr. SchOnhuber at a 
special meeting in Bonn be- 
cause they said he had under- 
mined the party's credibility by 


German television said Mr. 
SchOnhuber had vowed to fight 
the "illegal coup” in court 
Riven by internal wrangling, 
the party scored only 3.9 per- 
cent in state elections last week 
in their stronghold of Bavaria. 



Rome Acts 
To Assure 
Jews After 
Remarks 


the party’s philosophy and to crown its telegenic new leader, Tony . 
Blak, as prime zzuxuster-in-waiting, 

Mr. Blair, riding a wave of popularity, seemed assured of a . 
harmonious week in the northwestern English resort of Blackpool ■ 
after trade union leaders withdrew a demand that Labor put a 
figure on its commitment to a national minimum wage. 

Left-wingers have been uneasy over the speed with which Mr. *■ 
Blair has discarded much of Labor's ideol o gical baggage since he', 
succeeded John Smith in July, and the conference could still 
witness an argument over the contentious issue of women -only 
shortlists for parliamentary seats. But with Labor despoatc to. 
regain power after 15 years, the priority win be to avoid rifts that; 
could give the ruling Conservatives .a chance to narrow Labor's 
massive opinion-poll lead. . f 




Hamas Activist Abducted in Algeria 




By Alan Cowell 

New York Times Service 

ROME — The government 
of Prime Minis ter Silvio Berlus- 
coni has formally assured 
American Jews that it has no 
anti-Semitic bias despite a cabi- 
net minister's remarks that at- 


TUNIS (Reuters) — Gunmen have kidnapped an activist of 
Algeria’s moderate Muslim movement Hamas, the Algerian press 
agency APS reported Sunday. . .. 

Bouali Korndri Habbaz, a mayor elected under the Hamas' 
banner, was kidnapped in Harchoun village, about 170 kilometers, 
(105 miles) southwest of Algiers, by a "terrorist group” in a car, 
APS said, quoting an official statement. 

A week earlier, Matoub Lounes, asingerwho is a member of the 
Berber minority, was kidnapped at a caffi in Tizi-Ouzou, 90 
kilometers east of Algiers, ana on Thursday suspected Muslim 
fundamentalists in Oran, shot and killed Cheb Hasni, also a Berber 
and one of Algeria's most popular singers. 1" 


■ ft nC 

jiVji ilulhrm 


tributed Italy’s economic prob- 
lems to “New York’s Jewish 


Somali Factions Battle in Capital 




DUTY FREE ADVISORY 


US$1 6,000,000 


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ViniMvo IVnlm KrtHir, 

PAPAL APPEARANCE — Pope John Paul II open- 
ing a synod of bishops Sunday at the Vatican to address 
the lack of influence of women In the Catholic Church. 



Meciar Takes Lead 
In Slovak Elections 


lobby.” 

The assurance was given in a 
letter to Abraham D. Fo x man, 
executive director of the Anti- 
Defamation League of B’nai 
B’rith, during a visit here that 
coincided with a series of events 
highlighting efforts toward rec- 
onciliation between Roman 
Catholics and Jews. 

“The Italian government, in 
its entirety, systematically re- 
jects all forms of anti-Semitic 
pollution of the civil culture of 
our country, even if they be 
merely linguistic,” the letter 
said. 

The letter denied that Labor 
Minister Clemente MasteIJa 
had made ami- Semitic remarks 
in August when he said the 
presence of the neo-Fascist Na- 
tional Alliance in the coalition 
government “worries New 
York’s Jewish lobby" and im- 
plied that "Jewish high finance" 
had contributed to a slide in the 
Italian lira. 

Mr. Foxman said in an inter- 
view that Mr. Berlusconi’s re- 
jection of anti-Semitism was 
“about as clear as we could 
have hoped." 

The National Alliance has 
five ministers in Mr. Berlus- 
coni’s cabinet, and its leader, 
Gianfranco Fini, has persistent- 
ly sought to distance it from its 
roots in the wartime Fascism of 


MOGADISHU, Somalia (Reuters) —A shell blast wounded at. 
least four Somalis and damaged a United Nations vehicle as rival - 
Somali groups battled with heavy weapons for a second day in: 
Mogadishu, a UN spokesman said on Sunday. There were no UN' 
casualties. 

The spokesman also gave more details of an incident on 
Thursday in which an In dian UN soldier and seven Somalis were 
killed. He said 27 Somali vehicles and their escort of six UN .. 

vehicles were fired on by Somali gunmen in south Mogadishu, the 
capital. The Indian troops returned fire, killing seven Somalis,, 
including an 8-year-old boy. Sixteen Somalis, including seven- 
children, were injured. 

In New York, the UN Security Council on Friday renewed for . 
one month the mandate of UN troops in Somalia. The United* 
States strongly opposed the move. 


Indonesia Fires Blamed in Collisions 


JAKARTA (Reuters) — Two ship accidents in the seas between ; 
Indonesia and Singapore have left two crew members missing and 
focused attention on a dangerous haze from Indonesian forest 
fires, blamed for at least one of the accidents. 

Thick smoke from huge forest fires blanketing Indonesia’s half 
of Borneo Island caused a collision Thursday between the 1,700- . 
ton KM Sitiung and two tugboats moored to a pontoon, the 
official Antara press agency reported Sunday. 


Police in India Fire on Protesters 


LUCKNOW. India (Reuters) — Ten people were killed and 10 
seriously wounded Sunday when Indian policemen opened fire on 
protesters heading to a New Delhi rally, a protest leader said. 

“We have seen lObodies ourselves," Satish JoshLaleaderof the 
protesters said after police officers fired on the crowd at Muzaf- 
famagar, about 60 miles (100 kilometers) from Delhi. The protest- 
ers were demanding a separate Himalayan hill province they want 
to call Uttarakhand. 


Reuters 

BRATISLAVA, Slovakia — 
Vladimir Meciar, the former 
prime minister, has scored a de- 
cisive election victory, accord- 
ing to pre liminar y official re- 
sults on Sunday. 

The Slovak statistical bureau 
announced that Mr. Mcci air’s 
Movement for a Democratic 
Slovakia had won 34.96 percent 
of the vote, about 10 percentage 
points more than pre-election 


opinion polls had forecast 
The Common Choice group, 
led by the reformed Communist 
Party, was second with just 


US$133,000 paid out at each 
draw. US$ 16 Million won so 
far. In the world-famous Abu 
Dhabi Duty Free raffle. Each 
ticket priced at US$138. Just 
1,200 tickets entered in each 
draw. Approximately 6 draws 
every month. Available 
exclusively to passengers 
travelling or transiting through 


Abu Dhabi Airport. Notification 
immediately by phone and by 
mail. Money paid in cash, by 
banker’s cheque or directly 
into the winner's bank account. 
US$16,000,000 hard cash. 
The easy way. 


10.41 percent, little more than 
half what earlier polls had fore- 


Abu Dhabi 
Airport Duty Free 


The way the world's going 


half what earlier polls had fore- 
cast 

Turnout was 74.6 percent 

Mr. Meciar, who captured 
votes among industrial workers 
and in the countryside by op- 
posing wholesale privatization, 
is bidding for a second political 
comeback after his government 
was toppled in March in a par- 
liamentary no-confidence vote. 


He was also removed in 199 1. 
The Slovak Parliament dumped 
him then, when Slovakia was 
still part of the Czechoslovak 
federation. 

His party has won a guaran- 
teed 58 seats in the 150-member 
Parliament but the total will 
rise when final results are an- 
nounced on Tuesday. 

The next prime minister of 
Slovakia mil be named only af- 
ter coalition talks. Analysis say 
Mr. Meciar may try to pull to- 
gether a coalition with national- 
ist fringe parties. 

A coalition of parties repre- 
senting the Hungarian minority 
received about 10.18 percent — 
about the size of the communi- 


ty's proportion of Slovakia’s 
population — and the center- 


university degree 


BACHELOR'S * MASTER'S * DOCTORATE 
RrWatRLteandAcaciBnlcBpedenx 
Tftvugh C ara / ata rtH am B SBXty 
<3109 471-O50G ext 23 
Roc (310)471-6466 


right Christian Democratic 
Movement was fourth with 
10.08. 

The Democratic Union of 
Prime Minister Jozef Moravdk 
took 8.57 percent Mr. Morav- 
cik has led a broad coalition, 
including the reformed Com- 
munists, since Mr. MecLar’s 
government felL 


Mussolini 

Mr. Foxman also met Pope 
John Paul II on Thursday as 
Israel's first ambassador to the 
Vatican, Shmud Hadas, pre- 
sented his credentials. The Pope 
used the encounter with Mr. 
Hadas to renew a long-standing 
Vatican proposal that Jerusa- 
lem's religious status be inter- 
nationally guaranteed. 

“One hopes that the unique 
and sacred character of this city 
will be the object of interna- 
tional guarantees assuring its 
access to all believers,” the 
Pope said. Israel has rejected 
such demands in the past 

Mr. Foxman said the final 
step in the formalization of re- 
lations between the Vatican and 
Israel represented “the first day 
in a new era” that would make 
it much easier for Jews and 
Catholics to address divisive is- 
sues. These included what he 
termed the Christianization of 
Holocaust sites, the question of 
young Jews baptized as Catho- 
lics in World War n and the 


TRAVEL UPDATE 


Eurotunnel to Begin Limited Service . 

FOLKESTONE, England (Reuters) — Eurotunnel on Monday 

paying passengercTwilf use its 516.6 billion C^annel^Tunnel rail ” 
link between Britain and France. 

A year behind schedule, the group will launch what it calls its ; 


“overture” service for selected groups, including shareholders and 
bankers. That service will run until Nov. 15. The start of a fare- 1 


paying service is expected soon afterward. 

Eurotunnel hopes to carry about 60,000 people in 20,000 cars - 
on die drive-on, drive-off train shuttle service during the overture * 
period. The start of a fare-paying service depends on the granting 
of safety certificates from the watchdog Inter-Governmental” 
Commission. 


ion of historic blame for 


Sane 12,000 Italians waited for hows in the rain Sunday for a** 
rare chance to visit the Quhinal Palace, the hilltop residence of 
popes, kings and presidents. The 16th-century palace has only ' 
rarely been open to the public, but tours will now be given for 
three hours every Sunday morning. (AP)^ 

Buc k i ng h am Palace dosed its doors to visitors on Sunday after* 
an eight-week tourist season that netted Queen Elizabeth II more' 
than 54 million. Proceeds go to help to repair fire damage at 
Windsor Castle, the royal residence west of Londoa The palace 
will reopen to visitors next year. (Reuters) 1 

Vietnam Airlines is to begin its first direct flights to Japan at the' 
beginning of November with three flights a week from Ho Chi • ’ 
Mmh City to Osaka, an airline official said. (AFP) 




V- r - 

■ ; : 


: rise of Nazism. 



Fat or sand (Mated mums tor 

EHEEBfAUIATOH 


to ask the butter... 




This Week’s Holidays 

Ba nking and government offices win be dosed or services 
curtailed m the following countries and their dependencies this-' 
week becanse of national and religious holidays: 

MONDAY: Germany. Honduras, Korea, Lesotho. 

TUESDAY: Lesotho. 


Pacific Western University! 


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Sources: J.P. Morgan, Reuters. 


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, * Use your MCI Cant* local telephone card or call coOeet_aH at the same low rates. 

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Let It Take You Around The World 


Imprimi par Qffiprini, 73 rue de l 'Evgmgile. 750 iS Paris. 










THE AMERICAS / 


Time Out: From Madding Superhighway to Monastery 




By Francis X. Clines 

New fork Tima Service 

NEW YORK ■— What? Never to hear a Lex- 
lerman Top-10 list again? Never to learn the 
O. l verdict? Or see if the Carville-Matalm nup- 
tials go pfrfft but produce another “gosh weren't 
they a wacky twosome” best-seller? Never to 
master E-matl or track the lost Harriman for- 
tune? Never to accept fresh-ground pepper at the 
latest hyped bistro? Or savor that better world 
we all hope for when Forrest Oump recedes 
mercifully to video replay? 

“1 won’t truss the auto alarms,” said David B. 
PhilUpson before checking himself into a Car- 
thusian monastery over the weekend for a life of 
silence and solitude. 


threadbare religious communities, the Charter- 
house of the Transfiguration, a total of 22 monks 
so far off the scope of progress that they cannot 
even learn the mushrooming extent of all they 
have renounced. 

Far from the madding superhighway, the 
monks have no telephones, television or visitors. 
They live, pray, meditate, eat and work apart 
from one other. Each man chops the day's wood 
to heat his own cell, washes his own monk's habit 
of unbleached wool and freshens the straw mat- 
tress on his plywood pallet Each manages a 
strict spiritual regimen with prayers at midnight* 
dawn and all manner of inconvenient limes in 
between. 


alat-mc on rr J . J , , 111 miss the city, said Mr. Phillipson, lean CBycW i tt i.v am 

.u- l^ r^, 60 , - ^ .they don t do any- and steady-eyed at 36. “You can get anything disenfranchised” 
»-? c - ’ . making his withdrawal to a here. I was just at a Polish cafe and had borscht He leaves a va 

—my last borscht. I had a cappuccino the other 
night. Loved that for the last time. A great bottle 
of wine the night before, red wine — merlot, oh, 
yes” 

He worked at Fordham University for the last 
10 years in a lay minister's job, setting up social 
outreach programs for students and scouting the 


poorest parts of the world from India to Appala- 
chia. 

“The people of the Third World have a special 
quality and I found myself wanting to become 
Uke them,” Mr. Phillipson said. “To be on an 
equal fooling with them because I saw value in 
how they embraced their own life situation.” 

Whatever religion's shortage of parish clergy, 
individuals still gravitate toward monastic with- 
drawal, and the city is as great and gaudy a place 
as ever to encourage shunning life’s tenderloin. 

“Maybe 10 years ago 1 would have said the city 
was godless," Mr. Phillipson said during his final 
hours in New Y ork. “But I've come to love or like 
it a lot more. I have been able to find God here, 
especially among the poor and the 


severe life of godly contemplation all the more 
poignant in citing a few ineffectual details of city 
existence. 

His new world unfolds inside a granite-wailed 
cloister hidden in 6.000 otherwise untouched 
acres (2,400 hectares) in the Vermont woods. Mr. 
Phillipson quit the Bronx tojoin one of the most 


He leaves a vast throng of them behind, of 
course. But a mix of factors, from a taste for 
wilderness austerity to years of Eastern and 
Christian meditation studies, impelled his retreat 
from the city. In recent days, Mr. Phillipson said 
good-bye to family and friends, finding many 
sad, some perplexed, all well-wishing He gave 
away belongings and put away a few, his prized 


possessions being a rocking chai r from his grand- 
mother and his stereo. 

“I love music, everything from Gregorian 
chant to the Grateful Dead.’’ he said, s milin g 
fondly at the definingdeiails of a life abandoned. 
“It's Uke a paradox: I feel very free. They say in a 
monastery personalities flourish. With suchexte- 
rior uniformity there's no longer any attempt to 
define who you are by what's outside of you." 

He can break silence only for about an hour 
after the monks' common Sunday lunch, and 
once more for a few hours on Mondays when the 
holy men go outside the walls to walk the woods 
and mountains for recreation. Three years ago. 
when he returned from rafting in Alaska, he 
recalled “missing the solitude 1 experienced out 
there, the closeness with nature and with God." 

“I was thinking maybe 1 should bring a cas- 
sette of my favorite piece of music, Rachmani- 
noffs ‘Evening 'Vespers’ ” Mr. Phillipson said, 
explaining a moment when he was packing up 
and thought finally about the world’s attach- 
ments and curiosities. “Time has been a concern, 
never feeling enough time io really experience 
life on its terms.” 


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, Prospects ‘Bleak,’ 
Democrats Concede 

Confident Republicans Hope 
To Sweep Midterm Elections 


^ Hull!** in ( 


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•apitai 


By R. W. Apple Jr. 

New York Tunes Service 

WASHINGTON —With lit- 
tle more than five weeks until 
Election Day, the Democratic 
Party seems to be headed for 
one of its worst midterm drub- 
bings since World War II, 
which would present President 
Bill Clinton with enormous leg- 
islative problems in the last two 
years of his term. 

It would also alter the shape 
of the 1996 presidential cam- 
paign. . 

Though most politicians re- 
main reluctant to make firm 
predictions, a month of episod- 
ic campaigning since the Labor 
Day holiday four weeks ago has 
persuaded leaders in both par- 
... ties that the Republicans have a 

* Hlaniet! in Tnllm - chance of making the 

, ' ! net gain of seven seats that they 

would need to seize control of 
the Senate for the first time 
since .1986. 

They have led the Senate for 
only 10 of the 62 years since the 
election of Franklin D. Roose- 
velt. ' 

“It’s bleak, very, very bleak,” 
a leading Democratic campaign 
consultant in the Midwest said 
recently, and a senior" White 
House.. official commented, 
“We’re in the soup up to our • 
neck, and it’s hot.” 

Roger Stone, a Republican 
consultant, said, “It’s hard not 
to be- optimistic. I think we’re 
riding a 1974-style tide, the 
kind the Democrats rode after 
Watergate.” . . 

So ebullient are some Repub- 
licans that they dream erf piiD- 
injg off a startling political hat- 
trick by taking control of the 
Senate, the House of Represen- 


ts, 


1U-. 


Kin- *>n IVni, 


: • «.v - 
-V 


ki i rum: 


tails in Republican proposals 
put forth in a midterm platform 
last week. 

“So far, they have made us 
the issue,” said Robert Shram, 
who is advising a number of 
Democratic candidates, includ- 
ing Senator Edward M. Kenne- 
dy of Massachusetts. “We need 
to put the onus back on them: 
their behavior, their negativ- 
ism.” 

Republicans threaten the 
Democrats in a dozen Senate 
seats: open seats in Arizona. 
Maine, Michigan, Ohio. Okla- 
homa and Tennessee: and those 
now held by Senators Dianne 
Feinsiein in California, Mr. 
Kennedy in Massachusetts, 
Frank R. Lau ten berg in New 
Jersey. Harris Wofford in Penn- 
sylvania, Tim Sasser in Tennes- 
see and Charles S. Robb in Vir- 
ginia. 

There is little doubt that Mr. 
Clinton constitutes a major 
problem for the Democrats, 
with his approval rating hover- 
ing around 40 percent 

But there are other problems, 
many of them beyond Mr. Clin- 
ton’s control or only marginally 
affected by his presidency: 

• A nagging sense of eco- 
nomic discomfort evident de- 
spite the strong business turn- 
around that has marked Mr. 
Qinton’s presidency, is costing 
the Democrats the credit they 
might normally expect for good 
times. Real family income has 
been declining in the United 
States since 1972, according to 
government statistics. 

• The rebellion against in- 
cumbency, which has been 

for a decade and 
Mr. Clinton in 
>2, seems to be cutting more 
into the Democrats now 



Mi., Ufjrir'Agmcr Kuikt Pirn 

Dozens of Haitians reaching for food being dropped from the roof of a supermarket as it was looted In Port-au-Prince. 

HAITI: U.S. to Replace Some Combat Troops With Military Policemen 


Continued from Page 1 

sand of misery, and I think that this is an 
enormous miscalculation by the Clinton 
administration.” 

He said the administration was **now on 
the edge of disaster” and urged that U.S. 
troops be pulled out “as quickly as possi- 
ble. and I mean weeks, not months, not 
years.” The House is expected to vote this 
week on several resolutions, including one 
authorizing the U.S. military presence in 
Haiti until March 1. 

The Clinton administration has come 
under criticism from Haitians for being 
too slow in taming the gunmen. U.S. com- 
manders had hoped initially that the Hai- 
tian military forces under Lieutenant Gen- 
eral Raoul Cedras would do the disarming, 
as General Cedras had assured them. But 
failing that. LLS. action against the para- 
military groups has had to await comple- 


tion of other objectives considered more 
immediate, the officials said. 

A grenade attack on a crowd of support- 
ers of Father Aristide on Thursday and a 
street battle between pro- and anti-Aris- 
tide factions on Friday left at least 12 
people dead and scores wounded. The 
bloodshed drew criticism that the U.S. 
operation was failing to do its job either 
through indifference or fear of the political 
fallout from U.S. fatalities. 

While planning to disarm the plain- 
clothes allies of the military regime. U.S. 
troops still intend to rely on Haiti’s uni- 
formed military and police forces to keep 
order in the streets. U.S. officials said. 
Such reliance is a gamble but remains a 
practical necessity to relieve U.S. forces for 
other tasks, the officials said. 

Administration officials are hoping that 
the new focus on pushing the Haitian po- 


lice to do the disarming, combined with 
the arrival this past week and next of 
international police monitors who will su- 
pervise the Haitian police, will make it 
unnecessary for U.S. soldiers to expand 
their mission to include day-to-day law. 
enforcement. 

Late Saturday. American military police 
removed semi-automatic weapons, ma- 
chine guns, tear-gas grenades and rifles 
from the Admiral Killick Naval Station in 
Bizoton just west of the capital. The navy 
base had been used as a storage depot and 
training center for Haitian paramilitary 
units. 

Areas near the port were calm Sunday 
where American military police joined 
with Haitian police for the’ first time Satur- 
day to stop frenzied crowds from looting 
food shops. 

(Reuters. AP. A’ YT, HP) 


Wjih I j mtif’il Vfli? tatives, which they have not 1992, so 

ran I JHiHiiii controlled for 40 years, and the deeply into the Democrats now -»*■ • T* 1 IT JT 1 TV - T/m* 

SsSSS Mexico Links Drug and Labor Figures to Killing 


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But many races are dead 
beats, many more remain m 
doubt and the lengthy session 

- of Congress means that many 
_ incumbents have not yet hjt 
. their stride, other on the stump 

- or on television. 

Some Democratic strategists 
think they can still cut their 
party*s losses by emphasizing 
Republican obstruction of Mr. 
Clinton's proposals and by ridi- 
culing the lack of financing de- 


• Many more Democratic 
senatorial seats are up this year, 
which gives the Republicans 
that many more chances to 

score breakthroughs. 

The president has had to 
scramble for most of his legisla- 
tive victories in the last two 
years. The almost inevitable 
Republican gains in Congress 
mean that he mil have to 
scramble harder starting in Jan- 
uary. 


By Sallie Hughes 

Washington Post Service 

MEXICO CITY — Mexican 
authorities have tentatively 
linked the leader of a powerful 
drug cartel and a jailed petro- 
leum workers’ union boss with 
the assassination of a top politi- 
cian, a government official said. 

An Acapulco real-estate fig- 
ure implicated in the killing has 


identified Juan Garcia Abrego, 
the Gulf of Mexico drug cartel 
chieftain, and Joaquin Hernan- 
dez Galicia, a former union 
boss, in statements to detec- 
tives, the source said. 

The general secretary of the 
Institutional Revolutionary 
Party, Jose Francisco Ruiz 
Massieu, was killed last 
Wednesday on a Mexico City 
street. The gunman, a horse- 


racing groom from Tamaulipas 
state, has confessed, the police 
said. 

Mr. Ruiz would have been 
the majority leader in Mexico's 
lower house. As an intimate of 
President Carlos Salinas de 
Gonari and President-elect Er- 
nesto Zedillo Ponce de Le6n. he 
also was spearheading the gov- 
erning party's internal reform 
and negotiations with the oppo- 


CT IN TON: A Reversal of Fortune for the Democratic Party as Midterm Elections Approach 


... <f3i 


*-'• 


Continued from Page 1 

C. Wallace onto his base and 
scored a landslide re-election 
victory in 1972. 

Today, those dreams seem 
like fantasies. 

A recent poll reported that 8 
out of 10 Perot voters say they 
would vote against Mr. Clinton 
in a two-way 1996 race. As the 
midterm campaign enters its fi- 
nal month, Democratic candi- 
dates are busy fighting off Re- 
publican efforts to link them to 
Clinton policies. And whatever 
ofritm Democrats had made on 
key issues and such value ques- 


tions as family, responsibility 
and mainstream notions of mo- 
rality have been washed away, 
in part by such Clinton actions 
as ending the ban on homosex- 
uals in the militar y and in pan 
by the stream of revelations and 
allegations about his personal 
life. 

Administration officials. 
Democratic operatives and con- 
sultants and several indepen- 
dent observers all cited the 1992 
campaign and what has hap- 
pened to the “candidate of 
change” for an explanation of 
what some call die “implosion” 
of Mr. Qinton’s support. In the 


campaign, Mr. Clinton prom- 
ised three kinds of change — 
and he has had trouble deliver- 
ing on all of them: 

First, and most important, he 
promised to improve the econo- 
my, which statistics said was 
recovering in 1992 but which 
millions thought was mired in a 
job-threatening recession. In 
the first 20 months in office, 
Mr. Clinton has presided over a 
healthy recovery that has pro- 
duced 4.3 million additional 
jobs. But, as Labor Secretary 
Robert B. Retch said recently, 
real incomes for millions of 
middle-class and working-class 


famili es remain stagnant, and 
blue-chip companies continue 
to announce layoffs of middle- 
management workers. 

Second, be promised to rede- 
fine government in a way that 
would make it once again a be- 
nign force for bettering Ameri- 
can life, not a big, bureaucratic, 
tax- wasting monster. He got the 
Democratic Congress to pass a 
host of bills for fighting crime, 
making college more afford- 
able. sending youth volunteers 
into communities and granting 
workers time off from their jobs 
for family crises. But his biggest 
venture — health reform —suc- 


cumbed to fears of government 
controls, and once again con- 
nected Democrats with big gov- 
ernment in the public mind. 

Third, Mr. Clinton promised 
to change the way Washington 
operates, vowing in his inaugu- 
ral address to “give this capital 
back to the people.” 

But his agenda has barely ad- 
vanced, a fact Clinton support- 
ers insist is not his fault. “The 
biggest problem the president 
has is not related to ideology or 
policy,” Mr. Greenberg said, 
“but the difficulty he has in 
defeating the forces in Wash- 
ington that resist change." 


sition after the Aug. 2 1 election. 

The investigation of his death 
is centering on the northern 
border stale of Tamaulipas, 
home of the drug cartel and rite 
of a wide-ranging anti-drug 
sweep begun Sept. 20 by the 
attorney general’s office. 

The gunman. Daniel Aguilar 
Trevino, was seized immediate- 
ly after the shooting. Govern- 
ment investigators identified a 
congressional aide, Fernando 
Rodriguez Gonzalez, as the 
man who arranged for the lull- 
ing. 

The link between the conspir- 
ators to kill Mr. Ruiz and the 
suspected planners of the assas- 
sination is a former Tamaulipas 
state ruling party official who 
worked closely with Mr. Ruiz 
until being charged and con- 
victed in a big Acapulco real 
estate fraud case in 1992. 

Abraham Rubio Canales, a 
state director of the part/ in 
Tamaulipas in the early 1980s 
and later director of a multi* 
million-doUar Acapulco tour- 
ism promotion fund, has been 
questioned by the police for 
more than 10 hours, the director 
of the Acapulco prison said. 


* POLITICAL NOTES * 


Cli nton Takes a Tip from the Republicans 

WASHINGTON — President Bill Clinton's stock speech 
on the campaign trail this autumn, in ballrooms and meeting 
halls, always includes a long recitation of his achievements. 
But it omits a striking one: In 20 months, he has personally 
raised $40 million in Democratic political donations, nearly 
half the national party’s reported total. 

He has done it mostly by taking a leaf from the voluminous 
fund-raising manual of the Republicans before him. and 
using the prestige and power of the White House for Demo- 
cratic financial gain. 

Like former Presidents George Bush and Ronald Reagan, 
Bill Clinton has flattered big-money donors with private 
White House parlies and scuts at state dinners and momen- 
tous events. He has freed cabinet officers, their aides and 
While House officials to give private briefings on business 
and politics to especially generous supporters. 

As his party has begun to court traditionally Republican 
business leaders, his administration has consistently invited 
big-business donors on trade missions — just as his predeces- 
sors did. 

And he has blanketed the Democratic tuxedo-dinner cir- 
cuit with administration stars. This year alone, the president, 
his wife, the Gore family and top White House and cabinet 
officials will have appeared at nearly 300 fund-raising events. 

“The time before we were in the White House and now just 
makes a world of difference." said Hugh Westbrook, a Meth- 
odist minister from Miami who is finance chairman of the 
Democratic Parly's senatorial committee. “It’s night and 
day.” 

It is also, chapter and verse, the sort of thing that Mr. 
Clinton condemned during his 1992 campaign for the White 
House. At that time, he wrote that American polities was 
being held hostage to monied interests, and complained that 
“political action committees, industry lobbies and cliques of 
S 1 00.000 donors buy access to Congress and the White 
House." 

The turnabout distresses those who expected Mr. Clinton 
to clean up what they view as a political sewer. 

“The president's aggression on the fund-raising circuit 
continues io shock and amaze, given his pledges to change the 
role of money in politics." said Ellen Miller, who heads the 
Center for Responsive Politics, a Washington group that 
monitors the flow of money in national polities. 

Democratic officials admit things have not changed. Bui 
they argue that Mr. Clinton had proposed legislation to 
control some practices, including a bar on unlimited “soft 
money" donations to national party treasuries, only to watch 
it die in a Senate filibuster. < S YT i 

Quayle Touts His Foreign Policy Skills 

WASHINGTON — Former Vice President Dan Quayle. 
readying himself for a possible run at the presidency in 1996. 
is try ing to reinvent himself as an expert on foreign policy. 

In two recent Washington speeches to foreign policy ex- 
perts. Mr. Quayle has given a detailed critique of Mr. Clin- 
ton’s foreign policy record, while trumpeting his own accom- 
plishments. 

“The Bush administration had perhaps, and I do not say 
this in a braggadocio way. but it had the best foreign policy 
leam assembled certainly since the Second World War." Mr. 
Quayle said in a speech. 

Mr. Quayle. 47. has spent the past two years in his home 
stale of Indiana trying to rehabilitate his reputation after 
years as vice president, when he was the butt of countless 
jokes and a favorite target of late-night television hosts. 

i Reiners » 

Senate On Time for First Time Since *48 

WASHINGTON Like magicians. Senate leaders made a 
sle\t of amendments disappear and enabled Congress and the 
White House ti» achieve something not accomplished in 4n 
years: gelling all spending hills signed before the new fiscal 
year. 

Alter more than a week of debate and behind-the-seencs 
negotiations, the Senate completed the last of Congress's 13 
annual appropriations hills last week and shipped if to Presi- 
dent Clinton, who promptly signed it. His signature came 
more than five hours before the midnight start of fiscal 1993. 
It marked the first time since I94K that all of the appropria- 
tions hills became law before I he start of the government's 
new fiscal year. ~ (API 

Quote/Unquote 

Senator David L. Boren, Democrat ol'Okluhomu. after the 
demise of a bill he created to overhaul Congress itself: “Our 
approval ruling is down to 14 points. Are we going to wait to 
do sonicihinc until not a single soul in America Trusts us?" 

f ATT) 


Away From Politics 


• The U.S. Postal Service’s on-time delivery record for local 
letters was largely unchanged during the summer, with a 
number of key cities showing disturbing declines in perfor- 
mance, according to an independent audit. Nationally, 82 
percent of letters are delivered on time, but the figure falls to 
71 percent in Chicago and 70 percent in Washington. 

• Federal prison Inmates are almost three tunes more likely 
than state prisoners to be serving sentences for drug crimes, 
the Justice Department reported. The average quantity of 
drugs involved in the crimes of imprisoned federal drug 
traffickers was fairly large: 6 pounds (2.7 kilograms) for those 
who dealt in heroin, 2 pounds for crack cocaine. 183 pounds 
for “normal” cocaine, and 3.5 tons for marijuana. 

• A hail storm shattered the windshield of a small passenger 
jet, United Express Flight 7658, injuring the captain and co-‘ 
pilot with shards of glass. But they managed to return the 
plane safely to Denver. 

• A white man was sentenced to life in prison for killing a 
black Marine in an apparent racist attack. Donald Worth 
Riley, 22, was sentenced for the murder of Marine Lance 
Corporal Tarron Dixon, who had just returned days earlier 
from five years of tours in Panama and the Gulf. “I think you 
agree with the court,” Judge Michael McSpadden said in 
Houston, “that it is a sad commentary on our society today 
that Lance Corporal Tarron Dixon was much safer fighting a 
war on foreign soil than he was walking the street of his own 
hometown. 

•The powerful mapping radar carried into orbit on the space 
shuttle Endeavour has gone aloft just as the KlyuchevsfcY 
Volcano in Russia’s Far East erupted, allowing the shuttle an 
ideal view of the cataclysm. A p_ L4T 


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Page 4 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 


India, Calling Plague Under Control, to Reopen Schools 


Comptled by Our Staff From Dupoichcj 

NEW DELHI — The Delhi state government 
on Sunday ordered schools to reopen as health 
authorities grew more confident that the nation’s 
plague outbreak had been brought uhder 
control. 

But the number of suspected cases of the 
disease continued to rise, and there were no signs 
of an easing of the international quarantine Im- 
posed on India. 

Pakistan barred the entry of foreigners from 
India as it quarantined 28 foreigners and 320 of 
its own nationals on Sunday to prevent a plague 
outbreak. Bangladesh ordered four Indian ships 
not to dock at its ports. 

Authorities tried to calm fears in New Delhi, 
where fear of contamination has reached panic 
level*. The Delhi government ordered schools 


closed last week to reopen on Tuesday because 
the disease's spread had been halted. Chief Min- 
ister Madan Lai Khurana said. 

He said only three of the 77 cases reported 
over the weekend had proved genuine. “The 
doctors say 90 to 95 percent of the cases are 
negative,’' he added. "Everybody with a cough or 
fever is turning up for a plague check-up.” 

The capital divided into six zones, was clean- 
ing up potential areas from where the disease 
could spread, he said. Only 26 of the 437 suspect- 
ed plague cases so far had tested positive, he 
added. 

“Hardly three or four cases have tested posi- 
tive nationwide today.” Indrajit Chaudhuiy, a 
senior Health Ministry official said Sunday' 

On Sunday, India reported a total of 3,474 
suspected cases of plague, up by nearly one-third 


from the previous day’s figure. So far, however, 
only 204 have proved to be plague victims, the 
Delhi plague control room said. 

The plague has killed at least 58 people, in- 
cluding 54 in Surat, the western city where the 
outbreak began two weeks ago, and four in New 
Delhi 

The World Health Organization said Sunday 
that the rapid rise in numbers of suspected cases 
was no surprise or cause for alarm and that the 
next two days would prove if the In dian govern- 
ment was right to believe the epidemic was dying. 

In the first organized evacuation since the 
outbreak began, the Gulf state of Qatar evacuat- 
ed 125 of its citizens from Bombay, United News 
of India reported. Gulf Air will operate special 
flights to evacuate Bahrain citizens on Mondav, 
United News said. (Reuters. API 


■ Thousands Return Home 

Thousands of people were streaming back to 
Surat by rail and road over the weekend to 
resume fives disrupted by the outbreak of pneu- 
monic plague. The New York Times reported 
from SuraL, India. 

The scenes at Surat's railroad station were in 
sharp contrast to those two weeks ago, when 
crowds of people stampeded in an effort to force 
their way onto trains. On Saturday, the crowds 
were mainl y arriving; many of them among the 
estimated 400,000 people who had fled to Bom- 
bay and other cities. 

“You can’t hide forever.” said J.V. Pathak, 52. 
an engineer who had gone to Bombay. “Sooner 
or later, you have to say: To hell with it. I have a 
job to do and a f amil y to feed.’ ” 


Stalled U.S.-Korea Nuclear Talks Leave an Ominous Void 


By R. Jeffrey Smith 

WtahmgKM Post Service 

WASHINGTON — Senior American officials 
are ■•..•.ried that a stalemate last week in talks 
with -.j.rth Korea about nuclear issues could 
soon propel the two countries toward more tense 
relations. 

Such a development would end a brief period 
in which they appeared to be making substantial 
progress on a deal to eliminate North Korea's 
nuclear capabilities. 

At the heart of the diplomatic stalemate, ac- 
cording to American officials, is a long-standing 
dispute over inspections of two suspected nucle- 
ar waste sites at North Korea's Yongbyon nucle- 
ar complex. The inspections are considered cru- 
cial by Washington and its allies in determining 
if North Korea has already made nuclear arms. 


[North Korea repeated Sunday that it would 
not accept Internationa] Atomic Energy Agency 
inspections of the nuclear sites, Agence France- 
Presse reported from Tokyo. 

[Rodong Sinm un, the newspaper of North 
Korea’s ruling party, said: “The demand for 
'special inspections’ will only lay obstacles in the 
way of a solution to the nuclear issue on the 
Korean Peninsula and lead the situation to an 
extreme phase of tension. This is an excessive 
demand which cannot work on anyone.] 

North Korea first refused to allow the sites to 
be inspected nearly 20 months ago, and since 
then has spumed numerous attempts by Wash- 
ington to help it back down gracefully. 

The monitors said North Korea was either 
determined to prevent the world from learning 
about its nuclear capabilities — a step that would 


lead to demands that it surrender whatever 
bombs it may have made — or it is trying to 
bargain for more rewards in exchange for giving 
up dial information. Washington, however, is 
not inclined to offer more rewards. 

The worsening diplomatic atmosphere has not 
so far been accompanied by any new worrisome 
nuclear activities by North Korea. Rulers there 
have so far respected a partial nuclear freeze 
pledged by former President Kim D Sun in June, 
a month before he died, U.S. officials said. This 
means engineers have not yet reprocessed a large 
stockpile of spent nuclear fuel to produce more 
plutonium, a key ingredient of nuclear arms. 

The country also has not yet restarted the 25- 
megawatt reactor from which the spent fuel was 
withdrawn in May, although it has maintained 
during the talks that it planned to do so eventual- 


ly. Washington has objected because the reactor 
can produce more plutonium-laden fuel. 

International inspectors remain on duty at the 
Yongbyon site, keeping their eyes on a pond 
where the estimated 8,000 spent fuel rods are 
stored. But they have not been allowed to per- 
form other inspection tasks there, a circumstance 
that led the governing board of the International 
Atomic Inspection Agency to express its “con- 
tinuing concern” over North Korea's noncompli- 
ance with its commitments in a resolution adopt- 
ed on Sept. 23. 

A senior American official said, however, that 
in seven days of talks with U.S. officials ending 
Thursday, Deputy Foreign Minister Kang Sok 
Ju of North Korea repeatedly refused to agree 
even to a rough timetable for allowing inspection 
of the two suspected waste sites. 



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Q&A: ‘Step by Step’ 

China’s Top Finance Aide 
Outlines anEconomie Path 


Last week the World Bank 
said it expected to offer SI 5 
billion of loans to China over 
the next five years, a record 
level of financial support for 
Beijing’s economic reform 
program. Lht Zhongli, Chi- 
na's minister offinance 7 who 
was in Madrid for this week’s 
annual World Bank/ Interna- 
tional Monetary Fund meet- 
ings . discussed the challenges 
posed by reform with Alan 
Friedman of the International 
Herald Tribune. 

Q. Your government is 
embarked on an extremely 
broad reform effort. What 
are the biggest challenges 
you are now facing? 

A. The goal of establish- 
ing a so-called market econ- 
omy has not yet been 
achieved and our biggest 
challenges are economic 
management and reforming 
the state enterprise system in 
order to establish a more 
competitive and modern 
economy. The state compa- 
nies should be aware that 
their survival will depend on 
their ability to compete. We 
also plan to enact major 
measures next year to estab- 
lish a comprehensive and 
nationwide social security 
system in China. But it is a 
step-by-step approach. 

Q. This is a gradualist ap- 
proach. What are the pitfalls 
of moving slowly? 

A. Gradualism does not 
necessarily mean a slow 
speed. Right now we have 
very strong growth, but 
without growth it will be 
very hard to satisfy the 
needs of our people while we 
make structural adjust- 
ments. For example, our 12 
percent GDP growth has 
made it easier to liberalize 
prices this year. Petroleum 
prices that used to be one- 
third of world levels have 
just been doubled. Food 
prioes have gone up by 45 
percent this year. These are 
important structural adjust- 
ments. 

• 

Q. And these adjustments 
also lead to increased infla- 


tion, which is expected to 
average 13 or 14 percent this 
year. What are you dong 
about inflation? 

A. First, I want to make 
clear that inflation in China 
is caused by structural 
change and not by a growth 
in money supply, which is 
seeing some decline. Our lat- 
est figures also show that 
household savings in bank' 
deposits will rise by 38 per- 
cent in 1994. Inflation is 
now running at 20 percent, 
year-oa-year, and it is our 
top priority to fight infla- 
tion. 

Q. What about unemploy- 
ment? How worried are yot) 
about that phenomenon? 

A In reforming state en- 
terprises some will inevita- 
bly go bankrupt, increasing 
unemployment levels. That 
is why we are concentrating 
on developing a social secu- 
rity system of benefits. We 
also have the problem of the 
large flow of people from 
rural to urban areas. The 
majority of our labor force is 
in the countryside, so we are 
encouraging township and 

S enterprises in which 
leave fanning activi- 
t not the countryside. 

• 

Q. What assurances can 
you offer to foreign inves- 
tors who may worry about 
your government’s commit- 
ment to reform after the 
eventual passing of your 
leader, Deng Xiaoping? 

A. I am ftilh* confident 
that all of the ref orm Doficies 
will continue and thsr the 
process will become even 
more open in the future. - 
Q. What is the menage 
you will be sending diirmg 
your meetings here in Ma- 
drid at this week’s anntial 
World Bank and Interna- ' 
tional Monetary Fund meet- 
ings? 

A. China is fully willing to 
cooperate with the. interna- 
tional financial community. 
We need support and we 
want to fully open our finan- 
cial system. Also, we plan to 
increasingly approach the 
world's capital markets with 
Chinese bond issues. 



Rwandans Warned 
Against Revenge 


By Donatella Lorch 

New York Times Service 

KIGALI, Rwanda — About 
30,000 Rwandans jammed one 
of the capital's main stadiums, 
pressing shoulder to shoulder or 
clambering up on walls to view 
several thousand former rebels 
on parade and bear an appeal 
from their new government to 
refrain from seeking revenge. 

General Paul Kagame. 
Rwanda's defense minister and 
vice president, warned the 
crowd Saturday against carry- 
ing out revenge killings of eth- 
nic Hutu in retaliation for the 
massacres of ethnic Tutsi across 
the country last spring. 

“You must be careful not to 
wreak vengeance,” he said. T 
promise we will bring to justice 
those responsible for the massa- 
cres.” 

But General Kagame also 
lashed out at aid agencies, par- 
ticularly the UN High Commis- 
sioner for Refugees, which has 
just compiled a report, still un- 
rel eased, accusing the new gov- 
ernment army of killing large 
numbers of Hutu. 

“Beware of foreigners who 
who preach ethnic divisions,” 
said the former rebel strategist. 


Neck Operation Found 
To Reduce Stroke Risk 


By Lawrence K. Altman 

Near York Tima Service 

BETHESDA, Maryland — A 
controversial operation to re- 
move fatty deposits from a ma- 
jor artery in the neck sharply 
reduced the risk of stroke in 
individuals with no outward 
symptoms, scientists who con- 
ducted a large federally spon- 
sored study say. 

The operation, known as a 
carotid endarterectomy, low- 
ered the projected risk of stroke 
by about half, to less than 1 in 
20 from more than 1 in 10, over 
a five-year period among the 
participants, who were 40 to 79 
years of age. 

The National Institutes of 
Health, which paid $20 million 
for the study, and the scientists 
who conducted it said the re- 
sults wore so striking that the 
study was concluded sooner 
than expected. 

“The results are dramatic," 
said Zach W. Hall director of 
the National Institute of Neu- 
rological Disorders and Stroke. 

Those who stand to benefit 
have no outward sign of disease 


but are at risk for stroke from 
severe narrowing of either of 
the two carotid arteries in the 
neck due to a buildup of fatty 
substances from atherosclero- 
sis. 

_ plication of the findings 
Id prevent many thousands 
of disabling strokes among the 
500,000 to 600,000 people who 
now suffer a stroke cadi year in 
the United States and could 
save thousands of lives among 
the 150,000 who die from 
strokes eachyear, said Dr. Mi- 
chael D. Walker of the National 
Institutes of Health. 

Of the 3 milli on Americans 
who have survived a stroke, 
more than 2 million have major 
disabilities, including paralysis, 
loss of speech and impaired 
memory. 

The study’s leaders were puz- 
zled, however, by the fact the 
operation was far less beneficial 
for women than for men. The 
risk reduction Of' surgery for 
women in the study was 16 per- 
cent, compared with 55 percent 
for men. 


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"We must make sure that a 
genocide never happens again.” 

Days after word of the agen- 
cy's findings began to circulate, 
the Rwandan government is 
struggling to quell a tide of fear 
that has almost halted the re- 
turn of Hutu refugees from 
camps in Zaire and Tanzania. 

Although the UN refugee 
agency has said that security in 
some areas of Rwanda is too 
shaky for the return of refugees, 
it conceded Saturday that the 
biggest problem blocking repa- 
triation is intimidation in refu- 
gee camps in eastern Zaire. 

For weeks, former Hutu sol- 
diers and militiamen have been 
discouraging Rwandans in the 
camps from leaving; on Friday, 
militiamen seized control of the 
camp of Katale, prompting in- 
ternational aid workers to flee. 
■ Japanese Unit in Zaire 

The main Japanese military 
contingent for Rwanda relief 
assistance — a total of 98 sol- 
diers — flew into the eastern 
Zairean town of Goma on Sun- 
day, Reuters reportal The mis- 
sion commander said this was 
the first humanitarian mission 
to be undertaken abroad by a 
Japanese military force. 







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ByRoger Cohen 

Nni York Tima Savtce 

SARAJEVO, Bosnja-Herzegovina — Through 
of f c K ® os ° ] aa war, and the loss of 
200,000 lives, the North Atlantic Treaty Oreani- 
otion and the United Nations have had extraor- 
dmary difficulty working together to end the 
suffering. 

But seldom have the two organizations been so 
obviously at odds or so clearly out of touch with 
the feelings of most people Hving there as in the 
past week. 

^J ust o ver a week ago, angered by a day of 
snooting incidents in which two peacekeepers 
^ vcr \n c ^ c ^* military commanders called 
m a NATO air strike that succeeded in hitting an 
old, empty Serbian tank. This, the UN com- 
manders m Sarajevo announced, was an example 
of lough peacekeeping. 

But the air raid failed to impress the Clinton 
administration and clearly left NATO, whose 
solitary target was selected by UN commanders, 
feding dissatisfied. On Thursday, at a NATO 
defense ministers* meeting in Spain. Defense 
Minister Malcolm Riflrind of Britain announced, 
“There win be no more pinprick air strikes.” 

Defense Secretary William J. Perry sharply 


criticized the approach favored by UN officials 
and commanders in Sarajevo. 

“Whm we go in,” he said, “I want to go in with 
compelling force. Force not necessarily just pro- 
portionate to the act at stake, but enough to 
make it clear that there is a heavy price to pay for 
violating the rules that NATO has established.” 

The attack on the tank “was not robust, not 
strong enough," he added. 

In other words, the Clinton administration 
be&eves that substantial use of NATO air power 

NEWS ANALYSIS 

could change the attitude of the Bosnian Serb*. 
Instead of constantly engaging in brinkmanship 
— leaving tanks in a zone around Sarajevo that is 
supposed to be free of heavy weapons or shutting 
off water and electricity to the city to gain other 
concessions — the Serbs would think twice about 
such provocation and perhaps move closer to 
aa»)ting an American-backed peace plan, the 
mintring goes. 

This theory — that Serbs could be bombed 
imo a change of attitude — has never been tested 
over the course of the war, so it remains unprov- 
en. The Serbs might react in a different way, bv 
killing UN soldiers, for example. 


It is this prospect that worries the UN force, 
and it seems to have led its British and French 
commanders in Sarajevo to adopt a different 
approach from that now officially supported by 
British and French defense ministers within 
NATO. 

Take the events of the past week. After the 
NATO air strike, the Serbs were predictably 
angry. A Serbian Haison officer delivered a hand- 
written note saying that any UN aircraft at- 
tempting to land at the airfie ld would be targets 
for reprisals. The threat closed the airport, leav- 
ing a single way into and out of the city. Mount 
I g ro an Road, which is constantly targeted by 
Serbian guns. 

At the same time, most UN aid convoys pass- 
ing through Serbian-held territory in " Bosnia 
were held up by the Serbs. They re main immobi- 
lized, though the United Nations secured a 
pledge from the Serbs on Saturday to let them 
resume this week. Food supplies are running low 
in the eastern Muslim enclave of Srebrenica, and 
stocks in Sarajevo that should be growing in 
preparation for the winter are shrinkin g instead. 

iou can’t escalate the situation by using 
force and then continuing to use it,” said Lieu- 
tenant Colonel Tim Spicer, a spokesman for the 
UN peacekeeping force. “You have to use force 


in a proportionate, precise and relevant way. and 
then you must negotiate patiently.” 

In other words, tough peacekeeping must be 
followed by concAiatoiy peacekeeping to keep 
the UN mission alive. But this approach begs the 
question: What exactly did the last NATO strike 
achieve? Would it be better to be consistently 
hard-nosed or consistently accommodating? 

By promising tougher and wider action against 
the Bosnian Serbs, NATO defense ministers ap- 
pear to be trying to respond to these questions. 

The response is belated. Ever since the Clinton 
adminjs tration proposed lifting the arms embar- 
go against Bosnia and using air strikes more than 
a year ago, it has been obvious that NATO and 
the United Nations had a problem. 

The dilemma lies in the irreconcilability of the 
wide air strikes publicly favored by President Bill 
Clinton and the presence of thousands of UN 
troops in Bosnia. To pretend otherwise appears 
disingenuous at best, but the problem has never 
been resolved. 

One response might have been to put U.S. 
troops on the ground; at least then the major 
NATO powers would be confronting the same 
dilemma. But the Clinton administration hn s 
consistently shied away from such a commit- 
ment 


U.S. Lauds Move 
By 6 Gulf States 

American Firms Will Benefit 
From Easing of Israel Boycott 




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IMF: 

A Feud Erupts 

Continued from Page 1 

fastly backed Mr. Camdessus, 
arguing that the Third World 
needed the jumbo credits. But 
Edmond Alphandiry, the 
French finance minister, was 
left isolated during a G-7 meet- 
ing on Saturday and agreed 
only reluctantly to join other G- 
7 governments in supporting 
the U.S.-British compromise. 

Hans Tietmeyer, the Bundes- 
bank presdent, was especially 
critical of the Camdessus pro- 
posal, which be considered dan- 
gerously inflationary. Germany 
was, however, willing to back 
the UJS.-BritLsh compromise, 
which would have also freed up 
funds for nations that have 
joined the IMF since the last 
issue of SDRs is 1981. 

The controversy has decisive- 
ly poisoned the atmosphere at 
tiie animal IMF- World Bank 
meetings bong held in Madrid 
this week, and several officials 
said it raised questions about 
Mr. Camdessus’ effectiveness at 
the IMF and his future rela- 
tions with the world's richest 
industrial nations. 

A senior U.S. official said: 
“Mr. Camdessus is an interna- 
tional cavil servant, a bureau- 
crat. But he was amazingly ar- 
rogant. He was telling the 
Group of Seven how things 
would be, as if he was m 
charge” 

“It’s all very disappointing,” 
a senior official of the British 
Treasury said. “I think "Michel 
Camdessus got carried away 
and miscalculated very badly.” 

A European cabinet minister 
involved in Sunday’s difficult 
talks said governments were 
shocked at “the ego and the 
stubbornness” of Mr. Camdes- 
sus, a 61-year-old former 
French central bank governor 
who has run the IMF since 
1987. 

In his defense, Mr. Camdes- 
sus said late Sunday: “I am pos- 
sibly too immodest, but I am 
the manag ing director of the 



Mind Ltpa-Ffgin/llniai 

One of the thousands who protested against the IMF talks Sunday in Madrid making her point by signaling “hunger.” 


IMF. It is my duty to launch my 
proposals." 

A U.S. official, noting that 
Mr. Camdessus’ second five- 
year term as IMF mana gi n g di- 
rector expires in early 1997, 
said, *Tt would be most surpris- 
ing if we allowed him to stay in 
office for another term." 

The weekend dispute in Ma- 
drid was not the first time the 
United . States has been upset 
with Mr. Camdessus. Last win- 
ter. the IMF was criticized in 
private by U.S. officials for its 
go-slow approach on special 
loans to Russia. 

For France, winch has long 
styled itself as a champion of 
aid to the Third Worid, the con- 
troversy was especially galling. 
It came just days after the gov- 
ernment of Prime Minister 
Edouard BaUadur failed to se- 
cure a third five-year term for 


Jean-CIaude Pave, who was 
forced to leave his job as secre- 
tary-general of the Organiza- 
tion for Economic Cooperation 
and Development 
France is extremely sensitive 
about accusations from other 
G-7 governments that its bu- 
reaucrats control loo many 
multilateral institutions. A 
French official — Jacques de 
Larosi&re — also beads the Eu- 
ropean Bank for Reconstruc- 
tion and Development 
Separately, on Saturday, G-7 
finance ministers met and ex- 
pressed concern about the level 
of long-term interest rates. 

Lloyd Bentsen, the U.S. 
Treasury secretary, praised the 
strength of the world economic 
recovery, which he said was be- 
ing helped by a strategy of “def- 
icit reductions in the United 
States, lower interest rates in 


Europe, and encouraging con- 
sumer demand in Japan.” 

Mr. Bentsen said, however, 
that the recent rise in long-term 
interest rates rates reflected 
concern about the increasing 
gap between global savings and 
the growing demand for invest- 
ment capital in many areas. •“ 

He said a special study on 
capital markets and interest 
rates would be prepared by the 
Group of 10, a grouping of 
wealthy nations that make re- 
sources available to the IMF. 

Lamberto Dini, the Italian 
Treasury minister, said in an 
interview that high long-term 
interest rates could not be ex- 
plained alone by fears among 
investors of a renewed inflation 
threat. 

Mr. Dini said the study was 
needed because “the worid has 
never altered a phase of recov- 


ery like its present cyde with 
such a high real level of interest 
rates, and if they persist it could 
hamper business recovery.” 

The G-7 also agreed to in- 
volve central bank governors 
more deeply in its discussions 
of the world economy. 


MAO: 

Tale of Decadence 

Continued from Page 1 

aries, so Mr. Li’s tr ainin g was 
mostly in En glish, which he 
speaks well. 

He went to work as a ship's 
doctor in Australia but. when 
the Communists took power in 
China in 1949. he returned 
home at the behest of his older 
brother, also a doctor and a 

Co mmunis t 

Through his well-connected 
brother, Mr. Li was assigned to 
be a physician at a special clinic 
set up to treat China's new top 
leaders. In 1955, he was named 
Mao’s personal doctor. He lived 
with his wife, Lillian Wu, and 
their two sons in a home in the 
Zhongnanhai Compound, a 
closely guarded part of the For- 
bidden City where Mao and 
other senior leaders lived. 

From then until Mao's long 
illness and death in 1976, he 
remained very dose to Mao. ac- 
cording to his account- He not 
only treated his Alnesses, most 
of them very minor, but also 
accompanied him on his trips 
around the country, serving as 
his tutor in English and visiting 
him in response to his extremely 
frequent summonses. 

Is Mr. Li's account authen- 
tic? One important piece of evi- 
dence that Mr. Li is indeed who 
he says he is comes from the 
numerous photographs of him- 
self with Mao taken at various 
periods during LTs service to 
the chairman. 


By John M. Goshko 

Washington Pea Senior 

NEW YORK — Saudi Ara- 
bia and five other Gulf coun- 
tries have told the United States 
that they are ending aspects of 
the Arab League boycott that 
had in principle closed their 
borders to trade with American 
companies doing business with 
Israel. 

Prince Saud al Faisal, the 
Saudi foreign mini ster who 
spoke for the six countries of 
the Gulf Cooperation Council, 
revealed the decision to Secre- 
tary of State Warren M. Chris- 
topher at a meeting in New 
York. 

The other council members 
are Kuwait. O man, Qatar, Bah- 
rain and the United Arab Emir- 
ates. 

Mr. Christopher said that the 
Gulf states* commitment, an- 
nounced Friday, was “a very 
significant step toward realizing 
the U.S. goal of ending the 
Arab boycott.” 

The aim of the boycott and 
its blacklisting of companies 
that violated it was to help the 
Palestinian struggle against Is- 
rael by isolating the Israelis. 

In political terms, the coun- 
cil’s move is a strong endorse- 
ment of the Middle East peace 
process because the action elim- 
inates one of the most notorious 
symbols of the conflict. 

It also will have the practical 
effect of enabling hundreds of 
companies to do business with 
Israel without fear of being 
blacklisted. It also will permit 
scores of other companies with 
economic ties to Israel to ex- 
pand their activities into Arab 
countries. 


Specifically what the Gulf 
states did was to end the so- 
called “secondary” and “tertia- 
ry” aspects of the boycott. 
Those called for blacklisting 
any companies that either dealt 
directly with Israel or that did 
business with other companies 
or individuals with ties to Israel. 

The primary aspect of the 
boycott — forbidding trade be- 
tween Arab League states and 
Israel — remains in effect for 
the council members. But a se- 
nior council diplomat said that 
since the purpose of the boycott 
was to put pressure on the 
world's trading nations to re- 
solve the Palestinian problem, it 
now is “something of an anticli- 
max” that seems destined to 
end completely. 

For some time, and especially 
since Israel and the Palestine 
Liberation Organization signed 
their peace accord at the White 
House a year ago, many Arab 
countries unofficially have been 
ignoring all but the primary 
boycott. But their refusal to say 
so publicly had rankled Israel 
and its supporters in the United 
States. For that reason, a senior 
U.S. official said, the Gulf 
states* action “sends an impor- 
tant signaL” 

Egypt, at peace with Israel 
since 1979, is no longer a signa- 
tory to the boycott Jordan cur- 
rently is negotiating substantial 
economic cooperation agree- 
ments with Israel, and Morocco 
and Tunisia are expected to fol- 
low the lead of the Gulf states 
within a short time. That would 
leave Syria and Lebanon as the 
only two sizable Arab slates 
still observing the boycott 


ISRAEL: A First link to Tunisia 


Continued from Page 1 

meet with Crown Prince Has- 
san of Jordan at the White 
House, but there is no sign of an 
immin ent breakthrough toward 
a peace treaty because of con- 
tinuing land and water dis- 
putes. 

On the Syrian front, there are 
few secrets about what it takes 
to make a deal: Israel’s willing- 
ness to give up the Golan 
Heights and Syria's acceptance 
of a genuine peace. But stAl up 


in the air are critical details like 
the extent of the Israeli with- 
drawal, the amount of time it 
would take, the Syrian defini- 
tion of peace and future securi- 
ty arrangements that may in- 
clude the stationing of United 
States forces on the Golan. 

Both countries are now wait- 
ing for the U.S, secretary of 
state, Warren M. Christopher, 
who is supposed to arrive next 
weekend for another round of 
shuttling between capitals in an 
attempt to narrow differences. 


FERRY: Robots Film Sunken Ship 


Continaed Iron Page 1 

tonia, home to many of the vic- 
tims. 

In the Baltic Sea, the robots 
seat back electronic images for 
hours. Among other things, the 
pictures show unused lifeboats 
still attached to the ship's deck. 

The robots gave search crews 
a complete view of the hull, up- 
per decks, the bridge, the stem 
and bow section of the Estonia, 
said Tuomo Karppinen, a sci- 
entist aboard the salvage ship 
Halli. 

“We have seen the wreck 
quite easily,” Mr. Karppinen 
sai d by telephone from the 
Halli. He said the robots’ two 
cameras had seen most of the 
157-meter ship. The ferry is ly- 
ing between 54 and 86 meters 
deep. 

Mr. Karppinen declined to 
describe the pictures in detail 
and would not say whether any 
pieces of the ship were missing, ■ 
such as the bow door. He said 
the search crews would keep the 
robots working at least until 
early Monday morning, when 
another storm was forecast. 

The robots did not return 
pictures of any bodies, Mr. 
Karppinen said, since they did 
not go inside the ship. 

Captain Raimo TiAikamen, 


the Finnish Coast Guard offi- 
cial in charge of the search op- 
eration, said he was optimistic 
about chances for determining 
what e ffu se d the Estonia to sink. 

With winter weather closing 
in over the Baltic, investigators 
are racing against time to gather 
as much information as possi- 
ble. 

“Certainly they will help.” 
Captain TiAikamen said of the 
robots* pictures. 

Asked about the quality, he 
said, “So far, very good pictures 
of it.” 

The work of the two robots 
has been focused on the bow of 
the ship, Captain TiAikamen 
said. 

The Swedish maritime safety 
chief, Bengt Erik Stenmark, 
said the pointed bow door was 
ripped off before the ship sank. 

Salvage crews say any at- 
tempt to lift the ship to the 
surface will have to wait until 
next year. 

The feny went down on a 
voyage from Tall inn, the Esto- 
nian capital, to Stockholm. 

If the hull is accessible, the 
Dutch salvage firm WijsmuDer 
plans to send divers down to try 
to recover the bodies of the 
hundreds of passengers trapped 
inside. Ml*, Reuters) 


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Page 6 


MONDAY, OCTOBER 3, 1994 


OPINION 


Hcralfr 


INTERNATIONAL 



Sribunc 


Putdifthml VilhTht' New Yurk Tiiwt untl TV Wa4ttn°ftnn Pi»l 


Help Pyongyang to Say Yes 


The latest round of nuclear negotia- 
tions with North Korea paused briefly 
this weekend after making little headway. 
Both sides seem distracted — Washing- 
ton with the restoration of President 
Jean-Bertrand Aristide and Pyongyang 
with the inauguration of President Kim 
Joug Q. If they are to make progress, they 
need to focus on what they can agree on. 

Instead, both sides seem to be contem- 
plating moves that could derail diploma- 
cy. The United States is discussing re- 
sumption of the provocative Team Spirit 
military exercises with South Korea. The 
North is talking about refueling its nucle- 
ar reactor to generate more spent fuel 
for bomb-making. 

Reassuring the North is the only way 
to induce it to stop building a nuclear 
deterrent. China showed the way by reaf- 
firming its military alliance with Lhe 
North while urging it to become nuclear- 
free. Bui the United States is slow to 
learn the lesson. 

A week ago. Admiral Ronald Zlatoper, 
the U S. commander in the Pacific, com- 
pared the presence of an American carri- 
er task force off Korea to the situau'on in 
Haiti and said. “Some very’ strong mili- 
tary force can influence diplomacy.” A 
few days later. North Korea's Defense 


Ministry reacted sharply, saying it would 
never accept special inspections of mili- 
tary sites. Fortunately, the North's nego- 
tiators have not taken that stance. 

Washington needs to look for the logic 
in Pyongyang’s negotiating position. 
North Korea has been willing to freeze its 
nuclear program, but is reluctant to roll 
back that program irreversibly until it is 
reassured and rewarded. 

The meet difficult issue for the North 
is allowing special inspections to deter- 
mine how much nuclear material it may 
have diverted in the past. The United 
States is right to defer this. The North is 
also reluctant to part with the spent fuel 
rods now in cooling ponds. But it appears 
willing to store the rods in dry casks to 
keep them from corroding. It also seems 
ready to cease construction of its reactors 
and seal its reprocessing facilities 

In return, the United States could open 
diplomatic ties and arrange to replace the 
North’s nudear reactors with new ones 
less susceptible to bomb-making. It could 
also help find ways to meet the North's 
more imm ediate electricity needs. The 
sooner the two sides stop brandishing 
threats and start reassuring each other, 
the sooner they wifi find ways to say yes. 

— THE NEW YORK TIMES. 


Carter’s Dubious Diplomacy 


Jimmy Carter has carved out an un- 
precedented and unorthodox role in 
American diplomacy. The former presi- 
dent has used his lingering high status 
and his moral intensity to take up a 
position as free-lance practitioner in se- 
lected international disputes. He bills 
himself as an independent source of sup- 
port and judgment able not only to reach 
but to bring together the parties con- 
cerned. Thus has he become a specialist 
of sorts in dealing with dictators in trou- 
ble with the United States. These men 
typically have poor relations and poor 
contacts with American officialdom and 
a generic readiness to work through out- 
siders and special envoys. Their isolation 
and Mr. Carter’s passionate sense of mis- 
sion — not to mention his inclination to 
butter them up — make a match. 

In the recent instances of North Korea 
and Haiti, the outside world got a good 
glimpse of the techniques Mr. Carter has 
been honing elsewhere for years. He 
comes in with a promise of bringing fresh 
ideas and impetus to an encrusted con- 
flict. His approach has embarrassed the 
current president and secretary of state, 
whose frustrations led to his being autho- 
rized, in some form, to deal in the first 
place. But he has delivered what the ad- 
ministration failed to achieve on its own. 

In North Korea be diverted a gathering 
confrontation into broad negotiations 


centering on the nuclear threat. In Haiti 
he got American troops ashore peaceful- 
ly, without an armed and opposed inva- 
sion, to start a climb toward democracy. 
Whether these diplomatic breaks will be- 
come substantive breakthroughs is, of 
course, out of Jimmy Carter's hands. 

But that is not the end of the subject. 
One of Mr. Carter’s tools has been a 
distasteful and, we would argue, unneces- 
sary tendency to play up to tyrants and to 
demean his own government 

And to judge by what he recently told 
The New Yotk Times, there is more and 
worse. He had asked the Bush White 
House if he could negotiate between Iraq 
and Kuwait and was turned down. “So I 
decided Mien President Bush went for the 
UN resolution to permit aimed action, to 
try to block it, which was not appropriate, 
perhaps.’' He did tins by abandoning the 
American debate and going international, 
writing to every Security Council member 
except Margaret Thatcher of Britain, 
whom be denned beyond redemption. 

This was blackmail: Accept my views 
on this level or I will fight you on the 
next It was a misuse of the prestige and 
honor the American people conferred on 
Jimmy Carter by electing him president 
and an act of egotism. His own style 
explains much of the hesitation to make 
use of his diplomatic efforts. 

— THE WASHINGTON POST. 


The CIA Isn’t Helping Haiti 


> i 


It does not make sense to occupy a 
country in order to guarantee its citizens 
the right of political self-determination 
and then unleash the Central Intelligence 
Agency to meddle in the nation's political 
affairs. That is what the Clinton adminis- 
tration is doing in Haiti. It is a throwback 
to the kind of arrogance that typified 
American intrusions during the Cold War. 

For reasons of principle and prudence, 
the United States should not be in the 
business of covertly manipulating politi- 
cal debate in other countries — especially 
in countries where some 20,000 U.S. 
troops are supposed to be conducting a 
limited mission of restoring constitution- 
al rule and giving way to an international 
force at the earliest possible date. 

President Bill Clinton approved this un- 
seemly approach for the apparent purpose 
of preparing the ground for President 
Jean-Bertrand Aristide's early return to 
power. Yet this hardly seems the time to 
authorize the CIA to run a covert program 
of dubious political manipulation. 

Some of the SI million authorized for 
“political actions" has already gone to 
covert broadcasts, pro-Aristide leaflets, 
and infiltration of military groups. The 
United States is also expected to finance 
newspapers with a political message. Offi- 
cials offer assurances that no money will 
go to buy the votes of legislators or bribe 
pro- military figures to resign. But there 
cannot be satisfactory accountability in 
a covert program. 

The CIA does have a legitimate role to 
in protecting American troops by 
erf eting out potential ambushes and oth- 
er military dangers, an intelligence job 
that was not done well in Somalia. But in 
dealing with the wider Haitian public, 
Washington should confine itself to pub- 
licizing accurate information on U.S. 
views through existing overt channels like 
offshore radio stations. 

Some U.S. financing of pro-Aristide 
messages might have been justified bc- 


play 

ferrei 


fore SepL 18, when Haitian military lead- 
ers were stifling free political debate. It 
cannot be justified now. 

What is it about the psychology of offi- 
riaJ Washington that makes it so hard to 
resist turning to tods like covert political 
action, even when their use is unnecessary 
and unwise? It is bad enough that UU". 
troops have been put at risk in an 31- 
defined cause with no vital national securi- 
ty interests at stake and alarmingly weak 
public support. It only compounds the 
error and adds to the risk to enlist the 
United Stales on one side of a battle for 
domestic Haitian political support. 

If Father Aristide is as popular as the 
administration believes, he does not need 
the CIA’s propaganda help. If he is not, 
the United States should not tie its own 
interests, and the safety of its troops, so 
closely to his cause. 

— THE NEW YORK TIMES 

OtherComment 
Behind the Mexican Killings 

After decades in which political assas-' 
sination seemed a thing of the past in 
Mexico, two key leaders in the ruling 
Institutional Revolutionary Party, or 
PRL have been murdered in a matter of 
months. Mexican drug Mafias may be- 
lieve they have the resources to literally 
terrorize the government and turn Mexi- 
co into a republic of fear, like their crimi- 
nal counterparts in Colombia did. 

If this is indeed the meaning of the 
assassination Wednesday [of Francisco 
Ruiz Massieu, the PRTs No. 2 official}, 
then the enemy has landed a grievous 
blow. But the drug lords w3I not destabi- 
lize Mexico as easily os they did Colombia. 
Mexico is bigger, stronger and more so- 
histicated. Mexico can also count on the 
dp of a powerful next-door neighbor. 

— Los Angeles Tones. . 


e 



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To End the Martyrdom of Haiti 


P ORT-AU-PRINCE, Haiti 
— Only a few weeks ago. I 
sought refuge from invasion fe- 
ver is Cit6 Soleii. the big, 
sprawling shantytown of Port- 
au-Prince. where support for 
President Jean-Bertrand Aris- 
tide bums like a slow fuse. 

Here is a foul stinking slum, 
home to 200,000 people. When 
tile rains come, sewage washes 
through the shacks. Diarrhea 
and tuberculosis are rife. 

Bui there is vitality and enter- 
prise at every comer. Empty fruit 
cans are prized apart and ham- 
mered into water buckets; dis- 
carded sacks that once held U.S. 
food aid are fashioned into roof- 
ing material One aid group has 
granted $40 loans to 232 of these 
small-scale entrepreneurs at com- 
mercial interest rates. Ninety-two 
percent of them bare repaid all or 
part of their loans. 

This is the spirit that has car- 
ried the people of Cit& Soleii 
through three terrible years. It 
wifi be sorely needed as Haiti 
struggles with the long and diffi- 
cult job of rebuilding. 

This impoverished country has 
been pushed to the brink. After 
the 1991 coup, donors froze more 
than 5400 milli on in development 
aid. Starved of investment, the 
public sector has effectively col- 
lapsed — one reason the inhabit- 
ants of Gt6 Soleii hare no fresh 
water, electricity, garbage dispos- 
al or sewerage system. 

Sanctions have been a humani- 
tarian disaster. Eighty percent of 
manufacturing-sector jobs disap- 
peared. The fuel embargo often 


By Iain Guest 


made it too expensive to trans- 
port farm produce to markets; 
the sick could not be taken to 
clinics. There is no cement for 
construction. Farmers need 5.000 
tons of fertilizer soon if the full 
crop is to be planted by January. 

Where to start? Thankfully, it 
appears that sanctions will be 
fully lifted after Father Aristi- 
de’s return. This wifi relieve 
much of the pressure. 

A recent meeting of donors in 
Paris put the price of reconstruc- 
tion at about $550 million over 
12 months. This would include 
$100 million in humanitarian 
aid; payment of Haiti's arrears 
to the multilateral b anks and the 
Internationa] Monetary Fund 
(580 million); and 560 million in 
emergency bal ance-o f-p aymen is 
support. The rest would go into 
revitalizing the private sector 
and creating jobs. 

The United States is ready to 
contribute 5200 milli on, and 
large sums of multilateral aid are 
waiting to be unfrozen. But — 
and this is key — donors still 
need to be convinced that Haiti 
is worth the investment. 

The recent looting of hun- 
dreds of tons Of h umani tarian 
food, fuel and pharmaceuticals 
wifi not hare reassured them. 

This has been heartbreaking to 
watch, and impossible to prevent. 
Twice in two days I watched 
hungry children scrambling for 
of rice in the dust while 
parents slashed at sacks 


of food aid from foreign donors. 

This spectacle cannot be al- 
lowed to detract from the pro- 
gress made. For once, the Unit- 
ed Nations and U.S. military are 
working hand in hand. Ameri- 
can troops are now patrolling 
UN warehouses and responding 
quickly to emergencies. U.S. 
forces soon will move 1,600 tons 
of UN food to the northeast, to 
feed 55,000 schoolchildren. 

What can the UN offer? A 
great deal Under overall UN di- 
rection. more than 150 agencies 
are feeding a milli on Haitians, 
supplying more than 500 health 
institutions with drugs, maintain- 
ing more than 1,000 rural water 
wells and pumps, and underpin- 
ning it all with subsidized fueL 

The challenge will come in 
shifting this from emergency 
hand-outs to something more 
lasting. Here, again, an impor- 
tant start has been made. Pre- 
vented from dealing directly 
with the illegal Haitian regime, 
the UN agencies hare been 
forced to work directly with 
communities, churches and pri- 
vate businesses. This has re- 
duced the red tape that cripples 
so many UN programs and has 
laid the foundation for a worth- 
while UN role in reconstruction. 

In one experiment, Unicef has 
trained 120 community health 
agents from the poor areas of 
Port-au-Prince. Each is responsi- 
ble for promoting basic health 
education, including breast feed- 
ing, among 300 families. They 
also distribute water purification 
powder and vitamins, and refer 



sick children to health centers. 

These scattered projects need 
to be incorporated into a national 
policy. Here, too, the UN has 
contributed. Throughout the 
grim years, agencies have worked 
with Father Aristide’s cabinet 
ministers, some of them in hiding. 
The UN Development Program 
has helped to draft an emergency 
recovery plan that probably will 
form the basis for an internation- 
al appeal The Pan American 
Health Organization has played a 
key role in formulating a decen- 
tralized health policy. 

Of course, there are gaping 
holes. The idea of a blanket am- 
nesty worries human rights 
group. Many would like to see 


the UN organize a “Truth Com- 
mission” for Haiti, similar to the 
body that identified the authors 
of past abuses in El Salvador. 

The United Nations has kept 
the faith with Haiti through an 
extraordinary difficult period. 
The same is true of the United 
States. Together they should be 
able to reassure skittish donors 
in the tense weeks ahead. The 
rest will be up to the inhabitants 
of places tike Citfc.SoleiL 

The writer is a senior adviser to 
the UN Humanitarian Coordina- 
tor in Haiti. The views expressed 
in this comment, which was con- 
tributed to the International Her- 
ald Tribune, are his owl 


j! 


Don’t Doubt the Serious Threat to America’s Friends in Moscow 


W ASHINGTON — The rhetoric of the 
Clin ton- Yeltsin s ummi t meeting 
says that two good buddies are cooperat- 
ing and working on their differences, but 
the reality is that on the Russian side there 
is a creeping apprehension that coopera- 
tion on American terms may seriously di- 
minish the Yeltsin reform regime. 

Russians, pointing to progress on the 
political and economic fronts at home, 
believe that their country is becoming 
'‘normal" a status they treasure. Ameri- 
cans are not entirely sure, but they want it 
to happen. Russians, picking up tire hesita- 
tion, think that Americans have aot entire- 
ly shed their Cold War reflexes of distrust 
They want Americans to make ample 
room for them in their thoughts and poli- 
cies and to recognize Russia's interests as a 
great power. The result in Moscow of 
American hesitation, they fear, is to rein- 
force currents of nationalism on the one 
hand and isolationism on the other. 

These are some of the grievances that 
outlasted the summit meeting and contin- 
ue feeding Russian discomfort: 

Washington seeks a global system of 
restraints on certain high-tech ana military 
exports to states like Iran, an American 
nemesis. But Washington does not heed 
the potential of nationalist backlash 


By Stephen S. Rosenfeld 

against Mr. Yeltsin for “bowing" to Mr. 
Clinton on arms for Iran. Meanwhile, the 
United States ignores exports of Islamic 
fundamentalism and terrorism from Saudi 
Arabia, an American friend. The reaction 
could yet lead Russia to set up a separate 
system of restraints. 

Even as Russia is criticized for leaning 
on the former Soviet republics in its “near 
abroad," Americans ignore Moscow's 
huge subsidies ($17 billion in a year) in 
unpaid and underpaid energy shipments to 
these otherwise bereft new states. But if an 
isolationist Moscow demanded prompt 
payment, the resulting stress would gener- 
ate “millions" of refugees to Russia. 

Washington insists that the United Na- 
tions make ready to subsidize a second- 
stage Haiti intervention for which Russia 
would partly pay. But it lets the UN duck 
Russian appeals for a parallel intervention 
in Georgia's Abkhazia. Russia is criticized 
for its policy there, even as the United 
States does far pushier things in — ah. yes 
— Haiti, where Russia goes along. 

To settle down the war between Arme- 
nia and Azerbaijan, Washington pressures 
Moscow not to deploy its own forces. In- 


stead it supports the s umm oning of an all- 
European security group, which happens 
to have no military experience or capabili- 
ty and no budget. 

Mr. Yeltsin came to Washington on the 
beds of a Russian intelligence report de- 
claring that the West had no reason to 
equate Russia’s natural and helpful at- 
tempts at “reintegration" among the for- 
mer Soviet republics with a reassertion of 
empire. The content and timing of the 
report had the ring of a warning to Mr. 
Yeltsin to hang in there. The “nationalist" 
position, although not its fascist aspect, is 
now in the Russian mainstream. 

No matter, Mr. Yeltsin had a point 
about reintegration: These links with the 
new stales, if done right and on a voluntary 
basis, promise mutual benefit No one else 
is ready to police the tremendous disorder 
in the Transcaucasus and Central Asian 
regions- No government in Moscow can 
ignore the tens of millions of Russians left 
marooned by the Soviet breakup: “Once 
they lived at home,” said Mr. Yeltsin, 
“and now they are guests and not always 
welcome." Though slowly, Russia has re- 
leased the Baltics. It nurses Ukraine, a 
difficult patient 

StiH Russia needs to be more den to the 
suspicions generated by the spectacle of 


Russian troops on the move. The army has 
units left over in nearly a dozen of the old 
Soviet republics — a political presence if 
not a military lever. Russians can be too 
quick to dismiss historically based skepti- 
cism about their intentions as evidence of 
foreign pressure and incipient encirclement 

l am, nonetheless, persuaded that the 
Yeltsin circle, as friendly to America as 
any group you could imagine ruling in 
Moscow, is dead serious about the politi- 
cal risks of its policy. 

To its right are the nationalists, an ugly 
crew, who want to throw Russian weight 
around. To its left are the isolationists, 
living in a dream world, who want Russia 
to pull up the ladder and to retreat from 
concern for the security and welfare of 
the other new states. 

Engagement with the United States of- 
fers a middle path. Bui to be expanded and 
sustained, it must be done on terms that 
allow Mr. Yeltsin to maintain his political 
balance. That does not mean that Mr. 
Yeltsin must be accommodated on every- 
thing — fencing the old Eastern Europe off 
from NATO, for instance. It does mean 
that Washington must never undervalue its 
interest in the consolidation of a normal 
democratic state in Moscow. 

The Washington Post. 


The O . J . Industry Keeps Growing 


N EW YORK — The verdict 
is already in on week one of 
the alleged trial of the century: 
It was a bomb. 

Jury selection, untelevised 
and unremarkable, yielded no 
news. Desperate tabloid investi- 
gations into the life and new 
hairdo of the prosecutor. Mar- 
da Clark, failed to find a pulse. 
So the media circus (that is, re- 
porters reporting on reporters) 
became the story, a video hall of 
mirrors leading nowhere. 

But this does not mean week 
one was without meaning. 

What it made clear is that the 
O. J. Simpson phenomenon is no 
longer principally driven by 
news in any case — or by the 
question of the defendant’s guilt, 
or by the big issues like spousal 
abuse and race and jury psychol- 
ogy that are supposed to devale 
Americans' pornographic obses- 
sion with the trial to a socially 
acceptable form of civic virtue. 

O. J. is instead a self-perpetu- 
ating cultural industry, with 
tentacles reaching into every 
branch of show biz, spinning off 
new products (CNN’s CD- 
ROM) and celebrities (the pom 
star who once dated Al Cowl- 
ings) by the hour to feed its 
insa tiable maw. 

In week one, even the indus- 
try's founding father, the defen- 
dant himself, dropped his som- 
ber pose to resume his show-biz 
career. He authorized the sale of 
a $15 fitness video he finished 
two weeks before Lhe murders 
and, in a capital offense against 
musical taste, took to singing 
“Memory” in the courtroom. 

At this rate, the O. J. industry 
may soon be more integral to 
America's gross national prod- 
uct than Detroit. As the rising 
talk-show host Kato Kaelin 
makes dear, it is already a more 
expedient route to fame than 
the star machinery of Holly- 
wood. So many people and 
businesses have so much invest- 
ed in O. J. that no mere news 
drought in a courtroom can de- 
rail it now. 

In week one, some of the cul- 
ture’s few remaining holdouts 
got into the acL The talk-show 
host David Letterman, who had 
previously chosen to abdicate 
all O.J, humor to the self-im- 
molating Jay JLeno, finally en- 
tered the fray. Mr. Letterman 
was secure in the knowledge 
that Robert Shapirojokes could 


By Frank Rich 

be sprinkled into his monologue 
without invoking the laugh-ex- 
tinguishing specter of the mur- 
der victims, who increasingly re- 
cede into the long-term memory 
of a country that generally lives 
in the short term. 

It was also last week that 
three of television’s upscale sit- 
uation comedies — “Murphy 
Brown,” “Love and War" and 
“Seinfeld" — broke their silence 


Warming to his -role as media 
jester, the judge ad-libbed a one- 
liner when the number of the 
first juror turned out to be that of 
O. J.’s old football jersey. Later he 
advised potential jurors to distract 
themselves from O.J. news by 
watching “The Simpsons” — “the 
TV show. I mean," he quipped — 
and listening to the raunchy radio 
host Howard Stern. 

More revealing was the judge's 
resolution of bis loud early threat 
to pull the television plug in his 
courtroom. Infuriated by 



by offering satirical replays of 
the Bronco chase. 

Tikkun, the Jewish journal 
has now joined The New York 
Times, The New Yorker and 
The New York Review of Books 
in contemplating tire philosoph- 
ical implications of O. J. 

Can anyone resist the O.J. 
industry's promise of instant 
fame and riches? Certainly not 
Judge Lance Ito, who is for the 
time bring king of the O. J. in- 
dustry and don’t you forget II 

Mr. Ito's odd behavior in 
week one suggests a man who is 
not unmindful of the fact that 
his service in this trial is more 
likely to render him ready for 
prime time than for the Su- 
preme Court 




KNBCs “exclusive" repeal about 
imaginary DNA tests on Mr. 
Simpson's bloody socks, Mr. Ito 
had vowed to hold a heating last 
week to contemplate “terminating 
the media coverage in this case,” 

But by week’s end, his constitu- 
tionally dubious media blackout 
and even his promised hearing 
had been forgotten. No wonder. 
As long as tire judge is cm televi- 
sion, Ire has the ability to make 
and break stars, upstage the elec- 
tion campaign and destroy the 
productivity of the American 
workforce. 

Administcringjustice seems the 
least of his duties in a trial that 
simply must not be allowed to get 
in the way of the show. 

The New York Times. 


This Is No Way to Help Russia 


By David J- Kramer 

W ASHINGTON — The State 
Department has decided to 
shift the focus of U.S. aid to Rus- 
sia from technical assistance 
aimed at improving the invest- 1 
ment climate in Russia to, in es- 
sence. subsidization of U.S. trade 
and investment Such a shift is a 
serious mistake. 

The State Department’s coor- 
dinator for assistance to the new- 
ly independent stales. Ambassa- 
dor Thomas Simons, strongly 
pushed for an expanded role for 
the U.S. Export-Import Bank and 
Overseas Private Investment 
Corp- Another major beneficiary 
from the change in policy is the 
U.S. Trade and Development 
Agency, an independent govern- 
ment agency that provides fund- 
ing through nonreimbursable 
grants to American firms for fea- 
sibility studies overseas. 

Not surprisingly, the Trade 
and Development Agency is pop- 
ular in the House and Senate as a 
means to funnel assistance to cor- 
porations in members' districts. 

Since late 1991, the trade agen- 
cy has also been in the business of 
doling out aid money intended to 
help reform in Russia and the 
other states of the former Soviet 
Union. But instead of helping to 
promote economic development 
in Russia, the agency is subsidiz- 
ing feasibility studies for compa- 
nies interested in exploring busi- 


ness opportunities there. This is 
not tire way to help the Russians 
help themselves. 

In July, the agency awarded 1 9 
economic assistance grants, pro- 
viding $6 million in “feasibility 
study funding" for a wide range 
of projects. A number of the 
companies involved have al- 
ready established a presence in 
Russia. Moreover, one would 
think that General Electric, with 
revenues of $62.2 billion last 
year, Owens Coming ($2.9 bil- 
lion) or Marriott International 
($8.7 billion) could afford feasi- 
bility studies on their own with- 
out U.S. government support. 

Since reform in Russaa was 
launched in 1992, Western govern- 
ments and international lending 
agencies have been urging the 
Yeltsin administration to reduce 
state subadies to enterprises. Yet 
contrary to the advice it offers 
Russia, Washington is bolstering 
its role in American firms' trade 
and investment efforts. 

This perpetuates, even in- 
creases, bout the Russian and 
American governments’ roles in 
what should be private-sector ac- 
tivity, clearly sending the wrong 
signal to Moscow. 

The writer is executive coordina- 
tor of Russian and Eurasian Pro- 
grams at the Carnegie Endowment 
for International Peace in Washing- 
ton. This is excerpted from a com- 
ment in the Los Angeles Times. 


IN OUR PAGES: 100, 75 AND 50 YEAJRS AGO 

1894: Diphtheria Beaten. 

PARIS — The year 1894 will be a 
red-letter one for the science of 
medicine, as it marks the discov- 
ery of a treatment of diphtheria. 

M. Roux, of the Institut Pasteur, 
has shown that even at the hospi- 
tal under the most unfavorable 
circumstances, where children are 
frequently not brought until in a 
dying condition, by injection of 
anti toxin the mortality from this 
complaint can be reduced from 
one half to one quarter. 


1919: Wilson Satisfactory 

PARIS — The latest bulletin is- 
sued by Admiral Grayson states 
that President Wilson’s condition 
is satisfactory. Dr. Francis Z. 
Dercuns, the brain specialist, has 
been called in consultation from 
Philadelphia. He is regarded as 
one of the foremost neurologists 
in the United Slates. 


1944: Couture Revives 

PARIS — Although war is rag in 
only 200 miles from here, Pari 
began today her display of wintt 
models for smart women. Som 
thousand women, apparent! 
oblivious of the men fighting s 
the gates of Germany, presse 
their ways to the salons of Magg 
Rouff on the Champs-Elywe 
Blonde and slim mannequin 
displayed knee-short dresse 
with padded square shoulder 
and wide, fanlike skirts. Mos 
frocks and tailored skirts wer 
made of wool —the rarest fabri 
on the European Continent 
1 here was also much velvet, bu 
hardly any silk. It was an 
notmeed at the beginning of-tb 
show that the evening gown 
presented by Maggy Rouff wer 
not meant for wear in Paris 
They were shown only to prov< 
that Paris couture was as good a 
ever in producing them. 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 


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AMERICAN 

■TiiTXijmv^^ 198A when the ft 

land disposal pn 

TOPTr^ The Slate began 

in 1984. But it’s 

— — — - - — — - — ., have lived in the 

_ _ because of a legal 

No More Free Alaska Land 

‘There is no more free land in Alaska,” The more land to sett! 
Associated Press reports. “None. Nada. Zip.” also sells land, th 
But the calls and letters from wilderness offerings will be 
dreamers m the lower 48 states keep coming, Slaughter said, 
asking how to get some of that land. 

Apartment-dwellers write from dries, saying 
they have to get away from crime. Convicts »» _ n , 

write from prisons, saying they have to get ADOOti COpie 
airay from society. Nancy Reagan < 

c ,^f es a tat <* desperation," said Salli ton University fo 
Slaughter, chief of public information for the by saving she su 
Alaska Department of Natural Resources. choose abortion. 1 
For many, Alaska is more than a state. It is a Shejokcd about n< 
metaphor for freedom, a symbol of a world on public policy 
bqrond the limits of civilization, a blank slate president, contrar 
where you can claim a piece of the wilderness there was “always 
and start life anew. about his a 


The reality: There hasn’t been free Alaska 
homestead land open to all Americans since 
1986, when the federal government halted its 
land disposal program. 

The state began us own homestead program 
in 1984. But it’s open only to Alaskans who 
have lived in the state at least a year. And 
because of a legal dispute, no homestead land 
has been offered since 1991. 


unmarried and still serve effectively, she said, 
“I don’t think you can have a sense of balance 
in anything unless you are married,” The audi- 
ence gasped. 

Short Takes 

Yet another pickpocketing scam is described 


nas been offered since 1991. by Alice Timothy in a letter to The New York 

It will be at least a year before the state opens Times: As she was about to get off a bus, “the 
more land to settlement, but because the state passenger in front of me , gfl pk to his knees and 
also sells land, there's no assurance that any told me that his foot was cf»»ghr in the barely 
offerings will be homestead giveaways. Miss open automatic door. Rising, he asked me to 


Nancy Reagan surprised a George Washing- 


passenger in front of me sank to his knees and 
told me that his foot was caught in the barely 
open automatic door. Rising, he asked me to 
hold his portfolio and help hun push the door, 
which I aid, struggling over Iris shoulders. Be- 
hind me another man joined in pushing the 
now reluctant door." Eventually, it opened, 
and everyone disembarked. “Only when 1 
looked into my handbag a block away,” Miss 


ton University forum on presidential spouses Timothy recounts, “did I realize that my wallet, 
by saying she supports a woman's right to which I had when I entered the bus, was miss- 
choose abortion. The Washington Post reports, tag.” 

She joked about not having had much influence It took a lasso, winch and tow truck, a comm- 
on public policy when Ronald Reagan was gent of volunteer fire fighters, ga me wardens 
president, contrary to popular belief. She said and a veterinarian to rescue a 350-pound (160- 
there was “always a certain jealousy” she had kilogram) black bear from the bottom of a 30- 
about his time. Asked if a president could be foot (9-meter) well in Weavervilie, California. 


A veterinarian, Tom Nickerson, climbed down 
with a 10-foot jab pole to give the beast a 
sedative. Then a volunteer fireman, Don 
Bickle, attached a harness, and a tow truck 
slowly winched the bear to the surface. “It was 
like pulling a cork out of a champagne bottle.” 
said Russ Gomez, a state game warden. “He 
just popped oul” Rescuers scattered as the 
bear yanked off the harness, pushed over a wire 
fence and lumbered back into the woods. 

Jim Murray, the Los Angeles Times sports 
cohsmmst, recounts that when growing up dur- 
ing the Depression of the 1 930s, he wore sneak- 
ers, sweatshirts and raggedy blue jeans, and 
resolved never to wear them again. Today, he 
laments, “all of the ‘in’ people, actors and 
actresses and agents, are wearing jeans tom at 
the knee to go with their sneakers and sweat 
shirts. Ugh!" Mr. Murray also dreamed of 
wearing a dinner jacket and black tie. “Then, I 
grew up and went to fancy restaurants and 
nobody was wearing a suit jacket, never mind a 
tie. They had bush jackets thrown over their 
shoulders as if they had just spent the day 
hunting lions.” 

Intemanonai Herald Tribune 


TRADE: U.S.- Japan Compromise 


Gontinoed from Page 1 
named Japan under section 301 
of its trade law, beginning a 
process that could result in 
sanctions in the auto pans sec- 
tor within 12 months. 

Trade Minister Ryutaro Ha- 
shimoto said he deeply regret- 
ted the action. He slopped wort 
of backing out of further talks, 


The accord brought to an end 
an difficult chapter in U.S.- Ja- 
pan relations that began in July 
1993 when President Bill Clin- 
ton, in Tokyo for the Group of 
Seven summit meeting of lead- 
ing industrial nations, ham- 
mered out the framework ac- 
cord over a dinner with Prime 
Minister Kiichi Miyazawa. 

In the Tokyo declaration, Ja- 


Heirs File Additional Complaints Against Pamela Harriman 


By Sharon Walsh 

Washington Post Service 

WASHINGTON — The 
heirs of W. Averell Harriman 
have broadened their attack on 
Mr. Harriman ’s widow, Pamela 
Churchill Harriman, objecting 
to the way she has handled 


her and appoint an indepen- even though she had already ni»n has a personal financial 
dent trustee. They also asked \ inherited more than $30 milli on interest, according 10 the court 
that she immediately repay mil- outright when Averell Ham- papers. 


that she immediately repay mil- 
lions of dollars she has bor- 
rowed from the trusts and re- 
store any losses caused by 
imprudent investments. 

The heirs contend that Mrs. 


man, a diplomat and financier, 
died in 1986. 


papers. 

Mrs. Harriman was both ex- 
ecutor of her husband's estate, 


SI 8.6 million in four Vi rg inia Harriman, who now serves as 
trusts. U.S. ambassador to France, 

In court papers filed in Lou- loaned herself, or companies in 
doun County, Virginia, the which she had an interest, mil- 


U.S. ambassador to Francs, $9.5 million is tied up in illiquid 
loaned herself, or companies in investments, in promissory 
which she had an interest, mil- notes of Mrs. Hamman’s or in 


The largest of the four Vir- said to be worth $65 million at 
ginia (rusts, referred to as the his death, and a trustee of nu- 
“marital trust," has about $1 1.7 merous additional trusts he cre- 
million in assets, and more than ated during his lifetime to bene- 


$9.5 million is tied up in illiquid fit her and his children and 
investments, in promissory grandchildren. 


heirs asked the court to remove lions of dollars from the trusts. ' entities in which Mrs. Harri- 


“These objections are just 
part of their litigation to force 


An Ex- Major Says He and Diana ‘Were in Love 9 


Washington Past Service 

LONDON — London awoke 
Sunday to another chapter in 
The Life and Loves of the 
Rpyals. It’s not your Master- 
piece Theater, mind you, but if 
you liked “Upstairs, Down- 
stairs," it has at least as many 
episodes. 

When last we tuned in to 
Princess Di, Scotland Yard was 
investigating nuisance tele- 
phone calls made to a business- 
man from a private line. 


CLOSING TIME Chaplain Albert Tappman gar- 

r , rr ,, rtilously. ‘Hanosa? Air force? 

By Joseph Heller. 464 pages. World War nr ” 


Sunday’s episode was 
splashed across a paper called 
News of the World. James 
Hewitt, a retired major, says 
that beginning in 1988 he and 
the princess “were deeply in 
love. 

“For three years I was THE 
man in her life,” he asserts. 

In the interview, said to be 
the buildup to release of a tell- 
all book, Mr. Hewitt claims 
they trysted in Devon, in 
Knightsbridge, at Highgrove. 


and even at Kensington Palace, princess Dibbs. To her, he was 
“I was madly in love with her Winkie, as in Wee Willie, no 
and helped her in so many explanation offered. It ended, 
ways," he is quoted as saying. “I he told the paper, after things 
advised her on what clothes she got “too hot" and she left him. 
should wear, how to deal with Mr. Hewitt was mentioned as 
the press and even helped her one of four “male confidants” 

li : - , 1 ■ t , : . i DOT 


her to capitulate and pay them 
money," said Michael Heifer, 
an attorney for Mrs. Harriman. 

“I don’t think it's going to 
work," he said, adding that 
Mrs. Har riman had reEcd on 
the advice of professionals ap- 
pointed by Averell Har riman . 

The Virginia legal complaints 
— which have been submitted 
as objections to annual ac- 
counting filed by Mrs. Ham- 
man with the Loudoun County 
commissioner of accounts — 
may prove even more serious 
than those filed recently in a 
New York lawsuit. That is be- 
cause they allege that Mrs. Har- 
riman has breached her duties 
as a trustee by self-dealing 
namely making loans 10 herself 
or companies she controls. 


‘Self-dealing is one of the 


several months Del ore resuming 
negotiations. 

Foreign Minister Yohei 
Kono, who oversaw negotia- 
tions on government procure- 
ment, called the agreement “a 
positive one" and said the gov- 
ernments had “gradually built 
up trust." 

The partial agreement was 
largely in line with expectations 
in financial markets and was 
likely to remove some political 
pressures that have been sup- 
porting the yen. The view that 
Washington wanted a strong 
yen to narrow the trade imbal- 
ance has contributed to its 13 
percent rise against the dollar 
so far this year. 

But market players believe 


worst things you can do as a thal ^ Japan £e "currency is 

F ‘ unlikely to weaken significantly 
bright Jr ,an estate lawyer and becausi the agreem^Twill db 
forma chairman of the Virginia Uttle l0 rBd S Tokyo’s trade 
Slate Bar’s trusts and estates 


board of governors. “Even if it’s 
a good investment, it's an abso- 
lute prohibition” and can result 
in the award of damages, he 


surplus, which is the fundamen- 
tal cause of the yen’s strength. 

Suggesting that room for a 
further dollar advance will be 


lute prohibition” and can result , “v 4 *’ j “T “ 

in the award of damages, be d ? U ^ van J* * 

said, unless it is provided for in ]“*• Twhihiko Masaki a 
the will F foreign exchange manager for 

Citibank in Tokyo told Reuters 

The Virginia trusts were ere- o p San dy that “the dollar had 
ated underlie will of Averell a lread y finored in a ?? n ! al 
Harriman, a former governor of nr the trade talks by 

New York whose father, E. H. *™ay- 
Harriman, founded the Union The dollar closed higher at 
Pacific Railroad and created 9916 00 Friday in New 

one of the America’s great for- York, propped up by hopes for 
timet worth more than siflfl least a partial trade agree- 


tunes, worth more 
million in 1909. 


at least a partis 
menu 


ed States, and Washington 
promised to reduce its budget 
deficit. It also called for negoti- 
ations on a variety’ of sectors. 

But less than two weeks later, 
Mr. Miyazawa was voted out of 
office. Last February, when Ins 
successor, Morihiro Hosokawa, 
visited the White House, the 
two leaders failed to cut a deal. 

“Japan was unwilling to re- 
state its goal — a significant 
increase in sales of foreign 
products,” a U.S. official said 
Sunday. "Now, the framework 
language has been accepted.” 

■ Modest Gains for Dollar 
In the first trading session of 
the week, the dollar made mod- 
est gains against both the Japa- 
nese yen and Deutsche mark in 
New Zealand, Reuters reported 
Monday from Wellington. 

“People expected a lot of vol- 
atility this morning — we sim- 

S ly haven't got it," said Paul 
Jchards or Bankers Trust NZ. 
Dealers said the New York 
market had foreshadowed the 
outcome of the talks near the 
end of its Friday close, which 
took some of the wind out of 
the dollar’s sails. 


For i n w rtnKMit information 

Read THE MONEY REPORT 
every Saturday in the tHT 


practice public speaking." 

“We were deeply in love,” he 
said. “In fact, Diana was so in 
love with me that she even con- 
templated leaving Prince 
Charies for me.” 

Mr. Hewitt says he called the 


of the princess in a 1992 book 1 
by La try Colin Campbell, “Di- . 
ana in Private." j 

Buckingham Palace said: I 
“We would not want to dignify 
these stories by commenting on 

them" 


BOOKS 


“I can live with that!’ 


nal social satire. The point 


$24. Simon & Schuster. 


Tappman has finally found 
Yossarian through the Freedom 
of Information Act. which, as 
Yossarian himself has discov- 
ered, “was a federal regulation 


Reviewed by Christopher “ 35 

t y Yossarian himself has discov- 

Lehmann-Haupt ered, “was a federal regulation 

Y OU loved them and obliging government agencies 
laughed at them in “Catch- to release all information they 
22,” Joseph Heller’s blackly had to anyone who made appli- 
comic first novel, published in cation for it, except information 
1961 and about to be reissued in they had that they did not want 
a new edition with a preface by to release.” 
the author. Chaplain Tappman is shortly 

And now some of the charac- taken into custody by federal 
tens are back in a not entirely agents because he has a prob- 
successful sequel to that lem with heavy water. “He was 
antiwar classic, “Closing passing it.” As someone ex- 
Tunc,” whose title refers to ter- plains to Yossarian: “They 
minus, shutdown, pimkt, the could tell it was heavy almost 


end, death. 


immediately. It took two people 


Ex-Pfc. Wintergreen is back, to lift the eyedropper. . . . Th- 
alcmg with Milo Mtaderbtader ere’s not a country in the world 
and of course Yossarian, in his that allows heavy water without 
late 60s now, getting closer to a license, and this guy is pro- 


dosing time. 


during it by the quart several 


“I can’t always find the times a day. This deuterium ox- 
words I know 1 know,” he ad- ide is dynamite." 
mits to Michael, his youngest In what is the funniest sub- 
son. “I can’t always remember plot of the novel, the chaplain is 


Less amusingly, there are seems to be that if in “Catch- 
other subplots in "Closing 22" Yossarian discovered that 
Time," ones less reminiscent of “Man was matter. . . . Bury 
“Catch-22" and more in the him and he’ll rot, like other 
spirit of later novels by Heller kinds of garbage. . . . The 
such as “Something Happened" spirit gone, man is garbage," in 
and “Good as Gold,” and of his “Closing Time” he learns that 
memoir of an illness, "No given man’s capacity for de- 
Laughing Matter.” structive mischief, “even hell, 

One subplot involves Yossar- was not forever." 
ian in a society wedding that be Unfortunately, in trying to 
whimsically suggests should be express this. Heller strives for 
hdd at the Port Authority bus tae sort of Joycean elephamia- 
terminal, “which teemed more sis of effect that even in Joyce’s 
and more monstrously now hands can prove colossally dulL 
with growling clans of bellicose So while you stay with “Closing 
and repulsive panhandlers. Time” because of its many 
prostitutes, addicts, dealers, wildly funny pans, the tedious 
pimps, robbers, pomographers, heavy-handedness of its Slran- 
perverts and disoriented psy- gelovian conclusion finally 
chopaths." tends to drag the novel down. 

In the novel’s long climax, 

the black comedy of Milo Min- Christopher Lehmam-Haupt 
derbinder’s mflitary-industrial is on the staff of The New York 
complex merges with the termi- Times. 


BRIDGE 


what I meant to remember. I put in an underground train in 
talk a lot and say things twice. I the custody of General Leslie By Alan Truscott But when Besse returned his 

talk a lot and say things twice.” R. Groves of the Manhattan ^ne of the most popular «anainmg club, West took the 
At the opening of “Goring Project. The chaplain’s heavy figures in the world of ace and played the four. This 
Tune," Yossarian is in ibehospi- water may eventually be needed bridge, Jean Besse, died in Sep- m a , sml praerence signal, 
lal searching for some flaw in his for a secret weapon being buflt rember at age 80. Beneath a 5**8W*“* a ™ 

perfect health. “You’re in per- for the government by Mflo placid exterior, he concealed a diamonds, and Besse row to the 
ivkauv n /lortnrc mm. Mmderbrnder. a ^ub-SuDcr- d, a™ mtrwi that occasion. He discarded his diar 


tal searching for some flaw in his for a secret weapon being built 
perfect health. “You’re in per- for the government by Mflo 
feet health," the doctors teflhiin. Minderbtader, a “Sub-Supcr- 
“Just wait,” Yossarian advises, some Invisible and Noiseless 
A familiar stranger shows up Defensive Second-Strike Offen- 
and exclaims: “How good you sive Attack Bomber" that flies 
look! How happy I am to see faster than light so that “you 
we’re both still alive!" can bomb someone yesterday. 

“Who ... are you?” asks When an admiral asks, “Can 
Yossarian. it destroy the world?” Milo re- 

“The reply was instanta- plies with a blush: “Tm afraid 
neous. ‘Chaplain, Tappman, not, sir. We can make it unin- 
Chaplain Tappman, Albert habitable, but we can t destroy 
Tappman, Chaplain?’ chattered it.” 


WHAT THEY’RE READING 


• Georg Quander, general 
manager of the Staatsoper in 
Bohn, is reading “Im Palast der 
GefOhle" (In the Palace of Feed- 
ings), the autobiography of 
Claus Helmut Drese when he 
was director of the Vienna Op- 
era. . , . . 

“Naturally my interest m trus 
book is motivated somewhat by 
professional reasons. This pro- 
vides an interesting behind-the- 
scenes look at Drese’s care®:. 

(Minhn*! /CaUenboch. IHT) 






razor-sharp mind thal he ap- «*«««■ ™ 

plied ^mathematics and con£ rS 

puling as well as bridge. the Emperors Coup, insured 

P At the 1982 world champion- J* def( f of * e c f trac \J he 
ships in Biarritz, France, Besse diamonds could not now be es- 

won the Bols^ Brilliancy Prize & bb t Sh . 6d ***** 
for his defense on tie dia- Wesl to ^ two cIub 
gramed deal He sat East, de- wmners ’ 
rending three no-trump after 
South had opened one dia- north 

tnond. ♦J 65 

West led the club five and «jgg 72 

South had to guess. If he played * io 3 2 

low from dummy he would west east 

have made his game since he*ios 82 * k 7 a 

would have soned two club tMos <7 876 53 2 

tricks. In practice, South played *?i 0 65 4 *j 7 I 

dummy’s tea, hoping tire jack south (D) 1 

was on ms left, and regretted it * a q 3 , 

when East produced that card. ? i* 

South did the best he could at 4 k o a 

this point by permitting the jack 
to win. As the cards lie, this 

hold-up would succeed against „ , . . 

routine defense'. South _W «a.a«l Seea-mre vulnerable 

able to lead ar diamond from gomj, west North East 

dummy and establish that suit l </ Pass 3 <• Pass 

without giving West a chance to 3N.t. Pass Pass Pass 

cash two club winners. West led the club five. 


Statement Required by The Act of August 12, 1970, Title 39, Section 3685, United States Codes, showing 
ownership, management and circulation of 


Publication number 1 2830 

Published Daily except Sunday, [an. i. May I and Dec 25 at 850 3rd ave, New York, N.Y. 10022. 

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as trustees of trusts f/b/o the children of Kaharine Graham, do George |. Gillespie III. Worldwide Plaza, 825 Sth Avenue, New York, 
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North and South were vulnerable 
The bidding: 

South Wesi North East 

1 <- Pass 3 <■ Pass 

3 N.T. Pass Pass Pass 

West led the club five. 


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A. TOTAL NO. COPIES (Net Press Rim) 

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■ I certify that ail Information and this form is true and complete. 


AVERAGE NO. COPIES EACH 
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NO. COPIES OF SMGLE ISSUE 
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(Signed) Michel G. Conroy, President. 


ACCESS NUMBERS COUNTRIES 


ACCESS NUMBERS COUNTRIES 


ACCESS NUMBERS COUNTRIES 


ACCESS NUMBBIS COUNTRIES 


. . 

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AimrJaui Samoa 
tari 0 ua (dedicated pfconn) 
Antigua (pay ptwnm) 
Argentina 
Armenia 

AwtraAa (Optut) ♦ 
AinmHa CTahlral * 
Amtrto ■ 

Bahama* 

BarfcadM A 
Belgium + 

Baftr« [hatrt} 

BaflM O 
Barmuda / 

BaHvfe 

Brnlt 

BriKih Vbgln U. A 
Bulgaria A 
Canada- 

Oita 

Oitna (EnglMi) W 
China (Mandarin) +/ 
Colombia (Engflih) 
Colombia (Spantah) 
Caw»Biea + 

Cn » lla + 


633.1000 

80 

1 -80C-36b-4663 

00- 1. BOO-777. 1 111 
W0-IJJ 
008-3311-10 

1- 800-8*1-877 
023-903-014 
1-800-389-7111 
1-800-877-8000 
MOO-10014 
338 

*4 

1-800-423-0877 
0800-3333 
000-8016 
1-800477-8000 
00400-1010 
1-800477-8000 
00+0317 
108-13 
108-16 
980-1 304)10 
980-130-1)0 
163 

904400-13 


Cyprui /■ 

CzKh Republic 
Danmarii » 
Damlnkaa Republic < 
Ecuador / 

Egypt + 

Ggygl (at! athatl + 

El Salvador » 

RR Itiandi 

Finland * 

Ffonea * 

Carmony * 

Gmra + 

Guam 

Giatiamato* 
Hondmot A 

Hong Kong 
Hong Kong A 

Hungary "I - -* 

India + 

IndanMtn 

Iraki nd + 

Itmal + 
holy * 


080-900-01 
0043487-187 
800-1-0877 
1400-731-7 B77 
171 

3564777 

034364777 

191 

004490-100-3 

9800-1-0284 

19+0087 

0130+013 

008-001-411 

930-1366 

193 

001 -800-1312000 

800-1877 

Oil 

00+800491-877 
999<K)3 
000-137 
0O1 401-1 S 
1400-3 M00I 
177-102-2727 
172-1877 
1 -800-877-8000 


Japan ( 1 DCJ ( Engfob ) + 

Japan (KDOKEnglltii) 
lopan ilapamal 4 
Kenya / 

Kona (Unarm) + 

Karoo (KT) ♦♦ 
fcrwah 

Llachttfiitefa + 

Liftman la / 

Luiwnbeurg 

Macao o 

Malayila + 

MojlfcD + 

Monaco + 

Nafli AitiUai 

(Curacao A Banal™ l + 
Nattwriand* + 

Naur Zealand A 
On-eaanlry cofli} 
N*-Z*ata>d 

Nicaragua (Miuapaa E-flWiJ a 

Nfcaragoa iMoMfua Ipad*] o 
Nicaragua IMaMtMsmgM) 
Norway ♦ 

Pcncma 
Paraguay A 


0066- £5-877 

0039-131 

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0800-12 

0039-13 

009-16 

800-777 

133-9777 

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19+0017 

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06+423-9119 

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000-999 

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161 

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80+19877 

115 

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MiBippiaaf (Effl MptloM only) 0 103-01 


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Upon 

Tinian and Kota 
San Marino + 

Saudi Arabia 
Singapore + 

South Africa + 

Spain 
Sr.UidaO 
SL Loan 3 
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S/ria ♦ 

Taiwan a 
Dwlkmd S 
Trinidad A Tobago 

IporMaf emry cotyl 


102-611 

103-16 

00104400-113 

03017-1477 

14004774800 

014004877 

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■09^1334133 

233-0333 

1-235-0333 

172-1377 

1800-15 

8000-177-177 

0400494001 

900-900012 

1400-277-7468 

187 

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Turkey + 

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Uhralna 

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VonMuoki ISponUi) 


ACCESS NUMBERS 


00400-14477 

1400-8774000 

14004774000 

8-100-15 

800-131 

0800494877 

0300494877 

000-117 

172-1177 

800-11114 

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... 


Page Q 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 


WEEKLY 


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Abbey TWDe IV. »5 loi 
«$•» JWDs 7 M 97% 

5»«TjrPrt«6 at Oft 
AbgwTwJW 710 n Hh 
7% 03 91% 

JttMfiSE* w% « i oft 
A lberto Pr 0c? 716 ns 84* 
AMno 3ft 03 «J» 


Ob Fin Feb lflft 

DbFtafeb 7i& 
Db Fin Jon 7 * 

iti Fin Jon 7 

Ob Fin Nov lift 

Ob Fin Oct 9% 

DtnMrt Feb 7ft 
OtnfArk Jw a* 
DMMTkMT 7ft 
DenMrk Oct an 
DeutBk Fin lift 
Drew Fin Mr 7ft 


5pd 

nd Trig iMwff 
+62 
■9! 

+50 
+51 
+12 
+M 
+31 

a 


Spd 
T nr 


Cpn M® P'« 


Spd 

YW Trw 


AJfloonMr 10ft D1 104X60 
Ayy Ctrl bk? ? 97 TOM 

Austria Mav 9ft S3 m 
fiiffrtaMr 7ft 03 91X129 

Bob o/s sap 7* » ray, 

Bore Corn Auo Aft 97 94ft 
Bay Land Aug 9% W 101 
Bay Land Oc « W 07ft 

Bar Lana May Ift 04 95 

BarVWDe 4 97 93V. 

Boy Vtr Jul 7ft 99 92ft 
Barer Vera ■ 90 9SH 

Bayer verg Oe 7V. n 94ft 
Bm+iypjui 7ft n 95V. 


Mb* 7ft 

MDkNtv aft 

Dan Aar Hft 

Ebrdfeb Oft 

EMMr 7ft 

EocAug 10 

EflcAug aft 


BO> Hyp Nov 7 94 KU 

Boy Hvn Sen lAft 94 TWft 


Soy Hyp Sep aft 9A 97ft 


Bell Con E Apr 7ft 90 9a 
Bell ConE Jul Oft 97 99ft 
BeB Con E Jul Wft 99 KB* 
Bell Con E Jut 17ft 00 112ft 

BeHConEjgnib 01 92 

Bell Con E Mr 8 S3 » 
BellConBMoyTft OS 93ft 
Bell Can E Now 9ft 9A 107 
Deucancoa Hft 04 104ft 
Belle da 9ft fs unn 
a* MontMor 9n ea mm 
DkMofttnOci 10ft 9a KQft 
Bmw Fin ion 95 lOZft 
BnoBkAor an 97 M 
BngUAue 7% DO 92ft 
Bn* of Toh Sen Wft 95 HD% 
BOP Aug aft 97 94ft 
BWApr 7ft 03 »ft 
BIWDC Oft 95 101ft 


Ekaportf Dc d 

Ekaportf Mffy 10ft 

Ekuortf Nov 7ft 

eiPwrJun Eft 

EiRwrSae Hft 

Euraflmo 10ft 

Euroflma Apr 7ft 

Euraftma Feb 7ft 
Eonrffmo Jirl 10ft 

Euroflma Nav 7 a RAft 

Euraflmo a an 95 99* 

Exlmtft Dc EH 97 99ft 


*ft n lout. 

9 97 100W 


EelMWOa 7ft 02 91 
FbdbDc 7ft 96 m 


TVJ 99 94ft 
0ft S2 95% 


F.E.K.AU9 ift 96 97V2 
FfX.DC Eft 95 Hlft 


FfJCFeb 7ft H 97ft 
F.E.K.JU1 7ft 97 Nft 


bp amor apt ion oi imv. 
BP omer Aug »ft OI 105ft 
SPamar Jim M m 79Vi 
Dr Col Mfn Nay 7ft D3 85ft 
Sr Col Mun Jon 9ft 01 90ft 
BrCdmbFeb IBft 01 107 

BrCotmbJim ra H lain 
Br CotmOMoy 9ft 96 102 

Br Coin* May 9ft 97 VQ 
BrCoMibOct 10 98 103ft 

BrOasPicMr 10ft n ID3 
BrGcaPIcOctyn 01 99ft 
Bril CM M MOV lift 00 lllft 


FfJCOct 7ft 98 9Sn 

FinExCrdM no. 97 km> 

Finland Dc 9 90 99ft 


Finland Sep 9ft W 99ft 
FontMCrOct 10ft 94 100 

ForucanAug IT 90 104H 
FardCan Auo 91h 99 98 

FantCanJid 8 98 96 

FortJConMr lOft 9i igjft 
FaraCanNev 9ft fi 102ft 
FrdaranJun 13ft 95 nan 
GazOct 13ft 94 lOOft 

GecCda De 9ft 99 HO 
GecCda Jut 7 99 93 

GecCda Nov 7ft » 14ft 
GecCda Sea Eft 99 HO 
Gecc t 99 OU50 

GccCAua Cft N 90 


Briiivnco Jun 7ft oa 91ft 

Cad Wheat DC 7ft 97 97ft 

CaiNatRJfJ 9ft 96 101ft 

CcrbUoDc Oft 97 98ft 

cclOuwecAerfft 97 HOft 
ca Quebec Oct 7* vt 94ft 

cim Coro Oct 9% M 102050 

ClbcJcn tft 9i wn 

cnen AUB wn 96 104ft 

Cnr Jut IK 97 99 


+41 
+15 
+28 
+15 
+32 
+1 
+32 
+2S 
«.0A +1 

AJM +2 

8JS +10 

177 +1 

897 +25 

822 -I 

005 +3 

197 +24 

7 Jl +22 

US +20 

802 +24 

900 +34 

812 +42 

U0 +21 

819 +5 

9+9 +57 

939 +15 

853 +14 

846 +30 

939 +33 

759 +25 

ijk +a « 

705 +31 N 

831 +48 I* 

121 +40 N 

8*8+24 N 
853 +17 N 

+47 N 
+43 
+52 
+37 
+357 
+41 
+95 
+76 
+54 
+71 
+65 


790 +09 
850 +49 
7.0 +42 
849 +fl 
84< +» 
7.93 +73 
7J3 +21 
?SS +19 

863 +16 
871 +10 
844 +39 
7JQ +47 
857 +11 
7.19 +41 
709 +217 
859 

7.95 +41 
801 +25 
W +J36 
9J9 +33 
840 +20 
9+4 +37 
9JB +48 
9A4 +52 
825 +50 
814 +0 

864 +20 
80S +44 
914 +10 
809 +16 
9.15 +2 

+76 
421 +34 
924 +71 
837 +4 

744 +44 
957 +67 
7J1 +42 
804 -1 

7.97 +45 
9J1 +77 
843 +41 
879 +20 
773 +41 
926 Mfl 
891 +51 
862 +41 
M +62 
HUB +44 
M2 +09 
+ei 


Ift 01 96ft 
10 90 102ft 


Coco auo ion 96 104ft 
Cnr Jut IK 97 99 

Cnr May 7ft 90 94ft 

Cnr May 9ft 99 100ft 

cnr May 1ft 01 96ft 

Cnr Oct 10 90 102ft 

Catnaanc Feb OK 97 99ft 
Comzt*0/3 OK 90 99099 
Cental Tw Jun 9% 17 S u 
Cr Fancier Mr 0ft 03 Mft im 
Cr Local Aw 7ft 90 97ft 87A 
Cr Local DC 7ft 97 97ft 856 
Cr Local Feb 7ft M 9fft 7JB 
■Cr Local Jan 7 04 55ft 9J4 

Cr Local May 10ft 95 101ft 84$ 

Cr Local Mtn rua. 02 an* 9J2 
Cr Local Mr 6ft 04 80ft 981 
Cr Local Sen 4% 97 94ft 841 
a-LwmAnr on 97 in 846 
crLvam Jai iim 96 iam 61, 
CrLyemMr 7ft 96 97ft 7J2 
Cr Natl Jan 10ft M 104ft 807 
CrSotao Feb na 00 62ft 9J2 


Gecc Apr 
Gecc DC 
Gecc Dc 
GeccDc 
GeccJid 
i Gecc Jim 
GeccJun 
Gecc Jon 
Gecc Mr 
Gecc Mr 
i GeccMuy 
Gecc Mtn 
Gecc May 
Gecc Nov 
GtCCNav 
Gecc Oct 
Gecc Sea 
Gecc Sea 


10ft 9B ISUHD 
11V. 95 104ft 

■ft 95 Hlft 
ift 96 9IAB 
1» 75 HDft 
10 96 UQft 
I 97 94 

0 90 90 

7ft 96 99ft 
10ft 97 104ft 

7 97 97ft 

7ft 90 Hft 
0 99 97ft 

9 77 HI 

6ft 90 92ft 
KM 94 1 08050 

10 h non 

6ft 97 94ft 


Gm Carp jul la*. 95 unu. 
GMAC Can 5eo lift 95 103ft 
GMACCona 7ft » 7t 
GMACCdaAUSlO 95 102ft 
GMACMay 7 99 91ft 

GMAC Cda Sep 7ft 97 Hft 
GufemPlcOct 9ft H 101ft 
HelaM FM FabAft 04 63 

ladbAua wft m loevj. 
lodbJui 9 «2 90050 

lOdbNav 7ft O 87ft 



BTPIcMr no. 
BoraoYSDc io*. 
BardanFcb 6ft 
Barclay* no» 17ft 
Bay Land FeO 8ft 
BcyHyaDc 7 
BavHvo Feb iok 
B avHyPNsv 7ft 
Bay Hyo Od 6 
Bee Inc Jan Oft 
Bk Greece Jim 9ft 
firgBk Apr 7ft 
BnsBkAua 7ft 
Bra DC _ eft 
90C Group Feb «i 
BRomerjtm 9ft 
BP Dev AA lift 
Bf AinwvsMr 10 
Br Gas PIC Feb 12ft 
Br Go, Pic Mr 7ft 
BrGos Fie Mr 10% 
Sr Gw Pic Mr Oft 
Br Gas Pie Nov 7ft 
BtPicFeo no. 
Bl Pic Sec 7ft 
CG Jurt 7% 
CoDteWIro Mr KM 
Carls FVl Mr 7U 
Got Mr 10ft 
OiubuEIAug 6ft 
Cni Feb 10 
Comm Unl 19ft 
ComttuDe 7 
Comzfch O/S DcAft 
Cr Fonder Aua 7ft 
CrLuaSAnr 10% 
Cr Local Dc 7ft 
Cr Loecl Dc Oft 
Cr Local Jun Pi 
Cr Local Mr tin. 
Db Fin Dc 7ft 
Db Fin Feb tva 
Db Fin Jan 12% 
Dan Mr* Aug ift 
DenMrk Jan lift 
DenMrk Sep lift 
Deofa Fin Nav 7ft 
DlkonsTsy Feb7ft 
Dresd FlnDc 6 
Oslo* Auo 7ft 
DsiHcAug 9-i 


DsIFlnAuo 
Eosm El Mr 8ft 
ECK Mr 1BK, 


Pound Sterling 


issuer Can Mat 

Abbey Natl Febl 3ft 95 
Abbey Sts Jen 10ft m 
Abbey 3% May 0ft 04 
Abbey Tsy Aar 109> 97 
Abbev TsyAugi 99 
Abbey T» Astro 03 
Abbey Tn> Jun 7ft 95 


AdbAnr 11 01 

Atm Jut UK 01 

AkSC Mr Hft 99 

All Late Apr lift 96 
AJI LelcJan 7ft 04 
All LekOd UK99 
Aided Don Feb Hft 99 
Amp Uk JUl lift 01 
Ana Water Xw aft »o 
AroyllGrpMr 8ft 00 
AsdoGTA 9ft 02 
Asmogoa loftoi 


Austria Jul 9 04 

| Austria Mr 10ft 99 


lad 

Price Ykt Troy 
102 7.35 -79 

102ft 9.92 +58 
42ft 1004 +96 
103ft 882 4+6 
87ft 934 +50 
Hft 9J4 +58 
95ft 9.14 +40 
106ft 951 +47 
107% 941 +54 
103ft 9+2 +61 
104ft JM .16 
8J6 9.96 +05 
113ft 9.77 +« 
HEPS 9+7 +47 
107% 9+2 +74 
91ft 9.M +39 
93% 9J1 +70 
96ft 1025 +107 
104ft 9+1 +40 
97ft 9+5 +37 
H4 931+40 


EibGbPFtb ID 
EkswrtlMiw T’A 
Eurenma Feb 7ft 
Euroflma Nav lift 
ExlmbkMay Hft 
Finland Apr B 

Finland Mr 10ft 

Finland Mr 7ft 

Finland Oc? 10ft 

Finland Ocl 7 

Forte Pic Jut 9ft 
GeccDc 7ft 

GeccDc ift 

GeccDc I 
Gecc Tr:A Dc 7ft 

a 

Get Sett n& 
Gel Sen 19ft 
GlllMSALdDC 7ft 
Guinn Jon Uft 
HoJHovBiFb 7% 
KalHtn BsDc 7ft 
Halifax BsDc oft 
Halifax Bs Feb 6ft 
HOlHaxBsOa 8ft 
Hammer Oa 7% 

Henson PlcOcnoft 

HetooaSep 9 
Hnlaba Fin 7ft 
HdwIM Fin DC 7ft 
H me 103 MOV lift 
HSKS-Iul lift 
HsbcsRoo lift 

todb Nov 7ft 

IbntDc 7K 

IbrdFeb 10ft 
Ibrd Feb lift 
IbrdMT 10 


Iceland Mav Bft. 


irb FlnDc 6ft 


JdbOct 7 

JtcMr 6ft 

John Lewis Jannft 
Kansal Ei9Acr7ft 
Ktw Inti Jul 7ft 
Kh* Inti nov 6ft 
KfwlnH Sep Hft 
KobeatvOa 9ft 



Spd 

rid Trsy 


Coralline Nav 8ft 
Carlo to Oct 7ft 
Cm. Feb 5ft 

Cd Fonder Aar 9ft 
Cdr Natl Dc »K 
CnaJul lift 


Coe Jun Mb 

Coe May w 

Coe Nav Oft 

Coe Nov 9 

Combanc Jun 9ft 
Comnanc Jun 7K 
GenibaM3CP 6ft 
Cocvn TH Mr 10K 
CoeenhagM 0 
Cr Fonder Apr 7ft 
Cr Fancier Aug KM 
Cr Fonder Dc 9ft 
Cr Fender Feb Sb 
Cr Fancier Jol * 

Cr Fancier Mr 8ft 
Cr Local Aug 9 
Cr Local Dc FK 
Cr Local Dc 5*6 
Cr Local Feb 10ft 
Cr WC<H Jdi 8ft 

Cr i nml Od no. 
Cr Local SeP i 
Cr Lyonn Mav 9 
CrNottDc 10ft 
Cr Natl Jun 8% 
Cr Suisse Aua 9ft 


CredlopQsMr W 
Credltonst Dc 0% 
CM Mav Oft 
DaimNocSoP 9ft 
Db FlnDc Wft 
DbFlnMr m 
DtnMrt Apr Oft 
DenMrk Jut 6ft 
Den Nor J H% 

Dlsnev Air 9ft 
DkfiiJfln 7ft 
Dresd Auo Hft 
EbrcMoy a 
EDrdOd Oft 
EcscAaa if 
EdCApr 7ft 
Eac Jon 0 

Cc»c Oct m 
CdcFeb 6% 
EdtAua 7ft 
EcUAw Oft 
Eat Jun 10ft 

Ek/bt 10% 
Eoc Aua 7ft 

EocDe (ft 

EKFeb fft 
EKPsb » 

E * c * lr 3S 

fee Mr 9K 

ElCHav 5ft 
EecNov 6 
Eft Apr 9ft 

Elb Apr 7ft 

E lb Anr 9 

Em Apr BVi 

Elb Dc 91* 

ElbFeb 9*. 
Elb Feb 8 

Elb Jan 8 

EtoJuf 

Elb Jan u 

E ID Jul Oft 

Elb Jan W 

Elb Jul 9 

EH May 7ft 

EH Mr B% 

Elb May 9 

Elb Mot 6ft 

EH Mr 7ft 

Elb Nav 7ft 

Elb Nov Oft 

Elb Nov Oft 

Enoa lift 
Elb Oct 0 

Elb Sea 8* 

EibXeuFeb 10 
Ekspartt Fab Oft 

EksporttMav 10H 

ElPwrjm 10H 
ElPwrSea •% 
EuratomAPr 7% 
Euratom Jul 7% 
EuroHma Feb 5ft 
EuroffmaJun 10D 
Euroflma Jun 8ft 
Euroflma Mr 7% 
Euroflma Mr 7% 
Euraflmo X 0% 
EutebatMr 8% 
EutetoofMav 7ft 
ExImUcOcr ID** 
EximbkOd 9 
F.E.K. Jim 9V> 
FerrovfeJtm 1044 
Finland Feb 8ft 
Finland Feb Oft 
Finland Mr 9ft 
Finland Mr 8 
Finland DO MK 


W 108ft 

97 Hlft 

» itnvs 
96 102 

95 99ft 

96 101% 
95 KKBk 

95 mm 
90 Wft 
99 98099 

94 100ft 

96 101% 

98 Hft 

99 90ft 

96 99% 

99 IDOft 

95 101% 

96 Hlft 
90 TOT ft 

96 W1U. 

97 100ft 

9J 100 
99 90ft 
90 90% 


+51 
442 
+23 
+07 
+38 
+ 5 . 
+01 
+14 
+14 
+33 

931 +60 
877 +40 

765 +25 
635 +73 
874 +12 
534 -an 

730 +50 

803 +32 
6+3 4 

800 +29 
7.15 +tl 
873 +29 
US +21 
7JD +33 

HA 

561 -63 

063 +76 
435 +1 

853 +7 

734 +19 
897 +19 

731 -12 
814 +31 

+161 
+56 

7.11 -I2i 
BJ2 +32 
896 +37 
660 +17 

851 -9 

824 +6 

735 +15 

8B2 +29 
730 +11 
8fl +24 
823 -17 
848 -9 

852 +19 
7+9 +15 
060 +22 
9X1 +31 

890 +17 
624 +00 
7+0 400 
7+3 +27 
0+7 +41 
896 +54 
871 +22 

853 +25 

892 +09 
6+1 +5 

7_55 +g 
82 +26 

854 +25 

859 +0 

766 +9 
835 +19 
889 +37 
137 -422 
857 +19 

891 +6 

101 +19 
7+0 +04 
854 +4 

437 +1» 
738 +05 
821 +06 
73B +40 
865 +0 

873 +17 

932 +50 
8+4 +01 
832 +41 
sxc +SJ 
838 +47 
852 +24 
764 +14 

~ +08 
+20 


Spd 

Cpn Mat Ptko YW T«y 

963 +43 
739 +US 
807 +20 
800 -28 
814 +50 

i§*§ 

891 +32 
763 +0 
859 XS 
877 +109 
8+5 +85 
567 -59 
839 +109 
68 


taw Cpn MB' ro " 


gk 

ffliS S 

AWM05W f* 
Bewwnoc 8 
BeftbwiM 5 
BetoiamDc « 

U 

SKT" a 

Coe Mr _ _ « 


5% 94 ^ 
99ft 

5* 5 m 
a 05 .e? 


« WVk 

OS ^ 
n ioo% 
99 IKK 
ra M 7 ft 

fi 1 SS 

». 112K 


cr Local Jim 7 « 


Cr Local Ju" 


grass 

cr Natl Nov 
Cr Natl nov 
D bPbiJol 
QbFlnJuf 
DenMrk Jan 
ebrtNav 
EbrtNov 
cm act 
imam 

ElbFeb 
Elb Fob 
EH) Jul 
Elb Jul 
Elb Mr 
EH May 
Elb Mr 
Elb May 
eioNov 

EftjNov 

Elb jay oa 
e H j ay Oct 


7 94 W8M) 

i 01 107% 

6% % 33EJ 


4% « js; 

ift <8 102 % 


4% 90 JJ]% 
7 95 101% 

ift 97 MM 
4ft 97 101% 

SH *6 105*. 

S J H 104% 

rt! W 101 % 

4U. $ Jggt 
4% 90 180% 


*ft 0t 1M% 
4% N 1HW 


6 ft «? 111 % 

A 99 10*% 

5ft 9* 107JJS0 
4ft 97 103ft 
4to 97 Hlft 


(•huptuiii uhl 

EximbkOd 4% « 


ExMbkTnA +% a log 

MOST r I fi 

ISSS fliDe ^Si& 



5ft 96 108050 
4ft 97 TOft 
5% 94 lKft 
41k 97 141% 
at ri4% 
6ft 01 imh 

7 S S 3 

p S ijg£ 

4ft M Hlft 

6 01 11WH8 

6 01 108ft 

Ft 96 105% 

7ft 9$ 193ft 

5ft 98 144ft 

S3 M M* 
a 2Si 

M 97 109ft 
fft 01 IHft 
m 17 w 

6ft 01 112 

6ft 00 ID* 

as UK 
r s a 

Oft 9S 105ft 

7ft 95 W 

* » as; 

5ft W 1K% 
5ft 03 102% 

6% oi in% 
6% oi huso 


Jpn Dev Bk Oct5 
KM InH Jun 7 


Ym Straights 


Sod 

Con Mot PrfcpYMTnv 


Act) Feb 5 ID 104ft 439 -14 

AdbFeb 5 03 1023150 449 -12 

AWb Nov 4ft 97 l«m 14* -7 

A 6db Nov 4ft 07 KHft 191 -4 

AlfbMDMr 8 00 IK U1 -33 

AsfbiooMr 6 00 U7U 444 -8 

Austria Fob 5ft 98 105ft 152 -is 


Jem Dev Bk Oct 5 9? 1M% 

JnnDwBkOdi 99 103ft 

MwlnHJun 9 96 

Ktw Inti Jun 7 » 

KlwlnfiNov 4 99 lt» 

KfwinHNov 6 
Landsvtrk Mr 3ft 
Norway Apt Jft 
Horwc kpr 5ft 
Norway FeO 5H „ 

Norway Feb 5% 97 H4K 
NIT See » 96 106K 
NTT Sep 5ft H 184ft 
OkbNov 4ft 97 IWft 
OkbNov 4ft 97 rmj) 
OkbSep 6ft H 1HK 
O kb Sep 8ft 98 
Ontario PrOd 6K 94 
Ontario Pr OCt *ft 98 
Foe Gas El Sap 7 94 

PacGasEISea7 » ..... 

PortlftpFW 4ft 98 H4% 

Part Rea Feb 4% 90 H3% 

Sad Mr 6ft DO IHft 

Snd Mr 6*4 00 110ft 

Spain Jul 4ft 04 9#ft 
Spain Mr 3ft 02 100ft 

SpataMT Sft B2 106ft 
Sweden Feb 4ft 96 IDft 
Sweden Fob 4ft 90 HTft 
T4PDC 4 96 «3S< 

Ten Dc 6 98 MSH 


4ft 97 ICOft 
4ft 98 I HU. 


3+5 +107 
1.98 -V) 
ZH -30 
423 -27 

3+7 A 
462 -TO 
Iff -27 
4+0 -12 
UB -143 
1-33 -1W 
267 -II 
2J8 -2 

US 

3J1 -11 

470 +17 
4J2 4 

425 44 

4+0 -16 
3J0 -IS 
422 -22 
ZM -61 
119 « 

187 8 

427 -29 

489 +35 

0J0 -in 
US +27 
804 -22 

1+7 -II 
260 -25 

3JI -7 
134 -17 

174 -19 

367 +1 

419 -14 
2+2 -2 
3+2 +6 

IUL 

854 +416 
353 -M 
413 +1 

ISO -31 
4+8 0 

484 4 

4+3 -11 

466 -11 

368 -9 

4J3T +5 

281 -4 

3+4 -5 


NASDAQ NATIONAL MARKET 


Sotos 

Dfv Yld loos rtsb Law aw Choc Stocks 


Sales 

Div Yld ICOsHigli Low Ose Otoe 


smes 

Div Yld 102s Nigh Low Ose Chge 


Div rid loot h«flh Law ate Choe Stocks 


Sates 

Oh* Yld lOOsHtofi Low Ctoe Chat [ Sacks 


Consolidated trading for week 
ended Friday, Sept. 30. 
(Continued) 


Sales 

Div YV3 100s rfgti Low Ose OXM 


Sotos 

Div Yld HOI Hgtt Low Che One 


_ 7703 23ft 21ft 23ft *ft 
.. 192* 9ft 9 9 —ft 

_ 325* 18ft le 16ft.— >V H 
_ 163611ft 9ft 9ft —1 ft 
.6 344 49ft 47ft 47% —1ft 
_ 936 6ft Aft 6ft + ft 
_ 376810ft 8ft 9Vj -ft 
-137 2ft, % 2 »ft, 


A Pea Pod 

A Plus 
AAON 
abc Bob 
ABC Rail 
ABR into 

ABS 

ABT Bid 


551 13% lift 13ft, - v,4 
61513% 12ft 12ft— Ift 
31413ft 12ft 12ft— 1 
026 22ft 20ft 20ft —ft 


_ 325418ft 
2-20 46 

-03 e 3 8439 13 
M 3.9 118 8ft 


19ft TOVi, .Vi, 
843913 lift 12ft - 
JIB 8ft 6% 4ft' —ft 

9HD 13% 12ft 13% • ft 
1847 20 17% 18ft— Ift 


BaaysGr _ 85 12W lift Tift —ft CNBFNY Mi 2.9 

Ballyswt - 72 4% 4 ’A, 4ft CNS 

Baltek _ _ 60 8 7ft 7% —ft CPAC J6 T.9 

BanPonc 1D0 3.0 1570 33ft 33 33ft —ft CPB 58 3J 

BanPnpf im 8+ 54825ft 2$ 25 -V, CP) Aoro 

BcOnertCUO 6.1 368 59 57 —1 ft CPI wr ’ 

BncFjtOK J4 1.6 *20 15% 15% 15’ « >% CSB Fn JO 2.0 

BcfStOHs JIB 17 TO 27 24 24 —1 C5F Hid _ 

Barton* _ 204 +’« 4% 4H —ft CSP 

BncGaflC J2r IJ}«T940 32% 31*8 31% — ft CTEC 
B<»Sou 1.08b 3.2 103 36 34 34ft -ft CTLCr I 

BcdMJ JO 2.7 361 30 Mft 29ft * 2ft CU Bnc I 

Sendee _ 3287 24 24 % 24ft —ft CWWi 

.-SfoU 6015% IS 15 ... Cabrmax 


\9A 14% 15% - 

S 14ft Uft 14% • % 

15ft lift 15ft .% 


J2 7J 2167 4ft 4% 4% —ft 
JJ8 1.7 1842 5% 4% 4% 1 ft 


BandoM ,96a 64 6015% 

Banda pf lJ2e 7+ 4124 

BtvSouth S7 2Jt 7927 Uft 
BkGrans .+0 1 J 43 77% 
BrttNH +0 1 J 1451 78% 


- 692 15ft lift 15ft ♦% 

A 3299 19ft 18 18% —ft 

- 986 14% UV, Uft 

= ss sj; .*,6 


1JW H. 


JW 1.7 1842 5% 4% 4% > ft 

.. 2925 Eft 29% 32% . 2ft 
>. 450 15ft 14 15 • ft 

_ 381017% 15% 17% * 1ft 
_ 885 4% 4-6, 4V„ — ‘'it 


_ 206 9ft 
•A 240 1.7ft 


= sr 

_ 1419 4+ 
I - 306 A 1 , 

4® 1.1 537 3+ 
D IJ1 x»644 


-10 l.s 203 6ft 6% 
_ 117 9ft 9 

II 9 9 

+0 2310134 17ft 16 ft 
+0 2.0 301 20% Uft 
■40 2J 041 24% 23% 


S &. ?6 7 ft-,'ft 
% 6% 6ft • ft 
ft 9 9 —V. 

. 9. 9 


ARiN«r 

AST 

ATS Med 
AWAh 


-68 1 3+122CB 

M ^ 4W0 


P :1k 

2 ^“ I4? 
1 %. 


J 302 12% 11% 12V. >. 

:f ’g V% 

a life if" fas ift 

- 235 JK P. SS :fi 


= m 


34 1.6 1042 15ft 14 
.52 3J) 454 17% 15% 


.12 2J 26 5ft 4% jft 

_ 5JBft 10'8 I Oft *% 


.52 3.0 454 17 

l-00e 6J 55516 
- .120 3 


5% 5% >. 

, 7 ;«, Xt =2 

L sa =» 

19% 19% > 1% 
7ft 8 — V, 

6% 7ft t % 

i^.V-.ift 
1% UU ■% 

% V°ft "fr 

rik yte 


Corn 

Ift ' I'i Catoerc 
1% 1 % CalArrtn 

Ift —ft CotBnc 
U 1 *■» CafitCut 


- 1377 I'A, t% 1% —Vi, Ct+Fncf 
>A 324 4% 4ft 4'.* _ C«MD 

_ 7996 18ft 16% 17% )'*• CalMic 
J 104816% 15V, 16'-« — % CalSBk 

“ axtkn .fi SB 
= s& r % =a 

_ 1294 9ft 8% 8ft CoiriNt a 

,Jg5 Ji% Hft 11% • ft Combe* 
-. 255312V, ll lift ... CambNc 
II 1782 24% 26. 26% -¥„ CarrSsS, 


116 2.9 I 40% 40ft 40%— I 
_ 1283 7V, 7 7 — % 

-26 1.9 743 14ft lj'.l Uft • ft 

59 JJ x68 26% 24% 26% > % 

... 851 6% 4ft 6' > > % 

... 254 3% 3% 3ft 

JO !.0 192 15ft 14ft IS — % 

- 2513 26 Uft 76 • ft 

_ 815 9% 8ft 8ft 

-. 464 27% 26’ 1 76% ' 5. 

_ 281 12 11 11% —ft 

... 177 7ft 1 7* it > '.’u 

... 921 lift 14 14% -ft 

.. 1351 8 7ft 8 

.41 123 J 2888 6% 5ft 4 • V, 

179 6% 6% i'1 — 

.. 2389 10'.- 9ft IDft -% 

.17*4.1x2069 79% 78% 28>»— Ift 
. WO *%. r- r 

- 814 4 4 5 1 Cl 

TO U 643 IBft II* . • 1 

_ 6197 9V, 8% 9% • % 

... 304 7% . 7ft -ft 

.. 7542 9% 9 9ft 

... 692 5ft 4\. S —ft 

.56 3.0 729 181, 18 18ft • ft 

_ 347 8% Aft 6ft —ft 

+4b74 505 14 IS*. 15*. -ft 

_ 4491 13% 12 1 -. 17%-lft, 

_ 3895 74 23 25 1 IV. 

40 3 $ 758 11% II lift .ft 

14 7ft 7ft 7ft —ft 


□ ration 
% GtiBnc 
ft attcostr 
ft CtzBcp 

% CTxBnch 

GtizBko 
W □Mins 


- 203611% 10% 11% • ft 

_ 12 15ft 15V, 15V. —ft 

- 3820 22% 21ft 22 —ft 

1.08 16 343 30ft 29% 30", < Vi 

_ 55 33V: 33% »•••! • 1 

NUN 26% 25 ft 25V, _ 

- 728 6'., 5ft 6 • V„ 

■64 1J) 152 35 31 ft 35 ■ 2% 

_ 74 s% SV« 5’., -ft 

- 1022 9ft 8% 8’. 

_ 1023 7 6ft 6 W , • 'ft 

- 3597 7% 1ft ?".» —■•.» 

.16 5.1 131 Jft 2‘» 3ft 'ft 


- 907 5V» 4% 5% - 

- 2772 3% 3ft 3ft —ft 

_ 3125 8 6% 6% — % 

..UlUfVu 25e 7 Vi, — V„ 


•1r 


_ . -I 17% 11% 11% — % 
2JI 8.8 173 78% 36% 38ft — % 

.. 1975 20 lT'.i IIft-1% 

16 4 3% 3% —ft 

- 472 8% 7% 8ft • ft 

_. 1130 4% J'., 4ft —ft 

- 960 16% 15% 16V. ■ V. 

J2 1.9 319 18’., U% »7*-. — ft 

32 1.7 1455 IS". 10% 10ft ■ ft 


... 304 7% 
.56 3.0 729 18% 


5 ' % 

18", < 1 
9ft . ft 
7ft -ft 
9ft 

5 -ft 
18% . ft 


3ft — % 

8ft • ft 


Aft 6'. -ft 
15ft IS*, 'ft 

a '-.. 17% -Ift 
25 Hft 


_ 1300 2ft 3ft 7ft — W 
- 4987 55 % 52% 55% '7ft 


355 17% lift 17% -ft 
1349 1ft Ift, Ift 
594 JBft 37ft M 


- 5 3B% 10ft 10% 

- 641 2ft l*e lye — Hit 

- 132 3% 2% 3 +ft 
_ E44l9ft 10% lBMi +ft 


- 1596 16ft 16ft 16ft —ft 
jO 244 30V. 29% 30V, , ft 


JO U 744 30V. 29 

-8*7 18 17 18 *ft 

^ -. 50 4ft 4 4 —ft 

+0 Z3 lire 17% Uft 17ft +'A 

.. 12239 50V, 43ft 50ft +5ft 

... 581 16ft 16 Uft - 

.. 387 4 3ft 3ft * ft 

-17 8ft 8ft 8ft ‘ft 

-72676 34ft 34ft 25ft— 8 V, 

- 8682 8ft 7ft 8'V„ *'V), 

- 1092 9ft 7ft 8ft —ft 

JO 1J 137817 16 Uft -'A 

_ 7-SB18 16ft 171'. +ft 

M 1 + 45809 34ft 33% 330/,. —ft 
-02 .1 2460 17ft 17 77ft -ft 

.04 J 7771 19% T7ft 19 *1 

- 3356 9ft 5 5*4 —3 

- 723511ft lift lift - 

-. 7673 Sft 5V. 5ft -Ax 

- 341 ft Vg ft +V M 

- 230020ft 18% TOM, — H 

— TO* 0 6ft 1 -1 

_ 2987 Eft 17V. 21ft -Sft 

-74013 47 44% 46ft -Vi. 

- 114 3ft 3V« 3ft —ft 

... 722 6ft 6 6ft —ft 

- 135 5 4ft 4ft 

.. 7171 Sft 5ft 5ft 

_ 2797 1ft 1% 1% _ 

- S3 Th 1 ft 2 -ft 

911 IBft Hft 17 —ft 

- . 217% 17% 177k - 

J4 1J 1507 19% IBft 19% *% 

1126 30ft 19% 20ft *VX 

-27D44 16 15 Uft— 4ft 

- 471B 19% 17ft 18ft *Vk 

- 1905 2% T'ft, 2 — Vw ; 

.19 1.0 7425 20V'. IB 19 —ft I 

- 2352 50 52 '2 

- 1071 10 9 10 

_ 390 lift 10 Mb 10ft —ft 

JO 3J 626% 34% 24% 

1.16 3.9 614 30% 29ft »ft - 

- 5342 18 16ft 77% 

580 3 2ft 2ft -ft 


„ .. 50 4ft 4 

+0 Z3 118017ft 17V 


ACMTA 
AcmeMet 
Add 
Act Port 
AdFrvrt 
Acn/bic 
AcxlOfTI 
AdOCLb 
Adooo 
Adapte* 
Acfngtn 
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ACuoSv 


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CvRos S 

■Iff. LOO 
AOMkSv 
AitNMR 
Aff.PotV 
AayPro 
ArtvSem 
AffvTLb 
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-45965 17ft 16ft 17 *% 

- 164414ft 13% 13% —ft 

- 113 7% 7V. 7% — I'® 
•32 ZJ SOS 14% 13ft 13% —ft 

- 1 10ft 10ft 10ft _ 

- 1240 9 8% 8ft •» ft 

_ 1074 24ft 21% E —2 

- 557610ft 9% 10ft —V. 

- 431 5H 5 5% —V. 

- 566 1%. t _V„ 

- 732 22% 21 21ft— 1% 

. _ .823 26% 27ft 28% •% 

+8 5.7x1072 9% 8% Sft —ft 

- 614 Sft 4% 4'Vu — Hit 

_ 2605S 1V7„ 11% IB 1 Vi, —h, 

- 119214 12ft 13V. —ft 

- 39013ft 11V, 12 _V. 

- - , .1* A ..297 36 35% 15ft „ 

icwbeSv J0 .6x31350 34% 31% 32% -. 

- 467135V, 33ft 33% *W 

- 157836% 75 26 — % 


r :a 
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17% *ft 
50% *-5% 
Uft - 


-. 821 21 19% 20% —ft 

- 2037 10% 9ft 10% - V* 

- 492 4V. 3% 4 —V. 

-. 474 7 6% 6% _ 

- 4663 3% 2tVu 3 -% 

-. 1276 6 5% 5ft *ft 

-17987 6ft 5% 6ft -% 

- 695 3% 3% 3% —ft 

- 2841 17V, Uft UVi — % 

„ _ 1116 7ft 6ft 7ft *A1 

ridvTlH ... 8924 7ft 6ft 7V,; -V n 

AOVCnrai JO .7 6233 31 28ft 30% -ft 
AffvwitBl .24 J 6505 39% 26% 29V, +2 
AdvBcp ... 227 31% 30V, 31V, .1 

Arnulm - 1255 Sft 4% 5ft .ft 

A prove - 663 9ft 9 e«, .ft 

Annum — 15011% 10V. lift — 


AdwBcp 

Anwli 11 — 

A prove — 

Annum 
AflCmpS 
AlVmgx 

AK.VCS 1 

Agnicag .10* .7 
Agoum — 

AoriDvti 

AirEep J4 .9 

Air.Vettt 

AlrVnwt 

A.rSen 

Aii-SV* 

A+lrqn .12 1J 
Axem — 

A+20 1.74* 2.9 

AinmoGP -36 2-6 
Alsnrec 


... 4193 11 16U Uft— 1 Y, 

... Ha • 7% a 

.10* .711999 14ft 14 14% .Vo 

- 1351 12ft lift lift — % 

- 146 3% 2ft 2% .% 

J4 .9 4516 28% 27% 27% —ft 

... 1033 3% l!i 3 —v. 

710 ron 2 3Vi, .'ft 

... 1617 12ft 11 lift — % 

- 137 4V# 6 6 

.12 1J *847 7V« 6ft 6H —V. 

- 939 31ft 3 3 — «ft 

1.74* 2.9 523 60 51% 59 — Vt 

-36 2-6 SUV, Uft Uft 

- 1133 ISft 13V. Uft 

1J0 6.7 57 18% ll 18 — *1 

+0 1.6 2547 24% 33’m 24ft —ft 

101 7ft 7ft 7ft 

-. 24S5 Uft 12% 17% — % 

Jl 3+ 2216 26ft 25ft 25%, -Vu 

4*13 4Ve 4% 4% - ft 

J6 3.1 488 12ft 1111 lift -% 

_ Slsi Toft lift 19% -l% 

.15 .9 336 17% 16% »6% — % 

- 44S 4 3% 3"), —ft 

- 1931 2% 3ft —ft 

_ 715 % I'd % 

... 4618 Uft 8*1 10% -1 
6 8 7ft B 

J2 1 J 9040 39 39 

2226 9 B B 1 ’*, 

... 4025 24 J2 'A Eft— 1% 
57 30 aft 29% — % 
+0 2J 52 15 Uft Uft— I 



_ 1294 9ft Sft 8ft .. Comfit n 

■ ,2SU, V * l?'** !!!'» ,r » combe* 

J. dSsBB as.* &SS. 

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BailSpt 

Becwets _ 

Bwvtorrv _ 

BFrankR _ 

Bsntxxi 

BemonF _ 

Ben IOG 

BerKtoV +4 U 
BerkG* 1.10 6.9 


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■* 'fiBB l 


g*L 

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23% lift .1% canw 
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... 1S7 5ft 4% 4% — % 

... 1130 8% 7ft 8ft .% 

... 1199 IS'., Uft 14*. — 

,. 973 15ft IJ' , 15' .. 1 Cft 
_ 3097 11’.. IO'« ll'.'u .ft, 

: 15932% 

... »I3', 11% 13 ... [ 

... 18 lift Iff? lift . V. 

Jle .4 179 88ft 67% 88 • ft 

- 440 Sft 5ft 5ft . V. 

.30 . 300 13 lift lift ■%! 

.. 27 5% 5% 5ft .% 

... 77 7 1 6 —ft 


CstBncp J3 1.7 1455 IB". IBft 18’. > % 

CstBnpt 7.2S 9J 54 2*% 24'i 24'., -ft 

CMHItn ...48335 34ft 31’ t 32ft " , 

Cooancs .53 1.9 I 28 a 28 ■ % 

CobraEI _ 1300 2’. 2% 2% —ft 

Cobra - 6987 55 <1 52% 55ft > 7ft 

Coca Bit IJH 3J 698 30'-. 77ft 28ft • % 

Cocensvs ... 1343 Sft 4-* 5ft — 'X 

CaaoEn _. 3840 6'.. 6ft tHr, . ft 

Code At _ 109 lift, lift rift 

Oottox.p Jle 13 1777 73’. 73ft Uft • % 

coane* _ 4948 19ft IT,, IBft — s. 

Cagnasa _ 173E U’fc lift 13 • 1% 

Cahasef J7et4 4 I Sft 15*. IS'.', 

CoflerCm _ S65 a 7% 7'V r -JV 0 

Cohemt _ BVI UV. Uft 14 -ft 

CohoEn „ 319 5v,. 41b SVu > 'V c 

Cotiu J« 1.7 344 Jlft 20 Mft —ft 

CTovtor JO II 198V 18% !/’•, 18 -ft 

Cukiocn .10e + 1714 Eft ?l% 27% 'ft 


- 877 9% B% 9ft > ft 

= ft 1Z 

.. 163 3% 3 3ft —ft 

_ 1 IB 3v, 3'., 3% ■ ft 

_ 4617 29ft 76 78ft )7 

215 V - ” 1 ”■ 


„ 217 7% 7% 7% —ft FlMdwF - 

408 II UVi 14% 1% FstNUg* 

- 2050 15% Uft Uft —ft FMWA 

.10 2.7 IB 3W 3% 3ft ift FNtGo .£9 JJ) 

_. 4378 50% 46ft 49ft 13ft FNDrtas JQ 2-5 

Jl* U 94 49 47 47 —Ift RWl5B S3 3.5 

994 81* Bft Sft , ft FtOok x J5 1 J 

OeWMia 17ft lift ift FlPcNtw _ 


26 28'-, i7 

214,73 > 1% 

8ft 8% -% 


-24994 19 17ft lift 1% 

- 220 8% 8% Bft 1 ft FiiPotm . 

_ 103 7% ift ift - FlPotBn .13+ 1.9 IIO 7 6% 7 

.12 17 76 5 3ft 4du — "a FtSBkNJ J5b2J 17 28ft 35V> 78ft 

- 8343 27ft 25ft 26ft I % FTSvMr® .25* IJ xl2619ft 18% 19V* 

- 270 10ft «ft 9ft —ft FSecCP 1.04 3.6 3317 29% 27 ft 29 

08o J 7 IS IS IS -. RShenoo JB 2.0 x404 14% 1. 


... 13035 Jft 3% 4Yn 
7.7S »J 184 73 70ft 73 
... 57 5% 4». 5 


•741 5.9 6K4I3 17-e 12% 

- 1723 »ft 75>J 26", 

_ 47789 79ft 77V, 28% 

J50 9 503 77 76 26% 


9 540 37 76 76ft 1 % 


S 7 IS IS 11 _. RShenoo ja 2.0 *404 U% 14ft Uft _ 

_ 16511 9ft 10V. -J% HtSrC +4 1.7 531 26% 25 76 • ft 

- 657 15V, 14 15 —ft FI 500061 06 e A 373 16 15% 15ft — % 

-. 7278 5ft Sft 5% - FtSoOCP 40 IJ 106 29 77ft 77ft— IV, 

_ 740 iv„ HA. ft - FsTSIBcp JW® J 210 14% 13% 14V, .. 

._ 363 7% 6% 7ft, ift FISICP5 .101 A 4 16 16 16 -3 

.. 928 4V« 3% 3% — Ww FtSfFln JO tA *333 8 % 8 8% - 

._ 1459 16ft 15 Uft "ft, RTeom _ JI07 I6'*i 15 16% • ■• * 

- 2698 9 % 8% 8% —ft FSITetm MB 3.7 4608 45% 44ft 45 -V. 

- 9316 19% 16% 17ft— 2 V. RUIdBcp JI7* 1.1 70S? Aft 5% 6ft ' ft. 

5497 4'Y. 4% 4% — % FIWBc .96 3J 58 78% 27% 77% 'ft 


J»e .1 975 15% 14*', 15 —ft Endso. 

- XK «S ?5 " ,i "^ 


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404 15% 14ft Uft— 1 
144 3'Vx 3 3-% 

791 3ft 7ft 3% . ft 

141615% Uft 15% >% 
214 4ft 4 4ft 1 ft 


-■ EnoBiosy 
, v, ‘ Enavnfli 1.08 6.0 

i EngvR— 


... 4965 17% 10% Uft lift 
...39686 18% 17% 18% -V« 
... 1733 3V- 3 3ft i ", 
... 348 13 17% 17% -ft 

-. 3468 "ift 4!e Sft ? ft 


CTavIor 

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- !» 4 *ht -Vu CaaA«- 


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... 77 7 6 6 —ft 

... 462 3 7*. 2'%. — "m 

- 3731 T'n 2V,, Vit ■ ft 

- 2301 Vi • ft 

.15 e .5 727 27% 28% — % 

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Comdial 

CamerSft 


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80 3+ IU00 24 73 23% i i, 

126 5.0 13721% 71 21% '% 

60 2.0 112 29% 28% 79% .. 

... IH11 10ft 10% -V, 

294 41% 39% 39% _% 

J4 |.l 15594 24ft 71ft 72%—?% 

- 1468 5% 5V. 5% i % 
.09 A 70301 Uft Uft 15ft— 

J9 +29749 ISV. 14V* ISV„ — 

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95 U 13ft 14 . % 

... 3580 8% 8 8ft -ft 

- 861 2ft 2 2*i, — ft, 

_ 37M Sft S% 5% —ft 

_ 2598 73 Jl V.*22t»w— ft. 
_ 456 3ft 3% 3% * ft 

+.5 3.1*1336 23% 21 21 —2ft 

JU 2J 151031% 29ft 29ft— 1% 


... 1233 3'/- 
... 34813 

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— 35783 30 TOft29V B i*iy B 


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:: 


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39152 Uft 14% 16% - gxwm 

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_ 737 9 % 8 9 •% 

JHI 29 3760 31ft 20ft 30% >1% 

- 3609 26 22ft 24ft . ft 

_ 855 3ft 3 3 

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1.0* 3+ 459 30% 39% 30% _ 

1.73 6.1 1091 29 28". 28% < ft 


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_ 163516 11% 15% _ FrnkBK J3r 2J 305 9H 9 9ft • % 

3.00 7J X12 41ft 41 ft 41 ft— 1 FrfcBkPt .90 7 A IE Uft 12 Uft •% 


10212 lift Uft 
147 16 15ft 16 


115ft 15ft 15% —ft 
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6 4ft —V. 
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- 9865 4% 3ft 3t*e -V» rSSraV 
... 1IU Ift 1% IV] ♦ Vt, CasinoDS 


-. 251 Sft 5 Sft 
-2S179 12ft lift Uft 


CrarmOS 
CaiMoak; 
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-16600 2ft 1ft 2% —ft 
14949 ft ft —Hit 


— i.TW n VM ex — "1* 

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J 1240 14V* 13ft 14'ft -Vu 
28 763 23V. 21ft aft *2. 


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.44b 2.7 344 

.12 .5 765 

- 1112 

- 26504 

.10 2.1 111 

_ 201 

- 521 

- 4774 
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_. 7160 

- 2744 

TO IJ 526 

1.08 3.1 »1 

... 289 


AtoCaoC IJ? 7.9 581 17% 16% 16ft — 


AlWCaO 1 JSo 9J MO 13ft Uft Uft * % 
AKlCDIl UJpBJ 165 14% li'.i Uft — % 
AWCoo 1.00 7.1 687 lift 13% 14 .% 

An.eaGn AO 2.0 2673 30% 29". 301. 

AlaHlPd J4 1 j 6 *70 15ft 11 IS —ft 

A.njHtaa - 159 15'e U>j Ulx - ft 

AlOLrf* .12 .9 56713% 17% 13", * 1ft 

AldvYm - 778 3ft 3% 3% 

AlifiFn _ 81 «+ H 6"e 6% - % 

Alllritta -. 71819ft 18ft 18ft — Vj 

Atoctie - 39 3ft 2V* 2 - % 

AW*e _ 3565 11* 1% 1H — % 

AtoMiCWl - 1164 Ill V„ — l'n 

Alenol .. TOM l',7. >v, Ift, _V„ 

AtahaBta _ liuu U 13ft 

Alonari ._ 2715 1+k Ift 1ft — V* 

A'nLC* „ 70* 4% 4% 4% - 

AltOuid - 4411 It* Ift 1ft •% | 

ATta. i „ IS 3% 3% 3V] — 1 

Attron _ 3975 6ft Sft 4"/n *% , 

AJVra —23990 TOH 24V, 29% -!H I 

A!r»PM ... 954 31% TOH 29% *% 

Jilt on - 4158 ZD"* 18% 19% .Ji 

At. oar — IS 4% 4% 4% —lb 

AmbtSfr .. 1146 3% Ift 2 » v. 

Amcor ,99e 3J 45 36% 36 i Vs36'Vb - 'Vn 
Atr-xarFs M 2.8 229 21% 20ft 21 W —ft 

AirvLinfc - 1146 9 1% BH -% 

Amnons +0 3.9 94 1« 1J% 15% — % 

Arwuc V 12 B 2 '... 2 V „ 2 "A — ft , 

AFFF 1+0 7.0 x4?6 22ft 32 S% - 

AmFPr 1.06 12J X3M Bft Ift Hft *H 

AFT*E J4 «JS HIS 4% 6% 6ft —lb 

AFT.g? .rj 8.3 *125 9% 8ft 9 *ft 

AmerOn .01® - 6401 71% 67ft 68ft— 3ft 

ArnSve* 456 7 4ft 7 • ft 

ArnBaiS JO 2.9 9 17V, 16 17%*l% 

ABnkr Tl U 1996 Sft 21% 21% -ft 

AnBusn .. 1119 3ft 3% 3% —ft 

AmBlda - 1458 17ft 16 17%. 1 

AmBtJSin - 320 Uft 14V, Uft •% 

Amc.tyb - 9 15ft IJ"i 15% - 

ACNMn ... 49 3V. t TU.t i'>.t * Vu 

AC'asVoy 14 1.012139 18ft 15ft Uft— Ift 

AColtad 24 1.6 867 15 U», Uft — ft 

Am£oBto ... 2738 78% M% 27»4 -ft 

Amtcoi Wte I.U iv* 8% 7*t 7ft 
AmEOve ... 2*1 3% 2% Ift — % 

'^E'Crpo 806 Of. 8’.'i 9ft . U 

An^B JO M 273* 12M 11% 12V. • ’.i 

AFittfn 1.00 33 41 28'/, 76", 18% . 2 

AmFranl „ ... .3654 74ft 23% 24ft •% 

AGrtwr 5A 1.9 1 1567 29% 38'. 78*. —V. 
AHttaCPi ... 1584 8 7% 7ft 

AmHokJ .. 1534 IV, , |V„ IV,, 

AHomPgf .. 555 IBft 17 Uft -ft 

AHormlr ... 1492 l|},u 9% 10 -V, 

AlnoP Ji 2.2 5811 10ft I Oft —V. 

AmtnPIS , ...3643 1% I’tj 1% -Up 

AmLfCPf l.U >0.1 343 21ft 20ft 71% —V* 

AmLOl 43 6 5 5 —1 


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48 JS 14450 

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. 14729 

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15% Uft — % 
23ft 24ft *H 
4ft 5% *1 
9ft 10% — % 
41* 4% —lx 
7% 7% 

5". 5% —ft 

74 24V, —1 % 
7% Bft *1 

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BloMWjr _ 4409 JV|, Ift 2V« >v, 

BtoSoedf „ 342 vit Bft 9 -ft 

gjUOTTO t I 1788 5H nl 5% — ft 

33S 

Btomoo ... IIO 1ft IV] *V„ 

Btofnotr -. 251 5% 5 Sft _ rSIIS 

Btomet -25179 12ft lift 1J% -ft 

s set = ia ;jS25 p r -a §«■ 

gsa - i’-* % “> effi 

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BoataVIl 

BoateB 

BoamTvwi 


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_ 3661 a 18 21'%.- 7% 

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- 3489 10% 9V. 9% _V, 

_. 3724 21% 19% 70 —IV, 

- 1644 4 3ft 4 +% rmSum 

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? ComHISv _ 1606 76% 25 1 A 26 -ft 

Comner _ ll 10 10 10 _ 

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“ Cm Pan ._ 1096 A 3% 3% —ft 1 

’ Ccmputto _ 142 7% 7 7 — *V« ! 

^ ,-r QnpOciD .10 S 13512ft lift 1196 *W«. 
U CmrtHl _ 114712 11% 12 

~ - Cmplan _ 478 1ft 1ft IV B 

-ft CmpLR A0 AA 849 9 Bft 9 +W 

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Comtwwr - 78460 48ft 43ft47ft.*2Afu 

>£ - 37412 11 L ,V » *. ta 

CmstRs _ 1802 3"/ n 3 S’ft, eft 

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■ Cbmvers - 31a io% io% 10ft ■>% 

\ CCdCran _ 1462 3ft 3ft 3% —ft 

£ nc § I f3 3 ~ 1835 19’X IBft 19 —ft 

? Corid+lth _ 2827 6ft 5% 5ft 

l COncH wt _ 2809 1ft 1»U 1ft +Vx 


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TO 3J 445 6% a 6 —ft 

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87*1014 tft 9ft —ft 

4QolJ 10 37ft 35 37ft >1% 
.. 3742 7ft 7Vb 7ft —ft 

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_ - 2005 16% 15% 15ft — % 

TO ZB 419 30% 78% 29 —1 
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AA Z1 43 21% 20ft TOft —ft 
-42147 38% 36ft 37W«— Wu 

- 249 a 19% 20% —ft 

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1.17 6+ 3018% 17ft 17% —ft 

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1.12 3J 760 Mix 31ft Mft „ 

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-53202 21% 18ft TOft >ft Freds TO 1+ 4304 u Taft 14 -ft 


-53202 21% 18ft TOft >jt Frmft 

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- 814 8 7% 8 _ FUhO lc 

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- 889 T5ft 14% 15ft »«» 

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TO 3J 347 19ft 18% 19ft —ft 
_ 1626 I /ft 16% I/Ve -I 
J4 1+ 77018 17 17ft —ft 

.. 3072 aft 78 a'.v,+3>Vii 

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421 4% 3ft 4 >'A 

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_ 8192091 19ft 20% *% 

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FHPnlA J1*1.l 267927% 26 27ft eft 
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-1830611ft 19% 21 *1% 

_ 6775 1 3ft 13 Uft - 

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_ 7184 ift ift ift >ft Orwmae 

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M 1.9 M? 13 12?. 125k -ft 


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TO 3J 14135% 
•IS .? 3» U 


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ConcCm _. 8247 l'Yu l®u 1ft —V. 

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Conductu _ 348 5ft 4 4% —'A 

Conastoa 1465 Uft 12ft 13% >% 

ConfTc ._ 2767 4'A 4 4 — A 

Con med 62518ft 17% 18ft .1% I 

ConnWI 1+4 6+ IDS 24ft 24 TAVt .ft 1 
Consep 195 3% 3ft 3% — % 

CcnsSvx .17 .9 23412ft 12 12ft +ft 

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SS# TO 2jff 


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231036% 3$ 35ft .ft mran 
4813 70ft 19 2VW. + 1Y. FaKfln 
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1+ TO 6ft Aft, 6ft, — Vt, Gandff a 


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- 1184 9V« 9% tft .% 

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Uft > % COOPTL 
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S —ft Coon B 
3% + % Copart 


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J4 .9 2687 25ft 35 a % _ 

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- 193 . 9 ... Av> in —*• aimTrk 


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CmOoFS 60 19 DO* 20ft 19ft 71% .% cStSh 

RIStJI - 5“ It Vt 1 *** —v. Ojrvrs 

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KISSES. I w —'x cmcita 

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Smlst 1 - 1449 £• ft* 5ft _ CfnSLfln 

Cnrntab 212 13 lift lift Cauror 


39v* .% cvmrys 


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... 1137 5ft 

- ,3490 21V. 
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-12634 16 

- 300 121. 
£72 1ft 

_ 87+ 4V„ 
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.76 5.8 26528% 


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- 79612ft 

. 43553 38 
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- 179 11ft 

- 3087 Aft 

.. 2167 ft. 

+6 J 6130 21 

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J* 1-5 152 15% 
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International Herald Tribune, Monday, October 3, 1994 


Page 9 


CAPITAL MARKETS 

Bond Investors Facing 
Rough End to Bad Year 

By Carl Gewirtz 

fmemaiionat Herald Tribune 

P ARIS Only three months to go before one of the worst 
years for traders and investors m the bond market passes 
mto history. But getting to the end promises to be as 
difficult as the preceding three quarters. For openers, there 
is the threat of a half-point increase in UjS. interest rates. 
Employment data for September, which J. P. Morgan & Co. ana- 
lysts said could take the jobless rate to below 6 percent, could 
trigger the rise on Friday, or the Federal Reserve System’s policy- 
makers might wait until the following week’s reports on industrial 
production and retail sales. 

The midmonth federal dec- ■■ — — 

lion in Germany also risks to be a „ 

upsetting if Chancellor Helmut ^ a 

Kohl’s conservative coalition efanrinff TirtwAon 
fails to win, throwing into ques- 813110011 1™™*** 1 
don whether the new govern- 
ment will continue the policy of 
reducing the public deficit. 

John Lipsky at Salomon 
Brothers Inc. in New York fore- 
casts a “standoff between the 


forces for stronger 
growth and high er 
interest rates. 


forces for stronger growth and higher interest rates. In Europe, 
we’re likely to see continued accelerated growth but with inflation 
still low. In the United States, growth is likely to slow amidst 
worries about inflation." 

It all adds up to continued caution by investors who have been 
badly burned. 

Despite scattered weeks of improving bond prices in a handful of 
markets, the year to date remains a disaster. Morgan’s government 
Bond Index Monitor, which measures returns in local currency, 
shows declines in every major market: 3.1 percent in the United 
States, 4.1 percent in Germany, 4.3 percent in Japan, 6.4 percent in 
France, 8.4 percent in Sweden and a high of 9-5 percent in Britain. 
Morgan’s global index for the year to Sept. 30 is down 4.6 percent. 

Surprisingly, new-issue activity has held up well Data provided 
by Salomon Brothers show that the volume of new issues in the 
latest quarter totaled $104.5 billion, up 14 percent from the de- 
pressed second quarter. But the third-quarter's volume was 8 
percent below the year-ago level and for die year to date, activity 
totaling $3283 billion is running 1 1 percent behind last year’s pace. 

This relatively good performance is due to the huge increase of 
new issues denominated in yen, which was double the pace of the 
year-ago period and up 32 percent from the high level of activity 
already seen in the second quarter. International issues denominat- 
ed in yen totaled the equivalent of $26.7 billion. Yen 
accounted for 26 percent of the i 

See BONDS, Page 11 


issues 

the total third-quarter activity, a record 



THE TRIB INDEX 


International Herald Tribune 119 
World Stock Index, composed ... 
of 280 Internationally invest able 

stocks from 25 countries, 1 17 
compiled by Bloomberg 

Business News, ne 


Weekending September 30, 
dafly closings. 
Jan. 1992= 100. 


World Index 



F M T W T 

North America 


F M T W T F 

Latin America 



84 F 

M T W 

T 

F F M 

T W T 

F 

Industrial Sectors/Weekend dose 

ram van* x 
do4K don dungi 

903M *2J* 
dou dOM 

% 

chmgt 

Energy 

112.98 116.20 

-2.77 

Capital Goods 

114.79117.98 

-2.70 

Utilities 

129.03 130.18 

-058 

Raw Materials 

134J00 137.75 

-2.72 

Finance 

114.29 115.07 

- 0.68 

Consumer Goods 10257 104.33 

-1.30 

Services 119.84 121.97 

-1.75 

Miscellaneous 

133J9136S7 

-2.18 


The inlet tracks U.S. dollar values of stocks (r: Tokyo, Now York, London, and 
Argentina, Australia, Austria, Belgium, Bredl, Canada, Chile, Denmark. 
Finland, Francs, Germany, Hong Kong, Italy, Mexico, Netherlands, New 
Zealand, Norway, Singapore, Spam. Sweden, Switzerland and Venezuela. For 
Tokyo, Na* York and London, the Max Is composed ortho 20 top Issues m Want 
at mart* espitafeatfart. otherwise the ten top stocks am tracked. 


OtanmadonaJ Ha raid Tribune 


Copper as a Stock-Market Compass 


By Susan Antilla 

Nm York Tunes Service 

NEW YORK — Copper is making for 
interesting talk in stock market circles 
after the September-delivery price for 
the metal reached at a four-year high last 
week, the peak of a recent rally that 
caught the attention of Wall Street’s tea- 
leaf readers. 

Never at a loss for a market rule of 
thumb, some Wall Street types dredged 
up this gem: “Every bull market has a 
copper roof." Or. if copper rallies, the 
stock market falls. 

Indeed, in the most recent history of 
copper prices, an all-out rally in copper 
prices that started in November 1986 
took off in advance of the 1987 stock 
market collapse. The copper rally from 
December 1989 to August 1990 got going 
before the 2 1 percent decline in the Dow 
Jones industrial average between July 
and October of 1990. 

For the most part, however, copper 
rallies portend stock market slumps with 


about the reliability of a coin toss, said 
Jeff Rubin of Birinyi Associates. “We've 
also had plenty of rallies that were not 
coincident with a big market dropoff." 

In the 15 copper rallies of 20 percent 
or more since 1948, the Dow followed 
with a bear market only eight times, said 
Mr. Rubin. Not nearly as reliable as the 
Super Bow] theory, the hemline indica- 
tor, or the position of Venus in the dark- 
ening Wall Street skies. 

The belief that euphoria over copper is 
bad for stocks derives from peculiarities 
of the economic cycle, explained Steve 
Leuthold of the Leuthold Group, a secu- 
rities research Arm in Minneapolis. 

“Big copper rallies like this one lake 
place when shortages lake place in an 
expansion,'’ he said. A copper rally could 
be a signal that the economic expansion 
is maturing, Mr. Leuthold explained. 

Since conventional wisdom has it that 
the stock market turns down six to 12 
months before a U.S. recovery runs out of 
steam, the copper rally could be bad news. 


This time around, however, investors 
trying to make sense of copper’s rise had 
better take a broader look at economies 
internationally, the pros say, because the 
big demand for copper is not co ming 
from the United States. 

“Our economic expansion is 44 months 
old." said Mr. Leuthold. “But the Europe- 
an one is only about 3 year old, and the 
Japanese expansion is even less." 

Ditto the importance of growth in In- 
dia and China, said Jim Williams of 
Williams Inference Service, a business 
consultancy. “You've got exploding mid- 
dle classes in India and China that need 
new refrigerators, new TV sets, new cars 
— things that use commodities like cop- 
per,” he said. 

Add to the worldwide demand for 
commodities the fact that copper is the 
speculator^ metal of choice, and you 
wind up with more demand than supply, 
explained Michael Metz, market strate- 
gist at Oppenheimer & Co. “Copper is 
See COPPER, Page 14 


GATT Outlook 
Is Brightened 
By EU Accord 


Dresdner Sees Lower Profit in 1994 


Compiled by Ov Staff From DispOdies 

MADRID — The chairman 
of Dresdner Bank AG, Jfirgen 
Sarrazin, said Sunday that the 
bank’s 1994 profit would not 
match 1993’s record level be- 
cause of problems with securi- 
ties trading for its own account. 

“In our securities business, 
we, as well as other German 
banks, have had a very difficult 
year,” he said. 

“This will lead, as 1 see it 
today, to a situation whereby for 
the whole year 1994, we will see 
no increase as compared with 
this exceptional year of 1993. 


But we will see an increase com- 
pared with 1992, which was the 
best year we had before.” 

Dresdner, Germany’s second- 
largest commercial bank, boost- 
ed its 1993 operating profit by 24 
percent, to 2.03 billion Deutsche 
marks ($13 billion). 

Analysts have been revising 
downward their forecasts for 
German bank profits this year 
because of weakness in bond 
and stock markets. 

Mr. Sarrazin said that during 
the first half erf the year he 
would have forecast an increase 
in full-year profit, but “the mar- 


kets went the other way.” 

In July, Hilmar Kopper, the 
chairman of Deutsche Bank 

AG, Germany’s largest bank, 
predicted full-year profit would 
be above average, even though 
it would fall short of last year’s 
earnings (rf 5.27 billion DM. 

In the first half of 1994, the 
bank's operating profit rose 4 
percent on the year, to 2.66 bil- 
lion DM. Profit from trading 
for the bank’s own account 

K 67 percent to 332 mil- 
4, because erf volatile 
bond markets. 

Commerzbank AG, said in 


Germans Pass the Wheel 

Car-Sharing Cooperatives Cut Costs and Pollution 


By Brandon Mitchener 

International Herald Trikune 
FRANKFURT — Germans are known for 
their love affair with the automobile. Since 
the days of Gottlieb Daimler. Karl Benz and 
Ferdinand Porsche, the German car has sym- 
bolized mobility and prestige. 

As German cities choke on the exhaust of 
growing traffic and the price of car ownership 
rises, however, many people are trading in 
their cars for walking, cy- 
cling and public transpor- 
tation. 

For those who find they 
occasionally still need 
their own wheels for short 
errands but do not want to 
own or rent them, an in- 
creasingly popular solu- 
tion is to join a car-sharing cooperative. 

Car Sharing Deutschland Genossenschaft 
eG, based in Frankun, started business in 
April 1992 with five cars, three parked in 
Frankfurt and two in nearby Wiesbaden. Two 
and a half years later, the group owns 33 cars 
shared by 600 users in 13 cities across Germa- 
ny and is expanding steadily. 

“In a year or two, we hope you'll be able to 
walk out your door in any direction and find a 
car-sharing car less than 10 minutes away," 
said Thomas Grossing, a regional coordinator 
for the group. “We're constantly growing” 
Indeed, because it is cheaper than owning 
tearing or renting a car by the day, car sharing 
is spreading to other crowded cities in north- 
era Europe 


SMALL 

BUSINESS 





Sharing 
Swit 

“England and Holland are next to develop," 
he said, adding: “We’re getting inquiries from 
Scandinavian countries — we even got a call 
from Eugene, Oregon.” 

In addition to being practical, car sharing is 
considered environmentally correct. Everv 
car shared eliminates 10 to 15 cars that would 
be privately owned and usually just sit parked 
somewhere, dogging city streets, car-sharing 
advocates say. 


In Frankfurt, members of the nonprofit 
cooperative pay a one-time key deposit of 
1,100 Deutsche marks ($710) and a sign-up 
fee of 250 DM in order to use a fleet of cars 
scattered across the country. 

The basic cost of using one of its Opel 
Corsas, most of which are new, is 42 cents a 
kilometer and 4.30 DM an hour. Prices 
include maintenance, insurance and gasoline. 

To reserve a car. a member calls a 24-hour 
number and simply goes to pick it up, assum- 
ing one is available. The cooperative’s cars are 
scattered around town in reserved parking 
spaces and each car's keys and papers are 
locked in on-site strongboxes to which every 
member holds a key. 

Some other car-sharing groups depend on 
pools or privately owned cars rather than 
cooperatively owned vehicles. In general, 
groups attempt to maintain a ratio of 11 
regular users per vehicle. 

The baric concept, born in Switzerland in 
1948, has proven so popular that now even 
established rental car companies are getting 
in on the action, ultimately threatening to 
stum the growth of cooperatives. 

Avis, for example, has launched a service in 
Berlin called Oscar that offers use of its huge 
fleet and guarantees availability when it is 
given 24 hour notice, an offer that car- sharing 
cooperatives generally cannot match. 

“The disadvantage of the rental car compa- 
nies is that you have to pick the car up during 
business hours and rent it for at least a day," 
countered Jens Matthaes. one of the Frank- 
furt cooperative’s two top administrators. 
“Their prices are also higher and the cars are 
only parked in business districts, not residen- 
tial neighborhoods.” 

Mr. Matthaes said the main problem with 
car sharing — availability in peak demand 
periods such as the weekend — would disap- 
pear as the fleet of cars grows. 

Although it is profitable in operational 
terms, the Frankfurt group is still running in 
the red because of the venture’s high start-up 
cost “We’ll need another two years before we 
break even,” said Mr. Matthaes. 

Articles in this series appear every other 
Monday. 


Stocks Rally 
In Taiwan 
And Korea 


CURRENCY RATES 


osa Rates 


Sept. 30 

l c DAL Fj=. I in an fcF. SF. Yen CS Penta 

MM UN UBS US USI1 ftuw* SLUB- US UN- U» U51S- 

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bias In Ain st ardom , London. Navr York. Toronto and Zurich, flxlrm hi other centers. 

Teauvan. deUor; v Units oi W0: N.O.: no, oucWdr MJL : . 


OttMr Dollar 

For* 

U.TO4 
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IIU 9 S 
Ml 
AS 234 
27.U 
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CMnwiwi 
C»ca koruna 
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Values 

Currency Per* 

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HowXOMt 7rt» 

HvnAforM 10757 
Indie* rum JU3 
Mto-rapM 217*01 
IrM £ 0UU 

Israeli Atk. 3032 
Knarmi ebtar 02774 
MoUV-rlna. list 


Currency 

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TLZHtmai 

Notw.knme 

pbilmk 
PuMiitorv 
PmL esoida 
Sms. roue 
Saudi rfyof 
SJn*.* 


Purs 

U85 

14578 

4775 

2400 

23191 

157.82 

263300 

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1-483 


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S. Air. rend 15735 
IhKor.WM TO3B 
Sweet kruna 746*4 
Tatum * Z6.W 
Trial boM 24.93 
Turkish Urn 34072. 
UAE dUWAl 34727 
vmez. Dally, ikoo 


34-0OV 0*407 K4BV 

U419 1J4M 1J4I! 
mat 780i 77.71 


I Rates 

My tOdoy not Currency 
. 1.5770 1470 1577* Canadian dullur 

[ 7 sen 15*02 USO Maoaeaam 

tOM 1.301 13*8 

■ inoosuez Bona IBroSiaial; Banco OmmcrdaK ikUlana 

’* %SnSarnriu." «* Tokyo ihm.- *»* * 

F t son), other dom tram fikertws atdAP. 


Compiled by Oar Sufi From Ddpmdtea 

SEOUL — Korean stocks 
rallied to a record on Saturday, 
while Taiwan shares soared to a 
four-year high on the strength 
of bank shares. 

A buying rally in medium 
and low-priced shares pushed 
the main Korean stock index to 
a record dosing high after ac- 
tive half-day trading on Satur- 
day, brokers said. 

the composite index ended 
3.72 points higher, at 1,05423. 

In Taiwan, stocks rose to a 
four-year high on gains among 
statoowned banks that are ex- 
pected to outperform the mar- 
ket before local elections Dec. 
3, analysis said. The benchmark 
weighted price index gained 
43.99 points, to 7,135.12. 

The rise has little to do with 
the underlying operations of the 
banks, but rather a perception 
that investors dose to the gov- 
ernment will target the shares to 
keep prices rising and voters 
happy before elections, analysts 
have said (Reuters, Bloomberg! 


PRIVATISATION OF THE 

TELECOMMUNICATIONS COMPANY OF GUINEA 

The Guinean Republic has decided to privatise the 
Telecommunications Company of Guinea (SOTELGUt) through 
foreign private investment. This company has the monopoly of 
public sector Telecommunications in Guinea. 

The international request for proposals is aimed at companies, or 
groups of companies, with previous experience in the management 
of a public sector company in this field. 

Tender documents and further information can be obtained from: 

La Division du Porlefeuille du Ministers des Finances 
Direction National des Marches Publics et du Portefeuille de TBat 
Avenue de la R£publique. face a mopital Ignace DEEN 
BP 2066 Conakry-GUINEAN REPUBLIC 
Tel: (224)41-35.97 
Fax: (224)41.4220 

It is also possible to obtain further information from Arthur 
Andersen, advisor to the government, addressing enquiries to: 

Mr. David DARBYSHIRE (Arthur Andersen • London) 

Tel: (44) 71 .438.3731 
Fax: (44) 71 .438.5990 

Mr. Amaud CASA LIS (Arthur Andersen - Paris) 

Tel: (33) 1 49.01.32.67 
Fax: (33) 1 42.91.09.90 

The tender closing date is 30 November 1994 in view of a 
privatisation that wHI take effect 1 January 1995. 


July that full-year results would 
match 1993’s on the prospects 
of better bond-market condi- 
tions. In 1993, net profit was 
586.4 million DM. 

Commerzbank’s first-half 
1994 operating profit after risk 
provirions was 436 million DM, 
which included a 68 percent 
drop in profit on own-account 
trading, to 87 milli on DM. 

Mr. Sarrazin also said there 
was room for Goman interest 
rates to fall, but long-term rates 
were unlikely to drop below 7 
percent in 1994. 

Mr. Sarrazin said Western 
German inflation and growth in 
the M-3 money supply were 
slowing. If these trends contin- 
ue through 1994, and there is no 
upheaval after the German gen- 
eral election on Oct 16. then 
German interest rates should 
ease, Mr. Sarrazin said. 

(Reuters, Knight- Ridder) 


By Tom Buerkle 

International Herald Tribune 
BRUSSELS — The Europe- 
an Union appears likely to rati- 
fy the Uruguay Round global 
trade deal on schedule this year 
after officials agreed to sidestep 
a turf battle between the 
Union’s Brussels bureaucracy 
and its member governments. 

The EU breakthrough, cou- 
pled with a decision by U.S. Sen- 
ate leaders on Friday to put the 
trade accord to a vote on Dec. 1, 
has greatly reduced the risk that 
ratification delays could bold up 
the Jan. ) implementation of the 
agreement, European and Amer- 
ican officials said. 

The accord includes the big- 
gest package of tariff cuts ever 
and will set up a World Trade 
Organization in order to ensure 
fair play in global commerce. 
Following a decision by EU 
ambassadors in Brussels late last 
week, officials said EU foreign 
ministers were expected to agree 
Tuesday to send the Uruguay 
Round pact to the European 
Parliament, which must endorse 

meats of the 12*EU rnemjjers! 

The European Commission, 
the EU executive agency, then is 
to act Wednesday to send the 
400-odd pages of implementing 
legislation to the Parliament, al- 
lowing members to begin re- 
viewing the accord while the tuif 
battle is resolved separately. 

The meeting on Tuesday 
“will be able to give a very 
strong signal that. Europe is on 
time for Jan. 1,” one commis- 
sion official said. That is impor- 
tant, he added, because many of 
the more than 120 countries 
who have signed the accord 
have been stalling their own rat- 


ifications until they see whether 
Europe and the United States 
will meet the target. 

The ministerial move win not 
affect the struggle between the 
commission and EU member 
states that has held up ratifica- 
tion. The commission wants to 
be the tingle voice for the Union 
at the WTO, as it has been at the 
existing General Agreement on 
Tariffs and Trade. But a number 
of member states, led by France, 
argue that they should represent 
themselves directly on matters 
including financial services and 
intellectual property rights, 
which the Uruguay Round will 
bring under global rules for the 
fust time. 

Germany, which holds the 
rotating EU presidency, has 
tried to defuse the dispute by 
proposing a code of conduct 
that would allow member states 
to speak for themselves in the 
WTO only if all efforts to reach 
a common position with the 
commission fail. But agreement 
on a code was blocked last week 
by Belgium, which wants to up- 
hold the commission’s primacy 
on trade matters, and by Spain, 
which wants those powers 
curbed. 

The issue is expected to be 
decided by the European Court 
of Justice. The commission re- 
quested a court ruling on the 
dispute earlier this year, and 
court officials indicated last 
week that a decision would be 
made Nov. IS. 

One French official warned 
that the ruling is likely to be 
“ambiguous and complicated” 
and “isn’t going to resolve any- 
thing.” He said the commission 

See GATT, Page 11 


China to Upgrade Aviation Industry 

to Xian Aircraft Co„ in centra 
China, in a deal worth up t( 
$600 million. ( Bloomberg, AFP 
m Crain Imports to Fall 
Separately, devaluation of tin 
Oiinese currency and a ririnj 
international grain price are like 
ly to result in a plunge in China'; 
wheat imports, beginning nex 
year, news agenceis quoted a re 
searcher as saying Sunday. 

U Yongjiang, professor at th« 
institute of International Tnuh 
and Research said China's wfaea 
imports would be 10 million ton 
a year for the next three years 
but the country would have diffi- 
culty paring for the grain, ti» 
official China Daily reported. 

With the purchase price ir 
international wheat markets ex- 
pected to grow at least 10 per- 
cent next year, low domestic 
salesprices could spell trouble 
for Chinese importers, he said. 

(Bloomberg, AFP s 


Compiled by Our Staff From Dtspatcha 

BEIJING — China plans to 
upgrade its aviation sector by 
2000, with heavy reliance oh 
foreign-government loans and 
credit, according to an industry 
blueprint reported in the offi- 
cial China Daily on Sunday. 

The industry plan will focus 
on the development of emerg- 
ing technologies in areas such 
as new materials, auto-control 
systems and electronics, the pa- 
per quoted Zhang Yanzhong. 
vice president of Aviation In- 
dustries of China, as saying. 

“We hope to get $100 million 
from the Japanese government 
loans each year from now to 
2000 to finance China’s avia- 
tion industry,” the Aviation In- 
dustry Corp. president, Zhang 
Hongbiao, tola the paper. 

The industry has already at- 
tracted $100 million in foreign 


funds, and it expected $60 mil- 
lion more soon. Mr. Zhang said 
Chinese companies were striv- 
ing to introduce a 100-seat air- 
craft within six or seven years. 

Hie blueprint also includes a 
political element — abandon- 
ing “out-of-date ideologies” 
and turning to market-oriented 
planning, the paper said. 

The plan, which includes five 
to seven large testing and re- 
search centers, is aimed at forg- 
ing a modernized industry, capa- 
ble of exporting to the world. 

China’s aviation sector is 
backward. Its main facilities 
produce fighter aircraft based on 
antique Soviet models from the 
1950s and 1960s, but the indus- 
try is increasingly turning to civil 
aircraft production and exports. 

In August, Boeing Co. said it 
would transfer some of the taS- 
making facilities for its 737 
short-range passenger aircraft 



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Page 10 

mutual funds 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 


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Trust 425—031 L 


UFETnprt 425—03 

Si|^ 

fesst*^ 


irfttlAB 

GnnAp 

intlAp 

& 

CaAar 

Convt 


1725-25 intBjTAnlif? — 19 ATLAp 1674—06 

f£ J; Sg n a=8 c^tap K2 iE 

2-S— ffftls '?7? —06 CcpAAp 1272 +.15 


AOO^A 1128 


9.63 -21 
2970— il 
2970 -74 
Funds; 

7929 -75 
1272 -23 


as ft-* 

SIGvICf 3.9F I » 


NYHYm 1004 —04 ReE5ecP 10.75 - 

NYlntern 9.36 — M SI Gov 1026 -SB 
PAHYm 1014 —03 SmCaeGr 1823 -70 


PATFD 1025 — 23 ReoionnDM2» +29 FOAA 
PremRtP5c6J8 —25 ResrvprwTra —03 GKiA 
PRTFp 11.18—02 vauen liJR +21 GvSAt 


twSt^pSjs rffl 

Utilities p OS +■" 

I VA'TP H.1B —JB 

Fnmidn Mod Tr: _ 


0.94 -24 ; &ctJll 11. 

920 — 21 I Govt ft i _. 

1029 —22 t^fRsGaldlHM— 04 STTnJNt 929—01 
. 1074 -27 TxFBtX 924— 25 : STInlCt 9J59 — 21 

Resrvprw 9.93 — 03 GOA 19.42 —JO TctRtl 15JB -.10 1 SClTAn 10.12 —24 

Vdwn 114)2 +21 GvSAtX 9.25-25 Volt 1621 +.10 1 SgTAn »27 — jo 

03 EX Group: HrEGA 212 1 Tjg j MoDOMn Fnndfi j TXlTAn 927-23 

: Wax 729—21 HrlGrA 20.94 — ju Cc^pnx2424 * 28 Valueln 1x1374 

I MttlAB 523—28 ImOAtX 828 -24 Sc&m 3036 - 73! VtdUftlA«l37 

§§§5.88=2°? %S» BSKT.Wifi! 

2GrpwCp 628— 07 SKAtX 771 —27 IlHMfp nx 1427 — 73 : VAI IA.0 1071 

2T«Ex 1.10 _ TxFAtx 921 —06 SI Bona > 18.90 —17 NahoBwideFdj: 

TlncPlAp 975 —03 TotRstA 12.17 +.12 J GfcOeet n49.72 — JM NtSond £3 


CrpEdtx 7.68 —28 StGvICt 199 _ 

Ealdx 1A12 -.10 ! sjGvTAn 19* 

GlcOll 1175—14 1 SflnTAn 929,— 01 

Govt ft 729— Ml STMuTAr»921 — 21 

NtRsGaldillCPO— 04 STtnJNt 9^— Dl 


CmTcA 976 - 23 i 

Dv&rAp 1920 +.14 

EujGrA p 823 —18 

GtEflAf 1178 +26 

SIgiap luo-jn 


luo -JH 

HSUS 


g® *«IU^ 

CAInAp 1003 — 2t 
EautAp 13.96 +22 
EotrtCA 1423 +25 
GNMA A 13JS —01 

S^a p T tao _,1< 

sest*]^ +j* 

« p pi^^s 

bvSab ll'n +:« 


dPfnxlO03+.08 
r nx 975 — M 

las* :: 


AStAllnx yjs „2 

LpmStw 9®. +71 


rrinn 1823 + 74 AS 

I 


VohWLMI 

AdtGyn 

AsOrtn" 



m=& 

wuv 


Vrt 1TJ1 +76 VonK^fW 1 
lorFd 117? +-9I 


NTfiXAp 11.07 —23; MuldAp 1320 +.15 
MYTxAp 1006 —24 ! MuWA 1028—22 


Cot So nx 2424 -JB Valueln tx 1374 +22 
Scfca n 3036 +72 I VatoelA (toe 137 7 +23 
IncEonx nj7 -71 , VaJLgTA 1378 +21 


VAJTAn 1071 —05 
VAI IA.P 1071 —0$ 


>rst AmarFds A: 1 

+.13 Found n 1224 + 22 gatABp 1049 +25 

+.12 GJoften 1321 — 19 Bolanp 7024 —71 

♦ 22 Grolncn 1599 +« Equity n 1770 + 26 

—.14 UdMktn 21.74 +78 EqldXP 1028 + 78 

—21 MunCAnlQJQ— M Fxdlncp 1077 —71 

+ 21 MunjFn 1015—01 intGvBdn 09B — 01 

_ MuruNat n 9.76 —SB InScp 975—02 
+.19 Ret. re n 1179 *71 IntTxp 102B 

— 2l Tonun 1820 +.11 Irrn p lCUl —14 

-.12 ExceUWdas 4.14 +JM Ltdinc 925 

ittSstorinslt MtgSecp 9 JO —21 

, +.05 Bdcnced 7.14—21 ReaEop 1222—09 
+ 21 EdGrowm 777 *26 Stock P l£5l — 02 

+ 25 Ed index 774 +.U First Amer Fds C 


IntMIgn 977 —27 ToxExDt pllX4— 23 
IntHjan 1028 —.01 TxExCApl5.13 — 02 
fl Mt^C &! 1079 _02 rx|XMOP.Art- b 05 

CapGrn 10.11 * JJ7 W!AMu1p! 7J8 -.10 
Grlncon/ 10.05 —24 AmGwm 9J0 
Income 9® —05 AHenign LOB 
ASM Farm 9.79—27 Amer Nuti Fund J: 

A VEST A: Growtn +.M 

Balanced 17.19 +.03 Income x 21.77 —22 
EnGro 10S» +28 Tn«ext 1S.29 — .10 
Ealncom 17.95 -.10 API Gf prrt \1M —.03 
Income 1573—21 Am Perform: 


Accessor Fpndv 
lnlFxtnnxlU6 —27 
AccMartgllJO —28 
ShtlntFxxll.79 — 26 
Acorn In 1679 —.03 


AggGro I2J7 _ 
Bond < 9.17 —22 

EauitV 1123 +.11 
mrBd x 1010 — 02 
lntmTxFxl073— OS 


Acorn in 1679 —.03 lntmTxFxl073— .05 
AcmFa 1341 -25 AmUtlFa n 20 JO +48 

AdyiCa D 70J2 -.09 AmwvMut 777 +.04 
AdvCBcte 10.11 +25 AnajytStiTGv 9.M — 21 
AdvCRetD 9J3 — 23 Analytic nx 12-10 

Adyest Advont: _ AnChCnp 2D./5 +26 

Govt np 826 —02 ArttimGr ndfl.78 +25 

GwrhnpK I6JB +.16 AquitD Funds: 

HYBdD 8.64-21 A2TF 10.10 —22 


Soc&n 20.13 -.13 

WSnM^i 

+.14 

GvlnA Z7S — 27 
GwttiA 428 +.18 
IncGrA 578 + 04 
MutncA 4.42 —22 
CapGrSt 420 +.14 
GlobB 4.15 —26 
GvblBt li?6— 
GwttlSt 1422 +.18 
incGrBt 157? +.04 


m uh 


Decl lx 1676 +.05 Bamced 7.14 — 21 
Detwrix 17.93 +21 EdGrowm 777 + 26 
Dtcpl 2527 + AS 774 

“ZZSStfHS +.04 'W.JB +.13 

DeclnA px.1675 +JJ4 HYBdt 971-21 
DecTRA pi227 —21 Ma ng dt 1 122 +27 
Detowp 17.90 - FFB L e xi c on : _ 


.„.. „..5nH0r©vl 1070 — 23 RhDtup 1427 +.10 

W+.86 \msimr* 

* - A5TABR 1079 +J15 GtotCurpll9B — ^.01 

Bolanp IQli —.01 HardCur pl327 — -01 
Faulty o 1770 +26 HllncCur pi 142 — 21 
Ealdxp 1028 +28 Fremont Furek 
Fxdlncp 1077-21 Bondn 979 -JM 
IntGvBdn B2B— 21 Gtoboln 13.14 —JM 
Inficp 975 — .02 Growth n 11.09 +24 
IntTxp 1070 . IriHGrn 940 —29 

limp 1021 —.14 CA bit 1074—2* 
Ltdinc 925 . PundTrust 

MtgSecp 9^0 —21 Aggres pf 15J4 -24 
Reg EPS 1222 —29 Gwfiipt 1426 — 05 
Stock p 1671 —22 Groin pf 15.97 +.04 
»3t Amer Fdi C IncopT 9 65 —.03 

AstAII n 1078 +.04 ModTRptllJJ —SB 


VATJB 11.19 —JR ld«3 1441 ' 

PreaudnModTh ir ^Mp US -JJ6 

ISSSSSSfcff “SSS u, .« 


WrtdBAx 942 —.16 j Bononx 19J5 —.18 
laystont AmerB: intlEan 37.51 -79 


18.14 -24 PocGrA 1675 -70 
278 _ STGtAp 823 +21 

1072 -25 Srrqt A 1341 -.13 

IStI yfe A ?^=;g? 

1051 +.10 AUocSBt 1143 +24 


p 1077 -71 
dn 828-21 


Ltdinc 925 
MtaSeep 970-21 
ReaEop 1242-29 


si.7 o a=a 

Dtttnyp 1)70 +73 
EquitPIpxlOJJ +29 
Exlrtnp 198 —22 
Fed Inc p L83 
Gtobfidp 573-71 
GtoQrp 6.93— .13 


Keystone 

CPJBt 

FtxBt 

GvSBrx 

ImdBnr 


itWrB: LntCan 37.91 —79 

942 -21 MorCter Funds: 

1023 —23 Fxdlnc 9.47 —22 : 
1048 + 27 1 NY TF 1044 —74; 
1970 —23 ETFxtnc 941 —21 1 
975 I TR&3 1244 - 27 
049 — 75 IMorlcetWotcOi Fds; ! 


SSftltiStt €SSSTt M^Bi 

EuGrBI 847 —17 


USGvIn r 971 — JM 

wubcroerBenifc 

eranxl^U? 

UdABotn 9.90 —71 


RraFAe 18.14 -24 
STGvfAp 278 
SmCopA 1042 -25 

USGVAP 8.69 —ffi 

UltAp 8.5* +jT5 

Asstat 1041 +.10 
ATLBt 1621 —05 
Bluest 1194 +.14 


AstAII n 10J8 +.04 

Balance n 1044 —21 Funtamehtai Funds 
Ealdx n 10.67 +28 CAMunnP 7.61 — 06 
Fxdlncn 1027 — 21 rvYMunnp 79 
IntGvBdn 8.97 —21 US Gov n 1.« 
inline n 945 — 22 Funds IV; 

IntTxFrn 1078 _ AqSJkASn 9.90 +22 


Intip . — 

MgdRp 1122 + 
Massp 5.17— 
mSSIp 520 —01 
MNTEp 5.10— 71 
Muflpx 1129 —29 
NYTEp 5,0. —SB 


OmMoS 11549 +75 Eauitv 10JJ4 +23i AMmJmtn 1049 +27 
PT^Bt 1074— JU Flexlncm 9.70 -• MuST 1041—24 

StcBt 724 -.01 InlFxln 9J9 -21 Portnrsn 2075 +23 

..WMnjA *- 

aystoneAmerCi I GvtSecAx 941 -25 NetrberaerBwmTr: 

GiOpCt 1976 —,03 GthlnAx *49 —28 AMT Bat n!446 +.05 
kLaRF 941 —21 VMEaA px 945 —.02 GuardTr nkLSO —24 
Fixer 1024 -.03 MdrshoBFurete NYCDCn 10,18 +.11 

FOACt 1049+27 Balnx 925 -.09 NewArter 3920 +.14 
GvSCrx 975 —.06 Eatrtcx 945 -SB NewOrtto 12J4— 23 
imdc rx 168 —26 Gvdncnx *27 — 24 New England Fds: 


— . PTxFC t 10J6 —24 | 
1129 —JJ> StcCt 773 —77 | 
£06 -JH TxFCrx 977 -JJ6 

’tiJU? *' 13 


Incnx *27 —26 New. 


p 724 — JH 923 — 76 SpecEq 


USGovl p 724 — JI2 
TreasAp 9.10 —.01 
TxUSAp 1120 —JB 


SmCoGrnxllAS +2? First Amur Mull A: 


MutncBt I4jp —23 D gt-Pgo ted TTurt 

3»flU&£ 38 :S 

EmgGrn 11.13 +.12 jnttEq « JiT? — -13 

Grwtn 1226 +.10 OimenskxuriRK: 
CoppidUfl BJB +79 InttVatn 1073 —.77 


Incanrv 13.14 —09 
MufldNa* ».l« —.or 
Socinp 2023 +J7 
Straftnc 1725 
Aetna Advisor: 

Aetna I 1040 - 24 
Bond t 943 —.05 
Gr1ncomt1025 +2* 
InllGrr [173 —.11 
TaxFreet 9.18—04 

+27 

AiianGrn 9 JO —.19 
Bond nr *43 — 05 
Govt » *A7 —25 

Growth 1045 -26 
Grvnnco 1027 -28 


Grwtn 1226 
CoopidUfl 84B 
CmttDwGmm 
Farid SW 1472 
Grwtti 12.92 
Gvrlnc 425 
NMRi 1047 
NZlOnd 1041 


TxfnsAp 1027— 22 FFB Eg 1(U0 +28 
TxliVAP 10.19 —21 FFBN J 1045 — 432 
TxPaAp 8.19—72 FFTW Funds 
et-Paaied Trust US Short 9.92 - 

ssssaja- 11 tsi B hu. 


■ntllnst n 1072— .14 iBdlnSn 9.90—22 

Ltdinc n 5TB _ SfkAoSn 9.93 -25 
n 9.70—.<n gam Funds: 
n 1152 —29 Global 13779 +25 
n 1733 +26 Inti 19347 —7p 
1640 —22 PocSas 1 93. BO —.91 
wMuMA: GE Stun SSS: 


Ohrtin 5.19 —21 
PrecM lp 928 +21 
Prpgresp 4.94 +JJ3 
Select p 828 —21 
Stock px 19J8 —.05 
arAggt 1470 +.14 


IntBd nx 973 —25 

WTxF 949 —71 


OvrGrp 929 +.11 
Ealncop 929 +.13 
Manqrncp 942 +21 
First AmarMutlC 
□ivrGwttin9.10 +.10 
Eqtvl neon 929 +.12 
LttfTarmn9.95 
I _MnsdlncD n941 


SfrWGt 5.67 
TEBndP 174 


1470 +.14 
9JS —21 
529 -21 


TtkWr Groa* Stock nx 9J4 —sn 

ARM Gv All 77 —23 ViSEanx I0J4 +.051 
ARMlnstAli.*4— 02 Mathers n 1447 +.15 1 
ARMtosmn.94 — SB SWRWG 13.95 +.10 
A9AJIB 1379 +J» Maxut Fund*: 


MldCOP n 943 -.14 BdlncA 1114 
STtncnx 966—24 CATFAP 72 
Stock nx 974—23 .' CaoGTApUTl +78 


W^io-JH +j> 3 HH ^ ifig p ?.-i=| 

CO TF 1025 —02 Grwtn 1192 +.10 US 6- 1 0 n 1173 -27 MiTFp 1075 — 21 

HI TF 1123 — .02 Gvrtnc 425 - JOTCXIH 2620 —36 1075 —21 

KY TF 10J2 — 01 Metffis 1047 +73 UK n 2470 —28 FPA Funds 

NrgnsITF 976 —21 NZIcnd 1041 +25 Contn 1446 — J6 Qsxt 1970 +28 

OR TF 10 70 22 NJapci' 7.91 — JM DFARIEsl H)J’ — 25 Newlnc 1051 — 27 

TxFUT *76 —02 CarSnol FamBy: Flxa n 101. 10 +23 Ptxrnrr 1473 - JQ 

AquinesFumt AgpGtn wtl +.12 GBd 96.93 +J7 ^Peren 2124 +.10 

Scnwerw949 — .03 Synced 9.90 -23 Gcwtn 1002Q— .19 Foinntn 24.94 — J3 


Dive lx 1144 -.10 FslSOSJGx 9JM— .07 

tnlGCp 922 —23 FstEool nr ISAS -24 


COTil 1970 +78 

Newlnc 1051 —07 


9.82 — 03 FrstFdt X 1067 +JW 
7075 —21 FrstFdTat *32 —SB 
1075 —21 FtHwMo 1022 — 02 

First In vestots: 

1970 +78 BJCKpp 1579 +25 
1052 —07 GloblP 473 —24 
1473 -JD Govt p 1048 —21 


Dlverstd n 1428 *26 Lflaincp 679 - 22 
Gtoboln 1773 —16 151 Funds: 

Incomen 1071 —SB Munipn 1026 — 04 
S&SLnan1068 —22 NoAmp 974 +27 
SSS PM n 3425 +33 T^p 978 —21 
TaxEx 1LI3 —SB IndCJneGT 921 —03 
Trusts n 3428 + 78 tod t aewto u CT Qmk 
GE Funds: Ooixrt p T023 —23 

GtobCfC 1920— .18 StmGvtp 949—21 
InComeAnllTS _ TRBdP 921 —03 

.n^, P ’iS ‘- 1 ! 

Its '"ggrt tTB +JC 


AstAJIB 1329 +29 Mmtus Funds; 

EmMJOA 1276 —.14 Equity pnn421 - JM I 
EmMktB 1270 —14 Incomef 1020 —11 

Bn 16*45 — .17 Lauraatpnt9.98 — JM 

Cn 1648 —17 Medofla Funds: 

A 1423 — .16 MDMul tnlO.17 — JJ5 

B 1174 -JM Stockl tnxUJO +Jki 

A 1174—24 StOCkTnxl120 -26 

1348 —01 USGovTn 923 —22 

1127 _ USGvtltn 9.83— 02 

2348 +77 VAMUT n 1074 —06 

IdA 1077 —22 VaMunl 1 1 026 —26 


GtoFxS 1174 -24 
GtoFxA 1174—24 
GvtAt 1348—01 
IntFIA 112? 

KPEI 2348 +77 
MuniBdA 1077 —22 


SmCOTA 1126 +.19 I MentGfh 1X47 -.13 
GwiAInt AtantStrn 1220 +.11 

iqtTmBdn 179 _ MeraerFd PKLB8 +.03 

aTmGmrnl.9» . Meridian n 24,98 +76 
TaxExTriPt nl.99 _ McrriD Lyndi A: 


_ GEUSE 16.13 +.11 

GtoblP 673— JM USEqA 16.12 +.12 

Govtp 1048 —71 GIT Inyst: 

GrotnCP 646 +.04 EqSpcn 1926 +.13 
HighYdO 477 —21 TR35ln 925 — 22 
income p 328 —21 TxFrVAn!043 —02 
lnvGrdP 978 — 02 GTGtObafc 
USA m> 1145 - Amerp 1977 -79 

MATFp 1175 - AmerB 1948 +79 

Ml TF p 1179 — 22 EmMkt 1878 —29 


Eqfncnx 9.77 +22 Fund 1X73 +2? 

Fxlncnx 976 —26 JSoylOtalia 7.96 —.01 


.etna Select Arch Funds: „ CarflCo 1275 —27 

Aetna n 1041 +27 Bel 9,76 +22 CamegOHTE9 J9— 02 1 

AiianGrn 9 JO —.19 EmGrtti 1X]5 —22 Centura Fluids 
Bondnx *43 —05 GovCora 9.75 — Oi EqGrwCn 970 +2? 

Govt « 9jW — ill Grolnc 13JM + .04 FeastnCn 927 — 23 

Growth 1045 -26 MoTF 10.92 -22 NCTFn 9.83 —22 

Grvnnco 1047 - 28 USGcv 10.16—22 CentumGP J.«4 +.04 
Intt&rn 11J7— .10 ArieiAppnp2i22 +71 CntryShrn 22.71 +.10 
SmCOGr 1042 +24 AridGronp2843 +45 OrCnpeC 1277—03 
ton Funds: Armstnan 9.0* +.03 OwsGrtti 14.1 1 - 32 


Alaer Funds: Armstrm 

Growth r 2028 +.10 ArrawFii 
IncGrr 1225 +.07 Equity 
MidCpGt rl22) +.|9 Fxdliicm 
SmCopl 3141 -.19 fAurvi 
Alliance Cap: AitanraGt 

AJiancen 6.74 +21 AttosFun 
Bolanp 1X19 +.03 CAlnsA 
BalonB t 1X07 -.04 CaMuni 
BondAp 1229—03 GvtSec4 
Cnstvtnv I0J4 — JD GrolncA 
CpQdBp 12.B8 —03 NaMuni 


Equity 974 +JM ChicM0wnl47J7— 03 
Fxdlncm 941 —03 QumoGrln 1674 —11 


9.07 —03 OlutbTRx 1473 


CpBdCp 1229 —03 BB&T Funds: 

Countp 1774 +.09 BalTrnx 974 —02 
G83GV1B p 9.18 + .12 GrotncT nxllJO +26 


DGvIB p 9.18 +.13 
bSAp 1742 +.06 
MAD 7.48 — 03 
rvtBp 728 —03 
WICP 748 —02 
nlncp 2 JO +21 
vthC 21.13 +.18 
WthFp 24.76 +72 
vthBI 2M2 +.18 
IncBp 2JD -.02 
1nvB 1145 • JM 
lOBIdC 945 —01 
lAAp 973 —02 
iAAuB 973 -.02 
IMCP 973 —22 


AtlanroGrplT.14 +.09 Oippern 4878 +.10 
Altos Funds: Cufoniat Funds: 

CAlnsA 9.91 —.04 CalTE A 6.93 —22 
CaMuniA 1046 —.02 ConTE A 7.14 —.01 
GvtSecA 949 —22 FedSec I0J14 —03 
CrolncAxtlW +.10 FL TEA 7.13—02 
NoMuniA 1044 —03 FundA 7.W +JM 
BB&T Funds GtoEcA 1149 —06 

BalTrnx 974—02 GrwlhAp 1370 +.17 
GnomcTnxIlJO +JM HiYklA 647 —21 


Govtn 10040 —19 Fomntn 24.94 —73 High Yd p 477—21 

InfGv 10443 —10 Fasctonon 1820 +.18 Incomep 328 -21 

IntWBM 11J2—JO Federated Funds: trrvGrdp 978 — 02 

LCOTtoi 1156—19 ArmSSpn 948 _ USA no 1145 

PocHim 18J6— 07 Arm I n 948 - MATFp 1175 - 

USLgVal 1077 +.10 EXChFd nx727B + 46 MJTFp 1179—02 

USSmVal 1122 - FlgtTSn 1071 —22 NjTFp 1243 — JD 

... TodM&Om: FSYllsn 845 —01 NYTxFrplAOfl — 04 

9.83— JE Bcfomt 45.95 +.16 FGRO tlx 27.10 +.12 PATFp 12X16 — 22 

B.W +.04 Inaxnen 1027 — 01 FHYTn 8.66 -21 SMfBd 1178 —23 

2191 +.10 Stock n 54.95 +29 FITlSn 9.78 —JE SpSilp 1726 +.11 

1197 —03 DomSocid 1274 +.10 FITSSp 978 —SB TfflC&wtD 946 — 21 

1411 *72 Oremon Funds: _ FsigtlSn 1076 —.01 TotRetp 1143 * JM 

47.75 +26 Contrax 1195 —02 FstahlSS OlOJfi —01 Uttllnajp 527 +.08 

14777—03 HiRtnx 1621 —08 FSTnx 2529 +.12 VATFp 11.97—23 

SmCpValnI173 -23 FSTISSp 845 —21 HrstMu* &90 +.15 

KeytaK Gnma1Sn1044 — 22 RrstOmahoc 

ABmktn 1156— JH GnmaSp 1044 — 02 Equity n 11.10 +.11 

Aprecnp 1118 +.18 FtotSSp 1071 —02 Fxdlncn 9.JI —SB 

AssetAUnll83 +26 Inttndnst 978 — JH SIFxInn 976—21 

Batocd 1X59 + JM I RAT IS I0J5 — 05 FPDvAstp 1247 -29 

BasJdrtfM4048 — .03 AAJdCopk 1091 -JJ9 FPMuSdPll.76 — 03 

CaTTxn 1476 -JH MgdAarnlO.OS +21 First Prior&y: 

Cal I run 12.95 —SH ModGI n 9.98 +22 EquttyTr IK1043 - 

CTintn 1279 —26 AAadGranl020 +JH FxdtncTr 948—02 

Dreyfus x 1244 +26 AAgdlncn 9.93 +21 LldAAGv 946 —21 


EmMJdB 1826 —10 
Eurupep 10.47 —.13 
EuroB 1077 —.14 
GvtncA B45 
Gvlncfl 845 -21 
GrtncAp 626 —24 
GrlncB 606 —25 


1616 +.12 CopGrl 1178 +JB 
16.13 +.11 quatSIk 1472 
16.12 +.12 USGvt 944 +21 
Invamur Funds: 

1926 +.13 EqGrttlAoWJn +21 

ljg=^ WGovA*p P 9.91 —SO 

977 +79 iZl^***-* 
948 +79 Dynmo 1078 +.10 
828 —09 Emsrlhpniua +.19 
826 — iq Eneroyn 1047 + 22 
047 —.13 &ivinin 64* +27 
1077 —14 Europe n 1X21 — 16 
B45 _ FlnSvcn 1541 —2* 

845 —21 Goldn X19 +JB 
606 —24 Growth tip 571 +23 
606— 25 HlthScn 3574 +4# 


Bator n 1X64 +29 

ffi^np]^=g 

. >JSOyn 943 —ffl 
Lrwel lavestBR 
OpAp 27.90 +28 
ItBSP 1X13— JH 
In* p 1X37 —72 

W ^=51 

Lm^TTujb 1 ' 60 
Balncdn 923 +.06 
Irrtmto n 1076 —.02 
S&P500n 10.19 +J38 
Stock n 7875 +.18 


MeroerFdpKLfia +.03 NewUSAD 1220 +.18 
AAerkflann 24.98 -76 fffehotas Great 
MerriDLrndlA.- I MOlOln 5125 +70 
AnwInAI 9.18 -JB I Nchlln 2671 +74 
AdiRAp 946—21 Nicnlncn X36— 21 
AZMA 10.15 — nl NchLdn 1X15+74 

S 'WSMftrtli 

03 CoreGtoA 13JJ6 *.lfl 


HTthCrp 1946 +26 HiYldnp 649 —JD 
HJIOB 1943 +JS Indlnca npld 75 —.10 


A Bondn 1156—02 
Aprecnp 15.18 +.18 
AsselAlIn 12_83 +26 
Botocd 1159 +24 


IntlAp 1X55 —78 E< 

ItUG 1X04 —77 in 

MrtoAp 877 —21 W 

AArtoB O 877 —1)2 BT: 

Mrmcp X27 — .02 Cf 

MtgTrAp *61 .In 
MtgTB P 9.61 . In 

MlgTrCP 941 - In 

MAAS A p 7.99 +21 Or 

MAAS Bt 7.99 - .01 In 

AACAA O 974 _ In 

MuCABp 9.75 >21 Hr 

MuCA C P 9.75 > 2T Ur 

Bab 

» AB 1X23 — BG B c 

0 *77 >21 Bt 

MuOHCp 9.06 —22 E< 

S 

MNYA 9.03 —23 Ini 

MllNYBp 9JD —03 Sir 

RAuNYCp 9.03 -.03 Te 

AAuPAB p 9.1B —SB Te 

NAAuAp 9.72 -.01 UA 


infGovT nx9j4 —22 
i NGlUTB nx9.78 — .01 
StGcvT nx 94t —22 
BEA Funds: 

EMKEf 25J6 — 45 
IntlEa 2044 —28 
AAuniBd 1425 
ShtDurQt nx*2 —21 
5MDurlnvnA92 
StoFxtnp 1523 +JD 
USCFxIn 1478 —22 
BFMShOu n 94* — JH 

£»°pxra&=$ 

BNYHamaton: 

Eqlncx 1024 +.01 
IRtGovt 974 —SB 
NY TE 9.84 —25 


ineomeAp604 —22 
InlGrA 1075 —.12 
AAATxA 7.44 —.01 
ANTE A 671 —21 
AANTEA 671 —02 
NatRasA 1X13 —05 
NY TEA 676 — SB 
OhTEA 6.99 -.03 
SmStV. p 1X19 +.«4 

®p,ti!=£ 

TxIrtsAp 7.84 —.03 
USGrA 1227 +.18 
USGvA A75 —21 
UtilAp 1171 +71 
CATEBt 673 —22 
CTTEBt 7.14-21 
FedScB r 10JM — JD 


caiiren 1195 —27 
CTintn 1X79—26 
Dreyfus x 1244 +26 
EdEHnd 1174 +74 
FLIntn 1275 — JQ 
GNAAAnplAll —21 
GflCA 1X90 —2? 
GMBdP 1A15— .05 


EquttyTr nx 1043 - 
FxdtncTr 948 —02 
LldAAGv 946 —21 


AAoxCopx 1176 +21 First Union: 
AAlnicao nxll47 *28 BaTTn 1149 ♦ 
ShrtTerm 10.12 — 0! BctCtn 1140 + 
USGovtn 940 — JD BalBp 1149 + 
STMT SS P1 0.1 2 —21 FLMuniC 9.14 - 
5BFAn 1X16 +.08 FktoBp 949- 


CopAppn 11.74 +.10 
InstAstM n945 - JU 
InstEalx nl042 +27 
InvlntTF n 9.94 —.04 
invEdApp n924 ♦ .15 
InvtmEq nlX*6 —.14 
InvLGvtn 971 —22 
invUtiln 9i1 +.13 

ssssd iB 

MbmGni^ 

BondSn 9.tf — .oT 
Enlerp2 n 1X98 +77 
entron 1629 .77 
Gwtnn 12.1O +J» 


FLTxBT 7.73—22 
FundB t 7.99 -JM 
GftjEqB 1X44 —26 
GwttiBI 1170 +.16 

HYSec^t 647 —21 

sssr itsszfl 


691-02 GNYo 1973—25 5BFAn 1X16 +.00 
IXI3 —05 Grtncn 1663 +J» FIdefity Advisor: 

676 — SB GwthOon 10JV +JE EmAAkTAp7175 

6.99 — .03 InsAAun np!727 — JM EqPGR 3X57 +73 

1X19 +.14 Intermn 1340 —.cm EaPtrcA 1X20 +.11 

648 — SB InrerEqp 1543 —14 GtolResC 1743 +25 

1187 —73 InvGNrt 1476 — JU GavlovA P 923 — 21 

7.84 —02 AAA Inin 1X71 —10 GtwOppp2X09 +26 

X07 + .18 AAA Tax n 1543 —JM HIAAuAp 1148 — JD 

635 —01 ArtunBdn 1X10 — JD HiYIdApnllTO 

1171 +71 NJIntn 1X95 —05 In cGtp 1X81 * 23 

673 —22 NJAAunn 1X78 — JM LldTERA D924 —21 

7.14—21 NwLdr 3422 * 76 UdTBRA 1Q73 — 21 
I0JM —23 NYlTy np 1X97 -.03 LtdTEI 9.83 -27 

7.73 —22 NY Tax n 1449 —.05 Ovsea P 1375 —.19 

7.99 -JM NYTEP 1743—26 STFip 9.53—01 
1X44 —26 Peaaindt 1627 +.13 SlralOaApl*.95 +.14 
1170 +.16 PeoMidmlX97 +70 Ftoefity testOut: 

948 -21 ShlnGvn 1075-22 EqPGln 3X90 +73 

647 -21 ST Inc pn 1177 —02 EqPlln 1679 +!l2 

604 —22 ShlnTp 1X91 —21 IShlGv 9.34 -23 

078 —13 ThdCnirn 720 4 26 UBI n 10J4 — oi 

744 -21 USTInt 1X41 — JM Fideltty Invest: 

329 -JM USTLng 1X44 -28 Aorltm 1173 —02 

676 -JH USTShn 1424— JD AAAgrn 1448 

X9* —23 Dreyfus Comstock: AAAqrGrn 13.91 — JJ2 

12.95 +.M CaoVdA 1128 -27 AAAgrln n 1048 . 


FktoBp 949 -23 
FxInTn 9.6* —02 
HlGdTFB DlO.lO — 23 
HIGdTFC 110.10— JD 
AAnBdTn 9M8 -SB 
NCAAunCt 9.40 —23 
USGvt&p 971 —21 
USGvtCr 971 —01 
UtiMvCI 9.3t +.11 
VatueBp 1772 +71 
vaueCtn 1772 + 70 
ValueTn 1771 *71 


—2i Flag Investors: 


HftrtcA 1220 + 28 
Hilncfi 1X90 + .« 
tofraA 1229 —24 
InfraB 1X37 -JM 
totlp 1X88 —17 
Intfi 1078 —17 
Japan p 1X75 — JJS 
JOTCTiGrStX64 — J* 
LatAmG 3X89 —74 
LaiAinGBrx74 — 74 
Pocrfp 1449 —75 
PocSfB 1444 —25 
StrcnAp 10.94 +.(C 
SlratS 10.95 +23 
Telecom 1773 —23 
TdeB 1770 — JD 
WWwo 1777 —.13 
| WtowB 1771 —12 
Gabefii Funds: 

A PCD 10.42 +21 
Asset np 2346 *77 
CorrvSc pol 1 60 —21 
Eaincpx 1144 —21 
GWntCPn 1044 +JJ5 
GfCoovn 10 a* — JH 
GtTetp 1078 +.10 
Growth nc 2X58 »7B 


IntGovn 1222 
InttGrn 1725 
Leisure n 2X42 


PocBasn 1X81 —12 

fissrwTa S | 

UWn 9.74 +.14 KSL"? .J-S 
VaEa 1773 + 28 ^ J|2 

IrrvTrGvtSt 145 —23 PfllTf. 15^° 


1575 

1470 — J15 
976 —22 


BaiA 1146 +27 
BasVTA 23JJ4 -.15 
CAIAAA 921— .13 1 
OBMnA 1JJJ6— JQ, 
COTFdA 2742 *27 
Consult p 1276 —.17 
CpFfiA 746 —02 
OnvGdA 1077 —03 
CpITA 1070 —02 
DevCoop I7JD —.10 
DragA t 1770 —74 
EuroA 1579 —78 
FedSecA p 974 — jh 
FLAAA 940 —.01 
FdFTA 1474 -.08 

^ AP 

GIBdA 9.12 —41 r 

SCvA 10.70 +21 


GrthB 1 1946 + 77 

GtEnBt 1l2 +26 
QlnBt 1024 +21 
G4&IBI 1045 —03 
FRInSI 741 —04 
JnvGS I 978 —03 
MHtnBI 9.89 — JB 
NTaxBI 1127 Z® 
NYTxBt 1026—24 
ReflFBt 1724 —24 

SmCcB^tiaS -25 
SHB X91 -22 


Id Fds: CcfTDo 1X45—03 

AflAJSAP 779 — 02 USGvBt 84* —23 
BtdcnApxTlffl —26 ADD D 1X10—06 
11.14 - COOAD 1X02 +.15 

i 7.33 _ ComTecp 9.19 +22 

1471 +78 DvGOp 1978 +.14 
1129 — JH BtGrD 841 —18 
1X67 *25 GCfD 1X96 -24 
1045 —23 NTkDp 1127 —23 
1024 - 0? GrthG 1940 +77 
976—03 GlInDt 1026 +.01 
1X15—17 rtlncDp 742—04 

—SB 1026 

1322 +.13 AAHIDp 929 —03 
7.54—21 jtGvtOp 278 
7.90 +23 SmCapO 1045 +25 
1178— JM SMDp B.92 — 21 
11.14 _ USGDP X69 — SB 

1440 + 77 UtlDp X3I +.13 
1603 —17 Pon&obn 1040—10 
1340 +.13 PappStk 1441 +77 
725 +23 paroMnPh 
1220 +.18 GuffS 1X00 -78 
ore* IrttBd 972 —re 

51.05 +70 LA TF 1073 — ST 


CacGrAp147T +78 
GtobGApJ129 —23 
GrOcA ax 1X67 +JJ5 
GvScAo 1045 —23 
GwthAp 1024 —22 
FfiltKAP 976 — .03 
IntEqAp 1X13—17 
LtdTrm AM71 —22 

^ T » AP l'^^ 

TxExAp 7.14 —21 
ValueAp 7.90 +23 
Bel onBbt 1178— 24 
Bdlnefip 11.14 
CapGfSt 1440 +77 
toTEqB I 1603 —17 


UiiLApx *28—01 incomr 
AUocSBt 1143 +24 AAUpiCr 
ADocCBt 1128 *SB NWnx 
CalMu l 1129 —22 Satomon 
EeuISM 13.94 -22 CSPn 
iq inent 1420 +25 wves n 
GWMAnt 1371 —01 QPPOT». 
GtOfilBt 1X11 —16 §C«ff»V 
GlUtS 1346 +JM SOVOdln 

GvInBlfn 843 —02 CASIn 
GvtScpn — JH CATFr 
GtQpBt 11.98 +.12 GovSl 
HTYWBnt 7.95 —03 IrffmjdT 
IntGII 245— M N«TFB 
IrtGIlB 746 —3 lOO pr 
toVerant 1X13 + .(fl SlTFBd 
MuttrB 1341 -.15 SniCPkl 
pooGrfl 1X58 —20 Schwartz 
“TObB 843 +21 ScoJWldt. 
SlrotBt 1344 +^ Seuddcrl 
MtPiArzt 1141 —22 Bctcncs 
AAuFLA 946 —22 COfTxn 

MutnsA 1045 —22 EmMkJ 
AAunlnt 1045 —02 GNAAAl 
MliMd t 1041 —.03 GW rw 
AAunAAAt 11.14 — 21 GGmCn 
MuAAni 1141 —23 Gotonx 
AAunM.lt 1144 — S Grwlnc 


VrttodwtlffW +jb 

S ^5ffi=?5?n.02 +21 

Equity n 1X33—0 

§fwttiriel?!?7-^i^6 
HiYWn 845 -24 
incom nx 1775 —2? 
AAufncn 1246 —24 
NW nx 1X59 —21 

S®* 0 *" 8 " ■"*„ 

COPn 1727 +.12 
wvesn 15.16 +.11 
OPPOft 3077—71 
Sctwferv 3X54 —74 
SOVOdln pn2X78 —76 

! sBim - 

CATFn 10.18 —.02 
GovSl 973 -22 
Iritlindv 1040 —15 
f^PP?Bn 9.74— 02 
lOOOr 1X78 +.11 

imb-d 

ScoTWIdl 1447—23 

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Munin 8.15—04 
a Street Raseorele M 

dSFJg J-STw 

c2p«d 

cotfw: 949 +J0 

a&KVB 1147 —01 
GVtlncA 11.77 — ^ 

BSSP 

trtvTrCx 840 


ftS=* 


fhjWAP 11.91 —21 
55(081 11.91 


17146 +55 

& ffllijf 


wvwant 1X13 + .« SlTFBdP 1W -21 MvTrC* +26 

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ssasjypfi aSS*# 

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St 1D4S — 02 GNAAAn 1184—01 Assoc n Tn? 

MuA4d t TOMt —03 Gtobl nx 3441 —47 Invest n 1.10 +21 
AAunAAAr 11-14 —oi SsmCo 1X05—M Qceongn .171 —21 
AAuAAnt 1141 —sa G«jnx 1341 — 44 SetoRMAte 
AAunMl t 1144 — M Grwlncn 1747 +.15 GOTpOunSI^ +4d 
AAunlAAod 11079 — 23 In poma.n 1242 _ Gvrttcn 978 —22 

MuNCt 10M —52 toternrtlr»4373— 44 H yAAun n 10.95 —TO 
AAunNJt 1CL59 — id totiBdn 1172 +21 incomen 976 —22 
AAuNYt 1147 — 22 Lg Amr rJ574 — W intmBdn 876 — K 
AAurptll 1140 — JH LtdTrmJB|77 — 23 IntAAunn 1072 —21 
aAuPo t 1070 — JD MALrTF nlj73 —22 lntln 1041—13 
NtMunt 1440 —04 M ATft n 1X»5 — M udMWn 946 — 
StTUQD 11.18 —21 MedTF n 1043 — M JVtodMun X61 —02 
5truQB 11.17—02 AAAAB 877 —23 FflmeEQ nl444 + 28 
USGvt at 974 —02 NYTxn 1X10 — 03 scccln 2154+79 


:« v gHf a .“?S- 

_j{? SS+lLTn 971 - 


AAurjOh t 7120 — JH 
AAuPnt 1070 — JH 
NtMunt 1440—04 
Struct P 11.18 —21 
StntCtB 11.17 — JH 
USGvt nt 974 —02 
W. »« +21 

mtoenma rnsn: 


S!% n .ltil=S 


»SJB=S 

Stock n 2348 +70 
TotWetn 2570 +29 


ArtmSTn 9« —22 

AsifitAn 11^ +2* 

§qWcn lire +-^ 

Explorer rv454S +43 

MOffonHUI] 4 -12 

prince n 2021 +27 
QtlrxJn 1542 +78 
STAR n 1119 +24 
TXAACAp 9.95 +29 

sis" 1 

STCorpn 1046 —SB 
iTTjry n 9.78 —03 
GNAAAn 949 — -0T 
ITCarpn 9.10 —SB 
LTTirvn 9.13 —23 
LTCorpn 111 —22 
HYCorpn 773 —23 
P+efdn X42 —05 

&n n 


LA TF 1073 — 2T 
ST Gv 9.95 —01 
VrfEqx 1X01 +JI7 
VrtGrx 1X49 +.13 
Parksaaae Inst: 
Botoncdnll.15 +27 
Bond n 9.19 —01 


CoreGrthB 1195 +.15 Bouttyn 1X17 +72 
SreGrtnstlX54 + .16 GvtlncC 979 _. 

EmgGrA 1275 +.18 MYEqn 1175 +.16 
EmgGrfi 1X29 +.18 totlDis 1372—23 
EmgGr1nsU46 +.18 totGvtn 944 —21 
IncGrAX 1341 —19 LfdMt C 941 
WcGrBX 1343 — .17 MlAAnC 1048 — JH 
WWGrS 1578 —12 AAuBdC 1074—01 


Stkldxn 1177 +28 
Putnam Funds At 
AtfAB 10^ +.01 
AmGvAp 8.21 _ 

AslaAn 1X64— li 

AABakAp 873 + JM 
AACnAp 873 +JTI 
AAGttlAp 8A3 +25 
BIGvAp 446 —01 
AZTE 848 —111 
CATxAp 09 


n itm To? BlOiGrtn 9^ +^ 

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* AX ^-2? W S g BCT 
£5S?ftirrtf +J9 

IS 7$ Ixi 

vmt* ST* ^eSsSS 


SmCao C 2371 


. .Nomittan 1X12—76 Parkstane tov A 

940 —01 North Am Funds: Baf A 11.15 +JJ7 

1474 +JJ8| AstAIIC prill 73 + 25 BondFd 970 —21 
9.94 +.16 GtGrp 1444 — ,14 Equity 1X15 +72 
1X13 — E GrwthC pnl 5.1Q +.12 GovttnC 979 
9.T — Q1 GrlncCpnl228 *26 HfEq 1X75 +.16 
1X70 +21 USGvtAp 942 —SB IrrtGovt 944 —21 
1132 —.11 NelnvGrn 2X79 +.12 imtDis 1X15—23 

1X07 —14 NetnyTYn 10.02 +26 UdAAat 940 -21 

929 —23 Northern Funds: Ml Mu 1X47 —03 

1241 +23 Rxlnn 9 j»J _ SmCap 2370 +47 
1845 -.11 GrEqn 1042 +.12 POmBaJ roc 1526 —29 
341 +25 IncEqn 9.98 +.03 Parnassus 3478 +72 
*24—21 irrfToxEx R?.*0 — .05 Pasadena Grout 
1143—11 InflFxIn n 9.90 —SB BalRtnA 2022 +29 

947—21 IntGrEqnlOXI —13 GrowthA 1574 +.18 

10.12—02 lnttSdEqnll.16 +JH Ififty 50 17.19+14 

1X65—15' SeJEqn 10.19 +72 PaxWorkJnl349 +.18 
778 —02 SmCpGrn 9.97 +.04 PavsonBtnxlIXO— .05 
9.35 _ TxExprn 921 —22 PeoChTBd 974 —02 

978 —02 USGovtn 978 —21 PeochTEa 9.92 +.06 

976—22 Nonvest Funds: Pelican 1X17 +22 

10.43 —.02 AdiUST 943 —21 PenCOTA 
1028 — .07 AjSGgvA 943 —21 PAAAunl px 104B — 27 
2240 —71 COTFA 940 —23 PSflormane* Fds: 
1077 —JH GvttncTr X72 -.01 EqConpx1172 +28 

1241 GvtlncA X77 — 01 Ealnsn* 1173 +28 

15.77 -.01 | IncomeStk X9.9S - 05 InFICp 9^4—22 


torth Am Funds 
AstAIIC pn 1 1 73 * JH 
GtGrp 1X64 —14 
GrvrthC pnl 5.10 +.12 


773 — JQ GrlRA 
040 . FteatthA 


JPMtntft: 

Bondn 970 —SB 
DiversifdrU02I +JJ4 
EmgivucEq2ii5 —12 
I rUitaty n 1048 —29 
ST Bond n *43 —.02 
SmaUGo n1071 +.17 


AmerLdn 9.99 +.06 
GbiGovt P 9.93 —21 
Gvtlndnp 923 —21 
HIYIdP 1421 —01 
InvGrnp 9.49 —.03 
MdTFp 1543 —JM 
PATFp 1540 —03 
Sclrtvnp 2073 —77 
TxFrlntp 1424 —04 
, TotRetnelXM +ffs 
VcfTrnp 1977 —21 
Lehman Brutbers: 
FTRtGvA 929 — JH 
SetGrSIB 1 1077 >29 
5hOurGvA 9.93 


GO^AI 1X07—14 
GfiSmA 929 —23 
GAftA 1241 +28 
GrlRA 1X45 -.11 
HeatttiA 341 +25 
insttnp *44 —21 
IntlEqAt 1143 —11 
MtMuA 947 —21 
AANAAuA 1X12 —02 
LatAmA 1 1X65 — 15 J 
MnlnsA 778 — JH 
MunLtdA 9.SS 
MuInTrA 978 —02 
Mf+atlA 926—02 
NJMA 1043 —.02 
NYMnA KLE8 —.02 
POCA 22.60 —71 


-21 GrlncCpnlXSB +26 
21 USGvtAp 942 —SB 
-.11 NelnvGrn 2X79 +.12 


11.15 +JJ7 
970 —21 
1X75 +72 
979 


* J 

PiOfTnern ronoc 


convertp 19.12 + JB TxEx x 974 — JM 
CpAT 41.10 —26 Ultra X82 +471 
DrvGrp 941 +.13 Seterted FutlS: 
pvrEqAp X87 -JM AmShsnoll85 —02 
DvrinAp 1144 +21 SpStano 946 +29 
EqtoAa 878 + 29 SwnanGiwm: 
EuGrAp 1X47 —11 FrorOierA 1142 +.15 


Adsrtgn 10.04 
AmUSStW 944 +21 
AvaPacn3fl.il —29 
OnStkn 1X17 +.19 
Dis»vnx 17.15 +.14 
GovScn 9.79 —22 
Growth n 1174 +.15 
HIY1MU *49 —03 

lnatn 941 —03 


g^A P p 

1X15 —73 GiGrAp 
940 —21 GrtnAp 


§^A P P 1x32 +24 
GfGrAp 9.74 —06 
GrtnAp 1376 +.11 


HithAp 3076 +72 . 

HlYdAo 1177 _ GATXA 748 —03 

HYAdAp 940 _ GtblEmrgA146 +22 

incmAp 648 _ GfEmgD 1144 +JH 

invAp 776 +JM GtobTechAXlO +27 

MnlnAp 848 +.04 GrowthA 5.10 +JD 

MaTxll 828 —21 InComeA 1349 —01 

AWTxll p X7> —21 incnmeD 1346 —21 

MurnAp 848 —22 tntlA 17.17—22 
MnTrtl p 841 —02 tntf D 17.Q5 -72 
NtRsAp 1441 +.1D LATkA 7.94—02 
NJTxAp 846 —22 MOSSTxA 746 —21 
NwOpAp 25.07 +45 MDTxA 7.71—03 
NYTkAp 841 —02 MlTxA X28 —22 
NYQOAP 849—2! MWnTXA 772—22 
QTCEp 1174 + 77 MOTxA 741 —SB 
OhTxllp 844 —21 NatTTxA 7.18—03 
OvSeAO 1X16 —.10 NJTxA 7.40 -22 
PATE X87 — 03 NYTuA 747 -.02 
TxExAp 845—22 NCTxA 7 JO — JH 
TFInAp 1437 —.02 OtyoTxA 7.90—02 
TFHYA 1195 —03 ORTxA 743 —21 
USGvA p 1X37 * JH PATxA 745 —02 
UtilAp 9.00 +.13 CAHVTKA 6 JO —01 
VStaAp 731 <28 CAQTxA 6JV —JB 
VovAp 11.99 +.14 SCTxA 741 — JQ 


_ GtbEmrgAl46 +JH Tatrtnx 2A02 +.15 
_ GfEmgD 1144 +JH SummitHYx928 —27 
+26 GtoPTecfiAXlO +27 SanAmertca FdS: „ 


GrowthA XI 0 +JD 
IncomeA 1349 —ffl 
IncnmeD 1346 —21 
tntlA 17.17 —22 
17.05 -72 


MOSSTxA 746 — 21 
MDTxA 7.71 — 23 


^cJwjecnsifa/ — 1 


NYMnA 1X88 —.02 
PocA 2240 —31 | 
PA AAA 1X77 — JH 
PhnxA 1241 _ 1 

So VIA 15.77 +.fl|| 
StrDvA 1X81 +.13 


STGIAp X13 


Growth 11.13 +28 
Income x 944—26 
TaxEx x 10JH —.07 
TotRtn 10.75 +23 


13 j SSSU™ 

Value o 1X43 +.12 Balanoednll03— .01 


incameTr 973 —01 

l3-^\ 


CnvSec nx 13.87 — 27 TecnA 5.77 +21 TF IncA *A 

a.flr 1026 +.12 TX AAA 107 5 —.02 TF IncT 9J 

GNAAArtX 770 -25 WWIncA 843 -21 I ValuGrAxll, 

Gfobrtn 1*78 — 16 AAerra LyncJl B: l VrtuG(T»17.: 

Gofdtdn 746 —05 AcfiRS 9.46 — 01 1 Nuveea Funds: 

Gthlncn 1X17 >27 AmerlrBt 9.18 • .04 I CAInsRn9.9 

Infln 10.99—19 A2AABt 10.15 -21 I CAVlRnlD2 

SI Govtn 9.74 _ BcSBI 11.74 > .06 1 R.VKRnt.1 


TF IncA 942 —21 
TF IncT 943 
ValuGrAx 17.48 • 29 I 
VDluG«T»l7.«r > .09 j 


Ealnsroc IIJ2 +28 
toFI C p 9 M —JR 
tnFlin 944 —02 
MCpGri rtx 9 JQ +27 
STpICan 9.72 —21 
STF1 1 n 9.72 -21 


UUIOIVM 1U46 —Jll rwM wtcmuik «uhjcw tx*vi ouwixjeuiuxuj — .V6 ri ,-~4 _ a 7 i D _. D i .Tyj . "i; 


1 n 1X93 —.01 

. 6X10 + JM 

CAInsRn 9.96 —.01 V Bondn 5576 < SB 

CAVlRn 1020 _ PenlCGn 11.95 >27 

FL VKR n 9.66 -.02 Philo Fund 635 —.0* 
MDVtRn V.64 — 02 PMettoc Series: 
MAtmRn 9J3 - 01 BotanFd 15 14 • 06 
AAA VI R r» 933 -22 CalTxEp 1X75 -.03 
MIVcORn 926 -21 CapApp 1831 +.14 
MurxBd 829 . CvFdSer 1740 

InAAunRn 10.06 - 02 EdtyOpp 7.41 +27 
NJVaJRn 977 — .01 Growth 2D.B0 '.19 
NY InsR n 9.93 —.02 HiYictd X24 - OI 
NYVtRn 10.01 —21 InGrAp 9.29 —22 
OH VaJR n » *5 -21 inGrB I 979 -22 
PA VtR n 9.71 -.01 mil 1X99 —.18 
VAVaIRn 9.76 —22 MulFlAp 1X14 —22 




it X68 -JH 

31 1227 —03 

P* f ilmTjb 
11 


jAp 9.72 -.01 UAABBn 1045 -. 
toCp 9.72 -.01 UAAB Hrt n 9.57 +.09 
rAp 1247 -.13 UAAB Sin 1X02 -24 
rBn 17.41 —.13 UAAB Wwnl 1.08 — 06 

Sb- !:S=S BSS-HiYai? 1 

vC 843 —22 Diverse n 1X01 — JM 
lttAplI.61 -.03 IntlEqn 6.10—26 
1hBpl140 * .02 InttFln 822 
'Ao 2X65 +JJ BoirdFundt 
ST Mia D 8.73 -.01 Aditnc 9.07—03 
STAAlht 873 +.01 BIChipp 1972 +.14 
Tech p 2938 +37 CdPOevp234J +47 

-A '■» 


oxFrLn X45 —.03 


ICotumhiaFuads; 

Balance nx 1744 


mV dIB rt 1 49 -27 

lAAunA 1243 — 03 
r AAuAt 1144 -23 
FGIh 1535 +.10 
AAuBI 1143 -23 


AAAgrGrn 13.91 — JH 
AAAgrln n 1048 
Batanc 1X70 > .01 
BlueOl 2X21 +32 
CAIrtsn 9.67 —JU 
CATFn IIJU — JH 

creSSa 11 1 7 jo T;tn 
Cot I nco nr 9.08 »21 
CongrSI nI5240 f .93 


AAAAuni P 1026 — JM 
QualGrp 1244 +.11 
TdlnSllpll06 + .07 
TatRTsy a 978 — .01 
Vduep 1147 i JH 

TK^a^TSSl —.02 

ps 


Eatva 1J.13 >.13 Grtltlnc 1475 > 08 

Ealitcmn 1X51 ♦ .12 tolGvt 4.83-01 

HiQ Bd 94* — JM Mercury 1345 < .13 

irriHd 9.74 —.01 Overseas n 1 0.06 —28 

IntEain 1X90—10 ShTmBdn X89 

L«geCan!493 > .10 Twenn 2374 . .04 

AAAAAun 934 —Jll Vertrn 5046 >41 

AAuniBd 9 75 —21 WrtdW 2X07 —.11 

NYAAun 10.17-02 JapanFdn 1X05—25 


22 CotnSlk nxl539 — .01 FLAAunA 1476 — 27 Contra 3047 +72 

.09 Fixed n 1234 —.03 GtomvAnl547 + 21 CnvSecn 1X95 

JM Govt X10 — 21 GflUnvBI 1549 + 21 Destiny! n 1 730 +JU 


IntBd 9.74 —.01 C 
tntEatn 1X90 -JO X 
LregeCanU93 ..iff T 
AAAAAun 934 —21 V 
AAuniBd 975 —21 W 
NYAAun 10.17-02 Jot 
STBdn 977-21 JP 
SmpffCon 17.94 .70 JP 

ffienaB i 
iBfei v k ? 

Ween 1177 .JM N 


Grthn 2674 +.09 GnmaA 1179 —03 
IntlStk n 1X17— .12 GnmaBt 1X60-23 
AAunJn 11.75 —JQ AAA AAunA 11.43 — 24 
ReEEq IKl 1.64 —.10 AAD AAunA 1279 — JM 
Spedn 19.96 +.18 AAJ AAunA 1X06 -23 
Common Sense: AAN AAunA K60 —03 

AgOp2A pi 276 -24 AADAAuBt 1279 — 2J 
AgOo2Bnpl273 + 24 AAuBdBt 1347 —JQ 
Govt 10J)7 — JQ MuniBdA 1X57 —SB 


29 Bortlelt Funds: GrllAP 

_ BascVlnxU47— IJMl GrllBp 


1544 +.03 
1X02 +.08 
1148 *-06 
1144 -+-05 
1113 —22 


Balance 11.73 * 25 Fixedln 946 —21 AAunB 1X13—22 

Bond 1032 —or ShtTmBdn978 —21 Compass Cnaitafc 
Equity 14 90 -.13 VI Inti X 1272 —72 Eqtylnco «lX03 +.05 

Gvtln 934 .. BascamBal BX87 + JM Fxdln x 9.95 — JJ6 

LtdMct 10.10—21 BavFunds Inslb , Growth X 1121 +22 
RcsSq 17.14 -.14! STYietd 9JS+21 mtlEq 1X07 —.20 

‘ 1235 +.09 Bondn 943 -22 “ -- 

rFid: . Equity x 1042 +.09 


Amcnoine I: 
Ambassador 


NCAAuA 1X48— JB 
NCAAuBt 1X47 — J15 
NY AAunA 1X83 —25 
NYMu6t|3J4 — ,M 

PA AAunA 1574 —04 
PA AAuB 1 1X74 —24 
TXMuA J0.I3 —06 
VAAAuA 1547 — JM 


Destinyl n 1 770 + JM 
Destiny It n2855 +.06! 

DivGthn 1X33 +.07 
EmgGrorlX45 +.15 
EmrMW 1973-43 
Eautlnc 3X03 +29 
EOtln 19.10 +21 
Eqtdx 17.10 +.12 
ErCapApnll2B — +12 
Europe 2074 —12 
ExcW=drl 0375 +1.19 


|p 1048 -.07 GnSecn 1X77 
A p 11.12 — 27 Giatel Groups 
EAP1076 — 27 EriSOnp 2486 
iCplI.lO — 23 1 


;P 1076 —27 Errsa no 2486 > M 
! ol 1.10 — 23 GmUFdn 1341 <78 
p 9.86 — 07 Gtonmede Funds: 

3 944— 03 equity n 1X94 +.10 
» 10.12 — JB IntGovn 9.94 >21 
p 1X98 — JQ Intn 1X91—72 
P 1X98 —.02 AAunlnt n 9.94— jy 
P 937 —23 SmCopn W45 ♦ 74 
j 10.58 -.02 OtreeirtA 947 -22 


■8H — ■ 

I'M 

re 1270 i .12 
Ap 447 -JD 
E 113d— JH 
EB 1126—22 
Ep 1146 -JQ 
3TB 840 -2! 


CdBGrAp 11.78 > 03 
EqlncApy 1179 +.01 
EqlncCtx 1178 <21 
HilncBd 1048 • 21 
HUnBdC t 1048 <21 
InMEq n 19.41 —72 
InIHnc 1(127 ' 22 
AAnSc TD.91 —22 
U5GvtCpx742 -.05 

t^^iS %7:§; 
l 

Gthtoc 1X60 . 26 


-.03 CAIAAB 9J3 —23 
— 24 CaoFdB t 76.97 < 26 
CpHIB t 7M -SB 

> .15 ClnvGdB ID 77 — 03 

> 03 CPlTBt 10.90-22 
+ .01 DvCorB t 16.97 — .1 1 
<21 DroaBp 17.17-34 
■ 21 EuraB I 14.75 —27 
<21 FedSecB 1 974 -.02 

-72 R-MBI 940 — .01 


1 14.06 > 27 ONE tatt 


liS & -X 


SSSSSSPW$jS 

CommunD1643 + 34 
FLTxA 734 —21 

gatxa iM —sa 


fnvstnx 18.17 -%11 

STBandn 946 -22 
STAltonn 9.99 —.oi 


AAlTxA 878 —SB 
MtnnTkA 772—22 
MOTxA 741 — JQ 
NatrrxA 7.18 — JD 
NJTxA 7.40 -22 
NYTxA 747 —22 
NCTXA 7 JO — JH 


7.17 — 72 DtvIrxSp 449 — JH 
7.05 -72 FadScBp 944 —21 
7.94 — JH HitocAp 7.15 ^23 
746 —21 Hi InCBp 7.16 —23 
7.71 — 23 MidCOpAp 13-79 +26 


+73 idxGron 1078 +29 
-jO [dxVrt^ +^ 

+39 idxPocn 117* — .17 
+ 29 Idxl pstn 44JM +32 
+S M3-EYdnlO.il — 23 
AAunitotn 1241 — S 
„ AAuLMn 1X51 — 22 
+21 AAuLongnlOJl — 22 
—29 MutrtQh 1149— .03 
+.19 MunShtn 1543 —21 
+.14 CAIrtsITn 996—21 
—22 CAlnsLT nl 043 —.02 
+ .15 FLinsn 02? —22 
— j)3 nj ins n X94 
—23 NYlnsn 071 — .ro 
—SB OH ins n Offl-ffi 
— vl3 PAlnsn 049 —22 

.11 sPEnrar 5-70 +2t 

—02 fPGgjar M46 — M 
+JD SPHtfhr 3722 +40 
—22 SPUtfl 10.15 +.15 
-.01 USGron 1575 +.11 
+.15 lltUGr 11J7 —.10 
-27 WeJjtfyn 1746 +2* 
wedmn 19.97 +m 

05 wndsrn 14.M +jq 

725 WntfsJI 1X98 +27 
+.10 Verdun Advisers: __ 


SnSGrafxfo 2 — 21 RPFfiv 1677 
TEInsAol142 — JQ VtototyFundc 
TElrtsB 1122 — .02 AggiGr 925 +26 
USGVA 115 — 21 CdfpBd 9.12 —SB 
LISGvBp 8.16 _ EreiitV JJ42 +28 

ARGEtT Foreign 10.03 —Sf> 

InierBdn 972 —.02 Govf&d 973 —.02 
In (Bond n 925 — Jtt Growth 9.93 +24 
tnlfEqn 1346 —39 income 942 —25 


RPFBt ’kg ^ 
RPFGRt 1423 +.10 
rp^ ii^ — jq 


'.72-21 USGvA p 1237 + JH PATxA 745 —SB MtEqn 

ntte UtilAp 9.00 +.13 CAHVTXA 630 -.01 LtrOOTC 

1.93— .01 VStaAp 731 I 28 CAQTxA 63V — JQ LoCOTV 

JO +26 VovAp 11.99 +.14 SCTxA 721 -JQ MtgBkO 

36 > SB Pantren Funds B: USGvtAp 622 —.01 SmCrek 

.95 >27 AdiBf 1X19 ♦ JH HiYBdAp 645 -22 SmCOT! 

1 35 -.04 AZTxBt 82? -JQ Sentinel Grow TorRl Bt 

ii ASH3B I 1*43— .18 BaKTOdpMJf +24 TIFFfelv 


USGVA XI 5 —21 

M a - , ‘ " 

InierBdn 972 —.02 
InlBondn 945 —Jtt 
tottEqn 1346 —39 
LOCOTGrn9.90 +J79 
LoCOTV 103* +.08 


9.12 -22 
1042 +J» 
10.03 —SB 
973 -23 
9.93 +JM 
942 —25 


- . NYT*F 1249 -23 

LoCopV 1034 +28 SMGVln II 9.55 —22 
MtgBkdn 924 —21 VkSory P hMk: 
StoCotG 1174 +.12 Bofonce 944 >JD 


5W.* 


031 +24 
832 + 27 


1X97 -.C °COTAppA’n973 j .IS 


9.12 —21 
10.74 i 21 


NYTJTp 10.12 -SB 

S law -3 

KMAo P 7j7 

^ A ^: ,a,2 - Jn 
Bond tip 1976 
Gtolnpn 935 + 21 


Kguiazs 

157? Tii ynjj^jwp -31 I 

SpdEBo 1X15 i .48 ?-■» -4> 

spopsa 771 -jh _ 

WB, ls=s ^=1 


gsgr'^Tj;® 

GrtR Bt 1743 <.10 Ooto 

:S| 

LotAmB 1843 —.16 C7*tl 
AAAAAB1 1X17 — JQ OWIl 
MIAAuBI 947 -.01 OtoC 
AANMBt 1X12 -22 Otyr 


16.05 —.15 WVaTxA n 9 41 — JH 
927 -JM OakHaBn 1340 i J8 


tt«AnB71 i.07 
!CA I»*.n -01 

xAn9« — JH 


InGrAp 9.39 —27 DvrlnBI 
InGrB I 979 -JQ DivGB 
tnll 12.99— .18 EuGrBI 
AAulFIA p 1114 -22 FLTxBI 
AAutFtBp 12.11 -23 GeoBt 

3TSF 32L1&. ggs/ 

TotRetp 1X08 ■ JD GrinBt 


Bt 0J9 125 
t 426 -21 

1* iSS i 27 
9t X86 + .(M 
I 1121 >21 
9.56 +.13 
I 12*3 —.1 1 

1 lxsi T:» 

' 


Fund n 2141 +JH 
Utiinx 1068 — JJ6 

LonotfPFn 1939 — JQ 
LonglfS Cn ,KU 1 +27 
Loomts Saytes: 

Bondn 1071 —21 


LttilsB 7.98 +.11 

ilreirae* EMeAn. 
r **™ww rretuiL 

ftvTach 928 -25 


ffl w^risBg»> 

MnLtdBt 9.85 .1 Eqlncmx 15.66 

AAuIntB 977— JQ lntln 17 84 
MNottBt 9.95-23 LowOurn 9.92 

NYA/toBt 1X88 -33 °AsetAnpi 926 
NCMB t 9.93 -.01 BlueCEq X 1222 


OKmrV. 2572 . .13 
lofcmntt 1426 -70 
toerweisn 21.19 i J3 

ffithvn 9.48—02 
Wlntl 10 86 —.05 

KdDom in 1932 • .16 
ftympic Trust 
Bounced rtAlO -.13 
Ertncmx 15.66 —.01 
lntln 17 84 —74 

LowOurn 9.92 —21 


ttfldfeP itif =26 WYldB. 

Pienmot Fds: HYAdvBt 939 

Bondn 971 -.02 incomeBI 646 
TE Bondn 1 179 -04 InvBt 727 >26 
ErooM&jICJI _.|| MATxBl 827 -22 
Eoudyn 1848 '.II AAuniBl 857 —.02 
CotApp n 30.96 <74 NtResB 1*44 1 .10 
Irtfcsn 1174 -.10 NJTkBf 825 -23 
N YTOtRBd A96 —.03 NwOPPB 13479 +43 

PftorimGrp: NYTxBt 849 —SB 

AJJSIII 624 -.04 OTC 81 11.13 +77 

ARSIV X9S-JM QHTxBl 824 -31 


04 BondP 196 —.01 
0? ComStkP 29.10 +77 

05 EihGrp 524 +.15 
01 GvSrcso 947 —21 

Growth p 1648 +.19 
07 PATFp 1X75—23 
CM TFtoCP 1327 — .01 
01 World p 1X98 -70 
1? SentryFdn 1573 >J» 
11 Seguaian 5623 —13 
Ol Seven Seas Series: 
n EmBAAWnll.98-24 

04 Grtnonn 1070 > JM 

05 -Matrix n 1178. +.15 

Ifepf 


1X03 +.05 
947 —23 


Band 923 — .03 
EmaAAW 1X90 —.14 
IntErtv 1047 —13 
r U5frtv_ 1030 + 27 

r £s&"s!ri£ 

Growth p 1842 -.07 
incom p 6.95 * JH 


DvrsfdSf 1X39 +.13 
GvtMlB 1041 —.01 
Inrmtnc 9 JO —2? 
inHGr 1227 -.11 
InvCHBa 9.17 —21 
Ltd to 9.92 _ 

OH Muni 1043 -23 
OHReoSt 1421 +28 
SptGrStk 9.15 +2* 


*sss :i 4 

t +J7 

Grtnc 10.17 +28 

wsr 13 J 

"SKnw+ji 

Bond pox 10 U —.06 
CAMx 947 —Jtt 

Grins rk 3926 +20 
IntEdA 1110 —09 
NYTFx 1127 — 27 
STBdP 972 -JM 
TFtnemxll43 — JM 
Votomet 1424 +.17 

V ^ff lrF |U7 —23 
CO TF 9.96 —71 
CoSf A 921 —03 
FLtoSd 973 -JH 
GroStkP 1771 +29 
1ATI 922 —21 
MNIns 1070 
Mlnrtrt 1028 
MtonTF 1176 — SB 
MO Ins 925 — JQ 
NatlTF 928 — JQ 
NM TFA 10.09 —.02 
NDTF 1074 —21 
USGv 922 — JH 


RI&Jp ^ 1349 +21 


CT TEtoc n9.B8 — JH 
GovMed 970 —27 
Grolncnx 1028 + 24 

■^aai 



849 — 22 ShawmW 
11.13 +77 Fxdtoct 


1271 . AstAflp 1470 +.13 


EstCoGrr 

ESTn" 

InlBondn 


Fgk . Eauityx 1022 +.09 
9./4 +.11 BayFunds Invest: . 
*74 —71 STYieWn 935 +21 
6.10 +31 Bondn 943 -.02 


r- vu* +.ii 

n *34 -71 
GrnlXIO +31 
tin 1X67 -.17 


Eauitv nx 1023 +J» Cemi 


n tt.95 +.08 BeacHiB 2B76 +34 
dn *.30 —.oi BSEmgDbt 920 + 2* 
n 1X07 —.10 BenchniDrit Funds 
:<nl3*8 +30 Balanced n9.86 +.07 


Ambassador Inv: 

Bond n 9JJ „ 
EyCoGrnl677 -30 
Grwtn n 13.64 -.16 
■nroBd n 926 — IQ 
IntBondn 9 3C — Ot 
InISrk n 1324 —.11 
•MITFB0 n 9.12 —ffl 


BondAnxl 
DtvGrAn 1 


totlEq 1X0/ —.20 VAMuA 1527 — JM 
IntlFI 1X29+71 VAIWuB i 1527 — 24 
Mon Bax 1075 —.05 Dreytos SroTegic: 

NJ Mot X 10.75 -75 GtGrp 3449 +21 
Shrrtnt x 10.12 — 75 Growth o 4X45 —.06 
_SmCapVal 11.95 +.09 Income p 1X06 — JD 
-renposae Groups InvA 3ai7 +.05 
BdStkApxl148 — .06 InvBt 19.93 +75 
GwttiA DXIX57 +22 DutfPEnRn 9.98 — 21 
InFdAp B42 —72 Dupree Mutuab 
NW S0A PX1443 + JQ inlGav n 944 —.01 


cedn9.86 +.07 NWS0APXI443 +JQ 1 

ink 1825 .. TxExAp 731 -.02 

An 1034 -.13 USGvA B 977 -JH 

An 1034 -J18 OHMsioga Funds: 
rAn 1X13 +.14 Equity 14.90 +.18 

lAn 20.15 —.02 Incm 9.88—71 

An 1024 —.13 LldMat 1030 —.01 ; 

rn 9JN _ Conn Mutual-. 


incoean 926— IQI inOBdA n 20 1 5 — .02 Incm 9.88—71 
InlBondn 9 3C — 01 > InttGrAn 1024 —.13 LldMat 1030—71 
inlGrkn 13JM —.11 SWDurn 929 _ Conn Mutuah 

AllTFBOn 9.12 —ffl . SJBdAnx 19.72 —75 Govtx 939 —.07 
SmCaGrnlJTS +.19 StnCofA 1135 +.H Grwth 1X98 +.12 
TF Bd n 9.97— K USGvA n* 1970 —SB income x 934 —Jtt 
TFIrtBdnlOII -01 I USTIdxA ltt.03 — .12 TatRet 14JH+.05 
Ambassador R4J A: iBcnhamGraree CG Can Mid Fds: 

Bor’d t 973 — 01' AaiGwn 9.45—31 Em^Akln?26 —79 

EUCOW 18 07 +31 CaTFin 10.72 —JU intrFx nx 730 —05 

Grwtn 17.6* -.16 CaTFin n 948 —.07 InttEqn 1041 —.16 

inlBand *30—02 CaTFSn 1X07 —.02 IntIFxnx 873 —.06 

f. n,l 5»t 13 M — .11 CalTFHn 8.91 .. LgGrwn 930 -J» 

SmCaGr 1186 ♦ 70 CofTFL n 10.64 —72 LgVal n 978 +37 

TFnnBdtio.il— 01 EnGronx n.98 +.05 NUaBxanx74s —.04 

imcare Vintage: EurBdnx 1044 -02 Murnn 7.85 — JW 

Equity 10 60 +10 GNMA n 1X04 —ffl SrnGrwn 12.98 *77 

Fxlncp 9.58 —ffl Gaialnn 13.R1 — JJ9 SmValn 830 + Jt9 

inrotTF 9.78 —05 incGran 1X71 +.15 TnRinnx 7J1 — .05 

Vmer AAdvant tnsti: LTracsn X70 — .02 Copley n 1928 + 31 

Bolann 1JJ0 -.031 NITFln 1XJ7 -JM CoraFunds: 

Grlncon 1104 - 06, NITFLn 1175 — JQ BatonAlU 9.99 — 35 
intiEatynl24j —.18 STTtcas.n *.7\ — ffl Ealdx x 21.29 +JQ 
LtdTrm n 9.1— 31- Tar! 995 n 95.03 -.0? GIBdA nx X92 —.08 
flier Capitol: . I TaraXMn 66.93 — .0/ GrEaAnx 949 +JU 

Crrr-lAp 1573 - 13 | TcrTOOS n 4573 — JM totBdAn 9.60 —Jll 
CmstBp 15.75 +.13 Torino n 3127 —31 InttGrAn 1X77 —.12 


IntGovn 944 — 02 
KYTFn 7.19 —23 
KYSMfri 5.1S 
EBI Funds; 

Equity px 6040 +.16 
Rexpx 5337 +.10 
Income px 4575 — 76 
Multflxpx3947 —29 


inwr Caorfal: I 

Crrr-lAp 1573 - 13 | 
CmstBp 15.75 +.13 


939 —37 ESC Sirin A 9.71 
1X98 +.12 EapleGrth 1176 +.11 
93d -Jtt Eaton V CVusto; 


Gvtsecn 933 —07 
GroCo 2835 +.18 
Grolnc 2122 +.18 
HiYW !1J7 —SB 
InsMunn 1734 —31 
MBdn 9.94—31 
HiterGvtn *30 —31 
IntlGrt n 1736 — JB 
InvGBn 7.02 —ffl 
Japan nr IXD1 —.17 
Lot Am r 1778 -,11 
LtoMun 975 —.02 
LowPrr 1674 +29 
Ml TF n 11.18—22 
MNTFn 1X50 — JQ 

» el Ian 6741 +76 
nd nr 3X38 +75 
MATFn 11.02 —23 
MtoCapnlX99 +.13 


ortM Funds: SefEa 1579 +.10 

AstAflp 1470 +.13 SmaCap 1970 + 75 

»p p ns :| ^^^jh 

ObGrthp U42 +31 ShrIT? IS ~ '°1 
GovTRp 731 — 33 ST Gov 926 —ffl 
Grwth p 2641 +31 GovSTBnd x2072 — .12 


p « -» "OTri^Tah -31 NCMB 1 
P - GtoBdn 928 +36 OHMBt 1X19 -JQ 

1843 + 38 Lord Art Counsel: STGBt X13 +31 

U4 BrCebTr X68 — 21 Soviet 1SJ1 *21 
lHeTrn NalTFTr 444 -.02 StrDvBI 1278 +.13 


! WYIdp 7.92—34 GvtEqfv nx !OJXI +.15 J Hancock Sorera re 
TFMN 1X08 — JH GovettFuods AChA 1129 + Jtt 

TF Ncfl 1038 — JM DvioBd 842 — 21 ActlBI 1123 +36 

USGvt 879 — JQ EmgMk 173! —75 BcriAp 10.14 +JM 

Fortress tmut GtGvIn XS0 -JQ BaJBp 1X12 +26 


§33? J-m Bc PebTV 428 —Jll SPVIBt I5J1 + 

gSwbI is% -m ShO^ I 1278 + 

{|S -V ^’t iSS I 

gsTgg=» 

HOT^ksSirare DeveJGthplX07 +.17 Merrimon Fds: 

gg EH 'm? _J ! SP-ss* 

BoSap 1429 1m GcvtSecp 224 — 21 MetUfu StatvSt 
i£dB P 1429 -£ *2^?— S3 Wl 


AtijRm 949 — JQ IrtlEq 1248 —.12 

Bond rx 9.14-27 PfcSJo 9.*6 —.16 

EqlncFS 1x1178 +31 SmCas 1644 —JJT 
GISImx 846 —25 Gtadbon McDonald: 
Munlnct 1032 — JH Estvaf pn 2138 +J29 
NYMunlt 9JI —23 GovtoCPx!271 -tott 
OHFori p 1X71 -.08 OH TF px 1239 -.01 
Ufilnc 12.16 +34 _OPPVaTp 1X18 +23 


AUS l-A 642 -JM 
AdiUSlV 627 -JM 
ARSI 6.72—84 

ARj l-A 675 — JM 

AsetAII px 936 .. ARS II 437 -.05 

BlueCEq X 1232 +.02 ACS US 640 — JM 
DscValx 1221 + Jtt AdlUSII 622 —.04 
Eqlndux 1107 + 36 AUSIII 6 J>2 — JM 
GvArm n 932 — JQ GNMA 1241 -21 
GvBdp 975 — JQ HiYWp 632 
IncEnx 1330 + 38 MooCot 11.93 +.08 
tocomeBd 9.09 — JJ2 STMMII 741 +31 
IntFxl 921 — JQ StvtTrp 673 
IntTF 1044 — JD Pfflar Funds: 

InttEqn 1323 —73 BalGrAnxl0.13 —SSI 
LBCoGrx 11.90 +37 EbAbA roc 1173 —31 
LcCoVaf X1129 +.07 EoGrAnxl045 
UVol 1077 -22 EalnA k 1025 
OH Mu 1041 -JQ FxdlriA 920 — JD 
ShTmGtn X6I +JH lntmGvAn929 — Ja 
SmCoGr X17.1 0 *.) I NJAAuAn 1X18 -22 
TFBd 923 — JH STInvAn 9.97 
One Group A: . POottrtEB 1534 —.19 
OSCVatA xl223 + 35 P3onntEAal539 — .19 
incEaAx 1379 +39 Pioneer Fund: 


toramox 9JW — Jtt Eaton VCkssto: 
TotRer 14.03 +.05 China p XM— .12 

G Cap Mid Fds: FLLtdp *^3 —ffl 

ErnaMkl n 926 —39 Govt a 9.16 — JM 

totrFxnx 7.80 -.05 NaULtdP 9.45 —ffl 
nttEqn 1041 —.16 NaUMun p X98 -22 
ntIFxnx 873 —.06 Enron v Marathon: 
LgGrwn 930 +38 CALtdt 9.91 —32 
LoVatn 9SX +37 China t 13JM —.17 
MtgBkdnx74S — SU Indtot 102* — 42 


MidCaon 1X99 +.13 Util rx 1116 +34 OPPVaJp 
MtgeSecn1(U6 -31 44WaiEa 606 +33 GHMNTE 
Moncpf n 732 —.02 Forum Funds: GHNaTTE 

NYHYn 1144 —24 krvfind 1X00—23 Greenwrn 
NYlnsn 11.02 — JM ME Btxl 1X24 — JD GrttSiGrtn 
NewMktnll.16 +.19 Ta>Svr 1X16 — JH GuarttaaF 


LgVal n 9J» +37 

MtgBkonx745 —.04 
Muni n 7,85 — JW 
SrnGrwn 12.98 +77 
SmValn 830 +JJ9 
TtiRInnx 771 —.05 
-OP lev n 1928 +31 


GrEaAnx 949 +JU 
totBdA n 9.60 —21 
IrirtGrA n 1X77 —.12 


FLLtdt 10JW — JJ2 
MALId I 937 — 02 
Ml Ltd l *46 — 02 
NatILtdf 1035 —31 
NJLId I 9.94 —01 
NYLIfft 9.95 -.02 
PALM! 1031 —ffl 
ALTxFt 9.98 —.01 
AZTxFt 1X12 —.02 
ARTxFI 9.91 — JH 
CatMunit 97* —31 
COTxF I 9.73 —22 


NYlnsn 11.02 — JM 
NewMktnll.16 +.19 
Ne wMlH 1244 +.15 
OTC 2160 +.17 
OtlTFn 1130 —32 
Ovrsean 2849 —75 
PaCBcs n 1921 —37 
Puritan 1535 +34 
RecSEstn 1378 +.01 
RetGrn 1847 —31 
SWTBd n X93 —31 
STWidn 9 JO ... 


BaCrrox 832 +34 Gt 
BlueOiP OT449 + 37 Be 
Discvp 1923 +72 Pt 
Frrdrnp 2630 +73 SH 
GovSec X92 -31 Tc 
Grwth np 12JI7 +J» u; 
Possprtn 9.98— .17 HTI 
5waj«l 742 +34 HTf 
Wkiw&p18J6 —.10 Hot 


SmaffCar 1044 +37 I Fountain Square Fds: Hanover lav Fdre 


CnBdBpx 647. — .XI I TarTOlSn 22.79 —.05 ValEqBpr*XT6 +.16 CTTxFt 9.75 — JQ 

CarpQdApx647 — 34 1 TarSEO n 1578 — JM CowenOpA 1112 +.06 Eqtot 1X12 +.08 

EmGrCo2400 +J1 1 TNoten 9.93 —.02 CewenlGrAlX94 +.16 RaTxFt 1077 03 

EGA p 2X25 - JT'. UWlncon 9.11 +13 CrabbeHuum GATxFt 949 —.02 

EmGrB p 7177 +.31 Berner Group: AstAII p 1X92 * Jtt GovtO&lt 9.16—34 

EntAD 17.09 ..to llWpn TS.96 +72 Eauiry p 1640 +.11 Hllnct 7.02 -.02 

EniBD 11.97 +.10 JOlpn 1148 +.M OR Munn JX12 — 32 KYTxFt 9.60 — JD 

EntCe 1202 +.10 1 SmcoGr np2.7* +.06 Spettafn 1380 +.10 LATxFl 9.76 —fO 

EqlytocApU| +32 BernstiSn Fds; CrestFunds Trust . MDTxFt 931 —22 

EqlntBl +.K GvShDunlSJ* —.02 Bondn 979 —.K MATxFt 9.99—32 

EotocCd 5^ * JW SWOurn 1232 — JH SI Bd n 949 — JH MITxFt 9.97 —JE 

ErchFd 114.81+1.73 IniDurn 1744 —33 SoEqn 11.10+31 MNT<Ft 9.79—02 

FdMaAp 17.0? —01 CaMuit 1336 — 02 Vcduen 1135 .35 MSTxFt 9.11 — JH 

FMgfip 1201 —.01 DivMunn1X99 — 32 VAMun *.6S — JD MDTxFt 9.90 — 02 

&EOAP lt.7B— SB NYMunn1Z98 — .03 CuFdAcfln 9.91 — Jll 

GtEqB Oh 1146 — 0* Inm/aln 1642 —19 CuFdSTn 945—31 

GiEaCno it a* — .10 BcrwynFd nlBAt +77 Qtiter Trust: 

GIGvA ax 7.90 —.08 Berwynlnc n 1 1 46 + .04 ApvEanx 10.19 *35 
GIGvBpnxXa? — .07 BhvudMCG 10.90 — 35 Eatylneo rix9.B3 +.(E 
GJGrC D« 7.96 —38 BOtmore Funds: I GovtSecn 9.76—32 


NJTxFf 10.18 —JH 
NYTxFl 1045 — JM 
r+aflMun I 9.41 — JD 
NCTxFt 9J6— 33 
OHLTdt 9.45—31 
OHTxF r 1X07 —03 


5EAstonT1440 —74 Balanced 9.6U +26 BJQiGri 1X08 +31 Refirel IOTb 
S lkScn 19 JM — JD GovtSec 941 _ STGvl 946 -31 Retrre2 1256 

StrOpot 2072 +.15 IrrHEqty 945 —37 SmCpGrl 1X10 +.16 Retire3 1X07 

Trend n 5772 *75 MkXtop 1X39 +.18 . \KGVl 9J7 —02 Rehn* 849 

USBm 1X12—33 OhtoTF 9^ — .06 Hretxx Ponds Rehre5 078 

utilitvn 14.13 +37 DuoIBd 936 — JH BondX 1042 —.19 SfitovA X01 

Value n *346 +J17 _OuoK5r 943 +J» ConAppnl649 _ SmCoEqA 531 

Wrtow 1376 — .16 FronkCnGfOUP: Growth n 1248 +.12 TechA 1X78 

Rde®y Selects , AGE Fd p 246 lntln 26.14 —70 TXTFA 9.94- 

Mr 1348 —45 ArfUSp 934 +31 IntIGrn I1J9 —.18 TatRefA 9.05 

AmGok)rZ345 —19 ARS 971 —31 SWDurnx X77 — 08 US Govt A Xi* 
Autor 2135 *J» ALTFp 1140 — JQ Vatuenx 1344 +JQ „USMtgA 620 

Btotechr 25.15 *J6 AZTFp 11JQ — 01 HovenFdnJ104T _ - 

Brokarr 1573 — 7* Boiinvp 23JD — 37 HeorttondFUs 

Oieror 3540 + 45 CAHYBdp948 _ USGvtp 9JM— 03 

Comer 27.95 — .16 Cnlinsp 1147—03 Voluep 24JF+31 

ConPror 1475 +.17 CA lntermto.17 —02 Votoelr>cox929— 02 

CstHOUf 1775 -.10 CoTTFrp 7JM _ ..WITxF 9JR — 37 

Of Aero r 17.92 —07 CQTFp 1170 — .02 Hercules Fund: 

DevComr!X85 +.12 CTTFp 1X58 — JQ Eurol/Jn 1042 —.12 

EJectrr 17.90 —70 CvtSeco 1238 + 0+ LAmVel nll.92 — ' 11 

Energy r 1X9* +JM DNTCp 935 +21 MAmGrln HUB —04 

EngSvcr 1202 — JJ3 Equity d 675 +34 PtfBVotnlD.43 — ,t* 

Enviror 1X86 +.16 Eotocp 1A10 +.10 WqrtdSdn?74 *JJ1 

FinSvcr 5079-41 FIST AR5 P9.72 — 31 Haltoge FffndS: 


P^B 9.96—16 BondB 1X09 -JD +2^5 S 7? — m 

SmCas 1644 —JJT InvAp 1*42+71 

irpefijon McDoaafcfc invBp 1*4* +.10 

Estvaf pn 2138 +JJ9 LgOrAp *42 —33 jg — ■« 

Gov Inc px 1271 — Jtt USGvBt 9J1 —33 12*0° *38 —SB 

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TaxEx 9.06 -JD HiYreJd 77* . {£2^ in+S * 

US Govt 946 —01 InCcpA 7.98 —SH juffiSlwfc. 1037 ,14 
rrinsEqp 1230 +.11 InttA 1X24 —29 „ 

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U5BVI 920 —02 Retire* 878 +32 SfSL - m 
krtor Ponds: Retires bts +31 ^ 

Bondx 1042 —.19 SJGovA X01 —S31 HJg." —5° 

CapApp n 1649 _ ShCoEqA 531 +.10 r 2E*'S 1 ^ 

Growth n 1248 +.12 TechA 7078 +.11 HH2i , S n Inl 9— Si 


COPApA 948 +71 
COP APB 941 +21 
CapArC 975 +21 
EqincA 1031 +.15 
Eqtocfi 1031 +.16 
EqfncC 10.91 +.15 
EalnvsW 1247 +29 
EolnvC DX1246 +27 


QHTxBI 844-31 
PATEBt 836 — .03 

TF^'t 1335 

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intfldY n 936 —31 SmCpET 1132 +39 
LgValY n 1X26 +J» Sh^jVFdn 1045 +.16 
II smVrtYni0J7 +.08 Stomr Trust 
- Quantitative Group: CAlnsMAWM —01 

GrtoC 1449 +21 CalMuAplOJfl —01 

17 IntlEa 1X68—18 CplnCAp 934—04 

II Numeric 1526 +29 SiiGrAp 1429 +35 

_ BosNumOI6JM +29 FUnsAp 923—01 


Ian %£ J 

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EdnlDAS +.16 USGvBt 835—00 

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i 934 —2* LtdCrt 24* — JQ 
1 1429 +25 LMGvfp 233 -JQ 
i 923—01 LtdMunp 13.17 ^03 
*1132 +37 NMlrt 1272 -JD 
pim +25 Tooquev 1339 —03 
1X91 —.12 Tdvrer Fund* 

01079 —22 CanAPPx1327 +JJ4 


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LgCoGr* 11.90 +37 
LBCoVdxT139 +.07 
UVof 1027 —3? 
OH Mu 1051 -JQ 
ShTmGtn X6I +JH 
SmCoGrx17.10 +.11 
TFBd 933 — JQ 


Quest For Vatu.: 
CATE 1023 —23 
Fund 1242 + Jtt 
Gt£q 1443 —09 
GrWCAx 9.98—02 
tovqin 979 —02 
NattTE 1041 — JU 


SmCoGr A X7JJ7 +.12 1 Amlna>Trp930— JH Opport 


Bondn 1144 —01 
ParkAv 27.91 +.13 
Stock n 2X32 +.13 
TaxEx 936 — JD 
US Govt 946 —01 
rrim&tp 1230 +.ii 


BroHTYd X90 . IntlFxlh 

Fundx 1741 +.14 MgdAsf 
Income 8J?9 —01 MgdAst 
Muni B30 . MgdAst 

OotGt 1027 +.14 TaxExJ 
MAS Funds TxExS 

Balanced nil 26 +JH MJMutoC 
EmerGr n!679 + 22 Midwait 


EolmiCpxl246 +3? 
GovSecA 633—01 
HilncA 604 -SB 
KlnpB 6JH —.02 
InttEnAp 1030 —.16 
ln^<a T0J6 —.16 
InttEqCp 1033 —16 
InJIFxrnt X05— 23 
MgdAsJB X836 
MgdAstAxB38 —01 
MgdAstC xX69 —01 
TaxExA 770 — JH 
TxExB 7.69 —03 
UMuInc 1028 —27 


2) 111 Coraj 940 — JM 
.15 lllCarfiK: 9.90 —JM 
.16 Oppenheimer Fit 
.15 AssetAo 1277 +22 
SB CA TE A P 939 —03 
27 ChpHYp 1222 —02 
21 QiHYCt 1222 — JH 

32 DscFdO 3531 +35 
.02 DfSCOvBI 3535 +3* 
.16 EqincA p 972 + 37 
.16 EqincB t 938 +32 
.16 gGrp 1571 —07 

33 GtobEnvplOJM 

_ GtobalA a 3739 — JB 


Bond P 191 — JQ 
Eqmcp 16.14 +.09 
COPGrp 1676 +29 


NY TE 1044 — JD 
Opport 19.14-23 
OpportB 1935 
SmCap 1648 +.16 
USGOV 1037 —02 


IntlGrAp 1X91 —.12 
NatMuA pi 079 —22 
STGIAp 271 
SThfiQtAp 2J7 
USGovA p 973 —01 


1176 —SB 
935 —SB 
938 -JQ 
1039 —02 
1074 —31 
932 —22 


1Z12 +.11 
1437 +74 


*1332 +34 LtdTerm »3I -JH 


^ LAMOTX1049 —27 


GlobB I 3726 -J9 
GJEroGrp 925 -35 
GgUP £14 —06 Bdoncp 1121 +JM 

tfiYldA 340 —31 EmerGr 1976 + 77 

HiYtdBr 134 — 31 Govtn XO —.03 
insTEAP 6.74 —05 Grtnc 1077 +.10 
IrlrTE p 1473 -03 instGv 776—11 
invGrAp 1X19 — JQ InSIGvACE 941 —02 
LTGOvApl040 -31 MNTE 1078 —06 
LTGqyBf 1X41 — JD NdtTTE 1072 —04 
MnStCA 1138— JQ PocEurG 1548 —20 
MSIncGrA2149 +.16 Sector p 17.17 +.10 
MSI nGrC 12141 +.16 Vakwp 1X90 +.16 
MtotoCA 1110 —35 PhrrTrtD 978 —02 
NYTaxApll.72— JJ7 KtvTrShO 9.61 —SB 


Etwflyn 2 Iff 5 +39 
Fxdlnll n 1042 —32 
Fxdlncn 1X93—32 
GWBal n 9.97 — JQ 
GJFxin 1070 —31 
HYSeen £97 

to^to 1X05 — ^ 


AdWSGvt 932— JQ 
Govtn 9.17 —32 
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_ , invGrAp 1X19 —3; 

IntGvp 10.14 —02 LTGovAplQ40 —31 | 
OH TF 1131—03 LTGovB F 104 1 — SB 
TRrU O 1033— JB MdStCA 1138 — JQ 


CopGrp 1676 +JJ9 USGOV 1037 —32 
Q Gold 845 — 05 RBBGvtP 941—01 

Q Growth p 1113 +.TB RSI Trash 
(2 Income p 925 + 31 AcrBd 2636 — 23 

H Europe p 19JJ5 -71 Cora 3547 +.13 

4 PiorrFdp 23.10 +36 EmGr 3X97 +.77 

* PinMBdP 953 — JM inrBd 2540 — JH 

12 InHGr 2245—33 Sff 1826 * 31 

12 Ptonr IIP 19J8 +JJ7 Vc*ue 27 JK +77 

17 R0Threepl952 +.17 RainDown £22 +32 

- ST Inc 331 _ RecGro p 13.19 +31 

18 TaxFreepl131 —02 Reqd Forwt 

19 WnttiREl 1146 —36 C&B Bal 11.95 +37 

5 Ptoer Jaltray: C&BEa 13.13 +.13 

» Bdoncp 1181 +JM DSlDv U.T6 +Jtt 

1 EmerGr 1976 +77 DSILM 944 ^02 

1 Govtn 842 —33 FMASPC 1035 +.(W 

5 Grtnc 1077 +.10 ICMSC 1737 +J« 

3 InstGv 756 —.11 McKtorEqie72 —.13 

2 InitGV Adi 941 —22 SAMIPWn9J4 

1 MNTE 1070 -06 S*rSoEqn1£97 +.18 


SkySoe Funds: 

Europe 947 —17 
SpEaultn 1788 +.16 
SpE quittl 11 36 +.13 

si 

tocGroAp123a —05 
tocRetA 944 
IrfflA 1845 —.10 
MoGoviA 11.95 
AAuCotA 1X08 —31 
MuFLA 1X63 
MuLfdA 640 +31 
MunNtA 1108 


TptaB?etx 945 —Jtt Gtobd 
USGv X 973 —37 WOBSt 
Trademark Raids: Wrebura 

Eg uityn 1X« +.13 Cot api 
G ovttnco n 938 — JJ2 ErnGth 
KYMIinn 985—0* HxdJrrc 
_SI Govtn . 973 -22 GtoWF* 


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Gtobd 9J3 —01 

WcSBSt _ 744 +35 
Warbura Flacus: 
CapApp n 1X12 +.10 
ErnGth n 2148 +35 
Rxdincn 983—35 
GlObIFxd rtfljtt — J3 


CopGrp 1182 +.19 
CATFAP 981 —02 
CATFB 981 —02 

1% :5 

GtiRsBt 1530 +2* 
GrinAPX 1137 —01 
GrtnBtx 11.11 +31 
Gvlnct 885 — JQ 


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T^SS^inre I' l LfdDurFlnlX19— ffl Moneftt 
TCTFA 994 -33 MlgSkFC 9.95 -JD Monitor 
TdfWA gSEH WJW-+H FxtoT. 


Trees TR 827 — JQ 
UtiBtVX 1026 
toneha 1576 + 33 
VkWttMC 1246 +.16 


MuNJ A 13JD —32 Gvlnct 885 — JH 
M uNY A 1242 — SB GvtocTr 741 — JQ 
SHTSY 387 — Jll GvSeCP 741 —31 


SHTSY 387 — Jll 
USGvtA 1265 +31 
UtUAP 1143 +37 


973—32 GW)»=xdrtX36 — 13 
« Grtncn 1X54 — JM 

973—32 IntEqun 2042—31 
1182 +.19 InstEqn 1676 — 26 
981 —02 totGvtn, 972 -31 
981 —02 NYMWllnlO.16— JQ 

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M —-9? Quont6«inS4I +34 
741 —01 Tudar n 2149 +77 


MSIncGfA2149 +.16 
MSlnGrC 12141 +.16 


Enviror 1X86 +.16 
FinSvcr 5079 —41 
Food r 3184 +48 
Heqrtn r 7X2* - 171 
HomeF 2675 *32 


GtobJncB 84$ . 

GrthBt 1288 +.15 JfflH 
Grtnc 1288 +.15 
HiYkSt 773 . 5«J 

intIB 1083 -39 
ShUirlf 788 . gS* 

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PAFxIn nxlO.13— .14 
SdEan 1779 +.1* 
5efFf n 987 
SrrjpoVI n 1747 +.15 
5pFln 1142— JH 

Value n 1243 + 38 


FxItlT 2X02 —33 
Grwtti T 262* +22 
toKJ 2245 +.13 
M tofek 7.13 —.10 
OhTFT 20.94 —37 
SJBdT 1946 —02 
MonfrGId O 743 +JQ 
MarttrSl P 1681 +35 


Fediwsrmixiso — ffl CapApopISffl + SB Kent Funds Hurt 
FedTx 1142—01 Divine p 946—02 EkEalnsf X127I 


FerfTx 1142 —01 
FLTFlnp 9.18—32 


Divine P 9 j 6 — 02 
IncGrp 1123 +35 1 


ExEairatxl279 +.12 
FXdTninstnSU* —06 1 


MITApx 1125—02 Ntotdgomary Fds: 
MlGAp 1087 + 33 EmgMWt I6D9 —10 
BondAp 1Z20 — JD GlobCom 1544 —03 
EmGrAp 1944 +20 GtobOponll93 — .10 
GrttoAp 1142 +JJ3 Growth n 1641 +.18 
GvL/A p 846 —31 InHSmCOTHttT —30 
GvMoAp 635 . ShQurG I 9J5 —01 

GvSCA p 9.13 —ffl SmCOpn 1681 +70 
HtlncAp X96— 01 instEMkt dUJS — 28 
LTdMAp 7.08 . Mora Stan Fds: 

OTCAp 844 +8* AstanGrAl746 — 74 
RsctlApe 124«— 1.18 AsknGB 1742 —24 
SodAp 13JH +JH GtoUEqA 1277 — Di 
— ' GtobEqBntlM— 36 


NVTrocA pi 1.92 — JJ7 RjvTrShO 9.61 —SB I TSWEq lliffl +.10 

NYTxB in 1183 — Jtt PlanJTNtx 1030 — JH TSWFix 946 —JQ 

copen 1170 +JD ParticoFtt» TSWtotl 1340 —17 

PA TEA pi 145 —02 BolKruc 21.91 +70 RchTang nxIXlS +.14 
SpecJAo 043 +.18 Bdldxx 2548 —45 Rembrandt Funds: 

5pedBt 2XIS -.18 Eqtodxx 3247 +.06 1 AstoTT 1021 —Jtt 

StnncAp 675 _ Grtnc nx 22.92 +.1* I BofTr nx 9.79 +JO 

Strtncflf 676 _ IrtfBdM 977 —02 | GIFxtoTr n9.99 — SS3 

snSJlAp *46 _ A«dGrLn21J9 +46 GwttiTr nxlQJH -.12 

SPOivCt 420 _ ST Bono n 10 Jtt —Jll lnft£qTrn137* —17 

STinGrAp X92 _ SpGrn 3347 +43 SIGvFTT 946 —Jtt 

StrlnvA p 671 - TxEmBdn988 —ffl SmCopT 949 +.13 

Toreetp 25.78 +.1* Preferred Group: TEFftrnx*47 _jm 

TxFrBl »JN — JD Asset A rue 1X41 —01 Tax PITr nxS4* — Jtt 

TxFrAp 920 -JQ Fxdln n 971 -jq voioeTrnxIOJ* +jd 

Timep 1640 +78 Growth n 1370 +JJ6 RevnSICTi 1443 +38 

TotRTAp X15 +33 lntln 1243 —71 RtoMma Group; 

TotRtBto £11 +JD ST Gov n 7.73—01 BtoeOip S3* +33 

USGvtp 9.13—01 Value h . 1187 +.10 PT Fd np!3£44 — JQ 


McKtrtEql872 —.13 IncGrB 1281 —36 TFBdBt 983 —03 WMa re 
SAMI Pfdn924 . irrttB 1821—11 TrustForCred UiT^ AZTF 1027 — 32 

SrSoEqn 15.97 +.18 JntfC 1845 —10 G5P 974 -32 BdgPI IX to —01 

Sirtjwthn 947 +.10 MuLtoB 6*9 _ MSP 946 > LTbd X94 —32 

SirSTRn IQ-ia *31 SmBWrnyShnpi A: TMP1996 942 +32 ModVd 1332 +.16 

SfrBal n 944 +JJ5 AdGvAp 978 _ TFeb97 945 . ORTE 1577 -33 

^SP n ,?-S — -21 AdvsrAp 20* -10 TMayJT. 983 . Bdinvln 177* +ff7 

StorBI n lig + Jtt AgGfAp 26.91 +42 TUmeifeE nJ728 +.16 BasVIln 2042 +,13 

TSWEq 7130 +.10 ApprAp IIJU _ TWeedyGV 1220 —10 Eqtoln 1042 + 39 

TSWRx 946 -32 TetGAP 1249 -33 1WdyVdnl076 _ GNMA In 1478 

T5Wtml 7340 —17 Tellnx 10X05 -49 2BH? CUtury; toffidit 980 — ffl 


T*FrBt 97* -JD 
TxFrA P 930 —sa 
Timep 1640 +78 
TotRTAp X15 + JD 
TotRtBto £71 +JQ 
USGvtp 9.13 —01 


voJStAp 14.70 +.J2 PrteeRmds: 


InflEqTr R1374 —17 
SIGvFTT 946— Jtt 
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TEFrrrnx947 — ot 
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^kSSTp'SS* +33 
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TotRAp 1280 +33 WOraonGraeWfc MulrjcA 10.16 —SB 

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VotoAp 1X13 — 37 Fklncm 9.98 —01 STGffVT 50.10 -Jtf 
WoAstAlLflilS —.19 GtobrtFxn970— 02 USGvtA 983 — JH 
WoEoAp 1680 —.12 lnJSmCDnl041 — .10 VPGA 941—31 
WoGvAp 1L1* — JH MurtlBd 1040 —ffl PBHG Funds: 

WoGrA 1734 —55 MrgKaSopl23J +37 PIIBaxEGllAS +41 
WoTotADl046 — 06 Mora5Stto5lt Growth n 15.12 +79 

MuOdA 1040—72 AcTOryn 1189—37 irtln 1030 — .07 
MuHIA 873 —Cl As>OT&3n234S —ffl PFAMCoMs: 

MuLfA 743 — 81 Be*_ 973 +81 BOton 1023 +34 
MuALAp 10,10 —01 EmGr 1431 +23 CopApn 13JJ8 *J0 
MuARAP «6— 34 EmMW 1920 — 74 DivLown 1140 -JJ7 


vasts T_ 1X63 +.12 AfilS 429 _ MfdCOTP2840 +32 

Orortand Expr^K Batoncex1l43 —SB SocAWP 2681 +31 
AstAIIA xTl-57 — M BK^G 1120 +J19 Rimco Bd 9.19 — JD 


PlIBaxEG 1345 +41 
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INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 


Page H 




: ; 


Mew International B ond 

Compiled by Paul Boren 

issuer Amoun! Coup. ^ 

(mOHons) "** % Price 

_ _ "wR 


Issues 


Fed Has Eye on Wall Street in Rate Increases 


RorthgllgHHete t 

De Indoneaxhe $125 1997 0 jk 100 — ~ 

Qverzeese Bon k 

Thot Oil Company $200 2001 0.d5 99.® — 

Fixed- Coupon* : * ” 

Banco Bomerindus do $100 1997 11 99^ 

Brasil 

Commerabonk $200 1998 Th 101.395 99^5 

Overseas finance 

Korean Development $500 2004 &t» 100 9978 

Bonk 


$200 1998 7V, 1 01.395 99jb 


LandeskredifBank 
Bcden-Woertfemberg 
Lebanon 
Sen Miguel 


$200 1997 7 101.138 99.50 

$4» 1997 10ft 99.538 "Z"~ 

$115 2000 9 99.» — 


African Development dm 300 1999 7V* 101.205 — 

Buik 


Owe* S-mowh Libw. NoncafofaJe. Fms 0.35*. Dsnomnarions 
5100000. (HSBC MoHceisJ 

Over 6- north L 4*t, Ccfloble ot ptf from 199?. Fw n« 
iferiascd Denorangiiore S250 j0Q0l (Chenuegl Securities Asa.] 


Semaimudly. Norcaflgbfe. Fe« 0,875%. (Sstiomon Brothers 

mi 

Beo fared ot 100.1?. Noreolobb. Pee* t to*. (Morgan St ni Ic y 
Inf J.) 

SeiwomuaBy. NancoUdale. Rede e ma b le or per in 1999, Feci 

(UR (CSFB.) 

Coffered of 99.95 NwratoMe. Fee* HW. (S was Bonlc 
CwpJ ‘ 

NonooHotfe. Few 1ft. (MemU Lynch IWL) 

Semiannudiy. NonajHaWa Foes 175*. {JJ>. Morgen Sacur*- 

w*-) 

Raoffered at 99.83. NoncaflaWe. Fees l*ft* (Deuttche Bonk.] 


Belgium 

Soci£t6 G6n£rcde 
Acceptance 

Abbey National 
Treasury Services 

Sweden 

Bayerische 
Hypotfieken- und 
WechsdBank 

DSL Finance 
Ford Crecfit Europe 

Westdeutsche 

Landesbank 

Cr&dit Local de 
France 

Soofrlfe G&nerale 
Australia 

New South Wales 
Treasury Carp, 

■qwMMwJ 

Yang Ming Marine 
Transport 


OMl/XB 1999 PA 101.27 — ReoHered Ot 9952. Noncd'odc. Fee* 7% f&resdner Bonk.) 

£120 1997 8tb 101.052 — Reoff^m99^.No<x»«ofale.Fi«l?W.(HS8CMorteia.| 

ff2fl00 1996 714 99.96 — Noncolfable. F«n nor dlicW (Paribm CaptaJ Marian.) 

IT 2,000 1996 7Vt 100.83 — Reoffend of 99438. NoneoBobta. Fees not dadosed. (Paribas 

C apitol Markets.) 

m 150,000 1996 11.10 101.075 1QQ.50 Noneaflable. Fee* 1W%- (faituto Bancano Scm Pootodi Tori- 

1 no.| 

171150,000 1998 H 101.52 99.85 Nonroflobfe. foe* fBcnco Cciyuerode hotonp.) 

m. 150,000 1998 11.70 101 .SI 993 0 HoncaUobfe. Fee* 1H* {Crcdito Hdtoro.) 

m. 150,000 1799 10% 101% 99 JO NoncoBable. Fees 1 ft%. (Banco <£ Rarra.] 

OF200 1997 6% 100.838 99 JO Roofarcd ot 99.65. Nonmikrbte. Fees JWfc [Rabobat*-) 

A|#4100 1997 9% 100.92* 99.40 NonceBable. Fee* 1*%. {HSBC Markets.) 

AosSlOO 1997 914 101.04 99.25 Noncaaobie. Fen 1!4%. (Bordoyt de Zoom WedcL) 


$160 2001 2 100 


— Redeemable at 123.16 m 1999 to yield 6.10%. Conoartibfe at 
T530J7 per share and or TS26J8 per doSar. Fees 214%. 
(Baring Brother, inti) 


BONDS: -Recovery by Year’s End Still Evades Market 


Contained from Page 9 
market share. For the year to 
date, the currency accounts for 
17 percent of total business. 

This avalanche is currency 
related. Japanese investors are 
shunning foreign investments 
after having lost considerably 
because of the yen’s sharp ap- 
preciation. 

The partial trade agreement 
between Washington and To- 
kyo announced over the week- 
end was unlikely to assuage in- 
vestor fears that the yen’s 
appreciation has run its course. 
Analysts said only sustained 
monthly declines in the size of 
the Japanese trade surplus 
would convince Japanese inves- 
tors that the yen had topped out 
and it was safe to buy foreign- 
currency bonds. 

Activity in the dollar market 
was sustained by a 26 percent 
quarterly increase in the sale of 
floating-rate paper, which pro- 


tects investors against rising in- 
terest rates. For the year to 
date, dollar floating-rate notes 
totaling $49.9 billion were sold, 
already exceeding the amount 
of paper issued in 1993. 

Total volume in the dollar 
sector was S37.6 billion, giving 
the currency a 36 percent share 
of business in the quarter. 

Activity in Swiss francs more 
than doubled, compared with 
the previous quarter, but at the 
equivalent of $6 billion, it was 
down 20 percent from the year- 
ago quarter. 

The Swiss franc and the Eu- 
ropean Currency Unit — where 
volume remained a low $ 1 .7 bil- 
lion — stood out as the only 
sectors where third-quarter new 
issues failed to keep pace with 
the amount of paper maturing 
in the period The equivalent of 
$6 J billion of Swiss franc paper 
is estimated to have matured 
during the quarter. Redemp- 


GATT: EU likely to Ratify Pact 


Continued from Page 9 

should withdraw its request far a 
court decision and agree to a 
code of conduct, but he added it 
was ‘’difficult to imagine” the 
dispute would delay ratification 
beyond the end of the year. 

Commission officials increas- 
ingly pl&y down the dispute, 
however. They say they expect 
the court to rule mostly in their 
favor. Moreover, they say that 
any tough WTO negotiations are 
likdy to follow the pattern of the 
final bargaining on the Uruguay 
Round, when EU foreign minis- 
ters met in almost constant ses- 
sion to monitor negotiations on 
farm issues and movies between 


Sir Leon Brittan, the EU trade 
chief, and Mickey Kantor, the 
US. trade representative. 

U.S. officials, meanwhile, 
said the decision Friday by Sen- 
ator Ernest F. HoHings, Demo- 
crat of South Carolina, a 
staunch opponent of the trade 
accord, to permit a Dec. 1 vote 
was a good omen. 

“We are certainly going to 
ratify by the end of the year,” 
said Stuart E. Fizenstai. the 
U.S. ambassador to the Europe- 
an Union. 

The GATT accord is known 
as the Uruguay Round because 
the negotiations for the agree- 
ment began in Montevideo in 
1986. 


tions in Ecu are estimated at the 
equivalent of S3.1 billion. 

New issues in Deutsche 
marks, the equivalent of $6.6 
billion, were nearly unchanged 
from the previous quarter and 
put the mark in third place, 
with a market share of only 6.4 
percent. 

Sterling, with the equivalent 
of $6 billion, displaced the 
French franc for the fourth- 
most-active currency with a 
market share of 5.8 percent. 
The franc tumbled to ninth 
place, a 3.4 percent share of the 
market with the equivalent of 
$3 billion, trailing not only the 
Swiss franc but also the Italian 
lira, the Luxembourg franc and 
the Canadian dollar. 

But for the year to date, the 
franc hold a 6 percent share of 
the market and ranks as the 
fifth-most-active sector, behind 
the dollar, the yen, sterling and 
the mark. 


British Women 
Trail Men in Pay 


LONDON — British women 
still only earn about three-quar- 
ters as much as men, despite 
almost 20 years erf legislation 
aimed at achieving equality in 
the workplace, the Equal Op- 
portunities Commission said. 

The commission said that the 
average gross hourly wage for 
full-time female employees in 
1993 represented only 79 per- 
cent of male earnings. 

That was up from 71 percent 
in 1975, when Britain first 
passed equality laws, but the 
c ommissio n was not impressed. 


The Week Ahead: World Economic Calendar, Oct. 3 - Oct. 8 


By Keith Bradsher 

<Vftv York Times Serrtce 

WASHINGTON — The decision by 
the Federal Reserve System’s interest- 
rate policy committee’ on Aug. 16 to 
raise short-term rales by half a percent- 
age point was unanimous and based 
partly on concerns that a smaller move 

U.S. CREDIT MARKETS 

would disappoint financial markets, ac- 
cording to a summary of the meeting 
issued Friday. 

“The members concluded that a 
smaller step was unlikely to be ade- 
quate," the Fed’s official report on the 
Aug. 16 meeting said, “and on perceiv- 
ing this, financial markets would quickly 
build in further monetary tight enin g, the 
unknown size and timing of which 
would add to market uncertainty and 
volatility." 

Bond traders and analysts had said at 
the time that a smaller increase might 


GATT Raid 
Backs US, 
InCar Feud 


make the centra] bank look soft on infla- 
tion and send long-term interest rates 
higher as investors worried that inflation 
would erode their returns. 

Marc Wanshcl, an economist at J. P. 
Morgan & Co„ said that this concern at 
the Federal Opes Market Committee 
was significant because it meant the 
Federal Reserve Board might continue 
. its apparent pattern since May of raising 
rates in half-point increments every two 
months. 

“It would seem to suggest that when 
they move again, they'd go half a point,** 
be said, predicting that the next move 
could come in October or, at the latest, 
at the policy committee’s next meeting 
on Nov. 15. 

The FOMC met Tuesday but ad- 
journed without changing interest rates 
atalL 

On Aug. 16, the committee raised its 
target for the federal funds rate to 4.75 
percent from 4.25 percent. Banks pay the 
federal funds rate for overnight loans 


from other banks, and the Fed indirectly 
controls this rate by buying and selling 
government bonds, thereby adding or 
subtracting from banks* reserves of len- 
dable cash. The central bank had previ- 
ously raised the federal funds rate by half 
a percentage point on May 17 and by a 
quarter percentage point each on Feb. 4, 
March 22 and April 18. 

The Fed’s concern about financial 
markets’ reaction to a possible small 
increase on Aug. 16 irked Democratic 
members of Congress who have already 
been critical of rising rates. 

“I think this just bears out and is 
confirmation of die view that the Fed is 
overly concerned about Wall Street’s 
reaction and not concerned enough 
about wbat’s happening on Main 
Street,” said Senator Jim Sasser, the 
Tennessee Democrat who is the chair- 
man of the Budget Committee. 

Sung Sohn, the chief economist at 
Norwesi Corp-. said that the unanimity 


on the final Fed vote probably reflected 
its members’ desire to show a united 
front. 

The decision to raise rates reflected a 
concern among many members of the 
committee that the economy was operat- 
ing at full capacity, the summary said, no 
that any further increase in consumer 
and business spending might result in 
bidding up the price of goods. 

Treasury bond prices fell in volatile 
trading last week. Despite a sharp gain 
on Friday, the yield on the benchmark 
30-year Treasury bond rose to 7.82 per- 
cent at the end of the week, up from 7.79 
percent die previous Friday. 

(The market is repricing itseU in re- 
sponse to statistics depicting much 
stronger economic growth than inves- 
tors expected a couple of months ago. 
Knight-Ridder reported, and the Sep- 
tember numbers that start to arrive iu%t 
week are expected to confirm the econo- 
my’s vigor. 


By Peter Behr 

Washington Post Service 

WASHINGTON — An in- 
ternational trade panel has re- 
jected a European Union chal- 
lenge to a key U.S. auto fuel 
economy law in a rulin g hailed 
by Washington as a vindication 
of its support for an expanded 
global trade regime. 

The ruling Friday by a three- 
member panel appointed under 
the General Agreement on Tar- 
iffs and Trade said that with 
one exception, two clean air 
laws regulating autos and an 
auto luxury tax were in compli- 
ance with world trading rules. 

The one point on which the 
European challenge prevailed 
was the panel's finding that the 
method used to calculate penal- 
ties under the 1974 auto fuel t 
economy standards discrimi- 
nated against European car- 
makers. U.S. Trade Represen- 
tative Mickey Kantor said, 
however, that the United States 
did not have to change the un- 
derlying Jaw, the Corpora te Av- 
erage Fuel Economy, or CAFE, 
standards, because the method- 
ology had not directly injured 
the European manufacturers. 

Die case, brought by the Eu- 
ropean Union on behalf of its 
automakers, has been a focal 
point of the debate over the new 
global trade pact 

Ralph Nader, head of the 
Public Citizen organization and 
a prominent critic of the agree- 
ment, has warned that GATT 
“tribunals” acting in secrecy 
would strike down U.S. envi- 
ronmental and health stan- 
dards. endangering the lives of 
U.S. workers and consumers. 

The panel whose members 
came from Switzerland, New 
Zealand and Brazil ruled that 
the 1978 tax on low-mileage 
cars and a 1990 auto luxury tax 
applied to cars priced above 
$32,000 did not discriminate 
against European carmakers. 
The European Union had com- 
plained that the laws violated a 
basic GATT prohibition 
against discriminatory treat- 
ment of imports. 

The ruling of the panel is not 
binding on other disputes, but 
Mr. Kantor said, “I would ex- 
pect the panel’s report to help 
steer the debate when GATT 
countries take up trade and en- 
vironment issues under the new 
WTO.” 


Sea our 

Business Message Center 

every Wednesday 


A sorted u/a ot thta wood 's economic end 
Brundal event s , compUod tor the trrama- 
tlonal Herald Tribune by Bloomberg Surf- 
na» Mews. 

An te Paefflc 

• Oet-3 Brisbane Peier Bartels. chW 
executive of rotator Colee Myer. address- 
es Bull a Bear luncheon sponsored by 
Australian stock Exchange and Secwt- 
ms institute ot Austral- 



Sydney Prime fcfiribter Petri KMtingitf- 
dresMS Australian Supermarket Institute. 
Hong Koes Hong Kong Government s 
S*cm»ry for Financial Setvices. IfchW 
Carfland. spanks « are Stock Exchange 

of Kong's oighffianrMverewy recap- 

ton. 

i a | M ta Dull Perthv*. * i®* 1 es 13 * 8 

pa^. o«ers25 mwonsnwee »or Wmgon 

tM Jakarta stock exchange. The offering, 
underwritten by MaKimta Securities, 
doses Oct. 5. 

Tokyo New ve«c» safe* far September. 
Tokyo Bank ot Japan releeses average 

landing rate far August Tokyo: Ministry ot 

Finance releases September foreign cur- 
rency reserves. 

Tokyo of Japan releases e«po- 

r«e eanrico price index tor August 

e uoi. A Sydney Janet Holmes a 
Court, member ot the board ol the Re- 
aerva Bank of Auatrabe, addressaa Aus- 
ir*Ua-lare*l Chamber ot Commerce. 
HoagKong Former chairman cl ihe U-S- 
PrSdanrs Council ot Economic Advfe- 
mx Murray WeidenMum. taflre to the 
American Chamber of Commerca re Hong 
Kong about the Changing U. 5 . rote fa 
oaabng with Hong Ko °B- cnma ine ** 

rest ot southeast Art. 

Tokyo Snares fa Japan Tobaoce to be 


allotted tr/ fatwy fa favesiore who have 
iippaed far an ritual ottering. 

Ws tl n gt o n New Zealand gross domes- 
tic product for fte AprfFJune quarter. 
ForecaaC GOP to rise 1 3 percent In quar- 
ter far an annual rate of 6 percem. 
■OeLS BUfeg IBM Carp, In collabo- 
ration with China's Stale Planning Com- 
mission and me Ministry ol Electronics 
Industry, hosts an Inf o r m at i on technology 
torum. Through Oct 7. 

BaWng Singapore Senior Mtntersr Lee 
Kuan Yew speaks at the tntema&ontf 
Economic Forum, organized by the China 
International Trust & Investment Corp. 
Hong Kong Harold McGrow 3d. chief 
executive of McGraw-Hill too, talks to the 
American Chamber ol Commerce In Hang 
Kong about how to keep an top of (he 
global information eapfasfan. 

Hong Kong Emperor international 
shareholders' meeting to consider a 
board proposal to make a 691 mBIon 
Hong Kong dollar rights Ismie. 

Tokyo Machine tool orders far August 
Kuala Lumpur Final flay » apply for 
shares in new fating of the plantation 
compwiy Laflang Parbarfanan-FIMA Bhd. 
TStoei Consumer prices fa September. 
Bngfcok Univest Land PLC esrtraordi* 
nary srocWfaWere’ -meeting to flnaize i 

ptsp. approvea by the board of directors, 
to raise more than 4 Hlion baht through a 
combination of stock and bond sales. 
m Oct e AustisOa Brisbane; Securi- 
ties Institute of Australia seminar. Topic 
Investing fa eofl commodities. 

Hong Kong Turner Broadcasting Sys- 
tem launches its TNT & Cflrfa on Network 
In the Asia Pacific region. 


Europti 

• Expected this week Fnridwt Au- 
gust manufacturing orders. Forecast Up 
0.3 percent. 

Pome September consumer price in- 
dex Forecast Up 0.3 percent m month, 
up 3£ percent fa year, 
nrittirt September coet-ot-avlng ag- 
ues. 

Frankfurt August MJ figures 
Rom Beeonfl-Quanar gross domestic 
product. Forecast Up ft5 pwcemi fat quar- 
ter, up 1.0 percent In year. 


• Oet.3 Copenhagen 2nd-quarw In- 
dustrial production. 

London September provMonal M-0 
money suppfy. Forecast Up 0.4 percent In 
month, up &3 percent In year. 

Mstefd Banesto begins S1.048 UUori 
rights ottering. 

e Oct. 4 Amsterdam Hret-haH trade 
figures. 

Br us se ls September unemployment 
F or ecast. 74.6 percent 
London August fan money-supply sta- 
tistics 

I nvewboieg European Union foreign 
mfaistare hvo-day meeting to discuss ao- 
ceaefenofEast European nations » EU. 
economic strategy for the means and 
ratification ot GATT trade talks. 

Madrid NF/Ytotfd Bank annual meet- 
ing stare*. 

• Qets Brussels MeafingotEurope- 
an Commission, the Eli's esecutiva Frank- 
furt September unempteymenf figures. 
Earnings — pected Bank of Scotland. 
Cte.de Suez. 

• Oct fCopenftagea August unem- 
ployment data. Forecast Al 112 percent. 
■ Oct 7 A ms terdam September con- 
suinar price index. Forecast Up 0.6 per- 
cent In month, up 2.8 percent In year. 
Co pe nha gen Saeond-quaner gran do- 
mestic product 

London July balance of trade. 

Zurich September unemployment rate. 
Forecast 4.4 percent 


Anwrlcw 

• Oct. 3 Tempe, Arizona National As- 
sociation cri Ptmhafflng Management re- 
leases its indexes tor September. 
Washington August construction 
spending. 

Canoes Opsrtng day of speeches at 
Venezuelan Gold Association's Confer' 
enca Several officials, including corpora- 
tion veneeofana oe Guyana President 
Armando Gnfaer and representatives trom 
trie World Gou CouncS. w& be speaking. 
Caracas Centra Bank announces infla- 
tion tor the month ot September. Outlook: 
Inflation down 

Saidago Chtfe’E private fadusoy group 
Sotota releases mousplai production fig- 
ures far August. 


Buenos Aires September inflation fig- 
ures. Outlook; increase. 

Philadelphia Shimon Peres, foreign 
minister ol Israel, speaks at trie Wharton 
School ot trie Urtvererty of Pennsytvsrua 
on ac hie v i ng a Middle East Common Mai^ 
kst 

Eamfngs expected Advanced Micro De- 
vices. 

a Ocri. 4 Washington August leading 
economic rndteatore. 

New York 1 7 ft annual Unix Expo featur- 
ing a retail software outlet store and more 
than 425 cpihlbitors displaying computer 
hardware, software and services. Through 
Oct 6 as Jacob Jarits Convention Center. 
W ashingto n. New York and Los A n gs l t s 
ftoadcatfing A Cable sponsors "inw- 
lace vui.“ a Tteecommurdcatiors corrter- 
encewtthtBtecomnwnl 586 ons lawmakers, 
regulators and industry feeders, 
e Oct 5 Wa sh in gton August factory 
Mere. 

> Oct. 6 Washington September 
chain store sales. 

Sao Paulo Inflation tor September. Out- 
look; Drop to less than i percent 
Lima Peru's government to ae* copper 
company Peru Tintaya. Outlook: 22 com- 
panies have entered the tjrddtog process 
tor Tlmaya, which has a minimum pnee ot 
S115 motion. 

WaaMngtM The Labor Department re- 
porta Initial weekly state unemployment 
compen s ation insurance clams. 

• Oat. 7 Wa s hington September em- 
ployment report 

Washington C o mmerce Department re- 
port» August wholesale trade- 
Washtngton The Federal Reserve Board 
rapons August consumer credit. 

Ottawa September labor tore® survey. 
Buenos Abes Augus trade figures. Out- 
look: The trade delWi is expected to wid- 
en. 

Botnet Abes Subecrtplon period ends 
lor initial public ottering of 45 percent of 
Argentine consniction comosny Draga- 
dOG y Construed ones Argentina SA. 

• Oct. 8 New York American Bankers 
Ass o c ia tion annual convention begins. 
Presentations win be matte by Federal 
Ra9enre Board Cnarman Alan Green- 
span and CamptroUer ot trie Currency 

Eugene Ludwig. 


A L S T H O M 


At a meeting chaired by Pierre Suard, the Board of Directors 
of Alcatel Alsthom, the Paris based telecommunications, 
power and transport equipment group, examined the 
group's audited report of activities and financial statements 
for the first half 1994. 


The year 1994 has proved to be more difficult than was 
announced last Januaiy. despite the increase in the group’s 
market share in Telecommunications, especially 
in the United States and in Asia: today, the outlook for the 
year 1995 is better. 


Consolidated income 
statement (in FF million) 

First half 
1994 

First half 
1993 

Full year 

1993 

Net Sales 

78.079 

73,628 

156.334 

Income From operations 
after financing 

4.376 

5,940 

14.278 

Net income 

2,022 

3.006 

7.062 

Working capital provided 
by operations 

6.085 

6.832 

13.600 


First HaH 1994 net sales increased to KF7K.I billion over 
the corresponding period in 1993. At a constant structure and 
excluding exchange rate fluctuations, the increase was IV 
Tills evolution is due, on one hand, to a weakening of sales 
in the Telecommunications sector resulting from the 
deregulation of the markets and the continuing economic 
recession in key cuunlries where the group has major 
subsidiaries and, on the other hand, to a sustained growth of 
invoicing in the Energy and Transport sector which benefits 
from a healthy order backlog, as well as in the Battery sector 
which is the first to profit from the economic recover)’. 
Income from operations after financing amounted to 
FF 4.4 billion compared to FF 5.9 billion in the corresponding 
period in 1993. 


This decline is due to several factors: 

• The significant difficulties experienced by Alcatel SEL 
in Germany. In addition to the sharp fall in equipment 
orders, the German subsidiary has sufiured from a 
dramatic drop in prices and incurred higher software 
development costs. 

• Exceptional losses in the telecommunications 
subsidiaries in Turkey and BraziL 

■ The increase in the interest charges relating to the 
financing of external growth as well as the lower 
financial income due to the evolution of interest rates 
from one period to the other. 

Net income amounted to FF 2 billion compared to 
FF 3 billion for the same period in 1993. For the first half 
1994, Working capital provided by operations amounted to 
FF 6.1 billion against FF 6.S billion in the first half 1993. 

Outlook 

The group has taken active measures to turn around the 
profitability of its German subsidiary. Alcatel SEL has 
announced the reorganization of its production activities 
and a reduction of more than 20% of its workforce between 
now and the end of 1995. One half of this reduction w ill be 
accomplished befoa* the end of this year. 

Nevertheless, these measures and the economic tvcuveiy 
beginning in Europe will not have an immediate impact 
on the group’s performance and it is expected that the 
results for the second half 1994 will be at the same level 
as those registered in June 1994. However. Working 
capital provided by operations should be around 
FF 12 billion for the full year 1994. 

Beyond 1994. the technological advances and the gains in 
market shares, particularly in (he United Stales ami Asia, 
enable the group to forecast that the coming years will be 
belter, which is in accordance with previous inuications. 

Share Capital 

The payment of the 1993 dividend in share fonn resulted 
in the creation of 2.fty 7.546 new shares. Following 
bond conversions and stock options between January- 1 
and August 31. 1994, Alcatel Alslhom's share capital 
at August 31. 191*4 stood al 146,544.732. eligible for 
dividends from January 1, 1994. 

The Board of Directors extended the subscription period 
until June 1995 for the capital increase reserved for 
employees, which was decided at the Board meeting on 
April 6. 1994, at a subscription price of FF 565 per share. 


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flu I 


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ga ge 12 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 


Tt 

m> 




Encouraging Outlook in Face of Increasing Competition 


The expansion of capital markets and the changing demands of customers mean that banks in the Arab world are meeting new challenges. 


Some Arab banks and fi- 
nancial institutions will face 
a more competitive environ- 
ment in the next year as a re- 
sult of the expansion of capi- 
tal markets and the growing 
sophistication of their cus- 
tomers. Saudi banks may 
find their year-end results 
are adversely affected by the 
current liquidity squeeze, 
but the prospect of recon- 
struction and reforms in 
countries such as Lebanon. 
Jordan and Syria should help 
to increase inflows to their 
domestic banking networks. 

So far this year, two of the 
Gulfs largest banks, the 
Arab Banking Corporation 
(ABC) and Gulf Internation- 
al Bank (GIB), both based in 
Bahrain, have reported 
steady earnings. ABC’s pre- 
tax profits rose to S79 mil- 
lion in the period horn Janu- 
ary to June, compared with 
$74 million in the first half 


of 1993. Assets at the end of 
June amounted to $19 bil- 
lion. compared with $18.4 
billion at the end of Decem- 
ber. The figures include re- 
sults from its Madrid-based 
subsidiary. Banco Atlantico. 
and its wholly owned sub- 
sidiary. ABC International, 
in Britain. 

GIB. whose parent com- 
pany is the Kuwait-based 
Gulf Investment Corp. 
(GIC), recorded a net in- 
come after tax of $37.7 mil- 
lion in the first half of this 
year, slightly down from the 
$38.8 million earned in the 
same period in 1993. Total 
assets, however, were up by 
just under 5 percent, to S7. 1 
billion. 

“Our core business is con- 
tinuing to develop most pos- 
itively, and the outlook is 
encouraging," says the GIB 
general manager, Ghazi Ab- 
dul Jawad. GIC is owned by 


the governments of Saudi 
Arabia, Kuwait, Bahrain. 
Qatar, the United Arab Emi- 
rates and Oman. In addition 
to offices in the UAE and 
Oman, GIB operates in Lon- 
don. New York and Singa- 
pore. 

Assets marginally lower 
In Saudi Arabia, results 
show a confused picture but 
have belied some of the 
more pessimistic predictions 
that prevailed earlier this 
year as a result of the fall in 
world oil prices. Riyad Bank 
and the Arab National Bank 
(ANB) showed declining 
profits for the January-June 
period. Riyad Bank's net 
earnings fell 1 2 percent, to 
$100 million. Its assets, 
however, were only margin- 
ally lower than the $14 bil- 
lion recorded at the end of 
December. 

In contrast. Al Rajhi 


Banking and Investment 
Corp., Saudi American 
Bank (SAMBA) and the 
Saudi Investment Bank 
(SIB) all reported improved 
earnings in the first half of 
this year. Al Rajhi’s rose 16 
percent, to $116 million, 
while SAMBA’s were up 1 1 
percent, to $139 million. 
SIB reported an even more 
impressive increase of 22 
percent, to $10.4 million. 

Saudi British Bank's net 
profit remained steady at 
$52 million, as did that of 
Saudi French at $47 million 
and Saudi Holland at $25 
million. 

In 1993, the Saudi bank- 
ing sector formed one of the 
most buoyant in the region, 
with both profit and balance 
sheet results setting new 
records. The combined as- 
sets of the 12 commercial 
hanks amounted to $81 bil- 
lion at the end of December. 


THEj) MIDDLE east 
CJ EASTERN 
MEDITERRANEAN 

Economics, Business and Politico 

ASTIR PALACE HOTEL, VOULIAGMENI, NEAR ATHENS. 10-11 OCTOBER, 1994 

his exceptionally timely conference will highlight the enormous potential for 
business and investment unleashed by the Middle East peace process. The 
focus of discussion will be on business, investment and infrastructure 
opportunities in Jordan, Israel, Lebanon, Egypt, Gaza and the West Bank. 
The impressive group of speakers addressing this major forum includes: 

Abu Ala a, Miniver of Economy, Palestine National Authority and Managing Director, PECDAR 
Yossi Beilin, Deputy Minuter of Foreign Affairs, Israel 

David R Bock, Managing Director, Lehman Brothers International (Europe), London 

Roger Edde, Chairman, Lebanese National Congress (LNC) and Chairman, HOK Intercontinental 

HE Dr Ziad Fariz, Advisor to HRH Crown Prince of Jordan 

Dr Jacob Frenkel, Governor. Bank of Israel, Jerusalem 

RaJhmi K09, Chairman. Kof Holding,' AS. Istanbul 

Manuel Marin, l ice President, European Commission. Brussels 

HE Sheikh Ahmed Zaki Yam an i, Chairmaji, Centre for Global Energy Studies, London 



Conference Location 

ASTIR PALACE HOTEL. VOULIAGMENI. NEAR ATHENS 
TEL: (30 I) 8960211/51 1 FAX; (50 1) 8962582 

Situated on the coast and surrounded by 80 acres of private land, 
the Astir Palace Horel at Vaulingmcni is just 50 minutes by taxi 
from central Athens and 10 minutes from the airport.The calm, 
relaxing atmosphere of the hotel creates the ideal climate for 
focusing on the key i.^sucb under discussion. 

Cosponsored fry 

iicralOsoiaSfe-enbuiic 



AMERICAN HELIENIC CHAM&EB OF COMMERCE 

Corporate Sponsors 

L'UMMKKCIAI. RANK ( >K CHKhCt- .It J.VNM Jl A rARASKKVAll >K «* HIM lASlS-V 


For further information, or to register for the conference, 
please complete the form below and send or fax to: 
Fiona. Cowan, International Herald Tribune, 

65 Long Acre, London WC2E 9JH 
Tel; (-14 71 ) 856 4802 Fax: (44 71) 8360717 
The conference fee is £650.00* 18% FPA 

□ Plcj*c me farther information- D Pleajt invoice. 


Tiilc (.tueMRSisismiss) 

Iasi name 

Position 

Compjm : 

Address 


■ First name. 


Cii>. 


-Country. 


Telephone . 


. Fas . 


3-10-94 


Of This, foreign assets alone 
accounted for S30 billion. 
The share of foreign assets 
could rise still higher in the 
coming months, analysts 
note, especially if U.S. inter- 
est rates rise. Moreover, sev- 
eral Saudi banks are already 
concerned about their large 
stock of government debt 
and the decline of lending 
opportunities to local com- 
panies. 

New outlets for funds 
Elsewhere in the Arab 
world, the opening of a sec- 
ondary market for Treasury 
bills in Lehunon is expected 
to provide new outlets for 
funds in the domestic 1 bank- 
ing system and u> further 
stimulate the relum of pri- 
vate capital to Lebanese 
hanks. A gradual strengthen- 
ing of lhe Lebanese pound 
this year has already led lo a 
slight fall In foreign curren- 
cy deposits. In the longer 
term, the government in 
Beirut hopes lo develop a 
fully functioning capital 
market and, once the neces- 
sary legal framework is in 
place, a stock exchange. In 
the longer term, the govern- 
ment in Beirut hopes to de- 
velop a fully functioning 
capital market and a stock 
exchange. 

Banks and financial insti- 
tutions in Jordan are gearing 
up for new investments in 
the West Bank following 
King Hussein's agreements 
with the Palestinians and 
with Israel. "Jordan will 
have a small window for ex- 


ports into the territories," 
says Basil Jardaneh, manag- 
ing director of the Jordan In- 
vestment and Finance Bank. 
Altogether, it is estimated 
that exports from Jordan to 
the West Bank could rise 
from nil to up to $200 mil- 
lion a year, thereby provid- 
ing substantial new trade fi- 
nancing opportunities for 
Jordanian banks. 

In Syria, the country's five 
commercial banks, all state- 
owned. are being modern- 
ized and equipped with 
computerized facilities. 
Speculation is rife that the 
government may consider 
allowing private and foreign 
interests into the sector, 
probably in the form of joint 
ventures, to encourage ac- 
cess to advanced technology 
and management training. 
Plans have also been floated 
to set up a stock exchange in 
Damascus, but no forma! 
announcement is expected 
for some time. Without 
improved mechanisms for 
capital tfbrkcl transactions, 
analysts say. the repatriation 
of capital lor local invest- 
ment is likely lo remain 
small despite the growing 
political optimism. 

throughout the Arab 
world, pressure on banks is 
increasing because commer- 
cial institutions now provide 
their customers with such 
things as automated teller 
machines and credit cards. 
State-owned banks may find 
it necessary to merge to 
remain competitive. 

Pamela Ann Smith 


NATIONAL BANK OF EGYPT 



Proven Competence in a Changing World 
NBE 

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Arab banks, by assets. 

NBE 

The first Egyptian bank among the largest 1 000 
international banks, by assets and equity. 

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Next to each other in Kuwait City, a mosque and a banking lower. 

‘To Buy or 
Not To Buy...’ 

Decisions in Bahrain have led to $6 billion acquisitions. 

O n January 17, a group of people will gather tor a three- 
week brainstorming session in Bahrain. Seated around a 
horseshoe-shaped table in the conference room of a stark 
commercial bloc, they will represent the crime de la crime 
of Arab merchant banking. Headed by Nemir A. Kirdar, 
president and chief executive officer of Investcorp, they will 
be fiaci ng a tough question: ‘To buy or not to buy?” 

Founded in 1982, Investcorp, an international investment 
bank with offices in Bahrain, London and New York, is a 
hybrid investment operation formed principally to meet the 
needs of high net worth investors and institutions in the Gtilf. 
Many of its directors and founder shareholders are top Gulf 
business leadens and entrepreneurs. 

It is one of the longest-surviving private investment opera- 
tions in the Gulf and has a unique record. Its success can be 
measured by the 26 percent return its 10,000 investors have 
received from its $6 billion worth of acquisitions. Most of 
these are in high-profile brand names and companies famous 
throughout the world - Tiffany’s, Saks Fifth Avenue, Gucci, 
Camelot Music, Mondi and BregueL 

The company focuses on three main lines of investments - 
real estate, proprietary trading and corporate investments. 
The questions facing the men around- the horseshoe table 
will be whether to buy a particular company or to sell an ex- 
isting holding. 

Capital for expansion 

The architect of Investcorp’ s strategy is Iraqi-born Mr. Kir- 
dar who. according to some of his colleagues, prods and ca- 
joles his lieutenants into coming up with tile right ideas. "But 
he is himself a true visionary and is always asking where the 
company is going to be in five or six years,” says one of his 
colleagues. When the company is seeking new investments, 
it is easier to say what he is not interested in - high-tech 
companies, venture capital ideas, publishing and the media, 
energy and defense. 

“What we are looking for are companies with good cash 
flows and good strong management that are starved for capi- 
tal for expansion,” explains a director at the London office. 
"We are perhaps opportunistic,” he adds. 



classic 
store 

the chain for $160 million. 

So far, Investcorp has sold off about 20 of the 48 compa- 
nies and real estate investments it has acquired since it was 
founded These include Club Car Inc. of Georgia, Sports & 
Recreation Inc. of Florida and Tiffany & Co, the New York 
jewelry retailer. 

Monitoring a business 

In a recent interview with CNN television. Mr. Kirdar ex- 
plained how his management philosophy works after a com- 
pany has been acquired "We monitor, and we work with the 
management We don’t manage the business. Businesses are 
managed by the companies themselves. When we start ud 
this investment, management gives us a business plan and 
says that it is going to be over a three to five year period so 
that we can take the company public. So long as they are on 
plan, they have all our support in order to reach that coal 
Should they not be on plan, we always go in and look closer 
to see what went wrong " 

The overall objective is to increase the added value of the 
acquisition and to provide strategic advice and financial ex- 
pertise for a penod up to 10 years. Then, if the company ap- 
pears to be on a sound footing, Investcorp decides whkher 
or not to sell it off. 

In 1993, Investcorp, which is quoted on the Bahrain Stock 
Exchange, achieved record earnings of $67.3 million. Based 
on the market value of us shares at the end of 1 993 invfS&i 
capital for its shareholders has generated an annual' return of 
26 percent. Michael Frenchman 













SPONSOR EO SECTION 


INTERNATIONAL HERALD TRIBUNE, MONDAY. OCTORF.ft a 


SECTIONS 


A N K I N G AND FI 


C E / N THE A R A 


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Islamic Links Lead 
^ To More Profits 

Catering to both spiritual and monetary needs. 

W t 

estero banks arc on the defensive as Ihe rising tide of 
Islamic banking and finance begins to lap against their halls. 
Many find it difficult to comprehend the concept of banking 
without interest (riba), one of the basic principles of die Is- 
lamiclaw (sharia), and they arc apprehensive about it 
In the last two or three years, Islamic banking has made 
rapid strides in financing a spread of deals, from power sta- 
tions and dams to the purchase of jetliners for Gulf airlines. 
Not all such financing is limited to Islamic sources, but it has 
often been done by them on more favorable terms than could 
be offered by conventional banks. 

Islamic banking is the fastest-growing sector of the Arab 
banking world, and it is not confined to Arabia and Neath 
Africa. It is also found in Sudan, Iran, Pakistan, Southeast 
Asi a and the emerging Islamic states that were once part of 
the former Soviet Union. The combined market potential for 
Islamic banking is conservatively estimated at about $500 
million, and the total amount of finds under Islamic control 
is expected to reach $100 billion in the next two years, ac- 
cording to Mohammed E. Al-Sfaroogi, regional manager of 
Citibank in Bahrain. 

‘'From our contacts in the Islamic world, we feel that there 
is a definite upward trend in Islamic financing activity,** says 
a senior manager at the Faysal Islamic Bank of Bahrain. The 
spread of fundamentalism has also been seen as a boost for 
Islamic banking, which seeks to serve both the spiritual and 
monetary needs of its investors. These criteria can never be 
met by conventional banks. 

“Unfortunately, conventional banks will always fail in the 
spiritual area,** comments Salah A1 Nafisi of the Kuwait- 
based International Investor, a new player in the Islamic fi- 
nance field. Nevertheless, a few traditional banks have be- 
gun to take action by attempting to link up wife Islamic insti- 
tutions and sharing expertise. Likewise, some Islamic insti- 
tutions see themselves as conduits for funds from conven- 
tional banking systems. “We can channel funds by linking 
ourselves with conventional Western banks," says Hamed 
Al-Bader of Kuwait Finance House, one of the biggest Is- 
lamic institutions. 


Specialized in-bouse sections 

Merchant banks such as Kleinwort Benson, Goldman Sachs 
and Midland Montagu have been among the first of the con- 
ventional banks to realize the potential of Islamic finance in- 
stead of regarding it as a threat. All now have specialized in- 
house Islamic banking sections. 

The largest Islamic bank is the Saudi Arabia-based Al- 
Rajhi Banking & Investment Corp., which has assets of 
nearly $8 billion. Next in terms of assets are Kuwait Finance 
House ($3.8 billion) and Dubai Islamic Bank C$1 -5 billion). 
Other major players are the Geneva-based Dar AI Maal Al 
Islami Group, which has several affiliates, including the Is- 
lamic Bank International of Denmark: Faisal Finance; and 
Faysal Islamic Bank of Bahrain, which has assets of more 
than $270 million. Faysal Islamic Bank has taken pan in 
about 20 syndications totaling more than $2 billion since it 
began in 1982. 

One of the oldest established Islamic finance groups is 
Dallah Albaraka, whose investment company was" founded 
by Sheikh Saleh Kamel in 1982. The group as a whole has 
assets of more than $6 billion. Dallah Albaraka has launched 
a number of real estate and other investment finds based on 
Islamic principles, including one for the reconstruction of 
Lebanon. 

Bahrain has become an important center of Islamic fi- 
nance, with more than a half-dozen Islamic banks and in- 
vestment houses established there. Gulf Investment Bank 
has an active Islamic unit 

Mr. Nafisi of the International Investor of Kuwait spent a 
number of years working for a merchant bank in New York 
and feels that there should be closer links with conventional 
banks so that each can benefit from the other’s expertise and 
share the risks in financial packages. Islamic banking deals 
such as '‘yarns” (lease-backs), can provide returns of up to 
40 percent, according to Mr. Nafisi. MJ. 


.r*. 


“Arab B among and Finance” 
ivoi produced in its entirety by the Advertising Department of the 
International Herald Tribune. 

Writers: Michael Frenchman and Pamela Ann Smith are based in 
Britain and specialize in Middle East affairs . 

Program director: Bill Mahder. 



EXTERIOR 

BANK 


THEFRIENDLYBANK! 
DISTINGUISHED WITH 
OUTSTANDING SERVICES 

Cairo Plaza Bldg., corniche El Nil. st., 
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Telex: 2 1 61 6-94061 XTMSR-UN Cable: Extebanisr. 


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Following Islamic traditions, in architecture as in banking practices, a the Qatar Islamic Bank. 

Egyptian Banks Seek New Outlets 


Competition is keen among the country's 60 banks, and mergers are possible. 


E, 


Egypt’s banking sector is 
undergoing a process of 
rapid change as a result of 
the economic reform pro- 
gram under way. Competi- 
tion is keen, equity and re- 
serves are being increased 
and mergers of some of the 
country’s more than 60 
commercial banks are likely, 
as is privatization of the four 
big state-owned concerns. 
Uncertainty about future ex- 
change and interest rates 
also prevails. 

For the immediate future, 
the main priority is finding 
suitable investment outlets 
for the flood of cash that has 
found its way into the bank- 
ing system as a result of the 
strength of the Egyptian 
pound and high interest 
rates. The repatriation of 
capital by Egyptians work- 
ing abroad began during the 
Kuwait crisis in 1990. and it 
has reached new levels as a 
result of the growing opti- 


mism about the economy. 
According to some analysts, 
excess liquidity in the bank- 
ing system amounts to as 
much as $1.3 billion. 

Institutions such as the 
National Bank of Egypt 
(NBE), Basque Misr and the 
Bank of Alexandria - all 
state-owned, and Egyptian 
American Bank (EAB) are 
responding by launching 
new mutual finds aimed at 
channeling investments into 
securities and the stock mar- 
ket NBE's offering, a $30 
million open-ended capital 
gains growth find, was two 
and a half times oversub- 
scribed when it closed at the 
end of AugusL 

Privatization program 
Others are hoping that the 
government’s privatization 
program and the revitaliza- 
tion of the stock exchanges 
in Cairo and Alexandria will 
help to mop up the excess 


cash. Although complaints 
continue about delays in the 
state sell-offs, bankers report 
an apparent change of policy 
in the past few months. 

Government shares in the 
state-owned institutions, 
which include Banque du 
Caire as well as NBE. 
Banque Misr and the 
Banque of Alexandria, are 
due to be privatized later 
next year. 

Meanwhile, their holdings 
in several important joint 
ventures, such as EAB - 
whose partners are the Bank 
of Alexandria and the Amer- 
ican Express Bank - are ex- 
pected to come to market 
first. Sale of these more at- 
tractive assets would help to 
boost the balance sheets of 
the big four and thereby 
make them more successful 
candidates for privatization 
later. 

Other government-owned 
entities, such as the Arab In- 


ternational Bank (A1B), 
whose shareholders include 
several Arab governments as 
well as Egypt, have in- 
creased their capital and are 
seeking to play a larger role 
in project and* trade finance. 

Commercial international 
Bank (CIB). one of the most 
successful in the country, re- 
ported a 41.5 percent rise in 
its net profits during the first 
half of this year, to $26. 1 
million, compared with the 
same period in 1993. Its 
shareholders include NBE 
(42 percent), the Washing- 
ton-based International Fi- 
nance Corporation (5 per- 
cent) and the Arab Invest- 
ment Company (TA1B) of 
Riyadh (2.7 percent) as well 
as individual investors, 
many of whom purchased 
their shares when the gov- 
ernment sold part of its hold- 
ings on the Cairo stock ex- 
change last year. 

P-A^. 


Stock Exchanges 
Look Overseas 

Collective instruments for investment are launched. 


J? ueled by the prospect of substantial privatization, stock 
markets in the Arab world are continuing to attract funds 
from global investors as well as from those closer to home. 
Nevertheless, progress on creating regional links between 
the exchanges remains slow. 

Morocco and Tunisia have led in terms of attracting in- 
flows destined for emerging markets, but other countries, 
such as Egypt. Jordan. Lebanon, Bahrain and Oman, have 
also increased their turnover. Even the Saudi Arabian ex- 
change. hit by a 25 percent downturn earlier this year, has 
remained steady in the wake of government statements in 
May promising progress on state sell-offs. 

Exchanges in Morocco, Tunisia. Egypt and Jordan are 
open to foreign investors, while those in Saudi Arabia. 
Kuwait and Oman allow finds from other Gulf nationals. 
Non-Bahraini participation is allowed for four stocks in 
Bahrain. London-based financial advisors Blakeney Man- 
agement expect that within the next three years 13 Arab 
markets will allow foreigners some access, not least because 
of the need to develop capital markets if privatization pro- 
grams are io succeed. “This is the Iasi pool of undiscovered 
equities in the old free world.” said one official. 

Rise In prices 

During the first half of this year, the index for the Tunis 
bourse grew by 41 .2 percent, according to the British weekly 
Middle" East Economic Digest. The Casablanca Finance 
Group index in Morocco was up 34.6 percent, while the 
Muscat Securities Market in Oman rose 1 6.9 percent. 

About 1 .1 00 banks and companies in the region trade their 
shares, and the total capitalization is some $50 billion. 

The spate of activity has led to the creation of new collec- 
tive instruments for investment. In North Africa, the Lon- 
don-based Framlington Group, whose parent company is 
Credit Commercial" de France, launched its $30.5 million 
Maghreb find in Dublin in early September. LCF Edmond 
de Rothschild Securities acted as lead manager. Barings Se 
c unties and Citicorp Scrimegour Vickers International 
along with Rothschild, will maintain markets in the find 

In June. U-S. and French banks, including Bank of Ameri- 
ca. Citicorp, Mellon Bank and Credit Lyonnais, began mar 
keting a $500 million investment find that is to take equity 
stakes in Gulf companies. The fund matures in 10 years. 

First of its kind 

In Bahrain, the Bahrain Middle East Bank was planning to 
launch a variable capital investment find by early October, 
the first of its kind in the country. The Proinvest BMB will 
be a closed-end company with authorized capital of $60 mil- 
lion and will be listed on the Bahrain exchange tor invest- 
ment by resident foreigners and Gulf nationals. Another eq- 
uity fund is being launched on the Kuwait Stock Exchange 
by The International Investor- 

Earlier this year, Blakeney set up the S52 million Oryx 
Fund in Muscat, the only vehicle currently open to foreign 
participation in Oman. In April. Salomon Brothers of the 
U.S., together with Omnium Nord Afticain of Morocco, es- 
tablished a $60 million Morocco Fund. Framlington, along 
with the Egyptian Financial Group and other investors, is in- 
volved in the new Egypt Fund Management Group, which is 
directing finds into the Cairo stock market. P.A.S. 


ARAB INTERNATIONAL 
BANK 

ANNOUNCE ITS NEW ISSUE 
OF FLOATING RATE 
(CERTIFICATE OF DEPOSITS IN 
U.S. DOLLARS. 

THE SECOND HALF OF AUGUST 
1994 ISSUE WITH THE HIGHEST 
AVAILABLE RETURN ON 
INVESTMENT 


5% RA. 


5 9/16% P.A. 

3 MONTH 


6 MONTH 

CERTIFICATES OF 


CERTIFICATES OF 

DEPOSITS 


DEPOSITS 


TAX EXEMPTED 

THE RETURN IS CREDITED TO CLIENTS 
ACCOUNT EVERY 3 OR 6 MONTH ACCORDING 
TO THE INVESTMENT PERIOD. 

THE 3 MONTH CERTIFICATES OF DEPOSITS 
ARE ISSUED IN 1000-2500-5000-10000 & 50000 
U.S. DOLLARS DENOMINATIONS. 

THE 6 MONTH CERTIFICATES OF DEPOSITS 
ARE ISSUED IN 5000-10000 & 50000 U.S. 
DOLLARS DENOMINATIONS. 

CERTIRCATES OF DEPOSITS ARE ISSUED AT 
THE BEGINNING & THE MIDDLE OF EACH 
MONTH. 

POSSIBLE RECOVERY OF THE CERTIFICATES 
OF DEPOSITS IN FULL AT ANY TIME & FROM 
ANY OF THE BANKS BRANCHES. 

POSSIBLE BORROWING AGAINST THE 
CERTIFICATES OF DEPOSITS ACCORDING TO 
THE TERMS SPECIFIED BY THE BANK. 


Head Office: 

35 Abdel Khalek Sarwat St., Cairo. 

El Tahrir Branch: 

1113 Comiche El Nil St., Cairo. 

El Mohandessin Branch: 

60 Mo hamed Hassan HeJmi (Ex. Gueziret ELArab SL). 

Heliopolis Branch: 

95A Merghani St. Cairo. 

Port Said Branch: 

57 El Gomhoreya St, Port Said. 

Alexandria Branch: 

2 0 Horreya Avenue. Alexandria. 

R-E-A-T-l-V-E • C-U ■ L ■ T ■ U ■ K 


INVESTCORP 


CORPORATE INVESTMENT 


REAL ESTATE INVESTMENT 


PROPRIETARY TRADING 


ACQUISITIONS TO DATE 

51 

TOTAL ACQUISITION VALUE 
$6.5 BILLION 


INVESTCORP ACTS AS A PRINCIPAL AND AN 
INTERMEDIARY IN INTERNATIONAL 
INVESTMENT TRANSACTIONS 





Bahrain 

Investcorp House 
P.O. Box 5340 
Manama, Bahrain 
telephone: 532000 


London 

Investcorp House 
65 Brook Street 
London W1Y I YE 
telephone: 071-629 6600 


New York 
280 Park Avenue 
New York 
New York 10017 
telephone: 212-599 4700 











.... . L * 


•• • 


Page 14 

DSTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 




COPPER: An Omen for the Dow? | NASDAQ NATIONAL MARKET 


aw yu nn&m * Lo* cuw 1 



This week’s topics: 

o Russia's New Capitalism 
0 Why Business Hates Clinton 
O Is The Jinx Finally Off Jaguar? 

0 Inside Fidelity, The King Of Funds 
o Procter & Gamble's Global Stretch 

Wow available at your newsstand*. 

BusinessWeek International 
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Don't miss the upcoming 
Special Report on 

Infrastructure & 
Capital Spending 

in the November 3rd 
issue of the newspaper. 

Bern! 


Continued from Page 9 

the commodity with the largest 
speculative following," he ex- 
plained. 

All that demand has led to 
what commodities traders call 
backwardation — a fancy 
word that is used when spot 
prices of a metal today are high- 
er than those of the same metal 
in the futures market. 

Metals prices in a bull market 
i would seem naturally to be 
higher in the futures market, 
which reflects price expecta- 
tions months ahead, than die 
current spot price. But when 
there are shortages, the so- 
called nearby spot price can 
wind up higher than that of the 
futures — a backwards way for 
thin gs to be. 

It causes refiners and extrac- 
tors of copper to gear up to 
produce more of the metal, ex- 
plained Mr. LeutholcL “So four 
or rive months from now, there 
will be more production on- 
stream after producers decide 
they can make money even on 
more expensive refuting pro- 
cesses,** he said. 

But for now. the actual metal 
available for delivery is in short 
supply, making spot prices un- 


professor of applied economics 
at Johns Hop kins University, 
who said he remembers hearing 
the “copper rallies lead to Dow 
declines” theory after the 1987 
stock market collapse. 

“Storks do land on houses in 
Europe that have newborns in 
the house, but that doesn’t 
mean they delivered the ba- 
bies." Mr. Hanke said. More 
likely the storks like the warm 
chimneys of families trying to 
keep the house warm. 

“It is really true,” he insist ed_ 
“You always find storks on 
chimneys of houses with new- 
borns.” Which may be a tidbit 
more useful than that of the 
copper-lead5-to-Dow declines 
theory. 

Euromarls 
At a Glance 


Consolidated trading for week 
ended Friday. Sept- 30- 

S0K3 

SKKte Dm/ YW lObHtoh Low OB* Qtge 


Eurobond Yields 


Copper’s popularity may de- 
rive from international consider- 
ations that have no direct effect 
on American stocks, said Mr. 
Williams. But the same interna- 
tional expansions that are affect- 
ing copper's price might have 
their own effects on US. finan- 
cial markets, he added 

Mr. W illiams' s guess is that 
Third World expansions wlQ be 
funded largely by borrowing 
from developed countries, and 
that, of course, means “the price 
of money goes up” with the con- 
sequent 31 effects on Wall Street. 

But that does not support a 
theory that directly ties the ac- 
tion in copper to the action in 
the Dow, say analysts. “Correla- 
tion doesn't necessarily imply 
causation,” said Steve Hanke, 


US.J.IMS harm 
US. 9, mdni term 
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Saurc •: Luxembourg Stock Ex ctamae. 

Weakly Sales Sopi. 29 

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5 MOOS S Nous 
SlnritfMB 14520 8X00 UB7JD 22040 

ComrerL — 1430 10250 13040 

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Total 727752 117140 1141240 022740 


Cede! Etrodear 

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7J3LS0 157050 255005 359540 
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Yen 23/10 7ta 2% 

Sources: LJoytis Bonk. Reuters. 


CONFERENCES, COURSES AND EXHIBITIONS 


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O N 


INTERNATIONAL HERALD TRIBUNE. MONDAY, OCTOBER 3, 1994 


Page 13 


A Y 


SPORTS 

In Hiroshima, the Asian Games Are Opened With a Plea for Peace 




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1 wo Japanese athletes, a men s runner and a women’s basketball player, fighting the flame at the opening on Sunday. 


CoatpiM b/y Our Staff From Dispatches 

HIROSHIMA, Japan — This city re- 
duced to nibble by an atomic bomb nearly 
50 years ago opened the 12th Asian 
Gaines, a record gathering of regional ath- 
letes, on Sunday with a plea for world 
peace. 

Emperor AJrihiio declared the Games 
open after a procession of 7300 athletes 
from 43 nations and territories into Hiro- 
shima’s new 30.000-seat stadium. The par- 
ticipants will be competing over the next 
two weeks for a total of 337 gold medals in 
34 sports. China, overwhelming victor at 
the 1990 Games, in Beijing, is expected to 
reap the largest medal harvest. 

The opening ceremony did not quite live 

up to Japan’s reputation for efficiency. 

It ran 30 minutes longer than scheduled 
and the crowd was left in suspense when 
the lighting of the Games flame was de- 
layed for nearly 10 seconds after two Japa- 
nese athletes touched torches to the caul- 
dron towering over the stadium. 

Organizers hastily defended the flame’s 
apparent reluctance to burst into life. They 
said it was not a lapse in efficiency, but 
intended to insure that any low-flying 
doves, which were simultaneously re- 
leased, would not be fried in the fire. 

The 4V4-hour opening festivities began 
with an upbeat concert by young singers 
from four Asian nations and ended with a 
spectacle of light and dance depicting 
mankind moving from despair toward 
hope and peace. 


In one of the opening speeches, Hirono- 
shin Furuhashi, president of the organiz- 
ing committee, said he hoped the Games' 
theme of Asian harmony would help create 
“an attractive and dynamic Asia for the 
21st century” and that Hiroshima’s “mes- 
sage for the pursuit of peace will be heard 
throughout Asia and all the world.” 

The pomp and pageantry was a far cry 
from the horrifying moment on Aug. 6. 
1945, when the atomic bomb fell on Hiro- 
shima and devastated the city, lulling 
200,000 people. 

Residents of Hiroshima, 690 kilometers 
(430 miles) south of Tokyo, know they Live 
forever in history for that moment, but 
declared a break with their past with the 
Games ceremony. 

The city, nestling between mountains 
and the sea, now shows hardly a scar from 
the bomb, and spent SI3 billion building 
an airport, stadium and other infrastruc- 
ture. 

The athletes’ procession mirrored the 
Games' theme of Asian harmony, with five 
former Soviet republics present for the 
first time, Cambodia back in the fold after 
20 years and several poorer nations, such 
as Mongolia, Laos and Vietnam, present 
only because of the generosity of other 
nations. 

The only absentees were Iraq and North 
Korea. 

Iraq was suspended from the Olympic 
Council of Asia, sponsor of the Games. 


after its invasion of Kuwait four years ago. 
North Korea is boycotting the event, citing 
worsened bilateral relations with Japan. 

Competition begins on Monday, when 
14 gold medals will be decided. 

The 12th Asian Games — the first was 
held m New Delhi in 1951 — features the 
biggest number of competitors (7300) 
from the biggest number of countries (43) 
competing in ihe biggest number of sports 
(34) and Tor the first time it all happens 
outside a capital city. 

By the lime Lhe Games end on Oct. 16. 
China is almost certain to once again head 
the medals table, as it has since the 1982 
event in New Delhi. 

Fears that radical leftist groups would 
disrupt the opening proved unfounded and 
although security was tight, it was discrete. 

The start of the games was a triumph for 
organizers, who survived threats of a Chi- 
nese boycott and a typhoon in the past 
week. 

China and Taiwan have been feuding 
publicly for almost a month over whether 
politicians from Taiwan could attend the 
Games and the feud went on even on the 
opening day, when one of the loudest 
cheers was for the team from Taiwan. 

The only sign of dissent was in central 
Hiroshima, where about 50 people from 
labor groups protested Emperor Akihito 
and handed out leaflets that said: “The 
Asian Games are destroying nature and 
are corrupt.” 

(AP. Reuters ) 


China Track Coach Reveals 
His Recipe — for a Price 

CoifyUed by Staff From Dispatches 

HIROSHIMA, Japan — China’s secret recipe for running 
success — turtle blood with a touch of Chinese herbs — went 
on sale here on the eve of the Asian Games. 

Shoppers at a Hiroshima department store on Saturday 
sampled the elixir devised by the coach of China’s long- 
distance women r unn er^ Ma Junren. Selling for $7 a bottle, 
the tonic is also adding financial muscle to the Chinese team. 

“There is no conflict between being a coach and doing 
business,” Ma said last week. “A coach who doesn’t grasp 
economics is not a good coach.” 

The tonic is described on the bottle as Korean gingseng 
combined with the essence of snapping turtle blood, honey 
and “secret” Chinese herbs. 

It is credited with boosting the performances of the Chinese 
women, who last year demolished the 1500-meter, 3.000- 


Chinese Are Again Favored in the Race for Gold 


meter and 10,000-meter world records. 


(Reuters, AFP) 


The Associated Fress 

HIROSHIMA, Japan — 
World champion swimmers and 
weight lifters were set to give 
China a flying start Monday 
toward victory again in the 
Asian Games medals race, but 
host Japan looked likely to win 
the first gold. 

The Japanese fighting art of 
karate is making its debut at 
these Games, and the hosts 
were expected to win the four 
karate gold medals at stake on 
the first full day of competition, 
as well as seven more later. 

With the addition of karate 
and other changes to the sports 
lineup since the last Games, in 
Beijing in 1990, and the debut 
of five former Sonet republics. 


the Chinese are saying their 
gold total is likely to fall from 
the tally of 183 four years ago. 

They still are expecting more 
than 100 — enough to claim the 
overall championship. The real 
battle is between South Korea 
and Japan for second place. In 
1990, South Korea had 54 golds 
and Japan 38. 

Anatoli Kulnazarov, head of 
the delegation from the former 
Soviet republic of K azakhstan. 
has predicted his team will fin- 
ish fourth in the medals stand- 
ings. The other new central 
Asian teams in the Gaines are 
Uzbekistan, Kyrgyzstan, Tajik- 
istan and Turkmenistan. 

China had two world cham- 
pions entered in the three wom- 


en’s weight-lifting classes being 
contested Monday, and two 
world titlists in the day’s four 
gold-medal swimming races. 

Gold medals also were being 
decided in fencing and equestri- 
an events and in men’s team 
gymnastics. 

In Monday's women’s 
weightlifting, China’s entries 
indude the world-record hold- 
ers Liu Xiuhua and Chen 
Xiaoming. 

The current list of women’s 
weightlifting world records is 
all Chinese except for one lifter 
from Bulgaria and one from 
Taiwan. 

In the pool, China will be 
showing off the women's ream 
that stunned the swimming 


world by winning 12 of 16 
events last month m the ’World 
Championships in Rome. On 
Monday, the women’s 400-me- 
ter individual and 100-meter 
freestyle were to be contested. 

Japanese are among the fa- 
vorites in the men’s races. Mon- 
day’s program includes the 1 00- 
meter breaststroke and 200 
freestyle. 

Competition actually began 
before Sunday's opening cere- 
monies. Six preliminary-round 
soccer games were played Sat- 
urday evening, with Uzbekistan 
making a spectacular debut by 
trouncing Saudi Arabia, 4-1. 
South Korea went on a ram- 
page against Nepal, powering 
to a crushing 1 1-0 victory. 


Nepalese Official Dies 
After Collapse at Games 

The Associated Press 

HIROSHIMA, Japan - — The head of the Nepalese delega- 
tion at the Asian Games died on Sunday after falling ill while 
on his way to take part in the event’s opening ceremony. 

Naresh Kumar Adhikari, 46, was taken from the athletes' 
village to a nearby hospital after suffering breathing difficulties, 
said Shuso Nomura, head of the Games medical department 

A statement issued by the Games’ organizers said Adhikari 
was pronounced dead an hour after arriving at the hospital. It 
said he was on his way to the opening ceremonies when he 
experienced the breathing difficulties. 

He was taken back to the village, where he collapsed, and 
then to the Hiroshima Municipal Asa Hospital, where he 
died. The cause of death was not immediately known. 

Adhikari headed Nepal’s 70-member delegation to the 
Games. Nepal officials were not available for comment. 











































Page 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 



O N D A Y 


SPORTS 


I 

w 


Rainbow’s Gone, but U.S. Cyclist Sees How Sweet It Was sidelines 


By Samuel Abt 

International Herald Tribune 

ST. ARNOULT EN YVE- 
LINES, France — Lance Arm- 
strong is back in his team jersey 
now, a blue and red one, and 
only the discreet multicolored 
stripes at the neck and sleeves 
indicate that he ever wore the 
broad bands of the world cham- 
pion’s rainbow jersey. 

“My new old jersey, yeah.” 
he said of the blue and red one. 
Armstrong, who last year at the 
age of 21 became the second- 
youngest man ever to win the 
professional bicycle road racing 
world championship, finished 
seventh in August in the same 
race. 

“I was pleased with my race.” 
he said this weekend. “1 was 
outnumbered a bit: When it 
came down to 20-odd guys, 
there were seven Frenchmen 
and seven Italians.” 

He was the only American 
left among the leaders in the 
race, which is the only one all 
season contested by national, 
instead of commercial, teams. 

“There’s not a whole lot you 
can do in that scenario,” he 
added. 

So, when Luc Leblanc, a 
Frenchman, pulled on the rain- 
bow jersey in Sicily, Armstrong 
returned to the standard uni- 
form of his Motorola team. 

His feelings are decidedly 
mixed. All season he noted that 
he was closely shadowed by his 
rivals and never allowed to at- 
tack without drawing a crowd. 
Now that the affable Texan is 


“When I won the jersey it was 
a surprise,” he added, “and I 
took it and wore it for a year 
and you don't realize at a young 


'I realize that 
nobody can wear 
that jersey every 
year. If 1 have one 
year without it, I 
have to do my best 
to regain it’ 

Lance Armstrong, 
ex-world champion 


simply another rider in the pack, 
as he was Sunday in the Paris- 


as he was Sunday in the Paris- 
Tours race, he feels the loss. 

“I miss it,” he said before the 
start, speaking of the rainbow 
jersey. “I realize now what 1 
had. But I'm also realistic and I 
realize that nobody can wear 
that jersey every year. If I have 
one year without it, I have to do 
my best to regain it.” 


age, at a young point in your 
career, what you have, then 
when you lose the jersey, you 
see another person wearing it, 
you realize exactly what it was 
that you achieved. And what an 
honor it was.” 

“This whole year I knew that 
I was the world champion and 
that it was a big deal to wear the 
rainbow jersey.” Armstrong 
said. “It means more now. I'm 
looking forward to going for it 
again.” 

Implicit in his remarks was 
his confidence that there will be 
a next time and that he will 
master the pressures of being 
world champion. He rarely 
complained this season about 
the responsibilities of doing 
well in the ram bow jersey but it 
was obvious that he felt them. 

“You put it down on paper 
and ’93 was a much better 
year,” he admitted. “Looking at 
it on paper. Because 1 had a 
stage victory in the Tour de 
France and the world champi- 
onship and those are two big 

accomplishments. And I didn't 

do that this year.” 

His best results this season 
have been second places in the 


Li&ge-Bastogne-Li&ge and the 
San Sebastian classics, second 
place in the Tour DuPont and 
the strong seventh place in the 
world championship road race. 

“I'm happy with my results." 
he continued, “but some of the 
results just don’t stick out. Not 
as much as last year. 1 feel I 
performed well in the jersey, 
fairly consistent My goal was 
to be successful in the World 
Cup and I’m in a good position 
there now.” 

He ranked fifth overall in the 
seasonlong series of World Cup 
classics, or one-day races, before 
Paris-Tours, in which he finished 
behind the leaders on Sunday. In 
a tumultuous sprint finish," in- 
cluding a crash that downed half 
a dozen riders, the race was won 
by Erik Zabd, a German with 
the Telekom team. Gianluca 
Bortolani. an Italian with the 
Mapd-Clas team, was second 
ana Zbigniew Spruch, a Pole 
with Lamp re, was third. The 
highest-placed Motorola rider 
was Steve Bauer, a Canadian, in 
sixth place. 

Armstrong trained hard for 
the 250-kilometer (155-mile) 
race from the town of Sl Ar- 
noult en Yvelines, deep in the 
boondocks outside Paris, to 
Tours in the Loire Valley. Long, 
flat and windy, the race often 
ends in a mass sprint, as this one 
did, and that is not his speciality. 

“I did good tr aining for this 
race and I'm extremely fo- 
cused,” be said beforehand. As 
for his form, “I think it’s good.” 

He has one more major race 
on his European schedule, the 
Tour of Lombardy next week- 
end. Then he will return home 
to Austin. Texas, and a busy 
off-season. 

‘Til be busier this winter 
than last year.” he said. “Off- 
the-bike stuff.” 

Among other projects, he will 
help the U.S. Cycling Federation 


start a program to develop youn- 
ger riders and expects to work as 
a spokesman for organizations 
fighting multiple sclerosis. 

Also he has an appointment 
next month at a concert with 
the Rolling Stones, some of 
whom are bicycle racing fans. 

“That’s exactly right, Nov. 5 
in San Antonio,” Armstrong 
said. “I'll get up on stage ana 
jam with the boys a little bit. 
Then the 6 th, 7th and 8 th I have 


to be in San Francisco for a 
multiple sclerosis convention.” 

He said that nobody close to 
him has the neurological disor- 
der but that he hoped to raise 
funds for research as a good 
citizen. 

“I’ve always been one,” he 
said. “It’s serious stuff that I do 
out of my own time and for 
absolutely nothing.” 

He wifi continue to train, of 
course, looking forward to the 


next season, especially the next 
world championship, which will 
be held in Colombo. 

Tve got to be realistic and 
not expea to win that race every 
year,” he repeated. “It’s O.K. 
I'm happy. But 1 tell you now. 
m be much hungrier before Co- 
lombia than I was before Sicily. 
Last year, on paper, it looks bet- 
ter than this year for me.” 


“But," he promised, “we’ll be 
back.” 


Els Sets a Record in German Golf 

MOTZEN, Germany (AP) — Ernie Els of South Africa, held 
off a charge from Spain’s Jos6-Maria Olazhbal on Sunday at fit 
Mercedes German Masters, finishing with a B-sirokeleadand 
three-round total of 19-under-par 197 that set a European nsoni 
The U.S. Open champion cooled off from his tomd play m the 
first two days with a 2-under 70. but his tbrec-day total was o 
stroke better than the PGA European tour record ihatNliguei 
Angel Jimenez of Spain managed in 1993, Olaz&bal Finished a __ 
under 200, followed by his compatriot Seve Ballesteros, who shot 

a 65 for a 13-under 203. ■ ^ th* 

• Steve EUdngton of Australia was declared the winner ot me 
Southern Open in Pine Mountain, Georgia, after the final rouna 

■ _ I r . __ P. J hair) a ^hnl Ipfifl over his 


f " I A 

So* u . 

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was rained out on Sunday. EUdngton held a 5-shot lead over ni- 
compatriot Steve Rintoul after three rounds. 



compatriot Steve Rintoul after three rounds. 

Top U.K. Horse Trainer Murdered 

CHEVELEY, England (AP) — Alex Scott, a top Tacehorsc 
trainer, was found shot to death at his stable and the police said 
they had charged a 58-year-old man with the murder. • • • 

24 nmo IrHIori kti a mrtoU KulVt U/rtHTlf! tfl the CRCSt OH 




Scott, 34, was killed by a single bullet wound to the chest on 
Friday night- Late Saturday, the police arrested a man from 
around Cheveley, outside of the racing town of Newmarket, about 
50 miles (80 kilometers) northeast of London. William O Brien 
was charged with murder on Sunday. 

Scott was in charge of 75 horses and had chalked up more than 
135 victories in the past five seasons, according to Press Associa- 
tion, a British news agency. 


N.Y. Slims to Be Navratilova’s Last 


NEW YORK (AFP) — New York win officially bid farewell to 
Martina Navratilova in November at the Virginia Slims champi- 
onships, the last singles tournament of her career. 

“I think it is only fitting that my last singles event will be a 
Vir ginia S lims c ham pionships because they Have been the most 
prevalent throughout my career,” Navratilova, 37, said in an- 
nouncing her final appearance in New York. 

Navratilova, who has-won 167 singles titles, will be honored on 
Nov. 15, the first night of the tournament, with a ‘Tribute to 
Martina” program. 








Pa-sal Cuvni/Agcncr France-Prcwc 

STRETCHING TO VICTORY — The French- trained colt Carnegie straining for 
the finish line Sunday in the 73d Prix de FArc de Triotnphe at the Longchamp race 
track in Paris. Ridden by Thierry Jarnet, Carnegie held on by a short neck to beat the 
1993 French Derby winner Hernando. Apple Tree was third, half a length behind the 
runner-up. Ezzoud finished fourth and Bright Moon fifth in continental Europe's top 
horse race. The favored White Muzzle finished in a pack behind the main group. 


For the Record 

Steve Robinson of Wales retained Ins World Boxing Organiza- 
tion super-featherweight title for the fifth time with a ninth round 
knockout of England's Duke McKenzie in Cardiff on Saturday., 

(Reuters) 

Pencil Whitaker dominated James (Buddy) McGirt to retain 
his World Boxing Council welterweight title with a unanimous 
decision in Norfolk, Vir ginia, on Saturday. (Reuters) 

Ike (Bazooka) Qoartey of Ghana retained his World Boxing 
Association welterweight title by stopping Alberto Cortes of 
Argentina in Carpentras, France, on Saturday. (Reuters) 


"4, V 




Top 25 College Results 


How the top 25 foams In the Associated 
Pros* College tootban pod farad ltd* week: 

I. Florida (4-0) boat Mississippi 38-14. Next: 
vs. Louisiana state. Saturday: 1 Nebraska (5- 
D) boat Wyoming 42-32. Next: vs. Oklahoma 
Slalo. Saturday; 1 Florida State (4-0) did not 
May.NM: at No. lSMtaml. Saturday; 4. Penn 
Stato (5-0) boat Tom pi* 48-21. Next: at No. 7 
Mlditan. Oct 15.-5, Colorado (+41 beat Na 14 
Texas 34J1. Next: at Missouri Saturday. 

6. Arizona (441 bool Orogon Staff 30-10. 
Next: os. Na M Colorado State, Saturday; 7, 
MteMOM (3-11 boat Iowa 29-14. Next: vs. 
Michigan State. Saturday; A Notre Dame (4- 
1) beat Stanford 34-15. Next: at Boston Col- 
ton*. Saturday; 9,Aubam IM) beat Kentucky 
41-14. Thursday. Next: at Mississippi State. 
Oct. B; lib Turns AAM (40) beat Texas Tech 
23-17. Next: at Houston, Saturday. 

II. Alabama (Ml boat Georgia 29-28. Next: 
vs. Southern Mississippi, Saturday : 11. Wash- 
ington (3-1) boat UCLA 37-10. Next: vs. Sm 
Jose State. Saturday; 13. Miami (3-1) beat 
Rutgers 2*3. Next: w No. 3 Florida State. 
Saturday; 14, Virginia Tech (4-1) lastloSrra- 
cum 24-20. Next: v*. Temple. Saturday: IS. 
Wisconsin 12-2) Iasi to Michigan state 29-10. 
Next: al Northw es tern. Saturday. 

IX Tams (3-1) lost ta No. 5 Colorado 34-31. 
Next: vs. No. 21 Oklahoma. Saturday; 17. 
Washington Slate (XI ) lost to Tennessee 10*. 
Next: vi Oregon. Saturday; IS. North Corel I- 
ea (3-D beat Southern Methodist 2424. Next: 
vs. Goorota Tech. Saturday; 19. Seethe™ Cal 
1241) last to Oregon 22-7. Next: at Oregon 
Stem. Saturday; ax OMa State «-i> bear 
Northwestern 17-15. Next: vs. No. 25 Illinois. 
Saturday. 


21, ddahama (3-1) bear lima Stale 346. 
Next: vs. Nol ts Texas. Saturday; 22. North 
Carolina State (40) beat Georgia Tech 21 -U 
Next: at Louisville. Saturday; 23, Kansas 
State (3-0) did not atev. Next: at Kmsas, 
Ttmrsday.Oet. 6; 2A Colorado state (M) beat 
New Mexico 38-31. Next: at Na. 6 Arizona 
Saturday; 2& Illinois (2-2) last to Purdue 22-16. 
Next: at Na 20 Ohio State. Saturday. 


Other Major College Scores 


EAST 

Brawn at Ccteate 7 
Cent. Connecticut St. 36. St. Pelert 23 
Columbia 2 b. La l a yette 13 
Cornell 21. Lehigh 17 
Dartmouth 31. Ferdham 14 
Duke 47. Navy 14 
Duquesne 22. Gannon 14 
Georgetown D.C 21- Cantatas 14 
Gettysburg 27. Johns Hopkins 24 
Harvard 27, Holy Cross 17 
Hafstra 28, New Hampshire 6 
James Madison 24. Boston U- 21 
Maine 19. Delaware 13 
Marlst 32. St. John's. NY 13 
Massachusett s 22, Rhode island 12 
Manmoutn. n J. 22. Wagner 14 
Princeton 12 Buekneii 7 
Siena U. Iona 21 
St. Francis. Pa. 27, Mercytwrst 7 
Syracuse 28, Vlllonava 38. Richmond a 
Yote 28, Connecticut 17 
SOUTH 

AnpataChkut St. 30. E. Tennessee St, 13 
Austin Poor 3*, Tennessee Tech 27 
Citadel 48. Newberry 20 
Clemsan 11 Maryland 0 
Delaware 5t. 31, Bettwne-Cookmon 7 
E. Kentucky 28. Middle Tenn. 27 
East Carolina 31, Southern Miss. 10 
Florida AIM 14, Tennessee St. 10 


Georgia Southern 49. VMI 0 
Grumbling St. U. Prairie View 0 
Guilford 34, Davidson 14 
Howard U. 19. Tawsan SI. 13 
LOUhftlle 33, Pittsburgh 29 
Marshall 62, Tn. -Chattanooga 21 
MhsisslDPl SI. 49. Arkansas St. 3 
Morgan SI. 31. Charleston Southern 29 
Murray St. 23. Tenn. -Marl In 3 * 

N. Carolina AST 22. Southern U. 21 
NE Louisiana 62. Weber St. 37 
NW Louisiana 24. Troy Si. 20 
Nlctxrtls St- 24, Somford 6 , . 

Sl Coratino SI. 24. Jackson' St 22 
SE Missouri 45, Moreheod Sl. 20 
SW Louisiana 11 Louisiana Tech 3 
South Carolina 18. LSU 17 
Virginia 37. Wllllom & (Mary 3 
W. Carolina 35. Furman 24 
W. Kentucky 31. Aku-BJrmtoghom 22 
Woke Forest 33, Army 27 
MIDWEST 

Ball st. 31. Cent Michigan 28 
Bowlins Green 38. Cincinnati 0 
Settler 28, Drake 20 
Cent. Florida 27. Illlnota St. 24 
Dayton 24, Evansville 0 
E. Illlnota 38. SW Missouri SI. 21 
Indiana 2£ Minnesota 14 
Miami Ohio 21, E. Michigan 17 
N. town it, Indiana St. 10 
Nevada 33. N. iiBnota 31 
Toledo 31. Ohio u. 4 
W. Illinois 24. S. Illinois 21 
W. Michigan 24. Kent 10 
west Virginia 34. Missouri 10 
Youngstown St. 28. McNeese St. 8 


FAR WEST 

Air Force 34. San Dtega St. 33 
Boise St. 28. N. Arizona 14 
Brigham Young 34. Utah St. 4 
CS North ridge 47. CSU-Chlco 17 
California 55. San Jose St. 0 
Idaho 7a Idaho Sl. 21 
Montana 4& Col PMy-SLO 0 
Portland st. 21. E. Washington 21 
Sacramento St. 3a Montana SI. 14 
San Diego 33, Valparaiso 27 
St. Mary's. Col. 27. Huinboldl St. 22 
UC Davis 41. S. Utah. 14 
UNLV 31, New Mexico St. 27 • 

CFL. Standings 


• » y. 


Baltimore 

winniaeg 

Toronto 

Ottawa 

Hamilton 

Shreveport 


Eastern D hr talon 
W t T PF 

* 4 0 410 

9 4 0 474 

4 8 0 331 

4 9 0 172 

3 9 0 272 


MALAYSIAN OPEN 
5 inales. Semifinals 

Andrei Olhovsky. Russia def. Alexander 
Mranz. Germany. 6-2. 6-4; Jacco Elltogh. 
Netherlands. det. Todd Woodbrtd9e. Austra- 
lia M4, 7-6 (7-S). 

Final 

EHIngh det. Olhovsky. 7-4 17-11 2-4 44. 
LEIPZIG GRAND PRIX 
■ Steeles, Semifinals. . 

Jana Novotna (2). Czech Republic, del. 
Anfct Huber (31. Germany 1-6, 41. 7-5. Mary 
Pierce (1). France, del. judltn Wiesner (4). 
Austria 4-1 7-5. 

Final 

Novafna def. Pfcrt*. 7-i 41. 


Paris-Tours 


3 9 0 272 

DUO 219 
western Division 
10 2 0 471 


Calgary 10 2 0 471 

Brtt-Cotambta 9 3 1 455 

E dm onton 9 4 0 374 


Saskatchewan 7 4 0 353 


Sacramento 6 6 1 312 

Las Vegas 5 7 0 353 

Fridays Games 

British Columbia 2s, Edmonton 24 
Sacramento 19, Saskat ch ewan 1* 
Saturday's Games 
Baltimore 4a Ottawa 13 
Wlmlneg 39, Shreveport 21 


SOUTHWEST 
Arkansas 42. Vanderbilt 6 
Baylor 4Z Texas Christian 18 
Oklahoma St. 36. North Texas 34 
Sam Houston SL 31, Texas Southern 0 
Texas- El Paso 34, Hawaii 28 




»r.~ i . ‘ 

WORLD CUP QUALIFIER 
Italy 34. Romania 4 


SICILIAN OPEN 
Singles, Q uart o fl oats 

Slava Dasedel (5). Czech RePiASIc. del. 
Francisco Oovet, Spain. 40. 5-7. 4-1 ; Alberto 
Berasolegul (1). Spain, del. Oliver Grass. Ger- 
many. 4-2, 6-1. 

S emifi n a ls 

Alex Corretia (6), Spain, det. Emilio San- 
chez. Spain. 7-6 (7-5), 4-4, 6-3: Berasolegul det. 
Dasedel, 4-4. 7-5. 

Final 

Berasolegul det. Corretia. 2-4, 7-4 (441,0-4. 

SWISS INDOOR TOURNAMENT 
Stogies. Quarterfinals 

Crlsflonc Coratfi. Holy. det. Mlchoei SMch 
(1), Germany, 4-4 7-4 (7-31. 7-4 C7-51; Wayne 
Ferreira (4), South Africa del. Mare Rosset 
(51. Switzerland. 7-5, 4-7 (7-4), 6-1 
Semif! nab 

Ferreira det. Guy Forget Franca 7-4 17-31,6- 
4: Patrick McEnraa Ui, del Caratll. 43.41 
Final 

Ferreira del. McEnroe, 4-4 4-2 7-4 (9-7) 43. 


Results Sunday at the 256-fcllomcter (154 
mile) race with rider, country, team and 
time: 1. Eric iabcl, Germany. Telekom. 4 
hours. IS minutes. 37 seconds: 2. Gtamucn 
BortotomL Italy, Lampra same time: 3. Zbig- 
niew Spruch, Poland, Lnmpre, at.: 4. Mario 
Clnpoilni. Italy, Mercatonl Una. S.I.; 5. Adrt 
Voader Pool. N el he rlands.. Co 1 1 strop, at. 

4, Steve Bauer. Canada, Motorola, at; 7. 
Giovanni Fldcmza Italy. PoltL al-: X Laurent 
Jaiabert France, Once, aL; «, wiHried Neib- 
sen, Belgium, Novemall-Laser <ompuier S.L, : 
la Mortln Van Siren. Netherlonaa TVM. al. 

World Cop Standings (After 11 races): t, 
Gianluca Borfoiaml. 151 points: Z Johan Mu- 
seeuw, Belgium, OB -MG, 125; 3. Andrei 
Tchmtl. Russia. Lotto. 115: A Giorgio Furlan. 
Italy. Gcwbx 87: 5. Lonce Armstrong, l»i. 
Motorola. 88. 

4. Fabio Bakhta, ltoly.GB-MG.67; 7,Glannl 
Bugno, Italy, Pah 1.43: RMarla CJpal1lnl,55;9, 
Claudio Odaopucd. Italy. Carrera. 54: ta 
(He) Yevgeny Berzin, Russia, Gewlss. 50; ML 
(tie) Armond de las Cuevas. France, Castor- 
ama. SO: ia (tie) Erik Zabei, 50. 




FIRST TEST 

Pakistan vs. Australia final day 
Sanday, in Karachi 
Australia first Innings: 337 
Pakistan first inn togs; 254 
Australia secang Innings: 232 
Pofclstan second Innings: 315-9 
Result: Pakistan wins bv one wicket 


ITALIAN FIRST DIVISION 
Bart Q. Cagliari 0 
Cremanese 1. Foggta 3 
Ftorentlna 1, Lazio ot Rome 1 
Genoa 3, Reggtana 1 
AC Milan I, Brescia 0 
Napoli 3. Padova 3 
AC Parma 2. Torino 0 
AS Rama 1, Samodorio 0 
Standtogs: Parma IX Rama 13. Juventusia 
Milan, to. Lezfcr A E «te A PloreoUna A 
Sampdbrla 7. Inter 7. Bari 7. Ciemoncse 4, 
Torino 6, Cagliari X Ganoo S. Napoli & Brescia 
X Padova I, Regglana ft. 

DUTCH FIRST DIVISION 
FC Grontogen 1, Feveneand Rorterdam ) 
FC Utrecht a FC Voiendom 0 
Sparta Rotterdam 0. Alax Amsterdam 2 
Willem II Tilburg X FC Twenle Enschede 2 
SC Heerenveen 1, RKC waaNrtlk 0 
Go Ahead Eagles a Vttesee Arnhem 0 
DordrechTW 0. Rada JC Kerkrode 3 
MW Maateiicht Z KAC Breda 3 
NEC Nllmeaen X PSV Eindhoven 2 
Standings: FC Twente II. Alax 9. FC 
Ulredd9.PSVXMWaRodaB.Fevemard7. 
Wlffem 11 7. NEC 6. VTIesse 6. Heerenveen 6. 
NAC 5. FC Voiendom X GA Eagles A FC 
Groningen A RKC 4. Dordrecht *9#i Sparta 1 
ENGUSH PREMIER LEAGUE 
Nottingham Forest X Queen's Park Rangers 2 
Chelsea I, West Ham 2 
Arsenal 1, crystal Pa roc* 2 v 

Aston Villa 0, Newcastle 2 
Leeds x Manchester City 0 
Liverpool 4, Sheffield Wfectoesday 1 
Manchester United X Everton 0 
Norwich x Blackburn 1 
Southampton X Ipswich 1 
Wimbledon 1, Tottenham 2 


StamHees: Newcastle 22, Nontogham For- 
est 20. Btackburn 17. Manchester United >4. 
Llvervool IX Leeds M. Chelsea 11 Southamp- 
ton IZNorwMi IX Tottenham 12 Manchester 
City IL Aslan Villa 9. Wimbledon 9. Arsenal x 
West Ham L Ipswich 7. Crystal Pataae 7, 
OueefTs Part Rangers 4. Sheffield WeGnt s - 
day 4. Leicester 5. Coventry X Everton X 


GERMAN BU MOBIL IGA 
SC Freiburg 1. Moenchengfodbadi 1 
Bayern Munich Z FC Cologne 2 
Karlsruhe SC X FC Kalserstautem 3 
SchoJke a ElntracM Frankfurt 0 . 

Bayer uerdtoaen 0. Bannsto Dortmund 2 
Barer Leverkusen X VfB Stuttgart 1 . 
Dynamo Dresden t. UtO Munich 1 
VIL Bochum 1, MSV Duisburg ft - 
Stowages: Wenter Bremen 11; Borussio 
Dortmund 11, Karlsruhe SC IX Bovern Mu- 
nkh IX FC Katserslautern IX Hamburg SV X 
Baver LevereusenRSC FraibureX Sehaike 7. 
Mo#ncnengtodboch7, VfB Stuftgmi 7,Uerdln- 
B*o 5, FC Cologne 5. Elnfrochl Frankfurt X 
Dynamo Dresden A VIL BochunrXiHSVbuis- 
burg X 1840 Munich X . 


FRENCH FIRST DIVISION 
Bastta 1, Rennes 2 
Metz X Montpellier 0 
Lyon 1. Nice 1 
Caen 1, Parts SC 2 
Sochoux 1. Lens 1 
Strasbourg x L* Havre 0 
Nantes X Bordeaux 3 
Monaco- 1, Mart tours 0 
Cannes X Lille 0 
Auxerre X Satot-EUeme 0 
Standan: Nantes 24 Lyon 2X Cannes 2X 
Strasbourg ix Bordeaux IX Ports st. Ger- 
main IX Morttgues IX Auaerre 17, Lens 17, 
Satat-Ettcme M, Rennes IX Nice IX Monaco 
12 Le Havre n, Bastta ll,Sodiaux 11. Metz ix 
Ulle IX Montpellier X Caen X 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 



SOMETIMES I LIE AWAKE AT WIGHT. AND 
I THINK ABOUT THE 600D LIFE THAT I 
HAVE ..I REALLY HAVE NO COMPLAINTS. 


■ -IV . 











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For No. 5 Colorado, 
Last-Second Score 
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Compiled by Our SuffFrom DiSpaldra 

Rashaan Salaam found the 
going at Memorial Stadium in 
Austin, Texas, quite lo his lik- 
ing 

^The Colorado tailback ripped 
the Longhorns lot a career-best 
317 yards r ushing , even though 
the fifth-ranked. Buffaloes need- 
ed another last-second score to 
win, 34-31, Saturday. 

Salaa m , who started the day 

as the country’s leading scorer, 

COLLEGE FOOTBALL " 

was terrific in Texas. The junior 
feared on a 6-yard run in the 
first quarter and caught five 
passes for 45 yards. 

His effort fell 25 yards short 
of Colorado’s single-game re- 
cord* 

“He ran with resolve and 
toughness, and he just kept 
coming back,” said Bill 
McCartney, Colorado’s coach. 

Colorado manufactured a de- 
liberate, almost calm final drive 
that led to Neil Voskeritchian's 
24-yard, game-winning field 
goal with one second left to give 
the Buffaloes the victory. 

Salaam caught a 15-yard pass 
on thud down with 9 yards to go 
from the. Texas 38-yard fine, 
bringing the Buffaloes within 
field goal range. Three plays lat- 
er, on thinl-and-7 from the 20, 
Salaam ran for 9 yards to the 
Texas 11. Two plays later, Vos- 
keritchian’s kick allowed the 
Buffaloes to sweep three consec- 
utive ranked teams — Wiscon- 
sin, Michigan, and Texas. 

• In <aher games Saturday: 

No. 1 Florida 38, Muarippi 
14: In Oxford, Mississippi, the 
Gators didn’t come dose to 
their S8-point scoring average, 
but Terry Dean still threw four 


touchdown passes in Florida's 
closest game this season. 

No. 2 Nebraska 42, Wyoming 
32: In Lincoln, Nebraska, 
Brook Berringer, replacing the 
injured Tommie Frazier at 
quarterback, scored three 
touchdowns before bein g hos- 
pitalized with a partially col- 
lapsed left hmg. 

Berringer was expected to be 
released Sunday, and Tom Os- 
borne, who coaches the Com- 
buskers, said it looked like he 
would be able to play next week. 

No. 4 Pena State 48, Temple 
21: In Philadelphia, Freddie 
Scott caught three touchdown 
passes and Jon Witman ran for 
two scores as the Nittany Lions 
withstood an injury to running 
back Ki-Jana Carter. 

Carter did not return to the 
game after dislocating his right 
thumb while catching a 9-yard 
pass with 25 seconds left in the 
first half . He Had gained 61 
yards on nine carries and 
caught three passes for 49 yards 
before going down. 

No. 6 Arizona 30, Oregon 
State 10: In Tucson, Arizona, 
Dan White threw three touch- 
down passes and Arizona, de- 
spite having trouble stopping 
Oregon State’s running game, 
remained unbeaten. 

No. 7 Michigan 29, Iowa 14: 
Tyrone Wheatley made his first 
start of the season for Michi- 
gan, producing 182 yards and 
two touchdowns for the Wol- 
verines in Iowa City, Iowa. 

No. 8 Notre Dane 34, Stan- 
ford 15: In South Bend. Indi- 
ana, Ron Powlus threw three 
touchdown passes and complet- 
ed 10 of his first 1 1 passes for 
168 yards for the Irish. 

No. 10 Texas A&M 23, Tex- 
as Tech 17: In College Station. 
Texas, Rodney Thomas scored 



Cowboys Make 
Short Work 
Of Redskins 


The Associated Press 
Any intrigue surrounding 
Heath Shuler's first National 
Football League start had fad- 
ed by the time Emmin Smith 
limped off the field late in the 
second quarter. 

The loss of Smith, who pulled 
a hamstring and did not return 

IvFL ROUNDUP 


to the 


did not faze the 


■Artgt. 

Ron Kuntz'RfUKTO 

James Hasty, of the New York Jets, put an end to Cleveland wide receiver Derrick Alexander's run Sunday. 


the go-ahead touchdown with 
6: 1 1 to play to extend the long- 
est home winning streak in the 
country to 23 games. 

No. 11 Alabama 29, Georgjn 
28: In Tuscaloosa, Alabama, 
Michael Proctor's 32-yard field 
goal with 1:12 left decided a 
passing dud between Eric Zder 
and Jay Barker. 

No. 12 Washington 37, 
UCLA 10: In Seattle. Washing- 
ton’s Napoleon Kaufman ran 
for a career-high 227 yards on 
34 carries as the Huskies beat 


UCLA for the first time since 
1989 and won their third 
straight game. 

Kaufman’s career day was 
highlighted by a 79-yard run. 
He re-injured bis bruised right 
shoulder late in the second 
quarter but continued to play. 

No. 13 Miami 24. Rutgers 3: 
In Piscataway. New Jersey, 
Chris T. Jones scored on an 82- 
yard pass play and set up a 
touchdown with another recep- 
tion. 

Syracuse 28, No. 14 Vir-pma 


For Canada , U.S. Makes NHL Trouble 



By Clyde H. Farnsworth 

New York Tunes Service 

TORONTO — Canadians are hop- 
ping mad, but it looks like they’re going 
to have to take it — at least until mid-" 
October. For the first time in its history, 
the National Hockey League won’t begin 
its season on schedule. 

To Canadian sports fans, it was bad 
enough being struck out by baseball in a 
year in which the Montreal Expos 
seemed on the way to a pennant — after 
two years in which the Toronto Bhic Jays 
clinched the World Series. 

But baseball is still just America’s na- 
tional pastime. The Expos joined the 
National League only in 1969. anditwss 
eight years later that the Blue Jays began 
their American League franchise. 

Hockey is something else. It’s nearly 
impossible to grow up in Canada without 
playing at least some hockey. 

Not only is it the national game but it 
si gnals n a ti o n a l origins. The word comes 
from the old French hoquet, or shep- 
herd's crook, referring to the shape of the 
stick. The first organized team was at 
Montreal’s McGilJ University in 1879. 

Like the Canadian Broadcasting Corp. 
and the transcontinental railroad, hockey 
unites “Like maple syrup and the 

Mounties,” writes a Globe ami Mail edi- 
torialist, “hockey belong? to C anada.” 

Now it seems to many here that the 
Americans are hijacking it. The CBC is 
one of the biggest losers. Millions of fans 
who couldn’t make the games scheduled 


all over the country Sunday night were 
counting on catching at least some of the 
action on the network’s season -opening 
double-header package, “Hockey Night 
in Canada." It promised a game in the 
East for the first part of the evening, and 
then, taking advantage of time differen- 
tials, a game in the West. 

Instead, CBC viewers will get the situ- 
ation comedy “Empty Nest" and the 
movies “Homeward Bound” and 
‘‘Splash.’* “We're helpless," said Ron 
Harrison, vice president of Molstar 
Communications Inc. of Toronto, which 
produces the sports show for the CBC. 
“We’re like everyone else, a part of the 
ripple effect of what’s happening in 
hockey.” 

Although it’s not often overtly stated, 
there is an undercurrent of nationalism in 
some of the feelings and comments here. 
Two American lawyers are the key players 
in the labor straggle that is keeping the 
game from the Canadian fans: Gary Bett- 
man, the commissioner of the NHL, and 
Bob Goodenow, the executive director of 
the NHL Players’ Association. 

Many of the Canadian players refer to 
Bettman in unflattering terms. “He’s 
someone you don’t respect from a hock- 
ey point of view,” said Garth Butcher, a 
defenseman for the Toronto Maple 
Leafs. “I don’t think he knows the people 
he’s dealing with.” 

Bob MacDonald, a Toronto Sun col- 
umnist, accused both Bettman and Goo- 


denow of “a true American cowboy men- 
tality" under a headline: "Yankees, Go 
Home." 

Bettman has been trying to expand the 
game in the United States, and has been 
rather successful so far with new fran- 
chises in the south and a cable contract 
with Fax Television. “Bettman says he 
wants to grow the game in the U.S.." 
noted the Financial Post columnist Ja- 
mie Wayne, “but does he have to kick 
Canadian fans in the groin?" 

The Toronto Star took editorial um- 
brage at a comment from the Los Ange- 
les Kings defenseman Marty McSorley 
to a Canadian reporter: “Your Winni- 
pegs, your Edm ontons. your Quebec 
City — are they major league cities?" 

The Star’s translation: "Let Edmon- 
ton, Winnipeg and Quebec City die while 
hotkey is born in Miami 3nd Dallas, 
backed up by big business which would 
help boost McSoriey’s salary.” 

If ifs not aggressive American law- 
yers, it's tough American anti trust laws 
that are at fault Serge Savard, general 
manager of the Montreal Canadiens, 
said the owners could not gel together as 
a body and decide how much to pay 
players because they would get sued un- 
der the Sherman Act “Guys compete 
with each other. There are always some 
teams that at certain times, make much 
more money than others and then they 
try to buy a championship,” Savard saidl 
“We’re caught in a vicious circle." 


Tech 20: In Syracuse, New 
York, Kirby Dar Oar’s 34-yard 
touchdown run with 5:42 to 
play — iris third of the game — 
led the Orangemen to the upset 

Michigan State 29, No. 15 
Wisconsin 10: In East f -ansing, 
Michigan, Duane Goal bourne 
scored two touchdowns and the 
Spartans came up with four 
turnovers. 

Tennessee 10, No. 17 Wash- 
ington State 9: in Knoxville, 
Tennessee, Nilo Silvan’s sprint 
with 3:34 left in the third quar- 
ter gave Tennessee a 7-6 lead. 

No. 18 North Carofina 28, 
Southern Methodist 24: In Dal- 
las. the backup quarterback 
Mike Thomas’s 67-yard touch- 
down pass to Octavus Barnes 
with 12:17 to play sealed the 
victory for the Tar Heels. 

Oregon 22, No. 19 Southern 
Cal 7: In Los Angeles, backup 
quarterback Tony Graziani 
threw for 287 yards and a touch- 
down in his first college start. 

No. 20 Ohio State 17, North- 


western 15: In Evanston, Illi- 
nois, Eddie George posted his 
fourth straight 100-yard game 
for the Buckeyes but fumbled 
late in the game, leading to a 
Northwestern touchdown. 

No. 21 Oklahoma 34, Iowa 
State 6: In Norman, Oklahoma, 
the Sooners scored three touch- 
downs in the second quarter, 
beating Iowa State for the 32d 
time in the past 34 meetings. 

No. 22 North Carofina State 
21, Georgia Tech 13: In Ra- 
leigh, North Carolina, Geoff 
Bender ran for one touchdown 
and led two scoring drives for 
the Wolfpack. 

No. 24 Colorado State 38, 
New Mexico 31: In Albuquer- 
que. New Mexico. Anthoncy 
Hill threw for a career-best 364 
yards and three touchdowns as 
Colorado State equaled its best 
start in 17 years. 

Purdue 22, No. 25 Illinois 16: 
In Champaign. Illinois, Purdue 
stopped Illinois tight end Ken 
Dilger on the 1-yard line on the 
game's final play. (NYT, AP ) 


game, 

Dallas Cowboys as they cruised 
to a 34-7 rout of the Washing- 
ton Redskins on Sunday. 

The Redskins, playing at 
home, fell apart completely 
with Shuler replacing John 
Friesz behind center, commit- 
ting penalties and turnovers 
that enabled Dallas to take a 
31-0 halftime lead. It was the 
Redskins' worst start in a game 
since Nov. 9, 1980, when Chica- 
go led 35-0 at the half. 

The rookie from Tennessee 
looked terrible, throwing 11 
completions in 29 attempts for 
just 95 yards, one touchdown 
and an interception. 

It was Redskins coach Norv 
Turner’s first meeting with the 
team he helped to two Super 
Bowl titles as offensive coordi- 
nator. Washington's ru nnin g 
game told the story: 14 carries 
for 24 yards. 

But while the Redskins took 
themselves out of the game with 
mistakes, they also were out- 
classed tty a superior opponent. 

• In other games Sunday: 

Buccaneers 24, Lions 14: 
Tampa Bay's special teams were 
able to erase a bit of the dub's 
negative history, providing the 
spark for a victory over Detroit 

Vernon Turner ran a punt 
back 80 yards for a touchdown 
— the first kick of any kind that 
Tampa Bay (2-3) has returned 
for a touchdown in the team’s 
18-year history. The club's first 
blocked punt in five seasons set 
up the game-clinching touch- 
down in the third quarter. 

The hometown crowd, aware 
of Tampa Bay's history, roared. 

Colts 17, Seahawks 15s Sean 
Dawkins set up two touchdown 
runs by Marshall Faulk with 
big catches as Indianapolis, 
playing at home, beat Seattle. 


The Colts (2-3) snapped a 
three-game losing streak, hold- 
ing Seattle (3-2) to two field 
goals by John Kasay and a safe- 
ty through the first three quar- 
ters. The Seahawks got a 30-yard 
touchdown pass from Rick 
Mirer to Kelvin Martin on the 
second play of the final quarter. 

Dawkins caught five passes 
from Jim Harbaugh for 99 
yards, including a 49-yarder 
that set up a 5-yard touchdown 
run by Faulk late in the first 
quarter. 

Browns 27, Jets 7: Eric Met- 
calf scored one of Cleveland's 
three rushing touchdowns and 
Eric Turner had an intercep- 
tion, a sack and forced a fumble 
as Cleveland beat New York. 

Cleveland improved to 4-1 
for the first time since 1 979. The 
Jets (2-3), playing without in- 
jured Boomer Esiason, lost 
their third straight. 

New York spoiled what 
would have been Cleveland’s 
second straight home shutout 
when Rob Moore made a one- 
handed, diving catch of a 24- 
yard pass from Jack Trudeau 
with seven minutes to play. It 
was the first touchdown al- 
lowed by the Browns defense at 
home in nine quarters. 

Patriots 17, Packers 16: Matt 
Bohr’s 33-yard field goal with 
four seconds left ended two 
minutes of kicking comedy and 
gave New England a win over 
Green Bay. The Packers made it 
possible by bumbling an extra- 
point attempt and botching the 
ensuing kickoff. 

The kick by Bahr decided a 
duel in Foxboro. Massachusetts, 
between young quarterbacks 
Drew Bledsoe and Brett Favre. 

Bahr had missed his previous 
two attempts after making all 12 
in his career with New England 
(3-2). But he got the chance to be 
the hero because Green Bay (2- 
3) could not kick any better. 

Bledsoe completed 29 of 53 
passes for 334 yards and two 
scoring passes to Vincent 
Brisby against the Packers, who 
began the game with the NFL’s 
second best defense. 

Favre completed was 25-of- 
47 for 295 yards. 


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Page 18 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 3, 1994 


LANGUAGE 


Processing War , Peace and Cheese 


Prada Turns Minimalism Into Art Form 


By William Safire 

W ASHINGTON — We 
never beard the long boo- 
ha threatening an invasion of 
Haiti described as a war process. 
Why not? Certainly eveiy other 
procedure and proceeding — all 
from the Latin procedere, “to go 
forward” — in today’s diploma- 
cy has been so expressed. Nego- 
tiation is out; process is in. 

We have, of course, the peace 
process, now applied mainly to 
the Middle East. In Peter Rod- 
man's forthcoming history or 
the Cold War, “More Precious 
Than Peace," we have a refer- 
ence to the negotiating process in 
Angola, as if this longtime Kis- 
singer aide does not want to 
overdo the phrase made famous 
by his former boss in 1974. 

According to another of Hen- 
ry’s helpers, Harold Saunders, 
the shorthand expression peace 
process was chosen then because 
it “encompasses a full range of 
political, psychological, econom- 
ic, diplomatic and military ac- 
tions woven together into a com- 
prehensive effort to establish 
peace between Israel and its 
neighbors." 

The pull of process is power- 
ful in other disciplines as welL 
Shakespearean commentator 
Helen Vendler, in a recent re- 
port to the American Academy 
of Arts and Sciences, observed, 
“I processed the sonnets differ- 
ently from most other people." 
(Most of us read those sonnets 
along a “static axis of similar- 
ity,'’ but she hangs them togeth- 
er “along a dynamic curve of 
inner emotional evolution," 
which I suppose in the sessions 
of sweet silent thought beats 
comparison to a summer's day.) 

In context, her use of the verb 
to process suggests the meaning 
of putting the information 
through a mental process, or 
“to work it out in your head." 
In this sense of putting some- 
thing through a kind of grinder 
or mixer, it is also possible to 
process meat and cheese. In pro- 
cessed cheese, the food is heated 


and blended, often with other 
cheeses and flavorings; in the 
usage process, the -ed was 
clipped, and we now have pro- 
cess cheese. 

Copywriters for bank adver- 
tising are part of the process 
process: "Our investment con- 
sultants simplify the often mys- 
tifying process of allocating 
your assets," says Chemical 
Bank’s demystifiers, while Na- 
tion's Bank,- which styles itself 
NationsBank advertises classes 
to “help you understand the ap- 
proval process." 

The noun has a grand histo- 
ry. ‘‘Without process of law" 
(leading to due process) made its 
debut in a political song before 
1322, and Shakespearean ana- 
lysts have long processed how 
iil "Hamlet” Polonius tells King 
Claudius, “Behind the arras I’ll 
convey myself / To hear the 
process." 

A later verb sense of “to treat 
or handle by procedure" led to 
the modem sense of developing 
pictures as film processing. Art 
that concerns itself with acts — 
like spreading a floor with saw- 
dust to be disturbed by the 
viewer’s feet — was called pro- 
cess art in the ’60s. In the same 
son of way. a computer's ability 
to examine or analyze what 
passes through was called in 
1970 processing data. 

Those who expect a snapper 
of an ending to this item using 
word processor will be let down; 

I did it with a quill pen. 

□ 

Have you ever called a toll- 
free 800 number in the United 
States? If so. you have commit- 
ted a redundancy: all SOO num- 
bers are toll-free. You either 
make a toll-free call or call an 
800 number, not both. 

Does this mean the call is for 
free? Aha! I have just commit- 
ted a joculism, which is a word 
or phrase intended to be an 
amusing error that is taken up 
as accurate by the unwary. The 
classic example is irregardless, a 
jocular dialect play dating back 


to 1912 on irrespective and re- 
gardless; it’s a joke, not a word. 

What are we to do with a 
more insidious joculism, for 
free? A couple of years ago, 
when the actor Cliff Robertson 
was the pitchman for AT&T 
(which has now dropped its pe- 
riods in an effort to expunge the 
word telegraph), copywriters 
frequently nad him offering in- 
ducements “for free." 

The construction is based on 
a redundancy, which I remem- 
ber from the ’30s: “I’ll give it to 
you free for nothing." Some- 
thing is either free or for nothing 
— not both. Putting them to- 
gether was done facetiously, 
but it led in the early ’40$ to for 
free : 

Ever since, learned usagists 
have been pulling chins over the 
phrase; is it a useful synony- 
mous phrase for the formal 
without charge? 

I think not If you mean for 
nothing, or want to slam home 
your point with at no cost to you, 
say so. Or, if you like the word 
free, use it freely, but without the 
unneeded for preceding it. Free 
of cost is not exactly redundant, 
but you can do without the of 
cost ; same with cost-free. For 
sheer persuasive power, nothing 
beats the unadorned free. 

If you are impelled to pick up 
for free, use it in the knowledge 
that it is a joculism and may be 
taken by your listeners to be 
Standard English, which it is 
noL The usage is akin to free 
gift, which is rightly a target of 
the shock troops of the Lexico- 
graphic Irregulars who call 
themselves the Squad Squad. 

Its members have already 
made their choice for Redun- 
dancy of the Year. When Rep- 
resentative Mel Reynolds of Il- 
linois was about to be charged 
with having bad a sexual rela- 
tionship with a minor, he called 
a news conference to denounce 
his accuser as an "emotionally 
disturbed nut case." 

flew York Tunes Service 


By Suzy Menkes 

International Herald Tnbiete 

M ILAN — Nothing in Italian 
fashion seems certain but death, 
tax scandals — and the Prada bag. At 
the start of the international collec- 
tions in Milan, the sturdy black nylon 
bag now seems more than a badge of 
belonging to the fashion flock. It has 
come to symbolize the discreet, sober 
and elegant side of this Janus-faced 
city. 

A mop of marmalade hair, curva- 
ceous clothes, a flashy smile and purse 
to match is the caricature of Milanese 


Tastemakers 



An occasional series 
about people for whom 
style is a way of life 


chic. Miuccia Prada’ s style is the op- 

S osite — more Bauhaus than whore- 
ouse. The bags and shoes that form 
the basis of the 202 billiou lire (about 
S130 milli on) empire are about form 
and function. The clothes collection, 
launched five years ago, is spare and 
linear. And the woman herself has a 
noble, unadorned face and wears sim- 
ple dresses that seem to reach back to 
an earlier era of Italian elegance. 

“Understated style is very Mila- 
nese. The important f amili es have al- 
ways kept a super-low profile,” says 
Prada. “Milan has a strong tradition 
of design, music and art. What hap- 
pened was a lot of new industry that 
gave a new kind of richness with no 
culture, and a political situation that 
gave a bad turn to Milan.” 

The bag on which Prada built its 
modem reputation was designed in 
1978. It was a gesture flung into a 
fashion world that was about to start 
on its giddy merry-go-round of glitzy 
style and conspicuous consumption. 
The plain black bag in an industrial 
nylon fabric (a small logo came later) 
was not a conspicuous success. But 
then, as now, or m her earlier incarna- 
tion as a student of political science, 
wearing hippie clothes and supporting 
the Co mmunis t Party. Prada. 44. was 
sure of her own taste. 

“1 fell it was a modem bag that I 
wanted to have. I liked its industrial 


aspect of traditional workmanship 
with nylon," she says. “At the begin- 
ning it didn’t sell at all. But when 1 
have a strong feeling that something is 
good, it stays.” 

The rest is fashion history, because 
the nylon bag cast its shadow over the 
ostentatious 1980s, first as the shoul- 
der bag or backpack of fashion profes- 
sionals, then as the working person's 
favored tote bag. It was the starting 
point for relaunching Prada, founded 
in 1913. Bags and accessories are now 
over 50 percent of the business, with 
shoes at 23 percent and clothing at 25 
percent. 

Although Prada’s minimalism is 
treated like a Zen Buddhist religion by 
fashion acolytes, Prada herself is 
down to earth. She is interested in the 
“technical revolution” that can give a 
new aspect to a traditional product 
and make it modem. Hence the nylon 
challenge to family leather businesses 
in which both she and her husband 
were entrenched, even before he be- 
came her business partner. With 46 
shops across the world, she now has to 
offer more than what she herself 
wants, although everything must al- 
ways confirm to her own taste. 

"When I started I did what I like,” 
she says. “As the work started to grow 
I was pushed to do ‘salable' items — 
this I really hate. I suffer when I see 
something with a Prada label that I 
don’t like. So 1 try to do it in a Prada 
way that is not crazy, but acceptable." 

That may be a simple dress in a fine 
fabric (never in pinstriped men’s suit- 
ing) that reflects her personal point of 
view that clothes should emphasize 
the "sensual charming aspects of a 
woman, but a big emphasis on sexy is 
not my personality.” Or it may be the 
Miu Miu line of ebullient clothes that 
draw on her youth, when she wore 
Pi ere Cardin jumpsuits, mini skirts 
and hippie styles that were “very ec- 
centric for Milan." 

The Prada philosophy fits the (fairly 
expensive) bill for the 1990s shopper 
who aspires to be a connoisseur of good 
things, rather than an avid consumer of 
status symbols, it is also politically 
right on for Milan fashion right now. 





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Designer Miuccia Prada and her classic black nylon bag. 


WEATHER 


POSTCARD 




Forecast for Tuesday through Thursday, as provided by Accu- Weather. 


Oceania 


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] UnsAunaMv 
Com 


UnuuumnMy 

Hoi 


North America 

Chilly an will spread across 
Chicago and ihe rest ol the 
Midwest Tuesday and 
Wednesday New York Cily 
will tiaee sunshme Tuesday, 
dry. seasonable weather is 
expected Wednesday and 
Thursday. Thete could be 
showers in San Francisco 
Tuesday. 


Europe 

Rather chilly weather will 
prevail from London lo Ams- 
terdam to Frankfurt and War- 
saw Tuesday through Thurs- 
day; there could also be a 
shower or two Tuesday and 
Wednesday, mainly in the 
east. Some sunstwie m Lis- 
bon and Madrid lor the mut- 
ate ol the week 


Asia 

Partly sonny in Osaka and 
Tokyo Tuesday and 
Wednesday, but there rmjbt 
be a shower either day 
Rather coal Tuesday through 
Thursday in Beijing and 
Seoul. Ouite humid lor the 
next few days m hong Kong 
wilh rain a possibility Hot 
and humid weather wdl pre- 
vail n Manila 


Middle East Latin America 

Today Tomorrow Today Tomorrow 

High Lew W High Low W Wgh Lew W High Lew W 

OF Clf C/P Of OF OF C/P C/F 

Btniui C3KH 207 1 * Z9/84 33.73 3 Buenos** 15/64 B«6 i 19/86 11-52 DC 

Carre jr.ee 18.64 c 31/88 2068 S Caracas Kara 2678 PC 33/81 37«0 pc 

Damascus 39/8* 18/81 n 16*1 s Una 23/73 18*1 pc 24 /7S 16*1 pc 

Jwmatem 28/82 1B/B4 s »•> 19*6 s MftUmCay 2-»-75 11/52 pc 24/75 12*3 pc 

Lwv 38.10021/70 B 38/100 19/86 S ftodojanoco 34/93 30/88 3 Z0/84 18/68 Ml 

Riyadh 38/100 21/70 S 39/102 19/86 s Santiago 18/66 7/44 pc 21/78 6/43 pc 

Legend; s-sunnv. pc -party cloudy c-doudy. sh-snoweis. ittumderaomis. r-raln, sf-snow fames, 
sn-snow. Mon. W-Weathor. An maps, forecasts and data provided by Accu-Woather, Inc. i? 1994 


High Lew W High Lew W 
C/F C/F C/P C/F 
29 22-71 s 29/84 23,73 * 
31/80 18 64 S 31/86 20C8 9 
29/8* 1fli01 i 73/84 1681 s 
78.83 18/64 s 29/8J 19*6 * 
38.100 21/70 B 38/100 1»/66 B 
38/100 2170 S 29/102 18/06 s 


17'62 10 » -Ji 1984 10*0 pc 
23 73 12*1 i 23/73 11.53 pc 


Boston 

Chicago 

Dwmr 

Dtottl 

HonoMu 

Moufflon 

Lm Angeles 

MUm 

Mmeapobs 

Montreal 

Nassau 

Nsw Von 

Phowv* 

Sen Fran. 
Seats* 
Toronto 
WasnngMn 


7/44 I 15*9 
6/«3 c 16-81 
7*44 pC 21/70 
£.141 pc 16*1 
26-79 PC 28.79 
19*6 S 35*5 
17*2 pc 29*4 
21/70 pc 31/88 
SMI Ml 12*3 
4/39 pc 13/95 
33 '73 pc 31/98 
9/48 s I0«1 
20*8 «. 33*1 
12/53 » 22/71 
8/46 S 17/62 
7/44 K 15/59 
10*0 Ml 17*2 


c 1661 7/44 pc 

pc 21/70 5*41 c 

pc 16*1 409 DC 

PC 28.79 26/77 pc 
S 35*5 31/70 6. 
pc 29*4 17/62 pc 
pc 31AM 24/75 1 
Ml 12*3 4*9 Ml 

PC 13/96 3*37 DC 

pc J1/88 24.75 pc 
S 16*1 9/40 pc 


Parts of a Sunken Treasure Surface — in Scarsdale 




By Raymond Hernandez 

New lev A Turns Sennv 


O lously scouring the ocean floor. James 
Sinclair and a band of divers found their 
fortune in a sunken Spanish galleon off the 
Florida Keys. But nine years later, many of 
them are still trying to cash in on that 
historic find. “The question is what do you 
do with the treasure once you’ve found it?” 
Sinclair said. "You can’t put a down pay- 
ment on a house or buy anything else with 
pieces of eight.” 

So the adventurers brought some of the 
buried treasure to Scarsdale. an upscale 
village that seemed a good spot for selling 
some of the loot. By the lime the collection 
was unveiled at Wilson & Son Jewelers on 
Chase Road, the store resembled a muse- 
um gift shop as scores of people — from 
doctors and lawyers to history buffs and 
aspiring treasure hunters — arrived to see. 
touch and buy pieces from the trove of 
shimmering reaJes, gold doubloons, a 90- 


pound (40-kilogram ) bar of silver and oth- 
er antiquities. 

The more than 700 pieces — from hand- 
carved coral beads to rings of emerald and 
a crucifix of gold — represent a small 
fraction of the estimated $400 million in 
treasure that was recovered from the 
wreckage of the Spanish galleon Nuesira 
Senora de Atocha after it was found on 
July 20. 1985. The flagship of a Spanish 
treasure fleet that ran into a hurricane 
after leaving Havana, the Atocha foun- 
dered on Sept. 6. 1622, killing 143 passen- 
gers and crew members and plunging its 
cargo of 29 tons of silver and 3,500 ounces 
of gold into an underwater grave. 

The discovering of the Atocha and sal- 
vaging of its treasure were led by Mel 
Fisher, a veteran Florida treasure hunter, 
and lasted nearly two decades. 

The pieces at the jewelry store — some 
simply on display but most for sale — 
belong to about SO people, most of them 
members of the salvage crew. The average 
share of ihe bounty that many of these 
employees got was about one-tenth of 1 


percent, which averaged about $200,0009* 
About a dozen longtime hands got I per- 
cent 

In many cases, these employees have' 
tried lo hold on to to some of the treasure 
as keepsakes. But a lot of it has been sold 
in similar showings across the country as 
the crew members needed to convert the 
treasure into cash to support themselves. 

As Debbie Brandon, who spent more 
than two years with the Atocha salvage 
crew, put it: “We really don’t like to sell 
too much of it because it's like our chil- 
dren; we spent so much time looking for it. 
We only sell when we have to, like when we . 
have big bills coming up." 

As for the shoppers, a lot more seemed 
to be looking than buying. By Thursday 
evening, 18 coins had been sold. 

“It’s magnificent jewelry with so much 
mystery behind it,” said Stephanie Rus- 
nack of Eastchester, weighing the question 
of whether she should spend $2,000 cm a 
17th-century silver coin. “There’s an aura 
about the jewelry that makes you want to 
own one. But I’m going to think about it.” 



ilndia. Pn 




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£ . ’ ^.Mother Nature’s calling. 


Your flight s hoarding. 


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ASIA /PACIFIC 


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AUSTRIA*™ 


K2*flQW11 


HUNGARY’ 

ICELAND** 
IRELAND . . 

ratY* 

LIECHTENSTEIN* 
LITHUANIA* 
lUKkSQURG .. 

MALTA 

MONACO'. . 
NETHERLANDS* 


..DOO-fflUHrmi 
... 999-091 
1- MO-MO- DOT 
. . 172-1011 

195-00*11 
80198 
O-EOQ-Oltl 
... 080D-BH-110 
. .100-0811 
08*022-9111 


NORWAY. . 
POLAND"'... 
PORTUGAL' . .. 
ROMANIA 
SLOVAK REP. 
SPAIN. .. . 
SWEDEN- 
SWITZERLAND" 
UKRAINE V. 
U.K. 


808*198*11 

D&D10-480-0111 

OEfflM-288 

.. .01-800-4288 
09-428-80101 
. 000-09-00-11 
020*705-811 
155-00*11 
. 00108*11 
0508-89-0011 


KIDDIE EAST 

BAHRAIN . . KB- (Ml 

CYPRUS’ .... 080*90010 

EGYPT (CAIRO) 1 610-0200 

ISRAEL 177*108-2727 

KUWAIT . 800-238 

LEBANON (BEIRUT) ' ■ Ofi-BBI 
SAUDI ARABIA 1*800*10 

TURKEY' 00-880-12277 
U ARAB EMIRATES’ 000-171 


AMERICAS 

ARGENTINA* OG 1-800^00-11 11 


BOLIVIA*. . 
BRAZIL 
CANADA . . 

CHILE. 

COLOMBIA 


0-800-1 U2 

.000*8010 
1-800-575*2222 
. . 080-0312 

... .080*11*0010 


PANAMA.. 108 

FBUT. 191 

VENEZUELA*. 00-011-120 

AFRICA 


a SALVADOR’. 100 

HONDURAS?.. .123 

MEMC0W 95-800-482-4240 


GABON* 
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LIBERIA. 


. 084-001 
BOTH 
00-111-11 
0600-10 
797*707 


SOUTH AFRICA. . 0-800-98-9123 


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