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INTERNATIONAL 















tribune. 


/:• 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


** 


Paris, Tuesday, October 4, 1994 


No. 34,710 


U.S., Ending Ban, Will Talk With Sinn Fein 




By Th omas W. Lippman 

Washington Post Smice 

WASHINGTON — President Bill Clin- 
ton on Monday lifted the long-standing 
U-S. ■ ban cm official contact with Sinn 
Fein, the political wing of the outlawed 
Irish Republican Army, and invited its 
president, Geny Adams, to “begin a dia- 
logue*' with Washington. 

After intense negotiations throughout 
the weekend, the Clinton administration 
also agreed to invite Mr. Adams to meet 
officials at the State Department on Tues- 
day. 

Administration o fficial!; said these ges- 
tures were intended to reward Mr. Adams 
Cor his role in arranging the cease-fire an- 
fbunced by the IRA on Aug. 31. The 


Clinton administration views the truce as 
the first serious opportunity in a genera- 
tion to negotiate a peace settlement in 
Northern Ireland. 

Mr. Adams, until recently a pariah and 
still officially a terrorist, has been legiti- 
mized by the cease-fire and been trans- 
formed virtually overnight into a legiti- 
mate diplomatic interlocutor. 

But Mr. Clinton declined to allow him 
to be received at the White House, keeping 
what UJ5. officials and diplomatic sources 
said was a promise to Prime Minister John 
Major Of Bri tain. 

British officials said they were still not 
entirely convinced that the IRA had for- 
sworn violence, and they have been advo- 
cating caution in accepting Mr. Adams's 
promises at face value. 


[“We’re neither surprised nor unsur- 
prised — we're not concerned,” a spokes- 
man for Mr. Major said in London, Reu- 
ters reported. “We’ve been keeping a close 
eye on Mr. Adams's visit and listening to 
what he’s been saying. At the end we will 
collect our thoughts and make some re- 
sponse.”] 

As recently as Friday, according to sev- 
eral sources, as the administration negoti- 
ated the lifting of the ban, the only U.S. 
official it was offering for a meeting with 
Mr. Adams was J. Michael Lekson, direc- 
tor of the State Department’s office of 
Northern European Affairs. 

But Mr. Adams wanted to see Vice Pres- 
ident A1 Gore at the White House, as 
several other political leaders from North- 
ern Ireland have done this year. 


“We thought we had the balance pretty 
well set,” a White House official said, “but 
over the weekend the British press was 
portraying this as 'White House Shuns 
Gerry Adams.' ” 

Having taken the risk of granting Mr. 
Adams a U.S. visa last spring in an effort 
to show him he could gam more by peace- 
ful talk than by violence, the administra- 
tion did not want to be seen as shutting the 
door to him, this official said. 

On Sunday, according to a White House 
statement Monday, Mr. Gore telephoned 
Mr. Adams to inform him that the ban on 
official contacts would be lifted. 

At the same time, the national security 
adviser, W. Anthony Lake, offered a com- 

See ULSTER, Page 4 


Cargo Door Broke Off, 
Ferry Videotapes Show 

About 4,500 Ships of Similar Design 
Are Now Deemed Potentially Unsafe 


X 




$ ; 





A mother and son, suspected of carrying the pneumonic plague, sharing a hospital bed Monday in Net* Delhi. About 3,000 patients are being treated in India. 

In India, Problems of Modem Day Breed an Ancient III 


By John F. Burns 

New York Tima Service 

SURAT, India — Driven by a breeze from the muddy 
Tapti River, the smoke spiraling from Lilaben Mensuk- 
lal’s funeral pyre wafted suddenly across the courtyard 
at the open-air crematory here, prompting weeping men 
to clutch homemade masks of cotton cloth more tightly 
to their faces. 

“It is a sad business, sir, a sad business,” said Mahen- 
dra Modi, caretaker at the Ashwini Kumar crematory. 


who has overseen dozens of similar cremations since an 
epidemic of pneumonic plague began sweeping this 
ancient city two weeks ago. Like others at the funeral, he 
moved sharply back as the smoke moved in his direction. 

In the shantytowns that sprawl down to the riverbank, 
not even the dead are trusted, so great is the fear of 
contagion from the airborne bacteria that carry pneu- 
monic plague. 

Residents who have remained in the slums that were 
home to most of the victims remain sullen and wary. 


pulling back from strangers, avoiding conversation, and 
closing jealous fingers around foil packets of tetracycline 
antibiotic pills that have recently become a universal 
talisman. 

Like many others who have died, the 22-year-old Mrs. 
Mensuklal, the mother of six, will not figure in official 
lists. According to family members who carried her 
petal-strewn bier, she fdl ill on Thursday night with 

See PLAGUE, Page 4 


Compiled by Our Staff From Dispatches 

TURKU, Finland — In a finding that 
could have major implications for the 
world’s car-ferry industry, investigators 
said Monday that the huge front cargo 
door of the Estonia broke off after the 
locks failed, dooming more than 900 peo- 
ple to death. 

Investigators in Finland, who studied 15 
hours of videotape of the wreck lying 80 to 
90 meters under the Baltic Sea, said the 
bow section, which hinges upward, had 
become completely detached from the 
ship. It was not found. 

The discovery meant that many other 
ferries with s imil ar moveable bow visors 
were considered potentially unsafe. About 
4,500 ferries are in service around the 
world, many of them of the same roll-on 
roll-off type as the Estonia, where vehicles 
load at the rear and drive off at the front. 

Swedish inspectors on Monday ordered 
the withdrawal from service of the ferry 
Lion Prince after discovering a crack in the 
frame supporting the bow door. The chief 
inspector, Erik wedin, said the condition 
of the ship was “inexcusable.” It runs be- 
tween Varberg, Sweden, and Grena, Den- 
mark. 

In Britain, the Siena Sealink line with- 
drew the ferry Stena Felicity from service 
between Wales and Ireland after a locking 
pin on a bow door sheared. 

Swedish investigators disclosed last 
week that before the Estonia disaster there 
had been several incidents with the bow 
doors on Baltic ferries, including one in 
which a boat took a large amount of water 
on its main vehicle deck. 

Investigators believe that hundreds of 
tons of sea water poured onto the Estonia's 
car deck, making it impossible to control 
the ship as the water sloshed from one end 
of the giant deck to the other in a storm. 
Experts said that the lack of bulkheads, or 
retaining inner walls, on the femes meant 
that even a relatively small amount of 
water on the deck could be disastrous. 

In Tallinn, Estonia, the Esdine, the 
Swedish-Estonian shipping company that 
owned the Estonia, said it would perma- 


nently seal the bow doors of a sister ship, 
the vironia, before it is put into service. 
Cars and trucks will have to load and 
unload through the stem doors. 

The Finnish transport minister, Ole 
Norrbacb, said his government was con- 
sidering banning bow doors altogether. 

Operators like the fore and aft doors 
because they enable crews to load and 
unload hundreds of vehicles quickly and 
thus increase a ship's productivity. 

Videotape brought back by two Finnish 
undersea robots indicated that with the 
bow section dislodged, storm seas 
breached the water-tight door behind. 
This door hinged downward to double as a 
vehicle ramp. 

“The watertight bow ramp that was lo- 
cated behind the visor is still in place, 
although there is a gap of about one meter 
along its top edge, which has allowed water 
to flow onto the car deck,” the 1 1-member 
investigation team said in a statement. 
“The water inflow through the partly dis- 
lodged forward ramp has been of sufficient 
magnitude to result in a lack of stability 
and the capsizing of the ferry .” 

The powerful lights aboard the robots 
pierced the darkness to reveal the Estonia 
lying in one piece, with many of its life- 
boats still attached. The ship is a tomb for 
hundreds of passengers and crew. 

A member of the international investi- 
gating team, Olof Forssberg, said the film 
showed what had happened after the Esto- 
nia night ferry left Tallinn for Stockholm, 
but did not say why. 

“The hardest question remains to be 
answered: Why did the locking mechanism 
fail?” he said, adding that it might be 
possible to remove parts from the wreck to 
examine them. 

Although the tragedy has cast doubt on 
the seaworthiness of this kind of roll-on. 
roll-off ferry, the Swedish co-owner of Est- 
line said it would be a mistake to blame the 
shipping operators. 

“When we buy a ship and have all the 
documents, we think it’s safe,” Ronald 

See FERRY, Page 4 


Richest States’NeW Reality: 
World Is Not Theirs Alone 


U.S . Troops Move In to Disband a Pro- Cedras Militia 


By Douglas Farah 

Washington Fast Sendee 

PORT-AU-PRINCE, Haiti — U.S. 
roops, backed by tanks, armored vehicles 
ind helicopters, on Monday arrested 
nembersof Haiti's most feared paranrili- 
ary group, seized a large cache of weapons 
ind then stepped back as jubilant crowds 
ansa eked the group's headquarters. 

U.S. forces, who had been criticized for 
tot moving 
he Advancement 


the Front for 
Progress of Haiti, 


sealed off the streets leading to the head- 
quarters with razor wire, rolled five Sheri- 
dan t anks to the front of the Normandie 
bar, from where the group operated, point- 
ed their guns at the buildings and began 
arresting those inside. 

In all, 35 people were arrested, disarmed 
and Taken away in trucks while a crowd of 
several thousand cheering Haitians stood 
by to roar their approval of the U.S. action. 

Several other arms caches were seized, 
some in the homes of wealthy supporters 


- of the military. In recent days, members of 
the paramilitary group had openly shot 
anti-junta demonstrators, killing at least 
three on Tuesday and five on Friday, and 
there had been growing pressure to shut 
the group down. 

How and when to disarm civilian para- 
military groups has been a central question 
for U.S. forces here, who are occupying the 
nation to create a stable environment for 
the return of the overthrown president, the 
Reverend Jean- Bertrand Aristide. 


Aristide supporters had been highly crit- 
ical of what they called the slow pace of 
American efforts to disarm the Front and 
other groups tied to the army, which were 
hated and feared by most civilians here. 

Monday’s taking of the Front's head- 
quarters came as the United States contin- 
ued to insist it had no intention of taking 
control of Haiti's internal security and 

See HAITI, Page 4 


By Alan Friedman 

[nientationaJ Herald Tribune 

PARIS — The battle over aid for devel- 
oping countries that shook the Interna- 
tional Monetary Fund this week — trigger- 
■ mg an unprecedented conflict between its 
richest member nations and Michel 
Camdessus, the embattled IMF chief — 
goes well beyond the man himself. 

Instead the dispute raises fundamental 
questions not only about the future role of 
the IMF but also about the nature of 
international economic relations between 
Group of Seven governments and the in- 
creasingly militant ranks of developing 
countries. 

Put simply, for the first time since the 
North-South polemics of the 1970s, the 
poor countries are feeling their oats. Defi- 
cit-strapped rich countries may have to 
adjust the way they manage the world 
economy on the eve of the 21st century. 

On one level Mr. Camdessus’s standing 
among G-7 nations has been unquestion- 
ably damaged. At least five of the seven 
governments are angry at the way the IMF 
managing director openly sided with de- 
veloping nations in seeking more than $50 
billion in new IMF reserves. 


The result of Mr. Camdessus' partisan 
stance was that Third World countries felt 
bold enough to block a G-7 compromise 
proposal that would have offered $23.4 
billion worth of fresh reserves. Yet, in the 
end the developing countries achieved a 
Pyrrhic victory since not a penny of new 
reserves was approved. 

“We really do blame Camdessus for 
egging on the developing countries," one 

'rows ANALYSIS 

senior U.S. official said Monday. This offi- 
cial and a European colleague both ac- 
cused the IMF chief of having “delusions 
of grandeur.” 

But the issue of Mr. Camdessus’s per- 
sonality is not the central question. Far 
more relevant is the growing reality that a 
number of developing economies are pros- 
pering rapidly and over the next decade or 
so they will gain in stature and political 
clout. 

China is an excellent example: It is not a 
G-7 member, but it will undoubtedly be 
among the most important economies on 

See IMF, Page 8 


’94 No Year of the Woman in U.S. Politics 


By Richard L. Bake 

New York Tima Service 

[ICAGO — When Dawn Clark 
h pulled an upset and won the Dem- 
c primary for governor of Illinois m 
i she seemed well on her way to 
ring the trail blazed here two years 
j Carol Mosdey-Braun on her way to 
.S. Senate. 

t only is Ms. Netsch the first woman 
laled i 


for governor by dth« major 


party in Illinois, she is also the first woman 
m the nation with a female running mate. 
Penny Severn s. Yet Ms. Netsch rarely talks 
to vpters about the historic nature of her 
ticket, and her candi d acy has generated 
little enthusiasm among women or men. 

Unlike Ms. Mosdey-Braun, a Democrat 
who drew support from Republican wom- 
en, Ms. Netsch is having trouble winnin 
over women in her own partyand is stall 
as much as 30 points behind 


l Governor Jim 



“Nobody is really paying much atten- 
tion," Ms. Netsch, the 68-year-old state 
comptroller, said in an interview at her 
camp ai g n headquarters. “Maybe it’s our 
fault for not having made more of it. But if 
you beat everybody over the head with it 


constantly, then it sounds as if you’re say- 
ing people should vote for you just because 
you’re a woman.” 

While the professorial Ms. Netsch is a 
far different candidate in many ways from 
the youthful Ms. Mosdey-Braun — and 
her sex is but one factor in her campaign — 
her conflict over whether to emphasize the 
fact that she is a woman is emblematic of 
the conflicts faced by female candidates 
around the country. 

The impressive gains by women in 1992 
have left a complicated legacy for those 
running this year; many agree that being a 
woman is not die advantage it was two 

See CAMPAIGN, Page 8 



Kiosk 


Agriculture Chief 
In U.S. Resigns 

Agriculture Secretary Mike 

der inv"“ f "‘-— m 


ay, un- 
is from 

people or companies that do business 
with his department, resigned Monday. 
The former congressman from Missis- 
n had been one of four blacks in the 
iton cabinet (Page 3) 


SaMncSchiKifcU/Rcaiai 

PULLING IN TWO — Demonstrators tearing apart a German flag 
Monday in Bremen. Anarchists rioted in the city on Unity Day. Page Z 


Book Review 
Chess 
Crossword 
Weather 


Page 7. 
Page 7. 
Page 21. 
Page 22. 


ig§ Poisoned Paprika Leaves a Bitter Aftertaste in the New Hungary 


lews stand Prices. 


..9.00 FF Luxembourg 60 LFr 
11.20 FF Morocco..... 

I.400CFA Qatar 8.00 Rials 

E.P.500D Reunion ..JtMFF 
.9.00 FF Saudi Arabic ..9.00 R* 
960 CFA Senegal ...JP60CF A 
..300 Dr. Spain .....JW0PTAS 
3*30 Lire Tunisia .,..1.000 Din 

USCFA Turkey -T L 35 000 

.tJD U.A.E .SJODlrh 

US* 1 JO U.S. MM. (Eur.J 51.10 


By John Pomfret 

Washington Post Service 

BUDAPEST — Somebody is spiking Hungary's 
spice of life. 

Sales of paprika, the sunset-colored powder that 
occupies pride of place in the spacious culinary pan- 
theon of this Central European country, were sus- 
pended last week following the discovery of large 
amounts of lead-rich red paint lacing up to one-third 
of the paprika samples tested by the government. 

A nationwide manhunt against what a spokesman 
for the National Police headquarters called the big- 


gest and most serious food adulteration case in the 
country’s modem history” has netted 1 8 people so far. 
At least 40 people have been hospitalized with lead 


poisoning after eating dishes tainted with poisoned 
paprika. The crisis is so serious that Prime Minister 
Gyula Horn has appointed his deputy, Gabor Kuncze, 
to head the inquiry. 

There are many theories about a motive — includ- 
ing an international conspiracy to destroy Hungary's 
export markets and schemes to hurt tourism here — 
but the generally accepted reason is profit According 
to police, nefarious dealers figured that cutting papri- 
ka with a toxic concoction of flour and paint could 


earn them significant booty. In a nation of 10 million 
people who consume almost a pound (one-half kilo- 
gram) of the stuff per capita a year, they were not far 
off. 

According to lawmakers and economists, the plot to 
taint Hungary's favorite spice could serve as a bitter 
lesson to this nation, which since 1989 has been in Lhe 
forefront of former East Bloc countries emerging from 
four decades of communism. The scandal, they say, 
reflects the dangers of rushing wildly from an overly 
controlled economic system to an almost-unregulated 
one. 

The fact that paprika is involved, they say, virtually 


guarantees the lesson will be learned. Hungarians are 
almost as proud of their paprika and their cuisine, the 
sole oasis in the culinary desert that is present-day 
Eastern Europe, as they are of their unusual language. 

“Without paprika, we have no soul,” said Gabor 
Szekelyi, the chef at Gun del, Hungary’s most famous 
restaurant, situated near the Budapest Zoo. Mr. Sze- 
kelyi, who learned to cook in his grandmother’s kitch- 
en, calls the spice “the key to my art,” 

Paprika first came to Hungary in the 16th century 
by a circuitous route during, the occupation of the 

See SPICE, Page 4 


f 






Page 2 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 


To Woo Back Readers, French Papers Try a Face-Lift 


...... ,»g. 


c 


By Alan Riding 

tie* York Times Scmce 

PARIS — Having the first issue of 
his redesigned morning newspaper dis- 
tributed at 2 P.M was not what Serge 
July, the editor of Liberation, had in 
mind when he set out to overhaul the 
left-of-center tabloid. 

But a day later, with the technical 
problems ironed out, Mr. July was able 
to turn his attention to his main goal; 
capturing more readers and advertis- 
ing. 

Liberation plans to spend $38.5 mil- 
lion to meet that objective, doubling 
the paper’s size and adding sections 
while keeping its price the same. But 
nothing is sure in the convulsed 
French newspaper market. 

While Liberation is still inthe black, 
its daily circulation has been level at 
around 170,000 since 1988. It need not 
complain, though. Total sales of na- 
tional dailies have fallen 15 percent 
since 1990, while newspapers continue 
to lose advertising revenue to maga- 
zines and television. 


' This summer, one daily, Le Qucti- 
dieo, suspended publication and went 
into receivership. A new, cut-price tab- 
loid, Infomatin, was started in Janu- 
ary, but with a daily circulation of 

70.000 it expects to lose about $8 mil- 
lion this year. Le Figaro, the national 
daily with the largest readership, has 
seen its circulation fall to 378,000 from 

432.000 in 1989. 

But perhaps the surest sign of the 
turmoil affecting French papers is that 
ever-staid Le Monde will mark its 50th 
anniversary in January with its own 
radical redesign. After losing money or 
barely breaking even in the last five 
years it, too, has had to join the scram- 
ble for readers. 

With Le Monde’s circulation now 
around 330,000, down from a peak of 

445.000 in 1980, its editor. Jean-Marie 
Colombani, has sought to reassure the 
afternoon paper's loyal Tenders that 
nothing drastic will be done. 

It was no coincidence that Mr. Co- 
lombani announced Le Monde's 
planned new look just days before Lib- 


eration unveiled its own face-lift Lib- 
eration's appearance on the market in 
1973 posed a challenge to Le Monde, 
and to this day the papers compete, 
above all for the young and well-edu- 
cated. 

Both dailies, though, face a similar 
challenge. Since privately owned tele- 
vision channels were authorized here 
for the first time in the 1980s, these 
stations — notably TF1 — have been 
steadily drawing advertising revenue 
from newspapers. 

And with all-news radio and televi- 
sion stations increasingly satisfying 
the public's appetite for up-to-the- 
minute developments, advertisers and 
readers have been turning to weekly 
news magazines, among them L’Ex- 
press. Le Point, Le Nouvel Observa- 
teur and L’Ev&nemenl de JeudL all of 
which are prospering. 

“The French have a passion for 
magazines,” Mr. July said. “On a per- 
capna basis, they are the world's larg- 
est buyers of magazines but only the 
28th-largest buyers of newspapers. 


They read magazines because society 
is treated in a sophisticated and ex- 
haustive way. That's why the recon- 
quest of the daily press must pass 
through magazines." 

This strategy is more than apparent 
in the “new" Liberation, nicknamed 
Lite III because it is the daily’s third 
design. 

As of last week. Liberation aims to 
offer more information — Mr. July 
even dares use the word “services” — 
in a more friendly format. 

For example, its World, France. 
Metro and Culture sections, as well as 
its new Vous section, now open with 
what might be described as an execu- 
tive summary of their contents. And 
each carries some magazine-length ar- 
ticles. 

The Vous section is a particular nov- 
elty for France, modeled, by Mr. July’s 
own admission, after the nonnews sec- 
tions of many American papers. 

It carries articles on health, fashion. 


In Germany, a Riot 
On the Day of Unity 


Uniters 

BREMEN, Germany — 
President Roman Herzog railed 
on Germans on Monday to 
show courage and flexibility in 
tackling the problems of reuni- 
fication, while anti-unity dem- 
onstrators clashed with police 
as he spoke. 


in 


Vfr. Herzog was t akin g part 
official celebrations in the 
northern city of Bremen to 
mark the fourth anniversary of 
German reunification. But fes- 
tivities were overshadowed by 
the violence and the campaign 
for general elections on Oct 16. 

As Monday's celebrations 

S t under way in Bremen’s 
ingress Center, baton-wield- 
ing the police detained 100 an- 
archists who threw stones and 
smashed shop windows in the 
medieval town center. Seven of- 
ficers were injured, a police 
spokesman said. 

“We need courage like the air 
we breathe," Mr. Herzog said. 

He said that if “older people" 
did not manage to solve their 
problems, then he hoped that at 
least the young people would 
rise to the task. 

“Let us ask less what still 
divides us but much more what 
already unites us, and above all, 
bow we can use our differing 


experiences of life for the fu- 
ture," be said. 

Mr. Herzog said it was un- 
derstandable that many Ger- 
mans in both East and West 
were disappointed with unifica- 
tion so far. 

East Germans, overwhelmed 
by dramatic political and eco- 
nomic changes, were worried by 
high unemployment and could 
not see any improvement com- 
ing, Mr. Herzog said. 

West Germans, on the other 
hand, were angry about the 
slow pace of economic develop- 
ment in the East and the high 
cost of transforming the region 
into a market economy. 

Chancellor Helmut Kohl at- 
tended the festivities as a guest 
but took no active part Last 
week he canceled his Unity Day 
television address to the nation, 
saying he did not want oppo- 
nents to accuse him of election- 
eering. 

Monday’s dashes followed 
anarchist violence during the 
night in which eight policemen 
were hurt and 70 protesters 
were detained after they set fire 
to cars and looted shops. 

The Congress Center celebra- 
tions went off smoothly after 
the police cordoned off the area 
and Bremen's cathedral, where 
an ecumenical service was held. 



Andrew Wlaring/Apncc France-Prcac 

ODD MAN OUT — A London policeman making his own headgear statement as the annual procession of judges 
entered die Houses of Parliament on Monday. The judges march from Westminister Abbey to begin the legal year. 


From Ex- Major, a Royal Pain Lab° r 

Palace Dismisses His Tale of a Love Affair With Diana U.K. Eases 

On Economy 






it's business or leisure, you’ll 
ind tfae rigfit balance at the New Otani 

to dtfferera travellers’ demands is never child's pfoy. 
ffyouV a business iraveftr, you'd warn easy access to the 
cotnmercul dtstriit. an efficient business centre and (utfy-equipped 
meeting rooms for a star. 

On Che other hand, as a leisure traveller, you'd be asking about the 
swimming pool, the fitness centre, shopping and touist haunts ... 
Come to Had New Ouni and well meet all these demands and more, 
lust so you won't be thrown off-balance. 





.i. 





Compiled by Our Staff From Dispatcher 

LONDON — Buckingham Palace reacted 
with haughty disdain Monday to the publication 
of a book that alleges that Princess Diana had a 
long love affair with a riding instructor. 

“This is another grubby little book that does 
not bear wasting time on * a Buckingham Palace 
spokesman said. 

Diana's lawyer called on the public to “show 
their contempt for those who seek to make mon- 
ey out of the unhappiness of the royal couple." 

“Princess in Love" is the story of James 
Hewitt, 36, a retired major, who asserts that he 
had an affair with the wife of Prince Charles, heir 
to the British throne, beginning in 1988. 

The slim volume reports that Diana and Mr. 
Hewitt had romantic trysts at Kensington Pal- 
ace. at Prince Charles’s country seat, near the 
swimming pool at Diana's family house and at 
the home of Mr. Hewitt’s mother. 

The riding instructor, who is unmarried, 
served in the eh'te Life Guards regiment as a lank 
commander in the Gulf War. He left the army in 
March on an SI 1,000-a-year pension. 

A London libel lawyer said that if Mr. Hewitt 
had made love to Diana, he had violated the 
Treason Act of 1351 and could face the death 
penalty. 


heir to the throne, said the lawyer. Mark Ste- 

E hens. He said the aim was to “ensure that the 
dr to the throne is legitimate." 

Diana. 33, formally separated from Charles. 
45, in December 1992. They were married in 
1981. 

On Sunday, newspapers rushed into print with 
Mr. Hewitt’s claim after word got out that he hud 
sold the story and that the book was to be 
published Monday. 

The News of the World quoted Mr. Hewitt as 
having said that he and Diana had fallen in love 
during the riding lessons and then had become 
lovers. 

The book is the latest embarrassment for 
Queen Elizabeth II over the love lives of her 
children. 

Last week, the father of another daughter-in- 
law, the Duchess of York, published a book 
implying that his daughter had had affairs with 
two Americans before separating from Prince 
Andrew in 1992. 

Prince Charles acknowledged in June that he 
had been unfaithful to Diana after their marriage* 
“became irretrievably broken down." 

(Reuters, AP) 


Paula Jones Gives Clinton a Week 
To Apologize or Face Her Lawsuit 


Reuters 

WASHINGTON — Paula 
Corbin Jones has given Presi- 
dent Bill Clinton one week to 
apologize in a case of alleged 
sexual harassment or she will go 
ahead with a lawsuit against 
him. her attorney said. 

“We are asking him to say: 1 
am sorry for the untrue asser- 
tions which have been made 
about her, and which have ad- 
versely affected her character, 
good name and reputation,’ ” 
said her attorney, Gilbert Da- 
vis. 

Mis. Jones, a former Arkan- 
sas state employee, has filed a 
suit against Mr. Clinton for 
what she said were unwanted 
sexual advances made agains t 
her in May 1991 in a Little 
Rock hotel, when Mr. Clinton 


was governor of Arkansas. She 
is suing for $700,000. 

Mr. Clinton's private attor- 
ney, Robert S. Bennett, said in a 
New York Times Magazine ar- 
ticle Sunday that teams of law- 
yers had negotiated in May to 
stave off the expected lawsuit 
but that Mrs. Jones's backers 
were unprepared to accept Mr. 
Clinton's “adamant denial" of 
the charges. 

Mr. Davis disputes this ver- 
sion of events, saying that in 
May Mr. Bennett was prepared 
to authorize a statement saying 
Mr. CEnton had no recollection 
of meeting Mrs. Jones at the 
hotel, but did not challenge her 
claim that they met there. 

The deal that Mr. Davis said 
was struck between the two 
lawyers fell though, he said, af- 
ter White House officials com- 


mented on the case. Mr. Davis 
said that if Mr. Clinton reads a 
similar statement by Oct 9, and 
then makes no further reference 
to the case for a month after- 
ward, the lawsuit will be 


dropped. 
Mr. Da 


Davis said Mr. Clinton 
could read the statement “in 
Moscow, or South Africa or 
wherever — I really don’t 
mind" 

The White House had no 
comment on the ultimatum, 
and Mr. Bennett could not be 
reached 

The statement Mr. Davis in- 
sists that Mr. Clinton read 
would say the president did not 
deny meeting Mrs. Jones at the 
Excelsior Hotel on May 8, 1991, 
and that “she did not engage in 
any improper or sexual con- 
duct” 


Return 

BLACKPOOL, England — 
Britain's Labor Party spelled 
out a moderate economic pro- 
gram Monday that it says will 
form the basis for electoral suc- 
cess. 

But party leaders sought to 
reassure delegates to its annual 
conference that they had not 
betrayed Labor's commitment 
to greater social justice in a 
move toward the center of Brit- 
ish politics. 

“Instead of the vicious circle 
of economic failure, unemploy- 
ment and more taxes to pay for 
failure, we will create the virtu- 
ous circle of investment, growth 
and improvemen ts in our health 
and public services.” the eco- 
nomics spokesman, Gordon 
Brown, right-hand man of the 
party’s new leader, Tony Blair, 
told delegates. 

Labor leads the governing 
Conservatives by more than 20 
percentage points in opinion 
polls and is regarded as the fa- 
vorite to win the nett election, 
due by mid- 1997. 

Mr. Brown announced plans 
last week to end Labor's image 
as a party wedded to high gov- 
ernment spending for social pro- 
grams paid for by high levels of 
tax, especially on the rich. But he 
told a conference anxious that 
the party may be moving too far 
from its socialist roots that a 
Labor government would abol- 
ish tax breaks for the rich. 

“Tm serving notice on the 
Tory something-for-notbing 
elite, the insider dealers, the un- 
deserving rich, the enemies of 
opportunity” who, he said, 
“have starved the country of 
long-term investment." 

Labor’s spokesman on indus- 
try matters, Robin Cook, said 
that the party would stop com- 
pany takeovers that were not in 
the public interest and that fi- 
nanciers “should invest in build- 
ing factories, not in buying than 
up and stripping them down.” 


WORLD BRIEFS 


f amil y issues, public services and con- 
sumer affairs. “The day when we could 
say we publish a special newspaper for 
a special reader is over," Mr. July add- 
ed. “Society is no longer homoge- 
neous.” 

Indeed, Liberation's editor personi- 
fies this change. Now 51, he was a 
leader of the anti-government student 
movement that shook France in May 
1968. When he began the newspaper 
21 years ago as an outspoken defender 
of leftist causes, it had an assured read- 
ership in a highly politicized society. 

But today, with the Socialists out of 
power, with many Frenchmen disen- 
chanted with all political parties and 
with even university students more in- 
terested in finding jobs than in debat- 
ing the wbithers oT the nation, Mr. July 
is the first to argue that Liberation 
needs- more than political messages. 

His goal Is to increase Liberation's 
circulation to 240,000 by 1 999. And, it 
would seem, he does not mind where 
the readers come from. 


-E 


French Party Faces a New Inquiiy 

PARIS (Reuters) — France’s Justice 

* 

himself the target of a separate mvesugattw of lus ^^ 
finances. In a further blow for Mr. Bahadur’s center 
the new case is based on a judioal report *eangjw 
Republican Party leaders — Mr. Longu*, 

Franqois Uotard and Minister of Enterprises Alain Maddm-, 

the the party reeved —tad 
muJtimilhon-rranc payments in banknote-stuffed 
acquired its Paris headquarters on advantageous term* ^Members 
ofParhament from across the political spectrum, starting theu 
autumn session, have proposed bills to reform party funding m 
stop companies from buying influence. But issue is not onth^ 
^mmS^troUed agenda, and Mr. Bahadur said Saturday 
that he was against over-hasty legislation. 

Police in France Enforce Scarf Bail .. 

LUXE France (AP) — - Police blocked a high school entfooce 
here Monday to keep oat about 20 Muslim gins who were seaang 
to defy a government ban on wearing Islamic scarves lapabte. 
school classrooms. . , : 

The girls tried to enter the school during a daylong protest by 
about 100 people, including the families oF some of the girls. . 

The demonstrators shouted slogans denouncing Education 
Minister Francois Bayrou, who last month issued a directive to 
French pubhcschooLs specifying that Is l am ic scarves and othg- 
“ostentatious” religious appturel would, be barred from class- 
rooms. 

Official Defends China’s Missile Sales. 

WASHINGTON (AP) — Foreign Minister Qian Qichen of 
China denied Monday that Beijing's sale of missile technology m 
Pakistan violated an international accord designed to curb prolif- 
eration of dangerous weapons. . , . . .. 

Only weapons used for the recipient country s legitimate sell-* 
defease are sold by Beijing. Mr. Qian said at a joint news 
conference with Secretary of State Warren ML Omstqpber. “Chi- 
na does not engage in the proliferation of weapons of m ass 
destruction,” be said. , , ... 

The Clint on administration disagrees, ft recently concluded 
that China's sale of M-l 1 missile technology violated the accord 
and p unish ed China by depriving it of an estimated $400 million 
to $500 milli on in American technology. 

Mandela, At UN, Asks for More Help 

UNITED NATIONS, New York (AP) — President Nelson 
Mandela of South Africa urged the international community 
Monday to increase aid to his country, saying economic develop- 
ment was crucial to the survival of democracy there. 

Delegates welcomed Mr. Mandela with a standing ovation as he 
entered the General Assembly for the first time as South Africa's 
head of state. .... 

Mr. Mandela said the international community must join m the 
economic restructuring of South Africa, just as the United Na- 
tions used economic and political sanctions to press for an end to 
apartheid. “The possibility actually to create a nonracval and 
nonsexist society depends on our ability to change the material 
conditions of life of our people so that they not only have the vote,' 
but they have bread and work as well,” Mr. Mandela said. 

Emergency Is Declared in Azerbaijan:^ 

BAKU, Azerbaijan (Reuters) — President Heydar A. Aliyev of 
Azerbaijan on Monday imposed a slate of emergency in the 
republic. 

The decree followed the seizure of the country's general prose- 
cutor Sunday night by special police units demanding the release 
of jailed colleagues. The prosecutor, Ali Utnarov, was released on 
Monday. News reports said government troops exchanged fire 
with members of me special police after his release. Mr. Aliyev 
called the actions of the special police a “coupd'etaL" _ . _ 
Under the constitution, the president has the-right to enforce a 
state of emergency that could stay in effect for up to 60 days 
without ratification by the Parliament It establishes special rules 
for entering and leaving the country, media censorship and a bah 
on demonstrations and strikes. 

ban Wants UN to End Iraq Embargo 

TEHRAN (AFP) — Iran has a strategic interest in having Iraq 
re-emerge as a regional power, a senior Iranian official said 
Monday as he called for lifting the United Nations against 
Baghdad. 

“For our national security and interest, there is nothing more 
vital than a stable and prosperous regime in Baghdad," the deputy 
head of the Parliament's foreign affairs subcommittee, Moham- 
med Javad Larijani, told the Iran News. 

Mr. Larijani said it was in Iraq’s interest to have “good 
neighborly" relations with the Islamic republic. 

TRAVEL UPDATE ~ 

Visitors Outpace Hotels in Vietaam 

HANOI (AP) — Vietnam expects to see a 29 percent rise in the 
number of foreign tourists visiting this year, but its meager supply 
of world class accommodations threatens the boom, an official 
report said Monday. 

About 650,000 foreigners visited Vietnam during the first nine 
months of the year, almost as many as in all of 1 993, the state-run 
Vietnam News reported. But Vietnam may have to turn away 
people hoping to visit its biggest cities if their numbers continue to 
grow, the paper said. Most of the tourists came from France,* 
Japan, Taiwan and the United States. 

Only 54 percent of the country's hotel rooms meet international 
standards, despite foreign investments in joint-venture tourism 
projects totaling $1 3 billion. Most of the country's new hotels are 
being built in its commercial center. Ho Chi Midh City, and in the 
capital, Hanoi ■> i 

KLM Royal Dutch Airlines plans to double flights to Detroit and 
Minneapolis/St. Paul from Amsterdam next year to twice a day. 
The extra flights to Detroit will begin on March 26 and to' 
Minneapolis/St. Paul on May 1. ( Bloomberg) 

Syria expects to receive a record 2 million visitors this year* 
about 5 percent more than in 1993, Tourism Minister Amin Abu 
Shamat said in an interview. (Reuters) 

Prone Minister Yitzhak Rabin’s anti- terrorist adviser, General 
Igal Pressler, issued a warning to Israelis on Monday not to taka 
flights over Iranian territory. Israel considers Iran one of its most 
dangerowfMs and has regularly accused the Iranian government 
of being behind anti-Israeli attacks across the world (AFP} 
Reactions on tour flights over the Grand Canyon have not 
resolved longstanding noise problems, and tougher controls on air - 

Mond^* 10113 ^ aeeM ' Stator Department said 

(AP) 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 


Page 3 


THEAMERICASL THE 


Espy Quits, 
fkit Denies 


His Actions 
Broke Law 


‘Young’ Court Faces 
A Weighty Session 

Will It Seek a New Consensus? 


The Associated Press 

• WASHINGTON— Agricul- \ 
hire Secretary Mike Espy, who t 
is under investigation for ac- 
cepting gifts from people or 
companies that do business 
with his department, resigned 

Monday. . 

The former Mississippi con- j 
gressman was one of four 
blacks in the Clinton cabinet. ‘ 

“I must personally overcome 
Jhe challenge to my good . 
name,** Mr. Espy said. “The 
president deserves to have his J 
agenda go forward with a mini- 
mum of distraction.** 

* Mr. Espy said that he had ; 
. if ailed" hims elf by not being as 
'.O&reful as he should have in 

managing some details of his 
personal finances. And he apol- 
ogized to President Bill Clinton 
for any embarrassment he had 
Caused the adminis tration. 

..■■But he said the allegations 
that he had improperly billed 
the government for travel or 
other expenses were “untrue 
and unfounded.*’ Mr. Espy said 
he could not comment specifi- 
cally on the allegations because 
of a pending investigation by a 
court-appointed special prose- 
cutor. 

. Ruth Harlan, who heads the 
Overseas Private Investment 
Council and was a candidate 
for the post the first time 
around, resurfaced as a possible 
replacement as agriculture sec- 
retary. She is the wife of Sena- 
tor Tom Haririn, Democrat of 
Iowa. Mr. Clinton had also 

looked at Representative Jill L. 
Long, Democrat of Indiana, 
and Representative Dan Glick- 
man, Democrat of Kansas. The 
name of Representative Mike 
Synar, Democrat of Oklahoma, 
has been circulated for several 
top adminis tration posts since 
he lost his bid for reelection. 

Earlier today, Mr. Clinton 

( pointed Mr. Espy out for praise 

at a trade event 

The White House duet of 
staff, Leon E Panetta, said 
Sunday that Mr. Clinton 
thought Mr. Espy did a good 
job but warned that the presi- 
dent did not want his aides to 
'‘engage in any conduct that 
raises questions about ethical 
behavior ” .. . . 

An independent counsel is 
trying to determine whether 
Mr. Espy violated federal law 
by taking gifts from organiza- 
tions or people doing business 
with the Agriculture Depart- 
ment. Mr. Espy received free 
tickets, lodging, travel and used 
government money to lease a 
car be kept in Mississippi. 

Mr. Espy has denied any 
wrongdoing and repaid more 
Hum $7,600 in expenses. Offi- 
cials said he was concerned 
about the bad publicity. 


By Linda Greenhouse 

New York Tunes Service 

WASHINGTON — The Su- 
preme Court, its members col- 
lectively younger and newer 
t hfin justices have been for 
many years, opened its new 
term Monday confronted by 
the legacy of its recent pasL 

Issues on which the court has 
yet to achieve closure or even 
much coherence are prominent 
on the docket, including signifi- 
cant challenges to federal affir- 
mative-action programs and to 
long-running Federal court su- 
pervision of school districts that 
were once segregated. 

Nearly certain to be added as 
the term goes on is one or more 
voting-rights cases questioning 
the validity of districts drawn to 
increase minority representa- 
tion in Congress. 

The court has been closely 
and bitterly divided on these 
issues. The new term will show 
whether the divisions will per- 
sist or whether the court, re- 
shaped by new appointments, is 
ready to look for a new consen- 

Any search for consensus will 
probably have to proceed with- 
out the participation of Justices 
Antonin Scalia and Clarence 
Thomas, who have shown 
themselves to be well to the 
right of the court's center. 


calendar with ample room for 
additional cases. 

Since 1988, when Anthony 
M. Kennedy took his seat, five 


justices have joined the court. 
Chief Justice william H. Reta- 


in a separate opinion on the 
final day of the last term, for 
example, they suggested that 
the Voting Rights Act, as inter- 
preted by Congress and the 
court for nearly 30 years, was 
unconstitutional, a view that no 
other justice endorsed. 

The court’s decision last 
wed to add to its docket both 
the affirmative action case and 
the latest round of the 17-year- 
old Kansas City, Missouri, 
school desegregation case sug- 
gests an appetite on the part of 
at least some justices to con- 
front issues that have lain dor- 
mant for several years. 

On the other hand, the jus- 
tices may have been principally 
motivated by a sparse argument 


quist remarked on the rapid 
turnover at a courtroom cere- 
mony Friday for the formal in- 
vestiture of the newest justice, 
Stephen G. Breyer. 

Noting that only four justices 
joined the court between 1972, 
when he took his seat, and 1986, 
when he became chief justice. 
Chief Justice Rehnquist, 70, 
said he was the first chief justice 
since Harlan Fiske Stone, who 
served in the 1940s, to also be 
the longest-serving member of 
the court. . 

The average age of the jus- 
tices, who range from the 46- 
year-old Justice Thomas to 74- 
year-old John Paul Stevens, is 
60. That may not sound notably 
young, but it is the second- 
youngest average this century. 

The youngest court, with an 
average &SC of 58, was achieved 
through President Franklin D. 
Roosevelt’s series of appoint- 
ments in the late 1930s and ear- 
ly 1940s. Before the recent ap- 
pointments, the average age of 
the justices was in the 70s. 

Justice Breyer, 56, is in a po- 
sition to make a fast start. From 
his more than 13 years as a 
federal appeals court judge in 
Boston, he is familiar with most 
of the issues before the court. 
Most of the other justices know 
him and hold him in high re- 
gard. And some of the older 
police officers in the building 
remember him as Steve Breyer, 
law clerk to Justice Arthur 
Goldborg in the 1 960s. 

Justice Breyer is widely ex- 
! peered to add his voice to argu- 
ment sessions that, with the ar- 

■ rival last year of Justice Ruth 

■ Bader Ginsburg, were already 
. the liveliest in years. 

The court has accepted 48 
cases for argument and will 
. probably add roughly that 
f number to its docket over the 
i next few months. 




Maw-Rtfs Hostage to U3- Bw^augracy^ 


:*■ 'io*- . _ 


against an authoritarian government on OcL 2, 1968, in which people 


” WASHINGTON - A U.S 

Middle East and held for nearly ^SEJitaaSs ^ 
while researching a book on the expenen . 
government for its files on his rapWJ*- h H must 

- teld hta ' 

has told a former hostage, Terry Anderson, to bemurt 
before it will release files under the Freedom offatonna^g 
Act about 10 men who kept him prisoner or were ovoWedn 

doing so. Seeking the dociiments L Mr. Anderson last month 

filed suit in the District of Columbia against the drug agency 

“^foreoK' begin processing your request” the 
agency, a unit of the Justice Department, told 
in a 1992 letter, “it will be necessary for you to provide either 
proof of death or an original notarized authorization fro 
Slat person.- The authorisation amounts to 
Without the authorization, wrote John H. Phillips, ctue or 
the asency's Freedom of Information. Section, to confirm 
oflaw enforcement records or information 
about another person is considered an unwarranted invasion 

^^pAnde^n mrgues that privacy rights under the Free- 
dom of Information Act do not extend to foreigners living 
abroad. ' 


Mexican Police Say Legislator Ordered 
Slaying of Governing Party Official 


and Here's My Sister, the First Lady 


By Anthony DePalma 

New York Tunes Service 

MEXICO CITY — A governing party legisla- 
tor ordered the killing of a powerful official last 
week to prevent him from pushing forward 
sweeping political reforms, according to law ' en- 
forcement officials. The legislator, Manuel Mu- 
nte Rocha, is being sought by the police. 

Investigators say they also believe that other 
trillings ma y have been planned to block at- 
tempts to modernize the Institutional Revolu- 
tionary Party, or PRI. 

The attorney general’s office indicated that 
political revenge may also have played a part in 
the a ssassina tion Wednesday of Jose Francisco 
Ruiz Massieu, the secretary-general of the gov- 
erning party, who was supposed to become lead- 
er of the party caucus in the lower house of the 
legislature in November. He was expected to 
have played a crucial role in brokering reforms 
promised by the president-elect, Ernesto Zedillo 
Ponce de Lion. 

The officials are basing much of their case on 
the testimony of a man they say is a central 
member of the conspiracy, Jorge Rodriguez 
Gonz&lez, 44, who is said to be from Ciudad 
Victoria in Tamaulipas State. 


Mr. Rodriguez GoazHez is the brother of 
Fernando Rodriguez Gonzalez, the man identi- 
fied by the confessed assassin. Darnel Aguilar 
Trevino, as having offered about $15,000 for the 
murder of Mr. Ruiz Massieu. 


HOLLYWOOD, Florida — She laughed at h^fat jokes. 
She made some fat jokes of her own. She smiled when he 

introduced her as “the main dish: . 

Looking pleased. Hugh Rodham ramparted in heivity 
Democratic Broward County over the retard ^ the 
special out-of-town guest he introduced as the first lady ol 
the United States of America, my sister. 

The 44-year-old novice politician described his day on the 
-« :»t. DnWhnm 46. as "the crowning 


RcStaSrcSSaT^. M “the crowning 
Z&SJF o7his life. It was certainly the crowmng 
achievement of a quirky primary campam, 
younger brother. Tony, which has attracted little money or 


Jorge Rodriguez GonzAlez told the police that 
the killing was masterminded by Mr. Munoz 


younger brother. Tonyr which has *tta«=a Bub reoocy or 
support from the state or national Democratic Party- 
A lawyer in the Miami public defender s office utf hi he 
decided seven months ago to tty his hand al L*e «nd,dn 


ptu IV. 1 u uauuv TT t 1_ 

tant lo the water commission of the lower house 
of the federal legislature, which is headed by Mr. 
MufiOz Rocha. 


decided seven monuu lu uj — ----- . , 

business, Mr. Rodham is locked in a tight contest lor the 
Democratic nomination with a former radio talk-show r hosu 

la* 

ntnofr gets to face Florida s 
popular Republican senator. Connie Mack. f N IT. WPi 


A statement from the attorney general s office 
quoted Jorge Rodriguez Gonz&lez as saying his 
brother had said: ‘There was a list of important 
persons in Mexico who would have to die be- 
cause they support a series of reforms to modern- 
ize the country politically, which didn’t sit well 
with Congressman Manuel Mufife Rocha. 


Quote/ Unquote 


Jorae Rodriguez GonzAlez also told the au- 
thorities that Mr. Munoz Rocha had discussed 
Mr. Ruiz Massieu’s murder with Abraham Ru- 
bio Canales, a jailed governing party official 
from the state of Guerrero who blamed Mr. Ruiz 
Massieu for his incarceration in a fraud case. 


Kcllv Myers, director of the University of New Hampshire 
Survey' Center, which has been conducting if***™ 
Massachusetts Senate race, on Senator Edward M. Kennedy. 
62. who is even in the polls in his raw Tor a seventh term 
against the Republican candidate. Mill Romney 47. IX mo- 
gjaphies Is playing a part in this. He s struggling because a jo 
of his old core supporters are dying oil. ( n> 1 1 / 


Crime Suspect 


Justices Let Stand Fraud Finding in His U.S. Expulsion 

v •' _ . . • u iiu-i„ h; n . 


Brazil Hopes 
Election Will 


Polish Image 


New York Times Service 
' RIODE JANEIRO— With 

a seasoned former finance min- 
ister leading in all opinion polls, 
analysts say the Brazilian presi- 
dential election Monday should 
strengthen democracy m Latin 
Amer ica, and help restore Brazil 
to its role as the region’s eco- 
nomic locomotive. 

. Confident of a victory by for- 
mer Finance Minister Fernan- 
do Hemique Cardoso, foreign- 
ers have -already invested 
billions erf dollars in the coun- 
try, p ushing the SHo Paulo stock 
exchange index up 90 percent in 
dollar terms this year and mak- 
ing it the world’s fastest grow- 

^fiihthe^ost decade" of the 
1980s fading into memory, Bra- 
jdTs economy is growing by 5 
percent this year, twice the rate 
of Mexico’s, the region’s second 
hugest economy. . 

; W I would not be surprised li 
Brazil is starting a decade of 6 
to 7 percent annual growth," 
said Rudiger Dombusch, an 
economics professor at the 
.Massachusetts Institute of 
.Technology. . _ . 

• The vote Monday will be 
only the second direct presuJen - 
*tial election here since 1960. 
land is thus seen as strengthen- 
ing a democracy rattled last 
“year by separatist movements, 
calls to dose Congress and a 
"referendum on restoring the 
| 19 th-centuiy monarchy. 


The Associated Press 

WASHINGTON — The Su- 
preme Court dealt a possible 
blow Monday to the govern- 
ment's renewed effort to force 
John Demjanjuk out of the 
country as a Nazi war criminal 

The court, without comment. 
Jet stand a ruling that said Jus- 
tice Department lawyers com- 
mitted fraud in winning Mr. 
Demjanjuk’s extradition to Is- 
rael in 1986. 

The 6th U.S. Circuit Court of 
Appeals ruled last November 
that government lawyers de- 
frauded the courts by failing to 
turn over evidence in the retired 
Cleveland autoworker's favor. 

Mr. Demjanjuk was convict- 
ed a nd sentenced to death in 
Israel in 1988 for being “Ivan 
the Terrible," a Nazi guard who 
tortured and killed Jews at the 
Treblinka death camp in Po- 
land during World War II. 

But Israel’s Supreme Court 
overturned bis conviction last 
year as a case of mistaken iden- 
tity. Mr. Demjanjuk was al- 
lowed to return to the United 
States in September 1993. 


Government officials have 
said they remain convinced that 
Mr. Demjanjuk was a war crim- 
jn»l They have asked a federal 
judge to reaffirm a separate 
1981 decision that stripped him 
of his U.S. citizenship on the 
grounds that he lied about his 
past when emigrating to the 
United States. 


would veiy likely hinder the 
government’s efforts to expel 
Mr. Demjanjuk from the Unit- 
ed States. 


The appellate court said gov- 
ernment lawyers should have 
disclosed statements from two 
Treblinka guards who identi- 
fied another man as Ivan the 
Terrible. The government also 
should have disclosed conflict- 
ing statements from another 
guard and a list of Treblinka 
guards that did not include Mr. 
Demjanj ilk’s name, the court 
said. 


In the government’s appeal. | 
Mr. Days wrote that Mr. Dem- 1 
janjuk’s “service as an SS 
guard” and “his false state- 
ments concealing that service al 
the time he entered” the United 
States, rendered him subject to 
denaturalization even if he was 
not Ivan the Terrible, 

The Supreme Court’s move 
“has no bearing on whether he 
has a right to be in the United 
States under the law that ex- 
cludes individuals who took 


part in Nazi persecution during 
World War II," Mr. Stem said. 





Justice Department lawyers 
contended that the lawyers act- 
ed in good faith, and therefore 
the appellate court lacked the 
authority to reopen the case. 

Solicitor General Drew S. 
Days III told the Supreme 
Court that the Court of Appeals 
decision, if left undisturbed. 


Mr. Demjanjuk has denied 
all war crimes allegations. 

His lawyer urged the Su- 
preme Court to turn down the 
government appeal, saying that 
the appellate court's “decision 
does nothing more than put the 
government on notice that in 
these cases the court will not 
countenance a reckless disre- 
gard for the truth." 




\ 7#/ 

\ 

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Away From Politics (Eg*?, 


old Sergerie, 28, was in critical condition; Mr. 
LaRoche was treated and released. 


CNN BUREAUS 


• The judge in the OJ. Simpson trial formally 
proposed banning television cameras from 
the courtroom, and scheduled a Nov. 7 hear- 
ing on the matter. Separately, 61 percent of 
lawyers think that Mr. Simpson will not be 
convicted in his trial, the National Law Jour- 
nal reported. Mr. Simpson is being tried in the 
deaths of his ex-wife, Nicole Brown Simpson, 
and her friend Ronald Goldman. 


• More than one in four pregnancies ends in 
abortion in Canaria as more and more women 


turn to private abortion clinics, the govern- 
ment said. Canadian women had 100,497 
abortions in 1992, up nearly 6 percent from a 
year earlier, giving the country about 25 J. 
abortions for each 100 live births. 


• Two Canadian tourists were jumped and 
beaten in Clearwater. Florida, after leaving a 

nightclub, and authorities had no motive. 
One of the visitors, Serge LaRoche. 34. said, 
“Maybe they were attacking us because we 
woe speaking French.” His companion, Har- 


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of automobile-emission testing. Only two 
months after the program had begun, Maine 
decided in the face of citizen fury to drop it 
while efforts were made to work out the kinks. 

• The Costa Rican foreign minister, Fernando 

Naranjo, was robbed of more than 5800 cash 
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INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 


New Therapy Said to Delay AIDS Onset 


Reuters 

LONDON — Researchers said Monday 
that they had conclusive evidence that an 
experimental AIDS treatment using plas- 
ma transfusions delays the onset of the 
disease in HIV-positive patients and pro- 
longs the lives of AIDS sufferers. 

Dr. Abraham Karpas, of the department 
of hematology at Cambridge University, 
said, however, that although Passive Im- 
mune Therapy, or PIT, was a “break- 
through” in treating AIDS and had no 
known side effects, it should not be de- 
scribed as a cure. 

“It is definitely not a cure,” Dr. Karpas 
said in a presentation to a London confer- 
ence. “There is no cure in sight, but it looks 
as if it is the best form of treatment.” 

Dr. Karpas said U.S. and French studies 
on the therapy released at the conference 
confirmed his original research. 


“Thar double-blind, placebo-controlled 
studies showed that this treatment benefits 
AIDS patients and prolonged their surviv- 
al ” he said in a telephone interview. 

He said the studies, conducted by the 
Hemacare Corp. of California and two 
Paris hospitals, also showed that PIT 
helped to delay the onset of full-blown 
AIDS, or Acquired Imm une Deficiency 
Syndrome, in people who tested positive 
for HIV, the rims that causes the deadly 
disease. 

Under PIT, patients receive a monthly 
transfusion of half a liter (one pint) of 
plasma taken from healthy, HIV-positive 
individuals. The blood has the red and 
white cells removed and is free of the 
human immunodeficiency virus, but has 
high levels of neutralizing antibodies that 
kill the virus. 

Dr. Karpas said he discovered in 1985 


that people with HTV who were otherwise 
healthy had high levels of these antibodies 
in their blood. 

The Hemacare trial studied the effects 
of PIT on 220 AIDS patients over three 
years. It found that in the first 12 months, 
the mortality rate was greatly reduced in 


the group that received the plasma transfu- 
sion, while those in the control group. 


sion, while those in the control group, 
where no treatment was given, had a death 
rate of five times higher. 

The treated group had one death in 21 
people, while the placebo group had six 
deaths in 30. 

Moreover, the number of AIDS-linked 
infections was far lower in the treated 
group, and the blood donors themselves 
also appeared to benefit. The researchers 
said donating blood appeared to stimulate 
the production of neutralizing antibodies 
in the blood of HIV-positive patients. 


Just a Few UN Convoys Are Rolling Again in Bosnia 


Reuters 

SARAJEVO, Bosnia- Herze- 
govina — Some United Nations 
convoys blocked by Bosnian 
Serbs in retaliation for a NATO 
air strike progressed Monday, 
but the main civilian aid effort 
remained at a standstill. 


The main test of the UN’s 
freedom of movement in Serb- 
held territory will come Tues- 
day, when peacekeepers and the 
refugees agency plan to have 29 
convoys on the road. 


ment apparently did not reach 
the checkpoints. 


UN peacekeepers said the 
Serbs gave permission for seven 
UN military supply convoys to 
cross their checkpoints. 

The United Nations High 
Commissioner for Refugees 
sent two relief convoys from 
Belgrade to the Bosnian border 
to try to reach the Muslim en- 
clave of Gorazde in eastern 
Bosnia. 


Sarajevo's airport, gateway to 
three-quarters of the relief on 
which the Bosnian capital de- 
pends, was shut for an eighth 
day, as UN negotiators met the 
armed forces of the Bosnian 


aid planes 


;eek guarante 
could fly safe 


The U.S. defense secretary, 
William J. Perry, said Monday 
that he expected NATO to 
make more vigorous use of air 
power against Bosnian Serbs. 

But the senior UN official in 
the former Yugoslavia, Yasushi 
Akashi, appeared to stick to his 
more cautious approach to the 
use of air strikes against the 
Serbs. 

Mr. Perry met Mr. Akashi, 


The Bosnian Serbs' leader. 
Radovan Karadzic, had agreed 
to let convoy operations resume 
Sunday, but word of the agree- 


together with top NATO and 
UN military commanders, 
amid a rift over how to use 
alliance air power to bring the 
Bosnian Serbs into line. 

Asked by reporters whether 


tougher air strikes could now be 
expected, Mr. Perry said: “I 
think we are going to see a judi- 
cious use of air power, which I 
believe will be more robust, will 
be more effective.” 

Mr. Akashi, asked the writ- 
question, replied: “I cannot 
comment on that.” 

He added: “We have agreed 
on close cooperation to make 
sure that there will be judicious 
use of air power.” 

The UN has been unwilling 
to call in anything more than 
token air strikes because of the 
risk of reprisals by Bosnian 
Serbs against its lightly armed 
peacekeeping troops. 


SPICE: Poisoned Paprika Leaves a Bitter Aftertaste in the New Hungary 


Continued from Page 1 
Ottoman Empire. Native to 
Central America, paprika, like 
tomatoes and com, were trans- 
ported to Europe by sailors. 
Hungarian books devoted to 
paprika research say the seeds 
crossed the Atlantic aboard 
Christopher Columbus's ships. 
The spice then traveled to the 
Ottoman Empire and the great 
trading city of Istanbul, where 
it quickly became a popular 
substitute for more expensive 
black peppercorns. 

After they invaded Hungary 
in 1526, the Turks grew the 
plant here but, in order to pre- 
serve a lucrative monopoly, 
banned Hungarian peasants 
from cultivating it By the late 
17th century, the Turks had 
been driven out and Hungar- 
ians were growing it themselves. 

Hungarian cookbooks first 


mentioned the spice's impor- 
tance to everyday life in the 
19th century. Hungary current- 


ly produces about 6 percent of 
the world’s supply of paprika. 


the world’s supply of paprika, 
varying its flavors from fireball 
pungent to sugary sweet. 

According to Hungarian pol- 
iticians, it was the somewhat 


plete breakdown in government 
quality controls. Scandals in- 
volving fake vodka in Poland, 
bad cigarettes in Bulgaria and 
bogus coffee beans in Czecho- 
slovakia were commonplace. 


Such problems did not help an 
agricultural sector already reel- 


disorderly breakup of another 
monopoly that led to the recent 


agricultural sector already reel- 
ing from the changes. 


monopoly that led to the recent 
paprika crisis. 

Before 1989, two state-owned 
mills dominated the paprika 
market in Hungary. But with 
the collapse of communism in 
Eastern Europe, a widespread 
liberalization occurred in food 
processing. Within two years, 
70 mills, all of them private, 
were grinding the product 

The economic and political 
changes throughout the former 
Warsaw Pact countries were ac- 
companied by an almost com- 


mit really was a childish type 
of liberalization,’' said Pal Ju- 
hasz. a former foe of Commu- 
nist rule and now a member of 
Parliament who represents the 
paprika-producing region of 
Base. “Everybody was given a 
license to produce anything, 
and quality control went out the 
window.” 

Now, there is hope the gov- 
ernment will step in and reinsti- 
tute stricter methods to ensure 
that poisons do not find their 
way into foods, said Agostan 
Kmetty, president of the Buda- 


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Prince Hassan addressing reporters Monday as Mr. Gin ton and Mr. Peres listened. 


Rabin Wins Lawmakers’ Support 
For Peace Initiatives With Syria 


By Caiyle Murphy 

Washington Post Service 

JERUSALEM — After weeks of turmoil in 
Israel’s governing coalition. Prime Minis ter 


Yitzak Rabin won parliamentary approval 
Monday for bis foreign policies, which he said 
would include a request for U.S. troops to 
monitor any peace treaty signed with Syria. 

In an impassioned defense before the open- 
ing session of Israel's Knesset, Mr. Rabin also 
noted Syrian ‘‘willingness to be a partner in 
the effort for peace” and predicted an Israeli- 
Jordanian peace treaty would be signed by 
the end of this year. 


pest Chamber of Entrepreneurs 
and Traders. 


The 53-to-41 vote gives the prime minister 
a stronger political hand to press negotiations 


Mr. Kmetty, 48, a grizzled 
businessman, runs a stand in 
Budapest's newly renovated 
main market, an awe-inspiring 
example of late Austro-Hun- 
garian Empire architecture in 
the heart of this beautiful city. 

“It’s obvious the government 
is just pumping up this crisis as 
a way to reassert some control 
over the market," Mr. Kmetty 
said as housewives picked over 
his formidable stocks of fruit 
and garlic. “Nobody pays taxes 
here. Nobody pays fines. This is 
the only way they can get peo- 
ple to realize this kind of thing 
is important-" 


on a treaty with Syria, which will entail an 
Israeli withdrawal, in stages, from the occu- 
pied Golan Heights. 

The vote was also a welcome respite for Mr. 
Rabin, who in recent weeks has had to con- 
tend with a rebellion within his Labor Party, 
an emotional 19-day hunger strike by Israeli 
settlers on the Golan and attacks from the 
rightist Likud party. All were set off by Mr. 
Rabin’s reported readiness to withdraw from 
the Golan in order to secure peace with Syria. 

Mr. Rabin noted that his policies had 
brought Israel historic agreements with the 
Palestinians and Jordanians: relations with 
Morocco and Tunisia: a move by Saudi Ara- 


bia and five other Gulf states to drop tbs 
secondary boycott of companies doing busi- 
ness with the Jewish state, and a string of 
first-ever visitors, including one starting t 
Tuesday by China’s deputy prime minister. 

“In recent weeks, we nave discerned indica- 
tions of Syria’s willingness to be a partner in 
the effort for peace,” he said, adding, “We 
have no intention of ignoring these signs.” 

Addressing the 13,000 settlers on the Go- 
lan, Mr. Rabin said that his supreme obliga- 
tion as prime minister was to examine every 
possibility for peace. He said: “I would like to 
ask you, my friends on the Golan Heights, 
What must we do7 Not try? Not make an 
effort to reach peace? Reject out of hand the 
possibility of putting an end to all the wars?" 

In another positive development Monday, 
leaders of Jordan and Israel met with Presi- 
dent BiU Clinton in Washington to report 
progress on planning several joint economic 
projects, and U.S. officials said that the two 
former enemy states hoped to achieve a com- 
prehensive peace treaty by the end of the year. 

Crown Prince Hassan of Jordan and For- 
eign Minister Shimon Peres of Israel con- 
ferred with Mr. Gin ton for an hour at the 
White House. The three emerged to describe a 
series of joint economic, environmental and 
tourism ventures that the president called 
“the building blocks of a modem peace bo- 
tween these two ancient lands.” 


Asked about his own paprika 
stocks, Mr. Kmetty smiled. 
“I’ve got a good source,” he 
whispered. 


FERRY: Cargo Door Broke Loose, Videotapes Show 


Continued from Page I 

Berman, managing director of 
Nordstrom & Thulin AB, told 
Reuters. 

“And then we give it good 
service and things like this hap- 
pen. It’s terrible." 

Swedish maritime inspectors 
have said the Estonia disaster 
might have been averted if the 
owners bad reported earlier in- 


cidents with the bow doors. Mr. 
Wedin, the Swedish inspector, 
said the cracks in the Lion 
Prince, for example, must have 
been apparent for some time. 

“We think that given the kind 
of crack it is, it should have 
been discovered in previous in- 
spections, because it did not 
happen in one night,” he said in 
a radio interview. 


In Tallinn, Estline officials 
rgecied suggestions made by 
Swedish unions, and in the 
Swedish press that the Estonian 
crew might have been incompe- 
tent 


A board member, Sten Cris- 
ter Forsberg, said the ship and 
crew were "of no less quality” 
than any other in the Baltic Sea. 

{AP. Reuters. AFP) 


World Health Organization 

said Monday. _ . , . ; . 

“By Thursday or Friday we 
will know for sure if dw out- 
break has been contained or 
not,” said a spokesman for the 
UN agency, Jitendra Tuli, add- 
ing that most of the signs were 
good. 

“Up to tbe last few days it 
was a fire-fighting operation," 
he said. “Now the Indian gov- 
ernment has got down to a sys- 
tematic campaign.” 

Despite the optimism, some 
foreign airlines and govern- 
ments continued Monday to-* 
impose restrictions on travelers 
to and from India. 

Indian officials said that, as 
of Monday morning, the total 
number of people entering hos- 
pitals complaining of posable 
plague symptoms was 4,200. 
They said 149 sought treatment 
overnight Sunday. 

The outbreak began Sept- 20. 

The number of confirmed 
plague cases was not immedi- 
ately available, but officials 
about 90 percent of tbe 
suspected cases tested in Ddhi 
were negative. 

“We are now on our way to 
recovery,” said Health Secre- 
tary M-S- DayaL 

No confirmed victim of 
pneumonic plague died over the 
past 24 hours, and the nation- 
wide death toll was unchanged 
at 51, with all but two of the 
deaths in or near tbe western 
dty of Surat where the out- 
break erupted on Sept 20. 

Thai Airways International 
said Monday that it would not 
accept travelers from New Del- 
hi “until tbe plague situation is 
under control,” but would ac- 
cept passengers at Calcutta who 
pass health screening. 

The Dutch airline KLM said j} 
Monday that it had introduced 
new safeguards against plague 
on its flights from India and 
would begin disinfecting all air 
cargo. The airline earlier had 
said it would deny boarding to 
passengers showing plague 
symptoms. 

Six international carriers 
from the Middle East, including 
airline? in Saudi Arabia, Ku- 
wait and the United Arab Emir- 
ates, had earlier canceled flights 
to and from India. Qatar sent 
an airliner to help evacuate 
hundreds of its nationals from 
Bombay. (Reuters, AFP, NYT) 


HAITI: Closing Down a Militia PLAGUE: Modem City and Old IB 


Continued from Page I 

police functions. But members 
of the Front in the buildings 
Monday apparently called their 
police allies for help when U.S. 
troops rolled up. A while dou- 
ble cabin pickup truck of armed 
Haitian policemen appeared on 
the scene brandishing automat- 
ic weapons. American troops 
with their M-16s at the ready 
surrounded tbe vehicle. 

After a brief staring match, 
the UJ5. troops took tbe Hai- 
tians out of tbe pickup truck, 
confiscated their weapons, 
handcuffed them, gagged them 
with tape and placed them in 
the back of a large American 
truck. The policemen then had 
the handcuffs and gags re- 
moved, were driven away and 
released U-S. officials said the 


for the spate of violence against 
Aristide supporters since U.S. 
troops began occupying this im- 
poverished nation two weeks 
ago. 

The takeover of the Front’s 
headquarters came a day after 
U.S. troops arrested four top 
leaders of other paramilitary 
groups that have terrorized the 


civilian population. Among 
those arrested was Rom6o Hal- 


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because the crowd was ready to 
attack them. 

When the crowd lost its fear 
that the paramilitary group 
might somehow respond, it 
poured into the streets, forming 
lines of dancers that sang pro- 
Aristide and pro-American slo- 
gans. 

Men and women, old and 
young, approached the Ameri- 
can military vehicles to touch 
the tanks or shake the hands of 
the smiling troops. 

“We are free, liberty, liber- 
ty,” yelled one woman who 
tried to kiss every American she 
saw. 

The Front, formed in August 
1993 to oppose the return of 
Father Aristide, is accused by 
human-right groups of killin g 
hundreds of Aristide supporters 
in the past year. It is believed by 
U.S. officials to be responsible 


those arrested was Rom6o Hal- 
loum, chief adviser and head of 
security for the army com- 
mander, Lieutenant General 
Raoul CMras. Mr. HaDoum’s 
group was known as the “Nin- 
jas’’ oecause members dressed 
all in black, keeping their faces 
covered. 

Lieutenant General Henry 
H. Shelton, commander of U.S. 
troops here, said Monday that 
those arrested were being held 
in Haiti by U.S. troops and 
would be turned over to the 
Aristide government once it re- 
sumed control of the nation. He 
said Mr. Hafloum and others 
who bold U.S. citizenship could 
be turned over to the U S. Jus- 
tice Department 

General Shelton said one 
American soldier was wounded 
in an exchange of gunfire with 
unidentified Haitians in the 
southern town of Les Cayes at 
midnight Sunday. It was the 
first American combat casualty 
here since U.S. troops arrived. 

General Shelton said the sol- 
dier, whose name was not given 
pending notification of family 
members, was hit in the abdo- 
men and was in stable condi- 
tion. He said it appeared tbe 
American soldier had wounded 
cm- killed his assailants in the 
gunfight- 


FIRST NAME , 


ULSTER: U.S. Switches Policy 


PERMANENT ADDRESS: J HOME!! BUSMESS. 


Co nti nued from Page 1 


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promise on the meeting sched- 
ule: Mr. Adams is not welcome 
at the White House, but he will 
meet at the State Department 
with a U.S. team headed by 
John Komblum, senior deputy 
assistant secretary of state for 
European affairs. 

Also in tbe meeting will be 
Mr. Gore's national security 
adviser, Leon S. Fuerth, and the 
National Security Council staff 
director, Nancy E. Seder berg, 

Tbe White House released 
the text of a letter that Mr. Lake 


wrote to Mr, Adams on Sunday 
saying that the Slate Depart- 
ment meeting would be “the be- 
ginning of a process of engage- 
ment with Sinn Fan that would 
increase as events progressed in 
Northern Ireland toward 
peace.” 

The topics the Clinton ad- 
ministration wants to discuss, 
he said, include how Washing- 
ton can be helpful in the various 
political forums and dialogues 
now being discussed by the 
British and Irish governments 
and the Ulster factions. 


Continued from Page 1 
fever and chest pains, and died 
before noon, on Friday. On her 
death certificate, officials at the 
Maskati Charitable Hospital 
wrote ambiguously: Fever (un- 
confirmed). 

Many firings are likely to re- 
main uncertain in Surat, the in- 
dustrial boomtown that is the 
epicenter of the worst plague 
outbreak to strike anywhere in 
decades. The official death toll 
is 51, with nearly 800 others 
under treatment or hunted by 
the police after fleeing isolation 
wards. But unofficial accounts 
suggest that the real number 
may be several tunes higher. 

As tbe plague spreads across 
India, with close to 3,000 pa- 
tients now under treatment, it is 
less the dispute over the death 
toll that is attracting attention 
than what caused the outbreak, 
how it has been handled by the 
government and the lessons for 
the future. 

On all these issues it is Surat 
that is at the core. 

Located a short distance up 
the Tapti River from the Arabi- 
an Sea, Surat became India’s 
first major gateway for Europe- 
an traders in the 17th century. 
For at least 250 years, the dty 
remained a more important 
center than Bombay, 260 kilo- 
meters (160 miles) south, which 
eventually eclipsed Surat in the 
19th century as India's com- 
mercial bub. 

In the last 20 years, as a 
boom in small textile plants and 

diamond-cutting workshops 
has drawn hundreds of thou- 
sands of migrants, more than 
doubting the city’s population, 
to 2 million, Surat has begun to 
regain its importance. It is now 
the 12th-largest dty in India. 

But it has also become a met- 
aphor for India's urban ills. 

Half the population lives in 
housing that consists of little 
more than concrete shells, or in 
squalid hovels made of wood, 
plastic sheeting and oil drums 
beaten flat. 

In the shantytowns, there are 
no sewers and no running wa- 
ter. Most slum-dwellers take 
their water from the river or 
from community taps that are 
badly polluted. At least a half- 
million people lack toilets. 

Until tbe plague struck, there 
was no garbage removal. 

Such conditions exist in doz- 


ens of other cities in India. But 
there may be nowhere quite as 
bad as Surat 

Last month, 80 days of mon- 
soon rain caused the Tapti to 
overflow. When the waters re- 
ceded, they left a sea of mud 
and dead animals and refuse 
that remained uncleared. 

On Sept 18, nine days after 
tbe fioodwaters began to re- 
cede, the first two victims of the 
plague were brought to the New 
Gvfl HospitaL 

By then, newspapers were re- 
porting a bubonic plague out- 
break 500 kilometers away in 
Maharashtra state, in an area 
devastated by an earthq uak e in 
October 1993. 

Bubonic plague, transmitted 
from rats to h umans by fleas, is 
a less contagious form of the 
disease. 

Medical textbooks say that 
the less common but more 
deadly form of tbe disease, 
pneumonic plague, generally 
develops from bubonic plague. 
The theory among doctors in 
Surat is that a migrant worker 
may have brought the riiyaa* 
here from Maharashtra in early 
September. 

At the hospital, the first two 
victims were examined by a 
team led by Dr. Dinesh Shah, 
50, an epidemiologist who be- 
came the hospital's medical su- 
perintendent m August 

Dr. Shah said the men’s 
symptoms — & slight fever, 
pains in the chest, coughing up 
sputum, bleeding from the nose 
and mouth — were first diag- 
nosed as bronchial pneumonia. 

Then, on Sept. 20. barely 24 
hours after admission, the two 
men died, while doctors were 
still pazzting over the diagnosis. 

Some Indian medical experts 
have criticized the doctors in 
Surat for not immediately mak- 
ing the link to the bubonic 
plague outbreak in Maharash- 
tra, an oversight that delayed 
the establishment of isolation 
wards for at least two days. 

But Dr. Shah said doctors 
anywhere in the world would 
nave been puzzled. “Who could 
have expected plague, afuar 40 
years of no cases?” he asked. 


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INTERNATIONAL HERALD TRIBUNE. TUESDAY. OC TOBER 4, 1994 

U.S. Drafts a Big Military Thaw With China 


Page 5 


-• V- 


Alcundrr J-nc.'Agpncc France- Picwc 

Japanese soldiers taking up their Rwandan relief duties in Goraa, Zaire, on Monday. 

UN Transfers Aide Who Defended Tutsi 


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The Associated Press 

KIGALI. Rwanda — The United Nations 
dismis sed its military spokesman Monday 
amid controversy over alleged reprisal kill- 
ings by troops of the new Rwandan govern- 
ment 

Major Jean-Guy Plante of Canada will 
bead a military police detachment in Kigali 
effective immediately, said the executive di- 
rector of the UN mission in Rwanda, Abdul 
Kabia. 

“There is a change in emphasis,’’ Mr. Kabia 
said at a news conference, adding: “We are 
emphasizing humanitarian and support ser- 
vices we are giving to the country.” 


Last week. Major Plante defended the 
Tutsi-led Rwanda Patriotic Front after it was 
accused of systematic revenge killings against 
the majority Hutu ethnic group. He said UN 
troops bad found no evidence of new killin gs 
on a wide scale. 

Major Plante said the allegations, mostly 
by the UN High Commissioner for Refugees, 
were part of a plot to discredit the United 
Nations and the new government installed by 
the Tutsi rebels in July. 

Last week, the UN secretary-general, Bu- 
tros Butros-Ghali, ordered UN officials to 
keep silent about the alleged vengeance kill- 
ings pending an investigation of allegations 
by the refugee agency. 


By Michael Richardson 

International Herald Tribune 

SINGAPORE — The com- 
mander of American forces in 
the Pacific says the United 
Stales plans to intensify mili- 
tary contacts with China, in- 
cluding the holding of joint ex- 
ercises, as pan of a strategy to 
gain Chinese support for new 
security arrangements in the 
Asia-Pacific region. 

Such a move would mark a 
major thaw in military ties be- 
tween the United States and 
i China, which were frozen by 
Washington in 1989 after Beij- 
ing called in the army to crush 
large-scale pro-democracv pro- 
tests. 

In an interview Monday in 
the Straits Times newspaper 
here. Admiral Richard C. 
Macke, commander of U.S. 
forces in the Pacific, said Amer- 
ica wanted to “move forward” 
in its military relationship with 
China toward visits by each 
other's warships, exchanges of 
armed forces personnel and 
small-scale exercises. 

The U.S. plan to re-establish 

Nuclear Experts 
Meet on Korean 
Technical Issues 

The Associated Press 

GENEVA — North Korean 
and U.S. negotiators resumed 
their talks to ease nuclear ten- 
sions Monday, as Pyongyang is- 
sued a new warning against at- 
tempts to pressure it to make 
concessions. 

A U.S. official declined to 
give any details on the lower- 
level session, which was held at 
the U.S. Mission to the Europe- 
an headquarters of the United 
Nations. 

With the chief negotiators' 
taking a break until Wednes- 
day, experts from each side met 
for nearly three hours Monday 
to discuss technical issues. 

After a week of the current 
round, U.S. officials said last 
Friday that the talks were stale- 
mated over all key issues, in- 
cluding U.S. efforts to learn of 
past activity at North Korea's 
nuclear center and to safeguard 
spent fuel. 

An official North Korean 
newspaper, Rodong Sinmun. 
said “dishonest quarters" of the 
International Atomic Energy 
Agency were j oining forces wi ih 
hard-line U.S. conservatives to 
use “diplomatic pressure" 
backed by "gunboat diploma- 
cy” to pressure Pyongyang. 


an extensive range of contacts 
with the Chinese armed forces 
is expected to be widely wel- 
comed by other Asia-Pacific na- 
tions that favor a policy of “en- 
gaging” China in the widest 
possible range of mutually ben- 
eficial exchanges, starting with 
trade and investment and ex- 
tending to cooperative security 
arrangements. 

Officials from those coun- 
tries maintain that if China has 
a strong vested interest in the 
region’s economic prosperity 
and is given the opportunity to 
help shape a new security 
framework, it will opt to main- 
tain peace and stability instead 
of using force to pursue territo- 
rial claims in such areas as the 
South China Sea and Taiwan. 

“Inescapably,” Prime Minis- 
ter Paul Keating of Australia 
said recently, “the extent and 
nature of China's engagement 
with the rest of Asia will be a 
key determinant of regional se- 
curity." 

Mr. Keating said that Chi- 
na’s increasingly active partici- 
pation in Asia-Pacific security 
exchanges provided “another 
important way for China to re- 
assure the region about its poli- 
cies.” 

More than ever, he said, the 
future of the region’s security 
lies in its own hands and not in 
a balance of power held bv oth- 
ers. 

“In meeting this challenge,” 
he said, “countries in the re- 
gion, including Australia, have 


come to understand that their 
security has to be found with 
their neighbors, rather than 
against them.” 

In July, China joined the 
United States. Japan. Russia 
and other Asia-Pacific coun- 
tries in Bangkok for the first 
formal discussion at ministerial 


'Inescapably, the 
extent and nature of 
China's 

engagement with 
the rest of Asia 
will be a key 
determinant of 
regional security / 
Prime Minister Paul 
Keating of Australia 


level of regional security prob- 
lems. 

The high-level meeting will 
reconvene each year, with for- 
eign ministry and defense offi- 
cials from member countries 
holding more frequent discus- 
sions on ways of defusing po- 
tential conflicts. 

China has been making 
strenuous efforts to reassure 
Southeast Asia that it will not 
use its growing economic and 
military strength to threaten the 
region. 


China’s president. Jiang Ze- 
min, is expected to reiterate this 
stance next month when he vis- 
its Indonesia, Malaysia. Singa- 
pore. Thailand and Vietnam? 

In May, the Chinese defense 
minister.’ Chi Haotian. said in 
Kuala Lumpur that Beijing had 
committed itself not to use 
force in pursuing its claim to 
sovereignty oyer a vast area of 
the South China Sea. including 
the disputed Spratly Islands. 

Vietnam, Taiwan, Malaysia, 
the Philippines and Brunei also 
claim all or some of the islands 
and the surrounding seabed, 
which is thought to contain ex- 
tensive oil ana gas reserves. 

Japan has a strong interest in 
the South China Sea because 
most of its oil and much of its 
trade passes through it. 

China and Vietnam fought a 
brief naval battle over some of 
the Spratlys in 1988; all the 
claimant countries, except Bru- 
nei. have put troops on the is- 
lands they control. 

Malaysia and China agreed 
Iasi month to appoint defense 
attaches to each other's capitals 
to improve cooperation. 

Admiral Macke said that 
countries in Southeast Asia and 
the Asia-Pacific area were 
“reaching out to China in a co- 
operative fashion to try* and 
have Beijing as a stabilizing 
member" of the regional com- 
munity. 

He said that the key was to 
“influence China, to reassure 


China, so they will work with us 
to maintain stability.” 

The formal resumption of 
U.S. military lies with China 
began in November with a visit 
to Beijing by Charles W. Free- 
man. a U.S. assistant secretary 
or defense. 

He said at the time that a 
renewed program of military 
contacts “can contribute both 
to improving bilateral relations 
and achieving peace and stabil- 
ity in a number of troubled ar- 
eas in the world.” 

Admiral Charles Larson, the 
former commander of U.S. 
forces in the Pacific, became the 
highest-ranking American offi- 
cer to visit China since the 19S9 
crackdown when he went there 
in July. 

In August, General Xu Huizi. 
deputy chief of the Chinese 
armed forces general staff, went 
to Washington for talks and 
also visited U.S. Pacific com- 
mand headquarters in Hawaii. 

The U.S. seoretaiy of de- 
fense, William J. Perry, is ex- 
pected in China later this 
month. 


Boll Kills Woman at Home 

Reuters 

VIVER, Spain — An 82- 
year-old woman playing cards 
in her home was gored to death 
by a fighting bulL which had 
escaped from a bullring during 
a fiesta in this town in eastern 
Spain, officials said Monday. 


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WM 







Page 6 


TUESDAY, OCTOBER 4- 1994 


. /■" 


O P I N I O i\ 


Hcralb 


IiNTERiYVnoftAL 



Plllilfrlm! Uilh Tin- Nih Wit Tin**, uml Thf Hu«.hjnpiiin l'-~ 


eribuUC fsaddam. Weaker but Still Vicious, Deserves No UN Mercy 

Quihinslun l , .„l r 


Breaking a Vow on Bosnia 


The UN Security Council's latest 
maneuvertngs over the Bosnian arms 
embargo appear technical and arcane. 
But future historians may cite this as the 
moment the Clinton administration fi- 
nally yielded to Europe's cynical policy 
of Weeping Bosnia defenseless, forcing ft 
to submit first to M ethnic cleansing." 
then territorial partition and finally to 
North Atlantic Treaty Organization 
peacekeepers enforcing a surly peace. 

Washington's own policy, though nev- 
er pretty and never pressed aggressively 
enough, was far better than this, and 
more sensibly prudent than many of its 
critics allowed. It consisted of fending off 
the worst European arm-twisting while 
pressing Europe to agree to lifting the 
arms embargo so that Bosnia could at 
least try to defend itself. 

On Thursday, however, the Last shreds 
of a separate U.S. policy vanished when 
the administration walked away from 
President Bill Clinton’s written pledge 
to Congress to seek a Security Council 
vote to lift the arms embargo by Oct. 15. 
The excuse is that Bosnia's government 
is now willing to delay lifting the embar- 
go until spring, provided the Security 
Council takes binding action on it now. 
Why then is Washington not pressing 
for such a binding vote? 


Research the Ethics First 


The panel of 19 experts charged by 
the National Institutes or Health to ad- 
vise the U.S. government on human em- 
bryo research made a conscientious ef- 
fort to answer a question fraught with 
difficulties both moral and scientific: 
Should the government fund research 

that involves creating, then destroying, 
human embryos for research purposes 
alone? But its conclusion — that, under 
certain strict guidelines, the government 
should — is in our view flat wrong. The 
creation of human embryos specifically 
for research that will destroy them is 
unconscionable. The government has no 
business funding it. 

Viewed from one angle, this issue can 
be made to yield endless complexities: 
What about the suffering of individuals 
and infertile couples who might be 
helped by embryo research? What makes 
this different from the use of “extra” 
embryos left over from couples' fertility 
workups? What about the need to police 
this research where it is already being 
done? What is the status of the brand- 
new embryo? And a simpler question: Is 
there a line that should not be crossed 
even for scientific or other gain, and if so 
where is it? 

Some believe — we do not — that the 
line should be drawn before contracep- 
tion, which prevents a possible concep- 
tion: or abortion, which destroys an un- 
intended conception; or research on fetal 
tissue resulting from abortions. Oppo- 
nents of abortion have so far been cited 
as the main opposition to the embryo 
recommendations, and they have pledged 
to ask Congress to block the recommen- 
dations by ruling on when life begins 

But it u not necessary to be against 
abortion rights, or to believe human life 
literally begins at conception, to be 
deeply alarmed by the notion of scien- 
tists' purposely causing conceptions in a 
context divorced from even ibe poten- 


tial of reproduction. One panelist, the 
Georgetown law professor Patricia 
Ring, wrote as much in a partial dissent, 
saying society has not yet “developed a 
conceptual framework to guide us” 
when “human life is being created solely 
for human use.' 1 


To suggest that support for abortion 
ghts equals support for such experimen- 


rights equals support for such experimen- 
tation is to buy abortion opponents' view 
that permitting abortion means erasing 
society's ability to make distinctions. 

Though the panel of experts said a 
developing embryo merits "serious mor- 
al consideration," they concluded that 
the moral status of embryos younger 
than 14 days (when the first ''primitive 
streak” heralds the beginning of the ner 
vous system! is not equal to that of 
more-developed embryos o* human in- 
fants. Some members, it is reported, 
initially wanted to use three weeks, the 
point at which brain formation begins 
— a fair index of the subject V shppeiv 
slope potential. 

Much of the report is uselul. Embryo 
research is already u common byproduct 
of the burgeoning study and practice of 
in vitro fertilization and is iega! m Cana- 
da and elsewhere. It ts important to put 
ethical guidelines in place if the govern- 
ment is to fund anything in this area 
The panel would prohibit cloning or the 
use of embryos past 14 days: it restricts 


embryo creation to "compelling” pro- 
jects and to cases where grant -seekers 


jects and to cases where grant-seekers 
can show (1) that Lhc same questions 
cannot be answered with existing em- 
bryos. or (2) that new ones are needed 
for “scientific validity" It is the second 
of these categories, not (he fust, to 
which Ms. King dissents. But we find 
both alarming. In approving the funding 
of the purposeful creation of human 
embryos for any experiments the panel 
took a step too far. 

- tUb H AbHiSL'KiS POST 


Disney’s Bull Run Defeat 


Historians, writers and ordinary 
American citizens won a victory for the 
national heritage on Wednesday. Walt 
Disney Co. abandoned the most irre- 
sponsible idea ever hatched in the Magic 
Kingdom and decided not to build a 
theme park near the Manassas Battlefield 
in Prince William County. Virginia. 

More than the fate of (he battlefields 
of Manassas, or Bull Run. was involved. 
“Disney's America 1 ’ would have flooded 
one or America's most historic and sce- 
nic regions, including the nearby Shen- 
andoah National Park, with traffic and 
tacky development. 

In response to the threat to these na- 
tional treasures, a large, articulate coali- 
tion defeated one of the country’s richest 
corporations and its boosters in the Vir- 
ginia Storehouse and Legislature. 

Walt Disney Co. had recently won two 
important battles. The county's planning 
board had agreed to the necessary rezon- 
ing for the project, and the regional trans- 
portation panel had approved SI 30 mil- 
lion in road improvements. 

But the company concluded that the 
outrage generated by the proposed pro- 
ject would mar Disney’s image. It was a 
wise decision, but a tardy one. given the 
scale and stature of the opposition. 

There may have been other factors. 
Power struggles at the top of the compa- 
ny have dented its confidence. Euro Dis- 
ney. its Paris project, has been a huge 


miscalculation. The last thing Disney 
needed was a bruisiug and protracted 
public relations battle against the na- 
tion’s most respected writers and thinkers 
on the Civil War. Disney did not expect 
such a struggle. 

Governor George Allen was on die 
company's side and a mindlessly gener- 
ous Virginia Legislature was willing to 
pay millions for development. Whul 
they did not reckon with was the pas- 
sionate nationwide outcry that carried a 
dear message. The Manassas country- 
side is not Virginia's to sell It belongs 
to the nation. 

Congress now needs to pass legislation 
designating a new kind of preservation 
area — the National Historic Region — 
that would enable it to control develop- 
ment in areas precious to the nation. 

Along with proving the power of orga- 
nized, articulate opposition to a bad idea, 
the intellectuals, environmentalists, pres- 
ervationists and ordinary citizens who 
fought the project proved something else. 

Michael Eisner, the chair nun of Dis- 
ney. argued that Americans were igno- 
rant about then history and needed 
Disney -style fun U> lead’i them. As the 
historian David McCullough has point- 
ed out. this episode has shown that 
Americans do know their history and 
care about ground made sacred by what 
occurred there. 


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W ASHINGTON — As tht narrator 
mloues two Koranic verses — ’The 


Bv Laui ie Mvlroie 


The administration knows that Bos- 
nia agreed to a delay only under intense 
European pressure. U also knows Bos- 
nia hopes to win European acceptance 
of lifting the embargo in return. Yei the 
United States has made no serious effort 
to rally European support. 

Surely Washington still has some in- 
fluence with London, Pans and Moscow 
on issues it really cares about. The ad- 
ministration did not even use its reluc- 
tant vote for Europe's mam Security 
Council goal, relief of sanctions on 
Serbia, to win European votes for end- 
ing the embargo. 

The result will be more Serbian mili- 
tary pressure on Bosnia, diminished pros- 
pects that the Bosnian Serbs will accept 
the big-power peace plan, and a largei 
risk that U.S. troops will ultimately be 
sent on Bosnian peacekeeping duly. 

Congress, which adjourns this week, 
cannot do much now about Mr Clinton's 
broken pledge. But when it returns m 
January, it could cut off funds for L> S. 
enforcement of the arms embargo 

That is a crude tactic that will hurt U.S. 
efforts to get other UN embargoes en- 
forced. Bui given the administration s 
demonstrated inability to stand up to 
Europeon this issue, it would bejustified. 

THE HEW YORK TIME V 


Yf uiluues two Koranic verses — "The 
thieves, cut off their hands for their ili 
gains and as punishment from God who is 
great and wise.” and, 'There is life lor you 
in punishment. 0 you who can reason, 
that you may follow the nghl path" — the 
camera focuses on a severed hand placed 
on a torn green jacket. 

On June 4. the Iraqi regime introduced 
the Isianiic punishment for theft, ampu- 
tation of the right hand, while decreeing 
that repeat offenders should lose a foot 
Three months later, the hand of a thief, 
along with the man himself, were shown 
on Iraqi television. 

Saddam Hussein has launched a new 
reign of terror intended to shore up his 
weakeiuog grip on power .Allhough Is- 
lamic law does have provisions for cut- 
ting oft the hand of a thief aud Lhe head 
of a murderer, many punishments being 
meted out have nothing to do with Islam. 
They are simply cruei and bizarre. 

The regime has decreed that dealing 
illegally in foreign currency and forging 
official documents are punishable by am- 
putation of the hand. On Aug. Id. it an- 
nounced that those whose hands are cut 
off should have an X tattooed between 
their eyes, although Islam forbids such 
mutilation. Saddam has personally signed 
all the amputation decrees. 

Bui the decree that has had the broad- 
est iinpaci is the Aug. 25 announcement 


since lhe 1991 post-Gulf War uprisings. 
Many army deserters and other oppo- 


that army deserters, or anyone sheltering 
them. wiU lose an cor and be branded. A 
second offense means losing the other 
ear a third offense means death. (In a 
stunning bout oi hypocrisy, the regime 
also began selling exemptions from mili- 
tary service for around Si OOO.j 

Military officers who have defected to 
lhe opposition say that ear amputations 
are being performed at army checkpoints, 
where the ears ore thrown into buckets, 
and that the punishment nas been carried 
out on several thousand people. 

There are lens of thousands of army 
deserters in Iraq, and the new punish- 
ments have precipitated open opposition, 
in the northern, predominantly Sunni, 
city of Mosul there were street’ demon- 
strations last month. In the southern Shi- 
ite city of An Nasinya. the Arab tribe of 
a mutilated man took revenge by attack- 
ing the local headquarters of the govern- 
ing Ba'ath Party and cutting off the ears 
of the officials present. 

The economic situation in Iraq is bad 
and getting worse. Last week, the gov- 
ernment drastically reduced the ration? 
it provides at subsidized prices. " -jc 
market price of most staple foods quick- 
ly doubled. This hardship, combined 
with the aorsh new p unishm ents, has 
produced iraq » greatest political fissure 


Many army deserters ana Diner oppo- 
nents of the regime have headed north to 
Kurdish-controlled territory. This has 
become the staging area for an umbrella 
or ganiza tion called the Iraqi National 
Congress, which orchestrates most of the 
internal opposition to Soddam. 

Since early last month, the Iraqi Na- 
tional Congress has been receiving more 
than 100 Iraqis a week fleeing his control. 
Until recently, most were men who came 
to join the fight against Saddam, leaving 
their wives and children with relatives. 
Now army deserters predominate and 
those that have families try to bring them 

The regime is dearly teetering. The key 
is the UN sanctions, winch are undermin- 
ing Saddam’s control. Yet several coun- 
tries. especially France and Russia, are 
pressing the LTN to lift the sanctions be- 
cause they are eager to resume trade. 

lifting die sanctions would be foolish. 
Given Saddam 's determination to hold on 
to as much of Iraq's nuclear, chemical and 
biological weapons program as possible, it 
wall be impossible to control him once 
Raghriad is allowed to sell oiL Even the 
chief of the UN weapons inspection team. 
Rolf Ekeus. has pubndy voiced bis doubts 
about Iraq's intentions. 

UN Resolution 687. which established 
the sanctions, was very much an American 
document, and reflects the flaws of U.S. 
policy at die end of the Gulf War. It links 


the ban on exports solely to the .destruc- 
tion of Iraq’s weapons of mass destruc- 
tion. Thus Iraq could invade Kuwait 

again but according to Resolution 687. 
that would not affect its ability to export 
oil. The resolution also reflects the Bush 
administration’s indifferent*: to what gov- 
ernments did to their own people. The 
sanctions are in no way connected to Sad- 
dam's persecution of his people. 

Now that the Security Council v mov- 
ing to establish tribunals to investigate 
human rights violations in Bosnia and 
Rwanda, why not investigate Iraq? In 
April 1991. as Baghdad crashed the post- 
war uprisings, the Security Counai passed 
a resolution demanding . that Iraq stop 
repressing its population. The European 
Community called for war crimes trials. 
But the Bush administration, hoping that 
those around Saddam would overthrow 
him, foolishly opposed the measure 

Rather than debating whether to uft 
sanctions, the Security Council should be 
addressing Baghdad's human rights vio- 
lations. including the campaign to chop 
off body parts. Failure to do so will only 
give the appearance that the UN has 
different rules for countries without oil 
and those with lots of it. 


The writer is a research associate with 
the Foreign Potuy Research Institute in 
Philadelphia. She contributed this com- 
ment tv The New York Times. 


Scenario for a Workable Irish Peace 


L ONDON — Politicians in Bo> 

< ton and New York, eager to 
solicit the vote of American Irish 
Catholics, gave a hero's welcome 
to the Irish Republican Army's 
political spokesman, who recent- 
ly nelped arrange cessation of ter- 
rorist bomb attacks on Britons. 

This second tour of the United 
States by Geuv Adams went 
down badly in the Uiuted King- 
dom. Most people in Britain do 
not think anybody deserves (ioni- 
zation and a fresh infusion of 
funds for slop pi ug. or perhaps 
only suspending a policy of sys- 
tematic murder aud they resent 
the portrayal of Northern Ireland 
as a place occupied by British 
soldiers iu prevent the inevitable 
unification uj the Irish people 
The Bnts argue that Gcrrv Ad- 
ams. unlike Nelson Mandela, 
never talks of “one person one 
vote** because a million Irish 
Protestants in Ulster form a vast 
majority that wants lo remain 
part ol the (.ini led Kingdom 
Unlike Yasser Arafat. «hc iRA 
spokesman cannot complain of 
no nation for lus people because 
of the existence of the insh Re- 
public where Catholics form the 
great majority. 

Nothing would please the Eng- 
lish. Scottish and Welsh more than 
to be able to withdraw forces from 
the Irish outpost established m 
Cromwell s un*. Bui that would 
abandon a million British subjects 
to bloody civil war. The IRA has 
its fierce and imirdcious counter- 
part among Irish Protestants. 

To pull out peacekeeping 
troops, as the IRA demands with 
its “British oul " would turn the 
place into an orange and green 
Bosnia. A million British ethnic 
Irish do not want to ot nationally 
“cleansed.’' and the English cannot 
in honor set their nationals adrift. 

As a result. British subjects in 
Northern Ireland have a more se- 
cure future in then townships than 
Israeli citizens do in their settle- 
ments in the West Bank oi Golan. 


By W illiam S afire 


Most Americans do not get 
that picture. We tend to flunk 
that “the troubles'' have gone on 
too long, thai religious wars ore 
out of date, that it might be tidier 
with all the Irish under one politi- 
cal roof, and that today's terror- 
ists are tomorrow s statesmen — 
so why doesn't Loudon quit quib- 
bling about whether the IRA's 
“complete cessation" is “perma- 
nent" and get on with negotiating 
directiy with Geny Adams? 

Thai ainiude. whipped up by 
eLhiuc- blocking U.S. politicians, is 
what drives the British up the wall. 

London Mirrived the 21 -year 
terrorist blitz without buckling, 
the IRA bombs made headlines 
but made no allies or progress. 
Because the terrorists realized they 
were losing their war. and time was 
against them, they (tike the broke 
and isolated PLOt were driven lo 
see what a truce could produce. 

In London's view. U.S. pres- 
sure on the lush peace process” 
would strengthen the Irish Re- 
publican Army and endanger the 
sort of extended negotiation that 
hotheads cannot abide. 

What sort of deal is workable? 
Most people here in London 
think that Prime Minister John 
Major's demand that Mr. Auanis 
fii si pledge eternal peace is only a 
militant pose to cover up more 
secret dealings among Bell as L 


Ireland and the Irish Republic 
would become more porous; busi- 
ness investment and tourism, now 
impeded by violence; would pick 
up to roTTD binding ties: political 
power would devolve to localities. 

Catholic nationalists could 
shrug off as vestigial (he “techni- 
cal sovereignty” of the United 
Kingdom while Protestant union- 
ists could claim their British pro- 
tection in the event of a power 
grab or persecution. 

That gradual coining together, 
even if punctuated by outbursts of 
the old hatred, is the future as 
plotted by Rosy Scenario. It beats 
renewed terrorism or civil war. 

If Mr. Major can bring it off. he 
will justify the past generation's 
steadfastness (and stop Britain's 
lurch toward Labor as well). Com- 
ing negotiations will not be helped 
if the cheers of U.S. politicians 
embolden the former terrorists U> 
expect lo extract at the peace (able 
what they could not coerce with 
bombs in department stores. 

The Ne h York Times. 




BwWVKOCfcft 
The HutHuh Skm M.«im 
law- S\ckI» 31 c 


Giving Their All for Sarajevo’s Children 


B OSTON — Dr. Esma Zecevic 
is chief pediatrician in the 


secret dealings among BeltasL 
Dublin and London. 

If the IRA “cessation" bolds 
(allowing for occasional violence 
by disavowed diehards). the Brit- 
ish troops who now do not have 
permanent barracks and grounds 
in Ulster could be withdrawn in 
stages I hat would cut the non- 
Insh British military presence 
in Northern Ireland by half, a 
consummation that this genera- 
tion uf IRA leaders could nevei 
achieve by .crroi . 

.As thai takes place, the hope is 
that the bordei between Northern 


U is chief pediatrician in the 
children’s clinic of the largest hos- 
pital still functioning in Sarajevo. 
Her hospital usually has no elec- 
tricity or running water, she and 
her colleagues practice by candle- 
lighL They eat one meal a day. 

I heard about Dr. Zecevic from 
Dr. Jane Green Scballer. a lead- 
ing Boston pediatrician who has 
just returned from a visit to Bos- 
nia. We all know about the cruel- 
lies of the Serbian war on Bosnia. 

But the reality of life there was 
somehow brought home to me 
more tellingly as Dr. Sc bailer 
spoke about what sbe saw. 

'There was constant gunfire,” 
Dr. Schaller said. “They called it 
light gunfire, but to me it was 


By Anthony Lewis 


Gerry mandering and the Black Vote 

W ASHiNGTuN — Two fly William Raspberry nothing in the constitution re 
federal district courts. 3 r quires neatness or contieuous’ 


W ASHiNGTuN - Two 
federal district courts, 
looking at oddly shaped dis- 
tricts drawn to increase the like- 
lihood of electing black candi- 
dates to the U S. Congress, have 
reached opposite conclusions. 

One court reviewed a North 
Carolina districting plan that 
created two weirdly shaped 
black-majority districts and 
found it to be a product of “ia- 
ciai gerrymandering.'' but not 
illegal. Another court looked at 
a Louisiana plan and branded 
the “biiarre and irregular 
shape" of a new black-majority 
district *' racial gerrymander- 
ing" — and illegal. 

The U.S. Supreme Court al- 
most surely will take up the two 
cases in the fall term. 

What should its rating be? 

I have a confession. I don’t 
know what it should be. I don't 
know what the U S. Constitu- 
tion requires. 1 don't even know 
what common sense requires. 

There is an established view 
ttrai wait legislatures may nvA 

draw then' districi maps in a 
way calcinated to reduce minor- 
ity voting strength — for in- 
stance. by scattering a concen- 
tration of black voters among 
several Congressional districts- 
That seems reasonable 
But reduce ihai voting 
strength from what? From what 
it used to be? From what it 
ought lo be? From its mathe- 
matical maximum? 

These are not silly questions 
The two districts (from which 
the freshmen congressmen Mel- 
vin Watts and Cleo Fields were 
elec ted j are under challenge be- 
cause of their peculiar shapes. 
Mr Watts's North Carolina dis- 
trict is i 60 miles (z60 kilome- 
ters) from end to end. but at 
places no wider than the inter- 
state highway it foilow> i 


much of its length. Mr Fields’s 
district cuts a Z across Lhe mid- 
dle of Louisiana. Both, obvious- 
ly. were drawn in such a way as 
to maximize the chances of 
sending a black person Lo the 
House of Representatives. 

Importantly, neither state 
had had a block representative 
since the days of Reconstruc- 
tion. just after the Civil War. 

Are the shapes erf the chal- 
lenged districts so “bizarre" as to 
be unconstitutional, as justice 
Sandra Day O'Connor suggest- 
ed? Should the Supreme Court 
be in the aesthetics business? 

There are those who would 
argue that the court shouldn't be 
in lhe business at all. redistrict- 
ing being a function of the state 
legislatures. But once the court 
finds it unlawful for state legisla- 
tures to draw district boundaries 
for the purpose of reducing black 
representation, it is in (he redis- 
incimg business- It is hard u> see 
bow it can avoid rating on the 
Louisiana and North Carolina 
congressional maps — or how it 
could do so in a way thai makes 
constitutional sense. 

What surprises me is that i 
am at a loss as to what outcome 
1 would like io see 

The Congi'cssionai Black 
Caucus now boosts a record- 
high 40 members. I count that a 
good thing. Drawing more aes- 
thetically pleasing districts 
might reduce the caucus by a 
dozen members or more - 1 don't 
want that to happen. 

Bui it is conceivable (hat sev- 
eral states could be redistricied 
in ways that might add substan- 
tially to the 40. It wouid not be a 
pretty map. and many of the 
districts might consist of non- 
conuguous hi i.- and pieces: but 


nothing in the constitution re- 
quires neatness or contiguous- 
ness. as far as i can see. 

There is another consider- 
ation, however: To maximize 
the chances for blacks to elect, 
members of Congress — by 
herding them into black-major- 
ity districts — is to reduce butek 
influence in all surrounding dis- 
tricts. Indeed, many Republi- 
cans are encouraging just such a 
move, on the ground that purg- 
ing the greatest number of dis- 
tricts of their black, voters — 
most of whom are Democratic 
— will increase the numba of 
districts available for Republi- 
can control. 

How do you balance between 
increasing black influence in a 
number of districts and guaran- 
teeing election of a blade candi- 
date from a single district? Is 
(here some optimal balance be- 
tween expanding the Black 
Caucus and Balkanizmg the 
electorate? And even if you 
could reach a political judgment 
on this issue, now could it trans- 
late into a judicial one? 

i am ready to take another 
look at Lani Girinier. the Penn- 
sylvania law professor, aud her 
“cumulative voting" scheme. Sbe 
would have all congressional 
candidates run statewide, giving 
each voter as many votes as there 
are congressional seats. Voters 
would be free to cast their votes 
in any pattern they chose — one 
each for several candidates or all 
for a single candidate. 

Blacks could pool their voting 
strength when and where they 
saw fit, solving the problem of 
optimizing black influence. And 
since there would be no more 
districts, it wouid save Justice 
O'Connor from having to wres- 
tle with the question of how 
bizarre is too bizarre. 

Washington Posi Writers Croup. 


astonishing. All kinds erf guns. 
And people running on the streets 
to avoid being shot by snipers. 

“People go about their busi- 
ness. But when you see them close 
up, they are thin. And tattered. 

“1 stayed with Dr. Zecevic and 
her family. The first night they 
gave me dinner, but no one else 
ate. Breakfast next day was the 
same. They have roof water — 
they collect it when it rains — but 
they can’t drink iL For drinking 
water they go to a tap. which is 
several kilometers away. And that 
was before the Serbs cut off the 
pumped water supply, gas and 
electricity." 

The children's dink used to be a 
large hospital and university 
teaching facility. On May 25. 1992, 
Serbian artillery zeroed in on the 
clink budding. Dr. Zecevic and 
her staff got & children out just 
before the budding was destroyed. 
They fled to the basement of anew 
obstetrical budding, the largest in 
all of former Yugoslavia, where 
10,000 babies were delivered a 
year. Within hours that budding, 
too, was destroyed. Dr. Zecevic 
and others survived in the base- 
ment. But six infants brought from 
the children’s clinic died because 
there was no oxygen supply. 

Now the children's cunic is in 
what was built as a nuclear medi- 
cine ward of Kosevo Hospital 
Half the space is in interior rooms, 
without light. Doctors and nurses 
have not been paid for six months. 
'They are survivors," Dr. Scballer 
said. “They don't grumble.” 

Dr. Schaller is director of the 
Floating Hospital for Children — 
so called because it used to be 
literally on a ship — of the New 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: Storm in Venice 


VENICE — For three days a 
tempest has raged in Venice. A 
curious thing is the perfect regu- 
larity of this autumnal tempest 
It comes to a day each year, very 
often, as happened last year, in- 
undating the lower parts of the 


sban to Kum and Y ezd, where no 
caravan was safe from his depre- 
dations. His name, a household 
word in Persian homes, was used 
as a bogy to frighten children. 


1944: Warsaw Defeat 


unoaung rae lower parts of the 
city and turning the Piazza of St. 


Mark's temporarily i 
On the bade of this 
Indian summer. 


into a lake, 
comes our 


1919: Persian Hanged 

LONDON — The Persian Gov- 
ernment, says the “Times” cor- 
respondent at Teheran, which 
has recently been showing un- 
usual activity in repressing dis- 
order, has hanged the famous 
robber chief, Nayib Hussein. So 


LONDON — ■ A terse communi- 
que from Lieutenant General 
Tadeusz Koraorowski (General 
Borj announced today [Oct. 3J 
that his underground army's re- 
sistance in Warsaw had ended 
aftw a sixty- three-day struggle, 
during which thousands of patri- 
ots were killed and the city 
was reduced to a shambles. Mos- 
cow newspapers said a Polish of- 
ficer who escaped reported that 
thousands of insurgents had 
crossed the Vistula River to the 
Russian lines. “There was no 


longer" any pS 
1912 the Government invited of Warsaw," the officer Sd 
him to assume responsibility for "Warsaw is as greatly d«tr^ed 
the safety of the roads from Ka- as Stalingrad. Y ae,lr ? ed 


d il 


Co 




England Medical Center. She 
went to Bosnia with Dr. Maurice 
Keenan, president-elect of the 
American Academy of Pediatrics. 
They were invited by Bosnia's pe- 
diatricians, who have just formed 
a pediatric society with Dr. Zece- 
vic as president 

The contrast between the mod- 
ern, professional outlook she 
found and the grim conditions or 
life moved Or. Schaller. For exam- 
ple, she said, the doctors she met 
were tolerant and cosmopolitan in 
their religious views. 

“They do not like having their 
country called ‘Muslim.’ " she said. 
“They want to be Bosnians, not to 
live in a one-religion country. The 
doctors have a great wish to be 
connected with the world ... The) 
care about the right things.” 

But the reality is that 16.700 
Bosnian children have been killed 
since the Serbs started their war. 
The surviving children lend to be 
undernourished and anemic. 

How can outsiders help? “Stop 
the strangulation of Sarajevo," 
Dr. Schaller said. “The Serbs 
shouldn't be able to turn off the 
electricity and water and gas 
They shouldn't be sitting in the 
hills shelling and sniping at civil- 
ians. There ought to be a road 
open for relief convoys. Winter is 
coming. There isn’t much food 
left in Sarajevo.” 

Two days after Dr. Schaller re- 
turned to Boston she got a message 
from Dr. Zecevic. "Unfortunate- 
ly,*’ it said. "I have been badly 
wounded." A bullet went through 
her right lung. To have it removed 
she probably would have to be 
evacuated, and that is difficult. “It 
hurt terribly and it still does." Dr. 
Zecevic said, “but I did not cry. 
Our tears here dried up long ago’” 
The New York Times. 


J 








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5 




JyaiJ I - 5*4 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 

OPINION 


Page 7 


i K* 
»ltt» .... 


Will a Conservative Tide 
? Lift Maryland’s Thatcher? 

By George F, Will 


■fcw* »K 









FA Ol 


i -i:** 1 


i*# 1 1 


„*•*»*” ' 

Ssyrtf*' “ 

** " 

. i..* 1 " * 


B ALTIMORE — Maryland Re- 
publicans, a reviving but still 
minimal tribe, have found their 
Margaret Thatcher. Ellen Sauer- 
brey, 57, has an ideological clarity 
and pugnacity comparable to that of 
the prime minister who, it was said, 
could not see the status quo without 
hitting it with her handbag. 

In last month’s gubernatorial pri- 
mary, Ms. Sauerbrey, minority lead- 
er of the state House of Delegates, 
scored a stunning 52 percent to 38 
percent upset over the presumptive 
nominee, Helen Bentley, a Republi- 
can congresswoman of the centrist 
sort that wins, on the relatively rare 
occasions that Republicans do win, 
in this, one of the most Democratic 
states. Ms. Sauerbrey, whose slo- 
gans are “This time, try some thing 
different*' and “Vote yourself a 24 
percent tax cut,” preaches high-oc- 
tane conservatism, from more pris- 
ons to less welfare. 

Experts say this is a recipe for 
rejection in a state whose last Repub- 
lican governor, elected 28 years ago, 
was named Agnew, which has not 
had a Republican majority in either 
house of the state legislature since 
1919, and now has a legislature with 
155 Democrats and 34 Republicans. 

Fifty years ago, half of Maryland- 
ers were Baltimoreans; only 20 per- 
cent were suburban. Today, 15 per- 
cent live in Baltimore, 65 percent in 
suburbs, most in Baltimore County 
and two Washington suburban coun- 
ties: Montgomery, one of the nation's 
richest counties, and Prince George's, 
which is half African-American. The 
two core constituencies of the Demo- 
cratic Party nationally are African- 
Americans and government employ- 
ees. Maryland is a dormitory for 


Partnerships for People 

At last week’s summit meeting in 
Washington, Presidents Bill Clin- 
ton and Boris Yeltsin stressed the 
importance of their partnership. 
But in addition to the cooperative 
ties of political leaders and busi- 
nessmen, 40 U.S. nonprofit organi- 
zations are building partnerships 
with counterparts in the newly in- 
dependent states of the former So- 
viet Union to encourage outreach 
and social services. Through a S25 
million project funded bv the U.S- 
Agency for International Develop- 
ment. organizations such as mine 
impart the bow-to of voliwteerism 


much of the federal government and 
has the highest percentage of Afri- 
can-Americans (almost 25 percent) 
outside the Deep South, 

So, why is Ms. Sauerbrey running 
competitively against Pams Glen- 
dening, an orthodox, presentable 
Democrat who is county executive in 
Prince George's? Perhaps many 
Democrats like the idea of a handbag 
applied firmly to Annapolis, where 
the state government has made 
Maryland, according to Money mag- 
azine, third only to New York and 
Oregon among high-tax states. 

All such ratings are disputable, but 
Maryland's income tax is 44 percent 
more burdensome than the average 
state income tax. Ms. Sauerbrey lives 
north of Baltimore and says cars 
stream north into Pennsylvania at 
the end of the workday because 
Maryland's income tax is 52 percent 
higher than Pennsylvania’s. 

Her promise to cut Maryland’s tax 
24 percent in four years has revealed 
the intellectual exhaustion of Demo- 
crats who are reduced to recycling 
George Bush’s rhetoric, accusing Ms. 
Sauerbrey of “voodoo economics” 
and saying she couldn't do iL Last 
week, Ms. Sauerbrey campaigned 
with a governor who is doing it: New 
Jersey’s Christine Todd Whitman, 
who in her first year is on schedule to 
fulfilling her promise of a 30 percent 
state income tax cut 

Mrs. Whitman cited New Jersey’s 
experience to refute the contention 
that state tax cuts necessarily cause 
increases in local property taxes. 
Ms. Sauerbrey hopes to get cam- 
paign appearances from other tax- 
cutting Republican governors: 
Massachusetts's Bill Weld. Michi- 
gan’s John Engler, the former Dela- 


WAIT 8 MINUTE... WE'RE THE 
MAJORITY PARTY, 
— ' ARE ^'^ WE ? 


For Banned Books Week 9 
Read These Survival Tips 




By Anna Quindlen 







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ware Governor Pete du Pom. Ms. 
Sauerbrey would find budget cut- 
ting easier Lhan they did because 
the budgeting powers of Mary- 
land's governor are Caesaristic. 

But will her message get a respect- 
ful hearing, or even be beard? Mary- 
landers who do not read The Balti- 
more Sun are apt to read The 
Washington Post, and neither paper 
is sympathetic to tax cutting. Her 
opponent, having access to the mon- 
ey machinery perfected during de- 
cades of Democratic dominance, is 
forswearing public financing and 
hence can spend without limits. 

Because of the lateness of the pri- 
mary and the weakness of the state 
Republican Party, Ms. Sauerbrey is 
relying on S 1 million in state financ- 


KM 


A, j 


j 


ing, and so is forbidden to spend 
more. Mr. Glendening spent about 
$3.5 million in the primary, Ms. 
Sauerbrey just over $700,000*. 

Furthermore, the Democratic- 
controlled legislature recently 
changed from S 10,000 to $2 million 
the amount the state parties can 
spend on behalf of candidates. And 
the state attorney general, a Demo- 
crat, has just issued a ruling that 
severely rations political expres- 
sion on behalf of candidates who 
accept public financing. 

He said that because Ms. Sauer- 
brey is receiving public financing, 
any sum the Republican Party 
spends supporting her — even 
priming sample ballots with her 
name on them — must be subtract- 


LETTERS TO THE EDITOR 


in local efforts to support groups in 
the newly independent states. 

These local organizations are 
coaxing businesses to hire people 
with disabilities, forming senior citi- 
zens centers and family planning 
clinics, and providing loans to wom- 
en Starting s mall businesses. They 
sponsor workshops on conflict reso- 
lution in war-tom Georgia, and en- 
sure a basic income for families in 
Tajikistan following that country’s 
bloody civil war. Fledgling environ- 
mental advocacy groups are improv- 
ing their communication technology 
to publicize some of the world's worst 
environmental devastation, such as 
the aftereffects of Chernobyl. 


BOOKS 


Q early, the will and the infrastruc- 
ture are there. Since the fall of the 
Soviet regime, more lhan 50,0)0 pri- 
vate voluntary and religious organi- 
zations have been launched in Russia 
alone, and thousands more are 
springing up in nearby republics. But 
70 years of totalitarian leadership has 
compromised resources and trust. 
The U_S. AID project offers technical 
assistance and management training 
to enable partner institutions to solve 
their own social, environmental and 
health-related problems through a 
more effective safety net 
A few hundred thousand dollars in 
U.S. assistance is helping lay the ba- 
sis for a continuous, functioning net- 


work of support systems. These part- 
nerships, too, are working. 

JUDY HENDREN MELLO. 

Brattieboro. VennonL 

The writer is president of World 
Learning, a nonprofit educational ser- 
vices organization based in Vermont. 

Helping Expatriates Adjust 

In response to “heading Off Cul- 
ture Shock Aids Success ” (Money 
Report. Sept. 3) by Barbara Wall: 

The article was excellent but ne- 
glected to mention the wealth of 
information and support that is giv- 
en to expatriate families by Ameri- 


Tbe Ouiuia.i l cmt Wfn.w 
Lo* Angtlr* Tare* StB-Jy=i>r 


ed from her SI million. So total 
spending for her for the entire po- 
litical season will be well under S2 
million. Spending for Mr, Glen- 
dening could exceed SS million. 

The polling company that showed 
Ms. Sauerbrey losing to Mrs. Bent- 
ley by 15 points four days before 
Ms. Sauerbrey won the primary by 
14 points now has her trailing’Mr. 
Glendening, 47 to 40. She is run- 
ning against so much history' and 
money, it will take a national tidal 
wave of conservatism to lift her 
into office (where her first act 
should be to smack the attorney 
general’s office with her handbag). 
Her race bears watching as a lead- 
ing indicator of tidal activity. 

Washington Post Writers Group. 


can Women's Clubs throughout the 
world. The Federation of American 
Women’s Clubs Overseas is the 
umbrella organization for 61 such 
clubs worldwide. It offers informa- 
tion about cultural adaptation, lo- 
cal customs and logistics, as well 
as a network of support and friend- 
ship during and after the transition 
from one country to another. Fam- 
ilies and companies are encouraged 
to take advantage of the federa- 
tion’s helpful resources. 

BARBARA JOHNSON. 

President. 

Federation of American 
Women's Clubs Overseas. 

Paris. 


N EW YORK — It’s Banned 
Books Week in America. 

Day 1: Read “Bridge to Tere- 
bithia" by Katherine Paterson, 
which parents in several school dis- 
tricts nave tried to remove from re- 
quired reading lists. Weep copiously 
at realistic tale of friendship and 
loss among children. 

Read account of attempts to have 
the book removed from school li- 
braries in Mechanicsburg, Pennsyl- 

MEANWHELE 

vanja. Clergyman says the book re- 
fers to church service, as "boring." 
Shocked and amazed. 

Discover that “Terebithia" 
caused such a stink in Oskaloosa. 
Kansas, that the school board has 
required teachers to list each pro- 
fanity in any book they assign and 
how many times the profanity is 
used. Page through book. Find a 
“damn” and write it down. Feel 
like a fool. “I hate to say it. but 
sometimes grown-ups are really 
stupid,” says oldest child. 

Day 2: Read reams of material 
about the banning of “In the Night 
Kitchen.” fanciful account of 
dreams of little boy by Maurice Sen- 
dak. Boy falls out of' clothes, is na- 
ked. has penis. Penis has been de- 
scribed as “desensitizing children to 
nudity” (Beloit, Wisconsin), “nudity 
for no purpose” (Norridge, Illinois) 
and “tne foundation for future use 
of pornography” (Elk River, Minne- 
sota). In Missouri, copies of book 
were distributed to kindergarten 
class after artist was commissioned 
to draw shorts on boy. 

Discover that the profanity in 
“Terebithia” includes the repeated 
use of the word “Lord.” Begin tc* 
agree with oldest child. 

Day 3: Contemplate bookshelves 
in office. “Moby Dick” encourages 
whale hunting, “Anna Karenina” 
adultery. Shakespeare teen suicide, 
usury and the occult. William 
Faulkner, oy. Consider what would 
remain if all books containing sex. 
profanity, racial slurs, violence 
were removed from shelves. 

Narrow it down to “Cat in the 
Hat,” dictionary and Bible. Realize 
cat with hat encourages children to 
make a mess while mother is out. 
Discover in American Library Asso- 
ciation Banned Books Week litera- 
ture that the Bible was challenged as 
“obscene and pornographic" at li- 
brary in Fairbanks, Alaska. Fear for 
future of human race. 

Day 4; Read quote from Judy 
Soulereu mom supporting “Tere- 


bithia” in Mechanicsburg: "If only 
books that no one found objection- 
able were left on library shelves. I 
fear they would soon be" bare." 

Vow to send Judy flowers and the 
collected works of Toni Morrison. 
(“Song of Solomon” challenged in 
Columbus, Ohio. So much for No- 
bel Pri 2 e.) Read "Catcher in the 
Rye” for pleasure. Lose count of 
number of times book has been 
challenged or banned. “It uses the 
Lord’s name in vain two hundred 
times," said one opponent. Wonder 
if she’s read Bible. 

Library .Association sends infor- 
mation on case in Wyoming chal- 
lenging Judy Blume book “Forev- 
er. Judy reigning Queen of banned 
books, maybe because writes books 
about teenagers in which they talk 
and think like actual teenagers as 
opposed to adult’s idea of what 
teenagers should he Like. (How 
quickly we forget.) Parent com- 
plained "Forever” contains sex de- 
scribed graphically. Spells graphi- 
cally "graficaliy." ’ 

Read that parent in Lanihert- 
ville. New Jersey, objected to “The 
Amazing Bone*’ by William Sleig, 
because animals use tobacco. Love 
Steig, love “Bone," hate tobacco. 
Heart sinks. Reports of censorship 
at highest mark in last 10 years. 
Find myself counting uses of 
Lord’s name in vain in “Catcher.” 
Read dictionary instead. 

Day 5: Wonderful end to de- 
pressing week. Reread Jane Smi- 
ley’s “A Thousand Acres.*’ beauti- 
ful novel of family relationships, 
which won Pulitzer Prize. Ad- 
vanced placement English class in 
Lynden, Washington, assigned to 
read it in tandem with “King 
Lear.” Principal pulls it after par- 
ents complain, althougn their kid is 
not even in advanced placement 
class. “This was written to be stim- 
ulating,” parents complained. Next 
thing you know teachers will be 
assigning books that arc thought- 
provoking. Riveting. Even compel- 
ling. Then where will we be? 

Consider entire kindergarten-to- 
high school curriculum of banned 
books, beginning with “Night 
Kitchen” and ending with Jane 
Smiley. Great stuff ail. Foolproof 
pedagogical method: Tell students 
they cannot, repeat, CANNOT, 
read these books. Too stimulating. 
Watch reading scores soar. Next 
stop, Faulkner. Finish “Thousand 
Acres.” Decide oldest child is right. 
Reread “Bridge to Terebithia.” 
Even better the second time. 

The New York Times. 


TROUBLED TIGER: Busi- 

newmen. Bureaucrat® and I . Fenuudo Rw , ^To[ 
Generals in Sooth Korea business promotion for Telefdn- 

By Mark Clifford. 350 pages. j“ Jnttmacjonal i, reading 
*cc i. einac CJ™ Preparing for the Twenty-First 

$55 hardback $19.95 paper - C «i/wy.” by Paul Kennedy. 

back. M. E. Sharpe “It analyzes the big problems 

f aring humanity and makes a 
Reviewed by conjecture about how they will 

Philip Bowring evolve. I don’t completely agree 

M . . with the book’s content, but I 

j T is diffieult for anyone to be rmd it ^ n, reresting as an im- 
1 dispassionate about Korea. t0 ^ aixmt ibese chal- 

Koreans themselves seem to (Al Goodman, IHT) 

have few equals m tbe national 

pride-hypersensitive chauvinism 

league. The foreigners who know to have created most of the mfli- 
tbem best are tire Japanese, who taxy security and foreign trading 
are disqualified by recent history pre-conditions for South Ko* 
from comment on their erstwhile rea’s remarkable 30-year march 
subjects. That leaves tire Ameri- ftom Bangladesh to OECD in- 
cans who can reasonably claim come levels. 

CHESS ~ ™ 


WHAT THEY'RE READING 



By Robert Byrne 

V ALERI SALOV beat Jan 
Timm an in Game 7, in the 
FIDE quarterfinals. 

In the classical Nimzo-Indi- 
an Defense, White always used 
to develop with 6 Nf3, but after 
the successes of the Hflbner 
Variation beginning in the 
1970s, 6...Bc3!? 7 be d6 8 e4 ©5, 
it was appreciated that Black's 
blockade strategy worked very 
well in tins position. According- 
ly, 6 Ne2 has taken over the 


With five years in South Ko- 
rea behind him, Mark Clifford's 
American journalistic dispas- 
sion occasionally shows signs of 
wear when dealing with South 
Korea's self-centered inability 
to acknowledge debts. The first 
and last chapters of this book 
might have been written by edi- 
torialists sitting in New York. 
But the core of the book is in- 


pawn was soon e l i min ated after formative, balanced and well- 
21.,e5. with the point that 22 de documented without lacking 
is countered by 22— Re4. analysis and reasoned interpre- 

After 24— Bg5 25 hg Rcl 26 tation of tbe informational 
Rcl, the black kingside pawns black holes that dot the coun- 


were all on the color of his re- 
maining bishop, but Timman 
took care of that with 26- J4 27 
Nf4 Qg5, and after 28 Nd3 Qe3 
29 fe, he had reached the end- 
game. 

But it soon appeared that 
White's knight and rook were 
superior to Black’s rook and 
bishop and the white connected 
passed center pawn were easier 
to mobilize than two Qank- 


not blocked and spearheads a 
strong attack after 8 Q-O e5 9 
Ng3! OO 10 d5 Ne7 11 f4! ef 
12 ef Kh8 13 f5! 

Thus Timman followed the 
popular course of opening the 
center with 6...cd 7 ed d5 8 cd 

TOAUfcM/BLACK 

I kSi! A MAM m 


pawn majorities. 

The blockade that Timm an 
set up with 31...Bc4 could not 
be maintain ed after 37 Rf 1 be- 
cause of the threat of 38 Rf4. 

After 40 Rg4 Kh5, there was 
no need to take the g6 pawn. 


analysis and reasoned interpre- 
tation of tbe informational 
black holes that dot the coun- 
try’s recent history. 

Clifford has succeeded in de- 
scribing and explaining the in- 
teraction of military, bureau- 
cratic and business interests 
that have created modern South 
Korea. 

His account of the formative 
Park Chung Hee era is especial- 
ly well done. It may not break 
new ground, but it does show 
how much South Korea’s pro- 
gress owed to the statist ideas 
that Park borrowed from pre- 
war Japan and how both na- 
tionalist carrots and bureau- 
cratic sticks were used to spur 
the private sector, dominated 
by a few huge groups, to prodi- 



cspedaUy when 41 Xfl «7 42 ^ risk-ink- 

d5 started the advance ^ Clifford shows how dispa- 

°f the passed pawns. rale ^ apparently 


After 42-Be8 43 Rg3!, Tim- 
man bad to evade 44 Rh3 mate 
with 43...Kh6. Then Salov end- 
ed all resistance with 44 d6! 
There was no use going on with 
44.-R.b7 because 45 Rc3! cre- 
ates the killing threat of 46 Rc7! 
Timman gave up. 

NIMZtWNWAN DEFENSE 


C O • 

SALOV, VfWTE 


Position after 42 ... Be8 

Nd5. The isolated d4 pawn can 
become an endgame disadvan- 
tage, but its control of a slight 
preponderance of central space 
can help White obtain kingside 

attacking chances. 

T tinman's I5...f5 shook off 
SukVs pressure on the bl-aS 
diagonal and it gave him the 
space to defend against a mat- 
ing attack. The backward e6 


WMie 

Black 

Salov 

Tkaraan 

1 <M 

NfS 

le« 

eG 

3NC3 

BM 

4 c3 

c5 

S M3 

Nc« 

GNeZ 

nt 

^ ed 

& 

8 cd 

N<a 

» 0-0 

0-0 

10 Bbl 

Be7 

11 Qd3 
15 Q» 

EU 

U fcc 

M7 

u BM 

Rc8 

13 RdJ 

ts 

10 Bd3 

Nai 

17 BD6 

BI7 

IB QC3 

KC4 

IB Be* 

Rc« 

20 Ret 

Qcfl 

21 BgS 

eft 

22M 

cd 


rate and apparently 
contradictory forces combined 
in common goals, though he 
does not address the question of 
why they did so. 

He also recognizes the energy 
and dissension generated by the 
friction between populist egali- 
tarianism, inherited Confucian 
structures of order and the so- 
cial mobility unleashed by the 
chaos that" reigned between 
1945 and 1960. The book also 

{ irovides a reminder of the ruth- 
essuess and zeal for retribution 
with which politics has been 
conducted in Korea, and per- 
haps bodes ill for chances of 
reunification without tears. 

Clifford has, with reason, few 
plaudits for former President 
Chun Doo Hwan, though he 
probably overstates the impact 
of corruption that began under 
Park but flourished more obvi- 
ously under Chun. But he well 


describes the struggles for poli- 
cy changes, particularly those 
for economic liberalization put 
forward by (mostly U. S.- 
trained) technocrats, and the 
role of the labor movement dur- 
ing the '80s. 

Censoriousness creeps in a 
little too often for comfort. De- 
spite the amazing changes that 
Korean society and politics 
have undergone in the past de- 
cade, Clifford sourly comments 
that elections “do not herald 
democracy as it is known in the 
West," citing the number of lo- 
cal government officials as evi- 
dence of the slate “Teaching to 
every household.” 

The conclusion is also disap- 
pointing. There is little forward 
thinking. Just a single para- 
graph on what is perhaps the 
most important issue facing the i 
South: how to manage eventual 
reunification. , 

He is also, as the book title 
implies, quite gloomy about the 1 
future, concluding that South 
Korea has taken a wrong turn 
and is in a “developmental cul- 
de-sac.” Maybe. But not much 
evidence is introduced nor ac- 
count taken of the factor that 
South Korea has enjoyed for 30 
years and still enjoys: tbe rela- 
tively low cost of relatively high 
skills. 

Clifford assumes that South 
Korea will be held back by fail- 
ure to open its markets in accor- 
dance with received wisdom. 
He may well be right. But given 
the success of sialism (includ- 
ing bank nationalizations) in 
the past, the case is less than 
proven. 

Poor fortune-teller he mav be 
but when it comes to describing 
what has gone before, Clifford 
is well informed, writes clearly 
and has made an unusually 
good job of weaving business 
and politics into a single tapes- 
try thus making this a book 
more useful than most in ex- 

g laining the process by which 
outh Korea arrived at its cur- 
rent state. 

International Herald Tribune 


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Page 8 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 


IMF: Focus on Developing Nations 


Carthmed from Page 1 
the placet over the next 20 or 30 
years. The same is true to vary- 
ing degrees of the emerging in- 
dustrial nations of East Asia 
and of countries such as Mexi- 
co, Brazil or India. 

At the World Economic Fo- 
rum in Davos last winter, Peter 
Sutherland, director-general of 
the General Agreement on Tar- 
iffs and Trade, argued that the 
G-7 alone could no longer be 
considered representative of the 
evolving power structure of the 
world economy. Mr. Sutherland 
said that a broader grouping 
would be needed in the future* 
to help manage the complex- 
ities of world trade, currencies 
and other economic matters. 

The growing power and com- 
petitiveness of developing 
countries can be seen in the 

e )litics of GATT. While the 
oited States, the European 
Union and Japan still account 
for the overwhelming bulk of 
world trade, the developing na- 
tions are flexing their collective 
muscles. Their very competi- 
tiveness has forced new issues 
to the fore. Some of these issues, 
such as the establishment of in- 
ternational labor standards or 
the need for business to take 
environmental concerns into 
account, are now being shaped 


in equal measure by both North 
and South. 


and South. 

Likewise, when it comes to 
administering aid from organi- 
zations such as the IMF and the 







World Bank, it seems fair to 
offer aid recipients — the devel- 
oping countries — a greater role 
in detiaon making. Group of 
Seven countries are not, howev- 
er, as blind to this argument as 
some Third World officials 

etoim. 

On Monday, as the annual 
IMF/Worid Bank meetings got 
under way in Madrid, Treasury 
Secretary Lloyd Bentsen of the 
United States agreed that devel- 
oping countries should be given 
more influence. He also ac- 
knowledged that donors need 
to reform their practices. 

At the annua) G-7 s ummi t 
meeting in Naples in July, lead- 
ers decided to review the role of 
institutions such as the IMF 
and World Bank and come up 
with reform proposals in time 
for the summit in Halifax. Can- 
ada next year. 

What all this means is that 
years from now this week’s IMF 
dispute may come to be seen 
less as an ideological struggle or 
a mere spat over Mr. Camdes- 
sus and more as a harbinger of 



. . .. *' : t,. *... 

:.* v ; •* .t*r^**> f 

\ v -jig* ’ 

->t; k . 

t- r 


i V'f. ■ , 

Y* . +.* * *.• *: 


change in the way power is 
shared in the world economy. 





shared in the world economy. 

In practice, the G-7 members 
of the IMF, even though they 
represent nearly half of the or- 
ganization’s voting power, can- 
not impeach Mr. Camdessus, 
who still has another 27 months 
of his second five-year term to 
serve. Life, however, may be- 
come more difficult for him as 
he serves out his term, and the 


■ . 

, -« V- WKV 



IMF may not function as 
smoothly as a result 
Yet, Mr. Camdessus, who 
was visibly shocked Sunday 



O 




O 


CAMPAIGN: No Year for Women 


Continued from Page 1 
years ago and can even be a 
handicap. 

Since the raw anger over die 
Supreme Court confirmation 
hearing s of Clarence Thomas — 
who was accused of sexually 
harassing a former colleague — 
has subsided, many female can- 
didates say they do not think it 
helps to emphasize their sex. 

fit a turnabout from two 
years ago, it is the men who now 
see the benefit of playing up the 
sex of their female opponents. 
Crime rather than the economy 
has become the central issue in 
many races, leaving women to 
suffer from a stereotype that 
they are not as tough as men on 
crime. 

Even the women who were 
elected to the House of Repre- 
sentatives in record numbers in 
1992 are finding the excitement 
over their victories short-lived. 
They are now considered insid- 
ers, and most of them are Dem- 
ocrats — not a sure-fire recipe 
for victory this November. As a 
result, more than a third of the 
48 female House members are 
considered endangered. 

“We’re talking about a year 


F. Barrinpcdm.'Agcnce FranooPrwe 

Michel Camdessus, managing director of the IMF, speaking with Finance Minister Mourad Chenf of Moro cco a nd 
Lems T. Preston, pres dent of the World Bank, before a session of the World Bank development committee. 


where many of the women 
elected in 1992 are running for 
re-election in a much tougher 
political climate.” said Harriett 
Woods, president of the Na- 
tional Women’s Political Cau- 
cus, who lost two Senate races 
in Missouri in the 1980s. 

“There has just been an apa- 
thy among all the electorate. 
Women may suffer from it, but 
I don’t think it’s people saying, 
‘Oh, we aren’t going to support 
women.’” 

Another dynamic playing 
a gains t women, pollsters say, is 
that voters generally find it eas- 
ier to vote for a woman for a 
legislative job like senator rath- 
er than for an executive post 
like governor. And this year, as 
compared with 1992. there are 
many more gubernatorial con- 
tests. 

Here in Illinois, Ms. Netsch 
has not recovered from a bar- 
rage of commercials after the 
primary in which Governor Ed- 
gar attacked her for opposing 
the death penalty. At the time, 
her cam paig n did not have the 
money to respond to him, and 
her popularity in the polls 
plummeted. 

Stru ggling to climb bade, Ms. 
Netsch’s senior aides met with 
worried party leaders last week 
and decided to redouble efforts 
to mobilize women and other 
groups who historically are reli- 
able Democrats. 

“Women are demoralized for 
some reason,” Kay Cement, a 
veteran Chicago political orga- 
nizer and Ms. Netsch’s closest 
friend, said during a women’s 
luncheon. “They aren’t coining 
out with the support that they 
did two years ago.” 

In other states, women have 
more hopeful stories to tdL 
Several have fought off aggres- 
sive challenges from male oppo- 
nents to win primaries. 

The Democrats waging com- 
petitive, if not winning, races 
for governor indude Kathleen 
Brown in California, Bonnie 


night after having to insis t at a very principal of asserting here, given the s hif t in g plate 
news conference that he would themselves may have been more tectonics of economic power 
not resign, later noted that for important than gaining imme- around the world, he may well 
the developing countries the diate access to new money. And have a point 


o 


co 


CO 


Campbell in Iowa and Myrth 
York in Rhode Island. At least 


York in Rhode Island. At least 
two woman are favored to win 
election to the Senate, Olympia 
Snowe, a Republican in Maine, 
and Ann Wynia, a Minnesota 
Democrat 

Even so, there are just as 
many examples of women who 
waged vigorous primary cam- 
paigns with help from national 
women’s groups but lost to 
male rivals who in most cases 
were better financed. 

Lynn Ycakd, who in 1992 
capitalized on the furor being 
directed at Senator Alien Spec- 
ter for having voted to confirm 
Justice Thomas to the Supreme 
Court and won the Democratic 
Senate primary in Pennsylva- 
nia, before losing in the general 
election, did not even make it 
past this year’s gubernatorial 
primary. 

On the Republican side, a 
former radio talk show host, 
Ronna Romney, was edged out ! 
in Michigan’s Senate primary, i 
“What you find as a woman is i 
that the normal networks just 
aren’t open,” Ms. Romney said ' 
in an interview on the eve of her 
primary. ‘"We literally had to 
create a whole new universe and 
a whole new finance universe.” 

Whatever degree gender 
plays in the elections next 


month, the results will inevita- 
bly be compared with those of 
1992. As Senator Patty Murray, 
a Washington Democrat who 
was elected two years ago. de- 
clared last week at a Los Ange- 
les fund-raiser for Senator 
Dianne Feinsiem, a California. 
Democrat: “The entire nation 
is watching California to see if 
women are up to the job. If the 
Year of the Women ended m 
1992, what does that mean to 
our daughters?” 

If Ms. Ferns tein survives a 
f-hniimfl g from a well-financed 
Republican, Representative 
Michael Huffington, and Ms. 
Brown manages to defeat Gov- 
ernor Pete Wilson, California 
will be the first state where the 
iop three office-holders are 
women. Thfe state’s second sen- 
ator, Barbara Boxer, is also a 
Democrat. 

While Republicans are too 
savvy to make any sexist ap- 
peals that the state is not ready 
for three women in control, Ms. 
Feinstem and Ms. Brown are 


not going oui of their way to 
emphasize their gender. They, 
seem to be trying, to preserve 
their expected support from 
women without losing mate vot- 
ers. It is a striking contrast; to 
Ms. Feinstein’s failed bid for 
governor in 1990, when she em- 
phasized the historic prospect 
of becoming the stale's fijrsLfe- 
malc governor. 

Even with diminish ed voter . 
turnout this year, Mr. Wilson 
says, Ms. Brown’s sex gives her 
ah edge. “There are a certain 
number of women who avowed- 
ly say that they will vote for her 
because she’s a woman, purely 
because of gender,” the gover- 
nor said in an interview. “There 
are certain stereotype preju- 
dices that work for and against 
men and women.” 

But another stereotype prob- 
ably works to Mr. Wilson's ben- 
efit: crime. Like Mr. Edgar in 
Illinois, Mr. Wilson has repeat- 
edly castigated Ms. Brown for 
her stance against the death . 
penalty — though both she and 
Ms. Netsch say they would en- 
force the law on the books. 
While his attacks would proba- 
bly work on male opponents, 
pollsters say they are all the 
more effective on women. 

Don Sipple, the media con- 
sultant for Air. Edgar, Mr. Wil- 
son and George W. Bush, who 
is running for governor in Texas 
against Governor Ann Rich- 
ards, has created look-alike 
television commercials in all 
three states that warn viewers 
that the Democrats are too easy 
on crime. 

Though it may be too late, 
Ms. Netsch has begun fighting 
back with a commercial in 
which she promises to build 
more prisons if that would keep 
criminals off the street 

Ms. Richards has had an eas- 
ier time than Ms. Brown and 
Ms. Netsch in inoculating her- 
self from attacks on the crime 
issue because she is for the 
death penalty and has cultivat- 
ed a tougher persona. “She not 
only supports the death penal- 
ty,” Ms. Netsch said, “but she's 
gung-bo about it” 


where there is less opportunity, 
where many of the women 


■Mill MTS 


- '■ ** 




Zhirinovsky Meets With 
Officials in North Korea 


Reuters 

TOKYO — Vladimir Zhirin- 
ovsky, the Russian ultranation- 
alist leader, met North Korean 
officials Monday and told them 
he was a keen student of Kore- 
an socialism, the official press 
agency, KCNA, reported. 

Mr. Zhirinovsky, heading a 
delegation of his Liberal Demo- 
cratic Party to the North Kore- 
an capital, had talks with offi- 
cials of the Korean Workers’ 
Party on “issues of mutual con- 
cern,” the press agency said in a 
report monitored here. 


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International Herald Tribune 
Tuesday, October 4 , 1994 
Page 9 


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Clockwise from upper left. Moschino s flower print dress, in front of a port rail of the designer ; fsabellu Rossellini 
ma brocade tuxedo with lace bra by Dolce & Gabbano: glazed stretch jersey skirts with blouses from I statue bv 
Versace; Oliver's Dietrich dress by Valentino; long jacket and asymmetric skirt with shorts by Emporio Armani. 

Designers Go to Old Movies 


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By Suzy Menkes 

International Herald Tribune 

M ilan — Sophia 

Loren may have 
turned 60, but the 
memory of her vo- 
luptuous curves, luscious legs 
and handspan waist lingers on. 
Italian fashion has gone hell for 
feather for glamour, and the 
shows are an homage to cellu- 
loid style. 

“Pinups!” said Donatella 
Versace to sum up the Veronica 

MILAN FASHION 


Lake hairdos, the Betty Grable 
' ilaysuits and the Some-Like-U- 
iot pants in the Versus show. 

“Marlene Dietrich — to me 
he was a symbol of glamour, 
enrininity, high heels,” sad 
/aleatino as his Oliver show 
eatured moon beam- blonde 
node! Nadja Auennan writi- 
ng in Blue Angel attitudes and 
bop-dead dresses. 

So it is movie time in Milan. 
Dolce & Gab ban a enforced 
hat message by-sending Isabel- 
a Rossellini — die daughter of 
ngrid Bergman — down the 
unway in a pastiche of 1930s, 
40s and ’50s glamour — all 
moldering corset dresses, silk- 
m pajama pants, elongated rig- 
irettc holders and wafts of mar- 
ibou feathers. 

It ttx* Giorgio Armani to let 
ome fresh air into this steamy 
. cenario. His Emporio line Mon- 
" lay focused on bosoms, brief 
temlines and even — a first for 
dm — some spindly stiletto 
teels. It seemed modem and 
tredible, as long jackets over 
>rief skirts or dresses fluttering 
n layers of chiffon came in wa- 
oy, sand and shell pink colors. 

Even Armani focused on 
'sgs, extending from a brief 
iiced-away skirt with attached 
horts. 

“You can look at a period — 
iut not repeat what you saw.” 
irmani says; “Fashionis insist- 
ng on glamour, but women 
iow move differently and live 
lifferently. It is ridiculous just 
o do cinema.” 

There is something forced 
ibout the high voltage glamour 
iow beaming from glossy mag- 
i7Tn e covers while as yet leaving 
lardly a red-lipstick smear on 
public taste. Even at the sophis- 
icated soiree at La Scala on 
Sunday, celebrating 30 years of 
Italian Vogue, the fashion 
.Towd was wearing its usual so- 
3er black 

If you toe* away the stiver- 
screen styling — the feather 
boas, cigarette holders and sti- 
lettos — from Dolce & Gab- 
bana, there was nothing much 
there save some pretty nice 
clothes. The strongest suit of 
Srefano Gabbana and Domen- 
ico Dolce is tailoring taut to the 
body. The fitted coat, stroking 
the curves, stopping just over 


the knee, made sense of a hem- 
tine that fashion calls the New 
Length. Although it sort of 
worked for stretch dresses, any- 
thing that hobbles the knees 
seems backward looking, and 
other dresses with short swingy 
skirts were more liberating. 

Since Dolce & Gabbana 
made their reputation with cor- 
set dresses, the many variations 
on that theme were spirited. But 
a lot of the long show seemed 
like reinterpretations of the ’40s 
as viewed in the *70s: narrow- 
cut trench coats or safari jackets 
reflecting Helmut Newton’s 
legendary photographs of Yves 
Saint Laurent collections: or 
the disco delirium in images by 
Chris Von Wangenbeim. a 
Newton protege. It was discon- 
certing to see the Dolce & Gab- 
bana look to the life in Vogue's 
retrospective of fashion photo- 
graphs 

The merit of Giann- Ver- 
sace’s showing of secondary 
lines was that they spoofed film 
star glamour in a witty way. 
You had to smile as models 
pranced out in playsuits printed 
with flowers or butterflies 
(prints are hot for the summer 
season). Feathers fluttered, bo- 
soms bounced in corset tops, 
hot pants (another *70s revival) 
are cool again. The Versus line 
was a cute take on disco dress- 
ing, with the kind of rosebud 
trimmings that once used to 
shout My First Bra. 

B ACK to the 1940s and 
’50s was the look at 
Versace’s Isiante line, 
but the designer is 
smart enough to see that you can 
update that look with modern 
fabrics. The show opened and 
closed with busty blouses, 
cinched waists and skinny knee- 
length hemlines & la Loren — 
but with the skirts made in a 
glazed stretched jersey to give 
them a cyberspace spin. The 
show was sometimes kitsch, 
mostly commercial, and the sim- 
ple dresses fluttering to handker- 
chief point bans were well done. 

Ar mani also made much of 
the dress, makin g it short and 
cute in layered chiffon or but- 
ter-soft suede, and in subtle sea- 
shore colors from aquamarine 
to seaweed green. Legs, in mesh 
hose, were exposed below fluted 
hemlines or more awkward 


asymmetric mini skirts with 
matching underpants. A finale 
of 12 white jackets over the 
barely-there skirts showed Ar- 
mani’s skill at re-shaping the 
torso, even adding brassiere 
seaming, to give a shapely sil- 
houette in the best of taste. 

The death last month of Fran- 
co Moschino has robbed Italian 
fashion of its gadfly — a design- 
er who could poke fun at fashion 
while at the same time making 
streamlined modem clothes. His 
spirit lives on in the spring/sum- 
mer collection dominated by the 
fresh flower prints be chose for 
curvaceous dresses with a touch 
of La Dolce Vita. The bright 
florals were an homage to the 
1960s designer Ken Scott. 

“He liked the period and 
found it elegant in comparison 
to the vulgarity of now.” said 
Rossella Jardini. Moschino's 
collaborator and the head of the 
2 1 -person design studio, who 
will continue the business. 

Also in the Moschino image 
are his signature jackets, band- 
painted or appliqufed with flow- 
ers. A black handprint on the 
back of a white jacket signifies 
the “clean hands” corruption 
probe — a characteristically 
provocative gesture from a de- 
signer mourned throughout the 
fashion world. 

Saturday saw a party for Ro- 
sita and Tai Missoni, who 
brought their retrospective of 
40 years of colorful and inven- 
tive work to Milan, after its July 
showing in Florence. On Mon- 
day. Missoni showed its collec- 
tion inspired by the siren call of 
the sea: mixes of Mediterra- 
nean blues for the signature 
patterned knits; easy tunics 
with pants, or briefer jackets 
with short fluted skirts. Mer- 
maid dresses in waves of pat- 
tern and texture were dressed 
up with frond necklaces or pat- 
terned espadrilles. 

Monday’s other shows were 
about — don’t hold your breath 
— glamour. It was dispiriting to 
see Byblos, once a lively fashion 


name, r unnin g in the wake of a 
trend for shiny fabrics, glitter 
sequins, space age silver and 
tittle girl dressing. Although 
shapely pantsuits with flaring 
trousers made the most grown 
up part of the collection, Byblos 
endorsed a strong trend in Mi- 
lan toward the dress. 

What with chandeliers dan- 
gling over the runway, poodles 
in the models' arms and dia- 
mond dog collars round their 
necks, the glamour message was 
none too subtle at Bluraarine. 
where stylist Anna Molinari al- 
ways gears up to the current 
trend. Last season Lolita. This 
season disco (hot pants and 
shine) and sophisticated ladies. 
Pastel knits worn with pleated 
satin skirts in sweet-pea colors 
will look quite normal stripped 
of stilettos, garter belts, seamed 
hose and all that glam. 

B UT if glamour is so se- 
ductive. how come no 
one, even in the fash- 
ion industry, is wear- 
ing it? 

“It’s one thing to create an 
image on the runway — when 
you do it for life you adapt it, 
said Isabella Rossellini, who is 
vamping it up in all the shows, 
but for the Vogue party chose a 
simple black georgette dress, 
wont with low-heeled boots, 
from Dolce & Gabbana. 

It was the same story for Jo- 
anna Lumley, star of the British 
fashion sitcom “Absolutely 
Fabulous,” in which she plays a 
fashion editor who is a carica- 
ture of over-the-top glamour. 
To watch the feather pom- 
poms, shiny stretch skins, bra 
tops and hot pants at Versace's 
Istante show, Lumley wore a 
plain black dress by Prada un- 
der a beige cardigan. But she 
insists that glamour is good — 
at least on the screen. 

“I love it,” she said. “We’ve 
done realism. We've studied the 
cigarette butts on the pavement. 
What sustains the human spirit 
is gorgeousness. ” 


Today’s 

EDUCAH0N 

DIRECTORY 

Appears 
on Page 5 


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NASDAQ 


_ Monday’s 4 p.m. 

mis list compiled by the AP. conasK ot the 1 .000 
most traded securities in terms of dollar value, it is 
updated twice a year. 


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13*6 13 13*6 ' 


AMEX 


Monday’s dosing 

Tables include the nationwide prices up to 
the dosing on Wall Street and do not reflec 
tiate trades elsewhere. Via The Associated Press 


13 Montn 

HtoftUM Stock 


SK 


Div YM PE 1005 HUB LOwLOMatOrge 


9*. B AIM Sir XI 43 
37 23*6 ALC 

12' ■ 8*. AM Inti n „ 

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35% 71 *6 Btoivna 
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57 1J 19 
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2 21V, 21 
400 u2S*6 36W 

15 1/25 24% 

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t 1796 17’/, 

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56 1 562 S3'.* 

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- 48 805 u 41 ‘n 

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... 736 9*6 

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XI e A 68 38 if 1 - 

J6 1.8 IB 401 20V. 


.08 


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178 35'— 

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15*6 15% — V, 
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17% 17% — % 
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15 suctwckers 
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32 dViOiesSne 

TV, 3*»Chlo»Tc 
96 50% Chiron 
21% 746Chnvnd5 
27% IS Ck&to 
59'6 50 ClmFfn 
34 V, 26% Chitas 
44*6 74 % Otus 
40%18%DseaS 
23% I5*60flqostr 


36% 18'ACervecer X3e 1.7 27 346 25 
14% 7V.CfirmSn X9 1.1 12 5763 8'A 

25 l7*»OllOnF s M 2.9 8 917 20*6 

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34 4344 saw 

_ 33 373 5V. 

„ 110 4883 66% 

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1X8 2j5 IS 134 53V. 

.17 J 29 183 MV, 

_ 14 5814 StW 

_ 2351994 7756 

_ _. 118 Z2W 

_ 33 994 18 

31 4B3 

35 1593 £5% 

1X0 3A 21 10 29% 

_ 110 1837 6% 

XI e IX .. 10 22V, 

_ 25 651 IBM, 

XO 1.1 -. 59 18 

.109 J 44 437 73% 

XO 3.1 7 85 19% 

X4 1.1 16 £33 33% 

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7ft 2%Heiionot 

lift B% Horn to a 
22% MWHngMa 
5% 3%HisnrTcn 
15<A12 Htohlncn I 
33% 24”. Holly Ct. 

17 UY.HmeOa 
22 51. Hondo 

14”. TWHocum 
3% 1 HauxBla 
1% ftHauBwt 
18V. 7\« HavnEn 
33W T5 Howlln 1 
11% 6 Howtek 
30%nv.HudGn 


X4b 7X 
72 il 
.16 2X 


JO 4.1 
•05 b 2 X 


.72 3.1 


X8 1.0 
JO Z3 


18 31 

25 '1 

ISddS 

14 jc8 

23 3 

48 1364 
_ 33 

_ 41 

13 748 
!19 178 

z 8 

31 132 

14 1 

z It 

- 486 

.- 7729 
_ 55 

_ 1020 

- 250 

53 17 

14 420 

- 23 

- 10 

8 5 

BO 1 
_ 41 

- 73 
28 180 

26 341 

- 235 

_ 594 
12 56 

24 20 

_ 65 

_ 15 

15 1513 

25 ID 
ID 7 
_ 620 

- 26 


14% 14% 

ft V, 

5% 5% 

lift 10% 
23% 22% 
7W 7ft 
16% 14% 
17% 17% 
2V» 7Vu 
12% 12ft 
16% lift 
2%. 2Vu 
4% 6ft 
13% 13% 
'/„ Vi. 
6% 6% 
23ft 23% 

^ ft 

4U4, 4% 


IV. 


1ft 

lft 

Tft 

5 

5ft 

6% 

Hi 


X9l 5J 
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29 
573 
683 
129 
27 
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I *113 


ja 3X IS 26 


10 

10 

93 

1 

200 

12 


4% 6% 

2'Vu 2% 

2 V. d2V„ 
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4% 4ft 

.** 

2¥u 2 

4% 41* 

10ft 10% 
ft. % 
ft % 
29ft 29 

3 3 

13% 13% 

% ‘ft, 
1% lft. 
121* 12 V, 
SW SM 
2 iv b 2% 
11% 111* 
219* 21ft 
3% 3% 

12% 12ft 

24% 34% 
13ft 13ft 
15% 14ft 
BW 8% 
I'A 1% 
V* W 
7% 7% 

28'A 28ft 
10% 9ft 
IBM 1BV* 


14% 1 W 
% 1 V. 
5”, _ 

23 W > 1% 
7% ' % 
16ft -Ml 
17% ' % 
7V|, _ 

12% ' % 
15*6 —% 
2Vu > ft 
AW •% 
13% — % 
V U - 
6% - 
23% *% 

\ *? 

4 2 W “ "W 
1ft *ft 
3ft tft. 
2ft *> 
5'A *ft 
5ft —ft 
Aft — V. 
1ft - 
7 —ft 
6% ,. 
2% *ft 
2Vi, — 1 ft 
3"/i, — W 
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13ft — ft 
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21ft *ft 
3ft - 
12ft *% 
24% - 

13% — % 
15% *% 
8% ... 
lft - 
ft —ft 
Tft ... 
28'A t'A 
9ft - 
18% — ft 


JO 4.4 


5", 3 ICNBIO 
12% I IGI 
4V U ZW'Oentl* 
lift 7%lmpHly 
38% 29 ImaOUa 
4% iwincstv 
111. 6%lncyi»n 
11W 9'/, inalMM 
7'i %1/rtDis 
14% 9’* Inxtron 
25% 9%mtekm 
2**i lVuInhoSys 
3>%4 Wi.lnOPd 
IH* 14 inFlnSv 
7V. 2 InterOta _ 

TOW 9%imrmnns _ 

6% 'ft,lnPnYwt _ 

7V, 2%lnPnOYwt _ 

6% JftlnFnYBwt 
13ft 7ftlnlLotrv _ 

7’A 4V. intMur _ 

4ft 2 IntPwr 
6ft 3% IRIS _ 

BW 3% IntThroh _ 

9% 4V, InThr of _ 

9W SV. IPtSfGC XSB X 
2>v« HulnvItK _ 

38ft MftlunxCp 4)6 J 
1SJA 9*6 Jadyn XO A9 

12% AftJaunan _ 

13% dftjmBefl 
13 8% Jonetnr XO 6.1 

3% I'/iiJoneiPI _ 

Vht lft. Joule 
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11% AViKVPhB 
11% 6%KVPtl A 
27”, 13V, Keono % 

16% SftKdvOG M 14X 
15ftlO%Kelema 
6'.* AWKeyEOB 

»% 3%K8am 
4'c aWKinark - 

23% 15% KHw 
19% 8'AKitMtg 
9V* 4 KletVus 
10% AftKoorEa 
3ft 2 '* Kob£q wt 
6 I'/uLXRBion - 

2% 1 LoBaro 
22ft l3V4Lonoar 
16% UftLandaur 
4%pyuLnd*Pc 
11% dWLortzz 
914 5 Laser 
7% 2VuLSrrneh 
2 ft.LsrTcwt 
11% B Lauren 
3% 'ii.LMPtir _ 

9% 4 LBEurwt 
50! * 39 LehAMGN2)94 6.1 
25% 24 LehCTefn 
19% ITWLahMU n 1.60 9J 
38 28%LahORCLd3 6J 
13 l%L£JY95wr 
8i*TV„LoJY96wt 
22% lAftUIVern JB >X 

^ astta z 

8% 3 LoriCP 
14% 9 Lumen 
15% TftLurio 
30 22 LvnChC 


XS 5.4 


10 41ft, 4'ft, 
66 9ft 9% 
711 3% 3 

2 9 9 

1215 32% 32% 
89 ZM 7ft 
191 7ft 7% 
10 9% 9% 

5 % ft 

19 17ft 12% 
181 13% 13ft 
I 2¥u 2Vu 
22 7% 3% 

5 >»i 15% 
2249 3Vu 3Vi, 
275 15% 1 
75 1% 

ID 7*. 

T s ,SS 

95 tvt 
21 3% 

103 5ft 

12 4% 
ra 4*4 
82 8% 

100 I9ii 

1765 19% 19% 

7 10% 10 

5 10'A 10ft 

174 6% 5% 

38 9% 9% 

14 I'Vu IVm 
1 2 2 

1 48% 48% 

8 7% TV* 

13 7ft 7ft 
524 22 % 21ft 
743 Kid 5’A 

54 13% 13% 
21 5% 5ft 
56 u6 Sft 

41 4 4 

255 16% 16'A 

6 15% 15% 
’ 0ft 

8% 

3’A 

1% 

1% 


0ft 

8ft 

3Vk 

IU. 

1JM 


_ 9 


5 
30 
32 
184 
91 

1 17ft 17ft 
26 16ft 16% 
21* 2'Vu 
4% 4ft 
5ft 5% 
4V 4 4% 

'Vu <Vu 
9% 
% 

4'A 0 Tft 
. 48% 48ft 
30 34% 24ft 
59 17% 17V, 
10 36% 36ft 
12 2% 2 

9 ft 

& & 
5W 51* 
17% 12% 
7W 7% 
29% 29% 


107 

14 
287 
156 

85 

8 10 

15 % 
150 


210 

3 

1 

5 

116 

S 


V, 


4'V„ - 

9% —ft 
3Wi— Yu 

32% *6 
7% — Vi, 
7% — % 
9% *Vi 
ft — 
17 J* *W 
13'* —V, 
2V|, - 

2% * Vi. 
15% tft 
31A - 

15% _ 

IV. - 
2% - 
Aft — % 
9V« —V* 
4ft —ft 
3%— Vu 
5% *W 
4% *% 
Aft — % 
8% - 
1%,-%, 
19% _ 

10 V. 

10ft — % 
5% - 

9SB tft 

11%, t'/u 
2 t% 

48% _ 

Tk —>• 

7’A - 

77% — W 
5% -ft 
13% * W 
Sft — w 

5V| *% 
4 t% 
16'A —ft 
15ft *% 

8% t% 

Bft —ft 

3% _ 

1% _ 
1% tVu 
17ft —V* 
16". - 

%-tW 
Sft r% 
4% —V. 
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d 57 -V* 
48ft —ft 
24 ft — Vk 
17'A —V, 
36% * % 

3%-*7, 
18% - 
Vu — 
6% — % 
5% r ft 
19% tft 
7% _ 

29% —V* 


4ft 2WMCShp 
2ft "/uMIPPr 
15% II MocNSc 
30W27WMWP5 
12 5 MomHrv 

I 5 . /VitMomon 
\F1 llW/Ae%HE 


- 50 


X4 5J 14 
1X4 BP 8 
- It 
_ 27 
J6o 6X _ 


x5 3% 3ft 
154 2% 2Vi, 

269 11% 11% 
9 33ft 23% 
229 91* 9% 

14 I'A. 1 
id HWdllft 


3ft .ft, 
2V U _ 
11% —ft 
23% - 

9% — % 
lift ... 
lift —V, 


1? Month 
Hwn Low Stock 


Diy Yld PE 1006 High LowLCtMtOfOO 


4ft 3WMoleC 
15% tWMovTuoe 
44W 28% Nior am 
10*. 6 McRae A 
16% 10V, MedcR 

1 1% AWMedeva 
I W 21% Media 
6ft iVuMedtoLap 
7’Vi. l'/i.A6ed9A 
2ft e H AAdcore 
7% 4'lModO« 
6W 3”', Mem 
7% JWIWentlHlI 
7 3>/i.MercAir 
2% IftMerPtA 
1% WMerPIA 
Vht JVuMerPtpt 


4W 

10 

31ft 

8% 


J2e 23 
.44 IX 


2 4% 

15 10V. 

12 32 
44 9”. 

198 12V, lift 
810 9ft 9% 
81 2 9ft 29% 
2ft 2% 
IV. 


ifi 

7 

3^ 

5% 

r- 


|% 2*kA%rP7trt 


MerPI apt .22e 4A 


-3ft. % 
5 


XO 39 


XOa 33 
X4 9J 


SI 

69 

XV 


_ _ 4J 

16WI2’.*MatPra X5e lx 
26% lSWMotrBcxti .72 2.9 

18% «%*IWtrak - 
9ft 4%MichAnt 
20%17ftMiflABC 
11 8”',MtdalRty 
4% 2%MMlby 
15ft 1 lft MlnnMui X3 
lift 9%MinnTr2 XV 
5% 2%MlssnW 
9% 7 MooaA 

14 9%MaooB 
IB 10'AMMea 

3 l%Mon*iF 
3% n/uA6SJYpwt 
7 3%MSJ96wt 
64 62 MSTMXnJJB 

TlftlBftMSIGTn 1X3 
7W 4'/.Aft0ttHa 
3ft 1 MowieSlr 
11% BW Muni in 
lift 7%MunwSI 
lSWllftMunviAZ 

15 lDWNUmA22n XI 

19'/. I5HMyerlns .16 
21ft 12% NFC XT' 

11 dv„NTNCom 
lift SVjMVR 
10 SftNaborx 

7% 2ft Norm* 
18V*I4ftNtGxO J6 

30ft21%NHHC XO 

5W 2%NtPamt 
30ft 23 NttRItv XO 
13% SWNatAB 
10% BftNMxAr 
23% 14ft NY Ba, 

12% 9WNYTE1 
29V43l%NYTlm 
H'A Bft Norex 
6% lftNARecv 
75V* 7% NAVOCC 
I2'A TftNCdOfl _ 

19% 73% Northbav XOb 2.1 
5% 2%MltmTctl X6e IX 
7V. SWNumoc 
MWlOftNCAPI 
15% 9%NCAP12 
15%10ftNFU»l 
14% 10%NMDP12 
14W10%NvMlP2 
14%UWNMOPi 
13ft lOftNMYMJ 
14% 10% NNYPI 
15% 1 ? WNwOHPI 
I5 1 /. 1DVSNCHPI2 
14% IOW NPAPD 
14W 1 1 % NvTXPI 
15%10ViNVAPT2 
14% IOWNuvWA 


XOb A1 

X4 6X 

X6 ZX 


IB6 
83 
459 
bO 

'l 

'S 

10 

45 « _ 

74 2'V k 

30 5 

SulOW 10% 
M ■% 8V, 

174ul7W 16% 

112 2 Sft 25% 
2 15% 15% 

W 5% 5% 

33 10 17ft 

75 9% BV. 

2 4% 4'A 

clO 11% 11% 
xB2 9”. d 9 

10 4V, 4% 

164 8 7ft 

11 13% 13 
65 17% 17 

I'Vu dlWii 
1% I 

... 4% 4% 

113 62%dAlft 

17 19ft 19% 

4ft 4ft 
1% 1 Vu 

9 B% 

II lift 12% 
30 11% MV, 
11 17% 17% 
22 15 14ft 
1806 8% 7% 

5% 5% 

6% 6% 
6% 6% 
35 17% 17'A 

18 27ft 27% 

76 am, 2"/* 
25 29% 29% 

9 6% 6 

2 9% 9% 

1 19% 19% 
5 10 10 

2057 22ftd21% 
■ 0 9W 


99 

458 

282 


2 

S 

54 

962 


4ft — % 
10% I % 
32 _ 

9W ' % 
1IW >”C 
9ft 1% 
29% — % 
2% '% 
IVu _ 
lft iV, 
6% 1 % 
5% — % 
3 • % 

5ft —ft 

7*-% 

3% tV ta 
2% — Vu 
5 — J to 

10% »% 
8% —ft 
17% t% 
25% — % 
15% _ 

5% — % 

18 t% 

9 —ft 
4ft _ 
11% .. 
9 —ft 

552 - 

rVj _ 

13 —ft 
17% — % 
l'Vi, +i/» 
1 —Vi. 
4% *% 
6l ft —ft 
19V* t'A 
4ft _ 

IVU *VU 
9 t'A 


137 

3090 

7 


JO _ _ 


?3fc 


12% — % 

11% —% 
17% — % 
14ft —ft 
7% —l* 
5% _ 

6% tft 
6% _ 
17% — % 
27% t-Vt 
2ft — Vu 
29% — % 
6 — % 
9% — % 
19% _ 

10 _ 
21 ft -ft 

10 tft 


J80 7.1 
69a 7P 
J5 6.9 
XS 66 


JO 


sx 

... 6.9 

34 tJ 
.78 6X 
xa 64 
J6 7X 
X3a 73 


- •% 9 V. 

23 189* 18% 
181 4?C 4% 

28 5*4 5% 

97 11% 11 

11 10 n. 

30 IOW 10ft 
129 low low 
5 iaw iov. 

46 12 11% 

12 IOW IOW 

30 11 10% 

5 lift lift 
7 iaw iow 
56 lOWdiaft 
1S3 mtdiiv* 
39 11% 10ft 
55 10ft low 


l»-« 

.R-tft 

4ft _ 
Sft ♦ w 
IT *% 
99. _ 
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10% _ 
10% *ft 

12 t% 
10% *% 


11 


11% —ft 
10% _ 
10% — % 
I IV; —ft 
11% t’A 
10ft tft 


14ft 7%OOklea 
11% BViOSutlvnC 
9ft 6ft Ocelots 

37ft 25% Olsten 
3% I'Vu Olsten wt 
lift 9%aneLtol 
3% VuOnsueEn 

^2f?!8raT 

12V* 6 OrtoH B 
7% 3ftft.CSys 
3ft 2 PLM 
17% 12ft P6 




xa 


.. PMC 

6SW 50%Pc£nnfB 4X0 


X60 

.94 


23% 18 PGEBfAl 
21% IdViPGEpra 
19W14ftPGStD 

1 9 V, 14% PGEpiC 
lBftiaftPGEpfHl 
28% 23 PGEDtM 


1X0 

1J7 

1X5 

1X0 

1.12 

1.96 


28ft 23 ft PGEptO 2X0 
28% 24 PGFpTP 2X5 
26%21ftPGEptO 1X6 
26% 21 PGEPfU JJ6 
26'A 19% PGStfX 1.72 

lBV*l5V*? PqcO ifn 
Aft 2%PoatAm 
11% 4 PWHKWt 


_ _ 7 12ft 12% 

2A 16 41 10V* 10 

- - 10 Bft 8V. 

X — 537 u 37”. 37** 
_ ._ 3 3% 3% 

7J 14 26 II IOW 

.» u. 113 I % 
_ 3ffl) 12ft 12% 
.9 7 2 23% 22% 

8X 13 7 8% 8% 

- - 133 6 5% 

1.9 _ 8 3 3 

6X 16 21 14% 14% 

BX - 1700 50 d48 
8.1 -. 39 18% 18% 

8J _ 5 16% 16% 

8J _ 5 14% 14% 

sx _ a 14% i4ft 

BX _ 21 13ft d 13”’. 

BX _ 65 23% 23% 

M _ 5 24V* 24% 

BJ — 25 25 24% 

BJ - ?5 22ft 22V, 

BJ _ 10 21% 21% 

8.5 _ 33 20% 20% 


12'A _ 

10% — V. 
8’A —'A 
37% „ 

lf‘ I 

lnSzjiS 

22% _ 

8% -Vt 
5% — % 
3 — V|, 


Ste 


- - is6 4% ^ 


4% Z PWHK^wt. 


sw 3%F*WHKU~. 
5ft l%PWHK30pwt 
9ft 9 PW5PMM 
aw lftPwuSJwr 

Aft 5V.PWDVU wt 


3X _ 86 16ft l_._ 

- - 52 44* 4% 

- - 20 5% 5% 

~ - 47 2'Vu 2ft 

- _ 10 3”. 3ft 

_ _ 70 lft lto„ 

_ _ 30 9% 9'A 


4’A —Vi 

sa — % 

1B% t% 

iaw — % 

14% —% 
14ft t'A 
13% ♦% 
23'A t'A 
24% tft 
25 -V. 

22% — % 
21** tft 
20% —'A 

.art 


XVu tvj. 


4ft 'VuPWUSDwt 
14ftlO%PWPI XS 


.92 

un 

1JM 


.10a 

Utoa 


1X8 


7ft2WuPam!-M 
40V*34ftFWNl 
14% 1 1 % PdriPfd 

15% 12 Pupa 

5% 2'APoyPon 
IV* ViPwrTu 
24% 13 y, PeoGid 
HWdaWPenEM 
44W34 PennTr 
26 22 Pan RE 
13ft 9%PerlniC 
24ft 21 PemCpf 2.12 
4% 3% Peter, 

85ft 49 FT4LD 
4ft 'W, PhnxLOi 
8% 2%PtwNet 
39ft 23 ft PtmxRS 
s lWPFcnPd 
8% AftPdWVa 
36% MV, PUDsm 
4Q%25 Pillway 

38 W 24% PtttWV A 

9W SftPlnRsc 
25% ldftPlvGem 
10% SWPlyRB 

39 MftPalartnd 
Tft SVuPalvpti 


J4e 


XO 


_ 139 Sft 5% 
... ™ 17 % % 

5.0 - 342 11% 10% 

- - 125 7 Vi 6% 

2J 16 4 391* 39ft 

7 J 13 2 13 13 

7.4 17 13 14 13% 

- 33 46 tftu 4'A 

_ ... 23 ft ft 

X 203 2205 16% 16% 

13 10 23 43 42% 

29 346 41% 41% 

8.1 9 14 23% 23% 

_ - 32 9% 9% 

#X - 9 22ft 22% 

- 24 94 211/,. 3ft 

X 17 622 56ft SAM 

_ - 101 1ft I 

I 4 SA* 


.12 


2X2 


.7 17 46 28ft 28'A 

- 17 85 »u 3% 

7J 14 1 Tft TV, 

10 1J 3 30 ”k 30'A 

1.1 13 28 37V* 36ft 

IX 13 Z7 35ft 35% 

... — 48 Aft 6% 

J 25 1002 24 23V. 

... 7 1 9ft 9Yi 

6X 15 1090 38% 37% 

- 48 201 Sft 5% 


3% 

’art 

i*u— Vu 
5% - 

ft tVu 
11 tlk 

7ft tft 
S9% -ft 

13 - 

14 tft 
4ft— Vi, 

% _ 
l&V, —ft 
42ft —ft 
41% — % 
23% — % 
9% —V. 
22% _ 
VVu -Vi, 
56% t Vi 
1 —ft 
3%— %i 
58ft —ft 
3% —ft 
Tft tft 
30'A tft 

tl 


a 1 


_ _ —% 
23% tft 
9% _ 

38% .?* 
5ft _ 


12 Month 
High LOW Stock 


Div VM PE IPOS High LQwLWeMOl'oe 


12ft 6 Ports Vi 
4ft 2 Purtooe 
Bft JV.ProtHtl 
20% MftPratLm 
2Vu IkuPrpdLg 
31% 21 PrpdLpt 
8ft 6WPT6SRA 

5% 2%PrcCom 
3% IWPrtsmEnt 
7ft Sft PropCT 
3% ZWPrvnna 
20%14%PrvEna 
24ft 2DW PttSIA 

17% 14%F%ST7 

20ftl5WPb5t9 
18ft 15V* PtoSIll 
18ft I4ftpb$tl2 
IBWI5ftPbStl4 

17ftl3WPbSll5 

16'A 12ftPbS116 

16ft 12WPb5tl7 
16% 12 PbStlB 
15 lift Pb STM 
15ft lOWPumCA 

14% 11%PIGIM 
15 lOWPIGMUn 
151*12 PTONY 
15% 2WQualPd 
7ft 49. RBW 


xa 3/i 


240 BJ 
XO 7.1 


36 5X 
.17 S3 


1J6 BJ 
1X8 7.9 


.93a 6.9 
X9a 5.9 
xa 7X 
-93a 73 
Me 1.9 


CM,™. 

11% ftRXMds 
14% 8%R(dlFfi5 
IOW BWRaucni 
2% lftRmSCr 
6% 2%RadEaai 
29 23'* RndLn 

14% 10%RadEmp 
14V. 10 RedEmof 
11% SWRefoc 
15V* 10'A ReoaiBs 
5ft ZWRcHiv 
4% 2 RooGidO 
14 9%Rsrt1n 
2ft WRslInt 
4 Z'/.ResRd 
3ft IWRspTcti 
7% 4%RevMn 
2Vu IWRkMon 
18ft 12 RIaalB 
9ft 6 V, Riser 
5ft 3WRoadmst 
MWTdWRorers 


2X0 9J 
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J2 Z1 
Xle J 


186 

1^ 

143 

2S 

3 

20 

25 

11 

17 

14 
7 
1 

5 
13 
7 

7 

8 
3 
8 
1 

65 

77 

77 

208 

489 

16 

70 

» 

6 
40 
16 
24 
55 

3 

5 

7B 

94 

59 

50 

819 

2V 

■D 

76 

15 
$ 

18 


6% 6% 
2% 2% 
4% 6ft 
19ft 19ft 
2% 2W. 

29% 29% 
8% 8V, 

4"/u 4'1 /ia 
2'A 2ft 
Aft Aft 
3 2% 

17% 17% 
23% 23% 
14ft 16% 
14% 16% 
16% 16% 
16V. 16ft 
16% 16'A 
16% 16% 
14ft 14V* 
15Yr 15ft 
15ft ISW 
14ft 14ft 
ISW 13% 
11% 11% 
10% 10% 
13% 12% 


2% 

6'A 

! 

9% 

10 

1% 

6% 


2% 

6 

& 

10 

1% 

6% 


34'A 23% 
lOWdiaft 
10 10 
7 7 

15% 15 
3’A _ 

3ft. 

10ft 
1 

3% 

2% 

6% 

2% 


3ft 

£ 

a 

2% 

£ 


13% 13% 
6M 6% 
J"/u 3ft, 
341* 341A 
11 % 1 % 
4»% 4ft 
% *Vu 


Aft —ft 

2% —ft 
6ft 

19ft 1 % 
2ft.— ft. 
29W —AC 
8ft _ 
4>Vu —Vu 
2% — W 
Aft _ 
3 > ft 

17% < ft 
23% 1 ’k 
16% —ft 
16V. • % 
16% 'ft 
14% _ 

16ft —ft 
16% - 
4% —ft 
5ft _ 
Sft t% 
14ft _ 
3ft +(k 

1% tft 
10% 1 1* 
13 t% 
2% - 

6 —ft 
1 tV* 
9% —ft 

10 

1% —ft 
6% _ 
23% — % 
10ft — % 
10 _ 

7 —ft 
15% —ft 

3ft -Vu 

z 

Srt 

Srt 

2% tv* 
13% tft 
6% +% 

Xt^i 

n/u — Vu 


-fcX_ 


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Spurns 

THE TRIB INDEX: 1 13 . 88 ® Tnltc 

by Bloomberg Business News. Jan. 1 , 1992 = 100. ^ 


A Sound Technology War 

Disks Battle Tapes for Market Share 




m -r •• 

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Asia/PacifJc 


Appna. vwlghllng: 32 % 
Close: 127.e2Prev.127.7B 


Approx, weighing: 37% 
Ckee: 112.64 Proximo 





North America 


-Approx, wonting: 26 % 
CtoST 95.18 Pnw.: 95.41 


Latin America 


Approx, weighting: 5% 
Close: 148.09 Pm: 15156 


. ?'* 

* vJ r 

Mi - .. 


■» ■ .. -*i 

;»■:=• 

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»>$■' * ■. 
i. ?», « 



ii® 


Tha ndsx ftscfcs U.S. doSar vatira® of stacks rr Tokyo, Now York, London, and 
Argentina, Australia, Austria, Belgium. Brazil, Canada, Chile, Denmark. Finland. 
Franca, Germany, Hong Kong, Italy, Mexico, Netherlands, Nw Zealand. Norway, 
Singapore. Spain, Sweden, Switzerland and Venezuela. For Tokyo, New Yak and 
London, the Mex u composed of the 20 tap issues in terns of market capitaJtzaHon. 
othemtsa the ten top stocks are tracked. 


k ^ - - • 

a.i. . - . . 

, 

| Industrial Sectors 




lion. Pm. % 

ctoM dm dang* 


Mon. 

data 

PWY. 

dOM 

% 

donga 

^ ~ t ~ ** . 

* - . 


a* W 

11152 112.38 -0.94 

Capital Goods 

113.75 

114.79 

-0,91 

* « c- • - 

I r: :- 

j . -• * 

. .9 

Uffitfes 

128-52 129.03 -0.40 

Raw Materials 

133-58 

134.00 

-021 


Hranca 

113.61 11429 -0.59 

Consumer Goods 

102.40 

102-97 

-025 

Vf - - • - 


Santas 

119.00 119B4 -0.70 

MacaRaneous 

133.00 

133.99 

-0.74 

-s • * • •• 

* • .• • . 


For mare information about the Index, a booklet Is avaHabh tree of charge. 

Witte to TtS) index. iei Annua Charles de GauBe, 92521 NeuSyCedex. France. 


Sanctions Threat 
Scars Trade Pact 

Compiled by Our Stuff From Dtspcucha 

TOKYO — Japan said Mon- 
day it would refuse to return to 
trade talks with the United 
States while it remains under 
the threat of U.S. sanctions on 
imported Japanese auto parts. 

“We won't hold talks as long 
as the United States threatens 
to impose sanctions under the 
301 trade law,” said Nobuo 
Ishihara, vice cabinet secretary, 

“That’s something the Unit- 
ed States is doing unilaterally,'' 
he said. “In those conditions, 
we can't resume negotiations.’’ 

Separately, Prime Minister 
Tonnichi Murayama of Japan 
said: “We expect to need a long 
time to discuss the matter. We 
need a cooHng-off period” 

Trade Minister Ryutaio Ha- 
shimoto echoed Mr. Muraya- 
ma’s remarks when he met busi- 
ness leaders from the Japan 
Federation of Economic Orga- 
nizations, the nation’s largest 
business group. 

Mr. Hashimoto said Japan 
could not bridge the gap in (he 
auto part negotiations because 
Japan had no intention of ac- 
cepting a U.S. demand for pur- 
chase plans. “A certain period 
of cooling-off time is neces- 
sary,” he said 

Mr. Hashimoto, who along 
with Foreign Minister Yohei 
Kono led the Japanese delega- 
tion to Washington, added: 
“No easy conclusion can be ex- 
pected for a while, as we have a 
fundamental gap.” 

During the weekend talks, 
Japan and the United States 
reached broad agreement on in- 1 
su ranee, government procure- 
ment and flat glass markets, but 
failed to settle the issue of autos 
and auto parts — a key sector 


By Steven Brull 

International Herald Tribune 

TOKYO — Young people, whose tastes will 
make or break the next generation of digital 
audio, are quite clear about two things; Disks 
are preferable to tapes, and reliability and 
random access are more important than price. 

Two years ago, when Sony Corp. unveiled 
the Minidisc and Philips Electronics NV and 
Matsushita Electric Industrial Co. rolled out 
Digital Compact Cassette, it was a toss-up 
which technology would win. 

MiniDisc, which uses an optical disk much 
smaller than a compact disk, boasted an abili- 
ty to record at near compuct-disk-quality lev- 
els, the convenience of random access and the 
reliability of disks. 

Digital Compact Cassette allowed users to 
make full-fledged compact-disk-quality re- 
cordings on digital tapes. Equally important, 
it maintained compatibility with compact 
cassettes — the biggest existing format. Its 
hardware and blank software were also slight- 
ly cheaper than MiniD isc. 

But while Digital Compact Cassette is 
stronger in Europe, and MiniD isc shines in 
Japan and North America, global sales of 
MiniDisc are likely to approach 900,000 units 
this year. The amount is at least double, and 
possibly several times, that for Digital Com- 
pact Cassette. And next year, the gap is cer- 
tain to grow even larger as MiniDisc sales 
accelerate and Digital Compact Cassette 
growth remains constant, at best. 

The divergent success of the two formats is 
in part a reflection of differing marketing 
strategies and regional economic growth. But 


it's dear that the main reason is simply that 
disks are in and tapes are on the way oul 

“The younger generation that is doing most 
of the buying finds more appeal in the CD 
than tape, so there's more interest in the 
MiniDisc,” said Jeffrey Camp, an industry 
analyst at Jardine Fleming Securities. 

While the battle is still in its early days, there 
is growing possibility that Digital Compact 
Cassette may join the list of consumer audio 
duds that include the eight-track cartridge cas- 
sette. quadraphonic sound and the ill-fated 
digital audio tape player of the mid-1980s. 

The preference For MiniDisc is particularly 
strong in Japan and North America, a reflec- 
tion of the market penetration of compact 
disks. In most European countries, though, 
cassette tape has a greater market presence — 
mostly because of the efforts of Philips, the 
Dutch consumer electronics giant which 
holds the patent on the music carrier. That, in 
turn, is a major reason why Philips is pushing 
Digital Compact Cassette. 

“Digital Compact Cassette is like going 
back to the '50s or '60s.” said David Benda, 
an analyst at Barclays de Zoete Wedd. “Phil- 
ips is trying to protect something which is 
dying. Give it a few years, and it will die a 
natural death.” 

MiniDisc’s success also has a lot to do with 
a marketing strategy that stresses the format’s 
features and makes its magneto-optical tech- 
nology as transparent as possible. 

Digital Compact Cassette's approach, in 
contrast, has focused on audio quality and its 
compatibility with analog cassettes. ' 

Sony's strategy centers on educating poten- 

See SOUND, Page 13 


U.S. Data Send 
Chill to Markets 
Across Europe 


Compiled by Our Staff front Dispatches 

LONDON — Stocks 
plunged across Europe on 


“The numbers were a disas- 
ter,” a Treasury bond trader at 
the Chicago Board of Trade 


Monday, sending many leading said of the report. 


indexes toward their lows for 
the year, amid concerns about 
rapid U.S. economic growth 
and falling government bonds. 


British stocks were among 
the worst performers of the day! 
led by a 15 percent plunge in 
shares of S.G. Warburg Group 


Leading stock averages fell PLC after the investment bank 


more than 2 percent in Italy and 
1 percent in Britain, France. 
Spain, and Switzerland. Ger- 


man mar kets were closed for 63 percent. 


said turmoil in f inan cial mar- 
kets would cause first-half pre- 
tax profit to fall by as much as 


the Unification Day holiday. 
“It's difficult to see any up- 


Tbe FT-SE 100 Index of 
leading British shares declined 


side,” said Andrew Bell, Euro- 42.8 points, to 2,983.5. its low- 
pean strategist for BZW Global esi since July 13. 


Economics. “There's a risk of 
further general crumbling in eq- 
uity prices." 

Government bonds fell and 
their yields rose in line with the 
rise in yields of the benchmark 
30-year U.S. Treasury bond af- 
ter the National Association of 
Purchasing Management said 
its purchasing managers’ index 
rose to 582 in September from 
562 in August The index of 
economic activity in the United 
States had been widely forecast 
to rise to 57. 


U.S. Purchasers Say Prices Are Rising 


Compiled by Our Staff From Dupauha Federal Reserve Board to raise 
NEW YORK — Manufac- interest rates soon to slow the 
turing in the United States economy and rein in inflation. 


raced ahead in September, but 
higher materials prices suggest 
that inflation at the producer 
level is rising, according to a 
survey by the National Associa- 
tion of Purchasing Manage- 
ment released Monday. 

The association said its index 
of factory activity rose to 58.2 
in September from 56.2 in Au- 
gust, while its index of prices 


that accounts for 60 percent of paid jumped to 77. 1 — the high- 
Tokyo’s $60 billion trade sur- since August 1988 — from 


© tntenvuiorval Herald Tribune 


plus with Washington. 

(AFP. Reuters i 


74.5 in AugusL 
The data could spark the 


Thinking Ahead /Commentary 

Don’t Blame Trade for Lower Wages 


“The economy is growing.” 
said Sam Kahan. chief econo- 
mist at Fuji Securities in Chica- 
go. “A Fed tightening is becom- 
ing etched in stone.” 

The survey showed manufac- 
turing activity accelerating 
more quickly than many ana- 
lysts had expected. David 
Wyss, an economist at 
DRI/McGraw-Hil! in Lexing- 
ton. Massachusetts, said the 
data reflected strong demand 
for cars, computers and home 
appliances. 

The purchasing managers as- 
sociation. based in Tempe, Ari- 
zona, surveys managers at more 
than 300 U.S. industries. An 


index reading in the survey 
above 50 indicates an expan- 
sion of activity at U.S. factories, 
while a reading below 50 indi- 
cates a decline. 

The data are widely followed 
by economists and the financial 
markets. 

“It’s bad news on the inflation 
front, obviously," said Mike 
Niemira. manager of economic 
research at Mitsubishi Bank. 

The report’s indication of 
strong growth accompanied by 
rising prices sent the price of 
the benchmark 30-year Trea- 
sury bond down 12/32 point, to 
95 31/32, and the yield up to 
7.85 percent from 7.81 percent 
Friday. Inflation erodes the val- 
ue of fixed-income securities. 

Analysts said the Fed could 


move as soon as Friday to com- 
bat inflation with higher rates. 
That is when the Labor Depart- 
ment is scheduled to release em- 
ployment data for September. 
A gain of a quarter-million or 
more new jobs could push the 
Fed into action, especially in 
concert with purchasers' data, 
analysts said. 

They pointed out that while 
the association's prices paid in- 
dex did not measure the magni- 
tude of the price increases, it 
showed more businesses were 
paying higher costs for raw ma- 
terials. Eventually, higher fac- 
tory costs could be passed on to 
consumers. 

“Purchasing executives con- 
tinue to identify the increase in 

See GROWTH, Page 12 . 


U.S. Unions Discover Less Is More 


By Reginald Dale 

International Herald Tribune 

W ASHINGTON — Maybe 
Karl Marx had a point after 
all. Perhaps just one predic- 
tion widely ascribed to him 
— that capitalism would ultimately de- 
press the wages of the proletariat — is 
about to come true. 

The culprit, according to some econo- 
mists, is that eminently capitalist con- 
cept, free trade. They argue that growing 
competition with low-wage developing 
countries will drag down wages in the 
industrial world — particularly those of 
unskill ed workers. 

Not so, say Jagdish Bhagwati and Vi- 
vek H. Dehejia of Columbia University 
in a book called “Dade and Wages" just 
published by the American Enterprise 
institute in Washington. 

They argue, almost certainly correctly, 
that technical progress — especially the 
widespread use of computers — has de- 
pressed unskilled wages far more than 
trade is ever likely to. 

But many people still have a gut feel- 
ing that trade is to blame — for low 
wages in the United States and for high 
unemployment in Europe. Those fears 
are being exploited by American oppo- 
nents of the Uruguay Round trade pack- 
age, now before Congress — just as they 
were by opponents of the North Ameri- 
can Free Trade Agreement a year ago. 

There is a magnificent irony to all this, 
as Mr. Bhagwati and Mr. Dehejia point 
out During the 1950s and 1960s, many 
countries in the developing South saw 


trade with the developed North as a 
threat, fearing that without protection 
they could never industrialize. 

Since the 1980s. however, “there have 
been fearful voices in the North, dreading 
trade with the poor South as a recipe for 
descent into the wages and working con- 
ditions of these impoverished nations." 


Even if wages converged 
around the world, it would not 
necessarily mean a 'race to 
the bottom.’ 

the two economists wrote. Conversely, 
many in tbe South now see trade with the 
North “as an opportunity, not a peril." 

Some of the arguments now being de- 
ployed on this front in the United States 
are polemical to the point of hysteria: 
They ignore the evident fact th3t devel- 
oping and developed countries usually 
benefit from mutual trade. _ 

initial reports suggest that NAFTA has 
led to a boom in trade between the United 
States and Mexico that is advantageous to 
both countries. There is no evidence that 
it is depressing American wages. 

But one economic theory — known by 
the unap petizing name of factor price 
equalization — contends that trade with 
poor countries with plentiful unskilled 
fiber reduces wages erf less skilled work- 
ers in rich countries. 

Advocates of the theory point to the 


United Stales, where relative wages of 
less skilled workers declined in the 1970s 
and 1980s, coincidental with a steady 
increase in the U.S. trade deficit. 

Mr. Bhagwati and Mr. Dehejia say the 
assumptions underlying the theory are 
simply wrong — that the theory fails to 
take account of the uneven spread of 
technology and know-how around the 
world, the effects of economies of scale 
and different mixes of capital and labor 
in producing the same product. 

If the theory were true, they say, prices 
of American goods produced by low- 
skilled labor that compete with imports 
would be declining, whereas in fact they 
are rising. 

Even if wages converged around tbe 
world, it would not necessarily mean a 
“race to the bottom," as some protection- 
ists maintain. There have been huge wage 
increases in many countries that started 
out as low-wage competitors to the West. 
Japan is only the most obvious example. 

Of course, companies will continue to 
move to low-wage regions for some pro- 
duction functions. Heightened world- 
wide competition has certainly helped to 
restrain wages in industrial countries. 
But low wages are less and less a factor in 
modern production techniques and in- 
vestment planning. 

Unfounded fears of a “race to the 
bottom” are no reason to restrict free 
trade, which is more likely to raise wages 
all around. Tbe best way to ensure Karl 
Marx’s prophecy comes true would be 
for the capitalists he despised to embrace 
protectionism — as they did in the 1 930s. 


By Frank Swoboda 

Washington Fast Senior 

WASHINGTON —Years or 
contraction in the unionized 
work force at U.S. manufactur- 
ing companies have created a 
paradox in labor-management 
relations: The more unions 
shrink, the stronger they may be 
getting 

“We are seeing the end of the 
docile decade,” a top corporate 
executive said Friday, referring 
to the 1980s, when unions stood 
by powerless as company after 
company reduced its work force 
to restore profits and boost pro- 
ductivity. 

Settlement of a three-day 
strike against General Motors 
Corp.’s “Buick City” complex 
by the United Auto Workers 
union Friday underscores some 
of that emerging new sway. The 
strike, which focused on GM*s 
rights to hire temporary work- 
ers, appears to have ended on 
terms favorable to tbe union. 


On the eve of the 1980s, plant making parts to curtail 

24.000 UAW members were assembly of the final product 

working at Buick City. As GM D .. n .. , 

now consolidates its operations 

nationwide, there are only Fraser said the shill m 

1 1.000 union members left. ' U-S. muufactunng pracuctt 

But in the intervening years. has «?P °S a « mud > 

GM. like manv other ul. ntntt- venerable to nrnon pres- 
ufacturere. bos undergone a ma- sures. 'S.nce tbe 1930s. weve 
jor restructuring, reducing its <*** been m a position where 
number of suppliers and adopt- the P 0 ™ «> a “onship has bon 
mg Japanesostyle just-in-time «> ™ch on *e umon side, Mr. 
parts delivery to its assembly P faser said Friday. 


plants. 


Moreover, every worker is 


The result has made GM now more important in the pro- 
much more vulnerable to the duction process. “Unions may 
demands of the union at key not have as many people, but 
operations such as Buick City they control a hell of a lot of 
or Anderson, Indiana, where a capital*’ equipment in factories, 
brief UAW walkout last sum- said a labor relations analyst in 
mex threatened to shut GJvfs one erf the nation's largest man- 
entire assembly operations. ufacturing firms. And as com- 
In the old days, assembly panics continue to trim the 
plants had a large supply of ranks of their management 
parts on hand and GM often staff, he said, “the worker be- 
manufactured a single model at comes very indispensable. We 
several plants. It could take don’t have any supervisors 
weeks or months for a strike at a left.” 


Italian and Spanish slocks 
plunged amid speculation that 
German rates would increase, 
leading to higher rates in those 
countries and making it more 
expensive for their governments 
to pay off the massive debts 
they cany. 

The Italian Mibtel Index fell 
252 points, to 10,585, while the 
Spanish Ibex Index fell 50.66 
points, to 3,125.97, led by a 
sharp decline in shares of the 

See MARKETS, Page 13 


Blacks Invest 
With PepsiCo 
In South Africa 

Comptledby Our Staff From Dispatches 

PURCHASE, New York 
— PepsiCo Inc. said Mon- 
day it had gathered a group 
of prominent black inves- 
tors. including the actor 
Danny Glover and the bas- 
ketball player Shaquille 
O’Neal, to invest $15 mil- 
lion in its new South .Afri- 
can bottling venture. 

The announcement coin- 
cided with a visit by Presi- 
dent Nelson Mandela of 
South Africa to the United 
States. Mr. Mandela is 
seeking to encourage in- 
vestment in his country'. 

In June, Pepsi said it 
would invest $100 million 
over three years through 
New Age Beverages. New 
Age is 75 percent-owned by 
Egoli Beverages LP, with 
Pepsi owning the rest. 

The celebrity investment 
group is putting $15 million 
into Egoli. Besides Mr. Glo- 
ver and Mr. O’Neal, who 
appears in Pepsi advertise- 
ments, the group includes 
two New York politicians: 
Percy Sutton, a former bor- 
ough president of Manhat- 
tan, and Charles Johnson, a 
former state legislator. The 
singer Whitney Houston 
and Motown Records Co. 
also are investing. 

“It is important we take 
an opportunity to open our 
checkbooks and put our 
money where our mouth 
is," Mr. Glover said. 

Coca-Cola Co, Pepsi's 
main rival, has about 90 
percent of South Africa’s 
cola market. Pepsi said it 
withdrew from the country 
in 1985, responding to in- 
ternational sanctions. 

(Bloomberg, AFP) 


Sweden 9 s Record Short Honeymoon 


CURRENCY & INTEREST RATES 


Cross Rates 

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N. Zealand* 1-482 
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PoffiftrielV 2321ft. 
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Rais.ni We ZSfeflO 
Sown rural 17505 
UN.S 1AS3 


currency Pwl 
5. Air, rend 1575 
& Kor. won 79#J1 
S w e d . Krona 7XW? 
Taiwan i 2620 

Thai baM 2493 

Turkish Urn MQSO. 
CAE dirham 24727 
Venet tartly. 17U» 


Forward Rate* 

currency 

MM 1.5740 1.032 7 J7X 

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Canadian duUor 
Japanese v*« 


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12440 TJ*41 1-3*5 

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I Toronto): IMF tSDNI. Oner data from Reuters unoAP. 


Sources; Reuters: Uortis Bank. 

Bette a anBeaW e to Marta# deposits of n million minimum (orcaulvattni). 

Key Mortny Rates 

United Slates Close Pnev. Brtoto 

DUatoaJruta" *JK 400 Ban* has* rate 

Prime rate 7* 7* Canm**ey 

Mral foods * *- 40Q T^aanih lattrhaak 

473 442 J-mooth mrereenk 

C4ML paper 110 days W5 572 ►anw» tafartoafc 

Smooth Treasary bill 475 4*7 10-year GJU 

1- nor Treasury MU ^ 

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114 2JI arwnwer/AtohWACre.PrLKMno/s 

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lft-yeor Band 7.4? 741 Source: Reuters. 


i is more ux«y to raise wages v c-jy t Dsen 

The best way to ensure Kari JSL£S^ISLr 

STOCKHOLM - Tbe Social Dem^ 

m-SEtL* 1930, ssasSr'SSss: 

but already analysis are saying the coun- 
try’s huge deficit could force them out of 
office before the end of winter. 

The problem that many say could prove 

the undoing of the government concerns 
plans to trim Sweden’s massive govern- 
ment deficit. This year it is forecast to total 
terifna Franc yki ecu slightly more than 14 percent of Sweden’s 

m. s«v. !-!v. gross domBtic product . 

5-^5% 2’*.-2% s **6 ^The pohucal risk is still there, said 
tv*-** 564-57% 2fe-2vr 6^-ftu. Roy Berg, chief equity analyst for Credit 

2»%-2>A ft a ^ft Lyo nnais in Stockholm. 

The Soda! Democrats this week return 
tn minimum tereautvattni). to power after three wholly unaccustomed 

years in the wilderness — only their second 
three-year stint out of office'in the last 60 
irttain years ’ — a chastened party. They stress 

iouk ton rate » » their determination to follow tbe lead of 

'm'rnitMnrt.ijmit jJ i't ihe outgoing center-right government of 

Moon in monk s ». » Carl Bildt and to rein in the deficit, 

a-ar- aw Spurred by volatile finandal markets 

■nMx and immense pressure on the currency in 

u nrentica ruta 5 do 5do the late summer, tbe Sodal Democrats 

departed from practice and outlined lough 
knoath jnwftwp fc 5 s 5 k. tax and spending plans in the midst of the 

5K election campaign. Their plan, which they 

Sources: Reuters. Bloomberg. Aterrltl unvdled in AUgUSL involves a reduction in 

SSbSXJLTt *e defid i totaling 50 billion krona ($7 

billion) over the next four years, compared 
Sold with a revenue shortfall forecast to be 

. upwards of 200 billion krona this year 

UlTicJl 39175 39450 +1S0 - 

39145 39115 -1J0 ^Ofe. , 

rew York 39670 39870 +040 While welcoming that plan, many ques- 

UJ. ooDars per ounce. London otfhMl fie- [fog abilitV Of 3 minority govern- 

.iTSir 0 ’*- 

Source: Reuters. ITIOSt STgUe that thOSe plOIlS Still fall WOe- 


zsriai 39175 39450 + 050 

London 39145 39115 - 1 JO 

Hew York 39670 39870 +040 

US. aoBorS per ounce. London otflclOl fix- 
ings; Zurich and Nett York aoening and eta*- 
log prices; Now York CWw (OecemMrJ 
Source: Reuters. 


fully short of what is needed. “Tbe markets 
see this as a step in the right direction but 
as being insuffidenC said Klas Eklund, a 
former treasury official who is now chief 
economist at SE Banken. 

In fact, analysts insist that when the 
government presents its first budget in 
January it will need to come up with plans 
10 cut the defidt by double its present 
target. 

While Sweden’s new finance minister in 
waiting, Goran Persson, has expressed a 
willingness to come up with additional 


Many analysts also 
express unhappiness about 
the deficit cats 
envisioned by the Social 
Democrats. Roughly, 
they are split 50-50 
between tax hikes and 
spending cuts. 


defidt cuts if necessary, analysts openly 
wonder if he and his ministerial colleagues 
can actually sell them to Parliament. 

“We are a bit pessimistic," confessed 
Tomas Pousette, senior economist at 
Nord banken. He and others say turbu- 
lence in the finandal markets could pre- 
dpitate a government crisis by the spring, 
one that could result in a new majority 
coalition government taking power. 

Many analysts also express unhappiness 


about the nature of the deficit cuts envi- 
sioned by the Sodal Democrats. Roughly, 
they are split 50-50 between tax hikes' and 
spending cuts. 

“We already have the highest taxes in 
the world, and’ to put more taxes on top of 
those is a step in the wrong direction,” said 
Mr. Berg, pointing in particular to plans 
for a “temporary” rise in the top marginal 
tax on incomes from 50 percent to 55 
percent. 

Others admit they find it hard to believe 
that more scope cannot be found to slash 
spending. Mr. Eklund, for instance, reck- 
ons that the spending cuts already an- 
nounced total 2 percent of state spending. 
“Most foreign investors might not be too 
impressed with a country that has the big- 
gest public sector in the world managing to 
cut only 2 percent of that spending,’’ he 
said. 

Analysts say a failure to meet market 
expectations of cuts that are double what 
the Social Democrats have announced to 
date would dash any hopes of reducing the 
huge risk premium' that international in- 
vestors now place on Swedish bonds. Ten- 
year Swedish interest rates stand at 11.3 
percent, compared with inflation of only 
2.5 percent 

Those rales — nearly lour percentage 
points above those of Germany — are a 
major deterrent to investing in Sweden. 

with an unemployment rate close to 9 
percent, a multiple of ihe historic norm, 
and with that rate close to 14 percent when 
workers on state sponsored training 
schemes are added to the total, Sweden’s 

See SWEDEN, Page 12 





INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 


P. 


Jt 

IT* 


Page 12 


MARKET DIARY 


Shares Close Mixed 
As Tech Shares Slip 


Bloomberg Business News 

NEW YORK — US. stocks 
closed mixed on Monday after 
a report showing strong manu- 
facturing activity in September 
had bolstered expectations that 
the Federal Reserve soon would 
raise interest rates to cool infla- 
tion. 

Semiconductors paced the re- 
treat after a profit warning 
from Advanced Micro Devices, 


U.S. Stocks 


a computer chip maker whose 
stock was die most actively 
traded during the session. 

M We’ve had the view the 
economy is too strong for the 
Fed and this report confirms 
that view,” said Jeffrey Apple- 
gate, chief investment strategist 
at CS First Boston Corp. 

Stocks did not post greater 
falls because the strength in fac- 
tory output bodes well Tor man- 
ufacturer earnings and shares, 
traders said. 

That expectation helped the 
Dow Jones Industrial Average 
overcome early losses and close 
up 3.70 points at 3,846.89. led 
by Alcoa and Goodyear. The 
average rose as much as S.74 
initially, then fell as much as 
17.16 before computer-guided 
buy orders restored prices. 

Two stocks fell for every one 


that rose on the New York 
Stock Exchange. Trading was 
moderate, with 269.12 million 
shares changing hands on Mon- 
day compared with 291.93 mil- 
lion shares on Friday. 

Alcoa gained 1ft to 85% and 
Goodyear climbed 1ft to 34ft. 
boosted by the report on eco- 
nomic growth. “People are 
thinking the deeper cyclical 
companies are going to report 
impressive earnings.” 

The Nasdaq composite in- 
dex, led by Intel Corp., declined 
3.51 points to 760.91. Intel 
dropped 114 to 6014 and Ad- 
vanced Micro Devices stum- 
bled 3V4 to 2614 after AMD told 
analysts that price cuts on mi- 
croprocessors could hurt 
fourth-quarter earnings. 

CareNetwork Inc. soared 
1314 to 24 after Humana offered 
to acquire the parent company 
of Wisconsin Health Organiza- 
tion Insurance Corp. for 5123 

milli on. 

Healthsource jumped 114 to 
37. The health maintenance or- 
ganization was rated above av- 
erage for the intermediate term 
and a long-term buy by Merrill 
Lynch. 

Oxford Health Plans rose 1*4 
to 7814. New York state insur- 
ance regulators granted the 
company’s requested 8 percent 
average rate increase on some 
contracts. 


Vu h)»Ghd Presi 


0*1 3 



Dafly dosings of the • 

Dow Jones Industrie) average 
4000 ; . 

m . 


3800 " ' " JJ i 


37» o jA] \r 


3600 '*:. J' 


“S A M J J A 

1994 .. . 

S 0 


NYSE Most Actives 


GROWTH: Prices Rising in U.S. 


Continued from Page 11 
materials prices as a major con- 
cern,” said Ralph Kauffman, 
chairman of the purchasing as- 
sociation's survey committee. 

For now. most companies are 
encountering stiff competition 
at home and abroad and are 
hesitant to raise consumer 
prices, Mr. Kahan said. 

While higher U.S. interest 


ly February when the Fed start- 
ed raising interest rates. 

(Bloomberg. AP) 


Foreign Exchange 


rates are designed to blunt high- 
er prices, critics say they also 
could slow the economy too 
much. Some point to govern- 
ment data, also released Mon- 
day, showing a 0.2 percent drop 
in construction spending in Au- 
gust. 

The drop in construction 
spending was the first since 
Februaiy, and analysts said it 
provided evidence that higher 
interest rates had already start- 
ed to slow the housing industry. 

The rate on 30-year fixed- 
rate mortgages averaged 8.51 
percent in August, up from the 
6.97 percent average rate in ear- 


■ Dollar Backs Bond Drop 

The dollar was able to with- 
stand pressure from a strug- 
gling bond market to finish in 
New York slightly higher 
against major currencies, news 
agencies reported. 

The partial trade agreement 
reached over the weekend be- 
tween the United States and Ja- 
pan kept a floor under the U.S. 
currency, traders said. 

The agreement convinced 
some currency traders that the 
U.S. government would not, at 
least for now, resume calls for a 
stronger yen to curb the Japan's 
trade surplus with the United 
States. 

The dollar edged up to 1 .5540 
Deutsche marks from 1.5501 
DM Friday, to 99.55 yen from 
99.16 yen, to 5.3020 French 
francs from 5.2925 and to 
1.2930 Swiss francs from 
1.2859. The pound slipped to 
$1.5790 from $1.5800. 

( Bloomberg AFX) 



VaL 

High 

Low 

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PocGE 

70340 

22*4 

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7144 

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VOL 

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Dow Jones Averages 


Open Htoft Low LM dig. 


Indus 38W-S9 385J 77 38263b 384A.B9 - 3.7 0 
Trews 1494.85 1496.02 138309 1484.00 — 5.S9 
Uhl 181.36 181 .58 180.00 IW.60 —0 85 

Como 1187 JM 1788.21 1780.75 134.15 -U3 


Standard & Poor’s Indexes 


Inaustriais 

TronsB. 

Ullllttn 

Finance 

SP 500 

5P100 


High Low Close CJt’ge 
54W8 545.43 547 JT — EL41 
351X4 353. <2 359X1 -0X3 
152X0 151X1 151.(1 — 1X9 
4X34 <2X2 42X3 — 02V 
44X31 440X3 441.74 — 0X5 
429X4 42555 427.13 —0.99 


NYSE Indexes 


High Low Loti 


Composite 

industrials 

Tronw. 

Uia.lv 

Finance 


019. 

2Si 74 1 54 35 254.93 —0X9 
320 95 319.23 320 JE —OJ1 
731.96 230X7 231.71 -0.45 
20527 28X46 703.92 -U4 
206.27 204.86 204 90 —1.04 


NASDAQ Indexes 


High Low Lost dig. 


Composite 

industrials 

Banks 

Insunmcio 

Finance 

Transp. 


764J6 76178 
776.58 773.25 
772.10 747X4 
94165 93765 
937.95 93161 
7 0B. 45 705X8 


761 19 —3 00 
773.97 —3X0 
747X4 -4.70 
94265 - I M 
931.78 —6.42 
704.56 -2X4 


AMEX Stock Index 


EUROPEAN FUTURES 


Metals 


Previous 

aw Ash 


Close 

BM Ask 
aluminum (High Grade) 

Dollars per metric (On 
spot 1602X8 1403m 1592X0 159100 

Forward 1627X0 1428X0 Ml 7X0 1418X0 

COPPER CATHODES (High Grade! 

Dollars per metric ton 
Spot 2471X0 2(72X0 2476X0 2(77X0 

Forward 2484X0 2487X0 2490.00 2491X0 

LEAD 

Dot tar? pot metric ton 

boot 422X0 623 JO 420X0 421X0 

Forward 435X0 437X0 43400 >35X0 

NICKEL 

Dollars oer metric loti 
Spat 4320X0 433000 436000 437000 

Forward mmim >430X0 6460X0 4470X0 

TIN 

□Oilers per metric ton 
5 pat S3S5X0 5340.00 5310X0 5320X0 

Forward 5435X0 5440.00 5390X0 5400X0 

ZINC (Special High Grade) 

Dollars per metric ton 

Spot 1004X0 1007X0 1004X0 1007X0 

Forma to3oxo itoixa 1029x0 1030m 


Financial 


High 


Law Close Che roe 


3-MONTH 5TERLING (LIFFE) 


<5804)00 • 

-Msofioopet 



Dec 

93J4 

93.15 

83.16 

— 004 

Mar 

8225 

9220 

9224 

— 006 

Jun 

91.70 

91J9 

91X2 

— 0.05 

Sep 

91.23 

91.15 

91.19 

— 0X71 

Dec 

90.91 

90X4 

9086 

-002 

Mar 

*0X8 

90X1 

90X4 

—am 

Jun 

WX5 

(NU7 

90X7 

unan. 

Sep 

80X7 

9041 

90X4 

— 001 

Dec 


9036 

90.40 

Unch. 

Mar 

90X1 

9037 

90.40 

Unch, 

Jim 

«oja 

9036 

9038 

Unch. 

Sea 

9B36 

9033 

9036 

Unch. 

Est. volume: 59X35 

, Oaen Int.: 487,155 


KMl LOW LOSS Ota. 
459X0 45766 458X6 —OX5 ! 


3-MONTH EURODOLLARS CUFFE) 
St railhoa - OtS gi IDO pet 


Dow Jones Bond Averages 


20 Bonds 
lauiiiiiies 
ID Industrials 


Close 

94.95 

9220 

101.71 


Ch’oe 
+ OZ7 
+ 0.10 
+ 065 


NYSE Diary 


Advanced 
Declined 
Uncttanaed 
Total issues 
Mew Highs 
New Laws 


Close Prev. 
B36 1303 

1362 850 

661 714 

2859 2067 

40 


73 


77 


AMEX Diary 


Gtoso Prev. 


Advanced 
Declined 
l/nctianasd 
Tune issues 
Mew Highs 
New Laws 


245 344 

314 242 

224 223 

788 Ki9 

16 17 

29 28 


NASDAQ Diary 


dose Prev. 


Advanced 
Declined. 
Unchanged 
Told issues 
New Highs 
New Lows 


1262 1974 

1909 1256 

1920 1864 

5091 5094 

89 107 

74 &5 


Spot Commod i ties 


Market Sales | 

Commodity 

ft In i jit luix .fin. IBs 

Today 

A T77 

Prev. 
n m 

NYSE 

Am ex 

Nasdaq 

In millions. 

Today 

Close 

269.12 

28JW 

227X2 

Prev. 

cans. 

347X9 

34.13 

308.11 

Aluminum, id 

Copper elect raivtlc. lb 
Iran FOB, ton 

Lead, lb 

Silver, rrov az 

Sleel (scrap), tan 

Tin, lb 

Zinc, lb 

tdJiU 

134 

21100 

040 

5X4 

110.17 

1X256 

05063 

UJt u 

us 

211(Nt 

0.40 

5X7 

110.17 

NA 

0X104 


Dec 

N.T. 

N.T. 

9199 

— 0X6 

Mar 

N.T. 

N.T. 

9161 

— 0.07 

Jun 

N.T. 

N.T. 

9120 

— 0JJ7 

Saa 

N.T. 

N.T. 

9190 

— 0X0 


Est. volume; 0. Open in I.: UK 
3-MONTH EUROMARKS (UFFE) 
DM1 million -ptsat ItOPCt 





94X4 



MOT 

9428 

9432 

94 ja 

rw 

Jim 

9184 

9177 


— 

5ap 

81X9 

81X1 

93X2 

—m 

Dec 

9122 

8112 

9113 

— 

Mar 

92X7 

9191 

9192 

— 


8177 

9174 

8174 

-v 

Sep 


9158 

9259 

— 




92X4 

— 


9233 

9131 

9231 

■a 



82X2 

9118 

— 

Sep 

9208 

9109 


— 

Est. volume: 49jsa 

Open Int.: 491735. 


Est. volume: 25.139. Open Int.: 147X47. 
LONG GILT (LIFFE) 

E50AM- pts£ 32n<UoM0tpct 
Dec 10046 98-25 98-29 - 0-27 

Mar N.T. N.T. 98-09 -0-27 

Est. volume: 51349. Open InL: 96X29. 
GERMAN GOVERNMENT BUND (UFFE) 
DM 250000 - pts Ol IN pel 
Dec 89.10 88X1 88X2 — 848 

Mar N.T. N.T. B7J0 — 0X8 

Est. volume: 78X13. Open int.: 154X72. 
10-YEAR FRENCH BOV. BONDS (MAT1F) 
FFSKUNO-ptSOf 100 PCt 


Dec 

110.96 

110.08 

11108 

— 0J4 

Mar 

nai< 

109.70 

109J2 

— 174 

Joe 

109X0 

109X0 

108X8 

— 0J4 

Sep 

N.T. 

N.T. 

N.T. 

Unch. 


Est. volume: 1 15X96. Open Int.: 129,154. 


Industrials 


High Low Lost Settle Ch-ge 
GASOIL (IPE) 

Ui. dollars per metric ton-kits of 100 tons 
Od 15675 154X0 154X0 154X0 —0X0 

NOV 159X5 157X0 157X0 157m — 025 

DOC 161X0 159X5 159X0 159X0 —825 

Jan 143X0 16125 141X0 161X0 —0X5 

Fob 144X5 152X0 162X0 162X0 —0.75 


High Lew Last Settle Oi'ge 

163X5 142X0 142X0 142X0 — 0X5 

N.T. N.T. N.T. 150J5 -0X5 

159.75 159.75 159X5 159X5 + 0X5 

140.00 160X0 160X0 158X0 Unch. 


Mar 
Apr 
May 

June 

JUtT 161X0 161X0 141X0 140X0 Urv.fl, 
Est. volume: 14X98 . Open int. 10634? 


BRENT CRUDE OIL (IPE) 

UX. denars per barrel-lots of 1X00 barrels 


Nov 

17.18 

16.95 

1187 

16.86 -0,18 

Dec 

17.1? 

17X1 

17X2 

17X1 —0.16 

Jan 

1720 

17X0 

17X0 

17X3 -0.17 

Feb 

17.14 

17X0 

17X0 

17X0 — 0.15 

Mar 

17.10 

17X0 

17X0 

17X0 -0X8 

Apr 

17X9 

17X1 

17X5 

17X0 -M9 

May 

17X5 

16.89 

17X0 

17.00 —0X8 

Jnn 

17X0 

17X0 

17X0 

17X0 —0X8 

Jly 

17X2 

17X2 - 

17X2 

17X0 —0.11 

Aug 

17X2 

17.02 

17JH 

17X2 — aio 

Sea 

17X2 

17X2 

17.02 

17X2 -0.11 

Oct 

17.13 

17X2 

17X2 

17X2 —0.17 


EB. volume: 32X15. Open bit, 1SUM1 


Stock Indexes 


HMi 

FTSe MO (LIFFE1 
03 per Index goun 

Law 

CfOM) Change 

Dec 

304IX 

2886X 

2983X 

-49X 

Mar 

303&0 

3029X 

3017X 

— 49X 


Est. volume: 14X40. Open Int.: 55X33. 


CAC40 (MATIF) 




FF200PV Index paint 



Oct 

1876X3 

M51J» 

1857.00 

-23JD 

Nov 

1883X0 

1865X0 

1065X0 

-23X0 

Dec 

1896X0 

1870.00 

1875X0 

-23X0 

Mar 

N.T. 

N.T. 

1901X0 

-23X0 

Jun 

N.T. 

N.T. 

1881X0 

-23X0 


Est volume: 18X20. Open In!.: 61X52. 

Sources: Motif, Associated Press, 
London Inn Financial Futures Exchange. 
Inti Petroleum Exchange. 


Dividends 


Company 


Per Amt Rec Par 


IRREGULAR 
Penn Sa MwtFd 
Zwelg Strategy A 
Zwelg Tr Prior Sel 


X7 ID-3 10-28 
X7 9-30 10-10 
X7 9-30 10-10 


REVERSE STOCK SPLIT 


Harris Carp 1-20M of a shore of Harris Cam- 
wter Systems far each share of Harris Corp 
held. 


INCREASED 


Marble Find 

Mcdltnjsl 

Park Electroc h em 


Q X8 10-12 10-28 
Q MS 10-11 11-15 
O .12 10-18 11-15 


Acme Cleveland 
Am Bancorp OH 
An Cap Corn Bd 


.11 

.125 

-04 


11-4 11-18 
10-7 10-14 
930 10-14 


3-MONTH PI BOR (MAT IF) 



Am Cap FedMtgA 

M 

X46 

10-31 

1031 

FF5 million 

-Pts Of 108 PCt 



Am Cap FedMfa B 

M 

X382 

10-31 

10-31 

Dec 


84J05 

94X6 

—0X2 



XS1 

9-30 10-14 

Mar 


93X7 

93X8 


Am Cow GtbGvB 

M 

X382 

9-30 

10-14 

Jon 

93X3 

9117 

9119 

— 0X3 

AmCoo GlbSec A 

M 

X555 

10-1 

10-14 


9291 

92X5 

82X6 

— 0X4 

AmCoo GtbSac B 

M 

.0485 

103 

10-14 

Dec 

9241 

Q2-55 

92X7 

— 0X4 

AmCop GlbSec C 

M 

X485 

10-3 

10-14 


9240 

8234 

9236 

-0X4 

AmCoDHiYId Inv 

M 

.0475 

9-30 

10-14 


9221 

92.15 

8117 

— 0X5 

Am Cap AAunl Bd 

M 

0485 

9-30 10-14 

Sep 

82X8 

92X2 

82X2 

— 0X6 

AmCoD Tex Muni 

M 

X4S 

10-31 

10-31 


BUyn Union 
Blkrk CAIvQty 
Blkrk FLIvOtv 
BDtrk NYlvOty 
Blkrk NJIvQty 
Coitay Ba> 
CommnSense 
Grwlnco 

CamnmSens Muni 
Del Lobs 

Fst Fedl Sv&LnOH 
Kemper HgincaTr 
Kemner Intermed 
Kemper IMuktlMM 
Kemper Muni Inca 
Kemper srrat loco 
Kemper Strut Mun 
Lockheed Carp 
MunlAdvFd 
Natl city Cara 
Nevada Power 
Pilgrim Prm Rt 
SL Indus! 
Winn-Dixie Sirs 
Winn-Dixie Sirs 
Winn-Dixie Sirs 
Zwelg GovSec A 


1716- 

31 

Q J375 10-11 11-1 
M X654 10-14 1031 
M X656 10-14 10-31 
M X65A 10-14 1031 
M X441 10-14 10-3! 
Q .15 10-14 10-21 


O X675 9-30 10-14 
M XS9 10-31 HF31 
C X45 11-4 1-3 

Q .15 10-12 10-27 
M X75 10-14 10-31 
M .0535 10-14 10-31 
M X725 10*14 10-31 
M X725 10-14 10-31 
M .1275 10-U 10-31 
M .068 10-14 10*31 
Q JO 11-21 12-5 
M Xa5 10-18 1031 
Q JO 10-13 1M 
Q .40 10-13 11-1 
M JM25 10-11 10-19 
- X3 11-14 11-29 
M .13 10*14 11-1 
M .13 11-15 12-1 
M .13 12-15 1-3 

M .045 9-30 10*10 


D-aunual; g-paiatile in Canadkai funds; m- 
moatBly; o-goarterly; s-seml-ananot 


U.S, /AT THE CLOSE 


Baxter Sells Unit to Bain Capital 

DEERFIELD, Illinois (Bloomberg! -j/ 

Inc. said Monday it had agreed to sell us diagnostics . 

Capital for about $44$ millioii to reduce debt and focus on r 
product lines. - «- : - 


Baxrer^m receive $408 million in cash plus S40 million in Bain 

preferred stock or debt „ i„hnratorv * 

The unit makes chemicals for clinical tests as well --jh 

and hospital systems that detect viruses and acla 3f'i qq? 
the business had sales of more than $700 million in i>yj* 

Baxter decided to leave the diagnostics ® Sraial ’ 

focus on faster-growing areas such as bioteclwolop aa . 

therapies as well as the international expansion of us 
supplies operation. 

Humana Will Buy Another HMO 

LOUISVILLE, Kentucky (AP) — Shares of 1 • 
a health maintenance organization, soared Monday alter in . 
company announced it would be bought by Humana Inc. for > 

mil li nn. . « • 

Humana is one of the largest managed care companies m me 
United States, with about $3 billion a year in revenue and , 
million members in health maintenance organizations ano om 

^SSl^Sheftv $25.25 per share for CareNetwork, which has . 
about 90,000 members in Milwaukee and southeastern W tsconsm. ^ 
CareNetwork shares closed Friday at 51 0.875. Humana said the 
deal was part of a broad strategy to move into new markets. 


Strong Chip Sales Help AMD Net 

nv i t- 4-i_ MX A ni"W 


SUNNYVALE, California (Bloomberg) — Advanced Micro 
Devices Inc.'s third-quarter earnin gs rose 41 percent on continued 
strong sales of microprocessors. ~ 

The nation’s fifth-) argest chip maker said net income rose to » 
$86.7 million, from $613 million. Revenue rose 30 percent to 5543 
milli on. The company said record sales of microprocessors and *. 
increasing sales of flash memory cards contributed to the sales 

growth. _ 

AMD gets about 25 percent to 30 percent of its revenue from 
copying Intel Corp.’s microprocessors. Digital Equipment Corp. 
announced Monday it woitid begin using AMD’s 486 chips in 
Digital's personal computers. 


Capital Gties Picks Up 2 Stations 

NEW YORK (Bloomberg) — Capital Cities/ ABC Inc. arid 
Monday it would acquire two VHF television stations from SJL 
Broadcast Management Corp. for $150 million. 

The purchase of the two stations will bring the company's reach 
to a total of 10 stations with 24.2 percent of the nation’s viewing 
audience. . . 

The stations being acquired are WJRT-TV in Flint, Michigan, 
and WTVG-TV, in Toledo, Ohio. WJRT-TV is an ABC affiliate, 
while WTVG-TV, is an NBC affiliate. 



■;i!!0th' r 
■i >«■«/» 


Magma Sets a Poison Pill Defense 


JkLA 

lit 


SWEDEN: Honeymoon Ending Before It Begins 


(Continued on page 11) 


economy still bears the scars of 
its worst recession this century. 


A huge boom in exports, fu- 
eled by the devaluation in the 
krona two years ago, is leveling 
off. For its next growth phase 
Sweden badly needs more in- 
vestment in plant and materials 
— investments that hang in the 
balance with both the deficit 
reduction debate as well as with 


the referendum on EU mem- 
bership. 

For the moment analysis say 
that investors are simply assum- 
ing that both questions Mill be 
resolved favorably. Even those 
heroic assumptions pale in 
comparison, however, to hopes 
that Sweden will be able to meet 
the Maastricht criteria thai sets 
forth the goals of government 
deficits totaling no more than 3 
percent of GDP and total gov- 


ernment indebtedness of no 
more than 60 percent. 

Hans Sterte. an economist 
with Svenska Handelsbank pre- 
dicts that perhaps by the end of 
the decade Sweden could meet 
the 3 per cent target given a 
good run of economic luck. As 
for the 60 percent target, 
though, he said. “That is impos- 
sible." At present, Sweden’s in- 
debtedness stands at 88 percent 
of GDP and is still soaring. 


Mark IV Targets Purolator 

Bloomberg Businas Scum 

AMHERST, New York — 
-Mark IV Industries Inc., which 
owns 4.7 percent of Purolator 
Products Co., said Monday it 
had agreed to buy the rest of the 
shares for $264 million, or $25 a 
share. 

Purolator shares closed Mon- 
day at $24,625. up $6,625 from 
Friday. 

Purolator makes automotive 
oil filters, while Mark IV’s 
Dayco Products unit makes auto 
pipes, belts and hoses. 


SAN DIEGO (Bloomberg) — Magma Power Co. said Monday 
that it adopted a poison pill plan designed to foil California 
Energy Co.’s $840 million takeover bid. 

On Sept. 20, California Energy offered $35 a share to acquire 
Magma in a merger that would combine the two biggest compa- 
nies in the geothermal industry. The offer consisted of $25 in cash 
and $10 in California Energy stock for each share of Magma. 

But Magma said that its ooard approved a shareholder rights 
plan that would allow its shareholders to purchase newly issued 
preferred stock as soon as any one shareholder acquired 10 
percent or more of Magma's 24 milli on shares outstanding. 


;JES LE 

I 

«>*■ 

■ 

. .3 If*: 

. i*. 


tA 

» '» f** 


Weekend Box Office 


The Associated Press 

LOS ANGELES — “The River Wild" dominated the U. S. box 
office with a gross or $10.5 million over the weekend. Following 
are the top 10 moneymakers, based on Friday, ticket sales and 
estimated sales for Saturday and Sunday. 


MX 


< m 


1. The RlwWtkT 

2. Tlmecop" 

1 'Jason 1 * Lyric” 

4. "Farresl Gump” 

5. -QufcSnow- . . 

6 -Terminal velocity- 

7. "Clear and Presort Danner" 
B. The Seoul - 
9. *T1» Mask- 
10. -Natural Born Killers” 


(Universal) 

(Universal) 

IGromercv) 

(Paramount) 

IHoUv wood Pictures) 
(Bueno vista) 
(P ar amount/ 

(Twentieth Century Fan) 
( Heir Line Cinema! 
(Warner Brothers) 


S10X million 
SSX million 
S4J million 
$42 million 
*34 million 
S3X million 
*2.1 million 
SUminkm 
*1.1 million 
Sl.l million 


'•»- $ '-+*4 

*v .I? 

4 'Iwa 




WORLD STOCK MARKETS 


Agena France Pimic ftl 3 


CtaM Prev. 


Amsterdam 


ABN Amro Hid 

57.40 

58.10 

ACF Holding 

38 

38 



Ahold 

48.10 

49 


30191) 204.10 

AMEV 

68.90 

69.70 

Boivwessanen 

33X0 

33.90 

C5M 

6430 

64X0 

DSM 

144 147X0 

Elsevier 

166X0 166.40 





4130 

44.70 

HBG 

276 

2/B 

Heine ken 

235X0 237J0 

Hoogovens 

7530 

76X0 

Hunter Douglas 

77 

77X0 

IHC Caland 

41 

41X0 

inter Mueller 

92X0 

itt 


74.80 

75 

KLM 

47X0 

48X0 

KNP BT 

51X0 

52 

KPN 

5263 

5240 

Nedilovd 

56 

56X0 

Oce Gririten 

74 

7150 

Pofetmed 

44 

45X0 

Philip* 

52X0 

5J.10 

Polvarom 

7290 

75X0 


114 114.10 

Rotfamco 

5130 

5210 


116.90 

11/ 


8240 

8250 

Royal Dutch 

IBS 187X0 

Stark 

<2 

43 


196.90 19160 

Van Ommeren 

4530 

4* 

VNU 


Wollers/Kluwer 

121 12X50 

eoe index : 3n.n 


Previous : 402X7 


Brussels 





Almanil 

7510 

7510 

Artwa 

4850 

4860 

Barca 

2550 

2550 


BBL 
BWfltri 
CBR 
CMB 
CNP 
cockerill 
Cobcoa 
COlruVt 
Delholee 
Elect rood 
EIectra1lna 
GIB 
GBL 
Gevaert 
G rawer Bd 
Immobel 
Krealeioank 
Mosane 
Petroflna 
Powerlin 
Feet! cel 
Rayole Beige 
Sac Gen Banque 


4015 4025 
23225 23525 
12025 irtBO 
2*45 2450 
1910 1900 
200 200 
5300 5290 
7140 7140 
12*2 1244 
5340 5390 

2895 2895 

1344 1336 
3945 3980 

9080 9ISO 

4240 4250 
2900 2900 
6130 6180 
1420 1400 
9790 9830 
2775 2790 
482 482 

4550 4630 
7850 7890 


Sac Gen Belalauc 3075 2065 


SoUro 
Solvav 
TeMenderlo 
Trueteeei 
UCB 

Union Mlnlerc 
Wagons Llls 


I3I2S 1JJ3S 
14200 14350 
KI2S0 10200 
9440 9700 
24150 24000 
2685 2690 
6400 6730 




To Our Readers 
The Frankfurt 
stock market was 
closed today for a 
holiday. 


Helsinki 


wner-YBhrina 

:nso*Gut»ir 

luhiamaki 

LO.P. 

:ymmei» 

Aetna 



aoHprav. 

Nokia 

567 

565 

Pah] ola 

64 

68 

Repoto 

101 

1(Q 

Stockmann 

250 

245 



Hong Kong 

32.90 33 

1225 1225 
37 37 A0 
39Att 39 JO 
10k6O 10X0 
14.10 1425 
54 5*25 
48 48 

3550 3570 
14X5 14X8 
24.70 2SJS 

19 19.10 
19X0 19.40 
84-25 8450 
11X5 11X5 
15X0 15X5 
11X0 11X5 
3620 36X0 
2175 21X5 

65 65X0 
3120 31 JO 
1525 15X0 
1020 10 

20 19X5 
26X5 

57 5775 
329 321 
4025 4050 
1055 10X5 


Bk East Asia 
Cattiav Pacific 
Cheung Kong 
China Ugh! Pw 
Dairy Farm I nr I 
Hang Luna Dev 
Hang Sena Bank 
Henderson Lana 
HK Air Eng. 

HK China Gas 
HK Electric 

HK Land 
HK Realty Trust 
HSBC Holdings 
HK Slicing Hits 

HK Telecomm 

HK Ferry 
Hutch Whampoa 
HvsanDav 
JarrHne Math. 
Jar dine Sir Mid 
Kowloon Motor 

Manaarln Orient 
Miramar Hotel 

New world Dev 
SHK Proas 
Stvtux 
Swire Pac A 
Tol Cheung Pros 
TVE 

Wharf Hold 
WhaehKk Co 
Wing On Co mil 
Winter Ind. 




31J0 31.10 
1675 1695 
11X5 1150 
10X5 1025 
9472X9 


Johannesburg 

AECI 
Aitech 
Anglo Amor 


Barlows 

Blyvoor 

BlrffOlS 

Da Beers 

DriefontcJn 

Genosr 

GF5A 

Harmon* 


Harmony 
Hlghvald Steel 
Klool 

Nedbank Grn 
Ranafonleln 
Rusolat 
SA Brews 
St Helena 

Sasoi 

Western Deea 223X0 219 


27 27 

121 121 
239 237 

2875 2850 
11 1125 
57 58 

101.7510050 
6775 67X0 
1475 14X5 
126 126 
41X0 4525 
30 S3 
72 7125 
2975 30 

56 56X0 
118 118 
in qi «n m 
4B 49 
3550 34 


London 


AMev Nan 
Allied Lyons 
Aria Wiggins 
Argyll Group 
Ass Brit Foods 
BAA 
BAe 

Bank Scotland 
Barclays 


BAT 

BET 

Blue circle 
BOC Group 
Boots 
Bowafer 
BP 

Bril Airways 
Brit Gas 
Brit Steel 
Brit Telecom 
BTft 

Cable Wire 
CodBury 5ch 
Conxion 


3X6 

5X0 

2X7 

220 

5X8 

671 

4X2 

2X7 

5X9 

5.15 

423 

I 

278 

42? 

520 

4X5 

1?? 

3X4 

2.97 

IX? 

3X0 

3 

3.90 

4X5 

2X5 


3X8 

SA5 

2.69 

2.73 

527 

4.90 

452 

2X7 

5x9 

£.15 

4J6 

1X1 

Z7B 

6.92 

527 

472 

4 

3X1 

29| 

1.72 

165 

3j08 

4jS1 

4X9 



Clou Prev 


1.10 

1.17 

Forte 

223 

225 

GEC 

287 

2.8: 

Gen'l Acc 

5X7 

55C 


5J3 

5X5 

Grand Met 

4X1 

4JH 

GRE 

ITT 

M» 

Guinness 

453 

454 

GUS 

5X3 

5X9 

Hanson 

2X0 

2X1 

Hlllsdown 

172 

134 

HSBC Hldgs 

7X1 

7JM 

ICI 

834 

8X1 

Inchcaoe 

4.13 

4 XI 

Kftigfishor 

4X5 

4X9 

Lad brake 

151 

153 

Land Sec 

6.13 

636 

Laparte 

7 

7.18 

Unmo 

1X8 

15J 

LeaaiGanGrp 

4X6 

4X0 

LlOVds Bank 

5X1 

5X0 

Marks Sp 

399 

4X3 

r ; 

4X5 

4X4 

Nari Power 

4X3 

4X1 

Natwmt 

4X0 

4X7 

Ntnwst water 

5X8 

5X0 

Pearson 

6 

5X2 


6.14 


Pllklngton 

1X9 


PawerGen 

5.14 

537 

Prudential 

253 

2*6 

Rank Ora 

197 

4X2 

Reckltt Col 

5X6 

5X1 

Radtand 

4X5 

4.94 

Reed Inti 

7X2 

7X6 

Reuters 

4X5 

4J5 

RMC Group 

9X7 

938 

Rolls ROVCV 

1X8 


Roth mn (unit) 

3X5 

JX0 

Ravot Scat 

4X3 

414 

1 , ir 

8.72 

8JV 

Salnsbury 

4JB 

4 

ScotNewau 

4X8 

4X5 

Scot Power 

3X5 

356 

Sears 

1X1 

1X4 

Severn Trent 

534 


Shell 

6.96 

6.98 

Slebe 

5X1 

5X0 

Smith Nephew 

1X0 


SmllhKIlne B 

436 

4.76 

Smith (WH) 

4X2 


Sun Alliance 

113 

330 

Tate & Lvle 

4X5 


Te*cn 

2X6 


Thorn EMI 

9X0 


Tomkins 

2.14 


TSB Group 

215 

217 

Unllew 

11.14 


Utd Biscuits 

3.0A 


Vodafone 

1.94 

1.98 

War Loan 3 Vs 


«DX» 

WeHcame 

654 


Whitbread 






Willis Cdrroon 

1X5 

1X6 

FT 30 index : 20050 
Previous : Z3J#.vg 



Madrid 


BBV 3145 3160 

Bco Central Hlw. 2920 2905 
Banco Santander <s» 4915 
7E7 900 

3160 3195 
1940 1950 
53<0 5420 
156 166 
815 813 
3925 3920 
3180 3180 
1710 1735 


Banesto 

CEPSA 

Draaados 

Endesa 

Ercros 

Iberdrola 

Reosoi 

Tabacalera 

Telefonica 


107 

106 

Coats Vlyel la 

2X2 

159 

45X0 45X0 

Comm Union 

479 

5X4 

146 

144 

Cowrioulds 

434 

4X9 

10 

10 

ECC Graua 

3X8 

353 

iJi 

1X1 

En!erari»oil 

3X4 

3X7 

149 

IS1 

Eurotunnel 

2X3 

2X2 


For investment 
information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 




Milan 


Atleorua 16190 16800 

ASSltalla 13737 13255 

Auitatrade oriv 17B0 1833 
Bca Agrlnltura 2690 2750 
Bco Com me r imi 0730 3855 
Bra Nax Lavoro 12900 13100 
Bca Poo Kovara 8200 8050 
BancadlRamo 1700 l TO 
Bca Ambruiano «iS5 4385 
Bco Naooli risp 1200 \m 
Benetton 20750 21000 

Credlhj Itcdlono 7040 2060 
Enlehem Aug 3030 3040 
Fertin 1573 1582 

Flat Spa 6490 6480 

Flnanz Aaralnd 1D450 10680 
Finmec c anica 1440 1519 
Fondle Ha jpg 
Generali Asslc 
IFIL 


Ita lee menu 
I taigas 
Meal (banco 

Montedison 

Olivetti 
Pirelli soa 
DAS 

Rlnascento 


tllOO 11355 
39050 40000 
5760 5900 

11305 11510 

5215 5295 
13695 14000 
1330 1363 
»00 2090 
2425 2490 
22000 33500 
9050 9185 


5«1 Pools Torino 9240 929Q 

SIP 4330 4400 

SME 3850 3880 

SfllOftPd 

Sianda 3«M349oo 

Slot 4730 4835 

Tore AssIC 25500 26900 


Pre*SSs?W@ ! ,B5W 


Close Prev. 


Montreal 


AtCO Ltd 1 131* 13*u 

Bonk Montreal 23W ZPn 
BCE Mobile Com 38W 38Vi 


Cdn Tire A 
Cdn UNI A 
Cascades 
Crown x Inc 
CT Fln’l Svc 
GO* Metro 
GI West LHoco 
He» mri bcp 
H udson's Bay Co 2B7S 
Imasco Ltd 38W 


1110 113k 
73*> 23W 
8Vk V* 
17 1714 
17*6 17*6 
12% 12** 
20*6 20 
IS* 13 
29 
38 


22U 22 

20*8 21)8 
9>A 9*8 

1«Vj 19*8 


investors Grp Inc 16*6 I6*k 
Labatt (John] 21*8 2118 
LobkiwCos 
Moison A 
Natl Bk Canada 
OshawaA . 

Poncdn Petrolm 43V. 42V: 
Power Coro I9*« 19*6 
Power Fln'l 28*4 28V» 
OutiiecorB 17*6 17*8 
Rogers Comm B 20V8 20V» 
Royal BkCdo 28 '4 28*8 
Sears Canada I ne BVi 
Shell Cda A 44V4 43 

Southam Inc 1616 16 

Stelco A 8*8 8*6 

Triton Fim a 3*6 370 

PSeSMBf 1 " 


Paris 


Accor 
Air Lloulde 
Alcatel All thorn 
Axa 

Bancalre (Clel 

BIC 

BNP 

Bauygues 
Danone 
Carr Hour 
C.C.F. 

Cerus 
Omrpeurs 


600 60S 

7S9 717 

481 489X0 
236X0 237X0 
503 499 

651 6Se 
245 345 

568 585 

715 724 

2051 2100 
212 714 

IDS80 1D450 
1297 1220 


Onventi Franc TWO 2-»4 

Club Med 441.10 459 

Ell-Amdtalne 374X0 

Euro Dbnev 7XS 

Gen. Eaux 453 487 

Havas «B.io *19 

1 metal 560 585 

Latarao Coaaee 413X0416X0 
Lea rand 6750 6810 

Lvon. Eaux 448-20 449J0 

1000 "TO 
t-VXAH. 842 872 

Malra-Hochette 104 105.80 
Mlcholln B 214X0 21370 

Moulinex 118 118 

Paribas 321 334 

Pechiney inti i4*xo ' ■ 

Pernod- R lea rd 291 

Peugeot 777 

Plnaull Print 
Radkrtecnntawe 
Rh-PaulencA 118.10121^0 


146 
303 
7B4 
908 913 

520 545 


Raft. SL Louis 
sanofl 

Satm Gabaln 
S.EJJ. 

5le Generale 
Suer 

Thomson-CSF 

Total 

UAP. 

Valoo 


M80 1457 
233 238.90 
634 632 

521 529 

536 540 

247X0 2ifS 
147 139 

38570 31170 
130 13190 
27770 279X0 




To Our Readers 
The Sao Paulo 
stock market was 
closed today for a 
holiday. 


Close Prev. 


Csoos Union Ent 8X0 870 

Scmbawam tlAO 1170 

Slme Slnoaocre 1.10 188 

Sing Aerospace 2X1 274 

51ns Airlines fora 14X0 14X0 
sing Bus Svc 9X0 9X5 

Sing Land 
Sing Petlm 
Sing Press lorn 
Sing Shlpbldg 
Sing Telecomm 
Straits Steam 
Straits Trading 
Tat Lee Bank 
Utd industrial 
UtdO-seoBkfam 1X30 14X0 
Utd (Tseas Land 273 2X3 


9 0.95 
2X7 2X8 
2i 26 
261 2X9 
3X2 3X2 
5.10 4.90 
3X0 3X8 
4X8 4X6 
TX0 1X9 


Stockholm 


AGA 

Asea A 

Astra A 

Attas Cooco 

Electrolux B 

Ericsson 

Esselte-A 

Handetsbaikcn 

investor B 

Norsk Hydro 

Procardia A F 

SandvHtB 

SCA-A 

S-E Banken 

Stand ta F 

Skanska 

SKF 

Stora 

Trelleborg BF 
Volvo BF 


67 619 

526 529 

178179X8 
93 94X0 
352 354 

397 39B 

93 98 

87 89 

17217250 
249X0 2« 

133133X0 

110109X0 
118X0118X0 
4480 45X0 
126X0 126 

146 148 

129130X0 
424 428 

99X0 100 

135X0136X0 

SSKffiSBi™ 


Sharp 
Shlmaxu 
Shinetsu Chem 
Sony 

Sumitomo Bk 
Sumitomo Chem 
Sumi Marina 
Sumitomo Metal 
Tafciel Corp 
TokedaChem 
TDK 
Tallin 

Tokyo Marine 
Takvo Elec Pw 
Tappan Printing 
Toray Ind. 
Toshiba 
Tavnla 

Yamalchl Sec 
a: x 100 . 


Close Prev. 
1760 1760 
720 714 
2030 2030 
5800 5760 
1890 1880 
540 561 
889 906 

345 350 

656 456 
118® 1160 
4410 
551 557 
1170 1180 
2920 2920 
1450 14*0 


U.S. FUTURES 


VeAegcMheu 


Oa. 3 


Semen Seawn 
High Low 


Open H«gft Low Close Chg Op.lnt 


769 

770 

417 

117'', Dec 94 4.08 

417 

406"! 

413 HUE 

25X43 

745 

745 

4.10 

125 Mar 95 4 09 

420 

409 

4.1b*: *00615 12X89 

2050 

2030 

1W 

331 W May 95 3.91 

403 

191 

198 *0.04%. 

1X09 

773 

775 

l<ri« 

3.1b 1 , Jul 95 3X0 

ItS 1 ', 

IM 

3X4* . -aw* 

2X59 



177 

329 Sep 95 167 

3X0", 

347 

3X8 -001 

49 



3»5 

JaQ'.;Dec95 



177 '6 *0X1 

3 


Toronto 


Sydney 


Amcor 
ANZ 
BHP 
Borol 

Bougainville 
Cotes Myer 
Coma leu 
CRA 

CSR 

Fosters Brew 
Goodman Field 
ICI Australia 
Magellan 
MIM 

Nat Aust Bank 
News Corp 
Nine Network 
N Broken Hill 
Pac Dunlap 

Pioneer I nil __ 

Nmndv Poseidon 262 ZM 
get Resources 1X9 1X8 
Santos 195 3X0 

TNT 2X0 2J39 

Western Mining 7X0 787 
Wtetooc Banking 4.17 *jo 
5 


8X4 8X8 
194 191 
19X8 19X4 
3X3 3X1 
1X3 1X2 

4.16 4.17 
5X0 5M 

1854 19 

4-47 4X8 

1.16 1.14 
178 178 

II 11 
1.90 1X2 
273 273 
10-44 1032 
047 8X7 
4.12 4.T1 
3X8 3X1 
4X8 4.10 
3X3 3X5 


Woodside 570 

WWBSTiiaW" 


Tokyo 

Akai Electr 
Asa hi Chemical 
Asahl Glass 
|m*ol Takvo 
Bridgestone 
Canon 

CaiK) 

Dal Nippon Print 1810 1790 
ueiwaHouM 13*0 ism 
Dalwa Securities 1420 1450 
ramie 45*8 ,1630 

g>!l gm* srai 51 ® 

Full Photo 2260 ™ 

1060 io« 
Hitachi 964 956 

mioaticawe x — 


426 426 

780 782 

1230 1220 
1510 1500 
1540 1550 
1750 1740 
1250 1250 


Singapore 

Asia Poc Brew 16X0 16X0 
CeretxM 8.1s ajje 

City Develop mot 8. ID 105 

Cycle & Carriage 12X0 1270 
DBS 11.10 11 

DBS Land 478 4M 

E tevingstan 155 160 
Fraser 4 Neove 17X0 17x0 
Gt Eastn Ufc 27X0 27X0 
Kong Leona Fin 4X0 442 
Inchcope 5X5 5X0 

Jvrang Shipyard 13X0 13X0 
KavHianJCapel 2 2X1 
Kepoci 1220 12 

Nam eel 378 172 

Neptune Orient 270 219 
OCBC foreign 1470 1470 
Oleas union Bk 7X5 6X0 


B40 841 
1670 1650 
5270 5290 
721 725 
735 747 

m 981 
3400 2500 
.445 448 
1150 1150 
919 902 

731 735 

7040 7080 


Honda 
Ha Yeftada 
Itochu 

: Japan Airlines 
Kailma 
Kansal Power 
ES^wok! Steel 
K bln Brewery 
Komatsu 
Kubota 

Kyocera 

MOtsi Elec Inds 1600 1580 
Matsu Elec Wks 1070 1060 

SUMlSSse, ^ ^ 

M tsublsni Carp 

M huiandCa 
Mitsui Marine 
Mitsukashi 

Mitsumi 

**EC .... ,. rB 

NGK Insulators 1020 1020 
N ftkc securities 1110 1120 

Nippon Koooku 900 901 
Nippon 011 697 688 

NtpoonSieei 388 S» 
Nippon Yusen 635 434 
Nissan Sl5 809 

NotnuraSac 2030 3050 
NTT 1710a 8000a 

Olympus OMIcal 1060 1060 
Pioneer 2570 2550 

Rleoii _ pi* w 
Sanvo Elec 570 562 


.779 770 

1240 1230 
8B 844 
757 765 

929 921 
1330 1310 
1210 1190 


AbiHbi Price 20W. 2nvt> 
Air Canada 7*v 7*5 

Alberta Energy am 20*4 
Alcan Aluminum 36 u. 35*fc 
Amer Barrlck 341k 35*4 
Avmor 

Bk Nova Scotia 
BCE 

bc Telecomm 
Bombardier B 
Branxilea 
Brascan A 
Camera 

CIBC .... 

Cdn Natural Res 18 Vi 18*fe 
Cdn Occld Pel 3016 291* 
Cdn Pacific " 

Cascades Paper 
Comlnco 
Consumers Gas 
Dofasco 
Daman Ind B 
Du Pont Cda A 


27V. 27U 
26 is 26*9 
48*9 48U 
26 w 2514 
22*4 22*9 
4.10 4.10 
19*9 19*9 
26*4 26*9 
3114 31*9 


22*4 22 Vt 
6*4 6*9 

24W 24 

16*4 17*4 
23V. 23*9 
13 13 

19Vs 19V9 


Echo Bov Minas 18*4 1899 


Empire Co. A 
Falranbridae 
Fletcher Chall A 
Franco Nevada 
Guardian Cap A 
Hemic Gold 
Horsham 
Imperial Oil 
Inca 

IPL Energy 
Lac Minerals 
Laldlow a 

Laktkjw B 

Laewen Group 
London inwr Gc 
AAaanlll Btoedel 
Mogna Inti A 
MapteLeat Fds 
Moore 


14 14 

21*4 2114 
19 19W 
85V9 87 

8*4 9 

15*9 15*9 
21*4 21W 
44 42% 

39% m „ 

2899 28% 
16% 17*9 
ia*s lavs 
10% 10% 
32% 32*4 
23 23% 
19*4 20*9 
4914 49% 
11 IIV9 
25 2499 


Newbridge Netw 0% 43*9 


Noranda Inc 
Noranda Forest 
Narcen Energy 
Ntttern Telecom 
Nova 
□nax 

Petra Canada 
Placer Dome 
Potash Carp Sask 


261. 27V9 
12*4 12*9 

is law 

4474 4649 
ld*s 1449 
13*« 13%. 
I1W 11*9 
32 V. 33*4 
56 55*9 


Proviso 5*9 5*9 

PWA 0X0 OXE 

Ouehecor Print id% 14%. 

Renaissance Env 28*v 28*9 


RlaAlgom 
Seagram Co 
Slone Conaold 
Talisman Eny 
Teieatobe 
Telus 
Thomson 
TorDoin Bank 
Tran sal Id 
T ransCdo Pine 
Utd Dominion 
UMvmrnvme 
Westeoast Eny 
Weston 


25*4 26 

41 404. 
IB*. 191, 
29Vl 29'i 
17*9 17*i 
17 16T9 
1534 15*4 
20W 20*4 
14*4 14V, 
17*4 17*9 
26*9 25*4 
10ft 11 
22 22W 
39 39 


Xerox CaxxtoB *&• <6*4 


T8E SMfaniax: «MA70 
PTBVHWI ! i 


:«3MX0 


Grains 


WHEAT ICBOT) ^hiimuiwn-eAiriivhuViii 


405 

309 

Dec 94 

J0?v, 

4 10‘l 

402 

40fl'T*Ofl5 47X49 

4.13 

177 

Mar *5 4.10 

4 19 

409'-, 

417", -OM't 19IM7 

191 

lift' 

•MOV 95 393 

198'; 

192 

ITS": >0X2 7X83 

IsJ’-i 

311 

Jul 95 

357'., 

3411'. 

357 

158V. — 0X1 ft 5X08 

1X5 

3-51 V: Sep 95 

3X3 

JX4 

3X3 

3X4 <0X1 124 

175 

155 

Dec *5 

171 

171", 

171 

171 •>, * 003'* 81 

154'., 

154 

JUIJt 

350 

150 

14* 

146 -0.05 2 


EU.SOMS 78.000 Fri'i. icfcrt 27.043 
Frys open ini 75.I5J fl« 791 
WHEAT (KBOTI LCMbuirminuni. PoanBWIMhd 


ESI. safes NA. Frr-s sales 7,*60 
Frt sopanim 40X66 
CORN (CBOT1 soranu mvwram- 4Mn «r WM 
277 114 Dec94 2.15 119 2.1S 117V: *001 *134,841 

32P^Mor9S L2J*« 2.78>« 124*, 227 *0X1*4 48.271 

2JP4MDV9S 232*. 2J6'4 133 Vi 2J4*U rOOl*. 18X86 

236*9 Jul 95 137*^ 241'. J37'* 720 *a02’u 19363 

239 Seo« Ill's 345 141 ft 144 *0X2ft 1338 

23J*i Dec 95 jus*, 1st'; 145ft 148 ft *003*. 7AU 

TJO'.i Mor9< 233 255 2X3 2X5 *0.03 47 

235ft JU 96 238ft 261 238ft 2x1 *0X3 80 

Est. safes 37X00 Fri’s. wdes 26.019 
Rift open IN 230 JOB uo 474 

SOYBEANS CCBOT1 54MHrrw« mum- oaten mrnnnci 


2X2*1 

2X5 

2X5’': 

270ft 

363 

333 

262*i 


7X7V, 

5X5’tNav94 

US 

S41", 

535 


7.04 

5X4 Jan 95 

SX4 

5Sl'i 

545 


7X5 

5X5*. Mar 9S 

5X5 

5sl'< 

5X5 

5X8 ft -0.02'. 

11194 







7X49, 

070' i Jul 95 

5L7D 

576 

569 ft 

574 tQjn'ii 13X63 

6.17 

5.72 Vi Alio 95 


5.78', 

S.73 



4.15 

176 Seo95 

SJ»5, 

5X0 Vr 

578 



6X0 V: 

SJBntiOT/95 

5X4 

5X9V. 

584 



6J1 

6X2 Ju)9» 




6X3 *0X1 

9 


309X0 
20730 
70730 
307 00 
206X0 
183X0 
18270 
181X0 
102X0 


ESI. safes 38X00 Frl's. MUes 48394 
Rift ocen ini 137304 uo 1528 
SOYBEAN MEAL (CBOT) lCOMn^ aOnn'M, 
30730 HUDOctM IS! JO 15310 161X0 15200 
141X0 DK *4 162® 16440 14210 16110 
162.10 Jon 95 16170 165X0 16140 1(470 
1 6430 War 95 167X0 169 10 1*6.70 147X0 
16930MOV 95 149.50 171.90 1M40 170X0 
17230 Jul95 17230 175.00 17230 17490 
17330 Aug 95 174 X0 176.00 174 0a 176X0 
175X0 Seo 95 17530 178X0 17530 178X0 
17170 Oct 95 im.OO 

17630 Dec 95 1 80X0 181.00 180X0 180X0 

Est. safes NA Fn's. safes 23.998 

Rift open int 91.916 uo zm 

SOYBEAN On (CBOT) M.OOPB,. avion »«* lOOfeL 

2934 23.1000 94 2SX3 3105 2435 2471 

22. 00 Dec 04 74X2 " ' 

035 Jan 95 2379 
32.93MO-VS 2330 
22.93 MOV 95 U.35 
23JXIJW95 23.15 
a95Aug95 2301 
22.95 Sen 95 2105 
23. 00 Oct 95 2239 

22X0 Dec 95 2100 

EsI. safes NA Firs, safes 31,979 
Frfs aoen int 81.09 up 1019 


+ 0X0 4X15 
-170 46.046 
♦ 130 13X71 
-1X0 12J90 
•1.00 6X25 
-250 4,932 
•250 707 

-290 579 

*1X0 76 

*130 275 


20X7 

2855 

7130 

28X5 

77X5 

27X0 

2475 

2180 

2185 


24.08 

7180 

2335 

23X5 

7120 

2114 


2372 
2335 
2135 
tjjs 
23X2 
23 00 


2108 2250 

2300 22.95 

23 00 22X4 


23X4 

2163 

2341 

2124 

2110 

2107 

23.02 

22.95 

22.96 


—OJ7 11.9*7 
-0X2 39X75 
— 0-20 9X75 
— 0.13 7X46 
-0X9 4X48 
-0X4 4.753 
-am sel 
-0.03 S07 

—0.05 364 

-002 589 


Livestock 


CATTLE (CMER1 axgin-cmimb 


7410 

74X0 

74X5 

75.10 
4930 

68.10 
47 SS 


8075 

7690 

74X0 

7105 


Zurich 


Adlo InH B *ft 71B 

AIikuIsso B new 6*9 474 

BBCBrwiBavB 108S 1116 

aba Geigy B mm 

CS Hatdlnas B 
EleklrowB 
FfecherB 

Int era Iscourt D 
JelfiMlI B 
Landis Gyr R 


510 526 

.344 345 

1510 1520 
1900 1950 
878 890 
770 770 
390 385 
1150 1149 


Landis Gyr R 
Moeveneidc B 
Nestle R 
Oeriik. Buettrte R 130 132 

SaSRtfK 1510 

Sofrn Republic 
SondozB 
Schindler B 
SulierPC 

Sorvetltoiai a , m lrwl 
Swla Bnk Cera 8 366 368 
Swiss Relnsur R 644 «26 
Swissair R — 

UBS B 
wimgrthur B 
Zurich An B 


5640 5750 
100101X0 
675 680 

7800 8000 
873 855 

1960 I9« 


tSwteJFi'JPiV’ 

W0VNKIS ! 905.17 


840 863 
1170 1200 
642 455 

1150 1187 


4 570 Oct 94 4835 48.90 48.07 4832 

62 70 DCC W *840 69.15 68X7 48.90 

47X0 Fee 75 47.70 *8.27 67X5 67 «7 

4436 APT 95 48X5 68.95 6837 48X2 

(AXOJunVS 65 60 4595 65.00 45 65 

65. 10 Aug 95 65X7 6545 *512 65X5 

45300095 4578 65X0 4570 4570 

Est. sows 13X19 FH's. sales 17X29 
Rift eoen int 69X84 uo 1231 
FEEDER CATTLE (CMER) 59X00 bs.- comorfB 
81X5 70.950C1W 72.70 7120 72X5 72.95 

earn TUOHavt* tom 73.95 73.12 73.70 

80.95 79XOJWI95 72Ji 73X7 7IJ0 73.92 

71 60 Mar 95 72.00 72X0 7130 7190 

71X5 Apr 95 71.75 71.90 713Q 71X0 

71.12MW9S 71X5 71X7 71.10 71X0 

71X0 Aug 95 71.07 7140 7107 71X0 

Est. sales 2,146 Frl's. sales 1.763 
Friftopenri 0.989 up 333 
HOGS (CMER) 40.000 m&.- cwirsicrB 
4973 36X00094 36.42 3637 36X0 3625 

34.ISDK94 16X0 34 80 34X2 36X5 

3670 Feb 95 3705 17X5 36.97 37X0 

37. ID Apr 9i 37 X 37 XS 37 JM 37X0 

43X2 An 95 43 65 42.70 42X5 42.70 

42X0JUJ75 42S5 42X5 42X0 4240 

41 JO Aug 95 41X0 41,95 41 JO 41.95 

391200 9S 39.15 39 15 3>M 19.15 

4020 Dec 95 40.05 4012 39X5 39 JJ 

Est.pte 5.776 Fn's. safes 9.117 
Frt’sotwimt 30.986 UP H03 
PORK BELLIES (CMER) AMos- smtspw b 
60.05 38X5 Feb *5 J9J0 39X0 38X5 36X2 

60X0 3050 Mcv 95 9X0 9.50 38X0 38.90 

41.15 3945 May 95 40X0 40X0 9X$ 39.90 

54.00 40JOXX9S 41X0 41.20 4040 40.00 

44X0 965 Aug 95 965 

Est. IdfeS USD Rr*t. safes 1.947 
Fri's open rt 8X00 uo 7» 


*0X7 19.188 
*040 32,199 
♦ 0X7 14X03 
*0.17 9,704 
2-291 
— 0X5 1.148 
— 0.10 140 



Season 





“““ 

ttgh 

Low Open 

Mgh 

Low 

Close 

Chg 

Op.lnl 

II 88 

11 JU Jul 96 



HJ3 

■ aio 

5 

| EU wile* 10468 Fr.ftwlei 

18.873 




1 Frisopenoil IJ9.SI0 






COCO, 

(NCSE) iflmfiitclotn-lwiipn 




1580 

1041 Dec 94 1318 

1328 

1300 

1302 

— 15 

39X41 

1605 

1077 Mar 95 1372 

1380 

1355 

1354 

-17 16,705 

1613 

1078 May 95 1405 

1405 

1385 

1386 

-17 

6J59 

16(0 

1225 Jul 95 1430 

1420 

1415 

1419 

-12 

2X80 

1540 

1447 Sep 95 




-12 


1433 

1390 DCC 95 1470 

1470 

1470 

1448 

-12 

4.963 

1676 

1350 Mar *6 



1497 


1394 

1443 

1775 MOV 94 



1530 

—77 

312 


JOI94 



1550 

—12 

11 

EsI.KDM ID. 069 FfTSsStfes 

7.273 





1 Frift open iro 74.789 






ORANGE JUKE (NCTN) ISAOOBu.- 





134X0 

8506 Nov 94 9150 

95X0 

*3X0 

9*35 

— 0.15 

9,938 

112X0 

WOO Jon 95 96.75 

99X5 

96JS 

97 JS 










IIAJJ 

97X0 May 95 1(030 

105.90 

103X0 

104J0 

•UO 

7X87 

119.00 

100X0 Jul 93 108X0 

108X0 

108X0 

107 JO 



114X0 

111X0 Sep 95 



11023 

*0X0 


HIM 

109X0 Nov 95 



112.75 

*0X0 


111.00 

105X0 Jm 94 



113.75 

*0X0 



5.705 





| Rift open VP 23X71 mi 19 







Metals 




HI GRADE COfTCH (NCMX; 

25X00 fee- cents per 4v 



119X0 

7575 Dec 94 112X0 

114X0 

112X0 



11590 

7890 Jan 95 11190 

114.10 

113.90 

114X0 

*!JS 


117.60 

7100Fab9S 113X0 

111X0 

1)3X0 





73X0 Mar 93 111 JO 

113X0 

ltlAS 

11320 




74X5 May 95 111X0 

112X0 

111J0 

>1240 




7 8X0 Jul 95 110.90 

111.90 

HOXO 

111X0 



M3JQ 

79.l0Sep« 110X0 

111J0 

110.00 

110JD 



12210 

71200095 11160 

116X0 

114X0 

116X0 

*3X0 

2X70 

118X0 

77.75 Npv9S 



114X0 



115.75 

88. 00 Dec 9S 109X0 

110-30 





108X0 

88J0J«i96 



108.90 

♦ 1.75 


110J0 

42JDMO-94 108X0 

108X0 

108JM 

107 JO 



114X0 

9I.IDApr96 



IT 3X0 





107X0 

107X0 

107.10 

*1.15 


1153) 

!IM-IOJun9i 



112X0 




Jul *4 



106X0 

+ 1.IS 


11205 

11 1.40 Aug 96 



111.15 

+ 1JS 

57 

EM. sate. 10X00 Frtftstfes 

24X07 




Fri's open Int 54X74 







(NCMX) SXf»[-r 0 vca..«rr, 




558.0 

51IXOct94 



S64J 




NOV 94 



567X 



597.0 

IBOXDecVJ 558X 

572X 

557X 

569X 


57 55 

401 X Jan 9S S6IX 

541 X 

541X 

572.1 



6(U.O 

OAXMcr 95 546.0 

5B0X 

545.0 

578.1 

♦ 3.9 10X37 

6045 

41 6X Mov 95 5710 

583X 

5710 

584X 

+18 


610X 

4300 Jul 95 5B3X 

59 AS 

581 X 

W1A 



6015 

532.5 Sep 95 



S98L2 



6740 

Sy>.0DeC95 61 IX 

60) S 





61ZX 

5750 Jan V6 



6tU 



6320 

554XK8CT96 






S87X 

5B7XMCV 96 



627.0 

*13 

74 


JUl 96 



4353 

+13 

1X01 

1 Est. safes 20X00 Frtft solas, 

16X91 





1 Fri’s open in) 121.942 






PLATINUM INMER) Slma-ag*Mwn,a 




368X0WS94 414X0 

419X0 

41850 

418XO 



43550 

374X0 Jan 95 419X0 

424X0 

41 LSI 

40X0 


439 JM 

390X0 Acr 95 422X0 

cfl.00 





435X0 

419X0 JUl 93 



430X0 

*1X0 

574 

436JU 

42100 Od 95 



jm to 


335 

| EM. sales NA Frift SMos 






Frift open i ll 22X99 off 18) 






GOLD (NCMX) IH SW0J6- aoba-s dot 





41 7X0 

344 00 Oct 94 3*160 

39520 

39160 

194X0 

+ 0X0 

885 


NOV 94 



330X7— 726J7 



343X0 Dec 94 395.30 

399X0 

39SJS 

398J0 

+ EL60112X43 


36150 Feb 95 399J0 

40X0 

399X0 

401X0 

d* i .r ii 

417.00 

366X0 Aar 95 402X0 

406X0 

402X0 

425.10 

+OJO 

7,215 

A2&50 

361.20 Jun 9$ 407X0 

410X0 

404X0 

4WJ0 

*0X0 10*233 


380XDAUB93 470.00 

412X0 

410X0 

412X0 

*0.90 

5X86 


401X0 Od 9S 




•axil 


429.00 

400X0 Dec 95 41130 

MUM 

41820 

MOJO 

+0X0 

7X06 

424X0 

412X0 Feb 9fc 



424J0 

+ 090 

1X42 

41020 

4I5J0ABT94 



420) 

+ 0X0 

1,907 

431X0 

413X0 Jun 96 411X0 




+ 0X0 

S.917 


AugH 



fun 



Est. sales 35X00 Rift sates 

27X39 





Rift open tot 195.134 







•0.13 2.719 
*0X8 4,192 
•0X2 1X00 
-0X0 US 
■0X0 349 

•0X0 215 

• 0.10 18 


swo 

5080 
48.00 
47 JO 
45X0 
<140 

SOSO 

41X5 


*-0,17 6X39 
—0.05 14X30 
*0X5 5.349 
—0X2 3X93 
1X30 
-015 323 

ITS 
126 

-flJI 16 


♦ 0.07 7604 
—0X5 696 

-0.12 HT 
—0.05 336 

47 


Food 


COFFEE C INCSE) J’.MO lov- ajrttpe* n 
344X5 n.lODecM 212X5 211X0 208X5 
ra9aMor«5 716X5 3 1 690 3113) 
82-50Mav«5 317.75 2I7J5 214.(0 
85X0 Jul 95 018-50 01950 017X0 
)85JOSep«5 7X00 220 00 31*_50 

81X0 Dec 95 714.90 214« 21490 

Est. Mfes 7^96 Fr7t safes 10X96 
Rift open m 36X53 


244X0 
34440 
245.10 
U8 00 
74X00 


20960 

Jt360 

3ISX5 

214X5 

21650 

217X5 


*0.75 20.663 
‘1X0 9,110 
JXIJ 
*OJ0 1,193 
■ 1 00 &3S 

>450 750 


SUGAR-WORLD 11 (NCSE) 

in^0QU.'CCr#a 

we 

I2J0 

9. 17 Mar 95 

17 35 

17J5 

1132 

17X2 

12X5 

10. 57 Mov 95 

17X4 

13X6 

■ 135 

12X4 

12-50 

10.57 Jul 95 

1725 

1145 

1225 

12X2 

1 2-39 

10X70095 

1176 

■ 2.17 

11.96 

■ 2.13 

11X2 

70X8 Mar 96 

1200 

12JM 

1200 

IIJ3 

11 80 

71 ISMav «4 




11 73 


• 417100,987 
>ai3 16.734 
•AH 11,077 
‘OX! 9X49 
•410 1X01 

• 010 0 


Financial 


US T-BILLS (CMER] si mfesn- mvw«d. 

V4.10 94X5 Dec W 9461 9461 «455 9455 -0X6 19X84 

9585 93.96 Mar 95 94.19 94X1 94.14 94.15 -0X5 9.762 

94X4 mUunVS 9179 93X9 93X3 9175 -0X8 ISM 

EM. sales NA. Rt'5. sates 3,757 
FrTsopwint 3M4S up 1190 

S VR. TREASURY (CBOT) ia,Mp+-pi,sl)ngi«npcl 

104- 20 101-76 Dec«102*O65 100485 101 -275101.305— 08 187JI4 

KS-09 101-13 ALv 95)01-00 101*705 101-10 101*111- 985 2.739 

Est. sales na Fn’s. sales 31X24 

R+s open Int 190X52 up 22S5 

10 YR. TREASURY (CBOT) IKXUmenn-MlA SbkttoriHBd 
114*21 100-25 Dec 94 101-14 101-19 101*410 IDI-Ofi — 09 278.017 
111 -07 100-05 Mar 95100-00 100-05 186-09 106-13 - 0V 6.140 

105- 32 W-19 JunOS 99-30 100-00 99-19 99-2! _ 09 116 

101-06 100-01 Sep 95 99-08 9«X8 98-28 98-31 — 09 2 

110-31 W-01 C«95 90-24 90-04 98-10 90-14 - 09 1 

Est. safe* n_a Pits, senes 7SXW 

Ri'ioaenirr 0M.284 uo 8375 

US TREASURY BONDS (CBOT! (iMS-slOsaeo-ahASMiollHocfl 
118-08 91-19 Dec94 9B-Z8 99-06 90-13 40-19— 11 397X36 

116-20 97-22 Mar 95 93-06 98-15 97-23 97-29 - 11 26.214 

10.773 

732 


126 


115-19 97X7 Tun 95 97-23 97-15 97-05 97-08 - 

112- 15 96-18 S*pV5 9W31— 11 

113- 14 06-00 DK95 96-00 96X2 96-00 96-03 — 11 

114- 04 95-17 MOO VS- 17 — II 

100-20 95-11 Juft96 9S-ffl 95-02 95X2 93-62- It 25 

Esi.udos NA Fri's. safes 06X07 

Frift open Inf 43J.V54 up 1237 

MUNICIPAL BONDS (CBOT) tltWvMt.-WsABnhsriMpc 
91-17 87-00 Dec 74 87-1 5 87-22 87-06 87-08 — 10 18X56 

88-09 86-06 Mar 9586-21 86-21 86-06 34-06 - 11 329 

Est. sates NA Rift, sate* 2XB1 

Fn's open felt 16J8S atf 377 
EURODOLLARS (CMER] si mM«rwn« Wecr. 

95.180 90JI0DCC94 MMO 94050 93.950 9WnO 
95 JB0 V0340Mar95 93150 93170 93X80 93100 
90710JW19S 9UaO 93X70 93.170 93.180 
71X10 Sep 95 92.960 92.970 77X60 72X70 —100227,943 
91.IMD6CK 92X70 92X80 92X50 91590 -80172-419 

90750 Mar 96 92100 92X20 91530 92X30 
92X60 Jun 96 92X00 92X00 92X10 9200 

92JM1SCPM 97X00 92X00 V2JI0 92X20 
ELv. sales HA Rl's. safes 397X35 
Fri's open vit 2J75.017 aH 29578 
BRmSH POUND (CMER) mnnnl-iMnnnliUWI 
1584? I4500DM94 1X788 1X7*8 1X72* 1X768 * 22 32X95 


94.73D 

94X50 

94580 

94320 

93.180 

92J7K 


-90495X83 

-70415X78 

—90093X72 


-80150,750 

-90130,712 

—70110X31 


Season Season 
Won Law 


Open Htoh Law Ctase Chg OP.M 


—14 

—14 


1X800 l4640Mar95 1X700 1X750 1X700 1X747 >22 

1X660 1X148 Jun 95 1X090 >27 

Eslsoms HA Frl'vsdn 8.047 
Fri'i open ml 

CANADIAN DOLLAR (CMER) suer ■*- 1 conwutstami 
07670 0X038 Dec 94 17441 0.7444 07478 37447 —7 

0-7605 0.7430 MV 95 0J435 07441 (L7432 0.7442 -7 

0.7522 01090 AxitS 0.7434 -7 

0-7438 01965 Sep 95 0.7400 —7 

07400 0.70*0 Dec 95 0-7406 —7 

Esi safes NA Fn's. safes 3X36 
Fri's open bn 46X74 up 141 

GERMAN MARK (CMER) lawman.- KulmwwWtpuMl 
01606 0X590 Dec 94 0.6455 0X468 0X407 8*436 — 1J 

01595 OX810MV9S 0X417 0X447 0X417 0XM5 

0X595 8X980 Jtin 95 ftMS-5 

0XS2S 81347 Sep 95 0X478 

EM safes HA Frift safes 29JM 
Frift open tol 76X06 w 101* 

JAPANESE YEN (CMER) lM,vM.lwrnwkmnw 
Un04900009S25Dec94 00102130X102640X1 00510X10105 —43 

(UnO56flLOO968OMvesaOIO132aOlO05DCLOlO13aunD1V -43 
aj01O671OOW77Aiun9S 0010286 — O 

OjBTO773lO102OOSea95 0JH0381 -^t3 

IU)1064(BXr(B15Dec95(UnO441(L0]IM750J)l(WMHM74 S3 
Est sates ha Fit’s, sales 34X98 
Frtft Open felt 49X25 UP 1414 
5W1S5 FRANC (CMER) SMrtmne- 1 peHeeMisiaMn 
(L790S 0. 6885 Dec 94 07790 0JB00 QJ710 07755 -28 

(U920 07420 MV 95 07735 07792 07735 07783 -27 

07820 07466 Jun 95 07814 -» 

Est. sales NA Rift safes 14X71 
Frift men int 34X35 oft T028 


44,134 

1.164 

» 

391 

27 


-ii.' 

- »• Jn 

» *» 
K*' t! 
■ ■ M 

■ vti 

; vfc 


run 

3X51 

574 

II 


46,150 

2X37 

447 

85 

6 


NYSE 

: NojuUj-, ciMfny 


-Vr .*. . ^ 

'-'Vf . 


33X11 

481 

63 




Industrials 


COTTON 2 (NCTN) IMHM-Miiwh 


7BX0 

5951 Oct «4 

67X0 

68.00 

6650 

£640 

77J5 

29X8 Dec 94 

67 JU 

67X5 

6650 

46.94 

70.15 

62X0 Mar 95 

69X5 

49.10 

6820 

4822 

7855 

44J10 May 95 7115 

7028 

69.96 


7SJ5 

69X0 Jul 95 

77.10 

77 JO 

m«o 


7470 

64X0 Oct 95 




6880 

72X0 

56X5 Dec 95 

4820 

MJ5 

68X0 

68X0 

66X0 

68X0 Mar 96 




60X0 


Est. safes NA Fri's. sales 4,711 
Frift oaen Int 50X9T rff 58 
HBATHGOIL (NMER) feXOOeai-censpwe 


5,935 

502 

1X83 

10 


58X0 

46X0 Nov 74 

51.15 

51X0 

50.15 

5024 

S»X0 

46X0 Dec w 

52J5 

5135 

51 JS 


6215 

4125 Jan 75 

S3J» 

5110 

52.15 

5120 

5875 

47 J5 Feb 95 

53X5 

53X5 

52X8 

S2J0 

5750 

47 .OQ Mar 9S 

53X5 

53X5 

52X5 

52X5 

55.15 

43X5 Apr 95 

52X5 

52X5 

S2JS 

51X0 

54X0 

47X0May95 51X5 

51X5 

51 JO 

5125 

53X0 

46J7Jm75 

51X5 

51X5 

51X0 

50.95 

54X0 

<7X5X495 

51 J5 

5175 

51X5 

51.15 




52.15 




4846 Sep 9S 

5110 

5110 

5170 


5195 

50X50095 





53X0 

53.90 Nav 95 




54X5 

sue 

53X0 Dec 95 

5530 

55X0 

55X0 

55X5 

58X0 

50X0 Jan 96 





59X0 

59X0 Feb 94 




58X5 

54.90 

S4.40MOT96 




5&JD 

47X0 

46X0 Apr *6 


S4J0 

54J0 

54.75 


— 1J10 <0X02 
—OM 43X25 
-085 31X64 
-ujo i«jc ; 
-075 12X63 ‘ 
-070 4J89 . 

—045 4,113 , 
-010 6,190 ; 

—OJ5 4J1» 

— 0X0 1X05 
—050 1X60 • 

— 050 1,231 . 

-050 713 

-050 3*569 r 
-050 476 - 

—0X0 
-058 


411 . 
301 . 


Ea. sales NA Frift sates 49,641 
Rift Open tot 1 77.187 

UHHTSWEET CRUDE (NMEfU IJWBDI.-C 


20X9 

14X2 Nov 94 

18X0 

18X3 

18.76 

20X0 

14.93 Dec 94 

18X9 

18X1 


19X5 

1115 Jan 95 

18X5 

18X2 


19X0 

15JBFteb95 

18X3 


18X4 

20X6 

15X2 Mar 95 

18X7 

1RJ1 


19X6 

7 5X5 Apr 95 

1BX6 

18X0 


79J4 

75X9 May 95 

18X8 

18X0 


20X0 

UJ3JunVS 

18X6 

18X2 


19X7 

16.05 Jut n 

18XB 

78.49 


19X7 

1&.16AU095 

18X6 

18J0 

18X1 

18X4 

17X7 Sec 95 

18X6 

18X0 


19.77 

1642 Oct 95 

78X5 

78.45 







20X0 

14X0 Dec 95 

18X3 

ILH 

18.18 

21.15 

17X5 Jon 96 

18X7 

18X7 

18X7 






UJO 

17.1 SMor 96 

Apr 94 
17jajun96 

18X5 

78X5 

18X0 

2080 

18X0 

1850 

1BX8 

18X7 

lBXBSeDfa 



Est. safes 

NA Frift sates 

1IBJ98 



18.19 

1029 

18X1 

1031 

18X1 

1031 

1031 

1031 

1031 

1032 

1033 

1034 
1034 

1034 

1035 

10X7 

1039 

1041 

IBAJ 

1056 


rBOL 

—020 »*,«7 
-0.14 73X34 
-0-15 46X85 
—0-15 2X904 
—0.14 20.956 
— 0.17 14J4S 
-0.18 10X99 
—0.18 04,161 
-0.18 UW81 
— 0.1B UO 
-ai7 14X71 7 
-0.14 XOOO 
-0.14 4J7S 
— 016 18,136 
—0.16 4J08 
— 0.14 1X59 
—0.16 4X27 
—0.16 I 

—0.15 10605 
-014 13 


RTS open tor 412X67 


UNLEADED GASOLME (NMER) 42.006 ofe- 1 
- 47X5 


5540 
6015 
58X0 
5085 
55.75 
59X0 
58 JO 
5020 
57J5 
5615 
54.90 
51751 
57.15 


475NDVM 47X5 47X5 4160 
50*0 Dec 94 55*10 iSJfl SITU 
5050 Jan 95 54X0 54.90 54.10 

51.10Fefa95 54X0 55.10 54X5 

STAOMareS SL75 55.75 Sfl 
aM ” M nm 

SIX Junes 
UJO Jul 95 
MXO Sep 95 
53.15NOV9S 
SMS DSC 95 
S4J90Aua96 
Efl. safes ha. Fri's. sates 29X96 
Fn's auen Kit 68,841 


46X6 

M71 

5429 
5458 
55X4 
5*.l? 

ssjto 

57.75 
57 JO 
5iW 
5445 

5430 
S4TO 


-0X3 28X73 
-0X1 13,983 
-044 8,748 
—0X8 4,191 
—0X1 1X85 
-05) 3,199 
-0X5 2,197 

—0X5 y» 

-0XS 1,129 
-0X5 451 

— 2A5 

—045 

—OX5 


286 

130 

501 


Stock Indexes 

SJ^COM^lWJBtJCMERJ 164. W«x 
487.10 429.70 Dec 94 463.15 664X0 461 Da 

48418 441XSMarf5 467.SD 467X0 aui: 
«7XD «1. 00 Jun 95 46075 471, 1J 46020 
<86X0 47a90Sea9S 473J0 47130 .47330 
Est. safes HA Rift sales 47.901 
Fnft open tot 716J17 up 35 
NYSE COMP. BiDCX (NYIRD dmimuhi 
2MJD 237.1 5 Doc 94 3SiM vSBlsESF 
K4X0 248X0 Mares 757X0 257X0 2S4J0 
265B8 25450 Jun 95 25040 7SSM 

762X0 262J0SCP9S 
Es.sates .HA Frlftsafes 0266 
Fnft open nt 4X01 off 36 


463J5 

464X0 

47025 

474X0 


w**y 

2 sa 
258X5 
259 AS 


206X62 


— OJH 

7X89 

-(UO 

2,148 

+•. 

+0.15 

116 







•" 

-0.70 

uo. 

V 

—0.10 

IM 

d 

j 

—0.10 

ST. 

-0.10 


{ 



3 

e 1 



4 

■d- 


Moody’s 

Reutgrs 
OJ. Futures 
Cam, Research 


Commodity Indexes 

.Close 
U55J0 
1077X0 
15X80 . 

- 231.04 


Provtwis 

usxp 

109030 
15105 
WXS . 











<*Ss? 

y n., i,„ 

S' 



Page 13 


EUROPE 


Lyonnais Recoups 
Jnvestor Support 


V| "•*!)!,,, 






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Wm \f 


JWfvH, 


. =. 

Sir 

* .• 

«£ ill. -. 

i t*r. • - 

•fcfc*: f- 

4 


PARIS * — Credit Lyonnais 
investment certificates rallied 
nearly II percent Monday as 
investors were encouraged by 
the steps the state-controlled 
bank was taking to tackle its 
*■- problem loans. 

. • ? The bank’s investment certify 
•: icaies, which differ from shares 
because they carry no voting 
. rightSi rose to 430 French francs 
*; ($81) from 388 francs Friday, 
helped by recommendations 
from analysts who met with 
■ ■ bank executives late Friday. 
s “Crfdit Lyonnais believes it 
J . can get rid of a lot of rubbish 
■If, * » , . • *-. and have it guaranteed by the 

’ t '»i|} V , state,” one analyst said, adding 

'?t that a buy recommendation 
from a brokerage concern had 
helped fuel the gains. 

The French government last 
week agreed to inject fresh capi- 
tal into the bank if Credit Lyon- 
■ - . had a second-half loss and 


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LVMHSays 
It Will Offer 
Stock Swap 

Compticdby Oar Staff From Dispatches 

PARIS — Arnault & As- 
socafe SA, the holding com- 
pany for LVMH Moet 
Hennessy Louis Vuitton 
SA, said Monday it would 
offer a share swap to hold- 
ers of shares in An Bon 
Maich6 SA and Financtere 
Agache SA. 

The aim of the operation 
is to simplify the structure 
of the LVMH luxury goods 
maker, which comprises 
seven companies. 

Under the proposal, Ar- 
nault said it would offer 
minority holders in Finan- 
ciere Agache one LVMH 
share and one shar e in 
Christian Dior SA — an- 
other LVMH group mem- 
ber — for each of their 
shares. 

Agache would offer Au 
Bon MarchS minorities five 
Dior shares and two 
LVMH shares for four Au 
Bon March6 shares, Ar- 
nault said. 

It said these parities 
would give minority share- 
holders a premium of 23 
percent to 30 percent over 
the market price: 

The operation is not ex- 
pected to not dilute LVMH 
and Dior earnings, because 
no new shares will be is- 
sued. The shares distribut- 
ed to Agache and Bon 
Marchfi shareholders will 
come from equity stakes in 
LVMH and Dior. 

(Reuters, Bloomberg) 


thereby failed to meet interna- 
tional capital requirements. 

In addition, Credit Lyonnais 
will remove more problem 
loans from its balance sheet, 
and the government will act as 
guarantor for them. The b ank 
last week posted a loss of 4 JO 
billion francs for the first half, 
widened from 1.05 billion 
francs in the 1993 first half, 
including a provision of 8.90 
billion francs for risky loans. 

Analysts said Jean Peyrele- 
vade, the chairman of Credit 
Lyonnais, had told them at a 
meeting Friday that from Jan. 
1, the state would cover losses 
arising from exposure to bad or 
doubtful loans. 

But on Monday, Credit Ly- 
onnais said talk that the govern- 
ment would cover the losses on 
all die bank’s troubled assets 
were ‘‘without foundation.” 

In any case, any fresh capital 
from the government would 
mark the second time this year 
that the state had had to bail 
out the bank. In March, the 
government and Crfedit Lyon- 
nais’s two other main state-con- 
trolled shareholders, Thomson- 
CSF and Caisse des Depots & 
Consignations, provided 4.9 
billion francs of fresh capital 

The bank's apparent willing- 
ness to own up to its financial 
situation in a national advertis- 
ing campaign over the past 
week also encouraged investors, 
analysts said. 

(Bloomberg, AFX, Reuters) 

■ Warburg Shares Fhmge 

Shares of S.G. Warburg 
Group PLC plunged after the 
bank warned of lower profit be- 
cause of volatile world securi- 
ties markets, Reuters reported 
from London. 

Warburg said pretax profit for 
the six months through Septem- 
ber would be between £55 mil- 
lion and £65 million ($86 million 
and $103 million), down sharply 
from comparable year-earlier 
ramingK of £148.8 milli on. 

Warburg shares fefl to 569 
pence from 670. 


GATT Chief Sure of WTO 

Sutherland Says Deadline Will Be Met 


Compiled by Our SuffJ From Dispatches 

MADRID — Peter Suther- 
land, director-general of the 
General Agreement on Tar- 
iffs and Trade, said Monday 
he was sure that the World 
Trade Organization would be 
implemented by Jan. 1. 

Speaking at the annual 
meeting of the International 
Monetary Fund, Mr. Suther- 
land said he was “positive” of 
getting the necessary ratifica- 
tion under the Uruguay 
Round of trade tqiys that 
would bring the new world 
trade group into existence. 

“In just the past few days, 
the situation has improved 
markedly,” Mr. Sutherland 
said. 

He said 27 governments 
had signed and ratified the 
WTO agreement and that 
about SO other countries 
“confidently expect to com- 
plete their domestic proce- 
dures” by the lime of the Im- 
plementation Conference in 
the first half of December. 

Mr. Sutherland said that 


according to a GATT study 
Lhai will be released soon, the 


ac 

that will’ 

Uruguay Round accord 
should increase global in- 
come by more than $500 bil- 
lion by 2005. Previously, 
GATT estimated that the re- 
sulting economies of scale 
and improved competition 
would lift income by about 
$235 billion. 

But be said that “even these 
estimates are too low, as they 
miss other lasting effects relat- 
ed to higher investment, accel- 
erated economic growth and a 
healthier climate for global re- 
search and development and 
new product development-” 

According to the GATT 
Secretariat, the Uruguay 
Round should lift merchan- 
dise trade volumes in member 
countries of the Organization 
for Economic Coordination 
and Development between. 7 
percent and 8 percent over 
what they would have been 
without the accord. 

He said developing coun- 
tries should “secure an even 


greater expansion m trade,” 
with the secretariat’s most 
conservative estimates show- 
ing a 14 percent increase. 

Mr. Sutherland said no set 
formula had yet been estab- 
lished for the number of 
countries needed to ratify the 
Uruguay Round but noted 
that all the major trading 
countries, principally the 
United States, Japan and the 
European Union, needed to 
ratify the accord. 

He said “concern has al- 
ways focused on the EU and 
U.S„” but that at the moment 
all the signals have been 
“positive.” 

On China’s application to 
join GATT, Mr. Sutherland 
said that as a key player in the 
world economy it was “ex- 
tremely important in principle 
that they be part of the WTO.” 

He also said that trade 
talks between China and the 
United States and European 
Union have been “conducted 
in a constructive atmo- 
sphere.” ( Bloomberg AFX) 


EU Carmakers Attack Japan Pact 


Compiled by Our Staff From Dispatches 

BRUSSELS — A European carmakers' associ- 
ation complained Monday about an agreement 
reached by Brussels and Tokyo on increasing the 
quota for Japanese car imports into the Europe- 
an Union this year. 

“While the figure in absolute terms is not 
significant, the decision has a considerable polit- 
ical importance,” the European Automobile 
Manufacturers Association said. 

Officials from Japan and the EU agreed Fri- 
day to increase Japanese car imports by 9,000 
units this year, to 984,000, because of an improv- 
ing trend in the European car market. 

But the European carmakers’ association said 
the improvement in sales was not likely to last. 

“Several important markets have hardly pro- 
gressed, and others have been buoyed by tempo- 
rary incentives.” the association said, referring to 
premiums paid in France and Spain to people 
trading in old cars for new. 

The European Union has agreed to open its 
car market to foreign competition from 1999. 


while setting quotas for each year until then. 

(AFP, AFX) 

■ Chrysler Writes Off Europe Competition 

Chrysler Corp. said it planned to gradually 
increase its exports but acknowledged its prices 
in Europe would not be competitive. The Associ- 
ated Press reported from Castdnuovo Berar- 
denga, Italy. 

“We will never, ever be price-competitive in 
Europe, period,” Robert J. Eaton, the chai rman 
of Chrysler, said. 

Chrysler is selling European models for about 
60 percent more than their U.S. counterparts 
because of transportation costs, alterations to 
suit European standards, tariffs of up to 10 
percent and taxes of up to 19 percent 

Chrysler plans to increase its global exports, 
including passenger cars, from 160,000 vehicles 
this year to 300,000 by 2000. 

But in Europe, the automaker says it will con- 
centrate on selling vehicles such as minivans and 
Jeeps while trying to contain manufacturing costs. 


Sainsbury 
Buys Stake 
In Giant 


Bloomberg Business Kras 

LONDON — J. Sainsbury 
PLC said Monday it would buy 
50 percent of the voting stock in 
Giant Food Inc. for $325 mil- 
lion, laying groundwork for the 
possible expansion of its U.S. 
operations. 

The purchase would give 
Britain’s largest food retailer 16 
percent of Giant's equity and 
allow it to elect three of the 
seven directors of the company. 
Israel Cohen, Giant’s chief ex- 
ecutive, who is 82, will retain 
control of Giant. 

Giant, based in Landover. 
Maryland, operates 159 super- 
markets in the District of Co- 
lumbia, Maryland and Virginia. 
The company made a profit be- 
fore tax last year of S151.8 mil- 
lion on sales of S3J57 billion. 

The stake in Giant strength- 
ens Salisbury's U.S. presence, 
complementing its 87-store 
Shaw’s Supermarkets Inc. chain 
in New England. 

While Sainsbury does not 
have any immediate plans to 
increase its stake, David Sains- 
buiy. the company's chairman, 
would not role out buying Mr. 
Cohen’s 50 percent stake. 

“Tins is very much a first 
step, but if Mr. Cohen's stake 
comes on the market, or if he 
decides to sell his stake, we will 
look into the opportunities,” 
Mr. Sainsbury said. 

“This looks like the first step 
in a phased takeover of the 
company,” Gary Vineburg, an 
analyst for Merrill Lynch, said. 

Mr. Cohen, whose father 
founded the company with Sam- 
uel Lehman in 1935, owns 50 
percent of the company’s voting 
stock and has the right to elect 
four directors to Giant’s board. 

Sainsbury will buy its shares 
from the Lehrman family. 

The company said it would 
finance the investment in Giant 
Food from cash and bank bor- 
rowings. Sainsbury' shares 
dosed 3 pence higher at 403. 



Frankfurt 

DAX 

2300— - 
2200-j 

2® .JS-jL- 

• London 
FTSEIOOI 

"HOB-'. 

. m 

Jl" 3200 ‘.—t — 

ndex 

Paris 

CAC 40 

m — — 



X- 

200^ • 

Jl 


”L- 

2100 'Y — 


1 :3000r&-f 

TX 

iro 

Monday 
O 090 
398.7ft 

■1900— -ty~ 

WuTTT 

1994 

Prev. • 
Dose 

402.27 

X- 

r 7 • 2300 - Mr- 

TTXWE ' ® j 

7994 , -1994 

ExGh&nge Index 

Amsterdam A£X 

A SO 

% 

Change 

-0.87 

Brussels 

Stock Index 

7,12021 

7,132^4 

-0.17 

Frankfurt 

DAX 

Dosed 

2,011.75 

- • 

Frankfurt ' 

FAZ- . 

Closed 

764.22 

* 

Helsinki 

HEX 

1.89Z54 

1,837.98 

+0.24 

London 

Financial Times 30 

2,329.90 

2,350.90 

-1.28 

London 

FTSE100 

2,983.50 

3,026.30 

-1.41 

Madrid , 

General Index' 

293.85 

296.53 

-090 

Milan 

MIBTEL 

10685 

10837 

-2.33 

Parle 

CAC 40 

1,85243 

1,879.25 

-1.41 

Stockholm 

Affaersvaeriden 

1,777-87 

1.787.39 

-0 53 

Vienna 

Stock index 

433 DO 

436.70 

-0.64 

Zurich 

S8S 

894.10 

905.17 

-1.22 


Sources: Reuters, AFP 


Inicpnbuiul HaaU Tribune 


Very briefly: 


• Banesto, the Spanish holding company that nearly collapsed in 
December, had an 18 percent drop in its share price os a 2-for-l 
rights issue opened. 

• Russia’s largest automobile factory, the AvtoVAZ plant at 
Togliatti, ground to a hall as management sent 100,000 employees 
home with partial pay. Assembly-tine workers have been striding, 
and management said the plant would be dosed through Saturday 
and possibly longer. 

• Royal Caribbean Cruise Line of Norway signed a letter of intent 
to order two 1,000-cabin cruise ships from GEC Aisthom. 

• Denmark’s industrial production surged 9.8 percent, to 93.67 
billion kroner ($15 billion) in the second quarter of 1994 after 
strong growth in the food and drinks industry. 

• Casino do Liban, a Lebanese gambling and entertainment center, 
said 74 international companies had applied for a $50 million 
contract to restore and operate it. 

• Airbus Industrie said it expected aircraft demand over the next 
two decades to total 13.400 units and said it hoped to take 40 
percent of a world market valued at $1 trillion. 

• Alcatel Akthom SA said it won a $202 million contract to supply 
and lay a marine fiber optic cable linking Taiwan, the Philippines, 
Singapore and Malaysia. 

• Zimbabwe’s unemployment rate jumped from 37.2 percent to 44 
percent between 1990 and 1993. 

• Sweden’s central bank said it was raising its discount rate by 1.5 

points, to 7 percent. The rate, which plays a minor role, is fixed 
every three months. Reuters. AFP. Bloomberg. AFX 


MARKETS: Stocks and Bonds Slump Across Europe SOUND: Mini-Disc Battles Digital Compact Cassette for Top Market Spot 


Continued from Page 11 

banking giant Banesto SA after 
a rights offering to investors. 

Both indexesnave lost almost 
all their gains during the sum- 
mer and are near their lows for 
the year. 

“Worries that the U.S. and 
the Bundesbank are set to raise 
interest rates are taking over 
again," said Luca Co mi, an ana- 
lyst at Inter Euro pa in Milan. 

In Fiance, insurance stocks 
led the market lower amid re- 
ports that the government 
might sell its controlling stake 
in troubled Groupemexxt des 
Assurances National 


The C AC-40 Index was down 
26.42 points, at 1.852.83. mean- 
ing that the index has now lost 
the gains it was able to chalk up 
during a rally in July and Au- 
gust 

The SBC Index of Swiss bank 
shares plunged 1 1.07 points, to 
894.10, approaching its lowest 
level of the year amid declines 
in Union Bank of Switzerland 
and Roche Holdings AG. 

Traders said concern about a 
plunge in registered shares of 
UBS last week, a major holding 
of Martin Ebner, the Swiss fi- 
nancier. had spread to its com- 
mon shares. Mr. Ebner also 


holds a major stake in Roche 
Holdings for his investment cli- 
ents and investors are con- 
cerned those shares might fall 
also, traders said. 

Shares also fell in Austria, 
Belgium, Denmark. Ireland, the 
Netherlands, Norway and Swe- 
den. 

Government bond yields fol- 
lowed the yield on the 30-year 
Treasury, which rose to a high 
of 7.86 percent by the end of 
London trading. 

Hie yield on the 10-year gilt 
rose to 8.91 percent from 8.80 
percent on Friday. 


Continued from Page 11 

tial buyers by providing a 
chance to operate the new ma- 
chines themselves. 11 has dis- 
patched squadrons of sales peo- 
ple to busy street comers to lure 
people into demonstration 
spaces and pul coupons Tor 
disks in magazines to bring mu- 
sic fans into record stores where 
machines are set up. 

“ft’s so difficult to explain 
the format and its advantages 
— people gel clogged up with 
that,” said David Walstra, man- 
ager of Sony’s Mini Disc pro- 
motion department. “But you 
can find out by playing with’it.” 


Sony has also put emphasis 
on portable units, which com- 
prise about 60 percent or sales 
in Japan. Home decks make up 
25 percent of sales, cars the re- 
maining 15 percent. The cheap- 
est playback-only portable 
decks retail for just under $400. 

The company has also har- 
nessed its affiliate Sony Music, 
which has taken the lead in issu- 
ing prerecorded software on 
Mini Disc. So far 73 labels have 
released more than 1,500 titles. 


Executives in charge of Digi- main support) 
i Compact Cassette, in con- Compact Casse 


tal 

trasl, are revamping a strategy 
that assumed the formal would 


be far more popular than it has 
been. 

“At first we had the wrong 
idea to expand into all product 
categories and cover all geo- 
graphic territories," said Tadashi 
Abe, general manager of Digital 
Compact Cassette planning at 
Matsushita Electric Industrial. 

Matsushita, the world's big- 
gest consumer electronics com- 
pany and known for its Pana- 
sonic brand, and Philips, which 
pioneered the format, are the 
oners of Digital 
tie. 

Now, recognizing the differ- 
ing characteristics of the world’s 


major markets, the company is 
taking a more calibrated ap- 
proach. Matsushita’s president, 
Yoichi Morishita, insists the 
company would not drop Digital 
Compact Cassette, but insiders 
say the budget for Digital Com- 
pact Cassette is being cuL 

In Japan, Matsushita will put 
little effort into selling portable 
units, focusing instead on mid- 
priced boom boxes, which are 
popular with young people liv- 
ing in small spaces. In Europe, 
where there is a greater interest 
in hi-fi audio, the emphasis will 
be on Digital Compact Cassette 
as stand-alone decks. 


- 

SSL* 
* *- . 


NYSE 

Momtev’s doting 

Tables include the nationwide puces up to 
the dosing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


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Nippon Mortgage 
Collapses Under 
Mountain of Debt 


Qm&W by Ov Staff From Dispatches 

TOKYO — A medium- sized 
Japanese financial institution. 
Nippon Mortgage Co., filed 
Monday for liquidation in the 
third biggest business failure in 
Japanese postwar history, Tri- 
koVu Databank Ltd. said. 

The private credit research 
agency said an extraordinary 
shareholders* meeting of Nip- 
pon Mortgage, which had debts 
of 518.4 bOnon yen ($5 billion), 
had approved the filing with the 
Tokyo District Court 

The credit agency blamed tbe 
failure on Nippon Mortgage’s 
huge nonperforming loans re- 
sulting from aggressive lending 
during the speculative “bubble 
economy” In the late 1980s. The 
company’s foray into develop- 
ing golf courses also failed. 

In July, the company's main 
bank, Sunritomo Trust & Bank- 
ing Co„ said Nippon Mortgage 
intended to go mto liquidation 
with debts of around 473 billion 
yea A Sumitomo Trust spokes- 
man said the move would not 
affect Sumitomo Trust’s profit 
outlook but declined to say how 
much tbe bank had lent to Nip- 
pon Mortgage. 

Analysts said signs that Ja- 
pan's economy was recovering 
and stock prices finning had 
encouraged Japanese h anlrs to 
scrutinize the health of debt- 


laden nonbanks to decide 
whether to continue support for 
their restructuring. 

“Banks’ write-off efforts are 
shifting from their own actual 
bad loans to those of subsidiar- 
ies and related nonbanks, and 
they will increasingly write off 
baa loans, even if the borrower 
does not liquidate,” said Katsu- 
hito Sasajima, a banking ana- 
lyst at Nadco Research Center. 

Some analysis said there 
were fears that Nippon Mort- 
gage's debt might have been 
even larger. 

Nonbanks include consumer 
credit, corporate finance, leas- 
ing and housing loan concerns. 
They rely mostly on bank loans 
to finance their lending because 
they do not accept deposits. 

Some nonbanks, such as Nip- 
pon Mortgage, are not closely 
affiliated to commercial banks. 
Others, more tightly tied to 
their main banks, are more like- 
ly to get continued financial 
support for restructuring, fi- 
nancial sources said. 

On Friday, for example, Mit- 
subishi Bank Ltd. said it had 
provided about 108 billion yen 
in additional financial support 
to its nonbank affiliates Dia- 
mond Mortgage Co. and Dia- 
mond Factors Ltd. in the six 
months that ended that day. 

(Reuters, A FP) 


Jakarta Plans Imports 
To Ease Cement Crisis 


Reuters 

JAKARTA — Indonesia will 
import more cement to ease an 
acute shortage that has led to 
soaring domestic prices, a gov- 
ernment minister said Monday. 

“We win look to import ce- 
ment from anywhere, from Chi- 
na, Thailan d or North Korea. 
We ask people to be patient 
because we are taking the right 
direction,” Industry Minister 
Tungky Ariwibowo said. 

Mr- Ariwibowo said the short- 
age was due lo a heavy load of 
construction projects across the 
Indonesian archipelago. 

He added that cement con- 
sumption had risen by 20 per- 
cent in the first tight months of 
the year. 

“We predicted only 12 per- 
cent growth. You can imagine 
the shortages,” Mr. Ariwibowo 
said. 

He said imports of cement 
and clinker — bard brick used 
to make cement — would reach 
1.4 million metric tons this year. 

“We had predicted imports 
of 1 million tons, but it was 


revised to 1.4 million tons be- 
cause of the shortage,” he said. 

Cement prices have raced* past 
government-recommended lev- 
els in the past month because of 
rising demand Officials and an- 
alysts said the price rise could 
also be due to speculation. 

The military has warned it 
would take firm action against 
anyone found manipulating ce- 
ment prices, which have soared 
in recent weeks, the Republika 
daily newspaper reported. 

A spokesman said investiga- 
tions mto the price rise were 
under way. 

Industry officials said cement 
was being sold in major Indone- 
sian provincial cities for around 
7,000 rupiah ($3) for 30 kilo- 
grams (66 pounds) and for 
around 10,000 rupiah in Jakarta. 

Demand is forecast to out- 
strip supply by 535,000 tons in 
1995 and by 13 million tons in 
1996, a cement company execu- 
tive said. 

Contractors, producers, re- 
tailers and government officials 
are planning to meet this month 
to discuss measures to keep 
prices down. 


INTERNATIONAL 



TRIBUNE, TUESDAY, OCTOBER 4, 1994 


Page IS 

ASIA/PACIFIC 


Crime Explodes in China 


By Steven Mufson 

Washington Post Service 

BEIJING — Named a “na- 
, tional model financial work- 
er" in 1 990, Huang Yilian, 56, 
is now an example of a differ- 
ent type. 

Mr. Huang, president of tbe 
Industrial and Commercial 
Bank branch in die Fujian 
provincial city of Shishi, has 
been arrested along with seven 
colleagues on charges of steal- 
ing almost 559,000, nearly half 
of which Mr. Huang allegedly 
took himself. 

Mr. Huang’s case is not an 
isolated one. One of the 
growth industries in China’s 
booming economy has been 
economic crime, and this 
summer die official press has 
been filled with stories of 
crime and punishment — of- 
ten a death sentence. 

The pace of executions 
picked up in advance of Sat- 
urday’s 45th anniversary of 
the Communist takeover, tra- 
ditionally a time for purging 
“bad elements.” 

In one week last month, 90 
people were killed in four 
mass executions, including a 
group of 45 in Wuhan. Last 
year, according to Amnesty 
International, China execut- 
ed 2300 people, most often 
with a ballet to the back of 
the bead. 

The severity of the sen- 
tences has done Utile to deter 
those seeking shortcuts to 
wealth. There were 20,000 
cases of embezzlement and 
corruption in the first six 
months of 1994, an 81 per- 
cent increase from a year ear- 
lier, according to a govern- 
ment official. 

At last week’s Communist 
Party Central Committee ple- 
num, top officials called for 
new vigor in the party's anti- 
corruption campaign. 

But the party and govern- 
ment face an uphill battle. 

To some extent, the wave 
of corruption is a function of 
raw capitalism after a period 
of strict regulation. 

Chinese citizens once en- 
joyed, or suffered, a sort of 
equality of poverty. Corrup- 
tion often involved the ra- 
tioning of cheap or scarce 


goods. But there is plenty of 
money to be made in China 
these days, and as long as 
typical urban salaries lan- 
guish around S100 a month, 
there is plenty of incentive for 
financial crime. 

Temptation knows no 
bounds. The money stolen 
may be a couple of hundred 
dollars or tens of millions. 
The perpetrators range from 
the lowliest clerks to senior 
officials in banks and regula- 
tory agencies. 

Consider these recent 
cases: 

• In July, Wang Lin, the 
senior regulator of Shenz- 
hen’s securities market, was 
arrested by Hong Kong po- 


One of the 
growth industries 
in China ’s boom 
has been economic 
misdeeds. 


lice as he tried to cross a bor- 
der post with a forged one- 
way travel permit, sources in 
Hong Kong say. 

Chinese authorities say Mr. 
Wang had accepted about 
SI 1,000 worth of bribes in the 
forms of a credit card, a 
health club membership and 
an air conditioner in 1992 
and 1993. Fearful of being 
caught, he was trying to flee 
the country. 

• Also in July, three people 
were executed for s tealin g 
400 tax invoices from the Hu- 
Ian county tax bureau in tbe 
city of Harbin. The men had 
stolen tbe invoices so that 
people could forge docu- 
ments and evade taxes. 

Because China is what the 
World Bank calls an “econo- 
my in transition," its laws and 
regulations are in a constant 
state of flux, to the extent 
they exist at all. 

Take the case of Sun Ming, 
who took advantage of the 
application of different rules 
to different people. 

In a case in federal court in 


California, the Bank of China 
alleges that Mr. Sun, a low- 
level manager who never 
earned more than 51.000 a 
year, conspired with three 
other bank officials to de- 
fraud the Bank of China of 
$157 million. 

The group allegedly took 
advantage of a dual ex- 
change-rate policy that no 
longer exists. 

Certain Chinese companies 
importing goods or equipment 
were given a more favorable 
exchange rate. Kir. Sun and 
his friends are accused of forg- 
ing documents so that they 
could change money to Chi- 
nese currency at one rate and 
then convert it back to dollars 
at the special favorable rate, 
pocketing profits that ran to ax 
least $44 million and stashing 
it in bank accounts in Switzer- 
land, Australia and California. 

Many Chinese officials and 
executives apparently ap- 
prove of the tough sentences. 

For example, Liu Jianyi 
39, was executed by firing 
squad on July 28 in the south- 
ern town of Shenzhen. In 
1987, Mr. Liu had gone to 
work for Shenzhen Eastern 
Development Co., which was 
losing money and desperate 
for help. Mr. Liu said be 
could use his connections to 
help the company become an 
intermediary in tbe sale of 
com and pharmaceuticals. 

But when three companies 
paid Mr. Liu about $165,000 
for those products, he and an- 
other employee took the bulk 
of the money. When delivery 
was not made, the three com- 
panies contacted Shenzhen 
Eastern Development, and 
tbe plot was uncovered. 

Mr. Liu and two others 
were arrested but escaped by 
bribing guards. They intend- 
ed to flee across the river to 
Hong Kong, but Mr. Liu lit- 
erally missed tbe boat and 
was recaptured. 

Asked how he felt about 
Mr. Liu's execution, the di- 
rector of Shenzhen Eastern 
Development said he was 
“Happy. Yes, very happy.” 


China Aims 
To Triple 
Oil Imports 
In6 Years 


Compiled hy Ow Staff From Dispatches 

BEIJING — China will need 
to triple its oil imports to 50 
million metric tons a year by 
tbe end of this century to fuel its 
economic growth, the official 
China Daily reported Monday. 

China imported 16 million 
tons of crude last year. 

By the year 2010, the world’s 
most populous country will 
need to import 100 million tons 
of crude a year unless it finds 
massive new oil reserves, a gov- 
ernment official told the news- 
paper. 

The estimates are based on 
8.5 percent annual economic 
growth from 1996 until 2000 
and 7.5 percent expansion each 
year from 2001 to 2010. 

China’s economy, which 
grew 13.4 percent last year, is 
set for a double-dial rise again 
in. 1994. 

‘‘For a considerable time, 
China’s oil output has been un- 
able to provide sufficiently for 
the nation’s economic growth,” 
tbe daily quoted Li Boxi of the 
State Council’s development re- 
search center as saying. 

The news will be welcomed 
by regional oil markets, which 
have been reeling since Beijing 
banned imports of a range of oil 
products and centralized oil 
purchasing in May. 

Mr. Li told the paper the 
slowdown in oil purchasing 
could only be a “temporary 
braking.” 

So far China has shown no 
sign of easing its grip on oil 
imports. Oil traders in Singa- 
pore said last week that even 
China's three leading national 
oil companies — Sinochem. 
Uni pec and China Chi — were 
unable to get import permits for 
refined oil products such as gas- 
oline, naptha and gasoil. 

China imports and exports 
crude to balance its needs for 
different grades of oil. 

(Bloomberg. Reuters) 


Hong Kong 

Singapore 

Tokyo. 

Hang Seng • 

Straits Times 

Nikkei 2 

jj«b ■ — 

240C— 

■ 22000— 



2 m --J 


m' Y— 

- , 20000/^ 

Ml — :— ■ 

■ 2100--— — 

" f9QOO — 


■ Mhr 


1 ’if j j" a .5 o 

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M J J A SO M J J AS 6 


Exchange . 

Hong Kong 
Singapore -- 
Sydney 
Tokyo 


Hang Seng 
Straits Times 
Aif omtnaries 
Nikkei 225 


Kuala Lumpur. Composite 
Bangkok ‘SET " 
Seoul Composite 

Taipei Weighted P 

Manila PSE 

Jakarta Stock Index 


Composite Stock Closed 


1694 

Monday Prav. % 

Close Close Change] 

9,492.49 9321.24 -0.30 ! 

2,348.52 2.332.63 +0 68 

2.030.90 2.028.70 +oTf 

19,650.03 19,^3.81+0.44 
1,127.35 1,129.76 *0.21 

1,488.55 1,485.71 +019 

Closed 1,05051 ~ 

7,183.75 7,191.13 ^TlO 

2.915.90 2,906.24 +0 26 

497.90 497.97 -0 01* 

2,077.23 2.068.30 

2,05682 2,038.45 +0.64 

Inirauumtil Herald Tnfan. 


Monday 

Close 

9.492.49 

2,348.52 

2,030.90 


1,488.55 


Taipei WeightedPnco 7,183.75 7,191.13 -0.10 

Manila PSE ~ 2,915.90 2,908.24 +0 26 

Jakarta Stock Index 49730 497.97 jfoi~ j 

New Zealand NZSE-4Q" 2,077.23 JL066.30 j 

Bombay National Index 2,05&J2 2,038.45 +0.64 [ 

Sources: Reuters, AFP lnirnuu»irjl Herald Tnhun. 

Very briefly: 

• Ayer Molds Rubber Co., a plantation company, is to be trans- 
formed into the financial services arm of Insas BhdL, which bought 
a 30 percent stake in Ayer Molek after the plantation company 
sought to take over Bank Bumiputra Malaysia BbtL, according to 
local newspaper reports. 

• Japan’s domestic sales of motor vehicles in September rose 6.4 
percent from September 1993, to 471.582 units. 

• ABN-AMRO Bank bought the Thai assets of Bank of America 
(Asia) for an undisclosed sum and received approval for a full 
operation in Thailand. 

• Japanese textile associations have asked the Ministry of Interna- 
tional Trade and Industry to curb a flood of cheap textile import.-, 
battering the domestic industry, association officials said. 

• Hongkong & Shanghai Banking Corp. plans to shift some of it-, 
clerical work to China starting at the end of next year. 

• STAR TV said it had a bigger share of the Taiwan market than 
Television Broadcasts Ltd., contradicting claims made by the 
Taiwan broadcaster last week. 

• Motorola lnc.’s Cellular Subscriber Group has been awarded a 
contract by Vietnam Mobile Services to supply portable cellular 
telephones to Vietnam. 

• Nippon Flour Mills Co. will buy a 10 percent stake in United 
Flour MiD Co. of Thailand and might buy another 10 percent: 
terms were not disclosed. 

• Hang Seng Bank Ltd. was the most profitable bank in the world 
last year, according to a survey of 300 banks by the international 
credit rating agency 1BCA. 

• Minolta Corp. has established a strategic partnership with AM 

International lnc.’s AM Muliigraphics division in which AM 
Multigraphics will distribute the Minolta CF-S0 digital color 
copier, primer and scanner. Rearm afp. teWn-n:, if \ 


Wharf Says Chinese Rules Threaten Port Project in Wuhan 


Bloomberg Business News 

HONG KONG — Tbe chairman of 
Wharf (Holdings) Lid. said new Chinese 
investment rules could temper its plans 
to turn the central Chinese city of Wu- 
han into a national transport hub. 

Wharf is a Hong Kong real estate 
company also active in the transporta- 
tion, cable and lodging industries. 

Chairman Gonzaga Li expressed frus- 
tration that after two years, the project to 
bufld a container port in China's fourth 
largest city and to upgrade its rail link to 
Hong Kong had not been approved. 

He said new Chinese government 
rules may not allow Wharf the control- 
ling stake it wants in tbe project and 
may limit rales of returns to unaccepta- 
bly low levels. 


“If that proves to be correct, we may 
need to tailor our plans accordingly,” he 
was quoted as saying by Horizon maga- 
zine. 

So far, Mr. Lt said. Wharf has invest- 
ed little hard cash in infrastructure pro- 
jects, saying it was waiting for planning 
approval. 

China's planning commission has 
been at the center of controversy over 
new limits on foreign stakes and returns 
from infrastructure projects. 

In 1992, Wharf said it wanted to turn 
Wuhan into “the Chicago of China” by 
pumping as much as SI billion into 
transport-related projects. It also said 
Hong Kong's prosperity would depend 
on links with that bub. 

“Tbe Chinese wanted something big 


and dramatic, but Wharf is not going to 
stick its neck out. "said Donald Keyset, 
assistant director of research at Baring 
Securities. He said Wharf only planned to 
pump capita! into the port project in 
stages when capacity goals are meL 

Wharf is already pulling back from 
Wuhan. Mr. Li said that in April Wharf 
pulled out of negotiations to build a 
light rail system in the city because of 
poor terms. But be said this had no 
connection with the transport hub plans 
and that Wharf was still “very enthusi- 
astic” about the dty. 

“Wuhan is a key hub in China’s na- 
tional transport infrastructure, and as 
China grows, Wuhan will grow with it." 
he said. 


Wuhan is at China’s crossroads, in the 
middle reaches of the Y angtze River and 
halfway along the Beijing-Guangzhou 
railway. 

■ Hutchison Plans Bond Issue 

Hutchison Whampoa Ltd. said it 
planned to issue $250 million of 7 per- 
cent mandatorily exchangeable guaran- 
teed bonds, with an additional $50 mil- 
lion possible depending on demand, 
Reuters reported. 

The bonds are exchangeable into 
shares of wholly owned subsidiary 
Hutchison Della Port Ltd. An initial 
public offering of the shares is expected 
to take place on or before the seventh 
anniversary of the bonds* issue. 


India Invites Bids 
In Privatization 

Bloomberg Business Newt 

NEW DELHI — The gov- 
ernment invited bids Monday 
for stock worth a total of about 
$110 million in seven state-con- 
trolled companies. 

The government is selling be- 
tween 5 percent and 20 percent 
of the companies' shares. 

The concerns in which the 
slate is selling stakes are Con- 
tainer Corp. of India, Indian 
Oil Corp., National Fertilizers 
Lid., Oil and Natural Gas Com- 
mission, Steel Authorin' of In- 
dia Ltd., Shipping Corp. of In- 
dia and Mahanagar Telephone 
Nigam Ltd. 


New York Debut for a China Power Firm 


CIKRENCY AND CAPITAL MARKET SERVICES 


By Laurence Zuckennan 

A f ew York Times Service 

NEW YORK — China wants 
to finance the expansion of its 
cash-starved electric power in- 
dustry by selling part of the 
business directly to foreign in- 
vestors. 

■ But whether that strategy 
succeeds may depend a lot on 
what happens this week when 
American depositary receipts 
for shares in Huaneng Power 
International Inc. begin trading 
! on the New York Stock Ex- 
change. 

Huaneng Power is only the 
second Chinese utility to be list- 
ed overseas — and its biggest 
obstacle is its predecessor, 
which has a similar name, Shan- 
dong Huaneng Power Develop- 
ment Co. 

Since it began trading in Au- 
gust, Shandong Huaneng has 
. fallen more than 15 percent 
from the $14.25 offering price 
for each of its ADRs. Much of 
the decline has occurred in re- 
’ cent weeks as executives from 
Huaneng Power and Lehman 
Brothers* the hew issue’s chief 
underwriter, have been criss- 
crossing the United States 
courting investors. 

Analysts and fund managers 
say that either Huaneng Power 
.is so much better than Shan- 
dong Huaneng that investors 
are bailing out of the earlier 
issue to sign up for the new one, 
or investors in Shandong Huan- 


ing and are cutting their losses. 

Comparing the two compa- 
nies, one is tempted to conclude 
that the first theory is true. 

Lehman is offering 
'31,250,000 ADRs, one of the 
, largest Chinese stock issues 
ever. Half the receipts are ear- 


marked for sale in the United 
States and Canada. 

Lehman Brothers declined to 
respond to questions about the 
issue, bat fund managers say 
the expected offering price 
ranges from $22.50 to $27.50 
for each ADR, for a total of 
S703 imUion to $859 million. 

Huaneng Power owns and 
operates five coal-fired power 
stations in one of the fastest- 
growing markets for electric 
power. The company already 
has plans to develop or acquire 
eight additional plants. 

The company owns and man- 
ages plants in five Chinese 
provinces, whereas Shandong 
Huaneng effectively is a hold- 
ing company for assets owned 
by the Provincial Power Au- 
thority in Shandong Province in 
northeast China. 

The biggest criticism of 
Shandong Huaneng was (hat it 
was created from state assets 

for the purpose of being listed 
in New York. 

The offering’s prospectus, 
prepared by lead manager CS 
First Boston, contained only 
on e year of pro forma financial 
records, or estimates of how the 
company would have fared had 

it been in existence. 

Huaneng Power, on the other 
hand, is a subsidiary of a Chi- 
nese state company that was 
formed in 1985 to construct and 
operate power stations at a 
profit using imported power- 
generating equipment. Its pre- 


three years of actual financial 
statistics. 

“This is a real prospectus,” 
said Sheldon Kasowitz. region- 
al utilities analyst and a director 
at Jardine Fleming Asia Re- 
search in Hong Kong. 

Mr. Kasowitz and others also 


praise Huaneng Power’s man- 
agement. Li Xiaopcng, the 35- 
year-old vice president, is the 
son of Prime Minister Li Peng. 
Such connections are highly 
prized in China, although they 
can become a liability if the 
political winds shift. 

But like Shandong Huaneng, 
Huaneng Power has at least two 
serious drawbacks: currency 
risk and an uncertain regula- 
tory environment 

Because tbe company is sell- 
ing electricity to provincial 
power authorities, all its earn- 
ings are in local currency. Leh- 
man is trying to hedge the cur- 
rency risk by factoring a 7 
percent devaluation into the fi- 
nancial projections it has made 
for the company. 

But with inflation in China 
still raging and a murky eco- 
nomic and political picture 
ahead, 7 percent could end up 


being much too low. Early this 
year, for example, the govern- 
ment devalued its cuirency, the 
yuan, by 33 percent ovemighL 


APMSKnSEMENT 

KAMA 

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AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam, September 29, 1994. 


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Page 16 


INTERN ATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 



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INTERNATIONAL FUNDS 


Oct 3, 1994 


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w GAM Money Mkts USS % 

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tf Do Deutxheinartt dm 

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wGAM Emerg Mkts MltFFd J 
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wGAM Pacific. 

w GAM Relative Value. 

wGAM Selection - 


-DM 


w GAM Sfngtjpore/Mala vsta-3 
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iv GAM SF .. 
wGAMTytS* 


wGAMut Investments, 
w GAM Value. 


wGAM Whitethorn - 
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wGAM Band USS Ora 

w GAM Band USS Special. 

wGAM Band SF. 

wGAM Band Yen 

wGAM Bond DM 

wGAM Band C. 


wGAM c Special Bond. 
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w GSAM Composite— 
w Global Strategic A — 
w Global Strategic 8. 


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w Emerg Mkb Strategic A — S 
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SWISS REGISTERED FUND5 41 _ 

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tf GAM (CH) Mondial SF 

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SEC REGISTERED FUNDS 
135 East STItI Street* Y HKKZ212-B8B4200 
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wGAM International — 
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w GAM Orient ACC DM I58» 

wGAM Tokyo ACC DM 17437 

W GAM Total Btad DM ACC — DM 10442 

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w IA] Original Investment — * 

w (C) Financial 8 Metals 5 

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wG. Swap Fund — ecu 

GRANITE CAPITAL INTL GROUP 
w Granite Cabitol Equity-. .5 
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GT ASSET MANAGEMENT (IRELAND) LTD 
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0 GT Strategic Bd Fd A Sh_S 
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GUERNSEY CAPITAL MANAGEMENT LTD 

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d Amer Icon Blue CNP. 
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tf US Stack Fund 

tf Podfle Stack Fond. 

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tf 5 pedal Swiss Stock, 
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d German Stack Fund— DM 


1 Korm Stack Fund . 
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tf Sterling Cash Fund — t 

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KEY ASSET MANAGEMENT INC 
ri Key Asia Hokflngs— 
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Kl PACIFIC ASSET MANAGEMENT INC 


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b Chesapeake Fond Lta_ 
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LEHMAN BROTHERS 30/09799 
tf Asian Dragon Pert NV A— S 
tf Aslan Dragon Part NV B — S 
tf Global Advisors 1 1 NV A — 5 
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tf Global AOvbanPort NVA-S 
tf Global Advisors Part NV B_S 

tf Lehman Cur Adv, A/B S 

tf Natural Resources nv A _s 
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d Premier Futures Adv A/B_5 
UPPO INVESTMENTS 
24/ F Llppg Tower Centre. 89 QueenswqyJtK 
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w Java p* 1 "* * 

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w Antenna Fund S 1809 

w LG Aslan Smaller Cos Fd_S 194932 

w LG India Field LM. — S I7.T2 

wLG Japan Fd S 1805 

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LLOYDS BANK INTL (BAHAMA5) Lid 


w Lloyds Americas Portfolio^ 
LOMBARD, ODIER &OE- GROUP 
OBU FLEX LTD (Cl) 

tf Multicurrency. s 

0 Dollar Medium Term S 

d Dollar Lang Term 5 

tf Japanese Yen. 


tf Pound 5ttrflng. 
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JF 


tf US Dollar Short Term . 

rf H Y Eure Curr DMd Pay Ecu 

tf Swiss Multicurrency SF 

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tf French Franc. 


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If Swiss Frwe Short- Term SF 

tf Canadian Dollar a 

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rf De u tschmark Start Term —DM 
MAGNUM FUNDS Isle at MM 
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iv Magnum Fund — S 

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m Mint Limited -Ordtaarv — s 
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m Mint Gtd Ltd - Spec imue. ” 
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m Mint Gtd Ltd ■ Dec 199* 

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m Athena Gtd Futures 5 

m Alhena Gtd Cunenclea 5 

m Athena Gtd Finonctob Cop 3 
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m AHL Couitat Mkts Fd s 

mAHL Commodity Fund 5 

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63 Long Acre, London VVC2M9JH, UK 

Tel: (44 7\) 856-4802 
F ax: (44 7 ! ) 836 07 1 7 


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International Herald Tribune 




A Special Report 


Tuesday. October A /9W 


1 7 


Global Banking and Finance 


19 : 


Will Japan’s Banks Play 
Bit Part on Global Stage? 


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5 By Steven Brull 

T OKYO — The WOTS! may be over 
for Japanese banks. The trillions 
of yen in bad debt created by the 
collapse of the economic bubble 
I of the late 1980s are slowly but steadily 
bong cleaned up. 

But over the long term, even after oper- 
ating profits begin to recover in two to 
three years, there is little reason to expect 
Japanese banks — the worlds richest — 
to come roaring back. 

a . For one thing, while banks are making 
■ provisions to write down their bad debts 
to market levels, much less is actually 
being written off. The reckoning is being 
: dragged out in a process that could easily 
stretch into the next century, but in the 
! meantime banks will tie up capital that 
coukt be used more' productively. 

More important, though. Japanese 
i banks are only slowly emerging from the 
cocoon of government regulation. A herd 
mentality; an over emphasis on loan 
growth over asset quality, and barriers to 
new markets will make Japanese 1 banks 
less profitable, less diversified and less 
formidable than their Western rivals in 
the future, analysts say 
'"The Ministry of Finance has spoiled 
its children, but now it doesn’t want to see 
them grow up.” said Alicia Ogawa, an 
analyst at Salomon Brothers. “Japanese 
banks will look pretty sad by international 
.standards.” 

The go-slow approach is being dictated 
by the Ministry of Finance, whose over- 
riding aim is to provide stability to the 
financial system. That may be a worthy 
goal, one that will lessen the pain experi- 
enced in the late 1980s and early 1990s 
when bankers in the United States and 
Europe securitized or foreclosed bad ioan* 
to less-developed countries and property 
developers. 

But it will come at a cost of reduced 
profits for Japanese banks. That will make 
them stingier lenders when the Japanese 
* economy picks up and loan demand in- 
creases. Japanese economic growth could 
. suffer. 

In many ways, the banks are victims of 
history'. Until less than a decade ago. they 
operated in a highly regulated, low-inter- 
est-rate environment with a clear func- 
tion; culling excess savings and channel- 


ing them to big companies. They also 
served as stable shareholders, allowing 
companies to skate by with minimal divi- 
dends. 

With stock and property prices on a 
seemingly endless incline, corporate dis- 
closure opaque by Western standards, and 
in teres t rales regulated at artificially low 
levels, conformist, non-creative manage- 
ment reigned. 

Bank managers competed to boost fund 
volume, and paid little attention to risk- 
assessmeni The strategy culminated in 
(he (ate 1980s with a reckless stampede of 
lending backed largely by real estate and 
stocks, which plummeted in value when 
the bubble economy collapsed in the earlv 
1990s. 

The result was a mountain of bad debt 
which the government estimates at nearly 
14 trillion yen (5143 billion at current 
exchange rates). Private-sector analysts 
put the figure several limes higher. 

Betsy Darnels, an analyst at Morgan 
Stanley, reckons that Japan's 2i largest 
ciiy. trust and long-term credit banks are 
saddled with about 40 trillion yen in bad- 
debt. Of this, about 20 trillion will eventu- 
ally have to be written off So far only 
about one-third has been: it will take 
another two to three years lo dispose of 
the remaining sum. 

To come up with the money. Japanese 
banks are selling real-estate holdings in 
the United States and taking profits on 
some of their domestic equity holdings. 
They are also withdrawing from loan mar- 
kets in Europe, shifting instead to capital 
markets. But most of the money will be 
drawn from operating profits. 

"They've owned up to their balance 
sheets and are working out the problem.” 
Ms Daniels said. “But all oi their operat- 
ing profit over the next couple of years 
will be used lo cover writedowns and pro- 
visions for non-performing assets.” 

Still, much of the problem is only being 
swept under the rug, not disposed of. 
While banks are accumulating reserves to 
cover expected losses, losses will only be 
booked gradually in a process that could 
take a decade. A faster approach could 
adversely affect the property markeL 

In the meantime, capital will be tied up. 

Continued on Page 18 





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Prosperity Tastes Bland 
To European Lenders 


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By Erik Ipsen 

L ONDON — Low inflation and 
moderate economic growth, the 
stuff of every self-respecting Eu- 
ropean finance minister’s 
di earns, is proving to be at best a mixed 
blessing for Europe's bankers. 

Yes. the return lo econonuc expansion 
has boosted bank earnings by allowing 
bankers to slash the amount of money 
they put aside for dodgy- debts. But at the 
same time this new and particularly bland 
brand of prosperity has both delayed and 
diluted bankers' crucial expectations of a 
return to rising loan demand. 

'If it were not for falling bad debts 
these banks would be going backwards in 
terms of profits." said John Tyce, an ana- 
lyst at Societe Generate Strauss Turnbull 
in London ‘If you believe in low inflation 
you cun hardly believe in a return to rapid 
loan growth " 

Many observers suggest that may not be 
oad at all They point out that loans piled 
willy mlly onto hank's books in the heady 
days of soaring growth as well as of asset 
prices have always soured at alarming 
rates come the inevitable recession. More 
moderately paced growth, goes the argu- 
ment. allows bankers to pay more atten- 
tion u- loan quality. 


At the moment, hankers from Bristol :»■ 
Barcelona would he grateful for any 
growth in lending volume.-, at all On the 
Continent, where the economic recovery i» 
yet young, any revival in ioai: demand is 
widely reckoned to be a: least j year away 

Some wonder if ii mil ever come. “I 
suspect there might he a break ir. the post- 
war pattern.” said Derrick Chambers, 
bunking analyst ut Jame> Cupel. “Low 
inflation may mean hank credit tv just not 
needed as much." 

In Britain, corporate liquidity now 
stands at record levels as ilie recovery 
boosts profits. What is more, with mone- 
tary authorities keeping j tight lid on Use 
econonw ibeic is little need tor companies 
to undertake m.ivsiw new investments to 
gear up. Similarh in France corporate 
free cash flow now stands at nearly 1 1? 
percent ol spending. 

In Europe, what little m the wav •>! new 
business that has emerged this ce.tr ha-, 
been pounced upon by the hauks. witi: 
profit-crushing results. Demand lor mort- 
gages and for" finance tor local gov em- 
inent bodies have been the only two bright 
spots this yeai 

To the delight ol borrowers, the stam- 
pede of willing lenders in their direction 
has caused spreads on loans to ioc.il au 

Continued on Puce 18 


In the ’90s, Mergers Help Firms Get Back to Basics 


By Lawrence Malkin 


N EW YORK — Merger mama 
has returned to Wall Street in a 
much saner form than the deals 
driven by debt and ego ihai left 
American business gasping t\»i profits af- 
ter the gilded 1980s. 

This wave is haseu on suiting overhead 
and reorganizing production and manage- 
ment to meet global Competition, the 
foundation of successful Amenvau busi- 
ness strategy since the bunker J.P Morgan 
masterminded the first reorganization ol 
corporate America a century :ig*» 

In Morgan's duv it was such ba.Mi in- 
dustries as steel and aluminum ihai his 
bank rationalized and pul together. Now 


the industries ripe I'm consolidation are 
health care, where Loiupames paving the 
costs t'm then workci-s demand that costs 
be cut with or without ihe participation of 
the U.S. government - defense, where ihe 
end of ihe C old Wai has downsized ;ne 
Pentagon and its suppliers, financial ser- 
vices. because Congress has jum passed a 
law permitting interstate hanking .mu iiu 
information superhighway hu>inesM.v 
which are trying to discover where iht 
road is going even as thev struggle to 
assemble Ihe right lorpoiuU vchkk 
build rl. 

By nmiyeai the value ol domestic merg- 
ers announced publicly stood at 
billion, up shaiyiv from SUI5.5 biiln«i; at 
the same point in 1993. acc« uding n • Secu- 
rities Data l.u. The iiumbei ol deals was 


3.843. compared with 3.179 a vear ago 
Marlin Sikora. editor of Mergers & Acqui- 
sitions Magazine who teaches the subject 
at the tlniversity of Pennsylvania’s Whar- 
ton School ol Business, said the numbers 
are certan. to escalate, because mergers 
usually are more numerous in ihe second 
hall of Ihe vear 

Noi all mergers are going through un- 
less ihe price is right. Lawrence A. fisch 
walked away from a deal lo merge CBS 
Inc one of America’s premier television 
networks, with (JVC Inc., an upstart home 
shopping network, when one of (JVC"* 
owners demanded a better deal 

Some ot the same players of the 198ti> 
arc m the from lines, bui their financial 

C ontinued on Page 19 


M&A Deals 

In billions oi dollars 


in the U.S. 


Ml 3rd quartm 


0 , 
87 

Source 


91 '92 '93 - 94 


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7K?~ - 
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itn BANK POLSKA KASA OPIEK1 SA 





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vve oie certainly >:*ptH t iibiir about Ihe 
New Europe Enhdriceu competition and 
hdimonizatiun ot ei&ei-r.al standards are 
bunging Euiupe‘> peupie a a hoie new 
range ot benefits 


excellence We concentrate on wholesale 
banking, providing Euromartet service;, 
to credit institutions, top industrial 
enterprises, international orgai.izatiurr., 
and public-sector authorities Clients of 


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FORTUNATELY, SOME THINGS 
IN EUROPE ARE NOT EQUAL. 


■■ „ < L 


We smooth your entry into the most promising 
of the emerging markets in Europe. 

Bank Polska Kasa Opieki SA is the most 
internationally oriented, full service 
commercial bank in Poland. 

We specialize in trade and project financing. 

We are also the biggest dealer in treasury 
bonds and the leading broker, 
accounting for nearly 21% of all transactions, 
on the Warsaw Stock Exchange. 

Our branches are located in 80 cities all over Poland. 
We own a bank in Tel Aviv and two branches 
in New York and Paris. 

Head Office 

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fax /97'J 3/ 29 58 40. tel. /972 -8/ 29 19 16 


But some things i^ Europe are not 
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Fo; example, Luxembourg's prominent 
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ut its financial sector 

In this competitive and challenging 
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seeking to enhance youi ^asr.-tiow 
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1 3 


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Page 18 



Global 'Banking and Finance j A Special Report 


Are Derivatives a Blessing or a Burden? Regulators Want to Know More 


M- 


By Baie Netzer 


D epending on whom you 

speak to, derivatives are either 
the latest saviors or the threat- 
ening destroyers of the finan- 
cial world. Though they have ballooned to 
a sizable chunk of the financial market- 
place, few people understand them. 

Those who sing their praises include ex- 
ecutives at large commercial banks and 
securities firms where instruments such as 
futures and options can account for more 
than a third of trading income. Legislators 
and regulators, however, aren't so sure of 
the blessings. To the dismay of many deriv- 
ative dealers, industry watchdogs arc de- 
manding more oversight of the market 
Just last week, central bankers asked 
publicly traded companies to voluntarily 
disclose more about their exposure to fi- 
nancial risks, including those to derivatives. 
The request from the Bank for Internation- 
al Settlements, was aimed at creating a 
single, accepted code of conduct for inter- 
national companies, which are grappling 
with incompatible national accounting 
standards and differing requests from regu- 
lators and industry groups. 

In July. Edward J. Markey, a Democrat- 
ic member of the U.S. House of Represen- 
tatives, proposed legislation that would in- 
crease the power of the Securities and 
Exchange Commission to set capital and 
other requirements for derivative opera- 


tions at insurance and securities firms. Mr. 
Markey declared derivatives part of a “new 
world of cyberfinance," brought about by 
recent developments in technology. 

In addition, the House Banking Com- 
mittee chairman, Henry B. Gonzalez, has 
co-sponsored a bill with Representative 
James A. Leach. The proposal addresses 
capital, accounting, disclosure and suit- 
ability issues for banks that trade in deriv- 
atives. Capitol Hill observers say both the 
Markey and the Gonzalez- Leach bills will 
die without action this year but they are 
almost sure to be reintroduced before a 
newly elected Congress in January. 

To appease legislators, industry groups 
have begun issuing their own proposals. 
Guidelines for managing the risks of de- 
rivatives were issued in July by the Basel 
Committee on Banking Supervision and 
the Technical Committee ot the Interna- 
tional Organization of Securities Commis- 
sions. The Fair Accounting Standards 
Board hopes a draft expanding existing 
disclosure requirements for American 
banks will be effective by the end of the 
year. And in an attempt to set world-wide 
standards, : the Institute of International 
Finance issued detailed disclosure recom- 
mendations last August 

"Accounting standards simply haven't 
kept up with the growth in derivatives,” 
says Chris Matten, a co-chair of the Insti- 
tute of International Finance's working 
group. "A company’s derivative activity 
can disappear under a heading for ‘other 


assets’. You certainly won’t leara anything 
about the company's credit risk. And 
since banks in different countries report 
differently, there’s no way of comparing 
them.” 

Among the most controversial issues 
being debated about derivatives is the 
question of "suitability.” Some legislators 
argue that, just like mutual fund compa- 
nies that sell shares to individual inves- 
tors, derivative dealers must ensure that 
their customers understand the products 
they purchase and they must be warned 
about potential risks. Banks and securities 
firms argue that guaranteeing a deriva- 
tive’s “suitability” Tor a corporate custom- 
er ignores the role of treasurers. Of course 
a company will be happy as long as deriva- 
tives profit, the argument goes. But if a 
move m the market causes sudden losses, a 
company might turn around and sue the 
bank that sold it derivatives. 

Many argue that new laws simply aren’t 
necessary. *Tm concerned that derivatives 
have been singled out for legislation when 
most of the risks they cany are the same as 
any other financial product.” says Gay 
Evans, a managing director of Bankers 
Trust International in London. 

While some firms make money simply 
by selling or trading derivatives, banks 
and other corporations may also use de- 
rivatives to hedge against the price move- 
ments of commodities, securities, curren- 
cies or interest rates. Yet while experts 
agree that derivatives can help a corpora- 


tion manage business risks, a number of 
high-profile fiascos have fueled concern 
among government officials. 

The American, consumer-products gi- 
ant Procter & Gamble Co. earlier this year 
lost SI 57 milli on on interest-rate swaps. 
Last December, German mining and engi- 
neering conglomerate Metallgesellschaft 
AG announced 5860 milli on in losses due 
to oil-futures trading at its New York 
subsidiary. In February, the hedge fund 
manager George Soros lost 5600 milli on in 
one day. 

A number of those who trade deriva- 
tives professionally admit that recent 
headlines do cause misgivings. “I’m not so 
concerned when Soros loses a small 
amount of money because I know the 
larger gains he’s made over the long term,” 
says Peter Hurt, managing director at 
K en mar International, a money manager 
specializing in futures. “But if a corpora- 
tion like Procter & Gamble can lose so 
much money without top management 
knowing about it, then I’d say that's a 
problem." 

In general, regulators have two main 
concerns. Fust, because derivatives are 
often considered “off-balance sheet" 
transactions, it is difficult for sharehold- 
ers, financial analysts and regulators to 
know the risk a company has assumed in 
the derivatives market 

A second and more global issue in- 
volves the booming market for privately 
negotiated over-Lhe-counter derivatives 


that are not tracked by exchanges. Be- 
cause the true size of the over-the-counter 
market is difficult to estimate, the conse- 
quences of a major player’s bankruptcy or 
a sudden loss of liquidity are also hard to 
foresee. Could derivatives cause a finan- 
cial meltdown? 

Under pressure from investors and reg- 
ulators, American banks began increasing 
their derivative disclosure two years ago. 
But while experts say U.S. companies still 
have a ways to go, they believe European 
and Japanese banks present the larger 
problem. These banks often reveal only 
the so-called “notional amount” of their 
derivative portfolio. 

Because they are the only measures 
widely available, notional values are used 
to calculate the oft-touted derivative mar- 
ket estimates ranging from 510 to 20 tril- 
lion. But because they reveal little about 
the actual amount of money a company 
risks losing on its derivatives, experts say 
the huge notional numbers printed in fi- 
nancial statements have helped to fuel the 
fear that derivatives might lead to a finan- 
cial catastrophe. 

“Notional numbers are an indication of 
activity but they have nothing to do with 
the amount of capital that is at risk,” says 
Ms. Evans. “The current exposure of a 
derivative is its replacement cost and 
that’s usually closer to 2 percent of the 
notional amount." 

In a derivative known as an interest- 
rate swap, for instance. Bank A might 


agree to pay Bank B a fixed rare of 10 
percent on a notional amount of $1 mil-£ - 
fion. In exchange. Bank A receives a van- 
able rate of interest on the same amount. 

If interest rates have risen to 12 percentat 
the end of the contract. Bank A wiu still 
owe Bank B 10 percent but this obligation 

cnee between the two rates, or two percent 
of SI million, will change hands. The 51 
million “notional” amount of the contract 
is used solelv to calculate payments. 


T 


HE IIF has proposed disclosure 
1 of the so-called net replacement 
value of a derivative or the 

amount a company might lose if 

its partner in a derivative contract went 
bankrupt. But while many in the industry 
agree that this number will help investors 
and analysts judge one type of risk. Few 
believe it reveals the greatest risk attached 

to derivatives. „ ' 

“There have been very few cases of 
counterparties going bankrupt but there 
have been cases of large losses due to the 
market moving suddenly.” says James 
Johnson, partner at the U.S. accounting 
firm Deloiite & Touche. “So far, there is . 
absolutely no consensus about how banks 9 
should measure and disclose the market 
risk of their derivatives." 


BAIE NETZER is a financial journalist 
based in Germany. 


Companies Seeking Capital Head to America’s Over- the- Counter Market 


By Ann Brocklehurst 


I N a search for capital that is hard or 
impossible to come by in their home 
markets, a growing number of for- 
eign companies are raising funds by 
listing on the Nasdaq stock market in the 
United States. 

While the sharp rise in foreign compa- 
nies listed on Nasdaq, a computerized 
market with no trading floor, has made it 
better known internationally, executive 
vice president John Wall attributes the 
recent growth to equity market conditions 
rather than Nasdaq’s marketing efforts. 
“It’s nothing we have done, ” he said “It's 
truly a question of cost of capital.” 

So far this year, 37 foreign concerns 
have listed either their shares or American 
Depositary Receipts on Nasdaq, com- 
pared with a record 71 in 1993 and bring- 
ing the total of international securities to 
345, the most of any American market. 
The companies represented range from 
giants like Toyota Motor Corp. to new- 
comers like the Chilean brewery Com- 
pania Cervecerias Unidas SA. 

The majority of foreign companies are 
also listed on their home markets, but a 
significant number have only the Nasdaq 


listing either because their products are 
best known in the United States or be- 
cause their domestic markets are illiquid 
or trade no comparable stock. 

The Luxembourg- based Scandinavian 
Broadcasting System SA, which raised S62 
million with its initial public offering on 
Nasdaq in March 1993, has almost no 
American ties other than its Nasdaq list- 
ing. It operates and manages television 
stations in the Scandinavian commercial 
market through subsidiaries and was 
brought to market by the European ven- 
ture capital group Alta Berkeley Asso- 
ciates. The broadcaster considered listing 
in both London and Scandinavia, but de- 
cided that as a growth company barely 
breaking even and being valued largely on 
the strength of its future cash flows, it 
would be better off on Nasdaq, where 
such stories are fairly common. 

“We have never taken a company pub- 
lic in Europe,” said Alta Berkeley's Bryan 
Wood. “If you really do have a hot deal or 
an interesting deal, you really can get 
better pricing in the U.S.” 

Mr. Wood says that while European 
mutual funds and institutional investors 
tend to operate on a geographical basis, 
U.S. funds are more focused on specific 
industries in which they have expertise. 


“When we did take companies public in 
the U.S., a large percentage of the buyers 
were sector or small cap funds and the 
number of these funds in Europe is rela- 
tively small." 

Many of the foreign companies listing 
on Nasdaq are in the high technology, 
biotechnology and telecommunications 
businesses, areas where American compa- 
nies such as Microsoft Corp. and MCI 
Communications Corp. have helped make 
Nasdaq an important market 

Michael Halloran. a director at Alex. 
Brown & Sons Ltd.’s London office, says 
there is a whole infrastructure in the Unit- 
ed States for emerging companies that 
doesn't yet exist in Europe. “In biotech- 
nology, there are more than 200 publicly 
traded companies, research analysis, insti- 
tutional money that is smart about the 
industry, and traders and brokers who 
make markets and liquidity for these com- 
panies," he said, “with all of that infra- 
structure, you achieve liquidity. You don’t 
have that in Europe.” 

While Nasdaq requires companies to 
have a minimum of two market makers, 
most foreign companies have an average of 
1 1. Market makers, such as Alex. Brown, 
which is based in Baltimore, are allowed to 
sponsor stocks as well as trade them, issu- 



COMP, 




HANDBOOK 


HctalbS&ribunc. 


5 B F • PARIS BOURSE 


Published by the International 
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Paris Stock Exchange, the 1994 edition 
includes detailed profiles of all the 
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Launched in December 1993, the 
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other major firms. Its stocks gained 32.8% 
last year, making these the companies to 
watch in the coming years. 

Each profile includes: head office, 
CEO. investor relations manager, 
company background and major activities, 


recent developments, sales breakdown, 
shareholders, subsidiaries and holdings in 
France and internationally, 1989-1993 
financial performance, and recent stock 
trading history. 

French Company Handbook is 
updated annually for financial analysts, 
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mg research reports and recommendations. 
And their willingness to commit themselves 
financially to a stock often plays an impor- 
tant role in its performance. 

Despite the current consensus that 
companies in many different technology 
sectors can achieve valuations and raise 
capital in the Uni led States that is impos- 
sible to obtain in their home markets, 
there is also the caveat that foreign com- 
panies on Nasdaq trade at a discount to 
their domestic counterparts. Nasdaq's Mr. 
Wall says this is a charge that various 
studies have shown to be untrue unless a 
foreign company is being tight-lipped 
about its finances. 

“We found information is really a key 
because U.S. investors, particularly insti- 
tutional investors, are used to receiving 
that information and talking to manage- 
ment." he said. 

Although foreign companies listing on 
American exchanges are treated with 
some leniency by the U.S. Securities and 
Exchange Commission, they must still 
bring their financial statements in line 
with U.S. generally accepted accounting 
procedures. In many cases, this means 
publishing the performance details of dif- 
ferent operational and geographic divi- 
sions for the first time. 


Masdaq’sHon-U.S. 

Nescfaq- feted non-US. c&np&tfezmnked ■ 

by marteaf c&ptmtixiffoti in bfflons 

LM Ericsson Tetephorie Co. -Sweden -SsLis • 

Reuters Holdings PUT . 

"M7'. 

Methanex Corp. 

Canada "'3.3h-- 

MaeMBan Stoedei 

: Canada 

Great hre Technology : ' 

Singapore*: 158. 

leva PhaOTiacautwaUndtia. 

s:.tera«t • X5* ! ‘ 

Partner Re HokHngs 

. '•Ok , .154. 

EdTetecorntM. * 

• farad 15S'. 

T£Kfonos de Mexico. SA 

.. Mexfcb. J '155"' 

Locwnm Group Inc.. 

Canada % Xpfc' 


50, are the confectionary and soft drinks 
man ufacturer Cadbury Schweppes PLC 
and the news and financial information 
service Reuters Holdings PLC. Mr. Wall 
noted that Reuters, which trades ADRs 
representing a bundle erf its ordinary 
shares as do most of the bigger foreign 
companies, often has a bigger daily trad- 
ing volume on Nasdaq than in London. 


Source: Nasdaq 


IHT 


Not surprisingly, some 150 Canadian 
companies, which are familiar with Amer- 
ican business practices and the huge mar- 
ket next door, make up the largest contin- 
gent of foreign firms on Nasdaq. Further 
afield but also highly tuned to the U.S. 
market are some 50 Nasdaq-listed Israeli 
firms, mostly in the computer and soft- 
ware fields. 

Included among the British companies 
listed, which also number approximately 


N ASDAQ is also home to Peters- 
burg Long Distance Inc., the 
company billed as “the first 
Russian equity opportunity” 
when it listed on the market with a sec- 
ondary stock placement in 1993. With' its 
main offices in London, where it trades 
over the counter, and Toronto, where it is 
listed on the local exchange, the company 
provides international and domestic tele- 
communications services to SL Petersburg 
through an associate company. “What we 
felt was that in the emerging telecomm V 
munications market, a Nasdaq listing is 
important if you want UJS funds to move 
into the stock,” said the company’s presi- 
dent and chairman, Rupert Galliers- Pratt. 


ANN BROCKLEHURST is a journalist 
based in Montreal. 


Weak Prospects for European Banks 


Continued from Page 17 


thorities to collapse from 90 
basis points, or hundredths of 
a percentage point, to as little 
as 50 basis points. Margins on 
mortgage lending showed a 
similar half a percentage point 
contraction. 

Such performances have 
raised fears once again that 
Europe’s overcrowded bank- 
ing markets axe in for a bruis- 
ing ride. “We will be stuck with 
too many banks in Europe for 
some time,” said Ian McEwen, 
an analyst with Merrill Lynch. 
Compounding that problem, 
some analysts are now fore- 
casting a steep rise in bank 
capital beginning in Britain 
where the economic rebound is 
furthest along. 

With Loo many banks and 
too much capital sloshing 
around in the system, analysts 
are worried that something 
must give. Rod Barrett, a 
banking analyst at Goldman 
Sachs talks of a “golden sce- 
nario” in Britain whereby 
moderate loan demand and ex- 
cellent profits from slimmed- 
down banks would allow them 
to build up huge amounts of 
excess capital. “That would be 
good for bank shares," he 
notes. “But unfortunately the 
world does not work ’ that 
way.” 

Instead, he predicts that ris- 
ing competition will squeeze 
bank margins severely by the 
latter half of the decade. Oth- 
ers worry that bulging bank 
coffers will propel bank bosses 
in dangerous directions. Mer- 
rill's Mr. McEwen notes that 
most British banks are already 
on the prowl for acquisitions. 

In Britain too many bankers 
still believe that, as lie puts it. 


“It is far better to have a bigger 
bank than a richer sharehold- 
er.” 

More sanguine observers 
predict that European banks 
will follow the pattern set by 
many U.S. banks in recent 
months. There, a surge in bank 
profits and a lack of profitable 
outlets for accumulated earn- 
ings has led many banks to 
shell out a portion of those 
gains in the form of higher div- 
idends and share buy-back 
schemes. 

On a cautionary note, the 
recent and long-awaited reviv- 
al in the demand for bank 
credit in America has been 
seized upon with excessive zeal 
by lenders. Late last month, 
the chairman of the Federal 
Reserve Board, Alan Green- 
span, noted in Congressional 
testimony that bank lending 
standards were already falling. 

In Europe, banks also face 
rising pressure on the liability 
side of their balance sheets. In 
France, notes John Raymond, 
a director of IBCA, the bank- 
credit-rating agency, banks 
“have been hit by the growth of 
mutual funds." Similarly, he 
points out that German banks 
now face growing competition 
for deposiis from the newly le- 
galized money funds. 

Europe's banks also face 
growing competition in the 
corporate lending market. Re- 
vitalized American banks have 
been pouring back into the Eu- 
ropean lending market in re- 
cent months, helping to drive 
margins on large corporate 
lending from a high of 100 ba- 
sis points last year to virtually 
nothing at present. 

In addition, big American 
merchant banks, led by firms 
like Goldman Sachs and Mor- 
gan Stanley, have continued to 


win business away from Eu- 
rope's largest universal banks. 
As recently as five years ago, 
notes David Hunt, a partner at 
McKinsey Sc Co. in London, 
those banks still dominated 
their national markets. Now, 
he says, “while the largest bank 
in each market is holding its 
own, the second-tier banks are 
getting beaten back severely." 

With an array of products 
that outstrips anything that all 
but the largest European banks 
can offer, and with access to 
the capital markets around the 
globe that virtually none can 
match, the Americans are 
stealing ever-increasing slices 
of the European large corpo- 
rate market. 

Even worse, Mr. Hunt labels 
past attempts by European 
banks to move into merchant 
banking by targeting specific 
products such as Eurobonds “a 
recipe for disaster.” 

Whereas merchant bankers 
excel at moving capital and 
staff into new. hot products 
and out of areas that nave be- 
come mere commodity ser- 
vices, commercial banks typi- 
cally cast multiyear plans in 
stone. “This is not a business 
where 10-year plans get you 
anywhere,” insists Mr. Hunt. 

With European facing 


many threats and having so lit- 
tle in the way of profitable 
lending opportunities, analysts 
express little surprise at inves- 
tors’ unwillingness to snap up 
the banks’ shares. After a ro- 
bust run last year in which 
British bank shares for in- 
stance outperformed the mar- 
ket by 35 percent, the tide has 
turned with a vengeance. 

Powered by rising interest 
rates in the United States, Eu- 
ropean bank stocks underper- 
formed their respective nation- 
al stock markets by an 
amazingly uniform 10 percent 
in the first half of this year. 

The mood has definitely 
changed, said Goldman’s Mr. 
Barrett. “People have gone off 
the banks in a big way,” he 
said. Overhanging the market 
are fears that in the mature 
banking markets of Europe, 
where overcapacity is still the 
rale, banks face an increasing- 
ly fractious future. 

“The outlook for traditional 
Tending in Europe is not nice,” 
said Stefan Arrouays, an ana- 
lyst for Barclay’s deZoete 
wedd in Paris. 


so 


ERIK KPSEN is the London cor-, 
respondent of the International 
Herald Tribune 


For Japan, Bit Parts? 


Continued from Page 17 


Jan, 94-Sept. 94 + 37,23% 

with only 1 losing month of less, than 4 % 


1500 


FUTURES CORP. 


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Jan. Feb Mar. Apr. May .June July Aug. Sept 

Please contact the FuntTs Administrator. MeesPferson FtmtSSenrico Linritedt 
aad ask far CoItoM Hayes or Janet Thompson. 

. . . TelJ+1-809 393-8772 Fax:+1 -809 394-32M 


creating a drag on profitability 
and many lost opportunities. 

Without doubt, the experi- 
ence of the bubble and a slowly 
libcralizirtg regulatory envi- 
ronment is making Japanese 
bankers more concerned with 
risk-assessment and profitabil- 
ity. Fuji Bank, for example, 
says 100 percent of its corpo- 
rate lending is priced accord- 
ing to risk. Mitsubishi Bank 
and Sanwa Bank use credit- 
risk pricing for 25-30 percent 
of their loans. 

“Japanese banks are trying 
to balance risk and returns,” 
said Yosfainobu Yamada, an 
analyst at CS First Boston. 

But many banks, including 
Sakura Bank, one of Japan’s 
biggest, have yet to factor in 
risk in setting interest rates on 
loans. That may limit the ex- 
tent to which other banks 
price loans higher for riskier 
clients. 

“The attitude towards credit 
is still very Japanese," said Ms. 
Ogawa. "’Banks never look at 
the intrinsic ongoing value of a 
client. It’s all ‘do you know 


somebody we know, do you 
have collateral? If so, we can 
give you a loan.*” 

At the same time, although 
the Finance Ministry's policies 
may be containing the jnoblem 
and providing stability, bank 
managers are being kept busy 
with the protracted procedures 
and have little time left to de- 
vise more innovative strategies 
or new financial instruments. 

Moreover, the ministry con- 
tinues to prohibit the b anks 
from entering lucrative busi- 
nesses such as selling mutual 
funds or insurance products or 
issuing credit cards. Banks 
have been permitted to enter 
the securities business, but re- 
strictions and excessive com- 
petition in the field will ensure 
that this remains a small aspect 
of their business for years. 

“The biggest global advan- 
tage of Japanese banks is th at 
they atm a market that has too 
much money — that's it,” Ms. 
Daniels said. “They're not 
competitive for new products 
or financial expertise.” 





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IN TERNATIONAL HERALD TRIBUNE, TUESD AY, OCTOBER 4, 1994 

Global Banking and Finance jA Special Report 


Nordics Firmly on the Road to Recovery 




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$. By Conrad de Aenlle 

S I TOCKHOLM — The 
long convalescence of 
| the Scandinavian bank- 
' ins system is neady 
completed. The sta gge rin g vof- 
ume of bad loans, wmch put a 
'■ number of banks into insol vea- 
cy, forcing government res- 
•' cues, has mostly been written 
off the books. Banks areprofit- 
. y able again and, with thor bal- 
v ancc sheets back in decent 
■ shape, many are looking to ex- 
pand at home and abroad. 

The last year has been an 
. especially good one. Swedish 
' banks, for instance, suffered 
\ credit losses totaling 120 b2- 
■ : lion kronor, or about SIS bil- 
lion, in 1992 and 1993. This 
•< year, by contrast, the major 

hanW are «TMtf»ng money. 

••• Banks in Denmark largely 
escaped .the fate of their north- 
. em neighbor. Although the 
..." four largest banks all lost mon- 
■ ^ ey in 1992, the losses were geo- 
-'■^rally nnld, and recovery was 
speedy. The exception was the 
- country's second-largest lend- 
., er, Unibank, which managed 
to lose money three years run- 
ning, culminating in 1992 in a 
record loss for the Danish 
banking industry. 

Norwegian banks were the 
first in the region to climb into 
their hole ana they are leading 
the way out as well, banking 
, analysts say. “They Started re- 
: covering last year and turned 
from large losses in 1992 to 
; profitability last yean '93 was 
: their best year ever,” said Sig- 
■ mund Hailand, who follows 
S candinav ian banks for Ens- 
“ kflria Securities. He noted that 
Christiania, which he called 
u &e most bankrupt of afi of 
them,” and Den norske Bank, 
the country's largest, had 
raised money through new 
share issues. 

Den norske reported net in- 
come in the first half of l.S 
billion kroner, or about S21S 
million, compared with 942 
million kroner for all of 1993. 
In the two years before, the 
bank lost a combined 7 billion 
kroner. 

The laggards in the region 
Sfcare Finnish banks. The com- 
modity-based economy suf- 
fered the most severe down- 
turn, and banks such as 
Postipankki and Kansallis- 
Osake have shown losses far 
three straight years. 

Through their convulsive 
ups and downs, banks across 
Scandinavia — and their de- 
positors. shareholders and gov- 
ernments — have been the vic- 
tims, and lately the 
beneficiaries, of roughly the 
same set erf economic and regu- 
latory circumstances. 

Nordic banks had always 
been tightly controlled. They 


were never allowed to take on 
too much risk or to make too 
much money. Then, in the 
1980s, came the first wave of 
deregulation. Loan demand 
shot up, and so did the Scandi- 
navian economies. 

“Banks were not used to be- 
ing competitive in market 
terms,” explained Pairik Till- 
man, an analyst at the broker- 
age Alfred Bag. “The way to 
increase market share was to 
make real estate loans.” 

The banks went on a lending 
binge, with quantity counting 
more than quality. Not only 
banks, but insurers and other 
finance companies, started to 
make loans with reckless aban- 
don. With so much money be- 
ing jramped into the property 
market, prices shot higher. 

Then the bubble burst. Cur- 
rency controls were lifted and 
money started to be sent 
abroad. The recession came 
next. Inflation fell sharply. At 
about the same time , the top 
income tax rate was dashed in 
Sweden. The deduction for 
mortgage interest was not 
worth what it bad been. 

AJU of a sudden, real estate 
was not a sure thing Indeed, 
prices fell by 50 percent in 
Stockholm. Borrowers 
couldn't pay back their notes, 
and the banks were stuck with 
the bad debts. 

“The rules for the market 
had totally changed,” Mr. Till- 
man said of Sweden. “We went 
from high to low inflation, as 
the government's aim was to 
fix the currency” to the stron- 
ger currencies in Europe. “Al- 
most a whole industry went 
bankrupt after a time of huge 
volume growth.” 

Although the tide turned too 
late for many, it did turn. In- 
terest rates across the region 
plummeted, making the cost of 
credit cheaper for banks and 
their borrowers. It also drove 
up the value of the banks’ port- 
folios of government bonds. 

Now the banks are prudent 
by necessity. The lingering re- 
cession in Scandinavia has dri- 
ed down loan demand in Nor- 
way and Sweden. The value of 
outstanding loans at Den 
norske Bank, for instance, fell 
14 percent during 1993. 

During 1993, the value of 
outstanding bank loans in 
Sweden declined nearly 20 per- 
cent, to 738 billion kronen, ac- 
cording to the government sta- 
tistics bureau. Much of that 
decline was due to the debts of 
insolvent banks being wiped 
off the books in bailouts. 

Elsewhere, loan business is 
holding up. The portfolios of 
Denmark's two biggest banks. 
Den Danske and Unibank, in- 
creased during 1993, although 
they are off from their peaks in 
1990. Finnish banks have had 
strong year-to-year increases. 


U.S. Firms See Mergers 
As Move Back to Basics 


3 r.r». 


Kit Pin 1 


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***** 




. - • Continued from Page 17 

strategy is more sober. Henry 
' ,/ Kravis, the raider who paid 

more t ha n $25 trillion for the 
tobacco and food conglomer- 
- ate RJR Nabisco five years ago 
in a move so audacious it was 
chronicled in newspaper head- 
lines, a book and a movie, took 
: over the ailing Borden Co. this 

’• ^ month in an unheralded stock 

swap 

Mr. Kravis’s partnership, 
which invests money for insti- 
tutions, had so revived RJR 
Nabisco that he was able to 
trade $2 trillion of its stock for 
a match with all of Borden. 
The company, founded in 1858 
by the inventor of condensed 
milk, is spread so thin in down- 
market areas of dairy, food, 
chemicals and even glue that it 
was unable to turn a profit last 
year on $5_5 billion in sales. 

Other seasoned veterans of 
the 1980s have returned to the 
*; negotiating table with the skills 

^ * that tnndf them rich in the 
1980s but not the junk-bond 
financin g with interest pay- 
marts tha t almost sank some 
of the conglomerates they cre- 
ated. American Home Prod- 
ucts plans to raise money from 
a credit line syndicated 
through Chemical Bank to buy 
out American Cyanamid’s 
i ** shareholders for $9.7 trillion in 

■ cash, then sell off its agricul- 
tural and pesticide units to cre- 
ate a pharmaceutical and pat- 
ent medicine giant 
American Home was ad- 
vised by Eric Gieacher, an at- 
tack dog for Morgan Stanley's 
‘ mergers in the 1980s who now 
runs his own New York bou- 
tique backed by Deutsche 
k Bank and its British arm, Mor- 
gan GrenfdL His principal 
role, like many of experienced 
dealmakers of the 1980s, was 
to bring the disparate and of- 
ten warring companies togeth- 
er and take charge of tough 
negotiations — and that is one 
reason he is less prominent; 
hostile takeovers are few. 

Friendly mergers are the 
overwhelming majority, and 
the currency of choice is com- 
mon Stock. Low prices make 
m erger s more attractive when 

the aim is buying market share 

to uke advantage of a growing 


economy — or, in the case of 
the defense industry — a 
shrinking one. 

So far the year’s biggest 
merger is the $11 billion ex- 
change of stock to merge Mar- 
tin Marietta Corp. and Lock- 
heed Corp., the nation’s 
second and third largest weap- 
ons makers. The goal of the 
merger is to offer a full line of 
aviation, aerospace and avion- 
ic gear not onfy to the Penta- 
gon but also to buyers abroad 
in competition against state- 
subsidized national champi- 
ons. To the degree that govern- 
ments subsidize their own 
domestic producers, vowed 
Norman R. Augustine, Martin 
Marietta’s chairman, “we are 
going to make it more costly 
for them by cutting our costs. 

Many other mergers have 
the obvious theme of size and 
back-to-basics themes. Bur- 
lington Northern Inc. and San- 
ta Fe Pacific Corp. are swap- 
ping stock valued at $4.2 
billion to create die largest rail- 
road company in the United 
States, covering most of the 
United States west of the Mis- 
sissippi River. American Ex- 
press Co., pulling back tinder 
new management from a de- 
cade of St-conceived expan- 
sion into financial services, 
agreed to buy the 400 U.S. 
travel offices and corporate 
travel division of Britain’s 
Thomas Cook Ltd. for $375 
milli on. 

And in a corporate version 
of the film “La Ronde,” Bayer 
AG of Germany will buy the 
over-the-counter operations of 
Sterling Winthrqp Inc. in the 
United States and Canada for 
SI billion. Sterling’s worldwide 
operations had been acquired 
by Eastman Kodak Co. during 
the merger of the 1980s, 

then sold to SmithKIinc Bee- 
chain PLC, the British-Ameri- 
can pharmaceuticals company , 

for $2-9 billion when Kodak 
decided to stick with optics. 
For Bayer, it meant re gain ing 
its own trademark in the Unit- 
ed Stares for the first time since 

its U.S. operations were seized 
almost 80 years ago as enemy 
property during World War L 

LAWRENCE MALKIN is New 
York bureau chief of the Inter- 
national Herald Tribune. 


If the banks* balance sheets 
have been dressed up, it is a 
case of being all dressed up 
with no place to go. 

“All banks are overcapital- 
ized," Mr, Tillman “As 
long as they don’t have high 
loan demand, there’s not much 
they can do.” 

What they have been doing 
is what American banks in the 
same situation have done for 
the last few years — playing 
the yield curve. The spread be- 
tween long- and short-term in- 
terest rates has been so large 
that banks can make good 
money paying their depoators 
at the prevailing low short 
rates, then buying generously 
yielding government bonds. 

They have also been throw- 
ing some of that capital around 
to make acquisitions and im- 
prove their operations. SE 
Banken has opened branches 
in Oslo and Helsinki and is 
about to launch a 24-hour re- 
tail banking phone service. 
Handelsbanken has bought 
some smaller banks in Norway 
and is interested in expanding 
further in the region. 

Mr. Tillman said that, rather 
than namg their capital to 
make loans, banks are trying to 
boost fee income by selling 
long-term savings products, 


much as American banks have 
embraced the mutual fund 
business. Such caution is war- 
ranted. Even though the per- 
centage of bad loans has fallen, 
he noted, it is still well above 
the levels that healthy banks 
are used to. 

“The first year of normal 
credit losses is going to be 
1996, even if this year is going 
to be better than last," Mr. 
Tillman said. “It’s a very 
mixed picture." 

For Swedish banks, there is 
also the risk of a further slow- 
down in the local economy, es- 
pecially with the victory last 
month of the Social Demo- 
crats. They have pledged to 
raise taxes to reduce the gaping 
budget deficit. That could 
mean less disposable income. 
On top of that, interest rates 
have risen sharply this year. 
But bankers remain optimistic, 
if wary. 

“It’s quite evident that the 
risks of operating in this envi- 
ronment are getting higher, 
mainly due to outside factors,” 
said Lars Isacsson, chief finan- 
cial officer at SE Banken. “But 
we can say the crisis is over.” 


CONRAD DE AENLLE writes 
about business and finance from 
Paris. 


How One Bank Turned Itself Around 

S 


TOCKHOLM — SE Banken 
seemed like just another of the 
casualties when it asked for state 
aid early last year to cope with 
loan losses from the collapse in Nordic 
real estate prices. 

But SE Banken, Sweden's second-larg- 
est bank, got a lift from a sharp fall in 
interest rates and found that it could 
weather the storm on its own. The bank 
withdrew its appeal for aid. 

Having survived that ugly episode. SE 
Banken went on a health kick. It sold off 
assets and sharply cut lending to boost 
the bank's capital-to- assets ratio. It 
streamlined operations and decentral- 
ized decision m aking in an effort to make 
the bank more efficient and more re- 
sponsive to its retail customers. 

The regimen has been successful, but 
not entirely. The value of its loan portfo- 
lio fell by nearly 20 percent, to 247.7 
billion kronor, or about $32 billion, in 
the year through June; its net problem 
loans fell by more than half, to 10.7 
billion kronor, in the same period. 

“Our balance sheet and lending have 
come down substantially," said Lars 
Isacsson, chief financial officer. “It has 
come down much further than we thought 
because loan demand is way down.” 

Still, net bad loans account for 4 per- 
cent of outstanding loans, a figure that 
Mr. Isacsson said “must come down to a 
lower level” for the bank to fed as 
though it had made a complete recovery. 


And he conceded that the bank had not 
cut expenses as much as it would have 
liked. Costs rose 6 percent in the year 
through June. 

But the key number is net income, 
which in the first half was 22 billion 
kronor, more than triple the gain for all 
of last year. The bank showed a loss in 
last year's first hall. The reduced lending 
and return to profitability have boosted 
total capital to 13.9 percent of assets 
from 13 percent at the end of last year. 

Much of the credit for SE Banken's 
recovery goes to the chief executive. 
Bj5m Svedberg. who was brought in 
from the LM Ericsson AB telecommuni- 
cations concern. 

“He’s lough. He changed the culture 
of the bank,” said an analyst who follows 
SE Banken. “It had a reputation for 
being a posh bank, now it’s more effi- 
cient. They have positioned themselves 
to be a modern bank.” 

To try to set things right, the bank 
decided to concentrate on its core com- 
mercial and retail businesses. It gave up 
on its ambition to become one of the 
largest fund-management companies in 
Europe, and it sold off a number of 
assets, including its Swiss bank and 
stakes in its mongage and finance units, 
and a couple of foreign banks. 

SE’s mission now is to take advantage 
of the market share it has gained on 
weaker banks while not getting into a 
costly battle with Svenska Handelsban- 


ken, SE*s larger rival which remained 
profitable for most of the crisis. The 
strategy is to build up business abroad, 
especially in the other Nordic countries, 
which SE Banken would tike to think are 
pan of its home market. The bank re- 
cently opened branches in Oslo and Hel- 
sinki! 

“In the next year, it’s important for us 
to get things going in the branches in 
Norway and Finland so profitability will 
be improved,” Mr. Svedberg said. 

SE Banken would also Uke to expand 
its presence abroad to better cater to its 
large corporate clients. It already han- 
dles dose to half of the foreign exchange 
trading done in Sweden and has more 
than half of the market in international 
payments. Such services can be extreme- 
ly profitable without using up any of the 
bank's capital. 

There are still some mine fields to be 
steered around. Interest rates have lately 
headed back up. And there is new com- 
petition in the investment banking sec- 
tor. 

But SE Banken's executives say the 
credit calamity has made them better 
able to handle new difficulties. “At times 
it’s good to have a crisis." Mr. Svedberg 
said. “It was a purgatory, a process that 
changed the culture and made it a better, 
more efficient bank.” 

Conrad de Aenlle 



f you can’t make it to the end of 
the test, your company may not 
make it to the end of the decade. 


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© S93 Cofponatna 


ARE YOU CUSTOMERIZED? 


, ■ ■ ■ ' U Dpvob have as ma ny customers as von want? 

\ OYes ONo • 

^ . v. Can a .bottom line be too healthy? Of course 

» " ' . oak Asd: neither can a growth-oriented company 
,. ■' They're the engine that 

. geo«5ttes revenue. n 

2. A&k yoar cgstoroers as loyal as yoa want? 

.. < ■■■ / DYfes ON* 

" nr'soaeiktpgtQ g»n customers. It*s another 
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' "wifttarsuanisrs." • 

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V-; . OYes ON o 

, : ' Acriti^eon^c«^oftwsinessgrchvtJiis 

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_ u.jit.u. ON*.- 

' " s ] A. c^omer orientation bas-tunned value unless. 

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afi levels /tiadat everyplace tbat direedy or indirectly ■ 

■ -’involves the customer. 


i. 

. ’ . V-r.. 


' 6. Is yaor information strategy fo cosed m 


trying lo teBy&n? • 

. • : ; . ; ; ' OYes ' O No ;; '■ 

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1 ' jaw’re missH^ messages that could guide you to 


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.... a%s.~ aNo- 

When die flow fcnesof your Wonnatioo system 
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Business is buflrmt customers. Without them. .' 
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TbeBoriumLtee.: Jfybudru^edNotbax^. ' 
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I. 



SPORTS 

Saints Shock Giants as Eagles Crush 49ers 


Compiled by Oar Stiff From Dispaicka 

Two of the National Football 
League's mightiest teams — the New 
York Giants and the San Francisco 
49ers — came crashing to earth Sunday, 
stunned by seemingly lesser rivals. 

In New Orleans, New York (3-1) was 
knocked from the unbeaten ranks — 
leaving the idle San Diego Chargers 
alone in that category — by an overpow- 

NFL ROUNDUP 

ering Saints defense. New Orleans had 
seven sacks and James Williams had a 
33-yard interception return for a TD. 

“We all went out there determined to 
do whatever it took," Williams said after 
his first-ever touchdown. “I was just out 
there to buy time, and the next thin g I 
knew 1 had the football and a clear shot 
at the end zone." 

The Saints (2-3) held the Giants — 
again playing without injured Pro Bowl 
r unnin g back Rodney Hampton — to 202 
yards total and 50 yards rushing. 

Eagles 40, 49ers 8: In San Francisco, 
the game was a rout from the outset. 
Philadelphia, winners of three straight 
after an opening loss, took advantage of 
San Francisco’s makeshift offensive 
line, even driving Steve Young from the 
game in the third quarter. 

William Fuller sacked Young for a 
safety. Randall Cunningham completed 
20 of 29 for 246 yards and two touch- 
downs. Charlie Gamer, in his NFL de- 
but, ran for 1 1 1 yards and two TDs. 


The 49ers (3-2) sustained their worst 
regular-season loss in Coach George 
Seifert’s six seasons and worst overall 
since a 49-3 playoff loss at the New 
York Giants in 1986. 

Bears 20, Bills 13: In Chicago, the 
Bears (3-2) won their second straight 
against AFC East teams after two embar- 
rassing defeats. Their reversal has come 
with backup Steve Walsh at quarterback 
instead of die injured Erik Kramer, who 
leads the NFL in passing efficiency. 

But the defense has made the big 
plays and sparked the turnaround. It 
held the Bills to 204 yards and forced 
three turnovers. Buffalo (3-2) was with- 
out Thurman Thomas, sidelined with a 
knee injury. 

Dolphins 23, BengaJs 7: In Cincinnati, 
in the first professional match of father 
and son as head coaches, the old man got 
his 33 1st victory as Dan Marino threw for 
two touchdowns for Miami (4-1Y. 

“We needed this one,” Don Shula 
said, then, referring to his son, he added: 
“1 know Dave needed it bad too. We 
were just the better team." 

The Bengals (0-5) got going quickly, 
then faded. 

“You can't spot the Miami Dolphins 
five turnovers and expect to have any 
chance to win the football game,” said 
the younger Shula, Dave. “We’re never 
going to get to the point where we’re 
going to win a football game if we make 
the mistakes that we do." 

Marino was 26-for-35 for 204 yards. 


Canfinals 17, Vikings 7: In Phoenix, 
Arizona, Buddy Ryan’s Cardinals (1-3) 
got going about a month later than the 
coach expected. 

“I knew it was going to be there,” 
Ryan said. “I just didn’t know when. 
But we beat the best team we’ve played. 
There’s no doubt about that.” 

The Cardinals forced four turnovers 
and yielded just 18 yards on the ground. 

“Nobody runs on us, no matter where 
we are,” Ryan said. “The ’85 Bears, the 
Eagles, the Oilers, nowhere — not even 
Dallas next week.” 

But Cris Carter had 14 catches for 167 
yards for Minnesota (3-2;. 

Falcons & Rams S: In Anaheim. Cali- 
fornia, a battle of substitute quarter- 
backs went to Atlanta, which had its 
second stringer, Bobby Hebert, going 
against third-stringer Tommy Maddox 
of the Rams (2-3). 

Hebert’s 13-yard pass to Ricky Sand- 
ers with 3:14 left was the game’s only 
touchdown. Starter Jeff George left with 
a concussion in the third quarter. 

The Rams lost their No. 2 quarterback, 
Chris Chandler, with a sprained ankle; 
their starter, Chris Miller, already was out 
with a shoulder problem. 

Atlanta moved into a tie for the NFC 
West lead at 3-2. 

In earlier games, reported Monday in 
some editions of the Herald Tribune: 

Cowboys 34, Redskins 7: In Washing- 
ton, the Cowboys (3-1) made life miser- 


able for Heath Shuler, Reggie Brooks 
and Norv Turner. 

Dallas jumped to a 3 1-0 halftime lead, 
getting two TDs from Emmitt Smith 
Before he left with a strained hamstring. 
Troy a ; k man went 20-for-2S for 181 
yards, one TD and one interception. 

Shuler, making his first NFL start, 
completed just 1 1 passes in 30 attempts 
for 96 yards. Brooks lost two fumbles, 
setting up 10 points for the Cowboys, 
and was benched by Turner, who was 
the Cowboys’ offensive coordinator in 
their last two Super Bowl seasons. 

Patriots 17, Packers 16; A wild ending 
in Foxboro, Massachusetts, gave the Pa- 
triots (3-2) their third straight victory 
and dropped Green Bay to 2-3. 

Green Bay went ahead on Reggie 
Cobb’s 1-yard run with 1:14 left. Chris 
Jacke never got a chance to kick the 
extra point as holder Craig Hencrich 
couldn’t handle a low snap. 

Then Jacke bungled the ensuing kickoff, 
and the Patriots marched to set up Matt 
Bahr’s 33-yaider with tom seconds to go. 

Buccaneers 24, Lions 14: In Tampa, 
Florida, Vernon Turner returned a punt 
80 yards for a TD, the first rime in their 
18-year history die Buccaneers (2-3) 
scored on a punt or kickoff return. 

Rogerick Green got the first blocked 
punt for Tampa Bay in five seasons, 
setting up the game-clinching TD in the 
third quarter. Barry Sanders, the NFL's 
leading rusher, had 166 yards on 20 
carries for Detroit (2-3). (AP, AFP ) 



r Tt 1 

w rly 


Dove Rdh'ltnKi, 


Philadelphia’s Charlie Gamer kapiing over San Francisco defenders for a touchdown. 


NHL and Union 
To Meet Tuesday 


Waiting for the Game That Went Away 

Taking Charge Just Before Baseball Strike, New AL President Feels the Void 


Compiled by Oar Staff From Dispatches 

TORONTO — The National 
Hockey League commissioner, 
Gary Bettman, and the players 
union chief. Bob Goodenow, 
have agreed to resume negotia- 
tions Tuesday in an effort to get 
the hockey season started by 
OcL 15. 

The talks likely will be in 
New York, although a time has 
not yet been set. A league offi- 
cial has suggested they be 
moved to a neutral site. 

Bettman and Goodenow 
spoke by telephone Sunday on 
what was supposed to be Day 2 
of the 1994-95 season. An NHL 
spokesman, Arthur Pincus, did 
not say what else the two dis- 
cussed in their call. 

“We have wide differences, 
no doubt about that," Goo- 
denow said. “We have a -lot of 
work ahead of us if we’re going 
to put this thing together.” 

Talks broke off last Wednes- 
day and the league has pushed 
back its deadline for a collective 
bargaining agreement to Oct. 
15. In the meantime, the players 
are locked out and the first two 
weeks of the season have been 
postponed. 

While owners and players are 
mostly agreed on minor issues 
such as reducing the number of 
rounds in the draft, they are far 
apart on the big issues. 

Players have been without a 
contract since before the 1993- 
94 season. The main points of 
disagreement concern revenue 
sharing to help small market 
teams, a salary cap for rookies. 


salary arbitration and free 
agency. 

Faced with a lockout on 
opening night last Saturday, the 
players proposed that the sea- 
son begin on time and be played 
in its entirety, under the expired 
collective bargaining agree- 
ment, with the players pledging 
not to strike and the owners 
pledging not to lock out the 
players and to restore the eco- 
nomic benefits Bettman took 
away before training camp. 

The Board of Governors was 
expected to reject the proposal 
outright but instead developed 
its own twist Bettman an- 
nounced the next day that he 
was postponing the start of the 
season to OcL 15, giving the two 
sides an additional two weeks 
to negotiate an agreement be- 
fore the season might lose 
games. 

Depending on the pace of ne- 
gotiations, the commissioner 
said, he would decide in the 
interim whether or not to open 
the season on the new target 
date. He preferred to have a 
deal in place by then, he said, 
but he conceivably could accept 
the players’ proposal without 
one. 

With that move, Bettman was 
not rejecting the players’ pro- 
posal but instead placing the 
onus of negotiations on them. If 
they didn’t begin meeting right 
away or if they stalled when 
they did meet they could be 
made to look responsible far 
their own lockout 

(AP, NYT) 


By Gaire Smith 

New York Tuna Serrice 

NEW YORK — Gene Budig may be 
in the most peculiar position in major- 
league baseball. As the president of the 
American League of Professional Base- 
ball Clubs, formally speaking, he has 
come into the major leagues and immedi- 
ately bad the most important element in 
his title snatched away. 

There’s simply no baseball there for 
Budig. Not since Aug. 1 2, when the play- 
ers in the American and National 
Leagues went on strike. For Budig, it was 
like being appointed as Gary Cooper’s 
deputy at one minute past high noon, 
like being hired as Nero’s chief violin 
maker after the smoke was, indeed, fol- 
lowed by fire. 

Budig, who left his position as chan- 
cellor of the University of Kansas to 
succeed Bobby Brown as league presi- 
dent on Aug. 1 , should have been prepar- 
ing to crown an AL champion this week. 
He prepares, instead, for the great un- 
known. a major sports official without a 
sport the irony of which hits him every 
time he walks into the eerily quiet league 
offices in New York. 

“I fell encouraged by my opening days 
here.” Budig said recently. “People 
seemed receptive to new ideas. But the 
game went away, leaving a deafening 
silence. Nothing was the same.” 

Nothing, except his self-deprecating 
humor, his patience, his gentle nature 
and his unflagging positive outlook. 

“I question my timing at times,” he said 
with a smile. “But I am glad that I am 
here. The game will return. I will be given 
an opportunity to make a contribution.” 

After the briefest of pauses, Budig 
grew quieter and more serious. He came 
to baseball because he was so encour- 


aged by fellow academic Bart Giamatti, 
who died while serving as baseball com- 
missioner, and by Ewmg Kaufman, the 
late owner of the Kansas City Royals. 

They believed he had something to 
give a game he loved, Budig recalled: 
eventually he believed that too, enough 
so that he left a university he loved after 
20 years in the service of students. Now. 
there’s baseball, or the lack thereof. 

So it is that on some days, in some 
moments, there are limits even for the 
most patient Budig is used to achieving 
and doing. His resume attests to that as 
it boasts of three university presidencies 
or chancellorship? as well as two gener- 
al's stars — the highest rank ever 
achieved by a non flier in the Air Nation- 
al Guard, a branch of the U.S. Air Force. 

“I’ve been responsible for $8 2 billion in 
public money over the past 20 years and 
the educational programs of more than 
520,000 students,” he said. “This is an 
especially difficult time for me. 1 came 
here io make a difference. And everything 
is on hold. There are many issues that 
people want to delay discussion on until 
resolution of the work stoppage.” 

At least Len Coleman, the president of 
the National League who was also in his 
inaugural season, has an all-star game, 
and an all-star victory, to keep him warm 
during these long, empty fall days. 

Yes, Budig and Coleman do presiden- 
tial things, such as initiating contract 
t a lk s with the umpires and their union. 
“We are very busy people, but there is a 
real void, like having a university with- 
out students ” Budig said. 

Aside from offering their input and 
opinions, neither Budig nor Coleman 
plays a role in negotiations with the play- 
ers. So while Budig can wish for long- 


lasting peace and a partnership with 
players, he cannot bring it about 

So he waits. And he reflects, not only 
on what the game will hold for him, but 
also about what the game will be like 
when it returns. 

“Baseball is being hurt and hurt bad- 
ly, by the uncertainty of the day,” he 
said. “Fans are distressed. Distressed 
with all of us associated with the game. 
They are frustrated. They see something 
very special at risk.” 

The loss of the World Series was a 
devastating blow to those fans and some- 
thing they never thought would happen. 
Budig said. But it did. 

Budig is certain the fans will return in 
significant numbers. “But not without 
some lasting bitterness," he said. “So 
those of us associated with major-league 
baseball had better be creative and find 
new and better ways to be fan-friendly." 

Those new ways include not only spir- 
ited play on the part of the plavers, but' 
fair prices and state-of-the-art facilities, 
Budig said. Exploratory conversations 
about new ball parks were under way in 
Seattle, Detroit and Milwaukee. 

But now city officials have taken ma- 
jor steps back from baseball because of 
all the uncertainty. Though Budig will 
not say that the strike has perhaps tabled 
such initiatives for years, he is concerned 
how public officials will react “They are 
uneasy, they are perplexed," he said. 
“They do not understand what is tran- 
spiring.” 

Much of Budig's days are spent won- 
dering how to move such issues out of 
neutral. And keeping regrets at bay. Yes, 
he misses the university, but Budig. 55. 
doesn't seem ready to click his heels to 
return to Kansas. 


MMTTTTTv 


Ballesteros Wins German Playoff 

BERLIN (Reuters) — Seve Ballesteros defeated Ernie Els. the 
U.S. Open champion, and Jose-Maria OlazabaL the U.S. Masters 
winner, in a dr ama tic playoff at the German Masters to complete 
one of the most satisfying victories of his career on Monday. 

The Spaniard dinched his 70th tournament title with a brilliant 
birdie on the first extra hole at Motzener See, hitting a six-iron 
across the lake at the I8th to within three feet (a meter) and holing 
the putt Els, a South African, had earlier missed a six-foot putt on 
the same green, leaving the trio level on the 18-under-par total of 
270 and forcing them to return to the 18th tee. 

Olaz&baL, Ballesteros's fellow Spaniard and Ryder Cup partner, 
and Els could only manage par fours, giving Ballesteros a remark- 
able victory, given that he was 1 1 shots adrift of Els after two 
rounds. 

“The way I won was great and who I beat made it even belter," 
he said. “They are the top two young players in the world.” 

2d Death at World Masters Games «•' 

BRISBANE. Australia (AP) — A 63-year-old Brisbane man 
died Monday while competing in a tennis match at the World 
Masters Games, the second death in three days at the Games. 

A spokesperson said the mao collapsed while playing at the 
Jinadalee tennis center in Brisbane. His name was not released. 
On Saturday. Vent Hansen. 61. a cyclist Tram Denmark, died from 
a massive heart attack after competing in the 16.5-kilometer (10- 
mile) lime trial for 60-64-year-olds. 

Goalkeeper Kicks the Winning Goal 

BUENOS AIRES (Reuters) — The goalkeeper or the Argentine 
soccer league, leader. Velez Sansfield, scored a last-minute goal on 
a spectacular 25-meter free kick to give his team a 1-0 victory over 
Deportivo Espanol. 

In one of the most remarkable scenes ever witnessed in Argen- 
tine soccer. Jose Luis Chflavert, the goalkeeper, rushed from his 
goal as soon as the kick was awarded outside the Deportivo 
penalty area. He begged to be allowed to take the kick, arguing 
furiously with his team captain, Roberto Trotta, who had already 
lined up the ball. Trotta only gave in when Chilavert refused to 
return to his goal. Chilavert then blasted an unstoppable shot that 
left the Deportivo goalkeeper helpless. 

For the Record 

Sooth Korea will approach the Stalinist North about staring a 
joint bid to organize soccer’s World Cup in 200Z the South 
Korean culture and sports minister, Lee Min Sup, said on Mon- 
day at the Asian Games in Hiroshima, Japan. (Reuters) 


[uroj>t% Fal 


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n— , SUGAR?... ^ V ! 




m 


gJRfjET T... ONCE ftpQO 
enters HIS 
CONVERSATION, 

HE5 LOST . 


‘But before we begin, this announcement: 

Mr. Johnson! Mr. Frank Johnson! ... If you're out 
there, the conference organizers would like you 
to know that you were never actually 'invited.” 


- V 







SPORTS 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 


After Crash, French Cyclist 
Is Gingerly Sprinting Again 





I in*! 




•‘la'uff 


• f. 


■ , -. f weekend 1 


By Samuel Abt 

Iiucmatuml Herald Tribune 

LES ULIS, France — Of 
course he gets a bit nervous 
now in the sprint. Laurent 
Jalabert admitted with a de- 
fensive, lopsided grin. 

Defensive because sprint- 
ere. especially first-rank ones 
like Jalabert, do not usually 
say they fed fear when a bicy- 
cle race nears its finish and 
dozens of riders tear for the 
hoe together in a bumping, 
swerving wave. 

Lopsided because all his 
upper front teeth are missing. 
He lost than in a sprint. 

On July 3, at the end of the 
first daily stage of the Tour de 
France, Wilfried Nelissen, a 
Belgian who rides for the No- 
v fanafl team, sped toward the 
finish line in Armen litres. 
One of the French policemen 
on the edge of the course 
drifted r a few feet out and 
tried to' photograph the on- 
rushing sprint. Nelissen had 
his head down, as sprinters 
do, and the policeman had his 
eye to the camera's viewfind- 
er, which can distort distance. 

Nelissen plowed into Lhe 
policeman and hurtled to the 
ground. Right behind him , 
Jalabert, a Frenchman who 
rides for ONCE, could not 
avoid the bodies and bicycle 
and he crashed, too. Behind 
them, Fabiano FontaneUi, an 
Italian with ZG MobiK, and 
Alexander Gontchenkov, a 
Ukrainian with Lampre, also 
went down heavily. 

Jalabert broke his cheek- 
bones and shattered his front 
teeth. Bleeding from the scalp, 
nose and mouth, he did not 
lose consciousness. Nelissen 
did, suffering from concussion 
and face and knee cuts. 

“(Mi I remember it very 
wen,” Jalabert, 25, said this 
weekend. Tve watched the 
videotape but even without it I 
remember what happened 
very wel" He said he tried to 
hide his face after the crash so 
that his wife would not see on 
TV how badly be was hurt 

Both riders were hospitalized 
and out of the Tour, where they 
were among the leading sprint- 
ers. Nelissen, at age 24 the Bel- 


gian national champion, is one 
of the fastest men in the sport 
and Jalabert, not quite so fast 
but perhaps mean savvy, won 
seven stages in the Vudta d’E- 
sparia this spring. 

The two other riders, Fon- 
taneUi and Gontchenkov, 
walked across the finish 1fn<» L 
towing their bicycles. After X- 
rays, Gontchenkov learned 
that he had broken his right 
arm and had to quit the Tour; 
FontaneUi remained and com- 
peted in the next day's sprint, 
finishing ninth. 

After a month off to recu- 
perate, Jalabert and Nelissen 
have resumed racing and were 
among the starters Sunday in 
the 250-kilometer (155-mile) 
Paris-Tours classic. 

“It’s long, maybe too long 
for me,*’ Jalabert said before- 
hand at his team hotel in Les 
Ulis, a suburb of Paris. “I still 
lack a little condition but I've 
got the morale and maybe 
that will make a difference.” 

He regained his morale, he 
continual, last month in the 
Tour of Catalonia, when he 
won a stage for his first victory 
since the crash. Even better, he 
won the stage in a sprint. 

“In a sprint, yes," he re- 
peated. 

The question was delicate: 
Did he get nervous now in the 
sprint, especially if he was 
near the front? 

“A little. When a sprint 
starts to go really fast, when it 
gets dangerous, for an instant 
it starts to come back to me. 
But even if it’s difficult to 
forget, it’s over.” 

“We stan sprinting and I 
can’t let it bother me,” be 
added. “What I think about 
when we start the sprint is 
that I have to do better than ] 
did in the last sprint." 

He shifted in his chair and 
tugged at his jersey. He had 
answered these questions be- 
fore but not often. 

“Something like that marks 
your career," he said. “But 
you can’t let it bother you. 
My job is still to sprint and 
win races. That's what I did 
and I hope that’s what I'll 
continue to do.” 

Unlike the Frenchman. Ne- 


lissen has refused to watch the 
accident on video and does 
not like to see photographs of 
it. He can sound brusque 
when asked if he has overcome 
the affects of the crash. 

“Yes, yes," he answered be- 
fore Pans-Tours as he fiddled 
with his bieyde’s rear wheel 


The Belgian has competed 
in sprints and won them too 
since the crash. Early in Sep- 
tember he won a criteriurn, 
basically an exhibition race, 
in Belgium and then finished 
first in the Grand Prix d'ls- 
bergues in France. 

‘TTiat felt good," Nelissen 
said. “But it’s a small race, 
not like this one here.” 

Paris-Tours is indeed a big- 
ger race, a World Cup classic 
that often is decided by a 
sprint at the end of the broad, 
long Avenue de Grammont in 
Tours. So it was ag ain Sunday. 

The pack was bunched as it 
came down the 2,400-meter- 
long straightaway and the 
sprinters were fighting and 
swaying for position. About 
150 meters from the f inish, 
Christophe Capelle, a 
Frenchman with the Gan 
team, was bumped, put on his 
brakes as he headed for the 
steel crowd barrier and lost 
control of his bicycle. 

Down he went and down 
went five other riders behind 
him. They were all in the sec- 
ond wave of sprinters. 

A few yards ahead, unaf- 
fected by the crash, the top 
sprinters continued to strain 
for the line. Riding in that 
group, Jalabert and Nelissen 
finished eighth and ninth, the 
highest-placed Frenchman 
and Belgian, as Erik Zabel, a 
German with Telekom, won 
by half a wheel. 

“I lacked a little juice to 
finish the day well," Jalabert 
told a reporter for the French 
sports newspaper l’Equipe. 
“and Tve never been so well- 
placed for the sprint in Paris- 
Tours as I was today.” 

“Only ” he added, “there 
are always these little lights 
that flash in your head as if to 
say: Attention, danger." 


luk* lilt \\ 


In Europe, Falling Soccer Champs 




Return 

LONDON — It could be because of the de- 
mands of the European Champions' League, or 
just the vagaries of form and luck, but none of 
the teams who won last season's major soccer 
leagues are leading their domestic champion- 
ships after this weekend’s action. 

AC Milan, the defending European champion, 
is fourth in the Italian league, three points be- 
hind Parma, the leader. Barcelona, beaten in last 
season's Champions' Cup final by Milan, is ninth 
in Spain. Bayern Munich is fourth in Germany, 
Paris St. Germain sixth in France and Manches- 
ter United fourth in England. 

AC Milan, seeking a fourth straight domestic 
title, returned to form with a 1-0 victory over 
Brescia following last week’s loss to Cremonese. 

Marco Simone, who scored twice in Wednes- 
day’s 3-0 Champions' League triumph over Salz- 
burg, was on target again, but Milan's next big 
fixture may not prove to be quite so productive. 

The club faces a UEFA hearing on Thursday 
following a bottle-throwing incident in which 
Salzbuqf s goalkeeper was nit on the head. The 
Italians may be ordered to replay the match. 

Parma brat Torino 2-0 to stay in first place on 
goal difference, ahead of Roma. 

Barcelona and its rival Real Madrid were both 
surveying the wreckage of defeats. 

Johan Cruyf £, coach of a Barcelona side beat- 


China Sweeps Up 8 Records and 8 Golds 


But Japan 
Gets Games’ 
First Medal 


Complied by Our Staff From Dispatcher 

HIROSHIMA, Japan — Ja- 
pan, the host nation, won the 
first gold medal of the 12th 
Asian Games here on Monday, 
getting a brief moment of glory 
before the Chinese juggernaut 
swept to eight world records. 

With the opening ceremony 
behind them and politics reced- 
ing into the background, the 
athletes wasted no time in top- 
pling records, adding three 
Games marks in swimming to 
the eight world records set by 
China's women weight lifters. 

The first full day of competi- 
tion ended with China leading 
with eight gold medals, two 
ahead of Japan, whose women 
won four golds in their national 
martial arts pastime karate 

The Chinese women won two 
golds in the swimming pool and 
three with worid -record-break- 
ing lifts in weight liftin g 

China also picked up golds in 
the men’s 200 freestyle, men's 
team gymnastics and in the 
men’s individual foil. Japan’s 
other golds came in swimming 
and in the equestrian team dres- 
sage event. 

The day got off to an appro- 
priate start when Hisann Yo- 
kohama won the first gold medal 
of the games for the hosts, taking 
the women's individual kata 
competition in karate. 

Yokqyama, from Kobe, over- 
came a nervous semifinal ap- 
pearance, to become the inaugu- 
ral winner of an Asian Games 
gold medal in karate, which is 
making its debut as a sport in the 
Asian Games. 

But she performed almost 
flawlessly in the final of the 
event in which athletes perform 
a series of pre-arranged moves 
against an imaginary opponent 
to score a total of 48. 1 points. 

But then the Chinese struck. 

Chinese women weight lifters 
rewrote the record book in the 
latest sign of Beijing's rise in 
international sport stature. 

Guan Hong, 20, first shat- 
tered all three world records — 
snatch, clean and jerk, and 



Kjl.uiiu kavjturj’Thc Pirv. 


Shan Ying of China after winning the women's 100-meter freestyle gold medal Monday. 


combined — in the 46-kilogram 
(101 -pound) category, despite a 
nagging knee injury. 

Then Liu Xiuhua, 18. broke 
her own three records in the 50- 
kilogram category. 

Zhang Juhua brought Chi- 
na's record breaking run to a 
close, shattering two more 
world records in the 54-kilo- 
gram competition. 

In the swimming competition, 
attention was focused on Chi- 
na’s women, who won 12 of 16 
events lasL month in the World 
Championships in Rome. 

Unheralded Shan Ying of 


China took the spotlight, win- 
ning the women's 100-meter 
freestyle in the third-best time 
ever and edging her teammate 
Lu Bin. Rome silver medalisL 

Shan finished in 54.40 sec- 
onds, a Games record, and Lu 
in 54.42. Their compatriot Le 
Jingyi. the world-record holder, 
sat out the race, but is to com- 
pete in Saturday's 50 freestyle. 

China’s other winners were 
the veteran Lin Li, five seconds 
ahead of her world champion 
teammate Dai Guobong. in the 
women's 400-meter individual 
medley, and Xiong Guoming. 


who beat two Japanese in the 
men’s 200 freestyle with a 
Games record of 1:50.95. 

Lin, who was China's first 
women's champion at the start 
of the country's astonishing as- 
cent to prominence in 1991, 
confounded her critics, who 
thought she was on her way out. 

"I’ve been an athlete for a 
long time now,” Lin said. “Af- 
ter the Asian Games are over. 
I’ll think about retiring." 

For Japan. Akira Hayashi 
beat two Chinese swimmers in 
the men’s 100 breaststroke. 

The Chinese won the men's 




IARD 


en 2-1 at Real Zaragoza, blamed his players for 
lack of effort and concentration. 

“This is the kind of game we shouldn’t lose even 
if we wanted to," he said. “People seem to think 
they can play at half speed and still win matches. 
They can’t! If 31cm have eight scoring chances you 
have to take advantage of some of them.” 

Real Madrid's coach, Joige Valdano. was 
calmer about his side's 1-0 loss at Sporting Gi- 
jon. which knocked them off the top. 

“The result in no way did justice to the way we 
played," Valdano said at the end of a game that 
Madrid dominated throughout, only to fall to a 
shock goal four minutes from time. 

Bayern Munich’s uncertain start to the season 
continued as the dub fought back from a two- 
goal halftime deficit to draw 2-2 at Cologne. 
Christian Ziege and Alexander Zickler scored for 
Munich, which with Karlsruhe and Kaiserlau- 
tem, is one point behind joint-leaders Warder 
Bremen and Borussia Dortmund. 

Goals from Francis Llacer and the Brazilian 
midfielder Rai gave Paris St. Germain a 2-2 
victory at bottom-of -the-table Caen, but PSG 
remains seven points behind Nantes, the unbeat- 
en league leader. 

Manchester United played lethargically Satur- 
day and had to rdy heavily on an outstanding 
performance from its Danish goalkeeper, Peter 
Sduneicbel, to beat last-place Everton, 2-0. 


CROSSWORD 


NFL Standings 

AMERICAN CONFERENCE 
East 

W L T Pts PF PA 
Miami « 1 0 400 14* in 

Buffalo 3 2 0 jOO 96 105 

New England 3 2 0 M0 141 138 

N.Y.Jets 2 3 0 ADO ?6 99 

Indianapolis 2 3 0 .400 107 112 


Cleveland 

PRtstXfTDtl 

Houston 

Cincinnati 


San Diego 
Kansas City 
Seattle 
LA Raiders 
Denver 


Central 
W L T 

4 1 0 

2 2 0 

1 3 0 

0 5 0 


Pts PF PA 
-BOO 1 IB SB 
M 70 Of 
250 *5 93 
jOOO 78 129 


west 

W L T F 

Allan us 3 3 0 i 

San Francisco 3 2 0 A 

LA Rams 2 3 0 A 

NtwOrlMU 2 3 0 A 

Sunday's Games 
Dallas 34. Wash ina >on 7 
Cleveland 27. N. Y. jets 7 
Tampa Bar 34. Delroll 14 
New England 17, Green Bay 16 
Indianapolis 17, Seatlle 15 
Atlanta B. l_ A. Rams 5 
Chicago 20, Buffalo 13 
Arizona 17. Minnesota 7 
New Orleans 27. N. Y. Giants 22 
Ptriadelptiia 40. San Francisco B 
Miami 23. Clndnnail 7 


PtS PF PA 
.500 104 99 
JM 127110 
.400 67 65 

AW 90131 


TheAPTop25 


Taranto 5 B 0 

Ottawa 4 9 0 

Hamilton 3 10 0 

Shreveport 0 13 0 

western DivisMa 

Catoa rv 11 2 0 

Bril. Columbia 9 3 1 

Edmonton 9 4 0 

Saskatchewan 7 e 0 

Sacramento 6 6 1 

Los Vegas 5 8 0 

Sunday's Games 
Toronto 39. Hamilton 36 
Calgary 45, Las Vegas 26 


Japanese Leagues 


STO 452 10 
372 477 S 
308 396 6 
219 SOB 0 

533 253 22 
455 317 19 
374 296 18 
353 343 14 
313 349 13 
379 «19 10 


West 

W L T PIS PFPA 

4 0 0 1 000 114 78 

3 1 0 -750 84 ao 

3 2 0 .400 121 70 

I 3 0 .250 95 124 

0 4 0 .000 92 137 


The Ton Twenty Five teams In The Associ- 
ated Press college football pafl. with first- 
place votes In parentheses, records through 
Oct. 1, total paints based on 25 points for a first 
place vote through one Point for a 2Sm place 
vole, and ranking In the previous poll: 


OwnKhl 

Yomlurl 

Hiroshima 

Hanshin 


Control League 
W L T 

M 59 0 

68 59 0 

66 A3 0 

AT 67 0 


PC>. GB 

535 — 

.535 — 

-5U 3 

X77 714 


NATIONAL CONFERENCE 
East 

w L T Pts PF PA 
Dallas 3 I 0 750 97 53 

N.Y. Giants 3 1 8 730 101 90 

Philadelphia 3 1 0 .750 106 65 

Arizona l 3 0 250 46 73 

Washington 1 4 0 200 95 144 

Central 

W L T Pts PFPA 
Chicago 3 2 0 400 94 101 

Minnesota 3 2 0 400 107 85 

Detroit 2 3 0 AOO 85 IDS 

Green Bav 2 3 0 AOO 83 67 

Tampa BOY 2 3 0 AOO 67 84 


ACROSS 

i Beaver projects 
s Service item 
io Conceal 


14 Of grand 
proportions 

15 Flushed, as the 
cheeks 

ie North Sea 
feeder 



A nFTTA AIRLINES' 

DESTINATIONS QUIZ 


. J 



WIN FIRST CLASS TICKETS! 
BEGINS MONDAY. 
OCTOBER l». 


17 Relax 

20 Maximal 

21 Covered with 
scales 

22 Hellenic H 

23 Evocative of an 
earlier time, as 
fashion 

24Treadless 
27 Excursion 
29 Paul Anka'S 
’ a Lady' 

33 Mil. address 

34 Ride the waves 

35 Raise 

37 Rossini opera, 
with "The" 

40 Card game for 

two 

41 Tax deferral 

plans 

42 Command to 
Dobbin 

43 Actress On 

44 Where some 
chichi ski 

45 Difficult 

48 Part of Iberia 

49 “Ode — 
Nightingale' 

si Medicinal 
amount 

S3 1975 

Beany-Hawn 

film 

57 Small pooch 
ss Toward shelter 

so Counting 
everything 

81 Denoting 
certain 
textbook 
publishers 

82 Fastens 
S3 Spruce 
84 Society 

gatherings 


1 Proofreader's 
mark 

2 Summit 

3 Catcher's glove 

4 Tallied 

a Early 

s Misplace 

t Bat wood 

8 Come -on 

9 Undemocratic 
law 

10 Seaplane 
attachment 

11 -Time the 

essence" 

12 Moist 

13 Coastal flier 
is After taxes 
is Capek drama 

23 Bully 

24 Noisy 
confusion 

25 Quickly 

28 Navigational 
system 

28 Spanish gold 

30 Hflgar's better 
half, in the 
comics 

31 Swiss 
mathematician 

32 1994 movie 
thriller 

34 Bullheaded 

35 Salutarily 
asHosp. devices 

38 Number two 
woods 

39 — — Lanka 

44 Type o! sausage 

45 Gertrude's son 

47 Busy 

election-year org. 

48 Once more 
so Pull, at saa 

51 Sandwich Shop 

52 Farm team 




Record 

Pts 

Pv 

Yokohama 61 67 

0 -477 

7Vs 

1. Florida |39) 

4-0-0 

1.521 

l 

Yakull 58 67 

0 464 

9 

Z Nebraska (111 

5-0-0 

1X49 

2 

Saturday - * Results 


X Florida St. I4i 

44M) 

1X01 

3 

Yomlurl Z Yakull □ 



4. P«» SI. 12) 


USD 

4 

Chunlchf Z Yokohama 4 



5. Colorado 13) 

4-0-0 

1JS5 

5 

Hiroshima a Honshln 3 



a Arizona (1) 

400 

1J02 

6 

Sunday's Results 


7. Michigan 

3-10 

1.160 

7 

Yomlurl a Yakutt 4 



L Notre Dame 

4-10 

MB 

8 

Chunfchi X Yokohama 1 



9. Auburn 

500 

VU2 

9 

Pacific League 


10- Texas a&m 

4-0-0 

957 

10 

W L 

T Pet. 

GB 

11. Alabama 

500 

944 

11 

x-Setou 74 50 

1 JM 

— 

IZ Washington 

3-M 

932 

12 

Kintetsu 68 56 

2 £48 

6 

11 Miami 

3-10 

852 

13 

Dafef 68 58 

1 £39 

7 

14. North Carolina 

3-10 

640 

18 

Orix 47 59 

2 J3I 

a 

15. Texas 

3-10 

614 

16 

Lotte 52 72 

1 ASO 

22 

16. Oklahoma 

>1-0 

564 

21 

Nippon Ham 45 79 

5 -J61 

29 

17. Ohio SI. 

4-10 

S3 

20 

Kl Inched league title 



IZ N. Carolina 5t. 

400 

509 

22 

Saturday* Resort 


19. Kansas Si. 

300 

334 

23 

Dale! L Nippon Ham 2 



20. Virginia Tech 

4-10 

315 

14 

Sundays Results 


21. Syracuse 

4-10 

262 

— 

Sertxi a Kintetsu 2 



27. Washington Si. 

3-10 

261 

17 

Orix Z Lotte 2 



23. Colorado St. 

500 

247 

24 

Nippon Horn X Do lei 2 



24. Wisconsin 

25. Utah 

2-20 

400 

135 

82 

15 

rwrryv ipts.7j cs-ftae 


=?=,■- 


Others recetotag votes: Duke 86, Kansas 55. 
Bcvtar 38. Southern Cal 3& Virginia 35. Michi- 
gan State 32. Brtartom Young IS. South Caroli- 
na 18, Purdue 13, Georgia 12. Bawling Green 7, 
Mississippi Slole 6. Western Michigan 2. 


CFL Standings 


Eastern Division 

W L T PF PA Pis 
Baltimore 9 4 0 410 325 18 

Winnipeg 9 4 0 474 3M 18 


ESCORTS A GUIDES 

BELGRAVIA 

ORCHIDS 


- .-T’k. 

Aslan Games 

SWIMMING 

Women 

TDfrMeter Freestyle — 1, Shan Ying, China 
5440; 2, Lu Bln, China 5442; X Nooko Imota 
Japan, 5447. 

484-Met er Individual Medley — 1, Un U 
China 4:4847; Z Dal Guehong, China 4:45.64; 
3, Hltocnt Moanara Joean, 4:4642. 


MUm 

140 Meter Breaststroke— 1. Akira Hayashi. 
Japan. 1 :0ZM: Z Wong Ylwu.Chlna 1 :0X42; 3, 
Chen J km hang, China 1:03J4. 

100-Meter Freestyle — 1. Xiang Guoming. 
China 1 3095: Z Talhel Maeda Japan, 
1:51 JH; 3. Kanmorl Hlkkta. Japan. 1:52.75. 
GYMNASTICS 

Meal Team Final— 1, Chi no. 286400; 2, South 
Korea 281575, ■ X Japan, 281 J50; 4, Kazakh- 
Wan. 776.175; 5. Thailand, 254-550. 

KARATE 

women 

Individual Kata Final — l.Hlsaml Yokovama 
Japan, 411; 2. Omlta Olga OmpL Indonesia 
464; X Chen Shu-chen. Taiwan, 46.1. 
WEIGHTLIFTING 
Women 

46- Kilogram Final — I, Guan Hang. China 
8035-1024—1824 kilograms.' Z Sanaa Wanp- 
klree. Thai! ana SILO-974— 1774; IMonwirok- 
pam Kunknm. India 7Z4-hXU>— 1724 
50- Kilogram Final — 1, Liu Xiuhua China 
874-1 104—1974; 2. Bind wasiman Supeni, In- 
donesia BOo-mo-iBao; 3, crmi Mvmm-sWk, 
South Korea 774-1000—1774. 

CMOlBiram Final— 1. Zhang juhua CMna 
05-1116-904; 2. Kamam Maileswarl. In- 
dia. 87Jrl07.5 — I9SJ>; J. FulimiMIII. Indonesia 
800-1024-1824. 

FENCING 

Men 

individual Foil Semifinal — Dong ZhaodiL 
China, def. You Bong-hyung. South Korea; 
YasMhide Magana Japan, del. Abdul Muhsen 
All, Kuweit. 

Gold Medal — Dong del Nagano; Broom 
Medal; you def. AIL 

FIELD HOCKEY 
Women 

South Korea 4. Uzbekistan 0 
China 8, Singapore 0 
India t, Japan 1 

TENNIS 
WDRKfl 
Quarterfinals 
Taiwan 3, Thai tana 0 
China 3. TalBilston 0 
Indonesia 2. South Korna 1 

BASKETBALL 

Women 

Kazakhstan 74. Thailand 50 
Japan 1IZ Taiwan 83 
Men 

Philippines 89, Kazakhstan 76 
China 71, Saudi Arabia 60 

VOLLEYBALL 

Men 

Iran def. Pakistan, 9-14, 14-16. 15-7, 154, 14-13; 
Kazakhstan dot. Mongolia 15-2. 14-s, T54. 
Women 

China dot. Mongolia 15-3. 15-2, 15-1; JaMidef. 
Tolwoa 14-7. 1M. 154; South Korea def. Thai- 
land, 15-1. 154 154. 


INTERNATIONAL CLASSIFIED 


(Continued From Page 9) 


gymnastic tram event — ahead 
of South Korea and Japan — 
while China's Dong Zhaozhi 
defeated Japan’s Yoshihide Na- 
gano in the men's foil final 

China can increase its lead 
Tuesday when there are further 
finals at the pod — including 
the women's 200-meUrr breast- 
stroke and 200-meter freestyle 
and three women’s weight- 
lifting finals. 

China also is favored in the 
women’s team final in gymnas- 
tics, while South Korea will be 
looking to recover from a slow 
sian after collecting only two 
silvers and two bronzes on 
Monday. 

Japan will be looking to 
maintain its hold on the karate 
competition — in which four 
gold medals will be awarded in 
men's competition. 

On Monday, Japan reigned 
supreme in the event. 

“It was a wonderful perfor- 
mance," said the Japanese head 
coach, Katsunori Tsuyama. of 
the women's team victory. 

“I hope our men can do the 
same," he said. 

A total of 337 golds ore at 
stake in the Games. 

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 Soviet republics, 
the Chinese are saying their 
gold total is likely to faU from 
the 183 four years ago. South 
Korea had 54 golds and Japan 
38 four years ago. 

(Reuters, AP) 
■ China: Drug-Raasm link 

China’s sports chief charged 
on Monday that racists were 
behind accusations that his 
world-record-setting athletes 
used drugs, but he also left open 
the possibility that some Chi- 
nese athletes may have mistak- 
enly taken banned drugs in 
medicines. Reuters reported. 

Commenting on allegations 
by some Western coaches that 
Chinese swimmers and athletes 
lake drugs, Wu Shaozu, presi- 
dent of the Chinese Olympic 
Committee, said, “1 think to 
some extent it is racism." 

He said if a Western athlete 
was found to have taken drugs, 
the individual was blamed, not 
the country as a whole. 

“People don't blame Europe- 
ans when they are found doping, 
only we are blamed," Wu added. 


SOCCER 

Mm 

Q>Ik 4. Yemen D 
Uzbekistan Z Malaysia a 
Burma Z Qatar 2 
Iran a Batiratn 0 
Japan 1, United Are© Emirates 1 
Kuwait a N«wl 0 
Hang Kong 2, Thailand I 
Woman 

China a Talwm 9 

MEDALS TABLE 

Gold Silver Bronze Total 

China ■ 3 1 12 

Japan 6 2 4 ] 

Indonesia 0 3 3 6 

South Korea 0 2 2 4 

Taiwan 0 13 4 

India 0 112 

Vietnam Diet 

Thailand 0 I o 1 

Brunei 0 0 2 2 


SPANISH FIRST DIVISION 
Valencia 1, Real Oviedo 0 
Atletlco Madrid a Real Valladolid 0 
Real Zaragoza 2. Barcelona 1 
Compostela a DmoHIvd Coruna 1 
Espanal a Ceita 0 
Racing Santander a Beal Betts 0 
Athletic BlKmo T< Log rones 0 
Sevilla X AtoocHe 2 
Tenerife X Real Sodedod 0 
Sporting de Gllon 1, Real Madrid 0 
Standings: Deporitvo La Coruna 9 paints, 
Valencia a Reol Madrid 7. Enxmol 7, Zarago- 
za 7, Bells a Tenerife a Celia a Barcelona a 
AltxKote a Sevilla a AitiMIc de Bllboo a 
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BASEBALL 
National League 

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BASKETBALL 

National Basketball Axsodatloa 
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to 3>vear contract. 

PHOENIX— Signed Danny Senates. center, 
to l-rear contract. 


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Page 22 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 4, 1994 


P; 


Tr 


i 


ART BUCHWALD 


Forget Campaigning 


W ASHINGTON — The 
O.J. Simpson trial has 
ramifications far beyond decid- 
ing the destiny of one man. It's 
taking up the time and atten- 
tion of most American citizens, 
and even those who vowed that 
they would never watch this cir- 
cus are glued to their television 
sets. 

Unfortunately, the trial is be- 
ing played out this fall when 
many of our 
finest citizens 
are running for 
election as 



governor, sen- 
ator, represen- 
tative and 
game warden. 

It wil] be im- 
possible for 
any candidate 
to make an im- 
pact on the 
electorate when all the voters 
want to see is who has the best 
DNA expert. 

Here’s how the campaigns 
will be waged this year: 

“Sir, we've just been canceled 
off ‘PrimeTime.’ They’re going 
to replace you with the sales- 
man who sold O. J. Simpson the 
white Bronco." 

“That’s a tough break. I guess 
I’ll have to go with Larry King.” 

“That’s also been canceled. 
He is all set to interview Judge 
Ito’s barber for the full hour.” 
□ 

“This is ridiculous. Pm run- 
ning for the Senate and all the 
media are interested in is a mur- 
der trial. What gives with David 
Lettermau?” 


“His people are holding back 
on using us until they hear from 
Robert Shapiro's relatives. The 
producers want to build the 
show around the human side of 
the trial. I think we should give 
up on television and concen- 
trate on radio.” 

“All right. Can you book me 
on Don Imus?” 

“No way. He is devoting the 
month of November to talking 
to the members of the L. A. 
police department who 
searched O. J.’s home. Rush 
Limbaugh is discussing the 


O. J. case as it relates uynayei 


£4.2 Million for Victoriana 


in school and abortion. He says 
be has all his guests lined up, 
and every one of them happens 
to be from the extreme right.” 
□ 

“Forget radio. What about 
my political rally at the Rose 
Bowl in Pasadena?" 

“We can’t get anyone to 
come. The mistake was to book 
it at the same time that the 
prosecution is introducing ibe 
bloody glove as evidence. You 
could be speaking to an empty 
stadium.” 

“Isn't there anything 1 could 
do to campaign without run- 
ning into an O. J. conflict?” 

“1 doubt it. We tried to buy 
some time on ‘Geraldo’ to an 
our commercials, but they said 
that they were completely sold 
out because of the trial. The 
stations can get twice as much 
money selling spots with pro- 
grams devoted to crime and 
punishment than they can dis- 
cussing honest government and 
lower taxes. If I were you I’d 
show up at the Simpson trial 
and start shaking hands with 


Reuters 

LUDLOW, England — A 
trove of Victorian memorabilia 
which lay in the attic of a stately 
home for more than half a cen- 
sold for more than £4.2 
ion ($6.6 million). Soth- 
eby's said the sale of items from 
Siokesay Court was the biggest 
such sale in Britain in a decade. 


the people in line. If we’re lucky 
we could get a soui 


tury 

milli t 


Id get a sound bite on the 
‘Today’ show.” 

□ 

“Is my opponent having as 
much luck as I am?” 

“Not exactly. He held a town 
hall meeting on the San Diego 
Freeway where O. J. made ms 
drive, and he went up 43 points 
in the polls.” 


The Sad 5 Off-Camera Story of 6 Willy’ the Whale 


By Ted Bardacke 

Washington Past Service 

M exico cm' —At the end of 

the movie. Willy the killer 
whale swam off to freedom. Keiko, 
the star of “Free Willy,” suffered an 
unkinder fate. 

The 3^-ton wbale spends his days 
endlessly circling a pool so shallow 
he has trouble remaining submerged. 
Three times a day, 1 5-year-old Keiko 
does a few halfhearted tricks as pan 
of a lackluster marine mammal show 
at Reino Aventura, the Mexico City 
amusement park that has owned him 
for more than a decade. 

Captured at the age of 2. Keiko is 
now too big for his tank. He is sick 
with a herpes-type skin infection 
called papilloma, he is dangerously 
underweight, and his teeth either nev- 
er matured or are being worn down by 
their constant contact with the pool's 
inhospitable walls and bottom. 

Keiko is not the only one with a 
problem. With the killer' whale still in 
captivity, Warner Bros., the studio be- 
hind “Free Willy.'* has a public rela- 
tions disaster swimming around in a 
Mexico City fish tank. Not only has 
the studio been unable to follow 
through on its promise to make the 
Glm come true and let the whale go, 
but Keiko is slated to star — via 
ourtakes from the first film and 
through robotics — in a sequel “Willy 
II: The Return Home.” due to be 
released next summer. If Keiko is still 
languishing south of the border while 
in the sequel Willy is out in the wild 


paying 

S15 million it will take to move Keiko. 
Warner says it will put up a consider- 


able portion of that sum but the park's 
Pinkye Moms says the studio shouk 




saying his family from the disastrous 


effects of an oil spill, the new movie 
could draw more protests than view- 
ers. 

Since “Free Willy" was released 
more than a year ago — r akin g in 
more than $100 million — Warner 
Bros, has spent more than $1 million 
on studies and consultants in an at- 
tempt to get Keiko at least into a new 
home and out of the public eye. Rob- 
ert Friedman, head of worldwide ad- 
vertising and public relations at 
Warner Bros., claimed that “we are 
very close to a solution. Keiko will be 
moved to a new wonderful home 
where the idea of release can be pur- 
sued and be won’t be in a performing 
situation.” 

But Reino Aventura is adamant 


Prnkye Moms says the studio should 
lake full responsibility. “They have 
made a lot of money on the film and 
only paid us S75,000, and now we 
have to deal with all this bad publicity. 
Warner should cough up the dough,” 
she said. 

At least four plans to move Keiko 
have fallen through since the movie 
was released. And the studio cannot 
promise that Keiko will be in a new 
home by the time “Willy II” makes it 
to the theaters. Yet if a rehabilitation 
plan for Keiko is moving Forward, for 
the public “Willy will have been freed 
at least psychologically” and Warner's 
problem will be significantly lessened. 
Friedman said. 

Unfortunately for Warner Bros., 
and Keiko too, the acrimonious dis- 
pute among marine biologists and en- 
vironmentalists about what to do with 
the whale is far from resolved. A cap- 
tive killer wbale. or orca. like Keiko 
has never before been released back 
into the wild, and some apparently 
would like to keep it that way. As a 
result, the whale remains here, en- 
meshed in opposing political and pub- 
lic relations agendas, each claiming 
that goodwill and scientific certainty 
are on its side. 

There is general agreement on one 
thing : Keiko is sick and will eventual- 
ly need to be moved or his skin condi- 
tion will deteriorate, perhaps fatally. 
More than half of the areas that have 
died in captivity have been felled by 
infections. 

Still, the U- S. National Marine 
Fisheries Service “has received no re- 
ports that Keiko is in an emergency 
situation where he needs to be trans- 
ferred immediately,” according 





P'*: . ‘ ' 

X' 

Keiko, who played WiOy in the Him, in a scene from “Free Willy.” 


coast, orcas can weigh as much as five 
tons and live into their 50s. They cat 
just about anything that gets in their 
way, although they prefer salmon and 
herring — . about 250 pounds (about 
155 kilos) a day. And although they 
run the same risks from humans and 
other environmental hazards as do 
other marine ^mmak orcas often 
shy away from boats and nets and are 
sot classified as an endangered spe- 
cies. Approximately 50 orcas live in 
captivity around the world, about half 
of them in the United States. 

Kedko’s lack of proven hunting, 
communication and other survival 
ciriik are the main barriers to his re- 
lease back into the wild. “It would be 
very difficult to reverse the [captivity] 
situation,” said Brad Andrews, direc- 
tor of zoological operations for the 
Sen World c h ai n of four marine parks 
in the United States. “Keiko swims 
with dolphins and sea lions. He- is 
supposed to eat them.” 

Though “definitely fiction,” there is 
a “real liberating aspect” to the mov- 
je’s last scene, said David -Phillips of 
the San Francisco-based Earth Island 
Institute, which sponsors the 800-4- 
WHALES telephone information 
number that appears at the end of 
“Free Willy ” The institute has re- 
ceived 500,000 calls in less than a year. 
Callers receive a quick status report 
on Keiko and lots of information 


V- 


about protecting whales in the wild. 
While FbOfipsU 


to 


agency spokesman Scott Smuhen. The 
NMFS must extent 


; extend an import permit 
for Keiko if he is to be moved to the 
United States, and therefore monitors 
the whale's veterinary evaluations. 

So the rush to do something seems 
rooted less in concern for Keiko than 

ated b^tlte movie, and the comrast 
between its mythical ending and the 
whale's real-life fortunes. 

An average of 6.000 people a day. 


most under the age of 12, pack an 
outdoor amphitheater and watch 
Keiko perform here, his reputation 
augmented by the briskly selling T- 
shirts and banners that read “Keiko Is 
Wily.” 

Five-year-old Arturo Lopez, who 
owns a copy of the movie on video, sat 
on the edge of the pod petting the 
whale after the show. “The part of the 
movie I like the best is when he jumps 
into the ocean at the end and swims 
away. T”wt would be neat to see for 
real,” he said. 

One of Keiko' s main trainers, 22- 
year-old Carla Corral, explained that 
the whale is very used to having peo- 
ple around. Under her watchful eye 
Keiko slowly rolls on his side so visi- 
tors can stroke his rubbery underbelly. 


He sometimes squirms when be is 
touched. 

“He is quite ticklish Corral said, 
“and very cuddly, very sociable. He 
really likes to be in on tire gossip, to be 
talked to and to know what is going 
on.” 

It should be no surprise that Keiko 
likes company. Out in the wild, orcas 
are family-oriented creatures, forming 
intense long-tom social bonds. Living 
in family pods of about IS members, 
male orcas are known to travel with, 
their mothers until the age of 20. 
While orcas share a species-wide ’‘lan- 
guage,” or set of identifying sounds, 
each family pod is distinct enough to 
have developed its own dialect. 

Concentrated in the cold waters off 
Iceland and the northern Pacific 


s is pleased that he can 
use Keiko to stir up interest in envi- 
ronmental causes, Reino Aventura’s 
Moms seems bewildered by the atten- 
tion the park is getting as a result of 
the Rim. Morris sighed as she went 
through some of the 800 letters the 
park receives each week from around 
the world — California, England, Fin- 


land, Ger many , Oman — complain 1 
ing about Keiko’ 


s continued confine- 
ment. 

People are frustrated that the end- 
ing of the movie can't come true, Mor- 
ris complained, “so they make us out 
to be the villains” by saying that Kes- 
ko’s conditions here are as bad as they 
wore in the film. “We want to let him 
gp just as bad as the rest But we don’t 
see it as a problem — more as a 
responsibility,’* she said. “We wpuld 
have a real problem if the whale died” 
in captivity, she said. 


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Forecast for Wednesday through Friday, as provided by Accu-Weather. Asia 



.Imran 


North America 
Ctevoiand through Pittsburgh 
and Now York C«y «H have 
gusty winds end an autumn 
chin kite lhis weak Atlanta 
through Charlotte will have 
sunny, pleasant weather 
Heavy showers and Thunder- 
storms win break oui ham 
Kansas to Mkwwwaa. Snow 
will whiten the Rockies of 
Wyoming and Colorado. 


Europe 

Sunny, mild weather will 
overspread London and 
Paris later Oils week Frank- 
hat through Munch will have 
host Wednesday Tempera- 
lures will rebound 10 near 


normal by Friday. A cool rah 
»k souihe/n Spain 


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to (he Volga Valley. 


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Most Ol Japan wii have dry. 
seasonable weather lare this 
week. Southern Ch«a will be 
mainly dry and warmer. 
Milder weaiher w>|) over- 
spread Belling and Seoul 
tale Oils week Cool weather 
will Imger over northeastern 
China. Manila and Banj^ok 
w« be partly sunny and very 
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that before.” Videotape shot From helicop 
ters over Goldberg’s Pacific Palisades 
home Saturday showed a bride in a white 
gown and a groom in a tuxedo taking their 
vows on the back lawn. Steven Spielberg. 
Arnold Schwarzenegger and Matthew Mo- 
di oe were reported to be Hollywood nota- 
bles among the 350 guests. 

□ 

The U. S. Supreme Court has refused to 
revive an author’s $10 million libel lawsuit 
against The New York Times for publish- 
ing a negative review of his book. The 
court let stand on Monday a ruling that 
threw out Dan Moldea’s suit because the 
comments that were the focus of the suit 
were “a supportable interpretation of the 
author’s work.” The writer sued the Times 
over a Sept. 3, 1989, review of “Interfer- 
ence: How Organized Crime Influences 



journalism to trust the bulk of this book's 
5 12 pages.” The suit said the review “utter- A ' ^ 
ly destroyed Moldea’s reputation as an 
investigative journalist.’’ -■ 

□ 


B31 Gates, the Microsoft Corp. chair- 
man, is back on top as the richest Ameri- 
can, with a net worth of $9.35 billion from 
his software empire, Forbes magazine 
says. Gates edged the stock tycoon Warren 
Buffett, with $9.2 billion, out of the No. I 


spot, the business biweekly said in its an- 
ricbe 


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Roncn 

Honnymooner Whoopi Goldberg. 


nual report on the 400 richest Americans. 
Forbes said Buffett, 64, kept his company 
growing, but not as fast as Microsoft. 

□ . 

The creator of the syndicated cartoon 
“The Far Side,” Gary Larson, plans to 
retire at the end of the year, the Universal 
Press Syndicate said Monday. Larson has 
drawn his cartoon of the absurd, featuring 
things like cows in singles bars and bacte- 
ria with family lives, for 15 years. The last 
cartoon will appear Jan. 1 . Larson. 44, said 


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Professional Football.” The review, by a 
Times sportswriter. Gerald Eskenazi. con- 
tained some favorable comments but con- 
cluded that there was “too much sloppy 


his main reasons for retiring were “simple 


fatigue and a fear that if I continue for 
many more years my work will begin to 
suffer or at the very least ease into the 
Graveyard of Mediocre Cartoons.” 



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