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INTERNATIONAL 



tribune 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 




** 


Paris, Saturday-Sunday, October 8-9, 1994 


No. 34.714 


* 


A Painful Transition 
In Eastern Europe 


By Jane Perlez 

^ Tuna Senur 

KONIN, Poland — As Jan Rusin, a 
43-year-old coal miner, sits in his wood- 
paneled living room admiring the fruits 
of his labor under communism — a tele- 
vision set, comfortable furniture, a shiny, 
modem kitchen — he wonders why he is 
jobless and dependent on welfare pay- 
ments. Capitalism, he says, was sup- 
posed to bring him more^ not less. 

A few miles away in the heart of this 
industrial town, Elzbieta Lcszczynska, 
creates wedding dresses in the airy base- 
ment of her two-story home. Amid the 
swish of brocades and laces, and the dip 
of scissors and sewing machines, Mrs. 
Leszczynska, one of Poland's new small 
en trepreneurs. runs a staff of 43 and sells 
glamorous gowns to boutiques around 
Poland. Bui, she, too, is not satisfied. 
Why can’t she expand her business fast- 
er? she asks. 

The stories are different, but the frus- 
trating reality is the same: In Eastern 
Europe, capitalism cannot be built over- 
night And when it comes, it comes at a 
pace few here expected. 

Working habits and egalitarian atti- 
tudes drilled into minds by 40 years of 
communism remain deeply embedded 


five yean after its collapse, making it 
difficult for people to work through the 
painful first stage of a conversion to a 
market economy. 

Nonetheless, signs of sudden con- 
sumption stand out in once-bleak land- 
scapes. Foreign cars with Polish license 
plates roar down the decrepit Warsaw- 
Berlin road. In Budapest, beauticians sell 
expensive skin creams to nouveau riche 
women with SI. 300 cellular telephones 
tucked in their pocketbooks. The high- 
way outside Prague is dotted with new 
rest stops that peddle snacks and ice 
cream along with gasoline, just like in the 
West 

These three countries of the former 
Warsaw Pact — Poland, Hungary, and 
the Czech Republic — have moved onto 
the fast track, economists say. More than 
half the people in these nations work in 
private business. Small manufacturers 
nave emerged alongside cumbersome 
state factories. Scores of private banks 
have opened, and fledgling stock mar- 
kets attract investors from home and 
abroad. 

Bui many Poles, Czechs and Hungar- 
ians are worse off today than they were 

See EAST, Page 5 


Police Seek 2 Cult Leaders, 
But Are They Still Alive? 


By Alan Riding 

Ntnv York Tuna Service 

GENEVA -- Fueling speculation that 
some of the 48 members of a religious sect 
found dead here were murdered and did 
net commit suicide, the police in Switzer- 
land issued an arrest warrant on Friday for 
the group's founder and leader, Luc 
Jouret, and his chief associate. 

pie decision suggested that the police 
believed that Dr. Jourct and his associate, 
Joseph di Membro, were not dead. The 
police said Dr. Jouret was not among the 
38 dead members of the Solar Tradition 
sect that have been identified so far in 
Switzerland. - 

The arrest warrants were issued on sus- 
picion of arson and premeditated murder. 

With identification of 10 badly burned 
victims still days away, however, the judge 
investigating the deaths in Granges-sur- 
SaJvan, the mountain hamlet where these 
and 15 other bodies were found, was more 
cautious. “We still don't know if they are 
among the victims,” Judge Jean-Pascal Ja- 


quemont said of Dr. Jouret and Mr. di 
Membro. 

On Friday night. Swiss television said 
the body of Mr. di Membro's wife, Jocelyn, 
had been identified among the dead.' It 
said the couple's 25-year-old son, who lives 
in Switzerland, had also disappeared He 
reportedly told friends a week ago that he 
was going to Italy with his father. 

Evidence that what was presented as a 
collective suicide after the bodies were 
discovered Wednesday may have involved, 
murder is nonetheless mounting. On 
Thursday, another investigating judge, 
Andre Pfller. said some of the 23 victims 
found at the fanning village of Cheirv had. 
been administered a powerful drug before 
they died. 

Earlier, he disclosed that 20 of the bod- 
ies had bullet wounds, 10 had plastic bags 
over their heads and some had their hands 
tied. Adding to the confusion, though, he 
said a letter had been found in which one 
victim wrote to her family that she had 

See CULT, Page 8 



U.S. Sends Carrier 
To Gulf as Iraqi Force 
Nears Kuwait Border 


MjVitallsrtf'nK Ava.uid Prt>» 

Madeleine K. Albright, the U.S. envoy to the United Nations, raised the U.S. 
sign, indicating she wished to reply to Tariq Aziz, Iraq’s deputy prime minister. 


By Michael R. Gordon 

iVew York Tunes Service 

WASHINGTON — Iraq's Republican 
Guard troops moved toward Kuwait on 
Friday, prompting President Bill Clinton 
to send an aircraft carrier and navy and 
Marine forces to the region and to warn 
that Washington would defend its Gulf 
allies. 

Two Republican Guard divisions, the 
Hammurabi and the AI Nida, left their 
garrisons in central and northern Iraq in 
the last two days and were heading south, 
along with supplies of ammunition and 
other logistics, officials said. At least one 
brigade has already arrived just north of 
the border, according to classified intelli- 
gence reports. 

A senior official quoted by Reuters esti- 
mated that Iraqi forces in the area could 
total 40,000 to 50,000. 

At the Pentagon, Defense Secretary Wil- 
liam J. Perry said the Iraqi troop move- 
ments “are not routine and are not typical 
of what we've seen in the past and inere- 
fore cause us concern.” 

U.S. officials said they thought the troop 
deployments were probably a bluff de- 
signed to encourage ibe UN Security 
Council to lift economic sanctions im- 
posed after Iraq’s defeat against over- 
whelming U.S. force three years ago. 

At a White House press conference, Mr. 
Clinton said he would not permit Baghdad 
to intimidate the United Nations into tak- 
ing such a move. 

“It would be a grave mistake for Sad- 
dam Hussein to believe for any reason that 
the United States would have weakened its 
resolve on the same issues that involved us 


in that conflict just a few years ago." Mr. 
Clinton said, referring to the Iraqi presi- 
dent. 

But chastened by the failure to antici- 
pate the Iraqi invasion of Kuwait in Au- 
gust 1990, officials said they could not be 
sure of President Saddam’s intentions. De- 
spite its defeat. Iraq has never acknowl- 
edged Kuwait's autonomy, maintaining its 
claim to the terriioiy. 

_ Mr. Clinton ordered a U.S. aircraft car- 
rier and a Marine amphibious group to the 
area, and put U.S. Army troops on alert. 
Britain said it was sending a ship. 

[A Pentagon official, who spoke on con- 
dition of anonymity, said Mr. Clinton also 
sent ships loaded with heavy weaponry, 
normally based on the Indian Ocean island 
of Diego Garcia, The Associated Press 
reported. He added that Mr. Clinton had 
increased air reconnaissance of the region.] 

The United States has only 12.000 
troops in the entire Gulf region, and 1 1 
ships two of which can fire Tomahawk 
cruise missiles. But an aircraft carrier is 
five days away from the region. 

A brigade of army equipment is stored 
in Kuwait for use by U.S. troops if they are 
flown there. 

Administration officials said that other 
military options were being considered. 
Among them are: moving another cruiser 
to the Red Sea within cruise-missile firing 
range of Iraq, sending more planes, and 
moving the Maritime Preposition Ships, 
huge floating warehouses of tanks and 
other Marine weapons at Diego Garcia. 

The United Nations is scheduled to take 
up the issue of continuing the sanctions 

See IRAQ, Page 8 


Seoul Criticizes U.S,, Urging Harder Stance on North 


By James Stemgold 

A'fir York Times Servo e 

SEOUL — After weeks of watching in frustration and 
silence as the United Stales tries to negotiate a halt to 
North Korea’s nuclear program. President Kim Young 
Sam of South Korea lashed out in an interview on 
Friday, criticizing what he characterized .as America's 
lack of knowledge of North Korea and its overeagerness 
to compromise. 

In surprisingly direct language. Mr. Kim attacked 
Washington’s basic stance in the discussions with North 
Korea as, in effect, naive and overly flexible. 

He insisted that the North Korean government was on 
the verge of an economic and political crisis that could 
sweep it from power, and argued that Washington 
should stiffen, not ease, its position, pulling pressure on 


Pyongyang to abandon its suspected nuclear weapons 
program. 

Diplomats and senior officials in the Clinton adminis- 
tration have maintained that such pressure might drive 
North Korea's Communist regime into a corner and 
bring the Koreas dangerously close to a devastating war. 
not a deal. 

But Mr. Kim expressed deep doubts about whether 
the North Koreans could be trusted to live up to any 
agreements, and whether the American negotiators un- 
derstood this. 

“We should resolve the issue through dialogue.” he 
said. “There is nothing wrong with that The problem is 
we think we know North Korea better than anyone. We 
have spoken with North Korea more than 400 times. It 
didn't get us anywhere. They are not sincere.” 


Mr. Kim added, pointedly. “The important thing is 
that the United Slates should not be led on by the 
manipulations of North Korea.'* 

The normally placid Mr. Kim made these comments 
during a spirited hourlong interview with a group of 
visitors from The New York Times, led by the newspa- 
per’s publisher, Arthur O. Sulzberger Jr. 

Mr. Kim was clearly unhappy that South Korea had 
been denied any position in the negotiations, currently 
underway in Geneva, and yet had been criticized for 
counseling toughness. 

He asserted that compromise might only prolong the 
life of the North Korean regime and send ihe wrong 
signal to the leadership in Pyongyang. 

“We should not make more concessions in the future.” 

See KOREA, Page 8 


Kiosk 


Haiti Approves 
Limited Amnesty 

PORT-AU-PRINCE, Haiti (WP) 
— The Haitian Parliament agreed Fri- 
day on limited political amnesty for 
leaders of the coup that toppled Presi- 
dent Jean-Beitrand Aristide. But it 
denied them the sweeping pardon they 
sought and instead passed legislation 
that could still expose them to charges 
of murder, rape and corruption. 

The measure says President Aris- 
tide will decide who gets amnesty. 

Related article. Page 2. 


Books 

Crossword 

Weather 


Page 6. 
Page 19. 
Page 20. 


2 Spies for the Stasi Spell Out the Damage Done 


By Steve Vogel 

Washington Post Service 

DUSSELDORF, Germany — In a bar 
in Mainz in 1968, after Rainer Rupp had 
joined an anti-government demonstration, 
a new acquaintance bought the 22-year- 
old university student some soup and a 
beer and suggested that more than protest 
was needed to change the system. 

“One man can achieve as much as an 
army,” Mr. Rupp recalls his new friend, 
who called himself Kurt, as saying. 

With his British-born wife, Ana-Chris- 
tme, Mr. Rupp went on to inflict as much 
potential damage to the North Atlantic 
Treaty Organization as any army in the 
Warsaw Pact. 

Mr. Rupp, 49, a former NATO employ- 
ee who operated with the East German 
cover name of Topaz, is at the center of the 
most serious spy case in the history of the 
Western alliance. The Rupps, along with 
two of their accused East German control 


officers, went on trial here this week on 
charges of treason. 

From 1977 until shortly after the Berlin 
Wall fell in 1989. Mr. Rupp testified, he 
delivered information including material 
classified by NATO as “cosmic top secret” 
to the Stasi. the East German security 
service, which passed it to the KGB. the 
Soviet intelligence agency. 

Among the materials prosecutors say 
were passed on were highly secret docu- 
ments on weapon developments among 
the NATO nations, including nuclear 
arms. 

Hie Soviet bioc was provided with “all 
essential plans for the military forces" of 
various NATO countries, according to 
prosecutors. Included were planning strat- 
egies concerning the use of nuclear weap- 
ons in the event of war, reports on NATO 
alarm systems, troop deployments togeth- 
er with' their weaponry and numbers, re- 
sults from exercises, and reports on the 


Strategic Defense Initiative, the Reagan 
administration’s missile defense plan. 

Such information would have been 
priceless to the Warsaw Pact had war bro- 
ken out, officials say. 

Also revealed to the Soviet bloc was 
what NATO knew about its potential ene- 
my’s strengths and weaknesses: analysis 
and situation reports on developments 
within the armies of the Warsaw Pact and 
NATO analyses on the Soviet invasion of 
Afghanistan. 

Ann -Chris tine Rupp, code-named Tur- 
quoise, delivered, from 1972 to 1980, infor- 
mation about NATO communications sys- 
tems, planned and active operations of the 
alliance security service and the status of 
spy cases, prosecutors charge. 

The Topaz case shows serious gaps in 
NATO’s security, analysts say. Rainer 
Rupp was hired by NATO — after being 
cleared by West German security — even 


though he had been in the employ of the 
Stasi for more than eight years. Thousands 
of documents were taken out of NATO 
headquarters in Brussels and photo- 
graphed by Mr. Rupp at his home. 

In his testimony, Mr. Rupp described 
being radicalized during the student dem- 
onstrations that swept West Germany and 
Western Europe in 1968, and said his 
friendship with Kurt, the acquaintance 
from Mainz, “gave me a direction." 

Eventually, Kurt identified himself as 
working for the Stasi. By the end of the 
year. Mr. Rupp had accompanied him to 
East Berlin and met Stasi contacts. He 
signed a statement vowing to work for the 
Stasi and to keep silent. He was told to 
complete bis studies and launch his career, 
he said; during visits to East Berlin he was 
trained in espionage. 

“I was absolutely convinced that NATO 

See SPIES, Page 8 


Fields of Glory , Now Fields of Drugs 


/illiam Branigin 

th inguui Past Service 

Palau — As United States 
[heir way across the Pacific 
a their drive toward Japan, 
of the Philippines was sup- 
| way station easily taken, 
ttle of Peleliu became one of 
h of World War IL 
»lled the -forgotten battle" 
var. In hindsight, it was an 
• a battle that never should 
tin* 

the Sept. 15, 1944, assault 
which is six miles long and 
e flO by 3 kilometers) was 
sting the flank of General 

Arthur’s impending .invasion 
e-occupied Philippines. But 

«d irrelevant for that pur- 
Intend Pri ces 3 

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pose, and instead of the three-day rout 
predicted by a U.S. Marine general the 
fi ghting dragged on for two and a half 
months. 

The battle marked a Japanese change of 
strategy in winch all-out counterattacks at 
invasion beaches and suicidal charges gave 
way to more-defensive tactics designed to 
bleed the invaders in battles of attrition. 
Ihe devastating results helped persuade 
U.S. strategists that an invasion of Japan 
would cost more than a million American 
casualties. 

When more than 100 American veterans 
of the battle gathered here last month to 
commemorate the 50th anniversary of 
their landing, they found an island much 
different from toe bomb-scarred waste- 
land they left behind. 

Today, the lushly jimgled former battle- 
ground is known for marijuana, toe main 
cash crop of toe Palau island group to 
which Peleliu belongs. In valleys where 
troops of the 1st Marine Division and the 
army’s 81st Infantry Division fought, 
farmers now grow a high-quality strain of 
marijuana that has found a clientele in 
Guam and Hawaii. 

Peleliu's 600 inhabitants generally re- 
sent raids staged in recent years by toe 
U.S. Drug Enforcement Administration. 
When agents hired a light plane to survey 
the island last year, fanners fired pellet 
guns at it, cracking toe windshield. 


In 1992, more than 75 armed U.S. agents 
from Guam and Hawaii descended on Pel- 
etiu in camouflage fatigues and uprooted 
more than 11,000 marijuana plants. The 
raid alarmed residents and drew com- 
plaints from toe Peleliu government and 
the Palau president, Kuniwo Nakamura. 
In 1989, a U.S. raiding party arrested 13 
people in Palau, including influential poli- 
ticians, on heroin trafficking charges. 

Now, however, the Drug Enforcement 
Administration and other U.S. agencies no 
longer have Jurisdiction here. On Oct. 1, 
Palau formally became independent after 
47 years as a U.S.-administercd United 
Nations trust territory, and law enforce- 
ment officials fear toe change will remove 
restraints on toe marijuana trade. 

Hinao Soalablai, toe governor of Peleliu, 
disputes that view. 

"There are marijuana plantations here, 
but very few, not like before,” he said. 
Chewing betel nut, a mild stimulant, as he 
spoke, Mr. Soalablai said toai “law en- 
forcement and toe national government 
are very strict” on marijuana growing. 
“We are trying to clean it up,” he said. 

The marijuana plantations are off-limits 
to outsiders. Near Horseshoe Valley, toe 
scene of fierce fighting 50 years ago, a 
guide warned visitors not to venture up a 
dangerous path that he said led to marijua- 

See ISLAND, Page 8 



Jobless Rate 
In U.S. Falls 
To 4- Year Low 


By Erik Ipsen 

International Herald Tribune 

U.S. unemployment fell below 6 percent 
for the first time in four years, the govern- 
ment reported Friday. But signs of a slight 
moderation in the torrid pace of U.S. eco- 
nomic growth eased fears of an imminent 
rise in interest rates. 

The U.S. Labor Department revealed 
that job growth was robust in September 
but somewhat less so than expected as toe 
economy created 239,000 jobs outside the 
farm sector. 

“The heat has been turned down, but toe 
U.S. economy is still on the boil,” said 
Robert Di Clemente, a senior economist at 
Salomon Brothers in New York. 

The September jobless rate, at 5.9 per- 
cent, down from 6.1 percent in August, 
was toe lowest since the 5.8 percent of 
October 1990. 

The report had been anxiously awaited 
by the financial markets for any signs of 
inflation that might push toe U.S. Federal 
Reserve to resume tightening interest 
rates. Its policymakers chose to leave rates 



announced, fell back slightly on the news. 
The dollar finned against major European 
currencies. The Dow Jones industrial aver- 
age rose 21.87 to close at 3,797.43. 

But analysts said it was far too early to 
bury fears of resurgent American inflation 
and of sharp rises m interest rates. 

Analysts said that although toe figure 
for job creation was less than expected, it 
still offered little signs of toe much-antici- 
pated cooling off m toe U.S. economy. 
That in turn means that financial markets 
will continue to fear that toe United States 
is bumping up against toe limits of its 
capacity to fill job openings and produce 

See JOBS, Page 8 


POLISHING THE BRASS — A worker denning a statue of Douglas 
MacArthur on Friday at Palo, on the Philippine island of Leyte, in preparation 
for the celebration of the landing of U.S. and Allied troops 50 years ago. 




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Page 2 


*« 


ENTER1N ATIOIN AL HERALD TRIBUNE, SATURDAY-S UNDAY, OCTOBER 8-9, 1994 


Magistrates Strike 


At Berlusconi Firm 


Reuters 

ROME — The police raided 
the Milan headquarters of 
Prime Minister Silvio Berlus- 
coni’s media empire on Friday, 
stepping up the clash between 
Mr. Berlusconi and anti-cor- 
ruption magistrates. 

Judicial sources said the 
search, ordered by Milan’s elite 
investigators, was linke d to in- 
quiries into possible irregular- 
ities at Telepiu, a pay television 
channel partly owned by Mr. 
Berlusconi’s Fininvest holding 
company. 

News of the overnight search 
was yet another blow to the 
image of the prime minister. 
His supporters have accused the 
magistrates of plotting to bring 
him down. 

It coincided with an opinion 
poll that showed Mr. Berlus- 
coni trailing in popularity for 


the first time behind the neo- 
Fasdst leader, Gianfranco Fini, 
a key ally in his coalition. 

The CIRM survey for 


L'Espresso magazine said that 
of 


U.S. Admits 
Tie to Haiti 
Militia Chief 


By Stephen Engelberg 

New York Tunes Service 

WASHINGTON — The 
head of one of Haiti’s most in- 
famous paramilitary groups 
was a paid informant for Amer- 
ican intelligence for two years 
and was receiving money from 
the United States while his as- 
sociates committed murders 
and other acts of political re- 
pression, United States govern- 
ment officials said Friday. 

The officials said that Em- 
manuel (Toto) Constant, the 
head of the FRAPH organiza- 
tion, was dropped from the 
Central Intelligence Agency 
payroll last spring after ques- 
tions arose about his reliability 
as a source and his group's ac- 
tivities. 

Clinton administration offi- 
cials have vehemently denied 
providing any aid or support 
the group, which has been im- 
plicated in human-rights abuses 
since the September 1991 coup 
against the Reverend Jean-Ber- 
trand Aristide. They said the 
payments to Mr. Constant were 
small and were pan of efforts to 
gather information from every 
part of the Haitian political 
spectrum. 

It has been previously report- 
ed that leading figures in the 
Haitian military and police 
were on the CIA payroll, and 
government officials acknowl- 
edged last year that the Haitian 
intelligence service trained by 
the agency was engaged in 
drug-running and political vio- 
lence. 

The disclosure of Mr. Con- 
stant’s lies to the CIA, first re- 
ported by The Nation magazine 
and detailed further in The 
Washington Post, are signifi- 
cant because his group, 
FRAPH, has spearheaded at- 
tacks against supporters of Fa- 
ther Anstide. 

In the Nation article. Mr. 
Constant is quoted as saying he 
was encouraged to form 
FRAPH by Colonel Patrick 
Collins, an American military 
officer who served in 1991 as 
defense attache at the U.S. Em- 
bassy in Port-au-Princc. 


35 percent of respondents 
named Mr. Fini as their choice 
to lead the center-right, as 
against 27 percent for Mr. Ber- 
lusconi 

Shares, government bonds 
and the lira ail slid on the news 
as Italian markets, shaken by 
fears of a government collapse 
as a result of the dispute be- 
tween Mr. Berlusconi and the 
magistrates, again took fright. 

Mr. Berlusconi went on a war 
footing this week against Mi- 
lan’s chief prosecutor, 
Francesco Saverio Bonelli. 

The cabinet filed a complaint 
on Thursday accusing Mr. Bor- 
rclli of se eking to undermine 
the government after he hinted 
in a newspaper interview that 
investigators were closing in on 
Mr. Berlusconi himself in the 
Telepiu inquiry. 

Mr. Borrelli subsequently de- 
nied that the prime minister, 
who has retained ownership of 
Fininvest, was about to be im- 
plicated. 

Mr. Berlusconi dismissed 
talk on Friday that his govern- 
ment could fall over the dis- 
pute, branding the suggestions 
“rumors craftily spread on for- 
eign stock exchanges.” 

“I hear talk of a new institu- 
tional government, of an insti- 
tutional crisis, of conflict, of 
war, of who knows what else,” 
he said. “The only institutional 
thing here is the usual gossip of 
old-style politics.'’ 

The investigating team, in- 



Jacques Brawn/ Tbe Aisodiled ft*** 


FOR THE FALLEN — Prime Minister Edouard Balladur, left, and Interior Minister diaries Pasqua, right, 
mourning three poficemen at a funeral Friday in Paris. The officers were killed by a young couple after a wild chase. 


WORLD BRIEFS 


New Term Would Be Last, Kohl Says 

BONN (AP) —Chancellor Helmut Kohl confirmod F nda¥*hai 
if he won the Oct. 16 general election it would be his final fow 


^.^oU^chancdlor three times since 
Ronald Reagan and Margaret Thatcher. He and Pftsrfentjr*an- 
qois Mitterrand are the last two Cold War taro stffl mpower 
The latest polls give Mr. Kohl a slight edge over his Social 
Democratic opponent, Rudolf Schaiping. 





. *«** 
;ih- * 


Austrian Warns of Rightist Coalition 

VIENNA (Reuters)— Chancellor F™ 02 Vranitzkjr, bidding for 
a third four-year term, warned Friday that a coahtion between 
conservatives and the far right after Sunday’s elections would 
harm Austria. 

Mr 

conservative Austrian 

tion with his Serial . . 

important point in our own campaign to warn tne Austrian 
electorate that this might be a possibility which m jny view, and 

the view of many others, would mean great dam age to Ausma, ne 

said. 


.d 





• '-r 4 *- 

• t 1 
•t 






Leaders of the Austrian People’s Party, tiduting Foreign 
Minister Alois Mode, have hinted durnm the closing stages oi tne 
election campaign that their party couldsedcm alliMce with the 
far right Freedom Party of Austria, led by JOrg Haider. 

e Kills 4 More in Western India 


Nasrin Rejects Paris’s Longer Visa Offer 


By Joseph Fitchett 

International Herald Tribune 

PARIS — Accused of cowardice in ap- 
pearing Muslim fanaticism, the French au- 
thorities on Friday offered a longer visa to 
the Bangladeshi writer Taslima Nasrin, 


eluding the leading anti-corrup- 
tio Di 


only to have their overture spumed. 
•T wiT - - 


tion magistrate, Antonio 
Pietro, expressed full support 
for the chief prosecutor on Fri- 
day over the government com- 
plaint 

The judicial sources said fi- 
nancial police had taken away 
two computer floppy disks as 
evidence during a search of the 
Fininvest company offices be- 
tween 1 AJd. and 3 A.M. 

The search, in the presence of 
the Fininvest president Fedele 
Confalonieri, followed ques- 
tioning Thursday night of a 
Fininvest business manager, 
Oliver Novick, the sources said. 


will not come to France for the mo- 
ment,” Dr. Nasrin was quoted as saying 
from her home in Sweden, where she lives 
in exile. She fled her conn try under a death 
threat from Islamic fundamentalists over 


her book “Shame,” which depicts Muslim 
i*s Hindu minor- 


persecution of Bangladesh* 
lty. 

While refusing the compromise propos- 
al of staying in France for a few days 
instead of the one-day visa offered initial- 
ly, Dr. Nasrin said that she might visit 
France in the coming weeks, “provided I 
can travel about and meet the same people 
originally scheduled.” 

But she did not soften her earlier criti- 
cism of the French authorities' action in 


initially trying to limit her planned week- 
long trip. She had termed it “an insult” 


The episode blew up overnight into a 
political embarrassment because of sensi- 
tivities about Islamic f nnHaTT^ n talism- 
Crvil unrest in Algeria, with its potential 
for spillover in France, has become an 
issue in the political campaign under way 
for the French presidential election next 
spring. 

French intellectuals and opposition So- 
cialists denounced the government on Fri- 
day, saying bad it displayed cowardice and 
had made France look ridiculous. How 
could Sweden afford to protect Dr. Nasrin, 
they asked, while the government in Paris 
spent heavily protecting China’s leaders 
ag ain st human rights protesters. 

The immediate uproar about Dr. Nas- 
rin’s treatment contrasted with the earlier 
complacency in France about the plight of 
Salman Rushdie, the British writer oflndi- 
an origin who had to go into hiding to 
escape Islamic fanatics who accused him 
of blasphemy of Islam. It took three years, 
under the previous Socialist government, 
before be was finally allowed to visit Paris 
in 1993. 


In the case of Dr. Nasrin, the atmo- 
sphere is different because of mounting 
concern in Paris in recent weeks over the 
murders and kidnappings of intellectuals 
and popular ethnic entertainers in Algeria 
by Islamic fundamentalists. 

Fears that these terrorists could start 
operating in France, and not any realistic 
concern for Dr. Nasrm's safety or that of 
ho- audiences, prompted the decision in 
Paris to limit her prominence, French me- 
dia said. 


NEW DELHI (Reuters) — India reported four more deaths 
from pneumonic plague on Friday, r aisin g tbe official total to 5o 

in a three-week outbreak. . . * 

Senior health officials said three of the deaths were in toewestd 
coast dty of Surat, where the first fatality was replied on Sept. 

1 9. A total of 52 people have died in the city. The other death was 
in the western state of Maharashtra near its border with Gujarat, 

where Surat lies. . 4V 

Government health officials say they are convinced the out- 
break is under control and some foreign governments are cau- 
tiously lifting stringent controls imposed to keep the plague m 
India. Some, mostly in tbe Gulf, barred anyone and virtually 
everything — including mail — from India. 


si. 




As 


For the Record 


An overcrowded wooden boat believed to be 
immgrants to Puerto Rico caught fire and sank Friday off — 
Dominican Republic; Four people died and 26 were missing. (AP) 
Hmdfas and Musfims dashed in a crowded marketplace in 
Bangalore, India, near a mosque Friday in a riot sparked by a 
language dispute. At least four people were killed and 83 were 
injured in the violence. (AP) 


riUS 

.»■« -■* 


j ■-< 


: - tJ 


The government’s embarrassment has 
been heightened because the episode again 
revealed splits in Prime Minis ter Edouard 
Balladur’ s conservative government 
Interior Minister Charles Pasqua, de- 
spite his tough anti-fundamentalist stance, 
is widely suspected of helping block Dr. 
Nasrin’s visa. But he publicly put the 
blame on Foreign Minister Alain Juppe, 
who has pressed for dialogue with Alge- 
ria’s underground Muslim movements. It 
was Mr. Juppe who was then obliged to 
make the offer of a compromise. 


Failed Iran Uprising Sheds a Defiant Light 

* ™ ® Parliament Over 


By Nora Boustany 

Washington Post Service 

QAZVIN, Iran — Residents 
had posted a while welcome 
sign. They baked sweets and 
melted a too of sugar with 
crushed wild berries to make 
sherbat , a festive fruit drink. Ev- 
erything was ready to celebrate 
the birth of a new Iranian prov- 
ince; with Qazvin as its capital. 

Glued to their radios in an- 
ticipation Of the ann ouncement 
that would have brought pride, 
glory and state funds to this 
once historic dty of flower- 
lined avenues, the people of 
Qazvin were startled, then en- 
raged, when the news from Teh- 
ran hit like a thunderbolt Their 
day of joy turned into 
pointment defiance and 

On Aug. 3, Parliament shat- 
tered promises by President 
Hashemi Rafsanjani and Interi- 


or Minister Ali Mohammed Be- 
sharati to separate this Persian- 
speaking region, with its 1.4 
million people, from ihe less 
populous Turkish-speaking 
province of Zanj'an. The motion 
to form a new province was 
defeated, 105 to 103. 


As word spread, a mob began 
smashing windows and over- 
turning cars as it headed toward 
the bazaar. The revolt was led 


by local religious leaders, sup- 
porters of the Tehran govern- 


ment 


Die Bundesrepubuk Deutschland 

(Bundestinanzvenvaltung) 

The Federal Germany 


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Weitcre Grundsriicke in attraktiver LageJtdnaen angeboten werden. 
Other attractive properties are also available. 


“They have given our rights 
to Zanjanis!” they bellowed 
through the streets, ordering 
shops to dose. 

A pharmacist who watched 
from his shop as mayhem en- 
gulfed the dty center said the 
mob leaders “headed for the 
bazaar, and when they came 
back there were 5,000.” 

For 24 hours, orders to sub- 
due the uprising were issued to 
nearby army garrisons, but they 
went unheeded. The next day, 
members of Parliament who 
came to appease the residents 


were beaten and chased out of 
town, and the riotous crowds 
swelled in numbers and rage. 

Eventually, the National Se- 
curity Council ordered a special' 
anti-riot force of 10.000 men 
from Tehran into Qazvin as the 
disturbances continued; it also 
dispatched units of the popular 
militia, the Basij. to close off all 
the roads leading here. 

By the time calm was re- 
stored, at least 50 residents were 
dead and more than 100 
wounded, hospital sources said. 

The turmoil in Qazvin, 160 
kilometers (100 miles) north- 
west of Tehran, was seen by 
many observers as a watershed 
event, not because it threatened 
the regime, but because it 
proved that defiance by govern- 
ment supporters was possible 
and that the armed forces were 
reluctant to be drawn into a 
showdown with the populace. 

After the rioting, several mili- 
tary commanders warned the 
country’s leadership against us- 
ing the army as a tool of oppres- 
sion, according to diplomats in 
Tehran and Iranian dissidents 


abroad who cited letters from 
several commanders to Iran’s 
supreme spiritual leader. Aya- 
tollah Ali Khamenei. 

Now there is quiet gratitude 
on the streets or Qazvin and the 
country in general for the 
army’s sensitivity to the mood 
of its people. As during the days 
of the shah, when the army hesi- 
tated to shoot at anti -govern- 
ment demonstrators, this was 
seen as an ominous signal that 
having the instruments of pow- 
er is not a guarantee of popular- 
ity or acceptance. 

“When tbe regime cannot 
face the people, they will bring 
mercenaries to shoot at them,” 
a shopkeeper said of the special 
unit that came to suppress the 
uprising. He said they had 
mounted rocket laun chers on 
jeeps “and shot in the air to 
scare us.” 

“The army never participat- 
ed,” he added. “We all love the 
army very much, because they 
did not collaborate, and the 
people here like the local police 
because they did not interfere 


Airport Incident 


The Interpol Chief’s Speedy Debut 

STOCKHOLM (Reuters) — The new chairman of Inter- 
pol the international police body, was caught speeding in 
central Stockholm within days erf his appointment, a Swedish 
daily reported Friday. 

The chairman. Bjorn Eriksson, was quoted by the Exprcs- 
sen as saying he had been on urgent police business —going 
to a television interview in connection with bis new job — 
when he was pulled over. 

Mr. Eriksson, who also is commissioner of Sweden's na- 
tional police, was stopped for driving his Saab at 46 kilome- 
ters per hour (29 miles per hour) in a 30-lcilometer-per-hour 


zone, Expressen said. He faces a 1,200 kronor ($160) fine 

1 could 1 


under Sweden's draconian traffic regulations and could have 
lost his driver's license if he had been driving 50 kilometers 
per hour. 

“I was on urgent business in connection with my duties,” 
Mr. Eriksson told the newspaper. “I don’t think I should pay 
any fines.” 


stress 




* 


The Associated Press 

MOSCOW — The ultrana- 
tionalist Vladimir V. Zhirin- 
ovsky, incensed because he was 
barred from landing at a Rus- 
sian airport last week, stormed 
out of Parliament on Friday 
and withdrew his party from 
the legislative body. 

The walkout touched off Par- 
liament’s first crisis since it con- 
vened Wednesday for its fall 
session. The Communist and 
Agrarian parties proclaimed 
solidarity with Mr. Zhirinovsky 
and refused to participate in 
voting. 

Mr. Zhirinovsky, leader of 
the Liberal Democratic Party, 
said the authorities at Kemero- 
vo airport in western Siberia 
refused to allow his plane to 
land for refueling last Saturday 
en route to North Korea. 


TRAVEL UPDATE 


Unquote 


or turn against its. 


“Our party is being persecut- 
ed, stifled and repressed every- 
where,” Mr. Zhirinovsky sard 
after leaving the session. 


Lufthansa and Thai Airways in Deal 

PARIS (Bloomberg) — I-u f t h a n sa is set to form a partnership 
with Thai Airways International, giving the German carrier a hub 
in Bangkok that it can use to route passengers to destinations 
within Southeast Asia, a Lufthansa official said Friday. 

Lufthansa already has a partnership with United Airlines. The 
links with Thai Airways wul vastly broaden its network to give it 
greater access to the Asian countries. 

Boses were running Friday hi downtown Johannesburg after 
drivers ended a strike m which scores of abandoned buses dogged 
streets and shut down the city center the previous day. (AP) 

A threatened 24-boor London Underground strike failed to 
materialize Friday as most workers showed up and kept the 
system running, an Underground spokesman said. (AFP) 

Cambodun authorities have warned tourists not to go to temples v 

in the famous Angkor complex at night because of land mines • 

placed in the area to keep bandits from plundering the site’s many c s 

antiquities. (AP) 

Burma and Singapore have agreed to operate 'charter flights 
between Rangoon and the ancient city of Mandalay, the Minor,*? 
newspaper said. In addition to the tourist charter flights, Air ' 

Mandafav. a Sineaoore company, will run a shuttle service be- 



tween Rangoon and Mandalay four timas weekly. (AFP) ■"'I— 



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TOPICS 


Atlanta Will Stick It to Gan Parchasers 


All guns 
gia’s Fultoi 


sold in Atlanta and elsewhere in Geor- 
ulton County soon will cany wanting labels 
simi l ar to the ones on cigarette packs. 

This week, county commissioners unanimously 
approved an ordinance requiring guns to carry a 
label that says: 


Know The Facts 

_ If you have a gun at home: You are 3 times more 
likely to be killed by, or to kill, someone in your home. 
You are 8 times more likely to be killed by, or to kill, a 
family member or intimate acquaintance. You or a 
family member are 5 times more likely to commit 
suicide. 


Tbe label also includes safety tips, and gun dealers 
must display two posters with similar information 


County Commissioner John O'Callaghan, who 
sponsored the measure, said Fulton County, with a 
population of 670,000, had 229 gun-related deaths 
last year. 

-The law is the first of its kind in the United States, 
according to Paul Blackman of the National Rifle 
Association in Washington. It takes effect Nov. 1 . 


this layer occurs over Antarctica between late Au- 
gust and early October, and usually breaks up in 
November. The hole is caused primarily by chlorine 
products from human activities, such as electronics 
and refrigeration. 


Short Takes 


The size of Ihe bole in toe ozone layer is holding 
steady. The National Aeronautics and Space Ad- 
ministration said satellite measurements showed the 
ozone hole over the Antarctic region had a surface 
area of 9 million square miles, about toe size of 
North America. That’s just below toe record size 
hole of 9.4 million square miles set in 1992. Ozone, a 
molecule made up of three atoms of oxygen, forms a 
thin layer about 3 ntiUimeters thick, which absorbs 
harmful ultraviolet radiation from the sun. A hole in 


JJES ^ 5f e ?J? an S ft* wrong symbol for 
metore for nearly 100 years. Now toe Minnesota 
■Medical Association is out to set them straight. The 
tymbol known as the caduceus is two snakes en- 
twined around a staff beneath a pair of wings. But 

the caduceus is toe symbol of Hermes, theGrSgod 

ot commerce, also known as the messenaer sod. The 

} 5 yi Jl^ >1 r£ r caxc ' according to an 

of the association's 
journal, Afinnesota Medicine, is toe staff of Ascfo- 
G”** god of medicine: a single snake 
wrapped around a crude staff, without wings. “If if s 

32J2SL 011 lU r i 1101 ft* symbolof medi- 
cine, some may find it hard to believe but it’s true.” 
an association spokesman said. ^ 


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w POLITICAL NOTES* 


Republican Comes Under Fire in California 

LOS ANGELES — After nine months of beine on the 
olTenstve m California’s Senate race. Representative Michael 
Hufiington has suddenly found himself on the defensive, 
Irving to fend ofT accusations that he is an inept legislator 
whose wife is running his campaign. 

Mr. Huffingion. a wealthy Republican who has already 
spent more than S10 million of his fortune trying to unseat 
senator Dianne Feinstein, said his Democratic opponent, 
with the help of the media, was out to “gel" his wife, 
p an r na ' a VlT ). ler an d social figure who once was a member 
01 a religious group whose leader touted himself as 

more powerful than Christ. 

. , V? 1 an< * jumping on my wife." said 

Mr. Hufiington, who appeared with Ms. Feinstein on Thurs- 
day night on a television talk show, one of the few times he 
has sal in a national forum and taken questions about his 
campaign, his wife and his congressional record. 

Mr. Huflingion had pulled even with Ms. Feinstein in 
recent polls after a long struggle, only to find himself under 
■iretrom the senator and an increasingly critical press. 

“I m the candidate. not my wife." Mr. Hufiington said at 
one point during the program, anger and frustration in his 
voice al ter months of confidently being on the attack against 
Ms. Feinstein and what he calls “big government" liberalism. 
“My wifeVfeligious preferences are personal.’’ he said. 

Ms. Feinstein countered that she had nothing to do with 
the numerous articles about Mr. Hufiington's wife, some of 
them contending that she was the “power” behind Mr. 
Hufiington and others saying that she was once a “minister 
of light” in the religious cull. ( .V YT> 

A Frustrated Clinton Faults Republicans 

WASHINGTON — Frustrated by failures in his legislative 
agenda. President Bill Clinton accused Republicans on Fri- 
day of trying to take America back to the Reagan-Bush years 
“when we exploded the deficit, cut Medicare, cut taxes for the 
wealthiest.'’ 

At an Hast Room news conference four weeks before 
Election Day, Mr. Clinton struggled to explain why a Demo- 
cratic Congress buried an array of health, environmental and 
political reforms. He said Congress could — and should — 
have done a lot more, and he accused Republicans of “trying 
to stop it, slow it, kill it or just talk it to death." 

With his prized health insurance plan dead, Mr. Clinton 
pledged to return next year with another comprehensive 



misreading what Americans want. “I just 
doesn’t quite get it," said Newt Gingrich, the House Republi- 
can whip. 

The news conference came as an increasingly fractious 
Congress struggled to go home for elections in which Demo- 
crats are expected to suffer heavy losses. Mr. Clinton ap- 
peared perplexed by the sour mood of voters and their 
resentment toward incumbents. (AP) 


Congress Decriminalizes Baby-Sitting 


WASHINGTON — Legislation updating the Social Secu- 
rity tax on household help — the so-called nanny tax — is 
headed to President Bill Clinton for his signature. 

Effective with the 1994 tax year, household employers 
would have to pay Social Security and Medicare taxes on any 
worker earning at least SI. 000 a year, up from the current 
threshold of S50 a quarter. Teenage baby-sitters would he 
exempt. The problems with the tax were brought to light 
when it was revealed that Mr. Clinton's first choice for 
attorney general. Zoc Baird, had not paid Social Sccuriiy 
lild-carc lAP.L 


Quote/ Unquote 


Senator Tom Daschle. Democrat of South Dakota, after a 
bill lo regulate lobbyists fell victim to a tide of telephone calls 
generated by the lobbyists themselves: ”The truth had noth- 
ing to do with it. It was probably the best -coordinated 
misinformation campaign since health care.” (API 


Kennedy’s 5 Senate Seat: 40 of 42 Years (and Counting?) 


By David S. Broder 

Washington Past Serna; 

NEW BEDFORD, Massachusetts — The 
scene was an almost-too- perfect metaphor for 
Senator Edward M. Kennedy’s struggle to con- 
tinue his 32-year career on Capitol Hill. 

Standing on the balcony of the local whaling 
museum, facing a replica of one of the whale- 
hunting ships dial once brought prosperity to 
this now-blighted city, was one of the “great 
whales” of the Senate — not just because of the 
girth and blotchy skin that have occasioned so 
much recent talk-show comment, but in the 
way that Lyndon Johnson classified the Senate 
of the 1950s as “a lot of minnows and a few- 
great whales.” 

Kennedys have held this Senate post for 40 
of the last 42 years, the only gap coming when a 
seat-warmer filled in between John F. Kenne- 
dy’s election as president in 1960 and Ted 
Kennedy's reaching the constitutional mini- 
mum age of 30 to replace his brother. 

So proprietary- is the family feeling about 
their place that at one point in his talk at the 
whaling museum the 62-year-old Democratic 
senator described John Quincy Adams — the 
sixth president — as “the man who once held 
my Senate seat.” 

But in 1994. Mr. Kennedy is facing a young 
shark of a Republican challenger. Mitt Rom- 
ney, a venture capitalist who came out of the 
mid-September Republican primary even with 


the incumbent in the polls. Mr. Kennedy has to 
defend himself by reminding his constituents of 
what his presence in Washington means to 
them. 

“Do we have those checks?" he asked an aide 
at the end of his speech. And out of a briefcase 
came oversized blowups of Treasury checks, 
symbolizing money for federal projects and 
assistance that Kennedy claims he brought to 
New Bedford. 

The message has not changed much from 
Mr. Kennedy’s first campaign in 1962, when 
the slogan was, “He Can Do More for Massa- 
chusetts.” Then, it was an unsubde hint that his 
big brother's administration would take care of 
the kid senator s constituents. Now-, it is backed 
by reminders not only that Mr. Kennedy is a 
key ally of the man in the White House, but 
also that his former aide, Ronald H. Brown, 
heads the Commerce Department. 

And there are reminders that his position as 
the chairman of the Senate Labor and Human 
Resources Committee and ranking Democrat 
on Judiciary spells clout with a capital C. 

But if the message is familiar, the times 
clearly have changed. SLx years ago. jusi as he 
was winning a fifth full term, the reputation of 
liberals began to plummet in Massachusetts. 
The state’s Democratic governor, Michael S. 
Dukakis, lost the presidency and came home to 
finish out a term that quickly became an eco- 
nomic and fiscal nightmare! 


In 1990. angiv voters installed a Republican 
in the governorship for the first time in 16 
years. The winner. Governor William F. Weld, 
is now the most popular politician in the state, 
cruising to re-election and lending some of his 
key staffers to Mr. Romney. 

In Washington, meantime. Mr. Kennedy's 
long-cherished dream of national health care 
crashed in a gridlock cd Democratic Congress, 
along with labor law reform and other mea- 
sures on his agenda. 

Mr. Romney. 47. is a norice candidate but 
hardJy new to politics. His father, George 
Romney, ended a 14-ye3T Democratic dynasty 
in the Michigan governorship in 1 962 and chal- 
lenged Richard Nixon for the 1968 Republican 
presidential nomination. 

After serving the overseas mission that the 
Mormon church asks young people to under- 
take and graduating from Brigham Young Uni- 
versity, Mr. Romney won a double degree in 
law and business from Harvard, joined a Bos- 
ton consulting firm and then set up his own 
lucrative venture capital business. 

Last year, his wife, Ann, urged him to think 
of leaving business and entering public service 
by challenging Mr. Kennedy. 

“Because," she said. “Mitt ’is the total oppo- 
site of Ted Kennedy in philosophy — and 
everything else." 

That is as close as other Romney comes to 
the personal questions that fascinate the talk 
shows here: the contrast between the square- 


jawed challenger, lean and fit, with his photo- 
genic wife and five sons, and the recently re- 
married senator, who, a generation alter 
Chappaquiddick. was involved in an unsavory 
1991 drinking escapade in Florida with his 
nephew. William Kennedy Smith, that ended 
with Mr. Smith’s being tried and acquitted of 
rape. 

But the issue is there. As Mr. Kennedy and 
his wife. Victoria, toured the Topsfield Fair 
recently, Jean Dodero of Brockton watched 
disapprovingly. “This man is an embarrass- 
ment to the stele,” she said. “I may disagree 
theologically with the Mormons, but they jre 
good people morally. This man should hide his 
head in shame.” 

Mr. Romn:y said his decision to run was 
spurred not only by Mr. Weld's success and his 
promise of help hut also by the judgment that 
“this is the weak link in Lhe Kennedy chain. 

“Following Ted would be Joe." he &iid. re- 
ferring to Mr. Kennedy’s nephew, who is a 
House member from Cambridge. 

“He's popular, young and doesn’t carry the 
same political baggage," Mr. Romney said. 
“Now is the time to replace Ted, or well have 
Joe for the next 30 years.” 

Private polls reportedly show Mr. Kennedy 
re-establishing a lead, and confidence in his 
camp is clearly higher than it was two weeks 
ago. But at least two debates lie ahead, and 
those are viewed as posing opportunities for 
Mr. Romney and risks for Mr. Kennedy. 


Simpson Team Loses Another Bid to Bar Evidence 

Nfw York Times Service 

LOS ANGELES — The 
judge in the O. J. Simpson mur- 
der case has rqected a defense 
move to bar a broad range of 
evidence seized from Mr. Simp- 
son’s vehicle. 

Defense lawyers had argued 
that the material, which was 
seized over a 10-week period, 
should be barred because it was 
stale, obtained by unauthorized 
personnel or seized without a 
proper warrant. 

But Judge Lance Ito ruled 
that once the police lawfully 
possess a car, “they may con- 
duct reasonable tests over a rea- 
sonable period of time." 

The ruling Thursday was the 
latest in a list of defeats for Mr. 
Simpson, whose lawyers have 
labored mightily, and thus far 
largely unsuccessfully, to de- 
plete "the inventory of evidence 
the prosecution will offer 
against the former football star 
when the case goes to trial. 

Mr. Simpson is accused of 
murdering his former wife. Ni- 
cole Brown Simpson, and Ron- 
ald Goldman, on June 12. Testi- 
mony is expected to begin 
within a month. 

Much of the crucial evidence 
was taken from the car on June 
14, with the warrant in effect. 
But other items were taken after 
the warrant expired. These in- 
clude the ceiling bulb, which 
was on the floor beneath the 
seat; a shovel; a towel; a plastic 
bag; some hairs, and fibers. 



OJ. Simpson and a bailiff looking at an attorney’s laptop computer screen. 


Away From Politics 


• Tbe gravesite of former President John F. Kennedy was 
reopened to the public on Friday, outfitted with a new marker 
for his widow, Jacqueline Bcuricr Kennedy Onassis. The 
gravesite at Arlington National Cemetery had been closed for 
two days while the new marker was put in place. Mrs. Onassi» 
died in May. 

• A man picking up ins wife at an abortion clinic in Baton 
Rouge, Louisiana, shot at a demonstrator who had yelled. 
“You’re killing your baby.” The protester was not’ hurl. 
Ernest Robertson, 22, was charged with attempted second- 
degree murder and was jailed pending a hearing. 

• A gasoline tanker carrying 9.000 gallons of fuel rolled onto a 
car and exploded in a fireball on the Long Island Expressway, 
killing the car’s driver and closing the island's main artety at 
the height of the evening rush hour, the police sad in Nlineola. 
New York. 

• Nine people were killed in a house fire in Devils Lake. North 
Dakota, authorities said. The victims were believed in be 
members of the same family. Neighbors said they heard an 
explosion before the fire at about 5 A.M. 

• Helicopters are to begin spraying the pesticide malathion 
over Ventura Country, a rich agricultural region in California, 
□ext week in a six-month program aimed at halting a Mediter- 
ranean fruit fly infestation. 

• A Marine who denies being a lesbian has agreed to an 
honorable discharge in exchange for allowing military records 
to show she left because she had had sex with a woman. Lance 
Corporal Elena G. Martinez, 21, of the New River Marine Air 
Station. North Carolina, said she agreed to the discharge so 
she could gel on wilh her life. The allegations stem front 
rumors in 1991 that she twice kissed women and once danced 
suggestively with women in a nightclub. 

• The U.S. Supreme Court will decide whether slates may 
limit the benefits paid to some welfare recipients who have 
lived there less than a year. The court voted to review rulings 
that said a California law imposing such limits violated new 
residents’ constitutional right of interstate travel. 

• A male nurse in Tampa, Florida, was charged with raping 

four unconscious women in a hospital recovery room after 
they had undergone surgery. ap. \ it 




KBMG to*? — bowng profatem? 

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IMMIGRATION TO CANADA 
Coudoi Immi g ration Lawyer mD 
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OFFSHORE COMMMB fa free 
brochure or advice Tet London 
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BUSINESS SERVICES 


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FINANCIAL SERVICES 


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: ■; Resd Estate Mi 

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French Hiriera aad Monaco 

appearing on Oct. 14, 1994. 


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LONDON HANWORTH PARK. 

Ground flora flat * Viaonan manuon 
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grounds. Near Heathrow. Bdvnond 
rrf/fube talk & London. Ided fra 
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room, lounge. 1 bath, wait terras 
carpets, eouwed btchen. ceratal 
heating, FA* me S phone pants. 
Lora (rase. E Swing lftSM. TetT 44 
|0]BT 751 5856 fau 44 RDB1 751 3322 


HOLLAND 


UNIQUE (VIP| • residences 
Amsterdam - reraon approsamotdy 30 
mut from Sefophd Airprai. Free m- 
For matron col +31 21BSJM8 or fax 
51837 to EUPOfl NANCE CORPCSATE 
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PARIS & SUBURBS 


55 MUTUAL FUND PORTFOLIOS 5 S 

A<jg- nsrrei vol w "fattak' 
SafewcnoOy Monitored US.' Inti 
Meet Tee Only'' Manager K. Boder 
London end OctfModrid early Nov. 
ffane/Fa detrab +445395^2938 


REAL ESTATE 
FOR SALE 


GREAT BRITAIN 


BCCffFlONAL OffER - FRBfOLD 
London mews haute herat fagtovta. 
large reeepnaa fined ki ttw n . 2 
drajbir bedtoonft. (freaing room, 1 
betotroon, ntSty roan + wx. 
Garage + patno- hwout • 
good Mu. AvaiwUe immediratov. 
MPMO/fel: 44 71 235 2272 


BOULOGNE B015 

Haura, entxehr renovated. 6 rooms, 

2 bathrooms, fitted basemen), winter 
garden, veranda, gnaqe. 200 tom. 
garden F7M. Owner Tto- 1-46 05 05 48. 


REAL ESTATE 
TO RENT/SHARE 


GREAT BRITAIN 


LUXURY RAT, overbaking Hyde Park. 

2 beds, large hoi. reception, fitted 
kitchen. Ad ranentm. £2/5 per wL 
MiMI W 71 M 0100 or 81 746 3052 


PARIS AREA FURNISHED 


5*. 75 SOJN. EXCffDONAL v«w 

on Seme. Double Irving, I bedroran, 
bath kitchen, la floor. 1 year inn. 
FBjOO net. Tel. PI 45 27 IF 06. 
BQUlOGtC, 3roon op mnsan : FtfflO 

+ charges, SEVRES. 5-room house: 
RAW + (fanes. Owner 1-482S7714 


16H) AVB4UE HB4RI MARTIN 
Fmestor 

■“ft 

fte 


Fre es tone, hminaus, 55 sam 
ge + be dro om: FIOmI 
l«b RUE DE IOTA 
freestone. 60 iqm. 
nge + bedroom: F9.6P0. 
tS; (1) 45 53 53 35 


AVB4UE MONTAJGNE-ocpasae Hotel 

Pisa extesnonal kmjriou o p ratm era . 
Tek |l] 47 20 56 08 [monsngsL 


PARIS AREA UNFURNISHED 


16th 


RUE DES BELIES fBHLLES 
9lfi floor - HOsqjn. 

2/3 bfaooaa, btoccny-. Fit 300 
Tot (1) 45 53 53 35 


EMPLOYMENT 


GENERAL POSITIONS 

AVAILABLE 


WANTED: TURKISH/ KURDISH 
Kwrtrae] TRAhSATOR- Soooto^S n 
USA leeks fie® «r Europe for research 
rat Kunfch refugees m summer 1995 
Sfa'fd speak Engksh or German Stud 
C.V.i photo/ references to: James D. 
Bvfich. 203 Belevue Way NE, -172. 
Beflevue. WA 98004-5721 USA 


AUTOS TAX FREE 


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Smce 1972 brokers far Mercedes, BMW. 
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OCM-G&MANY 
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fa: 01/202 76 30 


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THE SUCCESSFUL^ 

FRENCH RIVIERA... 



SOPHISTICATED INTRODUCTION 
TO THE BEST 

IN INTERNATIONAL SOCIETY. 
THE ELITE.- 

IN BRUSSELS - BELGIUM...! 


AN IMPRESSIVE AND HONORABLE PERSONALITY of INTERNATIONAL A MKT ATTRACTIVE WOMAN wirfi oi OUKTANDWG PERFORMANCE - 
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vtaymvdt enjoying iheewifart of domesbcBfe- he seeks tfw glamourous, she considers leaving profeuiond Be in order to commence a riot and 
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Daily 10-19 hrs. D-B 1545 Muntheti/Germany H unh amer Sfr. IO-B By appaintmsnt i 

^ For responsible people ■ ■■■ S 


A YOUNG COSMOPOUTAN 
BKAZUAN BEAUTY. 

A lady «Mh prannetty, drarm and 
elegance, cheerful, tender, senator end 
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tntatgud, satoymg in Mian, (trad 20sj, 
petit, sfan, Etort brram hrar. hosl eye;, 
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lAfrrte wifi photo to 
P O Bor 267A fano Sen Bfato 40, 
20122 M4on, lltoy. 


TAIL CULnUBL VIRAE and zxmy 
fid Bon YmoN Rcantinavnrc London 
based] would fie lo meel dej 
rtri toduai. aAired arto benAfijI 
09-45^ to dwre lhe good tfings of 
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handcap but perl of the Measure. 

Write m stncfesl ic nfidwta andasms 

pfito to fa 3517, l>LT, 63 Ions 
Aoe, London, WC2E 9JH 


PRETTY AMERICAN WOMAN. taT. 
dm. Uraxto. Svrg n fair, seeks 
successful, sincere. W nenerous and 


successful. Sincere, krd, generow and 

horarobto sefaoon for iramjafiy 

rewradno kroon CaB tone on [39] t 

397 397 006ert 18 


_ j( totw t djt m [ 

OBCAKKS S45 Oidic riM. i(W3 
fa fat Shepcwg Or, S-ngopC't 0923 
Tel 65-732&7gfa 225 3?50 


SOULMATE {The Right Chase) Esdoive 
agency fa partners. Write to SoUtntxe 
Swte 501, Inrernationaf House, 223 
Regent St- London W1 8 BOD Enqfend 


PRETTY F8B4CH wsnat, 37 years old, 
eikeoted. refined, seeks weakhy non, 

S ottiocme, 5M5 years. Pto« 
te 3lig5X4jl dafly. 


NORWEOtAN, 33. TAU. athtonc. 
Uond. seeks aenaou ladies fra !«»■ 
fixtfy rewsdra town. Cdl Norway 
an +47 22 49 W 35. 






Elisabeth Taylor Type 

Eilwftwly bwuiiiiil anil 
intennwil write (ratal anil 
siimssluJ snutifi briy u u h gt« 
i.'nunlir: p^rwijlfly, i.hann. 

etocina. stitthworel jensualitv. 
a Kglmate k-t Mtjr mawn 
[n meet a ■orafedul clitfi 
non fit pc-s file and matnacc 

V Rntftt lo W Box 19171 
S- 10468 Stockholm, 

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fnerxfe/kferfaw. Free mf&i Hermes, 
Box 110660^, D-10836 Bertai 


YACHTING 

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COLLECTIBLES 


*• OAU WANTH) •• 

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INTERNATIONAL 

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EXHIBITIONS 
AUCTION SALES 1 
COLLECTOR’S 
GUIDES 

IN SATURDAY’S 

INTERNATIONAL 
HERALD TRIBUNE 
TODAY 
PAGE 7 


International 
Herald Tribune 
ads work 


FRIENDSHIPS 


CO 


SOUND 

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Edith Brigitix 
Fahrenkrog 

IXTFRMTravn. P.VRTNTRSHIPAtiFVT 
CEUUM -HLWkFL'RT 'Al.XIN 

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PI J.ASF CAI J.r Q> * 4»- 171 ■ 245 s352t« ♦ 49. ffi -4A |« 79 



I. 























































, .. z :zz - snuJt ~ 


Page 4 


Hcralb 


INTERNATIONAL 



Published \Fiib Thr Nrw York Timr» und The Wanhinjaon P>»i 


Let the Haitians Decide 


It should be up to Haitians to decide 
what kind of amnesty to grant to Haiti's 
coup leaders. The Clinton administration 
is right to leave the details to the coun- 
ties elected authorities. Washington's 
guiding principle should be to restore 
self-government and rule of law to Haiti 
and bring American troops back home at 
the earliest feasible date. 

The agreement that former President 
Jimmy Carter reached with Generals 
Raoul Cedras and Philippe Biamby last 
month committed those generals to retire 
as soon as Haiti’s Parliament voted a 
“general amnesty” into law. But it also 
said they would retire no later than Oct. 
IS even if no amnesty were enacted. 

Haiti's Parliament is now considering a 
measure introduced by President Jean- 
Bertrand Aristide’s acting justice minis- 
ter that would pardon military leaders for 


political acts like the Sept. 30, 1991. coup, 
but not for any responsibility they may 


but not for any responsibility they may 
have for torture, rapes, arson and the 
deaths of some 3,000 civilians. The divid- 
ed Parliament znay not be able to pass 
any amnesty law by Ocl 15. 

In a country as riven by hatreds and 
suspicions as Haiti, full punishment of all 
those involved in the military’s reign of 
tenor would likely fuel future cycles of 
violent retribution. But without some ac- 
countability for the atrocities so many 
Haitians endured, there can be no hope 
of real reconciliation or even civil peace. 

Father Aristide seems to recognize 
both halves of the equation, but remains 
vague about where he will strike the bal- 
ance. Washington should encourage rec- 
onciliation while honoring its own under- 
takings under the Carter agreement. 


ity for deciding these questions is Haiti’s 
elected government. Restoring its sover- 
eign authority is what this intervention is 
supposed to be about. 

— THE HEW YORK TIMES. 


Mud in Democracy’s Eye 


This will go into the record books as 
perhaps the worst U.S. Congress — least 
effective, most destructive, nastiest — in 
50 years. The wisdom of the moment is 
that the dismal record represents a vic- 
tory for the Republicans. They succeeded 
in blocking much of the Clinton agenda, 
and a government in which the Demo- 
crats controlled both elected branches 
was pretty much brought to a halt. The 
theory is that the Republicans will some- 
how pay less of a price for having been 
obstructionists than the Democrats will 
for not having made the system work. 

The Republicans will richly deserve 
what they get if that isn't true. But it is 


also a myth to claim that they bear entire 
responsibility for the failure that has oc- 


responsibility for the failure that has oc- 
curred. Hie Democrats brought a major 
part of the wreckage on themselves. This 
week it was mainly (though not entirely) 
Republicans who put the economy at risk 
for political reasons by holding up the 
trade bill in the House — but that was 
only after last week a single self-indul- 
gent Democrat, Senator Ernest Hollings, 
did the same in the Senate. Mr. Hollings, 
in turn, was able to do so only because 
the administration miscalculated and 
held out too long on some issues before 
sending the bill for a vote. 

Campaign finance reform was killed 
by a Republican filibuster in the Senate, 
but only after House Democrats did their 
part by stalling on the bill for a year. Nor 
did the president, who is ostensibly a 
great supporter of reform, do more in all 
that time than cover hims elf by uttering a 
few plainly lukewarm words in its behalf. 
A lobbying and gifts reform bill was also 
left for dead by Republicans on dema- 
gogic grounds this week — but plenty of 
Democrats who love the lifestyle that the 
bill was meant to end were silently cheer- 
ing the Republicans on. 


Health care reform went down not just 
because most Republicans turned out to 
be opposed but because the administra- 
tion overreached and was variously unwill- 
ing to join in bipartisan efforts and unable 
to win the votes of key Democrats- 

Almost the entire environmental agen- 
da of the administration was defeated, 
but it, too, died a death that was at least 
in part bipartisan. 

Too many bills were left until too late 
by the Democratic managers of this Con- 
gress. A good housing bill whose passage 
should have been routine had instead to 
be discarded because of this. A school aid 
bill whose passage should have been al- 
most a matter of reflex for a Democratic 
Congress was also left too long (in part as 
Democrats joined Republicans in grind- 
ing down an administration proposal to 
shift more funds to the poorest school 
districts) and took up time that should 
have been available for other purposes. 

This was a Congress and. in legislative 
terms, an administration that bad had a 
pretty good first year. They reduced the 
deficit, restored the tax code's cutting 
edge, sharply increased aid to the poor, 
reconfigured the college student aid pro- 
gram, created a national sendee corps 
and adopted the North American Free 
Trade Agreement. Not bad. But this 
year the goal was health care reform, 
and when the Democrats lost that, they 
lost much else. The Republicans turned 
the president's faulty health care pro- 
posal into a symbol of overall incompe- 
tence, found that they could resist al- 
most all the administration's initiatives 
with apparent impunity — and so they 
spread the campaign. 

The only good news as this mud fight 
finally winds down is that it is hard 
to imagine much worse. 

— the Washington post. 


Polish Censors in Retreat 


Just two weeks ago, Poland seemed 
about to take a giant step back from 
freedom. The lower house of Parliament, 
dominated by a coalition of former Com- 
munists and their allies, overwhelmingly 
passed a bill called the Official State 
Secrets Act, which would stifle the lively 
independent media that have grown up 
over the past four years. 

The upper house, with the same parties 
in control was expected to approve the 
bill as well, perhaps as soon as this week. 

But the Polish press fought back and, 
although the danger has not completely 
passed, the censors are now in retreat. * 

Upper house action is stalled, lower 
house leaders are having second thoughts 
and President Lech Walesa promises to 
veto the bill if it reaches his desk in 
anything like its present form. 

The secrets act would prohibit report- 
ing on 71 broad areas of government 
activity, including arms contracts, inter- 
national financial negotiations and basic 
principles of foreign policy. 

Penalties for unauthorized release of 
such “secret" information ranged as high 


as 10 years in prison. The act would also 
authorize officials to withhold other infor- 


mation on grounds of professional secrecy. 
Such restrictions would permit govern- 
ments to escape accountability for public 
policies and would thwart exposure of the 
official corruption that often accompanies 
the change from state to market economy. 

Official secrets acts are a European 
tradition. Poland’s old statute, promul- 
gated under martial law in 1982. was even 
more restrictive, but it has gone unen- 
forced since communism fell. Poland 
now has some of the best newspapers in 
the new Eastern Europe. 

Continued public access to sensitive of- 
ficial information is vital to Polish goals 
such as developing a healthy stock market 
and joining the European Union. A free 
press can also help alert a newly democrat- 
ic society to signs of totalitarian backslid- 
ing, as the present episode indicates. 

The old ruling parties may be back in 
power in Poland, but they have been 
usefully reminded that they can no longer 
rule in the old way. 

— THE SEW YORK TIMES 



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SATURDAY-SUNDAY, OCTOBER 8-9, 1994 


OPINION 




A Leftist Joker Enlivens the German Political Deck 


N EW YORK — What do a 22-year- 
old nunk rocker. Bismarck's ereat- 


U should also help Haiti develop, for 
the first time, a fair and reliable judicial 
system, a task that on the most optimistic 
estimates will take at least a year. 

The Carter agreement gave U.S. forces 
unopposed entry into Haiti in return for 
temporary recognition of the military au- 
thorities. It offered military leaders a safe 
and face-saving exit from power and 
from the country, provided they acted 
before Oct. 15, the date now set for Fa- 
ther Aristide's return. If no broad amnes- 
ty is passed by that time. Generals Cedras 
and Biamby will have to calculate wheth- 
er it is in their own best interests to go 
quietly, as they agreed, or uy to hang on. 

The United States, on the other hand, 
must live up to its own commitments. But 
the Carter agreement does not commit 
Washington to delivering an amnesty. 
Only Haiti’s Parliament can do thaL 

If that Parliament is wise. It will pass a 
generous political amnesty covering all 
offenses directly related to the seizure 
and exercise of power during the coup 
years, but not including criminal violence 
against civilians. 

Since the new authorities will be un- 
able to institute credible prosecutions for 
at least another year, they might use that 
time to establish a truth commission, on 
the model of Chile and El Salvador, to 
establish an inventory of injustices done, 
without necessarily establishing individ- 
ual criminal responsibility. 

In the end, the only legitimate auihor- 


1 n old punk rocker, Bismarck’s great- 
grandson and an 81-year-old former U.S. 
Army officer have in common? 

AB are leaders of the Party of Demo- 
cratic Socialism, or PDS, the successor to 
the East German Communist Party. 

Although largely dismissed in the West- 
ern media as (he legacy of a corrupt and 
cruel regime, the party is actually a popu- 


Bv Tom Reiss 


Some Easterners ivant to have 
the revolution they were denied 
when East Germany crumbled. 


list movement that is attracting a growing 
number of Eastern Germans. And when 
Germans vote on Oct 16, it may radically 
alter the political landscape. 

Chancellor Helmut Kohl has called the 
Democratic Socialists “red-painted fas- 
cists." Others compare them to the former 
Communists who have had successes in 
Hungary. Lithuania and Poland- But the 
party takes its cues more from Ross Perot 
than from Stalin. 

Gregor Gysi the self-deprecating law- 
yer who founded the party in 1990, has 
enlived the election with his outspoken- 
ness, much as the Texas billionaire did in 
the United States. 

The party also backs a crackdown on 
skinheads, aid to the Hurd World, disar- 
mament, urban gardening — whatever 
gamers leftist support It uses go-go 


dancers at its campaign rallies, yet femi- 
nism is high on its list of protest causes. 

Although the party's supporters are on 
average older than those of any other 
parly, its leaders know its future depends 
on appealing to Germany’s youthful lefL 
Thus its candidates call for lowering the 
voting age to 16. 

Young East Germans hit the streets in 
1989 to protest the fading Communist 
regime, and although ii seems contradic- 
tory that they have joined the Commu- 
nists’ successor pony, they have hardly 
come around to Stalinism. 

Rather, they want to have the revolu- 
tion they were denied when East Germa- 
ny crumbled. Except now the “oppres- 
sive" government happens to be run by 
conservatives in Bonn. 

In conservative Bavaria, the party has 
transformed an unwinnable situation 
into first-rate publicity by running Bis- 
marck’s great-grandson. Count Hein- 
rich von Einsiedel. The erudite former 
Luftwaffe pilot — turned anti-Nazi re- 
sistance fighter — sparkles on talk 
shows. His aristocratic background 
helps shake up the public perception 
of the party. 

In the crucial parliamentary race for 
the Berlin center districL the party's can- 
didate is Stefan Heym, one of East Ger- 
many's best known dissident writers. 

A Jew, he fled Hitler to become an 
American citizen, only to return to East 


Germany to escape McCarthy ism. But 
Mr. Heym, now 81, further belies the es- 
Communist stereotype. Ail his books 
were banned in East Germany. 

A string of strong electoral showings 
began in December 1993 in eastern Bran- 
denburg state, where the party unexpect- 
edly came in second place, beating Mr. 
Kohl’s party, the Christian Democrats, 

It also had good success in the Europe- 
an Parliament elections in June. In the 
eastern slate of Saxony- Anhalt, a Social 
Democrat-Green coalition had to cut a 
deal with the PDS in order to govern. 

The party's strategy is to use regional 
resentment as a springboard to national 
influence, much as Bavaria’s arch-conser- 
vative Christian Socialists have as a part of 
Chancellor Kohl’s governing coalition. 

Polls show that at least three Demo- 
cratic Socialist candidates are likely to 
win their races this month, which would 
enable the party to enter ParliamenL It 
would be given about 30 deputies in the 
656-seat Bundestag. 

This would present a major opportuni- 
ty for Mr. Kohl’s rivals, the Social Demo- 
crats. If the two socialist parties and the 
Greens win a combined majority in Par- 
liament, they could form a coalition and 
knock the ruling Christian Democrats 
out of power. For the first time since 
World War II the left-of-center could 
enjoy a parliamentary majority. 

But the presence of the reformed Com- 
munists is also a danger for the moderate 
lefL reviving old fears of a “red bloc" and 
polarizing the electorate. It risks destroy- 


ing 40 years’ work* by moderates who tel 
the Social Democrats away from revolu- 
tion and into a powerful role as Germa- 


Rfii'r 41 * 


ny’s second mainstream party. 

The success of the former Communists 
has caused the conservatives to take off 


^Oneposter showed Karl Marx and the 
words: “I’m Back!** . ■ 

Chancellor Kohl promised before the 
1 990 federal election that the east would 
become a “blooming landscape.’ In- 
stead. it became a dumping ground for 
low-end Western German industrial 
products. Resentment has grown even 
as the economy has heated up in the last 
year because this progress has been ac- 
companied by corporate downsizing 
and a growing divide between haves 
and have-nots. 

But support for the former Commu- 
nists is more about disappointment and 
frustration than about need. About half 
of their backers say they are optimistic 
about their economic future. ^ - 

After five years of unifying, many 
Eastern Germans are ready to embrace 
disunity. They voted for unification be- 
cause they believed Mr. Kohl s promise 
that they would be equal citizens. But 
they have fell like an occupied country. 
Democratic Socialist voters do not so 
much want to reverse the dock to com- 
munism as to take back their revolution. 


'!££• - - 


:.J «8 


Mr. Reiss writes frequently about Euro- 
pean politics and culture. He contributed 
this comment to The New York Times. 


• ...,u 


The Ravens Wait for a Stumble, Eager to Wreck the Haiti Mission 


N EW YORK —Often, listen- 
ing to some of the American 


l^t ing to some of the American 
journalists and politicians who 
opposed the U.S. intervention in 
Haiti, you can hear clearly what 
they do not say. They want the 
mission to fail and Haiti to ex- 
plode into violence and chaos. 

They do not want U.S. troops 
to be killed. But if casualties do 
come; they are poised, mouth and 
computer at the ready, to scream 
havoc. They think of themselves 
as in favoT of democracy. Bui 
they are so committed to the idea 
that Haitians are Incapable of 
achieving or maintaining it that 
they await the first stumbles with 
chilling eagerness. 

They are so full of anger at 
President Bill Clinton that they get 
hives at the thought that his deci- 
sion to move a gains t the Haitian 
dictators will burnish his name in- 
ternationally and maybe do a little 
something for him in 1996. 

These ravens are a minority 
compared to Americans who op- 


By A. M. Rosenthal 


posed military involvement in 
Haiti but heme it will work. The 
reason to take account of them 
now is that at the first sign of 
trouble they will demand the one 
step guaranteed to wreck the U.S. 
mission: the immediate military 
and economic desertion of Haiti. 

Nothing, I think, can raise the 
raven people from the dyspeptic 
ditch into which they have 
thrown themselves. But for 
Americans with open eyes, hearts 
and mind, the operation has been 
a great teacher of the nature of 
dictatorship. Many Americans, 
blessed with freedom, might not 
have understood. Even with U.S. 
troops present, the dictatorship 
beat their people with dubs, or 
shot them dead in the street 

We could understand then that 
the dictatorship was destined to 
do this, although the world 
watched. The police had no other 
choice because the dictatorship 


could conceive of no other way of 


dealing with the people. 
We learned that unli 


We learned that unless U.S. 
troops had landed, die generals 
would never have agreed to leave 
power. Only when they knew that 
U.S. troop planes were in the air 
did the generals acknowledge that 
their reign was over. All the negoti- 


ations, for their three years in pow- 
er. were a fraud. By definition bon- 


er. were a fraud. By definition hon- 
orable dictators do not exist. 

And when we saw Haitians run 
to greet the Americans we knew 
at once that the joy grew out of 
the bate they bore for those who 
beat them and shot them. In the 
streets, it was election day in Hai- 
ti — under the guns of the tyran- 
ny but poignantly clear in choice. 

President Clinton and U.S. 
forces still have work to do in Haiti 
and enemies to take on. But they 
have done much of what they can 
do Ity themselves. Now it is up to 
President Jean-Bertrand Aristide 


and the U.S. Congress. Either can 
make and destroy the mission. 

Father Aristide, although elect- 
ed by his people and overthrown 
by killers, is not liked in America. 
“Loony Communist" is the most 
affectionate term of the ravens. 
But large numbers of nonravens 
also resent him. 

He has given them plenty of 
reason. The Heritage Foundation 
has compiled a list of bone-mean 
Aristide insults and inanities 
about the United States, incite- 
ments to kill, socialist blather and 
capitalist-baiting. He admires 
Che Guevara and thinks Christo- 
pher Columbus was nothing but 
“a big white man, a colonial” who 
stole and exploited America. Co- 
lumbus was not at all big. 

But the mission was not simply 
to restore Father Aristide but to 
prepare the way for an elected 
successor. U.S. officials urge am- 
nesty for Haitian murderers. If Fa- 
ther Aristide works toward a free 
election, Americans and Haitians 


will find it in them to give him 
amnesty for leftisb nastiness. 

The U.S. Congress can do more 
to help or hurt Haitians than Fa- 
ther Aristide can. The good news 
is that right now it is helping, by 
resisting pressure to set a specific 
date for withdrawal of U.S. 
troops. Republican and Demo- 
cratic senators understood that 
would be a gift to the followers of 
the dictatorship. But when the 
troops withdraw. Congress could 
nullify their work and the whole 
mission unless it appropriates 
money to help Haitians get the 
small-business credits they need 
so desperately, build roads and 
communications destroyed by the 
decades of tyrannies. /!.' 

To help a neighbor out of a , 
burning house and then walk 1 
away leaving him naked and 
hungry — it does not seem sensi- 
ble, compassionate or the Ameri- 
can way, if raven-friends will for- 
give the sentimentality. 

The New York Times. ■ 


il|\ i !Ks! 


M«lM < >i 


Reports of America’s Sorry Demise May Just Be a Bit Exaggerated 


HIM « f V 


S INGAPORE — The United 
States has been settins bad 


By Tommy Koh 


O States has been getting bad 
press recently, at least in parts of 
Asia. Almost drily we read stories 
about its shortcomings: f allin g 
educational standards, a deterio- 
rating attitude to work, a rising 
drug menace and crime rate, an 
alarming number of births to sin- 
gle mothers. 

America’s problems are real. 
But they should be seen in proper 
perspective. The United States has 
many strengths and virtues. 

Easi Asians often think of 
Americans as individualistic and 
self-centered. This is wrong, as I 
know from the 19 years I lived in 
the United States, first as Singa- 
pore’s ambassador to the United 
Nations in New York and then 


as ambassador to Washington. 

In Singapore, only about 1 per- 
son in 10 does volunteer work. 
But more than 80 million Ameri- 
cans donate time to a cause. 

The neighborhood library I 
used in Washington was staffed 
by volunteers. One day I visited a 
fnend in a hospital. I noticed that 
many staff workers were wearing 
carnations in their lapels. I asked 
one of them why. He said the 
flowers designated volunteers. 1 
was amazed that the hospital had 
so many volunteers. I have often 
wondered when Singaporeans 
will become so civic-minded. 

There is a strong tradition in 
the United States of giving money 


to schools, colleges, universities, 
hospitals, libraries, churches, mu- 
seums. symphony orchestras and 
opera and ballet companies. 

Last year Americans contribut- 
ed $126.2 billion to educational 
and charitable institutions. Most 
came from individuals. An addi- 
tional S9.6 billion was donated to 
artistic, cultural anH humani tarian 
organizations. As chairman of the 
Singapore National Arts Council, 
I would leap with joy if I could 
raise even a small fraction of that 

As a proportion of their in- 
comes, the poor in America gave 
more to charity than the rich. The 
spirit of voluntarism and private 
contributions, two pillars of 


Malpractice Hasn t Made Him Perfect 


Z" 1 ARMEL, Indiana — In By Frank Cornelius 
1975 I helped persuade the J 


Indiana Legislature to pass 
what was acclaimed as a pio- 
neering reform of the medical 
malpractice laws: a $500,000 
cap on damage awards, and 
elimination of all damages for 
pain and suffering. 

1 argued successfully that 
such limits would reduce health- 
care costs and encourage physi- 
cians to stay in Indiana — the 
same sort of arguments that 
now underpin the medical in- 
dustry's call for national mal- 
practice reform. 

Today, from my wheelchair, 1 
rue that accomplishment. 

Here is my story. 

On Feb. 22, 1989, 1 underwent 
routine arthroscopic surgery af- 
ter injuring my left knee m a faR 
Hie day 1 left the hospital, I 
experienced a great deal of pain 
and called the surgeon several 
times. He called back the next 
day and told my wife to get me a 
bedpan. He then left on a skiing 
trip. I sought out another sur- 
geon. who immediately diag- 
nosed my condition as reflex 
sympathetic dystrophy — a de- 
generative nervous disorder 
brought on by trauma or infec- 
tion, often during surgery. 

A few months later, when a 
physical therapist improperly 
read the instructions on a medi- 
cal device. I received a tremen- 
dous current of electricity 
through my left leg. This serious- 
ly complicated my condition. 

In August 1990, another phy- 
sician proposed a medical pro- 
cedure, but used the wrong in- 
strument. That left me with 
several boles in the vena cava, 
the main vein from the legs 
to the heart 

I would have bled to death in 


my room if my wife had not 
come to see me Lhat eve nin g and 
called for help. As another phy- 
sician tried to save my life, he 
punctured my left lung. 

The cost of this cascading se- 
ries of medical debacles is pain- 
ful to tally: 

• I am confined to a wheel- 
chair and need a respirator to 
keep breathing. 1 have not been 
able to work. 

• I have continuous physical 
pain ia my legs and feet, 
prompting my doctor to hook 
me up to an apparatus that 
drips morphine. 

• Twice, I have received last 
rites from my church. 

• My marriage is ending, and 
the emotional fallout on our five 
children has been difficult 

• At age 49, 1 am told that 1 
have less than two years to live. 

My medical expenses and lost 
wages, projected to retirement 
age if- 1 should live that long, 
come to more than $5 million. 
Cl aims a gains t the hospital and 
physical therapist have been set- 
tled for a total of $500,000 — 
the limit on damages for a single 
incident of malpractice. 

The legislature has since raised 
that cap to $750,000, and 1 may 
be able to collect extra damages 
if I can sue those responsible for 
the August 1990 incident that 
nearly lolled me. But apparently 
because of bureaucratic inertia, 
the state medical review panel 
(hat certifies such claims has yet 
to acton mine; 

The kicker, of course; is that 1 
fought to enact the very law that 
limits my compensation. All my 
suffering might have been worth- 
while, on some cosmic scale, if 


the law had accomplished its 
stated purpose. But it hasn’t. 

Indiana's health care costs in- 
creased 139.4 percent from 1980 
to 1990 — just about the national 
average. The state ranked 32d in 
per capita health care spending 
in 1990 — the same as in 1980. 

It's understandable that the 
damage cap has done nothing to 
curb health-care spending; the 
two have almost nothing to do 
with each other. 

In 1992, the Congressional 
Budget Office reported that 
medical malpractice litigation 
accounted for less titan 1 per- 
cent of total health care spend- 
ing. 2 doubt that the percentage 
in Indiana is much different. 

Doctors and insurers have 
spent milli ons propagating the 
myth that America is awash in 
unjustified malpractice suits 
and crazy jury verdicts. 

Yet malpractice damage 
caps, sure to resurface in the 
next session of Congress, are 
arbitrary, wholly disregarding 
the nature of the injury and the 
pain experienced by the plain- 
tiff. They make it harder to seek 
and recover compensation for 
medical injuries; extend unwar- 
ranted special protection to the 
medical industry; and remove 
the only effective deterrent to 
negligent medical care. 

Medical negligence cannot be 
reduced simply by restricting 
consumers’ legal rights. That 
will happen only when the med- 
ical industry begins to effective- 
ly police its own. I don’t expect 
to live to see that day. 


American communities, are as 
alive today as when Alexis de 
Tocqueville, the perceptive 
French social observer, took no- 
tice of them in 1830. 

There is a strong spirit of entre- 
preneurship in America. (The 1994 
World Competitiveness Report 
ranks the U.S. economy as the 
most competitive in the world.) 
U nlik e Singaporeans, Ameri cans 
are encouraged to take risks. Soci- 
ety rewards those who succeed 
but, just as importantly, it does not 
stigmatize those who fail. 

American culture nurtures 
original thinking and pioneering 
research. Each year, more Nobel 
prizes are awarded to Americans 
than to scientists from any other 
nation. And Asian scientists who 
have won Nobel prizes have been 
based in America. 

No nation has welcomed so 
many immigrants and refugees, 
and none has assimilated them so 
well, as the United States. Since 
the Vietnam War ended in 1975, 
America has taken in over 850,000 
refugees from the region. Many of 
their children have topped their 
classes in American schools and 
been awarded scholarships to 
study at the most prestigious U.S. 
colleges and universities. 

Today, Asian-Americans are 
the fastest growing community in 
tiie United States. Because of the 
relative absence of racial or class 
barriers, many Asian-Americans 
have risen to the top of their pro- 
fessions. In the United State s, a 
child, no matter what his ethnic 
origin or family circumstances, 
can aspire to the American d ream. 

As a superpower, the United 
Stales has shared its wealth, tech- 
nology and markets with others. 


It has shed the blood of its sons 
and spent its treasures in defense 
of others. After World War II, 
America, the victor, treated Ja- 
pan and Germany, the two van- 
quished nations, with a magna- 
nimity unparalleled in human 
history. As a result, Japan and 
Germany are today the two most 
powerful economies in the world, 
after the United States. 

No other nation has been as 
generous as the United States in 
sharing its technology with others. 
This has, among other things, en- 
abled Japan to catch up with 
America and, in some areas, to 
surpass it in the technological race. 
And U.S. capital, technology and 
markets have enabled the econo- 
mies of East Asia to grow. 

On a personal level, I have been 
the fortunate beneficiary of many 
kind-hearted American friends. 
When I studied at Harvard Law 
School, a. host family , was. -ap- 
pointed to look after me.’ They 
made sure that I was not lonely 
and invited me home for dinner 
on festive occasions. 

In spile of its shortcomings, the 
United States is the most admired 
nation on earth. This is not only 
because of its sizfi wealth, military 
power or its extraordinary accom- 
plishments in business, science, 
technology and higher education. 
America is the most admired na- 
tion because of its ideals, altruism, 
m a gnanimi ty and generosity. An 
Asia-Pacific region without the 
United States would be a poorer 
and more dangerous place. 




£r*- ... 

i -'t * .. .. 


! .... 


1 . "*««««, 


The writer is director of the Insti- 
tute of Policy Studies in Singapore. 
He contributed this comment to the 
International Herald Tribune. 


; ^ASS* 


IN OUR PAGES; 100, 75 AND 50 YEARS AGO 


1894: Killing With Skill 

PARIS- — In connection with the 
suppression of bullfights in 
France, the Gil Bias has inter- 
viewed several French politi- 
cians. among whom was M. Ftb- 
dferic Gaussorgues. This 
gentleman does not understand 
why the sport, which gives plea- 
sure to so many people, should 
be slopped. He distinguishes be- 
tween the bunglers and the art- 
ists, and thinks that toreadors 
autorisAs, such as Guenita and 
Mazzantini, exhibit their skill 
m such a way as not to meet with 
his disapprovaL 


from the steamer's bow, but nei- 
ther vessel was seriously injured. 




1944: Dumbarton Ends 


WASHINGTON — The Dum- 
barton Oaks conference erf the 
United States. Great Britain, Rus- 
sia and China concluded today 
[Ocl 8] as a four-power statanent 
was awaited describing the con- 
templated world secunty organi- 
zation and its international coun- 
cil, _ assembly, world court and 
military forces for protecting fu- 

rrir*» TWOA1 TK_ ! : I 






!V- : • 

J" 


'•Is. . 


tore peace. The principal points 
that remained unresolved and 
probably will not be decided until 
the formal meeting of all the Unit- 
ed Nations involve the voting 


•jv “ •- 


The writer is a former lobbyisi 
whose clients included the Insur- 
ance Institute of Indiana. He 
contributed this comment to The 
New York Times. 


1919: Ship Rams a Sub 

NEW YORK — Two hundred 
passengers were panic-stricken, 
but uninjured, this morning [Ocl 
9] when a Colonial Line steamer 
rammed a U.S. submarine in 
Hellgatc. Several plates were tom 








. - U1C VUUUg 

nghts of the five permanent mem- 
bers of the council and the relative 




contribution of military forces to 
be at the disposal of the proposed 
organization, as well as how these 
forces will be commanded and or- 
dered into action. 







* 


INTERNATIONAL HERALD TRIBUNE* SATURDAY-SUNDAY, OCTOBER 8-9, 199+ 


Pag** 5 






















Per - • 


For Region’s Poor, 
Economic Changes 
Bring a High Cost 

By Barbara Crossette 

r riT. n Ntw Yortt Service 

of t™ NATIONS, New York — Four unsettling years 

from CQmmuni sm to free-maikei democracies 
have left the most vulnerable people of Eastern and Central 
Europe significantly poorer, less healthy or well-fed, and 

I^oribTu Sof 0 " 1611131 dC3lh and homicidc ’ accordin g = 

teve “provoked a deterioration of un- 
paraueied proportions in human welfare throughout most of 
the region, the study said. Rising incidence of infectious 
diseases, stress, malnutrition and alcoholism, already docu- 
T a muc h wider area, the report shows, 

lms health crisis is unprecedented in the peacetime histo- 
ry ofEurope in this century ” James P. Grant, the director of 
umcef, said at a news conference Thursday. He added that 


A Unicef study sees enormous 
deterioration in social conditions. 

the crisis is obviously contributing to eroding political sup- 
p<wt for the reforms that are under way.” 

■ st P dy «> v ens development from 1989 into early 1994 

m Albania, Bulgaria, the Czech Republic, Slovakia, Hungary. 
Poland, Romania, Russia and Ukraine. 

The author of the report, Giovanni Andrea Co mi a, director 
of soaal and economic policy research at Unicefs Imerna- 
ttoiuti Child Development Center in Florence, told the news 
conference that low tax revenues and inflation buoyed bv 
more spending on social programs were major causes of the 
crisis. 

^He said that a shortage of drugs and vaccines, a result of 
reduced government spending, was having “a massive health 
impacL” 

Mr. Grant said statistics from Russia continued to be the 
most discouraging, with a 10-fold increase in families living 
below the poverty line and a mortality rate up by 35 percent 
compared with the pre-1989 rate. The homicide rate in Russia 
had reached twice that of the United States by 1992, and is 
still rising. 

While Unicef began its studies with a focus on women and 
children, Mr. Grant said, it soon became apparent that the 
group most at risk was young adult men, where cardiovascu- 
lar disease, alcoholism and violent death are on the increase. 

Unicef surveys not included in the report show that public 
satisfaction with living conditions is highest in the Czech 
Republic, with 54 percent of the people satisfied. Mr. Grant 
said. 

“But what you get to European Russia, 79 percent say they 
are dissatisfied with their living standards,” he said. “When 
you get to Ukraine, it’s 88 percent. 

Mr. Corma said that, as of early 1 994, conditions were still 
declining in Russia and the Ukraine, but had begun to register 
some improvement in Eastern Europe. 



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EAST: Long and Painful Transition 


Continued from Page I 

five years ago. Their societies 
have been divided into two 
classes: the envied few who, de- 
spite some rough going, have 
profited from the change, and a 
resentful majority upset at not 
being able to make it. 

Economists now agree that it 
will take much longer than an- 
ticipated for these countries to 
catch up to the WesL In coun- 
tries where the memories of pre- 
World War II capitalism still 
linger, the belief that the end of 
communism would quickly 
transform Eastern Europe into 
Western Europe turned out to 
be false. 

And in countries like Roma- 
nia, Bulgaria, and Slovakia — 
the laggards in the economic 
reform process — real progress 
is hard to find. Foreign invest- 
ment is scant, and inflation is 
high. So lethargic has been the 
advance of reform in Romania 

that analysts calculate that at 
the present pace it would take 
until 2035 before state indus- 
tries enter private hands. 

But even among Romania's 
more successful neighbors, the 
path to a market economy has 
been rough. 

“No one expected such de- 
clines of such magnitude,'’ said 
Branko Milanovic. a senior 
economist at the World Bank's 
Transition Economics Division. 
“The first idea was that the 
economies would grow immedi- 
ately because the systems were 
so inefficient-” 

Instead, it is now recognized, 
the economies all lacked suffi- 
cient private capital, modem 
equipment, and managerial 
know-how for a quick turn- 
around. In the Czech Republic, 
for example, the government 
has produced some impressive 
results: the lowesi unemploy- 
ment, the lowest inflation, and 
a balanced budget. But in 
Prague, capital is so scarce and 
competition for it so intense 
that aspiring businessmen say 


they have to bribe bank officers 
to get a loan. 

The Vienna Institute for 
Comparative Economic Stud- 
ies, where analysis study East- 
ern Europe, concluded in an as- 
sessment in July that it would 
be well into the next decade 
before the three fast-track 
countries could match the eco- 
nomic strength of even the less 
well-off countries in the Euro- 
pean Union, like Spain. 

“The mechanisms of the 
command economy were dis- 
mantled everywhere with sur- 
prising speed," said Peter Hav- 
lik, the institute's deputy 
director. “On the other hand 
the formation of new institu- 
tions has turned out to be much 
more difficult, slower, and more 
painful than most analysts had 
expected at the outset of re- 
forms in 1990. 

"It was thought that in five 
years they would reach German 
levels. But this is complete non- 
sense. Realistically, there will 
be enormous differences be- 
tween Eastern Europe and 
Western Europe for years to 
come.” 

As these countries removed 
state subsidies from industries 
and laid off bloated work 
forces, there have been severe 
social costs: a drop in living 
standards, long-term unem- 
ployment, and the emergence of 
stark poverty. 

Poland, where a “shock ther- 
apy” economic policy of remov- 
ing subsidies and making the 
currency convertible was 
slammed into action in 1 98 9. is 
the first country to show 
growth. Even so. by the end of 
this year. Poland will be pro- 
ducing only 90 percent of its 
pre-1989 gross domestic prod- 
uct, according to the Vienna In- 
stitute. 

In the Czech Republic, de- 
spite what many consider care- 
ful management, the economy 
will only start to grow again this 
year. In the last five years, the 
Czech economy has shrunk by 



HERE AND GONE — Some of the 2300 supporters of former King Michael protesting Friday at the Bucharest 
airport following his expulsion an hour after arriving from Paris. He had been warned by Romania not to come. 


20 percent, the Institute says. 
And in Hungary, the five-year 
drop in gross domestic product 
is forecast at 1 8 percent. 

Everywhere real wages tum- 
bled dramatically: In Poland 
the buying power of wages has 
fallen by 28 percent since 1 989; 
by 18 percent in the Czech Re- 
public, and by 16 percent in 
Hungary. 

Societies accustomed to the 
notion that everyone should 
have equal economic standing 
are now riven by a sudden up- 
surge in poverty, a widening of 
the formerly narrow gulf be- 
tween the poor and everyone 
else in what once had been an 
attempt at a classless society. 
About 15 percent of Poles live 
below the poverty line com- 
pared with a steady 5 to 10 


percent in the 1980s. according 
to findings published in July by 
the World Bank. 

Unemployment has emerged 
as a permanent legacy as pri- 
vate sectors fail to expand fast 
enough to take on workers laid 
off from state industries. In Po- 
land, the unemployment rate 
stands at 15 percent and could, 
according to some forecasts, 
rise to 20 percent. Most trou- 
bling, case workers say, about 
40 percent of the unemployed 
have been looking for work for 
more than a year. 

And in die Czech Republic, 
the very low 3.1 percent unem- 
ployment rate is bound to in- 
crease when the inevitable re- 
moval of subsidies happens. 

Beyond the economic reali- 
ties, many people are over- 


whelmed by the menial adjust- 
ments that have to be made. 
Poland's former Communist 
leader. General Wojciech Jaru- 
zelski, who has recently made a 
surprising comeback in public- 
opinion polls, said: 

“The rising disparities be- 
tween rich and poor are offen- 
sive in a society where everyone 
once lived equally. In the West, 
people respect success. Here, it 
arouses suspicion.” 

Adapting to different values 
after 40 years of communism — 
initiative instead of passivity, 
stress on merit instead of party 
loyalty — is proving a substan- 
tial constraint on economic de- 
velopment. A lack of laws that 
deal with such things as breach 
of contract adds to the problem. 


"I have the feeling that the 
question or mentality is the real 
obstacle to change.” said Ru- 
dolf Andorka. the rector of Bu- 
dapest University. 

American Airlines says it ha* 
taken 18 months to train the 
ground staff at Warsaw airport 
to Western levels of low absen- 
teeism, no drinking on the job 
and service with a smile. A con- 
cept that was hard to get across, 
said Frank R. Van Zanden, an 
American Airlines manager, 
was the reason to be pleasant 
instead of surly to customers. 

“Wc had to explain again and 
again that passengers weren't 
doing us a favor by flying.” he 
said, “that the money passen- 
gers spent on tickets paid for 
staff salaries.” 


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; INTERNATIONAL HERALD TRIBUNE 


ART 


Saturday-Sundav, 
October 8-9, 1994 
Page 6 





An Uncompromising Eye 


By Henry Allen 

Washington Post Service 


XX TASHINGTON — 
Wf Like Wait Whit- 
y y man with a little 
T T marijuana in the 
glove compartment, Robert 
Frank, a genius, spent the mid- 
1950s looking for “that cra 2 y 
feeling in America when the sun 
is hot on the streets and the 
music comes out of the jukebox 
or from a nearby funeral, that's 


the road around practically 48 
states in an old used car (on a 
Guggenheim Fellowship) and 
with the agility, mystery, ge- 


nary existence, such as the res- 


to washing machines in a New 


taurant on U. S. 1 in Columbia, Jersey department store; five 
South Carolina, where Frank bargain gas pumps in Santa Fe; 


nius, sadness and strange secre- 
cy of a shadow photographed 
scenes that have never been 
seen before on film." 

That's how Jack Kerouac 
wrote his introduction to 
Frank’s picture book. "The 
Americans,” which came out in 
1959. 


made a picture of an empty ta- 
ble with a napkin dispenser and 
bentwood chairs, sunlight 
bouncing off the Formica, and 
a television in the corner show- 
ing a man who looks like Lowell 
Thomas or Adam Qayton Pow- 
ell. You look at it and want to 
say "Yes, yes, yes.’’ 

Ordinary, ordinary, ordinary. 


Now, it 70, Frank has the Wc all see what Fr ank sees, b ut 


. . D , , , . _ eminence of a arouchv cult fig- 

kfi ?®**J*J 5?S 1 j ia i h c ^ p " ure living in shabbiness in New 
^ York City and Nova Scotia, 


graphs taken as he traveled on 



and he has more than 150 of his 
pictures hanging at the Nation- 
al Gallery through Dec. 31. 

He is almost beyond criticism. 


it takes a Frank to recognize it, 
the sort of sudden thing you see 
from a stairwell window, or 
when you’re stuck hitchhiking 
in some dark Pennsylvania 
town of phone wires and gera- 
niums. His pictures aren’t por- 
trayals or evocations — ajuke- 


a master and a legend. He has "box with its glare puffing out 
made unspeakably good pictures from it like an angora sweater, a 


the strange truths and separate 
futures of a black nanny and a 
white baby in Charleston, 
South Carolina. All this has a 
poignancy that’s even more poi- 
gnant for never, ever degenerat- 
ing into nostalgia. 

Style, the elusive angel 
sought by so many photogra- 
phers, is merely a means to an 
end for Frank. His composition 
can get hokey — in the famous 
picture of the faceless tuba 
player standing under Ameri- 
can-Flag bunting, for instance. 
In “Los Angeles,” a neon arrow 
points the same way as a man 
striding down a sidewalk. 
Fr ank doesn't seem to care, he 
lacks the American art world's 


on his good days. There have 
been many good days. 


woman standing in an ocean 
wave (the incredible heft of the 


prissiness. With his training in £ 
Switzerland, he can center his 


Frank is one of those foreign- water shouldering toward you, 
ers who understand the United pockmarked by rain!) — as 


States better than Americans much as they're documents of 
do. In 1947, one week after ar- recognition, both his and ours. 


riving in New York, he wrote Looking at a Frank picture is a 
back to his parents: “Life here little like reading an Emerson 


EXHIBITION 

29 ORIGINAL PA1NT1NG5 
OCT. 1994 -FEB. 1995 
72 pogc col. cot. $35 


is very different than in Europe. 
Only the moment counts, no- 
body seems to care about what 
he’ll do tomorrow.” A few 
months later he wrote: “Every- 
thing goes so exceptionally fast 
and I am only one out of S 
million people living here.” 


essay — you keep saying, 
“That’s right! That's exactly 
what Fve always thought!” 


Switzerland, he can center his 
subjects and get plenty of ten- 
sion at the same time. 

These cliches and anachro- % 
nisms don’t seem to be meant as 
ironies, though Frank is capa- 
ble of irony. He shot the much- 
shot hillside “HOLLYWOOD" 
sign from behind, and included 
only two letters — OH. c 



Shortage of New 
At Paris Art Fair 


By Michael Gibson 

International Herdd Tribune 


ARIS — While the big glass and steel shell of the Grand 


m contemporary art rair, aas iouna * — -v - 

set of spacious tents near the Eiffel Tower. . . * 

Through Ocl 16. 169 galleries from 17 countries are showing a 
good sampling of the kind of contemporary art galleries are gptag 

for in these hard times. . _ . ■ j, ' ~L 

The Jan Knigicr Gallery of Geneva has two fine mjnisbowa one 
devoted to pastel, another to the influence of Cezanne., ootn 
contain some items of exceptional quality. But the moat striking 
new work in this stand is a large cityscape by Zoran Music. A 
timely-timeless o3 painting in which, with a light, allusive, almost 
immaterial touch, the artist coqjrai up black gutted ruins in tiw 
foreground and a white city rising above it in the background,. 


suggesting the silent coming of some apocalyptic visioo- 
Thessa Herald’s newly opened gallery is devoting us stand to 
two painters enamored of tree s: the late Man© Ptassinos sugges- 
tive bla ck on white p ainting s, full of delicate ramifications, and 
Jean-Paul Agosti’s luminous, dappled watercolors of sunny. But- 


votTsayT as you store J ork 0* 1955: ^ >er \, reC 2 rde { prjvocodon s«m to be out, But othmri* rto 

down the hill at Tinseltown cor- truth °f ordinary existence. We all see what Frank major shift is apparent Still, there is something for practically 

j: : IL. CMC '* c nisi n /‘rtf,’/' “A»rC if tsiL-st* r. Cucinl. it " mnnt facto 


tering leaves. , 

Claude Bernard is showing the realist work of the highly gifted 
Pedro Moreno Meycrhoff who is inclined to paint (or draw y the 
depressing industrial sites around Barcelona with utmost delicacy 
and precision. . 

Many of the maj or galleries have chosen to present a broader 
selection of artists. Grmuizynska (from Cologne) has a good 
selection of works by the Dada sympathizer Ruirt Schwitters and 
oils by Frantisek Kupka. 


B EHIND this dailincss. 
he knew'what a haunt- 
ed country America is. 
He saw that the ghosts 
of America are America — wil- 


He proceeded to dine on the 


LANDAU FINE ART 

1456 SScitrooke St Wat 
Montreal, Canetja H3G 1 K4 
1 Tel: 514-349-331 1 Ftuc 514-239-9448 , 


naked lunch of America, to use demess, greed, huddled masses, 
another Kerouac phrase (and bonanza dreams, cleanliness. 


roding in the smog. 

His pictures have a feeling of 
offhand velocity, like combat 
footage from F-16s over Bagh- 
dad. Motion is reality, reality is 
motion. He was not out to cre- 


seeSy ” said a critic, “ but it takes a Frank to recognize it. 


major sniit 
every taste. 


BOOKS 


title of the William Burroughs godliness, guns, butter and the 
novd). Naked lunch, Kerouac whole implacable continent 
explained, is what’s ou the end lurking behind his pictures: a 


ate8-by-lGcrtches ^ ** fr ° nt THE TO THE KXNG- 

He said: “Less taste and DOM: The FS-X Deal and 


craft sold a license to Japan's with Japan on American manu- 
Nakajima, a major warplane facturmg turf. 


explained, is what's on the end 
of every fork, the truth of ordi- 


Madonna statue standing next 


more spirit Less an and more the S elling of America’s 


contractor, to manufacture its Shear does not examine the 


, Future to Japan 


illustrious DC-2 transport in- basic issue of whether the hot- 
eluding access to all technical test U. S. military technology 


FI AO 1994 


By Jeff Shear. 31 8 pages. S23.95. 
Doubleday. 


advances. It should have sur- should be traded to any foreign 
prised no one, therefore, when country. Nor docs he reflect 


more than 500 modified DC-3s upon how U. S. nonpareil aero- 
— icons of American aeronau- space companies are different 


FRANCE 


Reviewed by 
Wayne Biddle 


tics — served as the Japanese from the auto, sted orconsum- 
Navy’s standard cargo carriers cr electronics makers that got 

j. » _ nr. ■ « m . n i. . j r— - jL k 


fiac 

8-16 




I N 1934, the same year a book 
about the weapons industry 


during World War II. 

The 1930s are ancient history 




J. about the weapons industry for the marketplace of high 
titled "Merchants of Death” be- technology, of course. But 60 
came a best-seller. Senator Ger- years later the United Slates 
aid P. Nye, a Republican from maintains an almigh ty aero- 
North Dakoia, launched a mas- space-weapons business that is 


knocked for a loop in the ’70s. 
His premise is that there is 


for the marketplace of high something especially reckless 
technology, of course. But 60 about dealing aerospace stuff to 


years later the United Slates Japan, whose financial shoguns 
maintains an almighty aero- will arise several years down the 


whole deal seems like pretty 
small beer, hardly the selling of 
America's future. 

If there is a lesson in : the 
FS-X it is that the international 
arms trade is always full of 
pratfalls. In the 1990s — as dur- 
ing the ’30s — American com- 
panies eagerly turn to foreign 
sales to make up for declining 
military budgets at hornet No 
matter who the customer is, 
homegrown technology is- des- 
tined to turn around and bite 
back, whether on the battlefield 
or tire stock market 


U.:: 

pEL p ARl ^ 

esP ACE TOUR b r a n LY 




sive investigation of U. S. avia- perceived as central to national 
lion companies and other firms security, crucial to trade bal- 


en gaged in the international ances and vita! to U. S. engi- 
arms trade. During two years of neering. 


p.X<V'. 




iy.fV.*\V* 


hearings, several of the era’s pre- 
mier airplane builders were 
shown to have been doing busi- 


Jeff Shear, a journalist has 
written a detailed account of 
the ’80s tug-of-war over wheih- 


ness with Nazi Germany and CT and how this reservoir would 




Imperial Japan. 

For example. Douglas Air- 


... ■ 





til 








NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors World-wide nvnsd 
Wr fee or send your manuscript to 
MINERVA PRESS 
2 OLD BROMPTON R0. L0N00N SW7 300 


-41 


a** tCi- 






be tapped so that Japan — a 
loyal military friend but fierce 
economic foe of the United 
States — could develop a fight- 
er plane dubbed the FS-X. 

This is not exactly a scholarly 
work, though its sources are sol- 
id and it touches diverse bases. 
It is written and being promot- 
ed with a nod toward those who 
fed scared about competing 


road ready to eviscerate the 
U. S. commercial aviation in- 
dustry. 

Shear sheds light on the intri- 
cate bureaucracies and political 
factions on both sides of the 
Pacific that try to stumble for- 
ward with the friend/foe con- 
tradiction. “Policy was up- 
staged by personality” in the 
FS-X case, he believes, thus 
choosing to tell the story pre- 
dominantly through interviews 
with American and Japanese 
principals, as wdl as myriad 
staff-level figures. 

The fact is that there was lit- 
tle from the other side that 
American aerospace engineers 
really wanted. By now the 


Wayne Biddle, a fellow at the 
Smithsonian Institution where he 
is completing a biography of 
Wenther von Braun, wrote this 
for The Washington Post 


For 

investment 

information 

Read 

fhe MONEY REPORT 
every Saturday 
in the IHT 






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THE SCOTS KIRK (PRESBYTERIAN) 17. 
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a.m. every Sunday. All welcome. 
Fbr Mansion 48 78 47 94, 


ST. PAUL'S W1THIN-THE-WALLS. Sun. 
830 am. Hrtv Eucharist Rite fc 1030 am. 
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Rome. TeL 396 488 3339 or 396 474 3569. 


SAINT JOSEPH’S CHURCH (Roman 
Catho54- Masses Sunday: 9:45 ora, 1103 
am, 12:15 pm^ and 630 pm. Saturday: 
VLQQ am. and 630 pm. Monday^^riday: 
830 am 50. avenue Hocha. Paris 8th. TeL 
42273856. Metroc Charles de GaAj - Bale. 


BRUSSELS/WATERLOO 


MUNICH 

NTEFTIATTONAL CCWMUNTTY CHURCH 


ALL SAINTS' CWRCH, 1st Site. 9 & TlrfS 
am Holy Eucharist wih CMden’s Chapel at 
11:15. Al after Smdays: 11:15amHaiyEu- 
chanst and Siteday SchooL S63 Chaussea de 
Louvain, Ohato. B^glum. TaL 32T2 3S4-35S6. 


DU55ELDORF 

INTERNATIONAL BAPTIST CHURCH En- 
gfah. Worship and Children's Church Sur> 
days at 1230 pun. Meettog temperarfy at the 
Evangeisch - Ftefcrchfche Gemeinde r Fta- 
Ungan, Germany (Kaiserberg 11 ). Friendy 
Fe&xsHp. AB deno mre b u ns welcomo. For 
fcalhar intor mai ion cal toe petear Dr. W J. Da 
Lay. TeL 0211 -400157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP EvangeGKhFrefcithfchB GomoMa. 


BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CWRCH OF BRUS^S, Sunday School 
830 am ate Church 1 0:45 am K^enberg, 
19 (althe InL School). Tel.: 673.05.81. 
Bus95.Tiam94. 


COPENHAGEN 

INTERNATIONAL CHURCH of Copenha- 
gen. 27 Fanrergade. Vartov, near RAtfws. 
Study 10:15 S Worship 11:30. Trt.: 


FRANKFURT 

TRWTTY LUTHfflAN CHURCH 


Sodnmr.-ll.iarao BU HortuipS 

nelFax: 08173-6Z72e servtoo tea Frankfurt 11 Trt - P 09 * 


Maftres 


27 janvier-26 fevrier 

ArcJissona - AucHbeit - Bittar - Bourne - Chauray - Dubord ■ 
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1MPRESSIONNISTES 


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BUCHER 


MODERMES 


; 5 . r u E tic- St- i nc 

? 500(vlV.ns 4-. 46 23. M 


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Theresfenstr.) (089) 8SMS17. 

SALZBURG 

BEREAN BBLE CHURCH In Berea, They 
searched the scriptures daJy" Ads 17:11. 
Evangefcal EngSsh service at 1030 am. wlh 
Pastor David tob^wn, Franz Josel Strasse 
25. For Wo ca!43 (0)662 455563. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near BdabasH Stn. TeL: 3261- 
3740 Worshto Setvtoe: 9X90 am Swdaya. 
TOKYO UNION CHURCH near Cm*es»v 
do subway eta. Tel. 3400-0047. Worship 
services Sunday 830 & 1130 am., SS al 
9-45 am. 

USA 


WIESBADEN 


TH E CHU RCH OF ST. AUGUSTINE OF 
CANTERBURY, Sin. 10 am Famiy Eucha- 
rist Frankfurter Strasse 3, Wiesbaden, Ger- 
many. TeL 4961 13066.74. 


ne'Fax: 08173^2728 serving tee Frankfurt 
and Tatxws areas. Germany. Suiday wor- 

tf^p 09345b nursery + Sundaiy-schooi iftoo, 

women's btote studies. HousegyateS - Sui- 
day + Wettoesday 1930. Pastor M. Levey, 
member European Baptst Corwerbaa "De- 
dara Hb glory amongst tee nafans." 


589478 or 512552. 


EUROPEAN 

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F I A C l 9 9,1 


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J you would Bee a tree Btote couse by maL 
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see Page 13 




a la giUunu- 

20 ocioiire- 19 riovembre 


SPAM 


C E C e A R E L L T 


V .X ts.' *A'' 


PiBRREM ANTRA 
•-.« SEfiSOff A 


Mark l obey 


VIENNA CHnSTlAN CENTEFt A CHARIS- 
MATIC FELLOWSHIP FOR VIENNA'S W- 
TERNATIONAL COMMUNITY, * English 
Language * Trans-denomi na ttonal meets a 
HatogaseaiT, 1070 Venna, 830 pm Every 
Sunday. EVERYONE IS WELCOME. For 
more htonnation GaK 43-1-31B-7410. 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
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BERLIN 

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Study 10.45, wdrthip A 12.00 each Slteday. 
Charles A. Wartad. Pastor. Tel: 030-774- 
4870. 

BONN/KOLN 

THE INTERNATIONAL BAPTIST CHURCH 
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Worship 1:00 pm Calvin Hogue. Pastor. 
Tel: (0223?) 47021. 

BRATISLAVA 


BETHEL INTERNATIONAL BAPTIST 
CHURCH Am Dadhsberg 92. Frarfdut aAL 
Suxlay wrohto 1130 am. and 600 pm., Dr. 
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HEIDELBERG 


GENEVA 

^-URJJERAN CHURCH of Geneva. 20 
Suxla Y worship 9aa to Qer- 

n»i 1 130 in Engfehi Tet(Q22) 310J039. 

JERUSALEM 


LUTHERAN CHURCH of tee Redeemer, OU 
Oty, Muitotan Rd. Englan worship Sun. 9 

am Al are rwfccrnft TeL (02) 281-049. 


GRACE INTERNATIONAL BAPTIST 
CHURCH, todusbis Sb 11 . 6902 Sandheu- 


LONDON 

AMERICAN CHURCH in London 79 To(- 
Cl ■ R <«- Wl. SS al 10.00 a.nt. 


SSSStS 

HOLLAND PARK 


TRNJTY BAPTIST S& 930, Vtashp 1030t 
nursery, warm la Dow ship. Meat* at 
Btosmcamptean 54 m Wassenaar. 
TeL 01751-78024. 


Jje^CAN CHURCH IN PARIS. Worsh^ 
IIOOa mfiS'QuM dOrsay. Paris 7, Bus 83 
at door. Metro Afrnttferceau or towrfdoa 


Btote Study in Engish. Patoa 
ch Zrtoslreho ? 1630-1745. 
JdzepKtfcck.Tet31 6779 


MADRID 

NMANUBL BAPTIST. MADRID. HERNAN- 
DEZ DE TEJADA, 4. B4C3JSH SERVICES 
11 am.7pm TeL 407-4347 or 302-3017. 

MOSCOW 

NTERNATIONAL BAPTIST FBlOWSHflP 
Meetag 11 DO; Kro Center Buldtog iSDuz- 
Drurfitontewteya UL 5te Rou, Hale, Metro 


STOCKHOLM 

C ^ RCHl Wora ^ ^ h 
f V ^ Sh ' ifp? ll8h - “ Korean. 11^0 am. 

SrtHjfjgT al Kungstensg. 
iy - 46/0B/ 15 12 25 k 727 tor more 


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Arts & Arriiques 

Every Saturday 
CcntnO Fred Ronan 
Tel.: 1331)463793 91 
Fk 133 1)46379370 
or you nearest KT office 
or represmtafive 


Tiff EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


BREMEN 


INTERNATIONAL BAPTIST CHURCH (Er* 
gfeh language) meets at Evangefah-Fnefcr. 


MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MUNICH Hotstr. 9 Engfah Lang^s^ 


VIENNA 

V10JNA a»*4UNm’ CHURCH. Suiday 
worship In English 1 1:30 A.M.. Sunday 
g^i^ ^WemabonaL a» denomtoa- 

Bone nmooma-OorottiaeigaBeB is, Vienna 1, 

WARSAW 


PARIS and SUBURBS 

THE AMBTOAN CATHS5RAL OF THE HO- 
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Sunday Sdnd far dftten and Nuray care- 
Third Sunday 5 pm Evensong. 23, avenue 
Gauge V, Paris 75008. TeL 33T1 47 20 17 92. 
MeBw Goage V or Alma Maroeau. 


chfch Krauzgemeinde. Hohenlohesirasse Yjg®- W* “hxV iflXX). Worship Serves 
HermarrHJasfrSlr. (around tee comer from Pastor's phone 6909534. 


tee Bahrttof) Sunday worship 17:00 Ernest 
D. Watoffl, pastor. TeL 04791-12877. 


BUCHAREST 

INTERNATIONAL BAPTIST CHUHCH, 
StradaPopaRusu22.3KX}pmCor4aclPa3- 
tor Ma Kemper, TaL 312 3860 


PRAGUE 

totemdional Bajrfst Fafcvohb meets atlha 
Czech Baptist Church Vinohratfaka s 6a 
Prague 3. At metro stop Jirihaz Poctebrad 
” :0 ° Pas,or: Ford 

(02)311 0693. 


JJJTOJwi^rnatiqnal church, 


ZURICH 

5™wn0NAL PROTESTAW church 
serifce. Suteay 
gch od & Nurs wy. Sundays 1 1 ao am. 
2 s . TeL (01 ) 268S525. 


rr^R.v- 




iv-SU I ! 


viis m 





-~-4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 8-9, 1994 


'X 


\ 

i ' { '\\ 

' n i.' . 

1 it 


For 

investmer 

informatic’ 




> ; ,-.vi i 


lit. 1 


If. 




,|W 1 ' 


... * 

I? -* 


rtf.’ 1 


i -V* 1 ' 


ART 


if » 


Lucas Cranach , Painter, 
And Good Businessman 


By Michael Lawton 


L pzio — We know a lot about 
Luras Cranach the Elder. Bom 1472, 
J553, he worked his way up 
«■ n, fr £ m J obbi ?S painter to coun paint- 
er to three Saxon princes. He became Bttreer- 
rneister of Wittenberg, owned the town's 
pharmacy, started a printing and publishing 
business, and provided the court with wine 
and other supphes. And he ran, after around 
if??:- *5' spcresfuj painting studio of 
his tune, employing 10 assistants 

bow much he charged for a com- 
how ™ c . h h e paid for materials. 
2, e t 2® “ ow which individual trees provid- 
ed the backing for each of his paintings. And 

busiB «sman: He got 
as much of his production as he could into his 
own hands. The pharmacy provided paints 
and oils and his printing press turned out Ms 
stu djo § woodcuts and engravings. 

But we can only guess at what he painted. 
Cranach s studio produced work m- huge 
quantities he received, for example, a com- 
mission for 60 double oD portraits of the 
electors Frederick the Wise and John the 
itea ^ ast — but *h e work is of variable quali- 
ty; There are still more than a thousan d 
Cranachs" in existence. Attribution in the 
case of the early works is dear, but no one 
knows how many of the studio works are by 
Cranach himself. 

This is an issue of which the curators of 
Lucas Cranach — A Painler-Busmessman” 
at the Leipzig Museum of Fine Arts (to Nov. 
6) are fully aware. They have included paint- 
ings, drawings or woodcuts, that clearly show 
what they define as evidence of Cranach's 
hand. That means, broadly speaking, delicacy 
of touch and an understanding of contour, 
light and proportion, often missing when as- 
sistants merely filled in a traced outline. A 
portrait like that of the young, fresh-faced 
Gerhardl Volk (1518), with its sensitively por- 
trayed mouth, the shadowing of the eyes, the 
perfection of the lighting oF the cheeks, the 
finely detailed fur of the cap, is an undisputed 
masterwork. But who did the smudgy hands? 

As Cranach increased his production, he 
had to turn to new methods of composition, 
using ready-made elements which he built 
into new works. While a work like the “Cruci- 
fixion” of 1500, for all its youthful faults of 
perspective and proportion, is full of narra- 
tive energy. Later works are often formulaic. 
This is evident in a work like “The Dying 
Man” (1518). The Trinity sit formally in a bit 
of yellow heaven surrounded by little angels 
and saints slapped onto the clouds. Below 
them, the man on his deathbed receives the 
last sacrament; on one side hovers an angel 
holding up a card saying “Good Works," on 
the other devils holding up cards listing <an< 
This is picture- as-sermon with cartoon ele- 
ments, with the parts in subservience to a 
didactic aim. It is an aesthetic that fails to 
bridge the centuries. 

S OME of the same ingredients are in 
“The Holy Trinity Worshipped by 
Mary and Sebastian," which Cranach 
painted three years earlier. The trap- 
pings are the same, but the dynamic of the 
painting is entirely different In the later one. 
Father, Son and Holy Ghost are rigidly one 
above the other; in this, the Father supports 
Jesus under his spreadeagled arms to haul 
him painfully from the earth, and the dove 
flutters on his kne^ looking up anxiously as if 
to support Jesus in this effort Where the 
Trinity above the deathbed in “The Dying 
Man” is a formal element remote from the 



Portrait of Gerhardt Volk (detail). 


drama below, this Trinity is the source of all 
drama, and the saints and donors below look 
toward it with yearning. 

We are, incidentally, lucky to be able to see 
this masterpiece. Like almost all the others, it 
is in oil on wood; it was in a ruinous condition 
and has been carefully repaired by two Leip- 
zig restorers, who, in what must have been a 
scary process, separated the wafer thin layer 
of paint and varnish from the ori ginal wood, 
and reapplied it to a replacement backing of 
antique panels. 

Cranach was intimately involved in the 
political and cultural currents of his time. He 
served his courtly masters, producing striking 
portraits of them all, which he turned into 
woodcuts and engravings. They were used in 
much the same way as modern companies use 
Christmas cards. 

Cranach was also a friend of Martin Lu- 
ther, who nailed his 95 theses onto the castle 
church door in Wittenberg in 1517. Cranach 
painted several portraits of him, as well as of 
his parents, and illustrated, primed and pub- 
lished his books. 

His work was designed to be popular and 
was usually commissioned. Churches warned 
altar pieces; pious people wanted religious 
pictures for their chapels; noblemen wanted a 
classical nymph lying — uncomfortable but 
voluptuous — on a rich red cloth beside a 
stone fountain; merchants wanted portraits 
of themselves and their wives looking at each 
other across the mantlepiece. 

Cranach was not very different from other 
masters who also had studios with assistants, 
but Cranach's studio was the biggest and 
most efficient. Quality was important, and 
Cranach's assistants were competent profes- 
sionals. If be felt like it, or if it was important 
enough, he would do the difficult bits — he 
had a reputation to uphold. 

In any case, modem ideas of the artist are 
scarcely relevant to someone who saw himself 
probably more as a glorified sign-painter than 
as an inspired and individualistic creator. 

Michael Lawton is a free-lance writer based 
in Germany. 


The Arab World, Seen by Delacroix 


International Herald Tribune 

P ARIS — -The script of 
this story could have 
been written by a 
French novelist of the 
Romantic age in search of the 
mysterious East And indeed, 
the illustrations that go with it 
now on view at the Institut du 
Monde Arabe until Jan. 15, 
were provided by one of 
France s most celebrated paint- 
ers, Eugene Delacroix. 

The artist then 34, was fully 
formed and well-established 
when a journey took him 

SOUREN MEUKIAN 

through Morocco for six fever- 
ish months. Between Jan. 25, 
1832, when he arrived in Tan- 
giers and June 28. when he 
sailed from Algiers, Delacroix 
discovered a world that haunt- 
ed him for the rest of his life. 

Perhaps the shock would 
have been less intense if the 
artist had not been living until 
then in a world of pure fantasy, 
ranging from the Middle Ages 
as reinvented by him. to con- 
temporary events he depicted 
without having witnessed them. 
His first claim to fame came in 
1822 with “La Barque de Dan- 
te,” in which a red-hooded, 
green-robed figure stands in a 
boat, raving at the world. 

Two years later, Delacroix 
turned his attention to the event 
that was causing an uproar 
throughout Europe, the indis- 
criminate killing of thousands 
by Turkish troops on a Greek 
island, Chios. His handling of 
the theme, however, upset the 
critics. The dead and the dying, 
shown in theatrical postures 
while a fanciful Turkish horse- 
man superciliously looks down 
from his rearing steed, were 
deemed offensively realistic. 

Turks and Greeks became an 
obsession with the artist. He 
painted “Two Greek Soldiers 
Dancing” and “A Turk Seated 
on a Sofa Smoking” without 
ever having set eyes on Greeks 
or Turks. Not fully satisfied 
with the exoticism of the con- 
temporary Near East, Dela- 
croix turned to the distant pasL 
The “Death of Sardanapalus.” 
in which a bearded fellow non- 
chalantly gazes from his out- 
sized bed at naked women in 
contorted postures being 
slaughtered, was the artist's 
contribution to the 1827-28 Sa- 
lon. This anticipation of 
Hollywoodian kitsch, 496 centi- 
meters (more than 16 feel) long, 
seemed to herald a career de- 
voted to crass mediocrity. 

But the French occupation of 
Algeria, which began in 1830, 
changed everything for Dela- 
croix. Still smarting from defeat 
at the hands of the ami-Napo- 
lfeon European coalition, the 
French were yearning for an 
occasion to display their prow- 
ess. Algeria, however, which 
they began to occupy on June 
13, 1830. did not turn out to be 
the easy ride they had hoped 
for. Resistance was fierce. In 


A - 

■ ■ ■ .v* 


.... 



Le Passage du Gue,” in the Delacroix exhibition at the Institut du Monde Arabe. 


the west, the population of the 
TIemcen area, with historical 
ties to Morocco turned to a Sufi 
leader of the Qadiri order. 
Sheikh Muhy ad-Din, who had 
sought refuge from the Turks in 
Morocco. Asked to lead the 
fight, the sheikh who was too 
old. sent his son. Abd al-Qadir 
(Abdelkader, to the French). 
The leader declared himself to 
be the deputy of the Sultan of 
Marrakech. 

At that point, the French de- 
cided to send a mission to Mo- 
rocco to dissuade the Sultan 
from supporting the Algerian 
fighters. Delacroix got wind of 
the decision and obtained per- 
mission to accompany the 
French envoys. He paid his 
own fare. 

When looking at the real 
world Delacroix could be a very 
different artist from the painier 
of kitsch on medieval or ancient 
Near Eastern themes. En route 
for Africa, he drew a pastel 
sketch of the Spanish coast off 
Salobreha that is as poetic as 
anything by Turner. 

The anisL’s first impressions 
of Tangiers were equally spon- 
taneous. A bird's-eye view of 
the city with its ramparts seen 
from high on the hills has an 
impressionist sketchiness. 


But if Delacroix reacted 
strongly to the new landscape, 
the impact made on his recep- 
tive mind by the people was 
tenfold. While the heaa of the 
French delegation. Charles de 
Momay, saw the Moroccans as 
barbarians, to Delacroix they 
appeared as noble as the an- 
cient Romans. At first gripped 
by the picturesque, the painter, 
in his own words “gradually in- 
sinuated himself into the ways 
of the country.” 

T HE official interpreter 
turned out to be utter- 
ly ineffective. There 
was a hilarious en- 
counter, echoed in a letter writ- 
ten by a witness: “The Middle 
Eastern Arabic of Monsieur 
Desgranges was so incompre- 
hensible to the Moors and he 
himself found it so hard to fol- 
low the Qa’id's [prefect’s] 
speech, that the Jewish intcr- 

E reter of the French consulate 
ad to be sent for there and 
then." De Momay was livid. 
Not only were all the consulate 
interpreters Jewish, which was 
not to his liking, but in addition 
they were either related to 
each other or close acquaint- 
ances. There would be no way 
of conducting the French nego- 


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tiations without the British 
being aware of every detail. 

But that was De Momay’s 
problem, not the artist's. Dela- 
croix and the interpreter, Abra- 
ham Bencbimol (Benshmul). 
who appears to have been as 
cheerful and likable as he was 
hospitable, got on famously. 
The painter spent days in his 
house and in those of Abra- 
ham’s four brothers. He was 
fascinated by Jewish women 
and their highly distinctive cos- 
tume. 

Invited to a Jewish wedding, 
he feverishly wrote down in his 
little notebook everything he 
observed and later did several 
sketches based on these. “The 
Tangiers Jewish Bride" or “A 
Moroccan Jewish Woman Seal- 
ed" are hardly great works of 
ait, but as documents they are 
invaluable. The same is true of 
the artist's drawings of scenes 
observed on the street. 

Eventually, the French dele- 
gation set out for Meknes. As 
they passed through the sun- 
drenched blazing landscape. 
Delacroix stopped here and 


there to sketch a view with the 
big turquoise blue blades of de- 
sert plants. The first glimpse of 
the ramparts of Meknes. seen 
through a sandy haze, inspired 
him to draw one of his most 
exquisite watercolors. tetse. al- 
most abstract. 

Two Arab muleteers taking 
shelter in their tent from torren- 
tial rain, under a dark leaden 
sky. w'as another scene that left 
an imprint on his memory. He 
quickly sketched it in pencil 
and picked up the idea again, 
several years later. 

With its two shadowy silhou- 
ettes huddled under a tern, a 
dark mule and a white horse 
standing outside, further away, 
against a dark purplish brown 
sky with lurid shreds of clouds, 
this is one of the most evocative 
of his oil paintings drawing on 
earlier memories.” 

D elacroix was not 

quite so lucky with 
His effort on “Mou- 
lay Abderrahmau, 
Sultan of Morocco coming out 
of his palace in Meknes, sur- 
rounded by his guard and main 
commanders.” The first impres- 
sion. jotted down in gray wash 
heightened with while on blue 
paper, is lovely. Shadows with 
pointed hoods' and no features 
glide in an unreal space. From 
this. Delacroix later drew a pre- 
paratory study in oils freely 
done in broad nervous brash 
strokes. But the finished paint- 
ing, completed in 1845. is filled 
with frozen dummies in Arab ' 
costume. 

Uilcr, in the 1850s. the oil ' 
paintings elaborating on his • 
pencil sketches from Morocco ' 
were often painted more broad- 
ly, with a hazy colored effect. 

Possibly aware of his weak- 
ness in this respect. Delacroix 
then made almost no attempt to 
portray individuals. Only one ’ 
face, that of a horseman, can be - 
seen in “Lc Passage du Gue" ; 
(“Crossing the Ford”) and none - 
in “Les bords du fleuve Sebou ' 
(Royaumc du Maroc)" (“The ' 
Banks of the River Sebou"). • 
Impressionism was within 1 
sight. The days of picturesque - 
scenes painstakingly recorded 
were over. 



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Impressionist and Modern 
Paintings and Sculpture (Part I) 

Auction: New York. Wednesday November ’ > 
at 7.0<t pm 

Enquiries: New York. Nancy Whyte on (212) 547. IPO 
London, James Roundel! on (447 P 5s*i 2431 
Paris. Guy Jennings on (31 P 42 5(. 17 no 
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Seoul. October |N-2n 
Tokyo. October 25 and 2b 
New York. November 4- 1 ) 

Contemporary only: 

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Tel i2!2) 54i. Im >•» Fax: (212) •»*[■ S|n3 








Page 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, OCTOBER 8-9, 1994 


China Tests Miniaturized Nuclear Arm 


By Patrick E. Tyler 

New York Times Service 

BEIJING — China on Friday continued 
its testing of a new generation of ballistic 
missile warheads by exploding a nuclear 
device beneath its far western desert at 
Lop Nor. 

The test, like an earlier one in June and 
another one a year ago, is part of a series 
that China has undertaken to verify the 
reliability of warheads designed during the 
1980s for use with Chinese strategic mis- 
siles to be deployed in the 1990s. Western 
and Chinese experts say. 

These warheads, according to one Chi- 
nese scientist who worked inside China's 
ballistic missile program, are designed to 
be smaller yet more powerful in their ex- 
plosive yield. 

"Right now, China is testing its zninia- 
Tiirizatinn nmsram ” the scientist said. "If 


turizalion program,” the scientist said. "If 
China obeys the international request to 
stop testing nuclear weapons, then it 
means China would have to cancel its 
ballistic missil e program without develop- 
ing its second-generation ballistic mis- 
siles." 

“How can China do that?” he asked. “It 
would mean that China would have to 
discard everything and have only old and 


obsolete missiles standing there, with no 
survivability.” 

The detonation was detected by the 
Australian Seismological Center in Can- 
berra at 1 1 :25 A.M. Center officials said 
the blast registered between 6.1 and 6.3 on 
the Richter Scale used to measure earth- 
quakes, and estimated its explosive 
strength at 40 to 150 kilotons of TNT. 

Later in the day. the Chinese Foreign 
Ministry confirmed the test, saying in a 
statement to the official Xinhua press 
agency, “China will put an end to its nucle- 
ar tests” as soon as negotiations on a 
comprehensive nuclear test ban treaty are 
completed in 1996. 

"Among all the nuclear states. China 
has conducted the least nuclear tests.” the 
statement said. “It has always exercised 
great restraint on the question of nuclear 
tests and will continue to do so in the 
future.” 

it was China’s 41st nuclear test since 
1964, compared to 44 by Britain, 210 by 
France and more than 1,000 by the United 
States. 

(The White House said Friday chat it 
had been trying to persuade China not to 
carry out tests, Reuters reported. “We’ve 
obviously been working to discourage 


them from doing so,” said the White 
House spokeswoman. Dee Dee Myers. 
“And we’re still very committed to the test 
ban treaty."] 

Australia and Japan were the first na- 
tions Friday to decry China’s testing pro- 
gram. 

“We have been urging China to join 
other nuclear weapons states in declaring a 
moratorium on its testing program.” act- 
ing Foreign Minister Gordon Bilney said 
in Canberra. “China must come to terms 
with the immin ent fact of a ban on nuclear 
testing for all time and in all environ- 
ments.” 

A Japanese Foreign Ministry spokes- 
man called the lest “extremely regrettable” 
at a time when “the other nuclear-weapon 
states are continuing their nuclear testing 
moratorium." 

During 1993, the Clinton administration 
invested a substantial amount of energy 
trying to persuade the Chinese to abandon 
their testing program. After China carried 
out a test in October 1993, President Bill 
fTTinfnn instructed Energy Secretary Hazel 
R. O’Leary to begin reviewing options to 
resume American testing at the Nevada 
test range. 


Beijing Plans Colony Council 


By Kevin Murphy 

International Herald Tribune 

HONG KONG — Rqecting Governor 
Chris Patten's appeal for cooperation in plan- 
ning Hong Kong's transition from British to 
Chinese rule. Beijing announced Friday that 
it would appoint its own Hong Kong legisla- 
ture before the 1997 change in sovereignty. 

The new chamber is envisioned to succeed 
the existing Legislative Council, which China 
says will be disbanded when it takes control 
of the colony. 

Analysts said it could create a rival power 
base to the Hong Kong government and 
threaten the colonial administration’s effec- 
tiveness in its final days. 

“China was compelled to initiate this move 
after the British Hong Kong government 
closed the door to any cooperation with Chi- 
na." the official Bey mg newspaper China 
Daily said Friday. 

“A civil legislative committee will be set up 
in Hong Kong before July 1. 1997, to oversee 
the major areas currently being supervised by 
the Legislative Council of Hong Kong.” it 
added. 

Although details regarding the makeup of 
the proposed body remained unclear, it will 
have the right to write new bills before or after 
1997 and declare invalid those that China 
believes run counter to the Basic Law. the 
constitution that will govern the territory af- 
ter China takes over, China Daily said. 

The rival legislature will also no mina te the 
chief justice of Hong Kong's Court of Final 
Appeal and chief judge of Hong Kong’s high 


court, according to Xiao Weiyuh, head of the 
political panel of a Chinese-appointed body 
planning the takeover. 

“There aren't enough details to comment 
on the proposed body at the moment,” a 
Hong Kong government spokesman said. 


CULT: 

Arrests Sought 



mimmM 


•f'.. 


ANGRY COMMUTERS — A man throwing stones in a Bombay railroad station 
Fridav after a derailment resulted in tbe cancellation of about 500 suburban trains. 


Hong Kong government spokesman said. 
“But we can say this: China has no good 
reason for abolishing the existing legislature. 
This will do nothing to ensure a smooth 
transition.” 

On Wednesday, Mr. Fatten urged Beijing 
to look past a long dispute over recently 
enacted reforms to Hong Kong's electoral 
system and break a logjam of issues arising 
from the transfer of sovereignty. 

Tbe governor also offered to allow a Beij- 
ing-appointed group of advisers an informal- 
role in negotiations held between Britain and 
China in the Joint Liaison Group, a bilateral 
body where high-level talks have ground to a 
virtual halt. 

But Chinese officials assailed the Hong 
Kong government’s unwillingness to grant a 
formal role in the transition to the Prelimi- 
nary Working Committee, a group of senior 
Beijing officials and leading Hong Kong resi- 
dents favored by China. 

“This group is not representative or demo- 
cratic, nor does it have the trust of ail con- 
cerned, including Beijing,” said Byron Weng, 
professor of government and public adminis- 
tration at Hong Kong's Chinese University. 

“Expectations that it will do the job well 
and in time is questionable.” Mr. Weng said. 
“But the British administration can't do any- 
thing alone, and its support will inevitably 
decrease. We are headed for rocky waters." 


KOREA: Seoul Assails U.S. Stance 


Continued from Page 1 

Mr. Kim said. “Time is on our 
side,” he added “There is no 
reason why we have to hasten 
ourselves. It is North Korea 
that is restless.” 

He painted a bleak picture of 
the economic situation in North 
Korea and pointed to the pros- 
pect that the negotiations might 
not achieve anything. 

“If the United States wants 
to settle with a half-baked com- 
promise and the media wants to 
describe it as a good agreement, 
they can.” he said. “But I think 
it would bring more danger and 
peril.” 

Mr. Kim also expressed bit- 
terness over the Clinton admin- 
istration’s failure to raise the 
issue of human rights with 
Pyongyang, treating the gov- 
ernment as a suitable dialogue 
partner rather than a ruthless 


In a separate interview, Lee 
Hong Koo, minister of national 
unification, enlarged on these 
criticisms in complaints about 
the Clinton administration and 
its chief negotiator in Geneva, 
Robert L. Gallucci. 

Mr. Lee praised Mr. Gallucci 
for changing his views recently 
and becoming tougher in the 
talks, but argued that the Unit- 
ed States was weakening its po- 
sition by appointing experts on 
nuclear nonproliferation rather 
than experts on Korea. 

Perhaps the sharpest differ- 
ence between the United States 
and South Korean govern- 
ments, evident in these inter- 
views, was the view on war, 
something Washington has 
sought to avoid at all costs be- 


IRAQ: 

Troop Movements 


cause of the appalling casualties 
that would be likely to occur. 


and isolated dictatorship. 
“Despite the fact the 


“Despite the fact that the 
United States is making an is- 
sue of human rights in Haiti 
and Cuba and China, it is not in 
North Korea, where the situa- 
tion is worse,” be said. “I can’t 
really understand the logic." 


that would be likely to occur. 

■ Accord Remains Elusive 
American and North Korean 
negotiators were still far Friday 
from reaching an accord after 
more than two weeks of talks on 
reshaping Pyongyang’s nuclear 
program to ensure it cannot 
produce nuclear weapons, Reu- 
ters reported from Geneva. 


Continued from Page 1 
next week. The United States 
wants to keep the sanctions, but 
Turkey, Russian and France 
want to lift them. Iraq may be 
trying to show that it will stir up 
trouble if tbe sanctions are not 
lifted. 

At the United Nations, Dep- 
uty Prime Minister Tariq Aziz 
of Iraq called on the interna- 
tional community to examine 
the “iniquitous and illegitimate 
situation” under which, he said, 
one or two major powers were 
preventing the lifting of the em- 
bargo. He was particularly al- 
luding to the United States. 

In a General Assembly 
speech devoted almost entirely 
to the sanctions, he said: “It i's 
within Iraq’s rights to demand 
strongly that this iniquitous and 
illegitimate position be changed 
soon, and to seek full clarity in 
the position of tbe Security 
Council on its just demands.” 


See our 

International Racnritmont 

every Thursday 


Continued from Page 1 
come to Switzerland to die. At 
Granges, 160 kilometers (100 
miles) south of Cheiry. the po- 
lice said there was no evidence 
that force had been used again st 
the 15 bodies that were not 
damaged by fire, nor were any 
of their heads covered by plastic 
bags. Pathologists have still to 
determine the cause of their 
deaths. 

On Friday, a shopkeeper in 
Granges said she had sold a roll 
of plastic garbage bags to Dr. 
Jouret and Mr. di Membra on 
Tuesday. A local locksmith said 
he was called Tuesday by the 
two men to open one of three 
wooden chalets in the village 
that hours later caught fire. 

Tbe locksmith said he no- 
ticed a strong smell of gasoline 
in the chalet, suggesting that the 
sophisticated system of setting 
fire to the chalet through timers 
and electrical impulses was al- 
ready in place. 

Similar devices were found at 
the farmhouse in Cheiry, the 
other two chalets at Granges 
and a house at Morin Heights, 
Quebec, owned by Mr. di Mem- 
bra, where five more victims 
have been found. The police in 
Canada believe at least three of 
the victims, including an infant, 
were murdered. 

Although the tragedies in 
Switzerland were thought to 
have occurred almost simulta- 
neously, the police now believe 
it would have been possible for 
one or more people to have 
driven between Cheiry and 
Granges during the two or three 
hours between the fires. They 
said they believed some cars 
might have left the farmhouse 
at Cheiry around midnight 
Tuesday. 

On Thursday, the notion of a 
collective suicide appeared to 
have been supported by docu- 
ments sent to several Swiss 
newspapers and a Swiss expert 
on sects in which an anony- 
mous writer explained that the 
group was “leaving this earth to 
find in all lucidity and freedom 
a new dimension of truth and 
absolution, far from the hypoc- 
risies and oppression of this 
world.” 

It is now known, however, 
that the documents were posted 
in Geneva on Wednesday, sev- 
eral hours after the bodies were 
found in Cheiry and Granges- 
sur-Salvaa Further, the news- 
paper, Le Journal de Genfeve, 
said it received a document ac- 
cusing Dr. Jouret of “barbaric 
behavior” and blaming him for 
the “veritable carnage.” 


ISLAIVD: Fields of dory Are Now Fields of Drugs 


Continued from Page 1 
na farms. Tourists land on a 
World War II airstrip of 
crushed coral and limestone 
that was built by the Japanese 
and improved by the Ameri- 
cans. Around the area lie rust- 
ing relics of the terrible battle 
— Japanese tanks, Marine am- 
phibious vehicles, artillery 
pieces, remnants of bombs and 
mortars. 


The 500 caves that the Japa- 
nese fortified formed part of an 
unforgiving terrain of man- 
grove swamps, dense tropical 
vegetation, crags, cliffs and 
ridges of limestone and razor- 
sharp coraL 

Of the nearly 28,500 Marine 
and army troops who took pan 
in the invasion, more than 8,700 
were killed, wounded or de- 
clared missing in action. The 1st 


Marine Regiment, commanded 
by the legendary Colonel Lewis 
B'. (Chesty) Puller, lost 56 per- 
cent of its 3,000 men in the first 
six days, the heaviest losses by a 
regiment in Marine Corps his- 
tory. 

Japanese losses were even 
higher. Of the Peleliu garrison 
of about 13.500 men, fewer 
than 300 survived, most of them 
navy construction workers 


SPIES: Agents for the Stasi Spell Out Damage Done 


Continued from Page 1 


was an instrument of the Amer- 
icans and wanted to beat down 
socialism,” he testified. 


In 1970, while studying in 
Brussels, Mr. Rupp began a re- 
lationship with Ann-Christine 
Bowen, a secretary from Dor- 
chester. England, who worked 
for the British military mission 
in the Belgian capital. 


She said in testimony here 
this week that she "was com- 
pletely uninformed” about poli- 
tics at that time, but that her 
boyfriend had explained his 
views on the struggle between 
socialism and capitalism. When 
he told her he was working for 
the Stasi. she agreed* to assist. 


As a secretary, she had access 
to lop NATO secrets. She ob- 
tained a job in the plans and 


policy division in 1975, which 
had access to surveys of man- 
power strength, and then in 
1977 to the NATO security of- 
fice, which prepared reports on 
terrorist activities and was re- 
sponsible for security of docu- 
ments. 

After working for two private 
companies in Brussels. Rainer 
Rupp got his own job with 
NATO in 1977, in the economic 
directorate. As a country re- 
porter, he had access not only to 
economic data but also to close- 
ly guarded information con- 
cerning the defense planning 
and security of NATO member 
states, as well as top secret ana- 
lyses of exercises and Warsaw 
Pact assessments. From 1977 to 
1989, he checked out 1,737 
NATO secret documents, ac- 
cording to prosecutors. 

Every six to eight weeks, the 


Rupps would carry microfilm, 
often hidden in rigged cans of 
Tuborg beer, to drops in a vari- 
ety of cities, including Antwerp, 
The Hague, Paris. Istanbul. 
Amsterdam and Bonn. 

In 1988, Topaz delivered to 
the Stasi a copy of “MC 16 1.” a 
top-secret collection of every- 
thing NATO knew about the 
Warsaw Pact, which was used 
as the basis for the alliance’s 
defense planning. 

Ann-Christine Rupp said she 
had become disenchanted with 
espionage, particularly after the 
birth of the couple's first-child 
in 1980. She quit spying soon 
after, she testified, and later 
elicited a promise from her hus- 
band to do the same. By his own 
account, he did not. Their activ- 
ities were uncovered with the 
opening of Stasi files after the 
reunification of Germany. 


JOBS: U.S. Rate Below 6% for First Time in 4 Years 


Continued from Page 1 
goods without raising prices. 
While Friday’s jobs figures re- 
moved the need for the Federal 
Reserve to tighten up immedi- 
ately, few economists believe 
that increases will be long in 

m ining 

“A rise in U.S. interest rates 
is still imminent,” said Gerard 
Lyons, chief economist with 
DKB International in London. 
Like most economists, he pre- 
dicts a rise of a half to three- 
quarters of a percentage point 
by the next meeting of the Fed- 
eral Open Market Committee, 
the Fed’s policy-making arm. in 
November. 

But others predict that the 


move could come as soon as 
□ext week. A batch of statistics 
due out on Friday on every- 
thing from inflation to industri- 
al production could provide the 
spark. 

“I think the case could be 
pretty compelling at that point 
for a further Fed tightening,” 
said Stuart Parkinson, an econ- 
omist for Morgan Grenfell in 
London. 

Although the Fed has in- 
creased interest rates five times 
this year, “the increases so far 
have not done too much” to 
slow the economy, Dennis 
Weatherstone, chief executive 
J.P. Morgan & Co. lnc„ said 
Thursday. 


Mr. Weatherstone expects 
the Fed to push the federal 
funds rate on overnight bank 
loans from the present 4.75 per- 
cent to above 6„ 

Die financial markets have 
blown hot and cold on pros- 
pects for the U.S. economy in 
recent weeks. Signs of a slow- 
down in the United States in the 
summer heartened those who 
felt that inflationary pressures 
may be easing. In the last two 
weeks, however, unexpectedly 
strong readings from the Na- 
tional Association of Purchas- 
ing Management index and 
consumer spending had raised 
fears that growth was actually 
accelerating. 


UN Drops 
Mutilation 
Accusation 
In Bosnia 


Cemptkdby O* Staff Frm Dapaiiha 

SARAJEVO, Bosnia- Herze- 
govina — UN officials on Fri- 
day withdrew a claim that tne 
bodies of 20 Serbs killed by 
government troops outside Sa- 
rajevo had been “mutilated 

The bodies of 16 Bosnian 
Serbian soldiers and four nurses 

were found Thursday. Tne 
Muslim-led government admit- 
ted killing them, but denied the 
bodies had been mutilated. 

A UN statement Friday said 
six people also had been 
wounded in the attack. 

The head of the UN mission 
in the former Yugoslavia, Yasu- 
shi Akashi, protested Thursday 
to the Bosnian president,_Alija 
Izetbegovic, over the incident. 
He said that “in many cases 
the bodies had been “mutilated 
or burned and disfigured. 

But on Friday, a UN Protec- 
tion Force spokeswoman, 
Claire Grimes, said the United 
Nations was withdrawing that 
claim. 

“Akashi’s statement was 
based on the best information 
at the time,” she said. “It seems 
it was a commando- style opera- 
tion and the sentries had their 
throats slit.” 

Lieutenant Colonel Tim 
Spicer, another UN spokesman, 
said that investigation had 
showed “that there was not mu- 
tilation as such.” 

Bosnian Serbs reacted with 
fury and accused the UN force 
in Bosnia of favoring the Mus- 


lim-led government The Bosni- 
an Serbian leader, Radovan 
Karadzic, threatened to expel 
UN forces from tbe 70 percent 
of Bosnia the Sorbs control. 

A Bosnian Serbian military 
statement called the incident a 
“criminal act” and a “powder 
keg that threatens to inflame 
not only Sarajevo, but a much 
wider region.” 

Bosnia’s Serbs, Croats and 
Muslims all have been accused 
of atrocities against ethnic ri- 
vals in the fierce 30 - month war, 
but the Sobs have been blamed 
feu: most of the abuses. 

Two French battalions were 
sent Thursday afternoon to 
Mount Igman, the area south- 
west of Sarajevo where the bod- 
ies were found, with orders to 
use force, if necessary, to clear 
all soldiers from the demilita- 
rized zone. 

A UN military spokesman. 
Major Koos Sol* said ttfiSFtfid 
not exclude air strikes. NATO 
has launched six aerial attacks 
on Bosnian Serbs, but never 
against government troops. 

Major Sol said 509 Bosnian 
Army soldiers had been found 
in the zone and escorted out 

Force was used in some 
cases. The UN troops fired 
anti-tank rounds at Bosnian 
bunkers, destroying one or two, 
but there were no casualties. 
Major Sol said. 

The incident raised concerns 
that an agreement between Mr. 
Akashi and Serbian leaders for 
tbe reopening of the Sarajevo 
airport could be in jeopardy. 

The airport did open as 
agreed, but two UN planes were 
hit by small arms fire late Fri- 
day. They were the first aircraft 
to be hit since flights resumed 
Thursday. 

A UN spokesman said the 
airport bad gone onto orange 
alert after two Ukrainian cargo 

? lanes were struck around 4 
.M^ one in the tail and one in 
the cabin. Seventeen UN planes 
landed earlier in the day with- 
out incident. (AP. AFP) 





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THE TRIB INDEX: 1 13 . 00 H 


He !? ld Tnbune World Stock Index ©. composed of 
280 internationally investable stocks from 25 countries, compiled 
oy Bloomberg Business News. Jan. i, 1992 = 100. 

120 — 





100 


•*.ra 


: VV* «• r'~’i ■ 


a> 




World Index 

1 00794 close: 1 13.00 
Previous: 1 12.85 


150 


110 



•; •• » -TA: " T 

•• =• > 

3 SJJ. r. 



M J J 

A S 

O 



1994 

Asia/Pacific 

Corope 'I 

1 

Approx weighting: 32% 

Close; 12&50 Prev.: 12795 

I Approx, weighing: 37% 

j Close: 112.44 Prevj 11Z37 

n 


90 


M 


O 

1994 


O 

1994 


North America 


Approx, wogfiting: 26% 
Close: 94.24 Piw.: 93.65 


Larirr America 



World Indax 


The Max Hacks U.S. doBar values of slocks n- Tokyo, New York, London, and 
Argentina, Australia, Austria, Belgium, Brazil, Canada, ChBe, Denmark, Finland, 
France, Germany, Hong Kong, Italy, Mexico, Netherlands. New Zealand. Norway, 
Singapore; Spain, Sweden, Switzerland and Venezuela. For Tokyo. New York and 
London, the index a composed at the 20 top issues si terms of market capttafizaOon. 
otherwise the ten top stocks an tracked. 


I Iriduvtrial Sectors?.;; i 


Fit Piw. Si 

dose dam dung* 


fa 

doee 

Aw. 

doee 

% 

change 

Energy 

112 JJ 3 110.63 + 2-08 

CepH Goods 

11250 

11254 

+ 0.32 

UNitics 

12450 12457 -038 

RwUaterials 

13154 

13152 

- 0.44 

Finance 

11120 11172 - 0.46 

Consumer Goods 

10158 

101.73 

- 4.25 

Senrices 

116.97 116.71 +022 

■ IT M 

■usceftaraous 

12150 

12152 

- 0.34 

For more information about the Index, a booklel is available tree of charge. 

Write la Trib Index, 181 Avenue Charles de GauBe, 92521 NetuSy Cecfex, France. 


6 mwmatiGnal Herald Tnbune 


Shares 
Rebound 
In China 

Rise Follows News 
On Deng’s Health 

Bloomberg Business News 

SHANGHAI — Chinese 
share prices soared 12 percent 
Friday in a dramatic afternoon 
turnaround after the Foreign 
Ministry denied speculation 
that Deng Xiaoping, China’s 
90-year-old senior leader, was 
dose to death. 

Prices were also supported by 
speculation that China's securi- 
ties authorities were poised to 
introduce new measures to lift 
the market, according to Joyce 
Leung, a trader with Sun Hung 
Kai Securities. 

Shanghai's official A share 
index dosed up 83 points at 
757.86 after plummeting 1 3 per- 
cent in morning trading to 
586.36 points. 

“Once the Foreign Ministry 
denied the Deng rumors, the 
market just took off," a trader 
from a European securities firm 
said 

There was a similar turn- 
around in Shenzhen, where the 
A share index jumped 10 per- 
cent to 1 73 points after falling 7 
percent in the morning. A 
shares are reserved for Chinese 
investors. 

Investors -were also heartened 
by speculation that China’s two 
exchanges are set to lower taxes 
on stock trades. 

Shanghai B shares, which are 
available to foreign investors, 
finished lower. The Shanghai B 
Index, which is calculated by 
Credit Lyonnais Securities 
Asia, dosed down 0.4 percent at 
867.47 points. 

Despite the turnaround Fri- 
day. Shanghai’s A index has 
still fallen about 20 percent in 
the past week, investors have 
been disappointed that a recent 
Communist Party Central 
Committee meeting failed to 
publicly address China’s eco- 
nomic problems, a trader in 
Shanghai said. 


He’s Gunning for GATT 


By Martha M. Hamilton 

Washington Post Service 

WASHINGTON — He's rich. He’s court- 
ly. He's determined and effective, say both 
allies and opponents of the South Carolina 
textile magnate Roger Milliken, who has 
spent considerable time and money trying to 
defeat the Uruguay Round pact worked out 
by the General Agreement on Tariffs and 
Trade. 

Mr. Milliken and his allies scored a big 
victory this week, blocking a vote in the U.S. 
Congress on the pact until after the Novem- 
ber election. 

Arm-in-arm with Ross Perot. Ralph Nader, 
textile union leaders, Patrick Buchanan and 
some environmentalists, the 77-year -oid in- 
dustrialist is attempting to persuade members 
of Congress that the trade agreement repre- 
sents a dangerous threat to U.S. sovereignty 
and prosperity. 

Mr. Milliken, whose name is often modi- 
fied by the phrase “publicity-shy," was not 
available to talk about his role in opposing 
the trade pact. Bui his hand was evident 
everywhere on Capitol Hill. 

He persuades with his co mman d of the 
facts, his “old world" charm and his shrewd- 
ness about how Capitol Hill works, those who 
have watched him say. 


“He’s the kind of guy who. when he walks 
into a congressional office, he knows the names 
of the schedulers." said Steven Hof man , a 
former Labor Department official who has 
been retained by Mr. Milliken to work against 
GATT. “He knows the people there, and he 
knows their value to the member. He's not just 
a suit who drops in and savs, ‘Where's the 
boss?’" 

“Mr. Milliken is a very effective voice for 
his industry ” said Robert Hall, Nice president 
of the National Retail Federation and a sup- 
porter of GATT. “He’s an ardent protection- 
ist and, quite frankly, has been the principal 
driving force behind quite a bit of damage to 
U.S. consumers.” 

Among other things, the trade agreement 
would replace the decades-old Multifiber 
Agreement, which limits the import of inex- 
pensive textiles and apparel. 

Mr. Milliken and Mr. Hofman produced a 
memo from Gibson, Dunn & Crutcher charg- 
ing that small countries would be able To 
impose their will on the United States in trade 
disputes under the proposed World Trade 
Organization. 

Mr. Milliken also visited members of Con- 
See MILLIKEN. Page 11 


House Puts Trade Pact on Hold 


By Peter Behr 

Washington Past Service 

WASHINGTON — A new 
warning sign is flashing in 
front of American politicians 
a month before the Nov. 8 
elections: “Foreign trade may 
be hazardous to your health.” 

Only a year agp, the come- 
from-behind victory by sup- 
porters of the North American 
Free Trade Agreement seemed 
to signal that a half-century of 


bipartisan congressional sup- 
port for expanding trade 
would continue. 

But now, the House of 
Representatives is bailing 
out, having put off until Nov. 
29 its vote on a world trade 
agreement that had looked a 
lot less controversial than 
NAFTA until recently. Earli- 
er, the Senate agreed to go 
home, promising to return 
Dec. 1 to settle the issue. 


Advocates still predict vic- 
tory for the pact expanding 
the General Agreement on 
Tariffs and Trade. 

But even some of the stron- 
gest supporters of world trade 
agreements in Congress are 
wary, sensing that many 
Americans have not decided 
whether the economic growth 
that conies from more ex- 
ports is worth the jobs lost to 
import competition. 


Disney Moves 
To Ease Friction 
With France 


Compiled by Our Staff From Dispolchts 

PARIS — Walt Disney Co., 
with an eye toward softening 
French efforts to restrict the 
spread of U.S. culture in 
France, said Friday that it 
would both promote the distri- 
bution of French films in the 
United Suites and step up car- 
toon production in Paris. 

Euro Disney, which runs the 
Euro Disneyland park near Par- 
is. said its parent was setting up 
a new subsidiary that would fi- 
nance co-productions as well as 
promote classic French films in 
the United States and dub oth- 
ers into English. 

The move comes less than a 
year after the war of words be- 
tween the U.S. entertainment 
industry and European govern- 
ments during the negotiations 
over the General Agreement on 
Tariffs and Trade. France took 
the lead in that battle over re- 
stricting access for U.S. films 
and television programs to Eu- 
rope’s growing TV market. 

“What one would hope is 
that what one would get is a 
little bit of the GATT talks in 
reverse," Roy Disney, vice 
chairman of the company, said 
in an interview with Bloomberg 
Business News. “Frankly, this 
has truly nothing to do with 
GATT." 

Disney, which owns 49 per- 
cent of Euro Disney SCA, oper- 
ator of the theme park east of 
Paris, announced plans to form 


Black Backs Telegraph Stock With Cash 


Complied by Our Staff Fran Dispatches 

TORONTO — Hoi linger 
Inc., the publishing company 
controlled by Conrad Black, oh 
Friday gave a vote of confi- 
dence to its troubled British 
subsidiary by saying it would 
raise its stake in Telegraph PLC 
despite a weak third-quarter 
profit outlook. 


ECONOMIC SCENE 


Japan: Dwindling Surplus? 


By Andrew Pollack 

New York Times Service 

T OKYO — Even as the United States 
struggles to reach new market-open- 
ing agreements with Japan, some 
foreign and Japanese economists say 
natural forces could ehminate Japan’s huge 
trade surplus within a decade or less. 

"The trade surplus will disappear toward 
the end of the decade,” Robert Alan Feld- 
man, the chief of economic research for Salo- 
mon Brothers in Tokyo, predicted. Edward 
Lincoln, a former Brookings Institution econ- 
omist, said it would take only slightly longer. 

“ Certainly in the first decade of the 21st 
century it will disappear,” said Mr. Lincoln, 
who is special adviser to Walter Mondale, the 
UJS. ambassador to Tokyo. 

According to some economic theories, the 
agfng of Japan's population will bring about 
an erryTinmic. and social transformation of the 
nation that could liquidate its current-ac- 
count surplus — essentially the trade surplus 
adjusted for some other flows, such as foreign 
aid, gifts to relatives in foreign countries and 
rning s from foreign investments. This sur- 
plus measured $131.4 billion last year. 

[Japan’s current account surplus plunged 
15.7 percent in August to $6.16 Whan as 
imports surged, the Finance Ministry an- 
nounced Friday. 

[The decline, which was the largest since 
November, may signal that Japan’s irksome 
trade surplus has begun a long-term decent, 
thus relieving upward pressure on the yen. 
economists told Bloomberg Business News.. 

Bv the year 2020. about one in four people 
in Japan is expected to be at least 65 years old. 


compared with about one in seven now, in 
large part because of a low birth rate. 

That could give Japan, which celebrates a 
national holiday every September called Re- 
spect for the Aged Day. the oldest population 
in the world 

Older people tend to draw down their sav- 
ings to support themselves. So as Japan’s 
population ages, the country's currently high 
private savings rate should decline. 

Economists say that Japan’s current ac- 
count surplus is a byproduct of the fact that 
Japan saves more than it invests at home. 
Thai difference is what it invests overseas — 
and by definition it equals the current-ac- 
count surplus. 

So if saving is replaced by consumption, 
and if there is not an equal drop in investment 
within Japan, the inevitable result would be a 
drop in the current account surplus. 

Japanese households save about 14 percent 
of their disposable incomes, while their 
American counterparts save only about 4 per- 
cent This is partly because many Japanese 
remember the deprivation after World War II 
but also because they must save for a long 
time for home-loan down payments — which 
are relatively large because housing is expen- 
sive and because mortgage lenders demand 
large equity cushions. 

But Charles Horioka, a professor at Osaka 
University, predicted that Japan’s savings 
rate would “decline very sharply, possibly 
approaching zero or even negative by 2010 or 
2020.” The rate has already dropped from a 
peak of 23 percent in 1974. 


Ameritech 

Cuts 4,000 
More Jobs 

Bloomberg Business News 

CHICAGO — Ameritech 
Corp. said Friday that it would 
cut 10, 000 jobs, or 15 percent of 
its work force, by the end of 
1995, an increase from the 6,000 
estimate that the company 
made in March. 

^To pay for the increase, the 

cur a 1*168 million third-quarter 
charge, or 31 cents a share, to 
cover the reductions. Ameritech 
took a $333 million first-quarter 
charge to cover the initial cuts. 

All seven Baby Bells, created 
after the breakup of AT&T 
Corp. a decade ago, are striving 
to reduce costs because of com- 
petitive pressures in almost ev- 
ery aspect of their business. 

Telephone companies that 
btuld fiber-optic networks are 
chipping away at their business 
customers. The cellular indus- 
try continues to add customers 
at a rate of 17,000 a day. And 
cable companies have plans to 
compete with the Bells after 
they upgrade their vast net- 
works to transmit phone calls. 

Together, the seven Bells 
have e limin ated more than 
150,000 jobs since 1990. 


Hollinger's credibility was 
damaged in May when it sold 
12.5 million Telegraph shares 
for 587 pence ($9.31 at the cur- 
rent exchange rate) and they 
subsequently fell to 349. with 
nearly 200 pence of that decline 
coming on June 23. On Friday, 
the price rose to 355 pence, up 
45. after the announcement. 

Die stock's price fell in June 
after the company’s flagship pa- 
per, The Daily Telegraph, 
slashed its cover price to 30 
pence from 48 pence in response 
to a cut in the price of its rival. 


The Times, which subsequently 
cut its cover price to 20 pence. 

In announcing its plan to re- 
purchase 6.8 million Telegraph 
shares, which would raise its 
slake to 62 percent from 57 per- 
cent, Hollinger said, “Notwith- 
standing the severe competition 
in the quality newspaper mar- 
ket in the United Kingdom, 
Hollinger is confident of the 
prospects of The Telegraph and 
believes that at their current 
levels the shares represent an 
attractive invest men l” 

Despite that statement. Hol- 


linger said competition and 
price-cutting in the British news- 
paper market would be reflected 
in reduced third-quarter earn- 
ings for Telegraph. 

Hollinger said Friday it would 
start buying the shares at market 
prices Monday through The 
Telegraph’s broker. Pan mure 
Gordon & Co. But it will not be 
buying in the so-called closed 
period beginning Oct. 17 and 
ending Nov. 17 with the an- 
nouncement on of Telegraph's 
third-quarter earnings. 


the new unit to focus exclusive- 
ly on promoting French films in 
the United States. It plans to 
invest about $5 milli on to So 
million a year in the as-yet-un- 
named unit. 

The company will also spend 
more money in advertising as 
well as becoming involved in 
co-production projects. 

“In terms of European co- 
productions," Disney will be in- 
vesting “$20 mil lion 'or $30 mil- 
lion." said Harvey Weinstein of 
Miramax Films, a Disney pro- 
duction unit that has released 
such hit films as “The Crying 
Game” and “The Piano.*’ 

In a separate move. Disney is 
also gearing up its animation 
production at its Monircuil stu- 
dios in Paris to start making 
full-production cartoons. For 
the past five years only televi- 
sion cartoons have been made 
there. 

The MoDtreuil studio will 
make several sequences from 
the “Hunchback of Notre 
Dame” cartoon, based on the 
novel by Victor Hugo. 

The moves seem clearly 
aimed at wooing a French gov- 
ernment and public that are 
skeptical about allowing U.S. 
culture to invade France's cul- 
tural capital. 

Culture Minister Jacques 
Toubon, who has fought to 
keep English words from creep- 
ing into the French language, 
met Disney officials Friday and 
showed “a’ keen interest in the 
creation of the new company," 
a ministry statement said. 

( Bloomberg. Reuters) 

■ New Interest in NBC 

Walt Disney has told repre- 
sentatives of General Electric 
Co. that it wants to resume ne- 
gotiations to buy the NBC tele- 
vision network, Bloomberg 
Business News reported from 
New York, quoting sources 
close to the talks. 

Discussions between the 
companies stalled earlier after a 
$5 billion offer from Disney 
was rejected as too low. the 
sources said. Another sticking 
point was the issue of whether 
GE was willing to sell all of 
NBC. 


CURRENCY & INTEREST RATES 


C™” « U. H U » 

1J* 1705 1JW 03D9 Hire* — 

asm MB MZO* ** tUSB 

02925 0JW* MW 4*06- UK 

“i ll® W90JS 1741 5U79 20312 
.'*! mM IMIS >MI WM ** U“*» 

'■ 5 ®“ “£ WUM u* 31* law 

rz xm — ta»* u«i 

SS To. T&M U* 5» 4 u« 

JuS IfflU US5 M8B' 477® W WS 

.W* inn 5JS79 1954S* IHM 3MTO l» 


Amsterdam 

snitMii 

Frontth** 

London ( 0 ) 

Madrid 

WlWi 


Van 
MM' 
03159 
IJWS' 
UUC8 
T27J87 1 
U4B 

ms\ 

U5® 1 


pail* 

Toicm 

Toronto 

ZnrtCfl 
I ECU 
1 SDR 


CS 

1 UB 
2U55 
1 1141 
2W 
Hill 
1,1035 
13473 
run 
7419 


Oct 7 
hula 
US' 
24353* 
13W 
28234 


Eurocurrency Deposits 


OCL 7 


1 Ml QJlW* mn • 

potmdi b: To Our on* mm •: - '»> 

oYoHabte. 

Other DoHar Vrfuss 

sst « 

«■£!■£ -5 

Z’XZZ a. 

Pin. markka 4725? 


1235 
12125 
UZH* 
0JS17 

U*' US' 

12731 ■ OMM 13011' 
nun lvi uuw 

UkB U737 HA 
centers.’ Toronto 



Dollar 

D-*tart 

Swiss 

Franc 

Sterling 

Frencfi 

Franc 

Yen 

ECU 

1 month 

r. 

4%-5 

3!h-4 

5H-5W 

jvif* 

2 *w2 

5^e-5k. 

3 months 



4VH14 


SViSV, 

2'M-m 

641* 

Smooths 

HI HA 


4V.-rt» 

6»w4». 


ne-TYt 

6 'A -MB 

1 year 

6iwd*w 

5 5W5V- 

4VXW 


6^4-* 

2 'tv2 'v. 

691-7 

Sources: Reuters. Lloyds Bode 







Ram aopdcaUe to i nt erba nk deposits ot St million mMatum torgoutvatenf). 


Ksy Money Ratos 


United States 


Pet t currency Peri 

ese. %£ u£ 
SSSZ ’S3 SKT *££ 
g®® SESB S 

3i»2 Bum. rot*: 280600 

i SSwj* gg £?* ri,rt 

Motayr IM. ZMSS 


nol mated; AM.. not 


Currency Per* 

S. Afr.rond ±5635 

5-Kor. woe 71X80 

seea. Krona 70107 
Tatwcn! 24.14 

TAolfaaM 2 S» 

Tort Hft lira 34m 
UACcOrtaie 14727 
Vckcz. betiv. 

1OTJKB7 


MOor 40-day mn 
1J49T 10412 UUM 

9102 1937 9V.U 




Forward R*ts* 10 ^ iay currency 

jutor dfJJJ csepSoti dollar 

Cuirwcy icyit 159R i^J — — 

Si UW £2 J ee— 

P*"**?*!. MT73 TUV ^ (Brussels}: Banco Commerdale ttaOana 


Discount rut* 

Prim* rate 
Fe deral funds 
> montt CDs 
Conun. mer 1M dan 
Smooth Treasury bill 

1- rear Treasury Ml 

2- Year Treasury note 
5 *mt Treasury note 
7-rear Treasury note 
lfrrcarTreeierr note 

HWvaur Treasury hiwd 

Merrill Lynda*** Ready asset 4.U 
Joean 

Discount rale 
Can money 
l-menth MerOank 

S-aontti Interbank 
tmoatti Interbank 

H-year Gowemmeqt bwid 


Close 

4J» 

730 

4V» 

4X7 

5JS5 

401 

507 

6X2 

702 

7X6 

7X9 

701 


Prev. 
400 
756 
4 Vi 
4X1 
5X5 
496 
594 
691 
7X3 
7X4 
797 
7.96 
414 


Britain 



Bone Bok rate 

Ski 

5V. 

cod money 

5H 

5Vi 

l-mwih mtertonh 

5V3 

9* 

3-monHi bUarhonfc 

6X0 

S\ 

6-mantti latwhaok 

6 % 

<» 

lo-narout 

B93 

8X2 

France 



intwyeeHan rote 

too 

500 

Coh money 

5’4 

5W 

1 -month Merhank 

SK 

fh 

IwmRi htlutwnk 

sw 

m 

6-monlli tatorhOOK 

59» 

S * k 

U-vanrOAT 

805 

831 


134 13u 

2VS 2.16 
2 >. 2 *. 
. 2U. Tu 
2h 2% 
498 468 


Lombard rate 
Coll money 
l-mootb jatertaa* 
Smooth toterhank 
aknontbli 
JO-rrar Band 


bBO 6X0 
5X0 5.00 

5J» 5X0 

516 JHi 
505 525 

1M 7J1 


Sources; Reuters. Bloom aero. Merrill 
Lvnch. Bonk of Tokyo. Commerzbank. 
Greenwotl Montana CrMt Lyonnais. 

Gold 

Zurich 
London 
New York 

U£. dollars ocr ounce. London ottictot Hr 
tnos; Zurich end New York opening and ck» 
tno Prices; New York Cemex r December J 
Source; Reuters. 


AJM. 

PM. 

Ch'ge 

39295 

31295 

+ 100 

392X5 

39200 

Unch. 

316.10 

393X0 

-I JO 


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Page 10 


f * 


INTERNATIONAL HERALD TRIBUNE. SATURDAY -SUNDAY, OCTOBER 8-9, 1994 


MARKET DIARY 


Stocks Advance 
As Oil Prices Rise 


Compiled bf Our Staff From Dispatches 

NEW YORK — U.S. slocks 
snapped a four-day slide on Fri- 
day as oD stocks rallied amid 
tensions in the Middle East and 
as International Business Ma- 
chines Coup, climbed to a two- 
year high. 

Traders also expressed relief 
that a report showing U.S. em- 
ployment below 6 percent for 

SI Stocks 


the first time in four years was 
not even stronger, damping 
fears that the Federal Reserve 
might have to raise interest 
rates soon. 

The Dow Jones industrial av- 
erage rose 21.87 to 3,797.43. 
Over the week, the index fell 
45.76 points, or 1 2 percent, and 
over tee last three weeks it has 
fallai 4 percent. 

Bonds were buoyed by the 
report and the yield on the 
benchmark 30-year Treasury 
bond retreated to 7.91 percent 
on Friday from 7.96 percent on 
Thursday. 

Roughly 11 stocks rose for 
every 10 that fell on the Big 
Board, and volume totaled 
28423 million shares, up from 
26827 million on Thursday. 

Oil stocks surged along with 
oil prices in the wake of reports 


that Iraqi troops were moving 
toward Kuwait and President 
Clinton had sent an aircraft car- 
rier to the Persian Gulf. British 
Petroleum PLC American de- 

E ry receipts rose 1% to 79, 
climbed 1% to 79%, 
Amerada Hess gained 216 to 
48%, Exxon advanced 1% to 
58%, Chevron increased 1 to 
42% and Amoco rose % to 58%. 

Stocks were also boosted by 
IBM, which surged 2%, or 3.5 
percent, to 71%, its highest 
price since late 1992 after re- 
ports emerged that a recently 
introduced personal computer 
line had met strong demand. 

Some analysts said that 
stocks might continue to gain 
early next week but could come 
under pressure late next week 
when the producer price report 
for September and the consum- 


rhept 

inuai 


a miration index are due for 
release. 

Biogen surged 5% to 54% af- 
ter a report that Schering- 
Plough was in talks with Biogen 
to market a new beta-interferon 
drug to treat multiple sclerosis. 

Engelhard slumped 2% to 
24% after the maker of air con- 
ditioners said it was uncomfort- 
able with recent analyst projec- 
tions for the third quarter due 
to heavy new investments it has 
made. (Bloomberg, AJP) 


Dollar Rises a Notch 
Amid Tensions in Iraq 


Compiled by Our Staff From Dispatches 

NEW YORK — The dollar 
finned against other major cur- 
rencies Friday, boosted by a 
rise in the price of oil and bond 
prices ami d concern about ten- 
sions in Iraq. 

The U.S. unit rose to 1.5470 
Deutsche marks on Friday from 

Foreign Exchange 

15440 DM on Thursday and 
climbed to 100.61 yen from 
99.835 yen. 

President Bill Clinton dis- 
patched an aircraft carrier to 
the Gulf region and put US. 
Army troops on alert in re- 
sponse to Iraqi troop move- 
ments near the Kuwait border, 
officials said. 

Amy Smith, an analyst for 
EDEA^said the situation in Iraq 
was putting pressure on the yen. 
"If there is to be any confronta- 
tion, the yen is most vulnerable 
because of Japan’s heavy de- 
pendence on imported oil,” she 
said. 

The Swiss franc assumed its 
role as a haven amid concerns 


about international tensions 
and was the only major curren- 
cy to remain fairly finn against 
the dollar. The U.S. currency 
was quoted at 12804 Swiss 
francs, little changed from 
Thursday. 

Dealers said the dollar had 
also been underpinned by a re- 

C t that U.S. unemployment 
fallen to its lowest level in 
four years. 

The Business Council, a 
group of top American execu- 
tives, said Friday that economic 
recovery in Europe and Japan 
might restrain an anticipated 
rise of the dollar against the 
mark and the yen. 

In its twice-yearly report is- 
sued Thursday, the council said 
it expected the dollar to drift 5 
percent to 10 percent higher 
against the mark and yen by the 
end of 1995, but it later said this 
may be too optimistic. 

Against other currencies, the 
dollar rose to 52855 French 
francs from 52780 francs, and 
the pound slipped to $ 15865 
from $1.5908. 

(Reuters, AFX) 


Vlo Anodoted Pres* 


0 0.7 



NYSE Most Actives 


VoL HtOh 

Low 

Lmt 

Chg. 

IBM 

44840 71* 

68* 

71* 

-2* 


38865 28 Vj 

27* 

28’A 

+ * 


2B467 44K. 

43* 

43* 

— * 

ToiAAex 

26519 60* 

59* 

60* 



26013 33 

31* 

32* 

+ * 


24543 22 

21 

21* 



WoWtart 

24486 23* 

22* 

22* 

— * 






SFePCs 


13* 

14* 

-* 

SheKTr 

2Z7I2 <7Vi 

66* 

67* 



20891 47* 

46* 

46* 



20736 61* 

60* 

61 

-1 


20309 16* 

16* 

16* 


OklaGE 

20255 33* 

32* 

33* 

1 ♦ 
if 

CsraPft 

19920 26* 

25* 

25* 

NASDAQ Most Actives 


VoL High 

Low 

La* 

Ctm. 


IS'is 

48* 

54* 

*5* 

CSscas 


26* 

27* 


42042 31* 


21* 



40934 16* 

stvT 




38474 63 Vi 

60 

— 1* 


36155 22 


21* 


APPleC 

32389 37V* 

3i* 

37 




53V. 

54* 



32080 1* 


15"/.. 



30928 43* 







59Vi, 



24534 14* 

1414 

14VH 



21781 7Vt 


7V U 



31715 23 

21* 

22* 

-4* 

Informix 

21289 26* 

26* 

26Vu 

— ■*. 

AMEX Most Actives 


VW. Msh 

Low 

Lost 

QlB. 

Vlacvri 

26851 1* 

iv„ 

1* 


VocB 

17358 38* 

38* 

38* 


10171 23 



— * 

EeteBov 

4489 13* 

13* 

13* 

— * 


3304 35 

34 

34* 

-* 

ENSCOs 

3137 15* 

14* 

15* 

♦ * 

US Ale 

2929 4V« 

4* 

4* 

-* 

Rstlnr 

2761 '** 

* 

* 

— Vu 


2721 4V„ 

4* 

4 * 

— 

Nctears 

2680 6* 

6* 

6* 

+ * 

Market Sales 


NYSE 
Amn 
Nasdaq 
In millions. 


Tudor 

Clou 

384123 

17*1 

25136 


32062 

2071 

27021 


Dow Jones Averages 


ObM High Low Lett Ota- 

Indus 377188 3801B1 3W.17 3797*3 - 21*7 
Trans 1641.29 144028 1438X3 1444.78 -jjfl 
Ulfl 17770 178*6 176.90 1710 -OJJ 
Came 1255 85 126X85 125360 1241*5 -131 


Standard ft Poor's Indexes 


Industrie!! 

Trensa. 

UtintteS 

Finance 
5P 500 
SPIOO 


High Lew 
S40J8 53126 
MM3 30*8 
1*9.97 1*8*9 
422? <1.99 
*35*7 *52.0 
mi 0 *115* 


dm Ctrtw 
53955 + 3,16 
3*957 + 1JM 
1*949 +158 
en +078 
455.10 +274 
42156 +242 


NYSE indexes 


LUST QlB. 


Composite 

Influsrwis 

TreMP 

un»v 

Finance 


High Lm> 

25151 2*9.77 25153 
31647 313 82 J15J6 
225*8 23*72 725.17 
20146 20051 20151 
201.92 20059 20140 


-1.40 

*147 

-076 

- 1.10 

-047 


NASDAQ Indexes 


MWl Low LOST dig. 

Composite 750.08 745.94 74940 -5*1 

Industrie** 763.92 799.15 76343 >6,14 

Bonks 75053 7*8.18 75053 -1.98 

Insurance 929.04 92*45 92577 —129 

Finance 91942 916.95 91143 -zm 

Transo. 694*0 69*59 695*0 -25* 


AMEX Stock Index 


High Low Last eng. 
455-35 *53*6 *55.12 -152 


Dow Jones Bond Averages 


20 Bonds 
10 Utilities 
10 industrials 


close cave 

95.90 - 077 

90.96 — 0*9 

10043 —044 


NYSE Diary 


Advanced 
□eefined 
Unchanged 
Total Issue* 
New Highs 
New Laws 


aose Prev. 

1239 988 

950 1124 

666 721 

«« 7BTI 

a 10 

151 137 


AMEX Diary 


Advanced 

dOK 

307 

Prev. 

386 

Dedioed 

349 

257 

Uncterwa 

209 

225 

Total Issues 

765 

>68 

Now Highs 

14 

8 

New Laws 

31 

29 


NASDAQ Diary 


Advanced 
Dedined 
UndwiSM 
Total issues 
New Highs 
New Laws 


aose Prev. 
1726 1571 

1349 1552 

2074 IMI 
5089 500* 
67 51 

73 05 


Spot Commodities 


CiuuraodtTy 
Aluminum, lb 
Cooper electrolytic, lb 
Iran FOB. tan 
Lead, lb 
Sliver, tray 02 
Steel (scrap), ton 
Tin. lb 
Zinc lb 


Today 

0742 

152 

21340 

0*2 

5425 

110.17 

n*L 

05265 


0739 

1.22 

21X00 

0*2 

5405 

uai7 

na. 

05208 


EUROPEAN FUTURES 


Metals 

Close 

Bis ASK 


Previe w 
Bid A 1 


ALUMINUM (HMi Grade) 

Doiicre per metric ton 
SPOt 163*00 163540 162850 163950 

Forward 165140 165150 1647.00 164840 

COPPER CATHODES (HNB Grade) 

Dollars per metric ton 
SPOt 2S4150 254250 25*040 25*140 

Forward 253 AS) 2S3SJ0 253740 253840 

LEAD 

DeHart per metric ton 

Seal 633m 63*40 62750 62850 

Forward 64740 6*840 6C* 6*340 

Dollars pi 

Spot 
Forward 
TIN 

Dollars Nr metric ton 
spat 538040 5390.00 538040 338540 

Forward 5*6040 5*7040 5*60.00 546540 

ZINC (Special HU Grade) 

Delian per merry; too 

Seat 104940 105040 T 05240 105350 

Forward 106940 107040 107440 1O7M0 


metric ton 

666040 66)040 658040 659040 
676540 677040 *68040 669040 


Financial 

High Low aose Cftonoe 
>7*0 NTH STERLING [LlFFEJ 
BMDM-PtSOfMOKT 

Dec 9338 9X27 9137 +047 

MOT 92*9 9238 «*B +OM 

JUtl 91 JO 9171 91-00 +046 

Sep 915* 9135 9143 +045 

Dee 9143 9X92 9142 +046 

MOT 9040 9072 907B +044 

JIRI 9061 9056 9043 +043 

Sep 90SS 9050 9053 -0.01 

Dec 90*6 90*5 90*6 —OB2 

Mar 90*7 90*2 90*3 UnCtl, 

Jan 90A* M*l 90*4 —041 

Sep 9tul 90*1 90*3 —041 

EsL volume: 66460. Open tnt.: 492765. 
1-MONTH EURODOLLARS (LIFFE) 

>1 million - pts atioe pci 


Dec 

9X92 

9X91 

9X93 

Unch. 

Mar 

93JO 

9X52 

9XS* 

Unch. 

Jaa 

N.T. 

N.T. 

93.11 

Unch. 

5m 

N.T. 

N.T. 

9X79 

Unch- 


+041 
+ 0.02 
+ 042 
+ 0JJ2 
+ 041 
Unch. 
Unch. 
— 041 
9245 Unch. 
9121 —0.02 
Unch. 


Est volume: 250. Open Int.: 4468. 
3-MONTH EUROMARKS CUFFE) 

DM1 million- pts or 100 Pd 
Dec 94*5 9458 946* 

Mar 9*77 9419 9*76 

Jon 9X5* 9X77 9183 

SCP 9X*6 9X37 9345 

Dec 9X12 9345 9112 

Mar 9247 918* 9248 

Jan 9249 9244 924V 

SOP 9251 92*8 9251 

Dec 9X33 9242 

MR* 9120 7270 „ 

JOT 9249 9248 9X11 

S«P 9242 9X00 9242 Unch. 

Est. volume: 84SSX Open Ini.: 701.281. 
3-MONTH PI BOR (MATIF) 

FF3 — ' - 

Dec 
Mar 
Jun 

Sep 
Dec 
Mar 
Jan 
Sep 
El 

LONG GILT CUFFE) 

<38888 - Pts A 32nd* ol 100 Pd 
Dec 100-16 99-0* 100-1* +0-26 

Mar 98-23 99-23 99-24 +0-26 

Est. volume: OOAOOl Open int.: 97.172. 
OERMAN GOVERNMENT BUND (LIFFE) 
DM 2SBM0 - Pto Of 100 Pd 
Dec 88*9 8746 BS*0 +070 

Mar 87.17 8749 8747_ +029 

Est. volume: 160587. Open Int.: 165456. 
1B-TEAR FRENCH OOV. BONDS (MATIF) 


Fts of IN pd 



94JB 

9X96 

9401 

+ 002 

9152 

9X45 

9X51 

+ 002 

9X09 

9X02 

9X09 

Unch. 

9X78 


9276 

—002 

92X9 


9X49 


9229 

9X24 

9229 

Unefl. 



9X1 D 

Unch. 

9155 

91.91 

91.95 

— (US 

»: 46341. Open lnt~ 171Jta 


FF58W00 - PtSQf IDO pCt^ 


110.14 109*2 

Mar 109.10 10876 

Jun 10644 isajs 

StP N.T. N.T. 

Est. volume: 196897. Ooen hit.: 151457. 
eno 


110.10 + 036 

I09J6 + 086 

10840 +0J6 

N.T, Unch. 


Industrials 


High Lew Last Settle elite 
GASOIL (IPE) 

U5. dollars per metric ton-lots of 100 ten* 
OCt 15975 15575 15940 15875 +425 

Me* 16150 157.30 16050 1*0.73 +X75 

DOC 16X25 16040 16250 16X2S +X25 

Jaa 16450 16150 16350 16350 + 340 

Feb 16450 16250 16450 1642S +340 


High low Last Settle Woe 

Mar 1642S 1*025 16400 16400 +175 

Aar 16X75 16125 16X50 16X50 +X73 

May NT. N.T. N.T. 16150 +Z75 

Jana 15875 15X75 1 5875 16125 +150 

Jilt* fCT. N.T. N.T. 16250 + 275 

Est. volume: n.a . Open Int. 10B63B 


BRENT CRUDE OIL (IPE) 

UJ. dollars per barraHett of LOW burnt* 
Nov 1752 16.90 14.90 1673 —04* 

1727 1740 1740 1740 — 045 

1727 1743 1743 1743 - 04* 
1721 1740 1740 1740 —004 
1726 1740 1740 1740 — 043 

1729 1747 17.16 17.14 (Inch. 

1720 17.14 1720 1720 + 042 

1750 17.08 1720 1728 +042 

1720 174* 174* 174* +042 

1746 174* 1745 1745 + 042 


Dec 

Jm 

Peb 

Mar 

Apr 

May 

Jaa 

Jiy 

Aug 

S» 

Oct 


1720 T748 1720 1720 + 041 
1720 774* 174* 174* —045 


Est. volume: 57,155. Open Int. 169293 


Stock Indexes 


High 

FTSE ISO (LIFFE) 
C2S per latex pal at 

Law 

GBS0 

Cterngc 

Dec 


297$. D 

3017.0 

+31J 

Mar 

M.T. 

N.T. 

304 U) 

+ 213 


Est volume: 15*60. Open Int.: 58461. 

CAC <0 (MATIF) 

FF208 per Index pofat 

OCt 187140 183*40 186740 +1540 

NOV 187640 18*540 187540 +1540 

DCC 188640 185100 188*40 +1430 

Mar tit. N.T. 191050 +1540 

Jut! N.T, N.T. 189650 +1540 

Sop 1199100 189940 191940 — 

Est. volume: 26040. Owen Int.; 6*430. 

Sources: Motif, Associated Press. 
London tnft Financial Futures Exchange, 
Inn Petroleum E x ch an ge. 


U.S./AT THE CLOSE 

Fidelity Holds 10.7% of RJR Nabisco 

BOSTON (Bloombag) — Fiddity Mai iagw«£ ^SXTihey 
and Fidelity Management Trust Co. said in a i MgB - 

held a 10.7 patent stake in RJR 
In a Filing with the Securities and Exchange includes 

- “5? -1 - 2 b^In&gian, 



than 13 million shares as of June jO. Nompas ~ app j n g 52 

Co., which has 40 percent of RJR. 

billion worth of its^JR stock for all of Borden s shores, ina 

would increase Fidelity's stake in RJR even more. 

IBM Is Sold Out of Aptiva PC Line 
ARMONK, New York (Bl«miberg)—lotmwuomlJ^i>^ 
Machines Corp. has sold out its new Apuva perKmai 
line, which could cost the computer maker more thai ® 
in lost revenue in the fourth quarter, analysts report- 

The sell-out comes just months after $*&&££££, #2% 
ed huge losses because of a buildup of PCs in jnven ^ ^ 

fourth quarter, of 1993. IBM said it had 
the demand to avoid a repeat of last year s analysts said 

returned more than $600 million of unsold products, an^ys^ 

“IBM is famous for this sort of thing, 

Gruntal & Co. “Irt considered an amateurish 


Dividends 


Comp an y 


Par Amt Roc Pay 


IRREGULAR 


AIM 5trataac Inca 
Global Inca Plus 
Putnm DIvarsIM A 
Sabina Royalty 
Scuddr WMincoOPP 
Strotasc Gtblnca 


_ ms 

_ .1523 10-17 10-28 
. JU 10-10 10-20 
_ 4992 10-17 1M1 
» 2* 10-18 1021 
_ 2*5 10-17 10-28 


STOCK SPLIT 

Micro Systems 2+or-l spilt sublact to slwre- 
haldar ooororo L 

INCREASED 

Narthstar Comp S 46 10-31 11-11 

VSE Com O 48 11-1 1HB 


Banco Frances b 

b-cpprxrt airmail per ADR. 


519 10-1* 10-22 


DEFERRED 
Arfaoraph Ras pfA 


REGULAR 


AmsrFst TxExMlg 
AmarFst TxExMtg 2 
Artier Part pf Ea 
Cenfad Find 
Chicago Dock 
COM Taylor 
Doan Foods 
Equity Inca AT&T 
Excelsior Inca 
Latin Am Dollar 
Midwest Grain 
Oshawa Group A 
Paychex Inc 
Pcntolr me 
Quest Vo I DlPura 
Sctwlman (A1 
vovaaeur AZ mui m 
Vevagaur CO 
VovagaurFL 
VavogeurMinn 
Vayaaaur Minn ll 
VoyogourMa III 


M 445 10-31 11-35 
M 4625 10-31 lVg 
M 4083 1041 11-» 
Q 473 11-4 IMI 
Q J1 11-15 12-1 
Q 45 9-30 10-12 
Q .17 11-18 12-15 
M 2283 10-15 11-1 
*1 10-21 10-28 
275 10-18 1021 
.125 10-27 11-10 
.123 11-16 12-10 
46 10-28 11-22 
.18 10-21 11-11 
.10 10-18 HMI 
_ 475 10-Z* 11-2 

463 10-17 10-26 
M 4625 10-17 10-26 
M 463 10-17 10-26 
M 4775 10-17 10-26 
M 468 10-17 10-26 
M 46 10-17 1026 


o-annual; g Farabis la Canadian funds; ro- 
monthly; q-coor te rty; MamMMwl 



Coro., Which took first place this year with 13.4 percentoftte 
market; IBM fell from first to fourth place with only 7.9 percent. 

USAir Bonds Fall as Pilots End Talks 

ARLINGTON, Virginia (Bloomberg) — The price 
Group Inc/s bonds fcU Friday, losing 3 percent after the pilots 

union broke off contract talks. • 

The pilots are protesting USAir s plan to cut its payroll by 
sdling some larger aircraft, particularly Boeing ,767s. “ 

ing nf the aircraft would mean that pilots assigned to those jets 
would be moved to lower-paying jobs flying smaller planes- 
USAiris 10 percent senior notes due m 2003 were d^wi about 8 
percent from Thursday, traders said. The bonds, USAir s most 
actively traded issue, were selling for 59.5 cents on the dollar. 

Unitrin 3d-Quarler Profit Triples 

CHICAGO (Bloomberg) — Unitrin Inc. said Friday its third- 
quarter earnings more than tripled as the insurance company 
benefited from gains related to its investment portfolio. 

Unitrin, which is the target of a hostile takeover bid by 
American General Corp., said net income rose to $49.9 million, or 
$1 a share, from $14.3 million, or 28 cents, a year earlier. Revenue 
rose to $350 million from $340.9 million- _ . 

The net includes gy»ns of $10.2 million from the sale ol invest- 
ments and $14.3 million from its investment portfolio. A year 
earlier, the conmany had a gF» n of $13 million from the sale of 
investments and a loss of $14.1 million from its portfolio. 

Alcoa Earnings More Than Double 

PITTSBURGH (Bloomberg) — Aluminum Co. oT America 
reported Friday that third-quarter earnings had more than dou- 
bled from a year earlier, as rising alu m i n u m prices, surging 
demand and cost-cutting helped the company exceed Wall S treet’ 5 
expectations. _ . 

Alcoa, the world’s largest aluminum maker, had e arnin gs of 
$70.1 million, or 79 cents a share, up from $28.8 million, or 32 
cents a share. 


U.S.-Saudi Impasse on Jets 

AFP-Extel News 

JIDDA — The United States and Saudi Arabia have failed 
to agree on funding for the purchase by Saudia Airlines of 60 
wide-bodied Boeing Co. and McDonnell Douglas Corp. jets 
worth $6 billion, Treasury Secretary Lloyd Bentsen said 
Friday. 

Mr. Bentsen said at a news briefing that he bad discussed 
with Finance Minister Mohammad AbalkheU possible fund- 
ing from the U.S. Export-Import Bank for the purchase. 

“I don’t think anything was arrived at in the way of 
conclusion, but we're discussing that as a possibility,” he said. 
Saudia signed the contract in February. 


Greenpeace Decries New YW Model Santa Fe Pacific Rejects Bid 


Reuters 

HAMBURG — The environmental group Greenpeace said 
Friday that Volkswagen AG's new Polo model was ecologically 
unsound and advised people not to buy it. 

"The car is not only 190 kilos heavier than its predecessor but 
also uses more fuel,’' Greenpeace said in a statement. “Consider- 
ing the warming of our climate, the new Polo is an ecological 
insult." 

Volkswagen launched the new model in Germany and France 
on Friday. 


NEW YORK (NYT) — Santa Fe Pacific Corp. has rejected a 
S3.4 t rillio n hostile takeover offer from Union Pacific Corp.. 
saying it thought the bid would not be approved by federal 
regulators. 

Union Pacific made its unexpected bid Wednesday night, 
offering to exchange 0344 of a share of Union Pacific common 
stock for each Santa Fe share, in a deal valued at $17 a share. The 
proposal threatened to block a $23 billion merger agreement 
announced in June between Burlington Northern Inc. and Santa 
Fe that would have created a railroad bigger than Union Pacific. 


WORLD STOCK MARKETS 


Agcnea None* Ftwm Oct 7 
CIom Pruv. 


Amsterdam 

ABN Amro Hid 55 5420 
ACF Holding 3650 37 

Aegon 10140 101 

Ahold 4750 *840 

Akzo Nobel 196.10 19*40 
AMEV 6650 6650 

Bals-Wessanen 3X20 1X20 
CSM 6360 6*60 

DSM 137.10 13770 

Elwvler 1720 17 

Pokkcr 1*60 i*J0 

Gist- Brocades *£20 4220 
HBG 27*20 274 

Halnefcan 23140 23120 
Hoogovctia 74.10 7220 
Hunter Douglas 74 7458 
IHC Coland 38.70 3X70 
Inter Mueller 91.90 92*0 
Inn Nederland 7X50 72J9 
KLM *420 *5 

K NP BT 4X40 *360 

KPN 52 52 

Mwniovd 5540 5*40 

Oce Grlrrien 7X50 7X» 
Pakhoed *460 ***0 

Philips 52*0 ELM 

Polygram 7250 71*0 

RODKO 11250 112*0 

Rgdamco 51 5120 

Rdlnco 11520 11520 

Roranto 8120 B120 

Royal Dutch 18750 185» 
Stark *150 *120 

Unilever 19290 19X60 

VanOmmoran *s2o 4520 
VNU 17*20 17350 

Wolters/Kluwer 12020 11820 
EOE Index : 39247 
Pro* »OU» : 39X71 


Brussels 


AG Fin 
AJmanl) 
Artod 
Bor CO 
BBL 


CBR 
CMB 
CMP 
Cock edit 
Cobena 
Colruyt 
Detnalze 
Ele ctroW 
ElTCtrattna 
GIB 
GBL 


GHtvorba! 


KradtelDank 
Masaoe 
Pcfroflnc 
Powvrfln 
Recttoot 
RoroteBefae 
SocGtnBanaue 
Soc Gan Beta lava 
Souths 
sotvav 
Tessenderto 
TracteBel 
UCB 

Union Mlnlare 
waaans Lite 


2375 2380 
7*50 7460 
*800 *830 
ZOO 2410 
*015 4015 
22000 22175 

11*75 11900 

-TTn 2ann 
1920 1920 

195 in 
S2A0 5290 
6830 6990 
1210 1210 

53*0 5208 

285o ant 

1278 T3O0 

8780 8800 

4290 *240 
2850 2895 
6100 6090 
1*00 1*10 

9370 9SW 

2710 27*5 

480 482 

4360 4370 
7640 7590 

2105 2125 
12650 12700 
1*525 14500 
9850 10000 
9410 9*50 
23400 23*00 
2680 2685 
N-A- 6610 


Frankfurt 


AEG 141 Ml 

AlcoM 5EL 280 280 

Allianz HoM 212* 2180 

Altana 63* til 

Asfea 732 733 

BASF 29229120 

Bovar sxjojjzw 

Bay. Hypo bank 36350 363 

Bay VttralnsM 39*39Lsa 
BBC . *91 692 

BHFBcwtk 377 378 

BMW 741 741 

ammoRfemk msoxnso 

Canflnentai 229 229 

Daimler Benz 730 730 

peaussa *57 453 

■ Dt BODCZKk 218 219 

'Deutsche Bar* 67866050 
Douglas 495 491 

Drasdnar Bank 37537650 
FaMmuehla . 300 300 
F Krupo Hoesch 19X30 104 

Harotnor 305 305 

Henkel . 3725056850 

Mecmief 95* m 

Hoectut 306 310 

Hg amann bts s*5 

Horten 2145021X80 

IWKA 3*433850 

Kan Sab 13750 136 

Karstadt 599 59a 

Kaufttof 48950 *94 

KHD 111 118 

KloecknerWerkei3i50 130 
Und* 857 063 

Luftnansa 177 17S 

MAN 38938950 

Monnesmonn 3895038950 


MetoHeestll 
Mucnch Ruedi 
Porsche 

Pr 

PWA 
RWE 
Rhekimetall 
Scherlng 


1385012X50 

2760 2760 

670 641 

42620 434 
23123050 
*31 432 

257 265 

887 912 


Siemens 

Thvssen 

Voria 

Veba 

VEW 

V^wogen 

Walla 




Close Prev. 

61861950 
2775027650 
300 305 
49720 493 

345 341 

478 472 
438 *3* 

98097650 




Helsinki 


Amar-Yiitvma 

Enso-Gutzelt 

KuMomakl 

K_OJ». 

Kvmmene 

Metro 

Nokia 

PohloCa 

Repoln 

Stockmann 


105 106 
4X20 4450 
146 147 

10 102D 
128 133 

142 1*0 

522 541 

70 70 

98 101 

243 247 


nss»r :,,5ui 


Hong Kong 

Bk East Asia 3X40 
Camay Pacific H53 
Cheung Kong 36*0 
China Lletil Prrr 39.10 
Dairy Farm Inti 1055 
Hang Lung Dev 1X75 
Hone Sang BMc S3 
Henderson Land 4750 


HK Air Eng. 

HK China Gas 
HK Electric 
HK Lana 
HK Realty Trust 
HSBC Holdings 
HK SMmo Htts 
HK Tetecotnm 
HK Ferry ..... 
Hutch Whamnoa 3550 
Hyson Dev 2050 

Jardtna Matti, 6250 
Jaratnestr Hid wtn 
Kowloon Motor 15 
Mandarin Orient 1050 
Miramar Hotel 19.10 

New World Dev 

SHK Props 
5tehix 
Swire Roc A 
Tpioieuno Pros 1050 
TVE 4.M 

Whorl Hold M 

WheetockCo 16*0 

Wing On Co Inn 1150 
Wlnsor Ind. 1055 


3X40 

14.15 

2X80 

1X90 

19 

85J3 

11.10 

1555 

11.10 


2S50 

5550 

Xlfl 


3250 

1X05 

36.10 
39501 
1050 
1X80 
5X25 
4750 
3450 
14.15 
2XM 
1855 
1950 
8555 
1150 
1555 
1155 
3X60 
2055 
A2JO 
28*0 
1550 

10.10 
1950 
7SM\ 

5455 

X15 

5X50 

KL15 

4JM 

30*0 

1655 

1150 

1040 


Johannesburg 

2750 2750 


AEC1 
Aitecn 
Angle Amor 
Barlows 
fllwaar 
Buftate 
De Beers 
DriefantaM 
Gencor 
GFSA 
Harmony 
Hiahveld Steel 
Kieol 

NedbonkGrp 
Randtontem 
Rusokrt 
5A Brews 
St Helena 


100 100 

233 236 

3X50 30 

11 1155 
56 55 

101 101 
6555 6550 
1*55 1*55 

125 126 
4150 *1 

30 30 
70 7050 

31 31 
oei p«i 

11*55 115 
B3L5D 8X50 
48 47 

3555 3X50 
223 21e 


Western Deep __ 


London 


AbtevNan 

193 

in 

AIMd Lyons 

565 

561 

ArtoWlagfin 
Argyll Group 

zsz 

163 

266 

265 

Ass Brit Foods 

4.99 

4.99 

BAA 

<75 

469 

BAe 

4M 

463 

Bank Seat Iona 

1JS 

16* 

Barclays 

143 

£90 

Ban 

£25 


BAT 



BET 

163 

1 

Blue Crete 

275 

274 

BOC Grow 

AM 

AH? 

Boats 

5 

W6 

Bawater 

462 

4.17 

BP 

4.16 

464 

Bril Airways 

161 

362 

Brit Gas 

291 

791 

Brit Steel 

166 

164 

Brit Totocom 

X81 

372 

BTR 

103 

u; 

Cable Wire 

192 

363 

Cadbury Seh 

462 

469 


276 

?M 

Coots Vlyelta 

vm 

Z04 

3Hinn Un ton 

£18 

£13 

iiurtouias 

454 

468 

see Group 

360 

ISO 

Enterprise Oil 

367 

190 

Euralurmri 

260 

2ii 

F Isons 

U» 

169 



Close Prev. 

Forte 

227 

224 

GEC 

267 

287 

Genl ACC 

£44 

562 

Glaxo 

£75 

524 

Grand Met 

4JJ3 

4X1 

GRE 

160 

180 

Guinness 

4L50 

469 

GUS 

£70 

569 

Hanson 

227 

229 

HHtsdown 

122 

124 

HSBCHWss 

7JH 

69/ 

ICI 

£02 

724 

Inch am 

429 

4.16 

Kingfisher 

4JC 

494 

LadBrake 

1£4 

191 

Land Sec 

6MS 

6X6 

Laporte 

623 

£91 

Lasmo 

ISO 

166 

LcgoiGenGrp 

AM 

427 

Liovds Bank 

£36 

561 

Morto Sp 

405 

4X2 

MEPC 

427 

4.78 

Natl Power 

472 

464 

NatWest 

4JG 

427 

Nth wst Water 

£29 

£25 


£9? 

£92 

PS.0 

6 

6.04 

Pllklngton 

1£4 

183 

PowerGen 

£37 

£23 

Prudential 

299 

297 

Rank Ora 

193 

192 

RecklttCol 

£31 

£37 

Redtond 

464 

480 

Reed Inti 

727 

7* 

Reuters 



RMC Group 

9.10 

912 

Rolls Rovee 
RottMTin (unfit 

126 

186 

125 

388 

Royal scot 

198 

197 

RT2 

£72 


Salnsbury 

395 

395 

Scot Newcas 

462 

481 

Scot Power 

362 


Sears 

14)1 

1X1 


£28 


Shell 

7JD2 


Stebe 

£05 

508 

Smith Nephew 

162 


SmlthKlhw B 

4.17 

420 

Smith (WH) 

Sun Alliance 

422 

a? 

423 

TateSiLyte 

4.18 




Thom EMI 



Tomkins 

207 

214 

TSB Group 

213 

3U 

UnJtevw 

1092 

iijn 

UM Biscuits 



Vodafone 

1.97 

192 







Whitbread 

in 

£77 

wiiiiomirtdos 


3X1 

Willis Corroon 

1J2 

167 

FT 3Q index : 331S50 
F^Ete0 T ^?29VU* 

Previous : 778440 



Madrid 

BBV 3090 3100 

BoCentroIHUp. 2880 2900 
Bonoosantonder *785 47ns 


Baneata 
CEPSA 
Dragodas 
Endesa 
Ertras 
Iberdrola 
Rqisol 
Tobocolerg 
Telefonica 

S^cE wy g g^ todo: 287*3 


828 807 

3150 3170 
182D 1855 
5*00 3260 
166 161 
805 79 9 
3905 3910 
3130 3100 
1690 1405 


Oose Prev. 
BCE Mobile Com 38* 38* 


OkiTireA 
Cite Util A 
Cascades 
Crewjwine 
CTFlnlSvc 
Gaz Metro 
Gt West Uleco 
Hees Inti Bcp 


11 10* 
23* 23* 
8 HV» 
17* 17* 
17* 17* 
12* 12* 
20* 20* 
13* 13* 


Hudson’s Bay Co 27* 27* 
lmasco Ltd 37* 37* 
investors Gro Inc 16* 16* 
Lntxrtt (John) 21* 21W 
LobtowCas 22* 21* 
MoteanA 21* 21 

Nan Bk Canada 9* 9* 

Oshawa A 19* 19* 

P anam Retrofit! 42* 42* 


Power Corp 
Power Flfll 
Ouebecar B 
Rogers Comm B 
Royol Bk Cda 
Sears Ccnuda Inc 
Shell Cda A 
Swjtham Inc 
Stelca A 
Trnon Fln'l A 


19* 19* 
29 “ _ 
17* 17* 
19* 19* 
28* 28* 
BM 7* 
44 44* 
15* 16 

8 * 8 * 
X65 365 




Paris 


Milan 

Alleonzo 1364) 16190 

AssttOUo 12flQ5 1X150 

Autostnode pr* 1685 1716 
Bra Aarlcof turn 2500 2560 
B«Comm*rltgl 3550 36TS 
BCO Naz Lpvore 12350 12620 

fcoPapNpyora 7810 nooo 
goaty dj Romo 1550 1628 
Bco Ambnmano 4025 4030 
Bco Napoli lira 1165 UBS 
Benetton 18900 19000 

Cr adlta H wiano 19W vw 
EnWiem Aug 5930 2980 
Pjwfin 1385 1444 

Hot x>0 6750 634) 

Fi nan»Aara lnd 9450 9700 
Finmeccanica 1300 13«o 
Fcndtartasna 10080 11080 

fetterall Asjlc 38000 38600 
FIL 5375 549(1 

tenem ent! 10390 10M5 
JtoJgW *900 3070 

Medjobonca 13000 13259 

}»nl«fl«6n 1210 12*0 

Olivetti lBJD 1931 

Pirelli spa 2225 2255 

gAS JD7M 21*00 

Rlnaxente 8600 0630 
San Pools Torino 0970 9080 
SIP,. 4113 *220 

SME 38*0 3M) 

SnJabPd asis 2120 

Stapdo 3*500 1*53C 

Stet *425 *550 

ToroASSle 24700 2SZSO 
MWgB^B! MOM 


Montreal 


AIM Ltd I 
Bank Moniroot 


13* 13* 
24* 23* 


toe 403 

Air Uaukte 718 721 

Alcatel A Whom 46020 461 JO 
Axa 237235 SO 

Banco! re 1C let 494J04SX80 

BIC 621 627 

BNP 247AO247A0 

Bouygues 564 569 

Dome 696 698 

Cm+etour 2096 2108 

CCF - 20X20 206^0 

Cerus 10X80 10X50 

Owroeors 1262 128* 

aments Franc 281 290 

□ybMed «3JO*3XS0 

line 373 36X50 
Isney 7JS 7x 
481.90 468 

, 419*1X50 

I metal 325 532 

Lafarge Coppee 390^0 39X20 
Leyrond 6650 6800 

LyatL Eau» *8X40*7X30 

Oreol 11.-) 1092 1 062 

L-V-M.H. 8*2 829 

MWraHbcjiette 108 i04jo 
MIcheilnB 213J0 216J0 
Moulinex 119119^0 

319.1031X30 
PecJilnev Inti 14X20145^0 

Pernod- RJcord 29X90 29X60 
Peugeot 760 775 

Pinoult Print 9« 900 

RodtoTechnioue 520 508 

Rh-POulencA 123 123 

Raft SL Louis 1467 1*78 
Sanfl 237 23SJ0 

Saint Gobatn 622 612 

S-E.B. 514 S3) 

Stc Generate 531 532 

Suez 237 J0 239.30 

Thomion-CSF 13X70 13X30 

Told 314 306.10 

UjXP. 137 132.40 

Valeo 264.90 268 

SSSaS? SalT” 


Oom Prev. 

SamDawang 11A0 11 JO 
5 1 me Singapore 1.18 1 21 
Sing Aerospace 7M 141 

Slag Airlines torn 1380 1330 

Sing Bus Svc MO 935 

Sing Land 9 9JH 

Sing Petlm ZX9 150 

Sing Press tom 26 26 

Sing ShWrfdg 164 261 

Sing Telecomm 328 X32 

Straits Steam XI 0 5.10 
Strolls Trading X46 130 
Ten Lee Bank A4* 444 
Utd Industrial 1^3 1.46 
UtdO'sea Bkforn 1580 15J0 
Utd O^eas Land 220 276 

w?ssr“" 


Stockholm 

AGA 66 66 

AjeaAF 507 511 

Attra AF 177 177 

AHOSCOPCO 89 89 

Electrolux B 354 351 

Ericsson 387 JO 391 

Esselte-A 87 87 

Handetetxsik BF 89 87 JO 
investor BF 16X5016X30 

Norsk Hydro 2425024650 

Pharmacia AF 12950 130 

SandvikB 10X30 1DX5D 

SCA-A 1M 11750 

S-e Banken AF *5 *5 

Skandlo F T22 123 

Skaraka BF MO 740 

5KF BF 12450 126 

StoraAF 39* 416 

Trefieborg BF 9950 9X30 
Volvo BF 132 133 


Sydney 


Amcor 
ANZ 
BHP 
Barol 

Bougainville 
Oates Myer 
Cgnolco 

CSR 

Fosters Brew 

Goodman Fletd 
I Ct Austro 


Australia 
Magellan 
M1M 

Nat Aust Bank 
News Corn 
Nine Network 
N Broken Hill 
Pac Dunlap 
Pioneer fnf I 
Nmndy PaseUan 248 245 
OCT Resources 157 156 
figs X96 XS 

JT 243 241 

Western Mining 755 752 
Wntpac Banking <11 456 
Woods)* 480 488 

i&erMst "* ,WJ0 


1X80 1954 
X23 357 
157 157 

353 395 
555 *90 
1X50 1864 
458 458 
1J0 1.18 
156 154 
11 HJ0 
152 152 
273 U6 
JO. 16 1050 
754 UO 

396 396 
361 364 
297 396 
X1S 119 


Sao Paulo 

Banrado Brasil 1X30 1852 
gonespq 690 920 

Brodesco U60 85S 

Brahma 265 258 

C emta 8X99 8101 

Etetracras 313 322 

Itaubanco 305 304 

ugst 319 321 

garan cpancmo iuo 1149 
PotrotjrtB 141142JD 

WBT 

WufHoDoce 


Baycspato^x: 48767 
Fie*NUS ! 49791 


7.10 7.10 
4MD 47 
4T5 *25 

152 151 
143 162 

N.T. 173 


Singapore 

Asia Pac Brew 1660 1690 
Cerates 755 X10 

City Dew loom nt XI5 X50 
Crete 8 Carriage 1U0 1X30 
DBS 1X80 1090 

DBS Land 486 490 

fe Levmssten uo 6 as 

Fraser X teeove 1750 T750 
Inchcaoe 


28 2X10 


Key HlemJ 

frum union Bk 750 750 
Csea* Union Ent BJO 845 


565 155 
1340 1350 
190 151 
1260 1260 
354 356 
2.1ft Z2B 
1450 1450 


Tokyo 

Akol Electr 
Ajahi Chemical 
AsatirGfins 
BankatTakva 
Bridgeslane 
Canon 

Dai Nippon Print in in 
Dahea House 1390 1390 
Datwa Securities 1430 i*« 
Fanuc 
Full Btxtk 
Full Photo 
Fulltsu 
MltwS 
Httacfil Cable 
Hondo 
Ito Yofcado 
Itadw 

Jason Airlines 
Kalima 
KoaioI Power 
Kawasaki Steal 
Kirin Brewery 
Komatsu 
Kubota 
Kyocera 
Matsu Elec Inds 1650 1610 
Matsu Elec wks 1060 1C70 
Mitsubishi Bk 2520 2520 
MitsubUni Kasai na sso 
MtltuMMIEM 722 70S 
Mitsubishi Hev 780 780 
Mitsubishi Carp 1240 1240 
Mitsui and Co 
Miaul Marine 
MHswkwtii 

^ 

NGK Insulators 1028 1031 
Nikkascairiites iuo 1090 
Nippon Kogafcu 9 sr fas 
Nippon on 
Nlpm Steal 
Nippon YUsen 
Nissan _ 

Sec 


434 421 
774 772 
72J0 72*0 
1540 1520 
1900 1510 
1803 1780 
1300 1290 


*400 4520 
2200 2200 
2190 2170 
1080 1060 
990 973 
063 060 

1770 1760 
5270 5270 
722 723 
73S 740 
978 960 

2U0 2450 
43* *31 

1130 1130 
910 910 
710 TIB 
7150 7050 


837 B40 

759 757 

V32 921 
1260 1250 
1230 1250 


Shlmazu 
Shine tsu Own 
Sony 

Sumitomo Bk 
Sumitomo Chem 
Sum! Marine 
5u ml tamo Metal 
Tolset Carp 
TokodaChetn 
TDK 
Tell In 

Tokyo Marine 
Tokyo Dec Pw 
Teppan Printing 
Taroy Ind. 
Toshiba 
Toyota 
YamalctUSec 
a: x 100. 

Frera«f‘- ,m 


Oose Prev. 
716 720 
2060 2060 
5900 5770 
1880 1900 
K9 566 
08* 892 
343 345 

632 63? 

1210 1200 
4450 4350 
5*6 549 
1140 1140 
7630 2900 
1440 1450 
766 7W 
746 735 

2070 2050 
771 756 


Toronto 


Abttlbf Price 19 

AirCanada 7* 

Alberto Energy 20* 
Alcan Aluminum 35* 
Amer Barrtcfc 34 
Avenor 25* 

Bk Nava Scotia 26* 
BCE 47* 

BC Telecomm 25* 
Bombardier B 21* 
Bramalea 163 

BrosamA T9 

Cameco 27 

CIBC 31* 

Cdn Natural Res 17* 
CdnOcdd Pet 30* 

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Cascades Paper 
Comlnco 
Consumers Gas 
Dofasco 
Daman Ind B 
Du Pant Cda A 
Echo Bov Mines 
Empire Ca. A 
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Fletcher CftollA 
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OuanBanCap A 
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imperial on 
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London Insur Gp 
M aanlll Bloedel 
Magna frm A 
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Moore 

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Noranda Inc 
Namda Forest 
Norcon Energy 
Nlhem Telecom 
Nava 
Onex 

Petrg Canada 
Placer Dome .... 
Potash CorpSask 49* 
Prnvigc 5* 

FWA 057 

Quobocor Print M* 
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MaAlsom 25* 

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Talisman Eny 2716 
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47 


Is your business 
infrastructure? 


If it is, you can’t afford to miss the World Infrastructure Forum - Asia 1994, 
a five-day conference and exhibition from I 7th to 21st October in Jakarta. 

For the first time, 13 Asian governments are coming together to tell the 
private sector about their infrastructure priorities and unveil their 
infrastructure plans for the next 5, I 0 and I 5 years. 

The private sector will discuss how it can assist governments to meet their 
infrastructure objectives. 


Shouldn’t you be there? 


Zurich 


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Government Speakers Include 

H.E. President Soeharto of Indonesia 
. H.E. President Ramos of The Philippines 
Mr Brian Howe MP, Deputy Prime Minister >>t Australia 
Dr Rk±ard Hu, MinL-Jer for Finance. Singapore 
H.E. Minister Hartarto, Coordinating Minister for Industry and 
Trade, Indonesia 

HJL Ngo Xuan Loc, Minister of Construction, Vietnam 

The Hon. Rlzalino Navarro, Secretary of Trade and Industry, 

Philippines 

Mr. Chen Tong Hal, Vice Minister, Slate Planning Commission, 
China 

Tan Sri Ali Abu! Hassan Bin Sniafanan, Director General of the 
Economic Planning Unit, Malaysia 
HOST GOVERNMENT 


Private Sector Speakers include 

The Hon. Peter Benson, Senior I'anner. Coupers at Lyhrand 
Mr Colin Berry, Chief Executive, Morgan Grenfell 
Mr Frank Bknmt, CEO, TeLsira 
Mr Rodney Meere, Chairman, VTiliLs Comxm Hinton 
Mr Charles Frank, Vice President, G.E. Capital 
Mr Cordell Hnll, Chairman, Bechtel Enterprise* 

MrJ-MJL Laing, Chairman, John Laing Pic 
Mr Bruno Mnsso, CEO, Ansaldo 
Dr Alf Roberts, Executive Director, PowerGen 
Mr Brian Staples, CEO, North ^esi Water 
Mr Gary Tooker, CEO, Motorola 
Mr Harvey Weiss, President, 

Programmes, Unisys 


Worldwide Public Sector 



THE GOVERNMENT OF 
THE REPUBLIC OF 
INDONESIA 


Call or fax NOW for more information: 

Jakarta Office - Tel: (62-21) 31 4 0982; hx: (62-21) 334 470 
Singapore Office - Tel: (65) 323 2623; Fax: (65) 323 2557 


TOKLD 


l»I« AUTXUCTIXt 

TOIIH 


■ Advisory Companies: 


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a North E\ C Sp in8 j LAING 

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■to.* is .. 
In-. . ,. 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 8-9, 1994 


"“'•'f V,«L. 






'Wrt.r fi. 


. . 


jp* n, a „ 


fir K* i> ■ i- Hid 


New Chief 
In Sweden 
n Vows Aid 
\ To Krona 

Bloomberg Business A'cws 

■ STOCKHOLM — Sweden's 
newly elected Socialist prime 
mini ster, Ingvar Carlsson, said 
: Fnd *y that he would soon pre- 
sent an economic program de- 
signed to support the krona. 

“The Swedish krona is under- 
valued,” Mr. Carlsson said in 
his first address to Parliament, 
but he did not give de tails of 
how he would support iL 

_ He said the plan would aisn 
aim to improve government fi- 
■* nances and reduce unemplpy- 
* ment, though again he gave no 
l{ l 1^ specifics. 

Mr. Carlsson's speech trig- 
gered an early rally in the kro- 
na, as the Deutsche mark fell to 
. . 4.7423 kronor before recovering 
to 4.7669 kronor, up from 
4.7623 kronor Thursday. 

The prime munsteris com- 
ments apparently failed to in- 
spire Swedish investors looking 
for a firm declaration of the 
new government’s budget p ro- 
il posals. 

r ’* “It was all old news in the 
declaration,” said Anders Elm- 
. sron* 4 trader at the brokerage 
concern Aros Fondkommis- 
i. sion. 

Sweden's OMX stock index 
. fell about 1 percent Friday, but 
traders said the market was re- 
acting more to the possibility of 
higher U.S. interest rates than 
to domestic news. 

■ Aker to Got 4,000 Jabs 
ii Aker AS will trim between 
Wiftr 4,000 and Si000 jobs in its oil 
and gas technology division 
next year because of a fall in 
domestic offshore activity, the 
" ' senior vice president of corpo- 
rate communication, Frode 
Gdtvik, said in Oslo, according 
. to a report from AFP-ExteL 

Aker earlier reported a fall in 
eight-month pretax profit after 
financial items, to 358 million 
Norwegian kroner ($53 million) 
from 526 million kroner a year 
' k. earlier, as sales dropped to 
V 11.00 billion kroner from 
1 1.859 billion kroner. 

In the ofl and gas technology 
division, pretax profit after fi- 
nancial items fell to 1 56 million 
kroner from 343 million kroner 
as sales dropped to 6.38 billion 
kroner from 7.48 billion kroner. 


Lack ofEU Ties Pressures Swissair 


Bloomberg Basinas News 

ZURICH — The stock of Swissair AG 
fell more than 5 percent this week amid 
v/hat analysts say were worries about the 
national carrier’s ability to form a Euro- 
pean partnership. 

Nearly a ye&r after the collapse of the 
so-called Alcazar project — which envi- 
sioned a merger of Swissair, Scandina- 
vian Airlines System, KLM Royal Dutch 
Airlines and Austrian Airlines' — Swis- 
sair seems a long way from forging new 
European ties. 

Mark Browne, who follows the com- 
pany for S.G. Warburg, said, “Swissair 
keeps saying they are nearing the break- 
even point, but what the market is now 
missing is some positive news on the 
strategic side. 

Mr. Browne said Swissair was compet- 
ing with other carriers “with a hand tied 
behind its back” because of Switzer- 


land’s political isolation. The airline has 
stressed the fact that it has to pay extra 
charges at some airports in European 
Union countries. 

Swissair has been in taiir^ with a num- 
ber of airlines in recent months, particu- 
larly Sabena. The Belgian carrier is 37 
percent owned by Air France and a 
group of banks; the rest is owned by the 
Belgian government But Sabena report- 
edly is unhappy in its relationship with 
Air France and looking for a more dy- 
namic business alliance. 

Swissair registered shares reached a 
high of 888 francs ($695) this year, on 
Aug. 26, in expectations of improved 
half-year earnings. But although its net 
loss narrowed to 48 milli on Swiss francs 
and the company posted an operating 
profit the results fell short of expecta- 
tions. The stock fell 4.3 percent the day 
the results were announced last month. 


ore Christmas.' 


SGS-Thomson Profit Jumps 47% 


Compiled by Our Staff From Dispatches 

PARIS — SGS-Thomson 
Microelectronics BV, a joint 
venture of Thomson-CSF of 
France and the Italian state- 
owned holding company IRI, 
said Friday that its net profit in 
the second quarter rose 47 per- 
cent from a year earlier, $86.5 
million. 

The company, which is the 
third-largest semiconductor 
manufacturer worldwide, said 
sales were up 28 percent, to 


$672.4 million, as demand 
surged. 

SGS-Thomson said sales in- 
creases were recorded in Eu- 
rope, the Americas and the 
Asia-Pacific region during the 
quarter. It said orders also were 
strong, continuing the trend 
shown in the first quarter. 

The company — which is Eu- 
rope's largest semiconductor 
man ufacturer, based on 1993 
sales — also has continued to 
invest heavily in equipment and 


ips 47% Alcatel Executive 

*■ Assails Ministry 

facilities, particularly in _ . ** 

France, Italy and the United (Jn rnOTte AWtJJu 


States, and has added semicon- ■ 

ductor manufac turin g capacity. Bloomberg Business A'fwj 

SGS-Thomson said net profit PARIS — An executive of 
for the first Half doubled from Alcatel Alsthom SA, in an in- 
the year-earlier period to $166.1 tervicw published Friday, criti- 
milTi nn while sales rose 32 per- tazed the way the French gov- 
cent, to $1.7 billion. emment awarded a license to 

After a series of poor results operate France’s third mobile 
starting in 1987, the company telephone network, 
bad net profit of $160. 1 mfliinn The license was awarded to a 


Jephone network. 

Tile license was awarded to a 


in 1993 and record sales of $2 group led by Bouygues SA. 


billion. ( AFX, AFP, Bloomberg) 


Moscow Bemoans Rout of Ruble 


Reuters 

MOSCOW — The Russian central bank 
does not want to use its hard currency to 
support the ruble in a market dominated by 
peculators, Alexander Potyomkin, chief of 
the bank's international monetary depart- 
ment, said Friday. 

Meanwhile, the ruble slumped to another 
record low Friday against the dollar, battered’ 
by speculative dollar purchases by commer- 
cial banks. 

“Before the ruble hit 2,600 to the dollar, the 
central bank resisted its fall rather strongly” 
said Mr. Potyomkin. “But now we don't want 
to use our resources” to support the market, 
he added. 

“In these conditions, we want to dissociate 
ourselves from the behavior of our market 
colleagues.” 

The dollar rose Friday to 2.896 rubles from 
2,833 rubles Thursday on the Moscow Inter- 
bank Currency Exchange. The ruble has fall- 
en 9 percent against the dollar so far this 
month. 


Traders said soaring returns on dollar 
transactions were whipping up speculation. 
Yields gained by switching out of rubles into 
dollars overnight and then back into rubles 
have jumped to 600 percent a year, dealers 
said. 

“The ruble is too low because of excessive 
demand from commercial banks dictated by 
purely speculative expectations,” Mr. Po- 
tyomkin said. “The current ruble's weakness 
is not based on any macroeconomic factors.” 

■ CIS Industrial Output Plummets 

Industrial output in the Commonwealth of 
Independent Slates plummeted 26.1 percent 
in the first eight months of 1994 from a year 
earlier, according to figures issued Friday aod 
reported by Agence France-Prcsse. 

The report also said production of industri- 
al goods rose 4 percent from July lo August 
this year in the commonwealth as a whole. 

The commonwealth groups the 12 states of 
the former Soviet Union, including Russia. 


Jacques Imbert, deputy loan- 
ing director at Alcatel, said 


Metallgesellschaft said. It has 
responsibility for strategy, con- 
trol and finance, legal and per- 
sonnel matters, and public rela- 
tions. 

The Metallgesellschaft that 
Mr. Neukirchen took over had 
been driven to the brink of 


the company was “amazed” at bankruptcy by its managers, 
arguments that the Industry . 0 sanctioned nsky oil deals 
Ministry used. in the United States and a rapid 

A report by the ministry mansion program, 
praised Alcatel's technical com- Analysts said Friday’s report 
petence but said the company showed that MG was on the 
had been excluded because its road to recovery, but they re- 
role as a supplier of equipment peated warnings that the re- 


and an operator of such a net- vamped company would have a 
work would create “a serious huge share base and much 


problem” for Alcatel's relation- 
ship with France Telecom. 


smaller assets. 

( Bloomberg, Reuters) 


Page II 




vissair 

g. Ol t if i 

“There was a bit of a backlash after & 

the half-year results,” Mr. Browne said. T1 1 1 E 

“The market seems to have now lost 11 51 If K I IPlTl 

interest in the stock because there is no ■» 

positive news to drive iL” Compiled by Our Staff From Dapatdtes 

Swissair shares ended Friday in Zurich FRANKFURT — Metallge- 

at 8 15 francs, a 5.6 percent decline from sellschaft AG said Friday that it 

the dose of 863 francs a week earlier. nearly halved its bank debt in 
The airline quelled speculation this JW ended Sept. 30, to 4.1 
week that Air France had offered to sell blUlon Deutsche marks ($3 bil- 
its Sabena stake. Otto Locpfe, the chief uon) from 7.6 billion DM. 
executive, was quoted Friday in the Neue The company, which nearly 

Z Archer Zoning as say ing Swissair’s went bankrupt early this year, 
small size meant that gomgit alone was said liquid assets declined to 3 
not a viable alternative. billion DM from about 4 billion 

sf S*lfeU y wliSnDM e froS 

European Umon, and the talks with Sa- 3 . 6 billion DM a year earlier 
bjaasttmtob eteflomwa.-MidAlli 111 MG - S duirauTkarl-Joscf 

Kupferschnnd at Bank Sarasm. “No news Neukirchen, told employees 

* al * e 8™* ** ^pleted 
g before Christmas. its restructuring into a holding 

■■ J ■ - company with subsidiaries. 

. - , . He repeated forecasts that 

L Icatel Executive operating earnings in the cur- 

rent financial year would ex- 

I qjuu/a Miriljfsfrv ceed 100 mil lion DM. 

L ssaus 1VUJUSUJ Metallgesellschaft shares 

hi Phone Award 

Bloomberg Business Sews , After the reorganization ef- 

PARIS — An executive of fccuv ? °** P**®* com ’ 
Icatd Alsthom SA, in an in- JW a ***“« company em- 

ESUft JSlTE; 


Investor’s Europe 


Frankfurt 

DAX 

2300— 



m M J A S O 


London 
FTSE 100 Index 

3400 

3300 - 

3200 -JV— 

3100 \ - 

3000 “lAy t~ 

2900 Y 

^ TTjT'a s"o 


Paris 

CAC40 

2300 



m M J J A$0 


1994 

1994 


1994 


Exchange 

Index 

Fnday 

Close 

Prev. 

Close 

% 

Change 

Amsterdam 

AEX 

392.B7 

390.78 

+0.53 

Brussels 

Stock Index 

6,953.85 

7,003.64 

-0.71 

Frankfurt DAX 1,96059 1.981.03 -0.02 

Frankfurt 

FA2 

742^6 

743.63 

-0.U 

Helsinki 

HEX 

1,831.81 

1,870-54 

-2.07 

London 

Financial Times 30 

2^10^0 

2,308.20 

+0.10 

London 

FTSE 100 

2^98.70 

2,984.40 

+0.48 

Madrid 

General Index 

287.62 

290.40 

-0.96 

Milan 

M1BTEL 

10094 

10316 

-its 

Paris 

CAC40 

1,832-22 

1.643.38 

-0.61 

Stockholm 

Affaersvaerlden 

1,735.66 

1.742.48 

-0.39 

-QJ8 

Zurich 

Sources: Reuters 

SBS 

, AFP 

892*39 

889 35 

Inirmxi.^i J 11 

+0.34 

er JJ Tnhuiw 


Very briefly: 

• The Emopean Investment Bank will give South Africa access to 1 
billion rand ($280 million) in capital as part of an accord between 
the European Union and South Africa. Sir Leon Britton, the EU 
trade commissioner, said. 

• SNCF President Jean Bergougnoux said the French national 
railroad company would have an operating deficit this year about 
equal to its 1993 deficit of 7.7 billion francs (S1.5 billion). 

• Spanish industrial production rose 7.9 percent in July from a year 
earlier, the Economy Ministry said, ana the inflation rate rose to 
4.8 percent in August because of an increase in fresh food prices. 

• Switzerland’s unemployment rate fell u> 4.4 percent in Septem- 
ber from 4.5 percent in August, the government said. 

• The Netherlands’ consumer prices rose O.S percent in September 
from a month earlier and 2.1 percent from a year earlier, the 
Central Bureau of Statistics said. 

• Volkswagen AG said it had received 23,000 advance orders for its 

new subcompact. Polo, by the end or September, about twice as 
many as it expected. AFP, AFX. Bloomberg. Rrsten 


TTT-TvuT Pinault-Prinlemps Bids 

M I LI J KEN: Textile Magnate’s Anti-GATT Crusade For FNAC, Bourse Says 


Continued from Page 9 
gress armed with a memo by the 
economist Pat Choate, who 
helped Mr. Perot in his unsuc- 
cessful bid to block the North 
American Free Trade Agree- 
ment, on how members of the 
organization were likely to vote 
in disputes with the United 
States. 

Mr. Milliken worries that his 
generation will be the first to 
turn over to the next generation 


an America that is less prosper- field 4th, president of the Ameri- Arrexm 

ous than it was, said John Nash can Textile Manufacturers lnsti- PARIS — PinauJt-Prin 
Jr., Washington counsel to MiJli- rate and the chairman of Unify Redoute is paying 3.065 
ken & Co. His concern, he said, Inc„ a textile yam company in ($580) a share to Alius Fi 
is that the trade agreement will Greensboro. North Carolina. a unit of Credit Lyonn; 
result in U.S. manufacturers Mr. Milliken’s closely hdd percent of die coi 
moving production offshore, textile empire, which has sales electronics company FN/ 
eliminating better-paying jobs, estimated at more than $2.5 bit- w* 11 seek to buy the rest 
“He’s a very dedicated, very lion, is one of the most techno- company al ^e same pri 
focused individual who is highly logically advanced and competi- * ans Bourse said Friday, 
principled and unrelenting in live companies in the industry, Alois's slake is hdd thr 


AFPt'slel Sews 


PARIS — PinauJi-Printemps- 
Redoute is paying 3.065 francs 


Inc„ a textile yam company in ($580) a share to Alius Finance. 
Greensboro. North Carolina. a unit of Credit Lyonnais, for 
Mr. MiUiken’s closely hdd **.6 percent of the consumer 
textile empire, which has sales electronics company FNAC and 
estimated at more than $2.5 bil- seek to buy the rest of the 
lion, is one of the most techno- company al the same pnee, the 


principled and unrelenting in 


Altus’s stake is hdd through a 


pursuit of causes he deems worth according lo friends and com- holding company that controls 


the effort,” said William Arm- peutors. 


FNAC’s capital. 


U.S. FUTURES 


Season Season 
Kan Low 


C*vn Wan Law Ome Cm Op M 


ieauxi Vawfl 
Lfcflh Low 


Open Lfcoh Low Clov OKI CP I 


ness 



u-trwW * ***** 

i* 




uni ***** **** 


;i x l***t* #,r 


ere 



* * r». -r--~ 


largest producing nations as w.eB-as senior oil 
industry executives. For Furth er , j Is , please 
contact Brenda ■ in 

London on Tel: (44 71) 836 4802 
Fax; (44 7 1) -83 6 0717 




CONFERENCE CO-SPONSORS 


Heralb^^^Snbunc The Oil Daily Group 


CORPORATE SPONSORS 

kf>MG Pakrank Inrcrnarional BA'- The International Petroleum Exchange of London Ltd, 
Smith Bamcv Inc.. ABN AMRO Bank N.V. 




Scascn Season 
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Open Hoh Low Oov Cho OoJnt 



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173ADAUP9S 17*00 

11*00 

17330 

172X0 

-1JD 

m 



17*10 





181.00 

17*7a<X»*5 177A 

177 JO 

17*40 

171X0 

—130 

141 

1B200 

17*50 Dec *5 179.50 

179 JO 

177 JO 

177 JO 

-1.40 

357 

Est. sales NA Thu's, sate 14JW 
Thu's aoea bit *2074 up 100* 





SOYBEAN CML (CBOT) « D 0 QQ&- donors p«r ioo tea. 



29 J4 

21100094 2*65 

74W 

2438 

2477 

• DIB 

8X23 



2X83 




2BJ5 

22A5JOT9S 310 

2335 

XS32 

2330 

-0X810,881 






—0X0 12310 


2183 MOV 95 23.12 

2330 

2195 

22.98 

-0X8 

8,118 

2755 

22-7* AH *5 DM 

2108 

»« 

2186 

-axe 

5X84 

2770 

2273AUS 95 23-00 

2U2 

22X3 

22X3 

-0X8 

1X17 

2*75 

!275Sep95 me 

2102 


2180 

-ao: 

1X09 

Dm 

2277 Ofl *5 2275 

2175 

2175 

2275 

—0X9 

310 





22.91 




2*0** 





TlxTSOpenirt «9J0n up 7262 






Livestock 

CATTLE (CMER) «noB>-aWin,b 
74. K) 6570 Od M 67.70 £7.90 67 JO 67J7 

7430 67J0DPCM MA i tfi» *033 60J7 

7425 S7JMF«0*5 47 JO 4&07 4745 *7.75 

75.10 67^7 Apr J5 6420 *427 47 Ab «&00 

HJD tUJJunn M.W U.9J MAS UB 

40.10 64.17 AUB 95 6025 AU0 64J0 44JB 

ass 6175009$ 6400 6HB0 6470 6470 

EsLiale* 15.255 Thu's, sales 14691 

Thu's open in t*SH up TO 
PBEDERCATTLE (Cmsji 54.00a tis.. ccrm per ix 
OUS 7a9SOOM 7ZQ0 TUB 71.77 71.97 

Bam nxnod** ruo tjm tzjb nnt 

00.9S 71.40 Jen 9S 7115 7U5 71.90 7LM 

MU5 70J0*Mr9S 7120 71.W 71JOO 71X0 

7490 . 7040 APT 95 ALK TUB 7000 TO® 

76J0 TUDAfevK 7U5 70A0 7005 7060 

7105 7025AOB9S 7045 7050 704 7040 

E5LUWS 1241 Tlxrt. soles 1.970 
Pur's open ml 9.499 uo ISO 
HOOS (CMER) ttK-Mw* 

4925 33.97 Od 94 3420 34.90 34.10 34.15 

SOJO 3110 Dec 94 3600 3U0 35A5 3V57 

5010 34.90 FeO» 3005 3007 3727 37 JO 

4000 SAMAer 95 37 JO 37.90 37 JO 37 JS 

47 JO «2.1SJun?S 4320 4325 «L90 4105 

45JB «. 1 3 Jut W 42 jU 41B7 4142 41B 

tun 4120 Au095 ffljo 43.45 43J0 BJO 

4050 39JBOd« 3920 39J5 3925 3925 

4125 3000 Doe 95 39.75 39.7S 3040 30J0 

Es. vugs 7JB5 Pu’s.saes tjoh 
TN/soMnini 31218 up 419 
PORKBBJJES I CMER) WHIk-oMWO 


—043 13,507 
-015 14.752 
>003 15214 
-OI7 10,757 
—030 J AW 
—020 1.323 
—020 1*2 


-OOJ 7^40 

♦0.33 1.408 
»0W S13 

•aw » 
*aiO 342 
*005 27 


COFUSEC (NC5E) XM ■■*.- errfi wt 
24*25 77.10 DK 94 19640 19925 189J0 

344.00 7O90M6T95 70120 S3J 19AM 

74*40 8220 MOV 95 209.90 709.90 709.90 

345.10 B5J»Jul95 21095 21095 71095 
23000 1BSJDSC095 

242JH 81.10 Dec V3 311.90 21)90 711.90 

7rVy 94 

Estiaes 1*357 lhi's.s«) 17,171 
ThusooenW J*J1S oh 464 
SUCAR-9VOeU>1l CNCSf) ULOMBs.- ceres 
13 JO 9.17MBT9S 12J7 1749 12J5 

1765 10-57 May 75 run - 12 JO 12-59 

1155 109 Ju)9S 112* 1141 122* 

1729 10570095 1106 1116 110* 


192.90 -12J5 19.270 
197 JO — U30 10,145 

209.90 — aoo men 

21095 —mo U42 
211 JO -A00 816 

211.90 -6JD 141 

21240 —620 100 


1147 *0.06 95.604 

13^9 -005 17.099 

12J8 *OC6 11^49 

12.15 *004 9JJ97 


12 DO 1083 Mur 96 11*9 IIjO 1171 

IIU I I.ISMav 96 
1IJ8 I17gju<96 

Esl.sakn US Thu's, sam 1999 
Thu's epenrt 13*700 oti 1352 
COCOA INCSE) lOintii ton iw*Ui 
190 1 0*1 Dec 94 1777 1701 1741 

1605 1 077 Mar 95 1323 1314 1304 

1617 1 078 May 95 I3M 1357 1333 

1600 1275 A4 95 ITU 1387 13** 

1560 140*S««fS 1405 1404 1393 

1633 1290 Dec 95 1435 1435 1434 

1*76 1350 Mar *3 1444 146* 1464 

1642 1 775 MOV 96 

AH 9* 

ESI soles 12.085 Thu's, soles 9jn 
Thu's ooenrt 7&J90 oh 1eI0 
ORANGE J LUCE (MCTN1 
13400 353)0 NOV 94 91 JO 97.90 9QR1 

1J700 69 00 Jen 95 9505 **Jfl *4 30 

12*25 9J 00 Mar 95 9IU» 99Ji *780 

11*25 97.00 AlOV 95 10100 101 00 10300 

■ 1*00 IQOJa A* 95 10*00 10*00 10*00 
11*09 107J0Seo«5 100.75 10075 108 75 

HIM 10900 NOV 95 111.95 111.95 11 1JS 
I IIJO IQSJDjan 94 
Mar 96 

Esi. sales LOCO Thu's, sales 2.07* 

Par's open ini 22J95 oH 275 


'006 1.435 
i006 9 

‘ 006 5 


-71 SiX9 
-14 70J63 
-I* 6AI6 
-14 2,831 
-15 1.293 
-4 *941 
-5 3.445 
-5 317 

-5 II 


—0 05 9.006 
-005 *.753 

• OHO *880 

1.161 
■ 020 613 

• 0 40 716 

•005 431 

•0 50 50 

• mo 


•UO I* 
*30 

120112,165 
1J0 20070 
IJ0 7.177 
1 JO 1 0354 
UO 5J8I 

1j» 1.11* 
IJ0 7.393 
UO U9* 
141 1.9*0 
— U0 6J31 
—1.40 114 

S.K4U 14-5*8 

Ofl 1872 

Financial 

UST.BKJLS <0400 iinugn-MaiiaKi 

96.10 9*25 Dec 94 9*50 9*64 9*49 9*43 >0-10 21,190 

9105 93.98 Mar 9$ 9*08 94J! 9*M 9421 >0.11 9,254 

9424 9168 AVI 95 9167 9U3 <166 8343 >0)3 1.125 

Es». sales NA Tim's, soles 2J74 

Thu'sspenM 315 69 oft 787 

SYR. TREASURY (COOT) UDUB3sr».n*i.smwioOK> 
184-30101-185 Dec 94101-20 101-04 101-05 (03-03 . 14 110.400 
I0J-O9I01-015 Mor95100-W 101-155100-345101-155- 135 MB 
Es. sales njl Tim's, sales 31.706 
Thu's ooenlrt 191,7 32 IrB 255 

i 10 VR. TREASURY (OUT] siOMOBi«1n-MiA4ina*af uvea 

114- 21 100-13 Dec 94 100-16 101-06 100-04 101-04 - 18 275.773 

111-07 99-21 .'.or 95 99-15 100-17 99-13 IDO-11 t 18 8.279 

, 105-73 99-02 98-34 «-H 98-14 «*-M , It 10* 

101-06 98-38 Sep 95 98-29 >18 2 

lW-31 98-10 DecOS 98-12 ♦ IB 

1 Estate UA. Tnu's-uies 4*239 
Thu's open Ini 284.1*0 oH 271 1 

US TREASURY BONDS (CBOT) UKS-tioaafr«*A3Mi>o>HOR9i 
118-01 91-19 Deem 97-21 98-11 97-00 98-07 > 16 39U42 

116-20 96-38 Mv 9596-19 *7-20 96-15 97-17 • 16 25.764 

115- 19 96-10 Jim 95 96-00 96-31 96-00 9*-39 + 16 11.103 

1 113-15 *6-13 See 95 96-11 > 16 7*t 

113- 14 95-09 Dec«S 95-27 > 16 ir 

114- 06 95-17 Mar 96 95-12 f 16 43 

100-20 94-15 JW196 9645 94-30 94-05 94-30 - 16 27 

Esi. sales MA. Tnu's-uies 2i0J«7 

Thu's open kit 429^82 oft 3923 

MUNICIPAL BONDS rCBOT) tl6H> ban-eh*.s»m,BiH«Ki 
VI-17 85-2) Dec 94 65-11 86-11 88-07 Bfc-10 > 19 19J98 

88-09 84-30 Mar75fi4-09 85-09 84-08 85-09 - 19 336 

ES>. sales NA. Thu's, sales 2.900 
Thu'saeaen i?AM up 107 
EURODOLLARS (CMER3 IlmUarMoaiGOpa 
95.180 90J10DSC94 93.930 9*840 91*70 9*030 -100471423 

9SJ80 90740*40-95 93840 91660 *3490 91*50 4 11039*379 

94.730 90710 Aw M 91110 91340 *1050 91230 •130299^540 

9*550 flJ10Seo»S 91300 «19» 91730 91910 >11023*054 

9*300 91 .130 Dec 95 92J00 91610 91440 91*00 1 100 17*333 

9*220 «J50MOrM <1440 9U40 92J80 93.00 .90149760 


<11*0 9731DAm96 *?J» *74W 97.260 ®7 400 '8017X011 

<2 570 97 700549*96 97 I TO 77JD0 9? 150 9? 790 < 70110,466 

Esi sales N* Thu s, son-, 33.17» 

Thu’s open art 7.S57A35 oil 19091 

BRITISH POUND (CMER) ii-< I iwir-^-.iauaOl 

1J9I* 1 4500CK *4 I I0<0 I 5960 IJ83T. I 5856 -26 40.144 

IS900 1 -640 Mur 9S 1 5960 1.5960 I 5820 I 5840 —26 338 


1J800 

1 4MBJi«i*5 



1 5.V* 

—7* 


Esi sale - . U* TAiVscIrt 
Tlhi’s Open eil 

12.017 





CANADIAN DOLLAR (CMER) tw.a, l 

id mi 


0 7670 

OTMODecW 07417 

0 7430 

0 7410 

07419 


CX73 

0 7605 

0 ,-870 AW *5 0 7427 

0 7434 

0 ’401 

07415 

—7 

1.234 

0 7572 

OBWOJun'75 0 7390 

0 740’ 


0 ?*4 

—2 

566 

0.7418 

049*5 Sep <5 07385 

o m 

a TBS 

0 7371 

2 

391 

0-70)0 

0 TUaO«9S 



<7 77.’ j 


37 

E-.I sate NA Thu v sacs 






Thu's aocnm 4S.09I oH 350 





GERMAN MARK (CMER) Iwm 



06606 

QJ5*0DeC 94 0*485 

04530 

0.6457 


-1) 77367 

865*5 

asaioMar *s 0*517 

0400 

0 6469 

06474 

-19 

3.935 

0*SW 

OS<«lJun»5 



0*4Si 

—71 

W) 

0*525 

a *347 Sep 95 



1)4195 

-21 

II 



Es. sacs na. Trip's s<ues 17.339 

Thu's ooen ml 61.90* up 800 

JAPANESE YEN (CMEB1 t pw -ow I oom c-juoh U snW: 

OJHO4900J)0<525D<c 94 (L0100770A1 00830 00*9840 QOvm —65 50.829 

OIII054aM»M8aMca-95O0iai4a)aiDI48DJ>l0a69)0l007D -88 3JM3 

001 06701 D09776Jun 95 00101*20010167001016301)10144 -93 514 

0A10779J)UQ00Sep95 0D 10751 -98 85 

QD 106400. 01 044 1 Dec 95 0 01(00 —103 II 

Es' sales NA tim/v sales 13083 

Thu’s aaen int S4J42 ue 1441 

SWES FRANC (CMER) !■»*«. iHnnffittUn 

02905 0*885 Dec 94 IXT633 (L7899 0.711] 0.7829 —4 34J0? 

07*20 0.7420 Maf 95 07900 0 7925 0.7B4S 0 7659 —4 (08 

07970 0.746* Am 95 0 7955 0 5955 0 7R90 0 7B92 —4 63 

ESI. sate NA Thu’s sales v.387 

Thu's 0P» kit 35TJ78 off 88* 


Industrials 

COTTON! (NCTN) 


ESI. sate N.A Thu’S, sales 15A66 

Thu'S open Im 170^26 Off 1753 

LrGMT SWEET CRUM (NA4ERI l*Xl» cuuir 


ESI. sales 158A48 Thu's, sate 86,147 

Thu's open im cvttt up 7431 

UNLEADED CA5DUNE (HMER1 e.«aw-«n», 


55.® 42J5NOU94 4775 4SJ5 43JJ0 47JJ 

4t05 aLSODecW 5*15 57 JO 5600 54 J* 

S8J0 SOJDJoneS 55.90 5*65 5570 5575 

58.85 51-IOFeO 9J 5*00 S67D 55.75 5175 

4&J0 5180 Mb 95 5**5 5*95 5640 5640 

sua S* JS Apr *5 60.15 *OJO 59.90 6010 

57.90 55J0JUI9S 57.94 S7.94 57.94 S7.94 

5575 52400a 9S 5505 5505 5505 55JS 

5*90 ill 5 Nov 95 5500 5500 5100 550} 

57.11 5*90 Aw 96 57 J9 57.29 57 J9 57 J? 

Esi Mie* NA Thu's, sales 2*159 
Thu’S Open int 69,096 UP 389 


Stock Indexes 



NO,ne> 

45779 4900 <5*65 
46075 45*00 45975 
46180 45980 46160 
46*40 46*00 468.10 
64063 
<40 

!> pgmtsanacenl! 

25145 2*941 25130 
20.10 25205 2SL65 
255.10 
28*55 

2161 

r 


-0J9 26J9J 

• 0.06 15829 
-020 10093 

*952 

1.938 

• 00* 3A90 
*125 1.130 

• 035 318 
♦DOS Ml 
•025 SOI 


•575217,439 
>375 8255 
•2.90 7JJ0 
• 275 123 


• U0 *044 

si so m 

*1.40 69 

*103 


Commodity Indexes 

Close Previous 

Mooors U51JX) 12500 

Reuters Z07640 2J94J0 

DJ. Futures TO.H 15UT 

Com. Research 229.17 230 2h 


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e*MM 


Page 12 


Pi 


Tt 

rr> 


NYSE 

Friday's dosing 

Tables include the nationwide prices up to 
the dosing on Wall Street and do not reflect 
late trades elsewhere. We The Associated Press 


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(Continued on page 13) 


I 


i 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, OCTOBER 8-9, 1994 


Page 13 

ASIA/PACIFIC 


Taiwan Investigates 
Textile Firm’s Chief 


Compiled by Our Staff Ftm Dispatches 

TAIPEI — Authori ties seized 
documents from the headquar- 
lers of Hualon Corp. in connec- 
tion with defaults of more than 
3 billion Taiwan dollars ($1 15 
million) on stock purchases, 
James Oung Ta-ming, who con- 
trols the company, said Friday. 

Government officials said in- 
vestigators also collected evi- 
dence at Mr. (Jung's house. Mr. 
Oimg is one of the wealthiest 
businessmen in Taiwan and a 
' “ember of the country’s legisla- 
ture. Mr. Oung denied involve- 
ment in the scandaL 

Hualon, a textile company, is 
suspected of pushing shares in 
Imperial Hotel, one of its affili- 
ates, to a peak of 402 dollars in 
August from 30 dollars in Janu- 
ary 1993. 

No trading in Imperial was 
reported Friday. It dosed at 
293 Thursday. 

Press reports have said the 
stock had been supported in an 
operation costing 1 billion dol- 
lars a month. Four securities 
houses handling Hualon stocks 
were suspended by the Securi- 
ties and Exchange Commission 
because they were unable to set- 
tle positions in the shares. 

The houses suspended were 
Hun| Fu Securities, Riches Se- 
curities, Ta Chiang Securities 
and Feng Shan Securities. 

Investors continued Friday 
to bid down shares in Hualon 
and related companies, analysts 
said. While the benchmark 
Weighted Price Index fell 0.5 
percent to 6,62036, analysts 
said, financial stocks were hit 
hard, and companies dose to 
Hualon would continue to be 


affected by the scandal. The 
market has fallen 7.8 percent in 
three days. 

“Tilings are already starting 
to look better for the overall 
market,” said George Hou, a 
fund manager for Jardine Flem- 
ing Taiwan Investment Trust 
“But shares in Hualon and 
companies associated with 
Hualon will continue to fall.” 

The Investigation Bureau on 
Thursday detained four people 
trying to leave Taiwan on a 
fught to Hong Kong. One of the 
four, Lee Hsiu-fen, is an aide to 
Mr. Oung. A fifth person asso- 
dated'With Hualon was arrest- 
ed Friday in connection with 
the defaults, according to Tai- 
wan television reports. 

The Securities and Exchange 
Commission said payment de- 
faults totaled 3.35 billion dol- 
lars. It said it did not expect 
more defaults to emerge. 

(AFX, Bloomberg, Return) 


Glum Prospects for Japan Tobacco 


Compiled by Our Staff From Dispatches 

TOKYO — When Tsutomo Takada’s 
company decided in late August to apply 
for Japan Tobacco shares, he was all in 
favor of buying a piece of the world’s 
fourth-] argest tobacco company. 

But Mr. Takada has just canceled his 
bid. 

“My reasoning wasn’t based on the 
company’s fundamentals or recent news- 
paper reports,” Mr. Takada said. “I 
think the share is expensive." 

Less than three weeks before the gov- 
ernment's 510 billion listing, of Japan 
Tobacco will hit the market, japan’s big- 
gest stock offer of 1994 is threatening to 
turn into a colossal flop. Individual in- 
vestors make up the largest percen tag e of 
JTs prospective shareholders, and they 
have been running to brokerage houses 
in droves in the past week to cancel their 
applications for JT shares. 

On Friday, government officials gave 
the first indications that they may be 
worried. 

A front-page article in the Nihon Kei- 
zai newspaper said Finance Ministry of- 
ficials may try to dull the impact of the 
massive share offering may have on the 


market. And a government official said 
bureaucrats were looking into ways to 
make sure shares that go unsold don’t 
hurt the market. 

“The ministry is trying hard to boost 
investment confidence in the issue and in 
the market," said Louis Tseng of Leh- 
man Brothers. “But investors are wary." 

Investors were initially inspired by the 
listing of the tobacco giant — the issue 
was more than 1 S tunes oversubscribed — 
but a weak stock market coupled with the 
failure last month of another major listing 
has considerably dampened its reception. 

At 1,438,000 yen (514,400) a share, 
investors and analysts call the price ex- 
cessive, given the company's limited 
prospects for growth compared with oth- 
er tobacco companies worldwide. 

Despite JT*s 82 percent share of Ja- 
pan’s tobacco market, its price/eamings 
ratio — at 40 times prospective 1994 
earnings — is higher than those of Amer- 
ican and British tobacco giants, accord- 
ing to figures compiled by UBS Securi- 
ties. 

Japan Tobacco forecast in May that 
its current profit would rise slightly this 
year, but a drop in tobacco sales and 


increased competition from foreign 
brands may have eroded that prospect 
Traders, however, say the state of the 
stock market may have been a larger 
factor in investors' change of heart. 

Just davs before the offering price of 
Japan Tobacco shares was set shares of 
Japan Telecom Co. were priced at a hef ty 
4.7 million yen. Many traders blame the 
Nikkei 225’s descent below 20,000 for 
the first time in three months on that 
listing. 

Traders say that if the Finance Minis- 
try lists one-third of Its stoke in Japan 
Tobacco on Japan’s eight stock markets 
on Oct. 27. the share price — and the 
overall market — can only decline. 

Investors are now coming to the same 
conclusion. Of 440 winners in the Japan 
Tobacco share lottery in early Septem- 
ber. 1 10 have already canceled their ap- 
plications, the Nikkei En glish News said. 

As of Thursday, only 10 percent of the 
429,666 shares offered* in the lottery’ had 
been purchased, according to a trader at 
a Japanese brokerage. 

Japan Telecom finished 90,000 yen 
lower, at 3,920,000, on the Tokyo Stock 
Exchange on Friday. 

( Bloomberg AFX) 


[investor's Asia 1 

Hong Kong 
Hang Seng 

nose — — 

10B30 

w/V^ 
8000 

7Vrt , 

Singapore 

Straits Times 

■ 2400 t 

V 

2100 

Tokyo 
Nikkei 225 

22DOO 

"Av 

HJtXJCjP — -- 

19000 

• V 

ww M J J A S O ^MJJ 
199« 1994 

Exchange Index 

Hong Kong Hang Seng 

ASQ 

Friday 

Close 

9.2B4.88 

ISXX) 

1994 

Prev. 

Close 

9276.25 

A S O 

Change 

+0.09 

Singapore 

Straits Times 

2,330.09 

2,333.31 

-0.14 

Sydney 

All Ordinaries 

1,967.50 

1,976.30 

-0.45 

Tokyo 

Nikkei 225 

19,744.75 19.35553 

+0.46 

Kuala Lumpur Composite 

1,122.33 

1,143.43 

-1,85 

Bangkok 

SET 

1,459.78 

1,461.50 

-1.47 

Seoul 

Composite Stock 

1,065.84 

1.069.93 

-0.33 

Taipei 

Weighted Price 

6,62036 

6,65332 

-0.50 

Manila 

PSE 

2,997.16 

2,977.80 

+0.65 

Jakarta 

Stock Index 

51SJK 

511.46 

♦0.70 

New Zealand 

NZSE-40 

1.98&05 

1,998.16 

-0.51 

Bombay 

National index 

2,085.19 

2.074.03 

+0.54 


Sources: Reuters, AFP 


lllirili ill' 1; jJ HvVj.l Tnhiiie 


Japan Approves $6.3 Trillion Works Program 


Compiled by Ora Staff From Dispatches 

TOKYO — Japan completed plans Fri- 
day to spend 630 trillion yen in the decade 
starting in April 1995 on public works 
projects but left open the question of how 
to fund the program. 

The debate fueled fears that the $6.3 
trillion program, which aims to shore up 
an economy just recovering from a severe 
recession and to provide for Japan's a ging 
population, would worsen already shaky 
state finances. 

The new plan, endorsed by the cabinet, 
would replace a $4.3 trillion spending plan 
being implemented over the 10 years that 
began in 1991. 


The director-general of the Economic 
Plan nin g Agency, Masahiko Komura. said 
at a news conference that the program 
would certainly contribute to boosting do- 
mestic demand. 

The program provides for supplying 1.6 
million houses in the inner cities, plus 
improved sewer services and better traffic 
safety facilities for the handicapped and 
elderly. 

It calls for private business to lead in 
developing an optical fiber network and 
for the introduction of a waste disposal 
system in which resources and energy 
would be efficiently recycled. 

The Economic Pl annin g Agency merely 


said that each project should be funded by 
a proper combination of tax income, pub- 
lic bonds, the government’s investment 
program and private funds. 

Analysts said the planned spending in- 
crease would eventually prompt the gov- 
ernment to issue more construction bonds, 
which would in turn enhance the risk of 
higher interest rates. 

Finance Minister Masayoshi Takemura 
said at a news conference that he was 
“concerned about how to finance the 
spending plan,” adding: “We will utilize 
every possible means to secure the sum." 

{Reuters, AFP ) 


Sun Rung Kai Profit Soars 

Bloomberg Business Penis 

HONG KONG — Sun Hung Kai Properties said Friday 
that its net profit, underpinned by strong property sales, rose 
by 32 percent, to 8.82 billion Hong Kong dollars (SI billion), 
in the year ended June 30. 

The real estate development and investment concern said it 
had sold properties valued at a total of 1536 billion dollars 
during the year, up 48 percent from the previous year. 

“All properties are virtually fully let at satisfactory rentals.” 
said Walter Kwok, the company’s chairman He said he was 
optimistic, though cautious, about the outlook for the housing 
market in Hong Kong despite a fall in apartment prices of 15 
percent to 20 percent in recent months amid higher interest 
rates and government moves to curb speculation. 


Hanny to Explain Plunge in Profit 


Bloomberg Business Mens 

HONG KONG — Stung by 
the poor performance of its 
newly acquired Memorex busi- 
nesses. Hanny Magnetics 
(Holdings) said Friday it would 
try to explain its plunge in prof- 
it, after queries by the Hong 
Kong slock exchange and 
shareholders. 

Hanny’s shares were sus- 
pended from trading on the 
stock exchange Thursday. 
Hanny said it had asked for the 


suspension because its state- 
ment may contain price-sensi- 
tive information. 

Hanny Magnetics has been 
having difficulties since it 
bought the Memorex audio, vi- 
deocasseiie and computer disk 
businesses late last year. 

Aftertax profit dropped 76 
percent in the year that ended 
March 31. partly because of 
losses from the Memorex oper- 
ations. and its share price 
slumped to a low of 82 Hong 


Kong cents (10 U.S. cents) on 
Sept. 7 from its high this year of 
3.875 dollars on Jan. 4. It closed 
Wednesday at 98 cents. 


Indonesia Gets 
U.S. Support on 
Free-Trade Zone 

Reuters 

JAKARTA — The United 
States said Friday that it sup- 
ported Indonesia's efforts to get 
members of the Asia-Pacific 
Economic Cooperation group 
to agree on establishing a free- 
trade zone. 

Speaking after a meeting of 
trade ministers, the deputy D.S. 
trade representative, Charlene 
Barshefsky, said Washington 
was not pushing a fixed date for 
setting up a trade zone. 

Indonesia, chairman of the 
group of 17 countries, is lobby- 
ing members ahead of an infor- 
mal summit meeting set for Ja- 
karta in November. 

In Washington, President 
Bill Clinton and Prime Minister 
Chuan Leekpai of Thailand 
agreed Thursday that trade lib- 
eralization should be a priority 
at the summit. 


Very briefly: 


• China's Supreme People's Court has asked lower courts to assign 
more people to intellectual property rights protection. 

• Taiwan's trade surplus more than doubled in September from a 
year earlier, to $1.05 billion, mainly on an IS percent rise in 
exports led by shipments to the United States, Japan. Hong Kong 
and Southeast Asia. 

• China's civil aircraft fleet is expected to grow 75 percent within 
six years, to 700 planes, according to Chen Guangyi, director of 
the Civil Aviation Authority, quoted in the Guangming Daily. 

• Toshiba Corp. said it planned to expand color television produc- 
tion capacity at its Tennessee plant to 2 million units a year from 
the current 1.4 million. 

■ Union Carbide Corp. and Mitsubishi Corp. said they were 
planning an initial public offering to sell a 44 percent stake in 
UCAR International Inc, their jointly owned unit that manufac- 
tures steelmaking equipment. 

• Foster’s Brewing Group Ltd of Australia is seeking acquisitions 
or joint ventures to bolster its cash flow. Chief Executive Ted 
Kiinkel was quoted as saving in the Svdney Morning Herald, af. 

AFP. AFX. BUntmbcrz 


NYSE 

Friday’s dosing 

Tables include the nationwide prices up to 
me closing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


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9, Rue Drouot, 75009 Paris -Tel.: (1) 48 0020 2a 
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PRIVATISATION OF THE 

TELECOMMUNICATIONS COMPANY OF GUINEA 

The Guinean Republic has decided to privatise the 
Telecommunications Company of Guinea (S0TELGUI) through 
foreign private investment. This company has the monopoly of 
public sector Telecommunications in Guinea. 

The international request for proposals is aimed at companies, or 
groups ot companies, with previous experience in the management 
of a public sector company in this field. 

Tender documents and further information can be obtained from: 

La Division du PortefeuiUe du Minislere des Finances 
Direction Nationale des Marches Publics et du PortefeuiUe de TEiat 
Avenue de fa Republique, face a t'hopitat Ignace DEEN 
BP 2066 Conakry-GUINEAN REPUBLIC 
Tel: (224) 41.35.97 
Fax:(224)41.42.20 

it is also possible to obtain further information from Arthur 
Andersen, advisor to the government, addressing enquiries to: 

Mr. David DARBYSHIRE (Arthur Andersen - London) 

Tel: (44) 71.438.3731 
Fax: (44) 71.438.5990 

Mr. Amaud CASAUS (Arthur Andersen - Paris) 

Tel: (33) 1 49.01.3i67 
Fax: (33) 1 42.91.09.90 

The tender closing date is 30 November 1994 in view of a 
privatisation that wHI take effect 1 January 1995. 


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US CMiuMlty Eidungu 

$ 24 . 


I TOU FREE NUMBERS | 

USA 800*57-4679 

England 0800 S61Q44 

& 

SiStand 1551075 

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^ AllfBUBiaCSh 
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CVRREMCY & FVTVRES TRADERS' 


3menlhb 

• DAILY FAX SERVICE lw 36 FuUbb* - Pobbo" wilh ipeeifie ' BMi/acfe/sbpi 

ftofit ■% past 4 rwrtln wwk SIX.000. one awftaa for ooeE tignai. 

Svbioie fa 2monitt kx USS 2, 500, or C mown forUSS 6 J00; or 1 year hr S12JOOO 
‘NOTE: EACH HA5fUUMOfEY-UaCGUAUNIELW»««ndGA'i.(i9(ietBreniaeprafa inquire d»4 | 
V MANAGB) ACCOUNTS Inmun l£S35,000(.<i^4fc«u CUSTOM PR0CilAM5br TOUR hnaritofukim 1 . 
Call 305-25 T-6742 or 800-392-2664 ■ Fa«305-254-32r2 
UMHtD AVAILABILITY ACT NOWU 


TAX-FREE SPECI LATIOX IN FI TI RES 


1i> ntHyiR your trrr LiuiJr In hin% %nu> Fuuwul 
tkiArruLvf *un Irclp %iHl. .'all Mulucl MufTjy 
11 L«1 ]%*niTa« •« 1 IT | X2* 72 11 ur »«f o%- 

Ri Ini'* Pk.'l ll GurMCTuu Crfikno. 

LuuimSWU* |*L' •iwrium k Kn u««i*ft*K 


M 

r * 4 


Currency Management Corporation Plc 

11 Old Jewry . London EC2R SDU 
TeL: 071-865 0800 Fa* 071-972 0970 


MATRGIIN FOREIGN EXCHANGE 


24 Hour London Dealing Desk 
Competitive Rates & Daily Fax Sheet 
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call 07 1-895 9400. Calls are charged at 39p/min cheap rate, 

49p/mfn all other tones. 

Futures Pager Ltd. 19/21 Great Tower St. London EC3R 5AQ. 

Futures Call 


For further details on bow to place your listing contact WILL NICHOLSON in London 
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HcralbS&ribuitc 




























I V 


•n 

m 


Page 14 


NASDAQ 


12 Moron 

H^Ltm Shirk 


Hi 


IBft 6 AAOfJ 
33*. 17 *0C Peri 
30 U>-j ABT BIO 
26ft 12« ACC C a 
M I^AGEns 
42 3l'j«OTt 
fT 3 .* 31 ADC Id 
17V. 1-JftADFle* 

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23ft 1 Sft AESCpv 
13". 19'.. AK Sled 
79':. IS' k APS Hid 

S'l 14"; a 5»"II 
inft 6ft AnieTei 
30ft 7’ iAtOlHH 
31), 12'* Acclaim 
27V. 14 AcmcMcl 
17 7",Ac10! 

Uft 15ft AOVQiC 
38") IB' s Aouoni 
32”. UftAdopIcs 
74'. 10 Aa^prtn 

37V) 30 AdiaSv 
J7 is AdobeSy __ 
35', ZOftAdlran 
MV. H'.ABvHIt 
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ir. i’ . Aovr.w 
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38V, 3$ ArfvantB i J4 
?» 17 AffCmpS 

Uft ig Agn>cc g 
Uft BftAeourn 
28'-. 18' . AlrEjiC 
63ft45'>Akm 
21 ft ?'■. Alan tec 


.16 


38'. 


I? 1 -. llftAU£Ia •> 
38' i 33 Alc.«BJd 
?I'V., tw AiimFf 
12'. rft AHqnPn 


MS’i.r-jAlnSern' 


31 23'.i AJI'jmJGp 

jS'.t 7' . AionoBta 
39": 31V,Allera 
31 1 . 14' . AJtPosc 
77' . 10'.) AlTron 
92 47ft ArWerOf 
anftTCiftABntr 

i7»i. 9 1 , AmBiag 
I9'.k 14' lACKVO, 

33 10'.-. ACollod 

?t' , 12ft Am Eagle 
24'o 15' ; AmFryit 
34". JS'.Aiyrci 

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27 IJ’.AmMbSar 
30") 14' ; APwrCnv 
IS llftAPubJiih 
23** 17ftA5avFL 
37' j 77' , AmSuor 

17 V. ID". A Travel 
76'-. 19'.. Airrtcd 
57'.. Ji'.Amuen 
13 ft 8‘ • AmlchCp .06 
17* . U’kAncnBen 

19' : io' j AncnGm 
SO'.. 19' .Andrew 8 
■ 13 Andrrc 


... 31 114 W4 

-26 20 20*.« 
_ 10 19 15'*. 

.130 .7 12 224 17'/, 

_ . 5120 10ft 

..29 SS 33 
.. 28 343 39Vj 
„ „ 1843 16'/. 
35 11 

Ht 3.7 17 776 IB". 

_. ._ 3059 »ft 
_ IJ 610 78'S 

• JSfffl IR 

..mm 8‘. 

764g3PW 

.. I9I56S3 17ft 
... 8 100J 21'/. 

... 29 87 9V, 

- 22 12 M 

.. 35 701 78 

IS 65W IB". 

K 1 14. 

J 18 4 35 

A 7713375 36 
_ .. 138 30*1 
.. 72 121 28W 

:.. : £ Tl 

T 17 587 29'-. 
.9 IJ 2400 770. 
_ .. 13S3U21 'l 
100 .7 63 973 14". 

_ ... 123 12 

.34 .9 16 377 25". 

1.74e 3.1 ,. 466 5eft 
... _ 2cX 13V) 
1.7 1? 148 24’ ■ 
„ 23 US I3V» 
35 17 641 35'- 
29 746 30 

299 8ft 

416 70'.3 
161 30 V. 
_ ... 119 12*. 
.. 70 5468 77’. 
... 77 38 

.. 16 786 20”. 

ill <? ... 89 2047 68 ft 
.75 3.4 8 B«4 71 *9 

. .. 3S 16 

16 1.0 45 971 It*. 

JJ 1.7 19 52 14'-) 

_ . 273 38 '•! 

_ 30 133 73 . 
.56 2 0 IS 3517 78' a 

, 11 390 7"» 


.40 


AS 


14 14 — V, 

20% 20W - 

1 5''. I S"k — '■) 
17 17 —9, 

d 7ft 10 — *9 

J7 33 -ft 

38 V) 39 . '0 

15% 16 - ' . 

10ft 1 1 . V, 

17*6 18 V) - '/. 
30 30 — % 

38 28V, — 

13',. 13’.1 -V„ 
19 19’4 _ 

8*6 B 1 ', - W 
70". 30% - Vi 
17% 175, -1", 
W’» 31% - '■* 
«’« »”» * % 
70 30 — V* 

27'.-. 17% . V. 
17% 18% -V, 
II 11% -Ik 
34"'l.j4'ft. -V,, 

34 J5W-IW 

30 ' V m 

27 28% -1% 

15 IS '.j -% 
Aft 7 -W 

28 Vi 26% —VS 
SAW 26% - % 
20V. 21 - % 

14% 14% 

11% 11% —ft 
2S% 75% —V. 
56*4 56ft — '•« 

12% i3 

71'.-. 71 V. — '■■« 

12ft 13'. -. 

35 75 —V) 

18% 19% 


-60 50 


19 20% - 5 

29V, 29% - % 


r. 22 1609 75% 
.. 10 30IB 7 


.03e 




3018 

- .. I l6*i 

_ 39 7513 19';. 
3 . 23 17’.* 

. a 6i la-i 
_ _ 903 J1 
... 12 830 1 6% 
J< l.l 30 219 22 
_ 18 9635 52% 
.7 12 1634 II 
„ 10 539 15V. 

_ 17 IS 17*. 

33 3099 49' : 
.. 10 57 ‘ 


19% 14 
38': 22 
Iflii 17-m ALSOUS 
75'.. II Aricbeos 
11% 3>iA«JE*lr 
25 13' .ApdDorl 

33 14%ApdlnoVi 
SJ% 78’ . AptdMotl 


= - 08 % 


_ ._ 5067 
... _ 5 17% 

IJ 3332389 J7>/„ 
.1 J1 200 !75i 
J 33 1343 17'. 

174 II'. 

1364 21 V, 

37 866 34 
30 8830 45' 


21*. 16 ArbOi-OB .74 7.1 74 159 21''. 


23 13>«Arctcos 
334* 26'S ArgoGp 


30' 17% Argosy 
IS*-. 10'k ArVBcV 
2J% 76% Armor 
221k IB Arnolds 
24'.-. B'iArrsrt 
27% ll'AAscendC 
13'. FiMnwrtti 
46 24 A5PCJTJ 
34% 72 AAdCftiA 
13'-. 21 AsdCmB 
20% II As lec _ 
34% 27'iAslonoF 
38*. 71'., AtlSeAir 
32 V, M ArmdS 
27';. lI'-.-AlrioSIl 
76’ IS AuBon 
4*AuroSv 


„ 23 46 30% 

_ 8 1076 15>o 

1.1 18 470 16 
4.0 8 663 79V .4 

99 I1 15 18' 


M _J 30 638 13% 


.64 2J 21 37 23% 

40 IJ) IS 651 20 

_ 11 3OS0 10 

_ . 2442 24% 
20 S95 9% 

_ 24 955 37 

_ 1238 7 24% 


... 11 3 13’. 

744 29V,. 

1A 14 653 23% 
-. 26 7437 30’, 
736 25% 
.. 25 1257 16 
6778 SA. 


12V, 12% -% 
77% 27% » 'V„ 
76*. 38 
19 19% - V. 

64% 671* . 3 
21 21 % — % 
15% 16 — % 

16' . 76% - % 
14 14'. t 

77% 28% - 1 
22% 33% -% 
28', 28% -% 
6'i 7 _ 

24% 25% % 

6'.. 6% 

16% 16% — % 
18 19 - % 

12 12 

17% 18% ♦% 
30% j] . % 
16% 16% - % 
31 31". — % 

51% 51% — % 
10 % 10 % -"■» 
15% IS*. 

17' . I7% 

46% 48% * 1 % 
15% 16 •% 

24*. 25 1 /. - 
7% IV, . 
17". 17% _% 
35% 37 - % 

76% 17 _ 

16% I7'-.. - 'V» 
107, 11% _ 

20% 31", 

21% 33% - 1% 
43% 44% * Ik 
31 21V» — Vu 

30> » JO 1 ', — % 
15% 15% 

17% 18 • % 

38*. 38% —'A 
17% 17% — % 

55 55% 

19% 30 *% 

9% 10 

23W 24 * % 

B% S’-, — *>, 
35% 35% -1 
24% 34*. _ 

24*. - 

13% 1 21, _ 

2S*k 29V, i 
22' . 23 — % 

79% 301* - 1 U 
n-, «« *. 


.. ^ Autedk 

J4% 22%Autt4nd 
29% 13% AuloW s 
39*: 17 AvidTOl 


_ 16 584 5% 

.8 25 2713 64% 
_ IS 505 23% 
_ 36 36SB 1B% 
- 28 1273 33 


34% S 

!SV> IS*'. _ 

| - S 

63% <4 * % 

33 23V >) — Vi, 

12 V* 17% — % 

32’-.- 33 - % 


B-C 


T16 


34 28". -BB8.T 

I2'i 7'-. BE Aero 
34'.': 16 BISYS 
71 JO’.-BWCSft 
30’ : 14% BWCVWl 
25% IS BW1P .40 


33% ISHBakerJ 
24 10 iBatvGm 

33%29%BanPonc U» 
74% 54' : BcOne PlCUO 
45%24%BrcO<Slc J2r 
26'.-: lB'.BoncKC 
21% 12*. Bk South 
3S':3l'.Banla 

36% 12*.BanvnSv 

19 !3%BoreRs 

20 10 BarotSs 
37% ZS'.BosseltF 
15% 9*, BayRitJoe 
65". 43’ . BavBks 1J0 
35% 73’. Bed Bath 

16 7 BellM-c 

49%IB%BellSct 
7*. 3'iBenrCG 
42*. 33 Berkley 
26 a*, Benue, 

21’: 13 BestP-ivr 
55*.27'-.Btfgen 
13% fl'iStonw 
7', 2 Btoseoro 
6 7 BiaTcG 

13% 8*h BIckBx s 
35 TJ’.BoalBnc 1J6 

18% 8’ .-Borina 
41% 29 B«1 Be 
25% l6%8osrOi & 

14*. 6' jBcslTc 


4.1 9 379 

... 34 20 

„ 75 100 
19 6141 
... II 3468 
12 203 27 

... 32 33 

407 



AMEX 


Friday's Closing 

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


12 Mown 

►egn low ilod 


Dm VM PE I Ota Hdi LowLdetfOTge 


34 E8 


9% B AIM Sir 
37 73'. ALC _ 

11, hAMInwl 
141, 9V,AMC 

26V. 20' '. AMC pt 1.75 7 J 

5 2’iARC _ 

36’ ■ 71 WARM F pf 238 10.0 
3 lVuASR ,18e 8.2 

75 » 61", ATT FO 2.72e 4J 

S>, 4*i, AckCom _ 

3>-'i. 1% Acton 
i», if- 1. AdmRvc 


8 B 8 
31% 31% 31% +V, 
l% 1*, 1% — % 
12% 12 12% _ 
34% 24% 24% —V. 
2*» <J2Vi, W„ _ 
22V* 21% 22% *>* 


5% PiAdvFin 
17", 1 


1-55 13.8 
1 .50 9.6 

1.32 SB 
IS .6 


jIOWAOvMot 
7- it HAdvWIMT 
51: IWACvPhot 
16% 4' :AlrWat 
S'-. 3"..A^Cure 
3'Vu 3% a'j-coc 
7*. 6 Atamco 
5% 3' : AlertCl n 

ld’,16 AHoagnnlA4 

2% %Ainn 
15% 2', AlldPsti 
11% 7% AltouH 
6% 3 Alonaln 
9% 4%AIcnOr 
10% 4% Amcmi 
I 1 : ' : Annum 

14% ?%AF5TP? 

20% 15* :AF«RT 
75’ : 20' i ABkCT 
30 15% AmBillS 
3% r -iAmEco i 
l'-i, 1%AE.pl 
14": 3 i, AIM 84 1.42c J9.2 

16%I3% AIM85 1.56 11.1 
l4>kll',AIMUn 1J0 103 
15 I r : AlMB8n 940 8.2 
S3 3*% Al$roe* J3 b 1.1 
23' 1 15' < AAilTPA 64 2 7 
14% 6'aAmPoan _ 

9% 6%AREInvn .81 118 
11% 7',ARi-6tr 64 8 3 

6 s , 2% ALoE 
13% t’.Ampai 
2% '.Arrmalwt 
34", 9% Anarra 
5 1% ArqMtg 

15% v . AnoPar 1450c _ 
10% 3”, Anuhco 
14% S'kAcroann 
12 % 2-,Art,»m 
4’ ■ I AMrwe 
I?'. 7', Atari 
J'm S'.AManJia .10 1.7 

': '.AtlsCAl 
18% 6 %AuOvdv 

'.Auore _ 

9% 4%AurorEI 
J", 7 Arcon 



B6 

2% 

2Vu 

TVu 


.. *137 

AS 

63ft 

65 

1 

22 

25 

5*. 

5*6 

5*6 

— ft 

116 

1 

2V„ 

TVu 

2*'i, 

♦ft. 

13 

97 

7% 

7 

7% 

— *6 


73 

l". 

lft 

lft 

♦ Vu 

5« 

12 

16 

15% 

15*k 

-V, 

5 

216 

1 


1 


_ 

B6 

I'Vu 

l'ft. 

l'ft. 

♦ Vu 


323 

7W 

6’, 

7W 


313 

54 

3". 

d 3 

3W 


16 

<0 

3 

3 

3 


IB 

IS 

AW 

6*6 

6*6 



41 

3'", 

3 

3 




44 

16% 

Uft 

16", 

■9 'nB 

_ 

84 

ft 

'ft, 

ll 

♦ ft, 

IB 

374 

4'., 

3*6 

Aft 

1 

11 

56 

8"k 

8% 

B'.'k 


_ 

80 

61, 

6V, 

6", 

-ft 


1133 

8 

7", 

7ft 

— V, 


1252 

1105 

31 

8 


B*h 8% 

1% 1*14 


10 

40 

121 

141 

129 

94 

n 

2 

45 

174 

37 

5 

30 

55 

40 

160 

32 


SVfc — % 
l*U— 4% 
11 % — 
15% — % 
22% 

34'/: — % 

2% — Vit 
1% 

3% *V, 


14 


ir% n*k 

47 


23% 23 

8% r. 


yv* 6-. 

71* 7*4 


S% 5% 
% 


50 


63 

1912 

35 

23 

174 
1133 

175 

339 


B*k 

B’-t B% 

J** J 1 -, 

TV,. 2% 


** V H 
0% 7*. 

T% IV- 

5 4*. 

2 % 2 % 


11% — % 
II *i _ 
47 *9: 

23% +-% 
B": ■» *« 
6% — »A 
7*4 — % 
S*k *'* 
8% — % 
l';„ *Vii 
21% .. 
5% ... 

’* — 
8Vj — % 

fl'-i _ 

3". — Vk 
2% _ 
6** -V, 
SVm — 
% 

VM *% 
l 1 '. _ 

4*. _ 

2U* ’'/it 


1% ".,BSHWc 
S'* 215B&HO 
17'i II 1 . BAT 5 
8?%.'7%BHC 
ll S'.Bovcr 

5% j'.Baldw 
23% )9%BonFd 
?5 >.:I"jBTcv7' : 
75' . 20' . BT CV7% 
■■uBanvHI 
2% UiBcnvnSn 
26% »4%BarrLh 
22 >■ 6%BorvRG5 
71 ir.iBarMCO 
5 3"«Bovou 

3% P .BSJOnwt 
36% ?9v,BSMRK n 

3'.,, ■' -Beimac 
3*-« IS’.BcncnE 
8': 6"«eenEve 
101 82' iBetoCn 
15% 4%BrtoWeH 
23%l9)e.rkMl 
?5% 10 BORA 
75 , lO .fiioPB 
3% '-.Busonm 
9% J'.&ovnil 
3"% r/.i&icAPo 
U'.IO 8O.BI09 
ta%1l'.BCAlQ 
14% 11 BFU1Q 
14' .11 BN VO 
i' 36' ; BJaitCD 
35%2P*EUK4ino 
45’ 1 16%BlaunlA 


15C iS 
J3c 18 


1 91 e 8 7 
I 88 B 8 
1.90 8 9 


.30 l.B 

3.0« 57 


27 1% 

3 3% 

S3 13% 
8 77% 
98 4% 

265 
27 

J 

14 


IV- 
3", 
13Vj 
77". 
4'-k 
». 5*. 

22% 71’i 




2.00e 7.2 

.40 19 


16‘. 13% BoddlC 
21% 16%l 


iBowlA 
5% i%Bowmr 
28' : 14'-,Oownc 
9% 7' iBraflRE 
17'.. O’.Bfondn 
5'.: I'iBrandviv 
15% 91 , Brven g 
3% ? .BroekCO 
3-.., I'.iBoWon 


■ 05 105 
,79 a 6.9 
.7*0 7J 
79 6.9 
2.05c AB 
70 2 1 
.57 IJ 
1.94 8.7 
.73 4 1 


36 2 3 

.64 8.5 
?E 1 8 
67 e 148 
1.04 7.5 


71% 21% 

A. Vi, 

17* 1% 

J2 23 % 92’i 
170 20% 30 
12 16% 16% 
10 3% 3% 

22 7% 

»14 J5% JS% 

420 % 

67 25% 24". 
B37 6% 6% 

3 90*8 90*9 
222 5% 5V4 

3 31*. 21 
S05 75', 25 
3 25% 25V, 
332 'Vi» *4 
221 UlOV. 9% 
JO 3** 3*4 

*34 ID d 9% 
*10 11'', H", 
X16 lO'.fllO*'. 
*72 ll',dI0% 
IS 43% 42*1 
3 X3'-4 33% 
81 43’. k 43 
8 I4% 14% 
? 1744 17*4 
13 3'. IV* 

546 17 16*4 

361 TV: d 7'/. 
25 15% 15% 
37 
28 


62 


13V. 135* 
2'Vu ?'V* 
V- - m 


IV- —flit 

3% *-V„ 
13Vu -Via 
77 V. 

4% *'/■ 
5*1 *V, 
71% — 
71*4 — % 
21 % — % 
- 

11, ma 

23% —V. 
20% *«, 
16% _ 
3% ... 

3'V— -*« 
15% * % 
_ 

74*. — *• 
6*4 -% 
90*4 ♦ % 
Hi • '.k 
21 

25% „ 

25% *% 
% _ 
Mi 

3*4 * >4 
10 * % 
11", ‘ '4 
10% —H 
11*4 *'.» 
42*. . V. 
33% — 

43 -14 

14% _% 
17*4 — % 
3V. ... 

16*4 — % 
7*/j -'A 
15V, — % 
AVl) -% 
13% - 

2'Vi. ■'/- 
1"% -V- 





Friday's 4 p.m. 

This list compiled by the AP. consists of the 1,000 
n»ost traded securities in terms of dollar value. It is 
updated twice a year. 


Div VW P£ loos Han Low Lores aroe 





16 fc*6BOwv5ov 
5»v,3IViBro«l 
36*431 *4 HdvflBe 
18W11 BrogKsm 
7IU M'-SraGwir 
1A'.4 ioV,BrTotn 
11% S'* Bruno* 
37% I4'/.BuMK 
34% 15 C -CXI BE 
16": 10 CAiwne 

44Vj37'.5CCB Fn 
42% 13'iCCOR 
29% to CDW5 

17*4 BHCoteena 
31% 9% COMO 
3n616%CatNUe 
18% 14 QjmbToi 
14'/. 30'*CWinsA 
90% 9»'.«Canonl 

20 >4 U'ACarousrr 

21 li'ACaregrHz 
22'A 10%CarsPir 
52% 21 CascCom 
13% lO'/.Coaovs* 

9'.i - 


-2^ i5% 

3W9 23, 

_ _ 347 13*4 ._ 

_ _ JOB 15% 14% 15 —YU 

_ S2T7701 SO Vi S4%57V4-S% 

_ _ 103 33% 31% 11% —44 


iVt :% 


. _ 13S 13 
.227 405 13% 
20 9650 jOJk 


15 V) 

12. 13 -1% 

13% 13% ._ 

9% 9% 

14% 14"/., — V- 


21V. 

is r,i oivtiE s 
19*4 8 CothSlr 
24% B'.bCcto Cn 
31 17 Ccriadan 

34% I3%ca<e4nd 
36% 17%Coi[Prc 

S??jS^ESlfek 

74*. 7%C6UrTc6 
2J'* 14 CantCel 
IB l0*4Ccntr&t 

a 



10 C*n 
. 8%C£P 

34% 75*6 


I9',i 8. CmsWfl 
J9% 23% Cem&r 

36% !8v.CervBC*r 
14% 7V.OinT\5tl 
35 l7*4QHOnF S 

is 3%cnec>'-6rs 
24% 13% OWSCfc S 
22 JV.OwsEna 
19 7%CnKX6 5 

&o% 31 %Ch locnm 

r/M 3%anpsTc 
96 SO*«OUron 
21% 7%OUW1d5 
28% IS CidCO 
59% 50 Cm.iFtn 
35'rt 24% On Ins 
44% 24% CJTUS 
40% 18%Cisa)S 
22% IS%Otlajstr 

28 1 1 % CTrntcom 

47 77%CstHlttl 
55*. 25 Cobra 
41V, 24 CocaBtl 
7% 4%CodaEn 
24% 16 Cofkndp 
28 II Coqnex 

19% ll'ACTavlor 

!£} Jwgl® 

34% 17 Comer 
28% UWComcats 
26 14%CfncSC6 


A3 a 1.7 
ID IJ 


17 972 

S 

... 370 
_ 125 
_ 1557 
- 1369 
37 448 .. 

10 1442 

1121781 
8 655 
32 1060 

3i n 

27 520 
12 1264 
34 ZZ72 

*s 

IS 275 
29 1198 
Id 6497 
7343901 


lJ% 

18% 

20 % 

ir/* 

54 

M’-i 

ms 

% 

30% 

Stt 

36 

7% 

30% 

4% 

18% 

20 % 

8% 

52% 

5V. 

63% 

12 % 

25% 

52% 

34% 

28 

Z7*i 


9% 19*9 — *9 

14% 46% -1% 
2 13*9 «% 

IS. 15% -% 


8 % 8 % - 





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14*9 12V. Weiterted 
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11*9 2*9WslwOn 
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75ft ISV.WhlFds 
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74*9 12ft WiekLU 
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17% 8 ZateQ) 
40ft 73% Zebra 
78% 13 ZenLaos 
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lift 8ft Duplex 
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5h I 12 Month 

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219 1 Laearg 
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lift 4ft Laris: 

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4J 9 28 1 5)4 

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217 2ft 
164 3>Vu 
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INTERNATIONAL 





DRST COLUMN = 


The Best 
Regulator Is 
Yourself 

D URING a recem U S. Senate 

hearing concerning the well-be- 
uig of financial markets and the 
protection of individual inves- 
tors, Arthur Levitt, chairman of the U.S. 

snd Exchange Commission, 
said he was worried. 

^ He said he feared that more American 
investors were putting their savings into 
1 ° ves . lol cnts they didn't understand, and 
that in a market downturn, these people 
might clamor for Congress to impose 
stricter regulation on the securities indus- 
try. But excessive controls on the widely- 
misunderstood group of securities known 
as den vauves, he added, might not be such 
a good idea, because derivatives can re- 
duce risk as well as add to it. 

Mr. Levitt’s observations are well tak- 
en. First, more Americans are indeed in- 
vesting. And mutual funds, which increas- 
mgly use derivatives to hedge in equity 
and bond markets, have become the vehi- 
cle of choice. 

As for some investors not understand- 
ing financial markets, Mr. Levitt is right 
on target. Amid today’s investment phan- 
tasmagoria, even some professional inves- 
tors don’t grasp areas of the markets in 
which they do not regularly deaL Nor, 
perhaps, should they be expected to. Your 
dermatologist might be a doctor, but you 
wouldn’t ask him about brain surgery. 

Even though Mr. Levitt has put togeth- 
er a panel of experts to explore controls on 
derivatives and the funds that use them, 
however, investors in the United States — 
and globally, for that matter — would be 
wisest to watch out for themselves. 

Why? Because educating oneself about 
complex financial instruments is a much 
better way to protect an investment than 
flying on regulators to do it for you. If you 
take that step, you can explore which funds 
use which types of derivatives, and to what 
extent, and then make your own informed 
decision on whether to invest 
If you don't bother to learn about things 
yourself, you might aid up like one of those 
people who gets rick from eating too many 
pastries and then sues the bakery for mak- 
ing them sc* irresistible. ■ ■ • , - r * 

And no one wants to end up like that 

P.C 


Fund Leaders by Sector 

Best performing internationally-domiciled funds through Sept 29, f994. Value of $100, income reinvested, excluding charges. 

Equity Funds 


Bond Funds 


Over -one 


JF Thailand 211.11 

Nicam Philippines Fund 207.27 

JF T aiwan T rust 1 99.39 

Baring Korea - 197.45 

Prov. Capital Thailand 1 95.84 

Fidelity Funds Thailand 1 95.84 

Eternity 189.84 

! Invesco Taiwan Growth TB7.87 

CL Pakistan Growth 1 87. 1 5 

Barclays ASF Philippines 1 83. 1 5 

Infinity 45822 

JF Thailand 405.31 

Aetna (FE) Asean Development 394.69 

Marcuiy Gold & General 302.64 

Prov. Capital Thailand 382.53 

Thornton New Tiger Philippines 379.95 

.. Abtrust Adas Gold 373.90 

JF Malaysia 365.36 

JF India 381 .40 

Fidelity Fds Thailand 359.88 

Schmxc McropaL ' • 


[ Over, one year . 1 

Pacific international Bond 

157.42 

Star High Yield 

Garantia Debt 

Perlorma US Fixed Income 

CS Fixed Ini SFR 7% 1/96 

132.36 

127.31 

124.34 

124.03 

122.80 

InverSud investment 

ABN AMRO Inleresl Growth BEF 

121.37 

120.31 

120.31 

Paribas Shorflnvest 

119.94 

[owr th'oo yaai*. | 


Daiwa: Onginal France BondMix 193.30 

Sogelux Fd F JPY Bond — 1 90.01 

Bond Valor Yen 185.33 

LO Obiiglex D Japanese Yen 1 83.67 

Multiscor Yenbonds 1 8029 

Pa/vest OMJ Yen A (m) 1 78.49 

Yen Invest 17029 

Yamaichi: Second CB Open 1 77.82 

B8L Renta Fund Yen D 1 77.58 

Aptrust Fixed Interest 175.81 


Money Market Funds 

B 

Five Arrows CFL Italian Lire 146.55 

Lloyds Inti MMF PTE 121.26 

Money Plus /Bef) Dist 1 21 .05 

Money Plus (Bef) Cap 121.04 

Hermes Cash 121.01 

Lion Interinvest Cash LUF 120.93 

Five Arrows IRL Danish Krone 120 75 

Euro Money Market A BEF 120.74 

Fiver Arrows CFL Danish Krone 120.66 

SBC Money Market Fund ESC 1 20.58 

JF Money Fund JPY ._ 155.90 

CS Money Market Fund JPY 155.33 

UBS MM Invest Yen 1 55.32 

SBC Money Market Fund Yen 154.73 

Citicurr YEN Portfolio 1 54.54 

Aetna IUF Yen Reserve 1 54.31 

Guinness FI GSF Yen Money 753.71 

Lloyds Inti Liquidity JPY 1 53 64 

Guinness FI IF Japanese Yen 153.53 

BBL Ren la Cash JPY D 153.45 



Nimij,- ■Vi.n, 


Still-Tepid Deposit Rates Heating Up Stampede to Income Funds 


By Barbara Wall 

T HE WORD from many on Wail 
Street, in The City and in other 
financial centers is that the dash 
from cash into bonds or equity 
plays should continue, despite the pros- 
pect of further modest interest-rate in- 
creases across international markets. 

Indeed, one analyst at NatWest Securi- 
ties in London said that even the most 
bullish forecasters do not foresee cash 
investments becoming much more attrac- 
tive in the near future. “With deposit rates 
hovering around the 4 percent mark,” he 
said, “retail investors will continue to look 
for investment opportunities in bonds and 
equity income funds.” 

Adam Greshin, portfolio manager of 
the Luxembourg-based Scudder global 
opportunities fund, added that many mar- 
ket watchers are especially bullish on 
bonds. “Bond markets are looking partic- 
ularly attractive at the moment because of 
exceptional high yields,” he said. “With 
yields approaching 12 percent in Italy and 
Sweden, 9 percent in the U.K. and 8 
percent in Germany, the investment op- 
portunities are just too good to pass up.” 

Although bond funds lend to offer low- 
er yields than buying directly into the 
bond market, they still look attractive 
compared to short-term deposit rates and 
money market funds. Scudder’s interna- 
tional bond fund and short-term global 
income fund, for example, currently yield 
around 7 percent. The U.K.- invested 


Schroder gilt and fixed-interest fund 
yields 7.6 percenL 

Admitting that bond markets are vola- 
tile, Mr. Greshin said be nonetheless be- 
lieves that the threat of inflation has been 
overplayed- “Higher inflation lends to fol- 
low close on the heels of interest-rate 
rises," he said. “But what we are seeing at 
the moment is higher interest rates dis- 
counting the prospect of higher inflation 
— a prospect that is unlikely to be ful- 
filled. This unusual scenario makes bonds 
look very attractive indeed." 

The arguments in favor of bonds may 
appear persuasive, but some professional 
investors say that caution is advised. 
“Bond markets have been through a tur- 
bulent period and many bond investors 
have suffered as a result,” said Robert 
Burden, a senior fund manager at Berry 
Asset Management in London. “Bond 
funds are marketed as high-income, low- 
risk and low-growth investment vehicles. 
However, over the past few years, only the 
latter claim has held true. 

“If you believe in the low-growth, low- 
inflation story of the 1990s. then bond 
funds may be for you,” he added. “None- 
theless, they should be viewed as long- 
term investment undertakings. The threat 
of creeping inflation is omnipresent and 
many of the markets still have a rough ride 
ahead.” 

Mr. Burdeu said he currently recom- 
mends direct investment in British gov- 
ernment bonds, known as gilts, over bond 
funds. For investors set on funds, howev- 
er. he suggested dealing with well-estab- 



• Total expense ratios 

• Gening to know fund managers 

• Perils for U.S. expatriates 


lished investment houses with internation- 
al expertise such as Barings or Guinness 
FlighL 

“A strong technical team is needed to 
follow and understand currency move- 
ments and political risk in the diverse and 
unsettled global bond markets,” he said. 
“Unlike equity fund management, there is 
no room in the bond business for person- 
alities. Technical expertise comes first." 

Leonard Klahr. a senior fund manager 
at Capel Cure Myers, the London-based 
asset management concern, said that U. In- 
equity income funds are currently in 
vogue. He acknowledged that the fate of 
equity income funds is invariably tied up 
with events in the bond market, but said 
he believes that U.K. equities should surge 
ahead under their own steam. 

“U.K. companies have had great diffi- 
culty maintaining dividend payments dur- 
ing recent years, but there is now some 
scope for higher yields along with im- 
proved growth,” he said. “Forecast yields 
are of at least 6 or 7 percent. Of course, the 
picture will be even more impressive if the 
bond market is able to maintain a strong 
position.” 

Barry Woolfe, investment director at 
Mercury Asset Management in London. 


said that the United Kingdom is the stron- 
gest market at present. “We are under- 
weight in the United States because all the 
indications are that the rate of profits 
growth will slow down there,” he said. 
“Continental Europe, meanwhile, is look- 
ing rather unsettled and there is serious 
concern as to just how much of the much- 
vaunted European economic recovery has 
already been valued into the markets.” 

Indeed, large sums of money are flow- 
ing into U.K. equity income funds. Dur- 
ing the first six months of 1994, according 
to NatWest Securities, net unit-trust sales 
ip the United Kingdom totalled £5,3 bil- 
lion (S8.6 billion), with £1 billion, or 19 
percenL directed toward U.K. equity in- 
come funds. These funds accounted for 1 1 
percent of total unit trust sales in 1993. 

Mr. Burden noted that some equity 
income-fund managers use fixed-interest 
investments as a means of taking the pres- 
sure off slock selection. “As well as look- 
ing for a good investment mix. investors 
should concentrate on funds with consis- 
tently good dividend payouts," he said. 

Heading Mr. Burden’s list of recom- 
mended equiLV income producing funds is 
the Prolific high-income fund, a U.K.- 
authorized unit trust with a 20-year record 
of growing dividends. He also tikes the 
Perpetual income fund and the Credit 
Suisse income fund. 

“Those funds have suffered the odd 
glitch in performance over the years.” he 
said, referring to the Perpetual and Credit 
Suisse funds. “But they stand up in terms 
of total returns.” 


Capel Cure Myers says it plans to 
launch a new equity income lund within 
the next few weeks. The fund will be 100 
percent-invested in the United Kingdom, 
with 20 percent of the fund in convertible 
securities, up to 15 percent in utilities, and 
the balance in equities. The targeted yield 
is 5.75 percenL 

“As far as international equity income 
funds are concerned, investors will have a 
difficult task finding a fund that offers a 
high yield," said Mr. Burden. "The U.K. 
and U.S. are the only markets where yield 
actually means anything. Most continen- 
tal European and Asian investors like to 
see their returns in capital rather than 
income, so any profit is immediately 
plowed back into the fund rather than 
distributed.” 

The average yield in the international 
income sector is currently about l .5 per- 
cent. and half of the funds listed in this 
sector do not pay dividends at all, Mr. 
Burdett said. 

“A notable exception is the Kleinwort 
Benson offshore equity income fund, 
which yields 4.9 percent.” he said. “Also 
worth considering are some of the U.K.- 
based international equity income funds.” 

Mr. Burdett said that, although money 
market funds are looking a tad more at- 
tractive because of the small rises in inter- 
est rales, it is probably still too early to 
invest in them ye L “As these funds are 
largely invested in treasury bills and short- 
term deposits,” he said, “they can only 
perform relative to current interest rates.” 


i 


i 

i 


I* 


i 


I 

I 

I 


OUR OFFSHORE 
RANGE 

FEATURES ONE 
HIGH POINT 
AFTER ANOTHER 

Our success is built on a 
management philosophy which 
allows our fund advisers complete 
investment autonomy in the 
major economic markets of the 
world, giving them the freedom 
to develop the strategies mosr 
suited to their chosen area of 
investment. 

As a result of this approach. 


If you're looking for consistently 
jiinji investment performance and 
a comprehensive choice of fonds, 
why not let Perpetual point you 
in the right direction? 

From broad-based interna- 
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focus on one particular geo- 
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ranse covers the world, providing 



the highest quality investment 

man.iiioiiienr- 


seven of our nine offshore funds 
are in the top 25% of their 


"oFFSHOREPUND 


^TUftLOfKHOREWWW 


International 

Emerging Companies 

American Growth 
fir EisterA Growth 
iapanese Growth 
European Growth 
UK Growth 
Global Bond 
Asian Smaller Markets 


SINCE LAUNCH 


lAWCKOtf* ■ 

;%OfM BBT. 

.few whom 

..'v. %.6MM6E . ^ 

25-143 ; 

+486.4'.: 

■ 3 out of .27 V 

.. +6i S' 

8-+8S 

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+100.7 

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+2.7 

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83-93 

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TX but of 86 ' 



OVER 5 YEARS 


particular sectors in the period 
since launch, and of these, four 
are the top performing funds. 

It has also seen qualitative 
fond management analysts. Fund 
Research Ltd, assign our American 
Growth, UK Growth, Far Eastern 
Growth, Emerging Companies 
and International Growth Funds 
their top AAA raring, and our 


Japanese Growth Fund an AA 
rating in their in-depth assessment 
of funds and fond managers. 

And last year, wc were 
awarded Investment Internationals 
prestigious Rosebowl for 
Offshore Fund Management 
Group of the Year 
and Offshore 
Equity Fund 


Management Group of the Year 
for the second year in succession. 

For more information, 
telephone Marion Buchanan 
on +44 534 607660. or 

send her a fax on 

+4 4 534 3S9J3. 



Perpetual 

Independent Fund Management 


Alternatively; fill in the 
coupon below. 

^ 

To: IVrpctuj] Unit Trust Management (JercO 
Limited. PO Box 45y. d’Hjutmllc Clumbvn. 
Scale Street, St Hchcr. Jnx-v. JE4 sWS. 
Choline! Inlands Ptaise si mi me Jet.iih on 
Perpetual* range of Qtfchurc funds. 

Important. pnul ..'rjrly 


Print Name _ 

iMi/Mn/Md 


AJdms 


.Pbacivk- 


7,4 r site pa* 


S ora*. 5 1,1 


ft, Fumb h** *hicvcd ln P ‘F“ rl,k ' Performance. Fwraons are to 1st 


September IW and arc on an olTcr-to-offcr US Dollar basis, inclusive of reinvested income, net of withholding taxes (source Micropa!) Past performance is nor necessarily a guide to future performance. 
The ealuc of an investment and the income from il can go down as well as up 

























Page 16 


ABC INVESTMENT A SERVICES CO (EJ» 
Mwomo-BoArout,PO 280tF* S2X63 T1 532215 

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m Alpha Pacific Fa (Aug 31 U 

m Aloha SAM- ■ ■ * 

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m Solus inn Fd (Aug 315 S 

AMSTEL (ASIA) LTD „ 

■* Sorlnter Joann Small CO l— S 


arral associates ltd 

■* Ajtoi American Quont RJJ 

I* A/ral Asian Fund S 3TLTV 

w Anal Inll Hedge Fund * 214.10 

ATLAS CAPITAL MANAGEMENT LTD 
0 AlfcB Glfl &o ' F n ---* n. 79 

BAIL 13 Place Vendome. 13001 Pari* , 


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inmrmarket Multicurrency Fund 


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d BBL invest America S «Sxl 

d BBL Invest Belgium BF 

d BBL Invest For East Y 1592830 

0 BBL Invert Asia S 6»AJ 

a BSL Invest Latin Amer — i vow 

d BBL nwtf UK £ 231-0 

a BBL LI Inv Goldmines S _ 1*5-17 

d BBL Li invest Europe LF i 3ia J0 

d BBL L invest world LF 33W» 

d BBL L) Invest Base Metoiss 556.94 

d BBL FI invest France FF 41W3 

d BBL Fj Rentatund FRF — FF 1463135 

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d Renta Cash SJltedlom DEMDM 5711.45 

d Rtfflo cast! 5-MedlurnUSD S 303L96 

B ANODE BELGE ASSET MGMT FUND 
Share DlsirlDutor Guernsey 0M1 72*414 


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tr Pletede Environment Ea — S 8156 

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tr Pleiade Doltar Reserve J ioi90 

w Pleiade ECU Reserve Ecu 105.M 

w Pleiade SF Reserve -.SF 10334 

tr Pie lode FF Reserve FF ___ 10*32 

BARCLAYS INTL FUND MANAGERS 
Hare Korn Tel: IBS) 0261900 

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INTERNATIONAL FUNDS 


OCL 7, 199« 


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KErE^AS^T MANAGEMENT LTD 
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FlflOl Prices 

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INVESCO I NTT. LTD. PUB 271, Jersey 
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d Natural Resources nv A — 5 
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24/F Urn Tower Centre. 89 OuMfBwavXK 
Tel 1852)867.48* Fax (852) 994.03* 


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fl Class B S 9754 

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MCKINLEY CAPITAL PARTNERS. LTD 

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l France FL- Dutch Florin; 
vdlablaiKC.- 


w Europe Grontn Fund N.y._Fi 
w Japan Divenil«d Furor — S 

nr Levereced Cca Hole S 

MERRILL LYNCH 

d Dollar Assew Portt=Ho S 

a Prime Row Psrtteiie S 

MERRILL LYNCH JHORT-TERM 
WDPLD INCOME PORT=OLlC 
e cum* — | 

GLOBAL CURRENCY SONS SERIES 
AUSTRALIAN OOLLAF PORTFOLIO 


4 -,7a I w novc Ld Pscittc inv Co — 5 
?2j5 0 Pacific Arbitrage Ca .— — -j 

ttM I mPJ_ Country wrnt Fd— — S 
I C Resen: Giw Am Grmfd-J 

■,» i o Pegent Gibl EuraGrtn Fd-S 
lOM i Reaenl Gibl Inti Grth « — J 


d Colewry A 

0 Category a *5 

CANADIAN DOLLAR PGRTFCUD 
tf Category A CS 

CORPORATE HIGH rSCMilPTFL 

d Gas A-l 5 

0 Class a -2 s 

d CKSUB>I. 5 

0 Class B-2, — _ — — S 


DEUTSCHE MARA PORTFOLIO 

tf Category A— ■■ ..cm )ik 

a Category B 3* 125: 

EUROPEAN BOND PORTFOLIO (DM) 

a CktM A-l 5 135; 

0 Class A -7 J TS39 

d Class B-l S 1355 

d Class B-2 5 T4.94 

EUROPEAN BOND PORTFOLIO (USSI 
caoUA-l DM 49? 


0 Class A 2 EA*. 

0 Class B-l S 

d Class B-2 i 

POUND STEALING PORTFOLIO 

d Ccieearv A : 

tf Category B i 

US DOLLAR PORTFOLIO 

a Caiegorv a — —5 

d Caterer* 3. 5 

YEN PORTFOLIO 
d Category A — 1 


MULTI CURRENCY BOND PTFL 

tf CI«SA S 

0 Class B — 5 

US I FEDERAL SECURITi E5 PTFL 

0 Class a S 

d Class B s 

MERRILL LYNCH 

EQUITY I CONVERTIBLE SERIES 

a Acrr ir«i nc nnorzn' irt 


BASIC VALUE PORTFOLIO 
d Class A S 

CONVERTIBLE SECURITIES PTFL 

0 Class A S 

d r ^ 7 ^^ n c 

GLOBAL ALLGCATiry; PTFL tUSS] 


Sl®. 8 ' 

d Class A 


SAL EQUITY POPT=OLIO 


EUPO^OUITY PORTFOLIO* 
0 ClassA S 


w Wilier Japan Y 

wWhler South Easl Asia 5 

w Wilier Telecom s 

w Wlllertunds-WliierBantf Cans 

wWlllertimds-Wlllerea llo[v_LtI 

w Wlllertunas-'Alllerea NA S 

MULTIMANAGER N.V. 

mWorta Band Fund Ecu 1268 

mEreopean Equities -Feu 1149 

m Japanese Eauliles — Y 881 

m Em e rglnB Markets . 5 2371 

m Cash Enhancement 5 937 

m Arbitrage S *93 

m Hedge . 5 Ilia 

NICHOLA5-APPLEGATE CAPITAL MGT 


0 NA Strategic OPbortumliesJ 
w NA FtexttJe Growth Fd S 

WOMURaInTLCHONG KONG) LTD 

d Nomura Jakarta Fund s 

NORIT CURRENCY FUND 

mBCL USD i 

J»BCL DEM DM 

mBCL CHF SF 

mBCL FRF FF 

mBCL JPY _Y 8 


w Outtmo Emerald Fd Ltd — S 

w Oallma Fund s 

0 Optima Futures Fund » 

wOollma Global Fund S 

ivOottmo Ferlcuia Fd Lia — 5 

w Optima Short Fund 5 

0 The Plallnum Fd Ltd S 

ORB1TEX GROUP OF FUNDS 
d Orbiiex Ada Poc Fd. 5 


d OrottexCamAinfaTechFiH 
d Orbiiex Growth Fd 5 


0 O roller Health & Envlr Fa J 
0 OrbitM Jaoan Small Cop FtfJ 

0 Crbite* Natural Res Fd CS 

PACTUAL 

0 Eternity Fund Ltd. 5 

tf infinity FundUtf 5 

tf Novajfnr Fund — S 


PARIBAMROUP 

w Luxor, . 

0 Parvest USAS 

d Parvcst Jrecn B -. — 
0 Parvest Add Poc If B. 

d P cr v ej t Europe B 

d Parvest Holland 8— 
d Parvest France B__ 


d Parvest Germany B. 
d Parvest OofFDariar E 


tf Parvest Onil-DM 0 — _OM 

0 Parvest OWL Yen B Y 

0 Porvesl OtUFGukten B Fl 

0 Parvest ObIFFrancB FF 

d Parvest Obll-Ster B i 

d Parvest Obll-Eai B_ Ecu 

a Parvest odCseiux B. ,LF 

tf Parvest S-T Dollar B s 

d Parvest 5-T Europe B Ecu 

0 Parvest S-T DEM B DM 

0 Parvest 5-T FRF B FF 

0 Parvest S-T Bet Plus B BF 

a Parvest Global B LF 

0 Parvest I nr Bond B I 

d Parvest Otril-LIre B Lit 

asBffif r* 1 "*— ■* 

d Parvest Obil^anare B Cs 

d Parvest Obii-DK KB _dkk 

PERMAL GROUP .. 
f Emerging Mkts Hides S 


f FX. FhanckdsS Futures —5 

r Growth MV. — 5 

f investment Hides HV S 

t Media & Communications $ 


. Nascgl Ltd 

PICTET* CIE -GROUP 
0 - - - - - * 

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•v PC-F Germoval jUix) DM 

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wP.CF VDiBser ILuxl Ptas 

w P.CF Valhalla ILuxl Ut 

w PXJ= Vartrance IU«) FF 

0 P.U.F. VaRntd SFR (Lux) .SF 


w P.U.F.vatbond USD (Liwi J 
w PUF. Valbond Ecu (Lux) -Ecu 
0 P.u.F. Valbond FRF ILu*)_FF 


wP.U.F. Vaiband GBP 

w P.U.F. VaStareDEM (Lux) DM 
nr P JJJ=. US S Bd Ptfl ILUx t— 5 

W P.U.F. Modd Ftf ECU 

w P.U.F. PtdMe SF 

w P.U.T. Emera Mkts (Lax) -5 


mlntl Small Cap MOM) 5 49X73 

PREMIER INVESTMENT FUNDS LTD 


c/o pj >a »xVI M^G rand Cayman 

otPromler US Equity Fund —5 120640 

oi Premier inll Ed Fund J 127439 

ip P re mi er Soverylre Bd Fd— S 753JM 

m Premier Giobd BdFd s 1474.9a 

mPremlerTaiai Return Fd_S 9S7_»? 

PRIVATE ASSET MGT GAM FUND INC 
Guerasev;Tel: (0044 4811 7ZM32 Fax:723483 
w Private todMflt GAM FdS KXU8 


0 Emerging Hlth ScTnjjt — S 
0 Pumant Em. into. 5c. Trusii 
tf Putnam Slab. High Growth 3 
a Putnam High ins. GNMA Fas 


8 Putnam inri Fure 

UANTUM GROUP OF FUNDS 
* Aslan Dtvetopmenl. — — 5 
0 Emerging Growth Fd n.v._S 

w Quantum Fund N.V. 3 

wQuanlunt Industrial— 5 

w Quantum Rtoitr Trust 5 

w Quantum UK Realty Fund _t 

w Quasar Inn Fund N.V A 

w Quota Fund N.V. 5 


Yf Quota Fuod 

REGENT FUND MANAGEMENT LTD 
w New Korea Growth Fd 5 


se ns: 

d Pix^Amertcan O A — J 

d Pan- Amer I ran OB — » 

giSteS 1 

d China Goteyuv .. .. H 


d China Gateway— - 
tf Emerg ire Markets 
tf 1 margins Markets 
tf Global unmtes— 


tf Regent 5101 Jor Grtn Fa 
tf Regent gioi Paclf B«« — » 

tf Regent GW Reserve j 

c Regeni GOH Snourcts— 5 27; 

C RcgH - '! GIB) Tiger J JJ; 

d Regent Gitt UK Grih rd — S 

w Regenl MmMMLM S ifl 

it. Regent Pacific Hda Fd A 

v. Regent Sri Lanka Fd__5 11 

tf uresrvsi ass Tciwcn 5rr 35 

» Undervalued Asms 5^ I— | 11 

tf Ahlte Tiger inv Lb Lid 5 

REPUBLIC FUNDS . 

w Republic GAA*, J ]3 

wRecubllc GAM Amertca-— 5 115 

wRepGAMEmMWsGWtal-} ]S 

0 Res GAM Em Mwi Lot AmS 13 

wfteaiclic GAM Eurare CHFSF in 

w PeouhUc SAM Eurooe U^5 
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w Peauwic GAM Pociilc 3 l« 

» Pep Glob Currency— » 

hr Reo Glob Fired inc J l«= 

» Pefiuoiic Gnscv Do! inc — * | g 

0 Pepubllc Gnscy Eur me — DM W 

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wReoubiK Lot Am Mexico — s J* 

w Rooubllc Lot Am venez. — 5 |l 

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BOflECO GROUP 

POB 9713300 A z BatlenMnUJml) 


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0 Letaxn ' -J 77*857 

n Laverceea Cap Holdings — s 6Q34 

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wPr; atoitereiswiss Fd_^F 10&S1 

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a PrteamiY Fd-Hehtefla -SF !5 tSA 

O Prteoulty FOHJJtln Am -S 48.7M 

b Prtbond Fund Ecu Ecu IVLW 

D P.-iOand Fund USD— * 109390 

0 Pribcnd Fd HY Emer Mkls3 iJKS 

w Selective invest SA, 5 34^23 

0 Source — * ’ISHS 

w US Bond Pius * ’264'“ 

wVartanlus— Ecu 104X99 

ROTHSCHILD [GROUP EDMOND DEI 

OTHER FUNDS _ 

0 Asia/ Jaoan Emetg. Growth* *240410 

w E»rlt Eur Portn inv T sl— Ecu IJI 430 
w Eurac Shateg investm 10 —Ecu KS5J0 


LATIN AMERICA PORTFOLIO 

fl ClassA S 1833 

d Class B S 1732 

PACIFIC EQUITY PORTFOLIO 

fl ClassA 5 972 

d Class B S 9.71 

WORLD NATURAL RESOURCES PTFL 

a ClassA s Ii.vi 

dCtassB S 1139 

DRAGON PORTFOLIO 

tf Doss A S 1735 

0 Class B * 1695 

MERRILL LYNCH EMERGING MARKETS 

a ClassA 5 1L9S 

0 a ass B * 1197 

MERRILL LYNCH INC * PORTFOLIO 

tf Class A S B57 

tf CES B — — 5 am 

MERRILL LYNCH MEXICAN* INC PO RT*^ 7 

0 Mexlcon me 5 Ptfl Cl A S 974 

0 Mexican Inc 5 Ptfl Cl B 5 974 

d Merrcre Inc Peso Pttl a A3 B.93 

d Mexico ice Peso Pttt Cl 3 3 _ 8.93 

MOMENTUM ASSET MANAGEMENT 
0 Momentum Noveiiler Peri-* *517 

m M omentum Rainbow Ftf 5 11534 

m Momentum R»R R.VJ 5 7*27 

m Momentum Slcatmasler 5 15*.92 

MORVAL VONWILLER ASSET MGT Co 


S HEBBRSE 

S B - Fund 


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) — J ID9-690 tf UBZ Nlupen Convert— ——SF 


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mKev Dfversfffed Inc Fd LtdJ_. 1171192 


zasss r -I 1ft 


m Commander Fund . 
mEudorer Fund 


w D Invest Gold A Metals * 

w Dinvest inefla — — -— — S 


m NAV _ 

SKAMDl N AVISKA El 
S-E-BANKEN FUND 


S 130951 

NSKILDA BANKEN 


d Fkjrron Qstern I 
a Ginbai Inc 


tf Lakanwdel inc 

fl vartden inc 

tf Japan Inc 

tf Mllla Inc 

tf Sverige inc 

tf Nardamertka Inc. 


d T rVrrJoai ( nr 

tf 5 vSgetoi lefand inc— 5e 

SKAND1FONOS 
d Equity Inti Acr 5 

2 125K {-"&£* i 

a Ealmy Global A 

fl Equity Nat. Resources 5 

a Eaultv Jcrexi Y 

d Equity NonSc 5 

d Equity U.K. t 

0 Equity Cannnental Europe -5 
d Equity MedBerranere— 5 
tf Eauiry North Amertcu— — S 


w pinvest inll Fix Inc Strat— S ,52- 

wShryg- 8 3*9 8^ 

wMarthrvest— — —J 1289- 

wMaurlnvest ; -^2r 

w Mourtmtest Comlngtad * ,7*9-' 

0 Maurinvest Ecu .Ecu '£g- 

wPutear— — — J Si- 

wPutsor Overtv S )7il; 

wQuanttnvat — J J«9- 

wOuunhnvtsi 73 * 13®. 

w Stefn Invest --J 2M.. 

wTudlnvest S U>£-. 

u/llrdlmitaEt % 6*0. 


Z UBAM oS*b5;^^Zx.M 

0 UBAM EmeraMg Growth—* 
iv UBAM FRF Band FF 

w UBAM Sth Poctf.G Asia — I 


ffN U ^B^^^f™^D/.N^ 


d Band inn Ace 

d Bond inn Inc 

tf Bore Europe Act. 


tf Band Europe Inc 

a Bare Sweden Acc _5e* 

d Bore Sweden inc Sek 

d Band DEM ACC DM 

d Bred OEM Inc DM 

tf Band Dal ire US Acc 1 

tf Band Dollar US Inc 5 

tf Curr. US Dollar 5 

d Curr. Swedish Krrear ■ ■ .Si It 
SOCIETE GENE RALE GROUP 

d Asia Fund-. y 

d BTW cm A s 

tf BTW cat B * 

w SGFAM Steal Fd Dlv FF 

iv SGFAM 51 rat FO Fin. 1 

SOGELUX FUND (SFI 
0 SF Banns A USA S 


2t Grasvenor SLLdn WIX 9FE44-7I-499 29*8 

d Obey European —DM 17137 

wOdey European 5 IJ«2 

nrOdev Euroo Growth inc DM U53> 

w Odev Eurau Gruwih Acc — DM 13* J* 

wOOev Euro Grth Sler Inc — S5.4D 
wOttev Euro Grth Sier Acc —t SS40 

OLYMPIA CAPITAL INTL. INC 
Williams House. HamiHcn HM1 1. Bermuda 
Tel: 809272-1018 Foil 80*795-2303 _ 

0 Flnsburv Group * 72130 

w Olympic Securile SF SF 1*231 

0 Olympia Stars Emerg Mkts* 99*33 

0 Winch. Eastern Draore * 1773 

0 Winch. Fronller S 232.17 

w Winch. Fur. tHvmukj Slar S 16349 

wWlnctLGiSecinc pi iaj * 9.(9 

w Winch. Gl Sec Inc PI ICI — S 9.44 

m Winch. Gtobal Heailhccre —Ecu 104278 

w Winch. Hlda Ini'l Modisan—Ecu 157031 

w When- Hldg Ini'l Ser D Ecu 179136 

w Winch. Mldg Inn Ser F Ecu 17^u: 

w WlncttH Ida Olv Star Hedges la.'iXQ 
nr Winch. Riser. Mulll. Gv B<u 1S37 

w Winchester Thailand i 3116 

OPPENHEIMER A CO. INC Fd* 

b ArBMrage lntemattanai * I0S.97 

0 Emerg M»U Inti I) * 10637 

0 inrt Horizon Fund ll * 99.79 

OPTIGEST LUXEMBOURG 
b OnJtoesi Glbl Fd-Fued inc.DM 154 771 
0 0d toes! GIOI Fa-Gen Sub FDM 177581 

OPTIMA FUND MANAGEMENT 
72 Front St. H am It) cn. Bermuda 309795-8658 


tf Bond-! avert 

d Brit- Invest — 

3 Canoe 

Convert- Invest. 

i D-Mark-lnvtrt_ 
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JESSIE: 

tf Eur It 

tf Fonsa.. . 

tf Franctt 

0 Germac 

0 GkMnvest— 
d Gotor-lnvd— — 
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0 HetvH Invest 

0 Holland- Invesi . 

d Hoc 

0 Japan-invert 


0 SF Bonds B Germany DM 

nr5F Bands C France FF 

IV SF Bands E (LB 1 

ir SF Bonds F Japre Y 

w SF Bends G Europe Ecu 

tv SF Bands H worta Wkta * 

■v SF Bonds 1 Italy U! 

w SF Bands J Belgium — . BF 

0 SF Ea. K North America— J 

0 SF Ea. L W.Europe Ecu 

0 SF Ea. M Pociilc Bask! y 

nr SF Ea P Growth Countries* 

0 SF EaO Goto Mines S 

ht SF Ea. R world wide S 

iv SF Short Term 5 France — FF 
0 SF Short Term T Eur. Ecu 


3SSE2: _ 

d SJamd I novten- Invert SF 

SI&7«£rt=iiF 

d &rd_, --S F 

tf UBS Amertco ltd Ino — SF 

0 UBS America Latina S 

0 UBS Asia New Horton SF 

tf UBS Asia New Horizon S„ 

a UBS Small c. Europe SF 

0 UBS Small C Europe DM 

tf UBS Part Inv SFR inc SF 

d UBS Pmf Inv SFR Can G—SF 

0 UBS Port Inv Ecu Inc SF 

0 UBS Port Inv Ecu lnc_ — Ecu 
tf UBS Port Inv Eat cap G — SF 


SODITIC ASSET MANAGEMENT INC 

0 5AM Brazil S 24174 

0 SAM DivcrslIlM * ' 13242 

0 SAM/McGarr Hedge 5 12131 

wr SAM Opp ortunity. . * 13054 

nr SAM Oracle S 1144)9 

0 SAM strategy * 1 15.1* 

m Alpha 5AM S 12164 

vr GSAM Composite * 134.40 

SR GLOBAL BOND ACCUMULATOR INC 

raCkciA S 10030 

m Class B * 10030 

SR GLOBAL BOND FUND INC. ^ 

m Cms A Distributor J 10038 

m Class A Accumulator * 10030 


tf UBS Port Inv Eat COP G — SF 


d UBS Part Inv Ecu Cap G — Ecu 

d UBS Port inv USS me S 

a UBS Port inv US* Inc SF 

d UBS Port inv US* Cop G — SF 
d ubs Pari inv ussumG — s 

d UBS Port inv DM Inc SF. 

tf UBS Part inv DM me— — DM 
tf UBS Part Inv DM Cop C — SF 


tf UBS Port inv DM Cap G DM 

tf UBS Part Inv LU Inc SF 

tf UBS Part Inv Ut Inc Ut 

d UBS Part Inv Ul Cap G SF 

tf UBS Port Inv Lh Can G Ul 

tf UBS Part inv ff Ik SF 

0 UBS Part Inv FF ire— FF 

0 UBS Part inv FF Cap G SF 

d UBS Part InvFF Cop G — FF 

0 Yen-invert — Y 

0 UBS MM Invert- US * 

d UBS MM invert-cSt c 

0 UBS MM Invat-Ecu Ea/ 

tf UBS MM Invert-Yen Y 

0 ubs mm tmrea-ui lh 

0 UBSMMInvert-SFRA SF 

0 UBSMMlnvert-SFRT SF 

0 UBS MM lmat-FF FF 

tf UBS MM InvashHFJ Fl 

d UBS MM invest-Can J a 

tf UBS Bara tnv-Ecu A — Ecu 


mCkxto A Accumulator * 10030 

SR GLOBAL FUND LTD 

mSR European 5 10177 

mSR ASkxi J 107.44 

m SR Interna Hanoi— — — * _ 107.10 

SVEN5KA HANOELSBANKEN SJL 
lM Bd de la Pefnme, L-2330 Luxembourg 
b SHB Bond Fund * 5654 


0 Svenska Set Fd Amer Sh_ S 
ivSveaska SeL Fd Germany—* 
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w svensko Sef. Fd Intr 5h s 

w Sverwuo SeL Fd Japan Y 

0 Svenska Sel. Fd Miti-Mkt _Srt> 

w Sveraka Sel. Fd NortBc SEK 

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0 Sveraka Sel. Fd Swed Bd*— Sek 
SWISS BANK CORP. 

d sbc nr index Fund SF 

d SBC Equity Ptfl-AustraJla_A* 
tf SBC Equity Ptft-Canodo CS 


■■ 7431 y 
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d SBC Bond Pttl-FF A J 
d SBC Band Ptn-FF B SI 
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tf UBS Part i fG inc jupl—S,. 

0 UBS Port Rx inc juTT Ut 

tf UBS Part 1 Rx Inc (FF) FF 

0 UB5Caplnw90/WU5S-_ 5 
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WORLDPOUO MUTUAL FOUNDS 

tf S Dolly Income * 

d DM Dally Income . . ..DM 

d J Bond income 5 

d Nan -I Bands S 


w 

T86J1 y 
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SKSftfch: 


0 U S Agnrsrt ve Equttl 
tf Eurreean Equities ■ 

tf Podncireirtes 

tf Natural Resources. 


0SBCMMF-SctlllllnB_ 

d SBC MMF - US - Dollar, 
d SBC MMF - USS/1 1 __ 


d SBC MMF -Ye 

tf SBC GlbFPtfl SF Gfltl- 


tf SBC GibFPtfl Ecu Grth Ecu 

d SBC Gl»-Ptll USD Grth S 

tf SBC Glbt-Pth SF Yld A. 


tf SBC Gib*- Ptfl Ecu YM A_ 

tf sbc Gibfptfl usD Vtd /C 
a SBC GtoFPTfl USD Ykt B_ 
tf SBC Gib*- Ptfl SF Inc A 


tf SBC GibFPtfl SF IOC B SF 

tf SBC Gtot-Ptfi Ecu Inc A . Feu 


tf SBC 085- Ptfl Ecu Inc B— Ecu 
tf SBC GfS-Ptfl USD Inc A —5 

&sfUNis 

tf SBC GW-Pttl DM Bo I A/B JJM 
tf SBC Gtoi-Ptfl Ecu Sal A^-Gqu 
d SBC GW- Ptfl SFR Sal A/B3P 
tf SBC GV-Ptfl USS Bid A/B J 

tf SBC Emeralns Markets * 

tf SBC Small A Mid Caps Sw_5F 

tf SBC Nat. Resource US* S 

tf SBC Dyn Floor CHF 95 5F 

tf SBC Dvn Ftoor USD 95 S 

tf »m.rirMl5v . - * 

tf AnmoVdior i 

d Asfa Portfolio s 

tf Convert Bond Select tan SF 

ff D-Mark Bond Select ton DM 

d Dal w Bond Selection * 

tf Ecu Bond SetecrtBi Ecu 

d Florin Bora Selection Fl 

d Froncevoior FF 

tf GermorioValor DM 

tffeftffortMkt ■ ..3 

tf itsrtoVoJw Pta 

a itnivator Ut 

tf JoponPortfolto Y 

tf Sterling Bond Selection c 

d Foretan Bona S«teetton5F 

d Swiss Volar SF 

tf Universal BondSeiecHan— 3F 
tf Universal Fund SF 




ill 


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mVjga'FdudCk 
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jntemotfonqi 

Recmitment 

Every TViursday 
Contact 
Philip Oma 
Tel.: (331} 
4637 9336 
Fox: (33 1) 

46 37 9370 
or your nearest 
IHT office 
or representative 






For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 


m 




ASIA AND THE PACIFIC 1994: 
MERGING BUSINESS AND THE ENVIRONMENT 


CONFERENCE 

ORGANIZERS 


Vlfc 





The Regent Bangkok, Thailand - December 7-8, 1994 


Hcralb^SiSribim, 


An international environment forum, designed to promote dialogue between 
government ministers, leaders of business and industry and leading environ tr 


government ministers, leaders of business and industry and leading environmentalists 
worldwide, with a view to harmonizing economic growth and sustainable 
development. 


For further information please contact: 
Vivien Peters. Asia- Pacific Conference Office, 


v *• IN 71 

httYf 

Ul 


International Herald Tiibnne, Hong Kong 
Tel: (852.) 9222 1163 Fax: (852) 9222 1190 




nretereEjwtfcoo^iaairoicrmi 


J-h<H) 


* Hi 









J*iJ 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 8-9. 1994 


Page 17 


The Great Offshore Cover-Up? 

* New Research Says Funds Understate Fees 


THE MONEY REPORT 


By Christine Stopp 

R ECENT research 
concerning fees 
charged to investors 
m offshore funds sug- 
gests that published fees may be 
misleading at best and mean- 
ingless at worst 

According to studies carried 
out by Timber! ake & Co. and 
ritzrovia International Ltd., 
two London-based research 
and consulting firms, the true 
annual cost of investing in an 
onshore fund is on average 
twice the fee stated by the man- 
agers and may be up to three or 
four times as much. 

The management fee quoted 
on an investment fund is the 
sum charged by the manage- 
ment group for making portfo- 
lio decisions. In addition, how- 
ever, funds have a long list of 
expenses for administration 
custody and audit fees which 
are often passed on to the inves- 
tor but not shown in marketing 
literature, suggests the new re- 
search. 

The sum of management fees 
plus additional expenses passed 
on to investors, shown as a per- 
centage of the fund’s net asset 
value, is known as the total ex- 
pense ratio, or TER. 

While additional fund costs 
are usually disclosed in funds' 
annual reports, some say that 
figuring them out in any under- 
standable way can involve 
hours of work with a calculator. 
Indeed, until recently, there was 


no easy way to compare total 
costs across a range of funds. 

Moreover, although regula- 
tion is now of a high standard in 
major offshore financial centers 
such as the Channel Islands, 
Hong Kong, Luxembourg and 
Dublin, analysts note there is 
little pressure for groups regis- 
tered in these locales to disclose 
i HRs. Critics say that many 
management groups using such 
domiciles have allowed total 
costs to the investor to get out 
of hand. 

The good news for investors, 
others note, is that this may 
now change; at least for Eu- 
rope-based funds, following 
publication of TER reports by 
Fitzrovia and Timberlake. 

Figures from the July 1994 
Fitzrovia report show that off- 
shore global equity funds have 
an average TER of 2.25 percent. 
The cheapest fund, the Bank of 
Irda nJs Global Fund, has a 
TER of 0.63 percent compared 
to Templeton Global Strategy's 
5.9 percent. 

Offshore equity funds appear 
to be the worst offenders in 
having TERs much higher than 
their quoted management fees. 
Invesco's Premier Select Global 
Growth fund, for example, 
quotes a management fee of IJ 
percent. But its total costs actu- 
ally amount to 237 percent, ac- 
cording to Fitzrovia. 

Bond and currency funds 
have much lower TERs, al- 
though even here there can be a 
big difference between the 


cheapest and most expensive. 
The average managed-currency 
TER is 1.33 per cent. Bank of 
Ireland's IBI Global Funds has 
a TER of 0.63 percent com- 
pared to Royal Bank of Cana- 
da's International Currency 
fund's 230 percent. 

The publication of TERs has 
sent a chill wind through the 
offshore indusuy. as fund man- 
agers have reacted to what, in 
some cases, have been embar- 
rassing figures. A number of 
managers have chosen to cap to- 
tal expenses at a certain level, 
funding any shortfall them- 
selves. 

Most funds run by Fleming 
Fund Management are now 
capped at 1.8 percent and the 
grou p is c onsidering publishing 
the TER with other routine 
fund data. U.S. investors may 
already be familiar with TERs, 
as they are given as a matter of 
course in annual reports by 
their domestic mutual funds. 

Fidelity Investments Interna- 
tional is now capping all funds 
at 23 percent and, like Fleming, 
will cap new as well as existing 
funds. A common problem is 
that funds have high TERs just 
after being launched due to 
fixed expenses and one-time es- 
tablishment costs. 

Templeton Global Strategic 
Services has now capped equity 
funds at 23 percent. The group 
says the main reason for its high 
TERs in the past has been the 
relatively small size of its funds. 


Offshore Equity Fund Fees . 

Management fee & total expense ratio (TER) averages for 
equity funds. 

„ J Average Average Average 

Fund sector management TER, fund size 

tee.% % Smffflona 

Interna tional/GJobal 

1.09 

2.08 

$17 

North America ■ 

1.13 

1.98 

27 

Japan 

1.13 

2.16. 

20 

Pacific (including Japan) 

. 1.16 

2.01 

29 

Pacific (excluding Japan) 

. .1.10 

2.43 

41 

Europe (indudmg UX.) 

. .1-09 

1.98 

20 • • ■ • 

U.K. 

1.10 

2.46 

13 

Emerging Martels 

1.27 

24 

2.46 . 

Source: Timberlake & Co. 



IHT 


A New 'Getting to Know You’ 

More Investors Are Seeking Manager Profiles 


By Michael D. McNidde 


T HE ENORMOUS 
growth of the fund in- 
dustry worldwide has 
meant, naturally, that 
there have been more ana more 
management groups and indi- 
vidual managers to choose 
from. 

How does the individual in- 
vestor go about choosing just 
onel Is knowing the past track 
record of a certain fund manag- 
er enough? Or should investors 
dig beneath the gleaming fa- 
cade that fund companies tend 
to put on their managers’ per- 
formances? And where does 
one turn to find out such infor- 
mation? 

Analysts say that an increas- 
ing number of individual inves- 
tors are Hying to find out more 
about exactly who will be man- 
aging their money before reach- 
ing for their checkbooks. Vola- 
tile bond and equity markets 
this year as well as die highly- 
publicized losses rung up by 
some high-rolling hedge funds, 
moreover, have apparently con- 
tributed to the trend. 

Peter Jeffreys, managing di- 
rector of the London-based 
Fund Research Lid., says that 
investors should indeed 'scruti- 
nize managers' track records. 
He noted, however, that cumu- 
lative total return — the most 
widely used performance 
benchmark — can be mislead- 
ing. 

“The problem is that you can 
have a fund that looks good 
over one year, three and five 
years, but that in fact was bad 
over four of those years and just 
had one sensational year." said 
Mr. Jeffreys. “We try to identi- 
fy that." 

Mr. Jeffreys said that instead 
of cumulative returns, his firm 
calculates composite returns by 
looking at performance for each 
year over a five-year period. 
This, he said, helps establish 
how consistent a fund's perfor- 
mance is. 

investors might also want to 
dig deeper into what a fund 
managers' stated investment 
objective is. Indeed, say ex- 
perts, there can be wide differ- 
ences in how much flexibility an 
individual manager is permitted 
by the fund company he works 
for. Some companies give their 
managers free reins to pursue 
investments as they see fit. 
while others require stricter ad- 
herence to the "house" ap- 
proach. 

"Very often,” said Mr. Jef- 
freys, Sve find that a manager 
will automatically describe 
himself as a ‘top-down’ manag- 
er just because that's what his 
bosses have told him to say.” 

Michael Porter, an analyst at 
the New York brokerage Smith 
Barney said that some useful 
background information on 
fund managers can often be ob- 
tained directly from the fund 
company. “Request copies or 
reprints of manager interviews 
that have been conducted by 


but adds that is changing since 
its funds have grown. 

Ken Nicholson, Templeton's 
marketing manager, acknowl- 
edged that capping was partly 
in response to criticism, al- 
though be added that high ra- 
tios were also acting as a drag 
on performance. 

The new research shows, 
however, that expense levels are 
not always related to fund size. 
Richard Timberlake, chairman 
of Timberlake & Co., said that 
while many groups are “expect- 
ing the unknowing customers to 
pay” for small and start-up 
funds, “the economies of scale 
being enjoyed by the large and 
successful groups are not being 
significantly shared by inves- 
tors.” 

Some observers, however, 
pointing out that the data used 
to figure TERs are taken from 


annual reports which typically 
appear shortly after the end of a 
fund's financial year, say that 
TER research can be misleading 
itself. By the time the research is 
published, they say, changes 
may have taken place in the fund 
that could have had a significant 
effect on expense ratios. 

There are other problems in- 
volved in calculating the ratios, 
as welL Mr. Timberlake cited 
the inconsistency of reporting 
requirements in different juris- 
dictions as one problem for re- 
searchers. 

He concluded, however, that 
“there is a sufficient degree of 
disclosure to merit a proper 
analysis of TERs. We should 
not be hiding from the conclu- 
sions reached by this exercise." 

For further information, con- 
tact Timberlake & Co. on (44. 71) 
600.1177, or Fitzrovia on (44. 71) 
224.3284. 


Regulatory Tangles Limit Availability for the U.S. Expatriate 


By Judith Rehak 


C ONSIDER the uni- 
verse of American 
mutual fund investors 
on their home turf. 
They can select from more than 
4,500 equity, bond and money- 
market funds. 

To inform themselves about 
( 4 a fund, they need only turn to 
% the daily newspapers, personal- 
finance magazines, newsletters 
and. now, cable television pro- 
grams that follow the industry. 
And if all that that doesn't cre- 
ate an information overload, 
there are still toll-free phone 
lines — virtually every U.S. 

■ fund group has them — where 
..more data are available. 

But what happens to Ameri- 


can fund investors when they 
leave the United States to work 
abroad? Compared with what’s 
available at home, they face an 
information void. Indeed, while 
those who already own funds 
will have little trouble changing 
their address so they can receive 
their monthly statements over- 
seas, that's about all they will 
receive. 

The reason is that U.S. fund 
groups are not allowed to solicit 
overseas business for their SEC- 
registered funds, even from U.S. 
expatriates- 

"Our policy is not to sell to 
Americans overseas because 
there are just too many regula- 
tions,’' said a spokesman for T. 
Rowe Price, the no-load fund 
group based in Baltimore. "If a 
customer bought our funds 


while living in the U.S., he can 
add to them, or switch, but he 
wouldn't get any m ailin g about 
a new fund." 

Fidelity Investments, the 
Boston-based fund giant, takes 
a more aggressive, but still cau- 
tious stance. “If an expatriate 
with an account phones up and 
requests a purchase of some- 
thing, we can do thaL but we 
can’t actively market," said Ju- 
dith Delaforce. a Fidelity 
spokesman. “We can’t send a 
prospectus to someone unless 
they’re an existing customer 
and they ask for iL" 

A partial solution to the prob- 
lem is for U.S. expatriates to 
maintain a stateside address, en- 
abling fund companies to send 
them the full panoply of infor- 
mation, including statements. 


September Market Scoreboard 


Worst Performers 


. ’ • v FricttSegt’30 % change 

New YorkStocfc Exchange: ■’ . 


Price Sept. 30 % change 


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Baals Mountafe Goti Co 
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marketing materials, and pro- 
spectuses. Of course, the expatri- 
ate then has to enlist someone to 
forward the mail overseas. 

Last year, discount broker 
Charles Schwab & Co. attempt- 
ed to ease the situation by offer- 
ing its group of no-load “One- 
Source” funds to U.S. 
expatriates through the compa- 
ny's London office. But the ser- 
vice has since been modified. 

“A U.S. expat without a U.S. 
address can keep or sell U.S. 
funds they’ve already bought 
through us. but they can't buy 
new U3. mutual funds.” said 
Tom Taggart, a spokesman for 
Schwab. “But that may change.” 
he continued, noting that 
Schwab is looking at ways to 
accommodate its U.S. customers 
overseas more efficiently. 

Does the American expatriate 
stand to fare any better with 
offshore funds? Probably not, 
say analysts, because another 
obstacle comes into play: K an 
off-shore fund has more than 
100 Americans as shareholder, 
the U.S. Securities & Exchange 
Commission can require it to 
register as a U.S. fund, raising a 
host of tax and regulatory issues. 

One exception is Fidelity, 
which says that an American 
citizen who has established 


'non-residency' in the U.S. by 
being a resident and taxpayer in 
a foreign country, can buy its 
Luxembourg-domiciled off- 
shore funds. But most groups 
say flatly that they will not sell 
to Americans. “The last thing 
any fund group wants is the 
SEC crawling all over them." 
said one offshore fund manager 
who insisted on anonymity. 

Another possibility is that of 
U.S. expatriates buying local 
foreign funds, such as a fund 
managed by a French bank. But 
while this is not illegal, inves- 
tors going this route still have 
the U.S. Internal Revenue Ser- 
vice to contend with. 

Investors in a U.S. fund must 
pay taxes annually^ buL “in 
most European funds, you only 
pay taxes when you cash out. 
and usually at long-term rates." 
explained Van Kirk Reeves, a 
partner at Coudert Freres in 
Paris who advises Americans on 
tax issues. 

The result is that the IRS has 
ruled that when American share- 
holders cash out of a foreign 
fund, they must pay. in addition 
to the tax due on the sale of 
shares, an additional interest 
charge. “Another nasty piece of 
the law is that it converts most of 
the gains into tax at the highest 
rate,” added Mr. Reeves. 


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BRIEFCASE — 

New Survey Paints 
U.S. Expat Portrait 

The new Survey of Interna- 
tional Relocation Policies and 
Practices published by the Wis- 
consin-based consulting firm 
Runzheimer International 
should be among the required 
reading for those seeking a 
grasp of this increasingly com- 
plex topic. 

According to the survey, 
which was based on responses 
from 82 U.S. companies, the 
average U.S. expatriate worker 
is 38 years old and is sent to 
Saudi Arabia more often than 
any other destination, followed 
by Indonesia and Japan. Most 
expatriates (74 percent) are 
married, and the typical assign- 
ment lasts three years. 

For further information, con- 
tact Runzheimer on (1.414) 
767.2400. 

Micro pal Publishes 
New Fund Directory 

Micropal, the London-based 
fund tracker, has just released 
the second edition of its Direc- 
tory of Emer ging Market funds, 
providing investors with a com- 
prehensive look at this rapidly 
expanding sector. 


IVrUWiTKBSAI 




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TO SUBSCRIBE, CALL 

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"Private Investor' Fax: +3452 61 0562 
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The directory contains con- 
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According to the directory, 
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The directory is priced at 
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In next week's Money Report: 
a survey of school and college 
fees. 


The Money Report is edited 
bv Martin Baker 


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financial publications, and they 
will usually be happy to send 
them to you,” he said’. 

Investors looting to check up 
on a U.S. fund may also want to 
start with the U.S, Securities 
and Exchange Commission's 
public reference branch in 
Washington, D.C.. which will 
verify by telephone whether a 
fund is registered. Such a call, 
note observers, could be worth 
its weight in gold if it turns out 
that the fund is not registered 
and, in fact, is not what it has 
presented itself to be . 

Background information that 
the SEC will provide includes 
funds* original registration 
statements, prospectuses, and 
annual reports. A keen reading 
of these documents can yield 
information both on the fund 
manager and details on the 
kinds of investments the fund 
has stated it intends to make. 

The same general approach 
applies to any global locale, 
note analysts, not just in the 
Urn ted States. Mike Alio, mar- 
keting manager for the Jersey, 
Channel Islands-based Perpet- 
ual Unit Trust, said that an in- 
dividual interested in a Channel 
Islands fund need only contact 
the offshore domicile's Finan- 
cial Services Department, a reg- 
ulatory agency, to find out if the 
fund is properly registered and 
whether there have been any 
complaints made about it. 

Industry analysts also say 
that finding pertinent back- 
ground information on a specif- 
ic portfolio manager can re- 
quire persistence on the pan of 
investors. Fund companies, 
some say, sometimes try lo ob- 
scure who the manager actually 
is. 

Jeffrey R. Kelley, associate 
editor of Momingstar Mutual 
Funds in Chicago, said he has 
experienced situations where a 
manager with whom he was fa- 
miliar has left a fund, immedi- 
ately after which someone else 
from the fund company has 
telephoned, identifying himself 
as the same fund's longtime 
manager. 

“We have to endure people 
trying to backdate their time at 
the funds and things like that.” 
said Mr. Kelley. 

Indeed. Mr. Kelley added, in 
some cases fund companies arc 
reluctant to spotlight ihcir man- 
agers out of fear that those who 
are successful will leave, taking 
customers with them. Managers 
who attain star status and 
choose to stay with the compa- 


ny, moreover, can present other 
problems. 

“Once they’re in the spot- 
light,” Mr. Kelley said, “if you 
have a bad year, it’s going to be 
that much more obvious to peo- 
ple.” 

Mr. Kelley suggested that in- 
vestors interested in finding out 
about a fund manager sun by 
investigating how long he has 
been with the fund, and then 
check to make sure the fund is 
the same type as the ones on 
which his overall track record is 
based. 

Clues to a fund manager's 
thinking, note other analysts, 
may also be found in sharehold- 
er letters. Letters written by the 
ponfotio manager himself, as 
opposed to by public-relations 
personnel, some say. typically 
offer a fairly candid view of 
what has gone right with the 
fund and what has not. A fund 
manager that sends out a fluffy 
letter emphasizing a spectacular 
stock pick, for example, might 
fail to mention that only a tiny 
percentage of the fund's assets 
were invested in it. 

Background information on 
a portfolio manager can also 
become obsolete if the manager 
changes his investment style. 
Mark Adcrian. managing direc- 
tor of Micropal. the London- 
based, fund-monitoring con- 
cern, said that investors should 
ask: “Has that manager 
changed in respect to his objec- 
tives during (he lime he's man- 
aged lhai rund?” 

Mr. Adonan also noted that 
while many individual investors 
select funds based largely on 
total returns, there arc other 
measures they may want to con- 
sider. 

“If the investor is going to 
(ake a bit more care he ought to 
look at how that fund got that 
return, at what level of risk, and 
what has been what I call the 
‘maximum drawdown."’ said 
Mr. Adorian. “In other words, 
what is the maximum amount 
of money you could have lost in 
that fund if you had bought and 
sold the fund at the worst 
lime?” 

Another important factor, 
sources say. concerns the extent 
to which a manager's perfor- 
mance has been buoyed or hurt 
by general market conditions. A 
manager whose fund has gained 
10 percent during a period 
when the market sector targeted 
by the fund has gained 20 per- 
cent. for example, might not be 
the genius lhal his employer 
might try to pass him off as. 


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4 years 7.375% pa 8.23% 

5 years 7.750% pa 9.05% 

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Interest rates are guaranteed not to change during the 
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WMF • Mr Mr Mrv. M-’ 


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SPORTS 







Chinese Woman 
Also Sets Record 


The Associated Press 

HIROSHIMA, Japan — The 
Chinese swimming star Lu Bin 
dipped the world record in the 
women's 200-meter individual 
medley Friday and other Chi- 
nese athletes added to their 
country’s co mmandin g lead in 
the Asian Games medals table. 

India won its first gold of the 
Games by blanking Indonesia in 
the men's team tennis final. 

In their battle for second 
place in the medals race — far 
behind China’s 54 golds — 
South Korea and Japan each 
picked up three golds and were 
tied at 20. 

The Chinese captured 11 
golds —six in swimming, where 
their women remain unbeaten 
after 12 races, two in weightlift- 
ing, and one each in fencing, 
shooting and softbalL 

South Korea won two in 
shooting and one in women's 
volleybalL Japan won its gold in 
the equestrian, sw immin g and 
shooting competitions. 

China Has 97 medals in alL, to 
72 for Japan, 40 for South Ko- 
rea and 15 each for Kazakhstan 
and Taiwan. 

Lu brought her own medal 
count to three golds and two 
silvers, leaving the competition 
far behind in the 200-meter in- 
dividual medley. She earlier had 
won gold in the women's 200 
freestyle and 400 freestyle relay, 
and silver in the 100 freestyle 
and 100 backstroke. 

Lu, world champion in the 
200 medley, won in 2 minutes, 
11.57 seconds, breaking the re- 
cord of 2: 1 1.65 set by her team- 
mate Lin Li at the 1992 Barce- 
lona Olympics. 

Japan scored the only break 
in China’s mastery in the pool 
Friday when Hajime Itoi won 
the 100-meter backstroke in a 
games record of 56.08 seconds. 



Early Battle for the AFC East 



Sen- York Times Service 

DOLPHINS (4-1) AT BILLS (3-2): Key stats: 
Bruce Smith leads the AFC in sacks with seven. 
In the last three games at Rich Stadium. Dan 
Marino has thrown seven touchdowns and two 
iniercepdons. 

Comments: This game is for early supremacy 
in the AFC East. Home field means nothing; the 
visiting team has won the last six meetings. 


NFL MATCHUPS 


Too Chucn YdL'Agrncc France-Prewe 

Iranian women taking aim in the air-rifle contest Friday at the Asian Games. Sooth Korea's Lee Ecm Ju won the event 


In the women’s 800 freestyle, 
16-year-old Luo Ping only held 
back in the first few laps, estab- 
lished a comfortable lead by 
midpoint and then had the race 
to herself as she broke her own 
Asian record in 8:31.57. She 
had set the old mark of S:32-40 
last month at the World Cham- 
pionships in Rome. 

Her teammate Zhou Guan- 
bin captured the silver in 
8:31.57 and Japan's Tomoko 
Goza the bronze in 8:43.73. 

The Chinese picked up two 
golds in the men’s 200-meter 
butterfly when Xue Wei and 
Zhang Bin touched the wall in 
an identical 2:01.47. Third in 
2:01.64 was Japan’s Mitsuharu 
Takane, who had woo the 100 
butterfly bronze. 

A race later, unheralded Hu 
Bin of China broke the games 
record in the 50 freestyle in 
22.76 effort. Kazakhstan's 
Alexei Hovrin captured the sil- 
ver in 23.12 and China’s butter- 
fly specialist Rang Chengji got 
the bronze in 23.24. The previ- 
ous record, set at the 1990 Beg- 
ins Games, had stood at 22.99. 

South Korea clinched the 


women’s volleyball gold by 
trouncing Taiwan, 15-1, 15-11, 
15-2, in its final round-robin 
game. 

The South Koreans added 
triumphs in women’s air rifle 
shooting as Lee Eun Ju took the 
individual title and helped her 
team win gold, too. 

Japan and China split honors 
in the men’s free pisrol event. A 
Japanese policeman, Masaru 
Nakashige, won the individual 
gold, but China took the team 
title. 

India’s grid in tennis came 
when Astf Ismail downed Indo- 
nesia's Suwandi, 6-1 , 6-7 (6-8), 6- 
3, and Leander Paes drubbed 
Benny Wijaya, 6-1, 6-3. Zeeshan 
Ali Syed and Gaurav Natekar 
edged Wiiyawan Sugiharto and 
Donny Susetio, 4-6, 6-3, 7-5. in 
the doubles. 

The Chinese also won both 
the 64- and 70-kilogram titles 
in men’s weightlifting, and beat 
Japan 9-2 for the women’s foil 
team fencing gold. 

Japanese riders picked up 
their third gold in the equestri- 
an competition, taking the team 
jumping event. 


Soccer Player on Thai Team 
Fails Drug Test at Games 


Compiled by Ota Staff From Dispatches 

HIROSHIMA Japan — A Thai soccer player has become 
the first competitor at the Asian Games to test positive for 
drugs, a spokesman for the Asian Football Conference said 
on Friday. 

Thai officials said the player was a senior member of the 
team and that he had been expelled from the athletes village 
and was already on his way home to Thailand. 

“We will be making a statement on a Thai player's drug use 
on Saturday,” a conference spokesman said. 

The player was identified by Japan’s Kyodo News Service 
as the defender Sirisak Kadalee. 

In Thailand, a radio station, quoting Thai officials, said 
amphetamines were found in the 20-year-old player’s urine 
sample after Thailand’s 2-1 loss to Hong Kong on Monday. 
Thailand played without him on Friday in its 5-4 loss to 
Uzbekistan. 

About 30 athletes have been tested since the Asian Games 
started last Sunday and the Thai player was the first to test 
positive. 

The winner of each event and three others selected at 
random are given drug tests. The samples are sent to a 
laboratory in Tokyo for analysis. 

[Reuters, AP) 


Thurman Thomas may return from a knee injury 
thaL sidelined him for last week’s game. The 
Dolphins are still searching for a rushing attack. 
Oddsmakers favor the Bills by 2Vi points. 

COLTS (2-3) AT JETS (2-3): Key stats: Of 
the 10 times the Colts have been inside an oppo- 
nent's 20-yard tines, they have scored nine touch- 
downs. Jets have given up eight rushing touch- 
downs this year. 

Co mm ents: The Jets have hit another one of 
their seasonal swoons. Fortunately it’s still early 
in the season. Unfortunately, they have to play 
the Colts — a befud dling nemesis. Indianapolis 
has won five straight against the Jets at Giants 
Stadium. Jets by 5. 

BRONCOS (0-f) AT SEAHA WKS (3-2): Key 
stats: Seahawks defense has given up just six 
TDs in five games. The Broncos defense has 
given up 14 touchdowns — nine through the air. 

Comments: If the Broncos can’t get a pass 
rush on Seattle quarterback Rick Mirer, forget 
about it. In the Seahawks' two losses, he has been 
sacked 1 1 times, in their three victories, be has 
been sacked just four times. Denver has had a 
week off to try to halt their slide. Seahawks by 4. 

RAMS (2-3) AT PACKERS (2-3): Key stats: 
Rams defense has seven interceptions in the last 
five games. The Packers defense has forced five 
turnovers in the last two games. . . 

Comments: The last time the Rams won a 
game on the road was opening day 1988. The 
Rams have been getting good production on 
offense from receiver Flipper Anderson, al- 
though running back Jerome Bettis has been hot 
and cold. Hie Packers defease is tenacious and 
disruptive. Packers by 8. 


to the passer and the 49ers can’t protect the 
quarterback. 49ers by 5. 

BUCS (2-3) AT FALCONS (3-2): Key stats: 
The Bucs haven’t committed a turnover in three 
of five games this season. Terance Mathis is the 
No. 2 receiver in the NFC with 40 reactions* 
Comments: The Tampa Bay secondary could 
be in for a workout against the Falcons “Red 
Gun” offense. Quarterback Jeff George has 
thrown p ipe touchdown passes and he has sever- 
al options to go to. Falcons by 
CARDINALS (1-4) AT COWBOYS (3-1): 
Key stats: The Cardinals have the NFL’s No. 2 
rushing defense, giving up just 66.3 yards. Dallas 
has the No. 1 rushing offense (! 54 yards a game). 

Comments: When two steam locomotives are 
on a collision course, a big bang is expected. 
Running back Emmitt Smith is nursing s rorc 
hamstring. The Cards are hoping Jay Schroeder 
ran continue to spark the offense. Cowboys by 14. 





CHIEFS (3-1) AT CHARGERS (4-0): Key 

" " “ “ms. 12 


SAINTS (2-3) AT BEARS (3-2): Key stats: 
Saints' 19 sacks lead the NFL (17 in the last three 


games). The Bears average just 2.9 yards per cany. 

Comments: The Saints still can't muster a 
rushing attack, but they’re getting things done on 
defense. The Bears have gotten their offense 
rolling during the last two weeks on the strength 
of few mistakes. Bears by 3K. 

49ERS (3-2) AT LIONS 1.2-3): Key stats: The 
49ers offensive tine has given up 18 sacks and 
two safeties in five games. The Lions defense has 
just eight sacks this year. 

Comments: Either the Lions are going to get 
healthy on the 49ers or San Francisco is going to 
get well by beating up the Lions. Detroit can't get 


stats: Of Ronnie Hannon’s 14 receptions, _ i _ 
have been for first downs. Chiefs’ offensive hue 
has given up three sacks in four games. 

Comments: The Chiefs have swept the senes 
between the two teams for the last four seasons. 
Even though they've bad a week off, Kansas City 
is still seething after getting shut out by the 
Rams. The Chargers’ pass rush is relentless, but 
the Chiefs’ offensive line has provided good 
protection for Joe Montana. Chargers by 1. 

RAIDERS (1-3) AT PATRIOTS (3-2): Key 
stats: The Patriots defense has 16 sacks and the 
offensive line has yielded just six. The Raiders 
defense has nine sacks and the offensive line has 
given up 14. 

Comments: Jeff Hostetler hopes he will be 
working against the Patriots defense from the 
first two weeks of the season that gave up 77 
points. In the last two weeks the Patriots have 
given up just 33 points. The Patriots offense has 
maintained Tts explosive clip and has scored 141 
points in five games. Patriots by 3. . 

REDSKINS (1-4) AT EAGLES (3-1): Key 
stats: The Eagles have noi given up a sack or bad 
a turnover in the last two games. In the last three 
games the Redskins offense has yielded nine 
interceptions and lost five fumbles. 

Comments: Now is not a good time for the 
Redskins to be facing the Eagles. Philadelphia is 
clicking in all phases, while the Redskins are 
listing like a leaky ship. Eagles by 13)6. 

VIKINGS (3-2) AT GIANTS (3-1): Key slat: 
The Giants have held the Vikings to an average 
of 13 points a game in the last three meetings. 

Comments: Dave Brown was sacked seven 
times by the Saints defense last week. The Vi- 
kings get just as much pressure on the passer as 
New Orleans, so Brown will be in for another 
tough time. Giants by 2. 

Open dates: Bengali, Browns, Oilers, S teeters. 

These NFL matchups were prepared by Timothy 
W. Smith. Odds were provided by Harr ah's. 



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SCOREBOARD 


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Aslan Games 


BASKETBALL 

Women 

Jason 130, Kazakhstan 74 
South Korea 103, China 73 
Men 

Saudi Arabia 82. Taiwan 72 
South Korea HU. United Arc* Emirates 80 
EQUESTRIAN 
Team Jumping Final 
1, Japan, 1Z00. 3. Taiwan, ZOSaxiraivJOJn «. 
Saudi Arabia 352. 5 (tie). Kuwait amd Phil- 
ippines. 36JKL 

FENCING 

Women. Fall Team Final 
GoM Medal: China def. Japan. 9-2: Bronze 
Medal: South Korea del. Uzbekistan. WL 
FI8LD HOCKEY 
Men 

Pakistan 8. Oman o 
Kazakhstan X Malaysia I 
India X Chino 0 
South Korea 10. Bangladesh 0 
OOLF 
Women 

Second Roead Leaden 
(M00 yards, par 72) 

Huang Yu-ehen, Taiwan 71-40— 1 40 

Chans Cnirvsna. Taiwan 72-75—1-0 


Sang Chae-eun, South Korea 
Kang Soa-yun. South Korea 
Han H e e -woa South Korea 
Chlko Artto, Japan 
Lin Shaoni. China 
Huang Llnxla China 
Yoke Ncfcana, Japan 
Jennifer Rosales. Philippines 
Llm All Ian, Malaysia 

Men 

Second Round Leaders 
Kaname Yokoo. Japan 
Chang Tse-«eng. Taiwan 
Aim Joo-hwon. South Korea 
Atordan Mamat, Singapore 
Hong QUa-ruth Taiwan 
Harmeet Kahion, Indio 
Amlt Luthra. India 
Kim Chatg-mln. South Korea 
Lol Ylng-luh. Taiwan 
Zhang Lta n w el . China 

HANDBALL 

Women 

South Korea 4& China 22 
Japan 2ft, Kazakhstan 24 

SHOOTING 


74- 73—147 
73-76—149 
78-74—152 
76-77—153 
76-77-153 
73-60 — 753 

7B-77— 155 

75- 80 — 155 
7540—155 


7069—139 

71- 71—142 

72- 71—143 

73- 73—144 

74- 70-144 

71- 73—144 
73-72-145 
73-73—146 
73-73—146 

72- 74—146 


Team Free Pistol 

I. China, 1.480. Z Japan. 1.671. X Uzbekistan. 
1,645 4. Thailand. 1,642. 5, South Kweo, 1433. A, 
Vietnam. 1611 

Women 

individual Ah- Rule 

1. Lee Eun-iu, South Korea. 49Z3. 2, Zhang 
Q typing. China 491.1. X Yeo Kan-soon. South 
Korea, 490JL 4. Xu Yanhua, Chino, 48 98. 5. 
Pushed moll Iren Ramanavake. Sri Lmka 
4807. 6, Jorlntom Dangplam, Thailand. 4887. 
Team Air Rifle 

1. South Korea 1,166. 2. China 1,161. 3, Thai- 
kma 1,153.4. Japan. 1.146.& Indonesia 1.135.6. 
Sri Lanka 1.132. 


SOCCER 

Uiniyien 

ironitn 

Chino Z South Korea 0 
Mea 

Uzbekistan S, Thailand 4 
China 1. Iran 0 
Kuwait i, south Korea 0 
Saudi Arabia Z Malaysia I 
Turkmenistan 4. Yemen 0 
SOFTBALL 


4:0769 (games record: oM record 4:11.74, 

19901.2. Japan (Mlkl Nakoa Mqsorj) Tanaka 
Mika Ha rung; Suzu Chiba], 4:1087. 3, South 
Korea (Jl-Hvun Lea Ju-Mee Bvua dood- 
Soofc Lea Bo- Eun Lee l, 4:22.11. 

108-Mete r Freestyle — l, Luo Ping, China 
8:31.57 (Aslan record; old record 8:3Z4& 
19941. Z Zhou Guonbla China 8:4244. 3. To- 
moko Goza Jacan. 8:4373. 

200-Meter invidMf Medley— l.Lu Bln. Chi- 
na 2: 11.57 (world record; old record 2:11.65. 

19921.2, Dai Guahong. China 2:15*2. 3. Httoml 
Moehora, Japan, 2:1573. 

Men 

290-Meter Butterfly— 1 (tie) Xu* Wei, Chi- 
na and Zhang Bln, Chino. 2: 01 47. i Mitsuharu 
Tcfcone, Japan. 2:0164. 

SO Meter Freestyle— l.HuBia China 2276 
(games record; old record 22.99. 1990). 2, 
Alexei Hovrtn, Kazakhstan, 23.12. 3. Jiang 
Cheng II. China 2124. 

1M-Meter Backstroke — 1. Hollme ttol, Ja- 
pan, 5688 (gomes record; oM record 57.13). 2, 
E I II Kamlna Japan. 56A& 3. Lin Lain. China 
57.04. 


Leander paes def. Benny Wijaya 6-1, 6-3; 
Zeeshan All Syed and Gaurav Natekar def. 
WlrvowanSuglhartoand Donnv SusetlOy4-6.fr- 
178. 

VOLLEYBALL 

Women 

Thailand def. Mongolia 154. 15-10. 150; 
South Korea def. Taiwan, 151, 151 1, 152; Chi- 
na def. Japan 151 1. 155, 11-15. 10-15. 151 1 (fi- 
nal round robin game). GOLD — South Ko- 
rea; SILVER — China; BRONZE — Japan. 


Iran del. Pakistan. 17-15. 9-15, 1515, 158, 15 
10; Kazakh stmt def. Mongolia 151 151. 159. 
WEIGHTLIFTING 


Infivtdeal Free Pistol 


Taiwan 10. South Korea 0; Japan A China 3 
(final round-robin oacne). GOLD — China: 


TABLE TENNIS 
Women. Team SemMnats 
China 3, Taiwan 0 


65-KHagnmi Final 

1. Zhang Youvi, China 1408-1700-3188. 1 
Peng Song, China 13151650— 2775. X Uao 
Hsfrtg-cftou, Taiwan, 12751675— 29SJL 
70- Kilogram Fktai 

1, Zhan Xuoana China 1450-1850—3300 
(Asian record; old record 327* Chen Xkm. 
China Seat 11. 1993). X Kim Hak-bong, South 
Korea 14251880-322* 3. Vasslll Pozemlne. 
Kazakhstan, 145JM75.0— 320JL 

Medals Table 


Taiwan 

Iran 

Syria 

India 

Indonesia 

Thailand 

Uzbekistan 

Vietnam 

Kuwait 

Kyrgyzstan 

Saudi Arabia 

Malaysia 

Brunei 

Philippines 

Singapore 

U. A. E. 

Burma 

Hong Kong 

Mocoo 

Nepal 

Tolikistan 




GERMAN FIRST DIVISION 
Werner Bremen 1, Hamburg SV 4 
Standings: Borussio Dortmund 11, Bayern 
Munich ILWorder Bremen 11, FC Kalsersiou- 
tern 11, Karlsruhe SC 10, Hamburg SV 1* 
Bayer Leverkusen A SC Freiburg * Sdtafln 7, 
Moenghengtodboch 7. VfB Stuttgart 7, Uenfln- 
oen * FC Cologne * Etntroc hl F rankfu rt * 
Dynamo Dresden 4. VfL Bochum 4. M5V Duis- 
burg 2. 1860 Munich 2. 


Dalai 68 « 1 *31 BVi 

Orix 67 99 3 J9I SVb 

Lotto 54 72 - ,8 -M38.J. JJW 

Nippon Ham 46 79 5 J73 ’ 29 

Friday Y Resells 
Settiu i Dolel I 
Kintetsu X Lotte X 12 Innings 





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23 




central 


AUSTRALIAN INDOOR CHAMPIONSHIPS 
Friday, hi Sydney 
Quarterfinals 

Boris Becker (2). Germany, def. Jonathan 
Stark, United States. 7-6 (11-9), 6-3. Patrick 
Rafter (51. Australia, def. Aaron Krtckstela 
United Slates, 3-*6-3>7-6<7-2); Richard Kraji- 
cek (7), Netherlands, def. Jeff Tarango. Unit- 
ed States. 51. 7-5; Mark Wood tarde, Australia, 
def. Nick las KulN. Sweden, +6, M. 7-* 








SECOND TEST 

Australia vs. Pakistan, ttdrri day 
Australia first innfnas: JBi tor nine debared 
Pakistan first Innings: 260 (all out) 


1. Masaru Nakashige. Japan. 564.1. a Wong 

SILVER — Japan; BRONZE — Taiwan. 

Hang Kong X Japan 0 


Gold 

Sliver Braize 

Tata) 

Ytfu, Chine. 659 J. X Xu Don, China 6548. 4, 

SWIMMING 

TENNIS 

China 

54 

33 

10 

97 

Boris Kadlrav. Turkmenistan, 651.9. 5. snukh- 

Women 

Men. Team Haul 

Japan 

20 

18 

34 

72 

rat Akhmedov, UNteklshm. 6587. 6, Xu Hal- 

<00 Meter Medley Relay — l, Chino (He 

India X Indonesia 8 

South Korea 

20 

8 

12 

40 

ftng. China 6498. 

Chong. Dal Guohona, Uu Llmtn, Shan Ylrtg), 

Asif Ismail def. Suwandi, 51. 57 (58). 6-3; 

Kazakhstan 

2 

6 

7 

IS 


bZL.'ws lOsa m S Sm 

Thursday's College Result 


Chunk*! 

Yotniuri 
Hiroshima 
Hanshln 
Yokohama 
Yamur 

Friday's Results 
No games scheduled 

Pacific League 


w 

L 

T 

PcL 

GB 

EUROPEAN INDOOR CHAMPIONSHIPS 

6V 

60 

0 

835 

— 

Friday, la Zurich 

69 

60 

0 

-535 

— 

Qeailer Heats 

66 

63 

0 

812 

3 

Miriam Oremans. Netherlands, def. Mary 

62 

68 

0 

ATI 

7V» 

Pierce (2), France, 54 57 (510) 53; Helena 

61 

68 

0 

ATS 

8 

Sukovo. Czech Republic. def. Martino Navra- 

60 

68 

0 

MV 

Sto 

tilova (1), U^. 7-5 56 54. 


Kansas St. 21, Kansas 13 


x-Seibu 

Kintetsu 


PcL GB 
.398 — 

*39 7 Vi 


TOULOUSE OPEN 
QaarterflBais 

Jared Palmer, USA, def. Olivier Detaltre, 
FrmKB, 4-6. 7-6 (57), 7-5; Bentd Kartjodwr. 
Germany .def. Arnaud Boetsch, France, 7-6 (5 
6 ). 51 


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CALVIN AND HOBBES 


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Girl Tennis Stars: 
Next- to- Last Debut? 

By Robin Finn 

ft* Tor* 7lM0 Service 

“' 0ne , downj OTe to 8°- the conscience-laden, 
i sponsoriess women s tennis tour delivers on its promise to 

TW doesn,t becon * Tm Y Tot EffiSStioS 

roar, weveseen the nort-to-Iast debut by a 14-year-old phenom. 

k whiif fSuV** 11 - Mart ^ a ,^nfi» s had hers this week in Zurich, 

wn»ethehal] was jammed. Venus 

WJijms will have hers later this 
mont h, courtesy of the Interna- ' a . nta 96 
tional Management Group, which P° ,n * 
was only too hap py to 

grant her a wfld card for its event in Oakland, California, where 

ESaSEKP** 885 ** 

So for anyone who gets a kick out of watchin g adolescent girls 
poforai for posterity and varies other beneficiaries, thank good- 

S5bffiVl4tt m * PPT °* Cb ° l ^ WA new age- 

„ * fiat’s making it possible for Hingis and Williams to 

3** ^ 12-event schedule at 14, if they choose. Plus attend 
" Q °k - 115 “ cve ‘°P a healthy footing in their peer group. Plus 
>3 ^ ve . , corporate sponsors the time, energy and results for 

tenung a healthy profit. Plus do their part for public relations; 
alter ail, everyone loves a novelty. 

If H i ngis and Wi lli a ms weren’t rushing into professionalism 
uus year, there would be no novelties on the WTA Tour. Not next 
14-y ear -°M s wDl be treated as 15-year-olds but prohib- 
ited from top-tier events and the Grand Slams. Not in 1 996, when 
I s-y ear-olds will actually be treated like 14-year-olds under the 
new rules and become ineligible to play professionally at any level. 

No wonder the hurry to rejuvenate die same with some bona 
fide juveniles. 

Hingis, who dominated juniors, waited only three days after 
turning 14 to play her first pro match, and barely one victory into 
hernew career she received a 6-4, 6-0 comeuppance from Maty 
Pierce in the second round at Zurich on Thursday. 

How did it fed to lose? It felt momentous and lucrative, but not 
too momentous and lucrative. Hingis made it clear that the bigger 
pressure would rest with the debut later this month of her fellow 
14-year-okL Williams, the player in the uneasy hot spot of being 
the first Made-in-the-U.SA. phenom since Jennifer Capriati. 

“I think in the U^A. that things are very different because 
there’s a great deal of pressure on the players, especially by the 
companies who sponsor, and there’s much more money at stake,” 
said the German-speaking Hingjs, who has evidently received 
high-caliber coaching for more than just her strokes. 

Hingis said she was satisfied with her debut and ready, after two 
more European events this fall, to get back to school and the new 
horse her new career is feeding. 

Pierce, who also turned pro at 14, said she supported Hingis’s 
return to school. 

“I was able to compete at 14, but I think it would have been 
better if Td stayed in school,” said Pierce, who played 10 events in 
her debut season. 


Couples Falters as Ireland Upsets U.S. in D im hill Cup 


The Associated Press 

ST. ANDREWS. Scotland — 
Fred Couples squandered a 
three-stroke lead as the United 
States lost to Ireland on Friday 
and left the door to golfs Dun- 
lull Cup semifinals wide open 
toils rivals. 

A member of the American 
team that won the competition 
last year. Couples was three up 
on Darren Clarke after five 
holes. But his putting fell apart 
after the seventh and be bo- 
geyed three of the last nine as 
Clarke, who collected four bird- 
ies, shot a 71 to win by three. 

That came after Curtis 
Strange had scored 74 to beat 
Paul McGinley by two and Ire- 
land's Philip Walton had pro- 
duced a level par 72 to down 
Tom Kite by four. 

With Japan beating New 
Zeala n d. 2-1, all four teams are 
level on points in Group One 
and all have a chance of gaining 

Sunday’s se mifinal 

In another upset, Dave Barr 
sank a 14-foot birdie putt at the 
last to edge Nick Price, the 
PGA and British Open titlist, as 
Canada downed Zimbabwe, 2- 
1, to give itself a semifinal 
chance. Barr’s 68 was the third- 
best round of the day and he 
beat Price by one. 

In Saturday’s last round rob- 
in games, the Americans take 
on New Zealand and Ireland 
meets Japan. The top t«mi hi 
each of the four groups ad- 
vances to the semifinal and fi- 
nal stages Sunday. 

Scotland and South Africa, 
who both won Friday, will battle 
for a semifinal place in Group 


Three. So will England and Aus- 
tralia, who both won for the sec- 
ond time in Group Two. 

Both Group Four results 
were upsets. As well as Cana- 
da’s victory over Zimbabwe, 
Germany downed Sweden 2-1 
thanks to Alexander Cejka’s 
victory over Anders Forsbrand 
at the second extra hole. As in 
Group One, all four teams have 
the same points. 

An American victory would 
have elimin ated the Irish and 
made the defending champion 
heavily favored to advance. 

Strange and Couples both 
said they putted “horribly” 
against the Irish while Kite 
went off to the practice ground 
“to tiy and find a swing.” 

“Darren played well,” Cou- 
ples said of Clarke's perfor- 
mance. “But if I had putted 
well, I fed it would have been a 
different match. At one stage 1 
was three ahead but, after that, 
nothing seemed to go right” 

Fora while Friday, the scores 
seemed to get better and better 
in conditions far calmer than 
the wild, windy weather that 
effected Thursday’s play. 

The best scores of the day, 
and the tournament, came m 
the Australia-Spain match. 
Steve EOangton scored a five- 
cinder par 67 to beat Miguel 
Angel Martin by three and Jose 
Rivero tied the match with an- 
other 67, beating Robert ADen- 
by by two. 

Greg Norman clinched a 2-1 
victory for the Australians with 
a 70, winning by two strokes 
from Miguel Angel Jimenez, 
who bogeyed the 16th and 17th. 



Un UdJJir Kruani 


Darren Clarke led the Irish team to victory Friday, overcoming Fred Couples, who squandered a three-stroke lead. 



Zurich, which upstaged her own retirement appearance there, an 
indignity shell suffer again in Oakland with Williams 

“She might be No. 1 m two years, but will she Iasi five years?” 
said Navratilova. “She’s very good for her age, but she’s been 
groomed for that; they all have.” 

When they weren't discusring Hingis in Zurich, everybody was 
wondering why Williams, who holds no junior titles, deserves a 
wild card at Oakland. 

' Rick Macd, her coach, said it seems pretty obvious. *Tm as 
curious as anybody about her shot selection under pressure and 
her overall stage presence; I haven’t seen it, nobody has,** he said. 
“But with all the publicity and expectations, any tournament 
promoter would be able to sell tickets for this situation.” 

These 14-year-olds make fine salesgirls. 

In Pompano, Florida, Williams approves of the new age limits, 
saying, “I think it’s very healthy for tennis because it’ll help them 
take it slow and have long careers.” 

But won’t it be too bad if she and Hingis aren’t one of “them?” 


Florida Court Strikes Down 
Baseball’s Anti-Trust Status 

The Associated Pros 

TALLAHASSEE, Florida — The Florida Supreme Court 
has struck down almost all of baseball's 72-year-old ami trust 
exemption, with one justice saying it “defies legal logic and 
common sense.” 

In a 5-1 decision written by Justice Major Harding, the 
court said baseball’s exemption applied only to the reserve 
system, not the overall business of the sport. 

The ruling Thursday dears the way for the Florida attorney 
general. Bob Butterworth, to investigate whether National 
League owners conspired in 1992 to keep the San Francisco 
Giants from moving to Sl Petersburg. Florida. 

It also may enable the players’ union to file an antitrust suit 
against owners in Florida. And it may lead to lawsuits 
challenging baseball’s rules on franchise relocations. 

“Any holding which begins to apply the laws that applies to 
everybody else to the owners are significant steps in the right 
direction,” said Donald Fehr, head of the players union. 

The court’s decision was limited to Butterworth ’s inquiry. 
But Justice Ben Overton suggested baseball’s antitrust ex- 
emption, which he said defied “legal logic and common 
sense;” had outlived its usefulness and urged the U.S. Su- 
preme Court to review it. 


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Page 20 


INTERNATIONAL HERALD TRIBUNE. SATURDAY -SUNDAY, OCTOBER 8-9, 1994 


1 4 


[i 


[ 


\ 


DAVE BARRY 


The Cosi Fan Tutte Fans 
M 


'1AMI — I really didn't 
.want to get into another 
fight with the classical music 
people. 

A while back I wrote a col- 
umn in which 1 was mildly criti- 
cal of classical music on the 
ground that it sucks. Rather 
than respond to these argu- 
ments on their intellectual mer- 
its, many classical music fans 
responded with snotty personal 
attacks in which they suggested 
that I am the kind of cultural 
moron who sits around all day 
watching TV with a beer in one 
hand and the remote control in 
the other. This is a lie. Some- 
times I have beers in BOTH 
hands, forcing me to operate 
the remote control with my feet. 

No, seriously, 1 happen to be 
a highly cultured individual. I 
have been involved in tour 
groups that walked briskly past 
some of the world's finest works 
of art 1 own several hardcover 
books and have read “The Cat 
in the Hat Comes Back” out 
loud at least 400 times. 

In short 1 have culture out 
die wazoo. I just have never 
cared for classical music, be- 
cause I believe that the artistic 
themes it embodies are not pre- 
sented in a manner that is intel- 
lectually relevant for the mod- 
on listener. Take, for example, 
the following unretouched lyr- 
ics, written by Lorenzo da 
Ponte for the Mozart opera 
“Cosi fan tutte” (literally. “An- 
nie Get Your Gun”l: 

Che sembianze! Che vestin'. 

Che figure! Che mustacchi! 

Alter carefully analyzing 
these lyrics, the objective critic 
is forced to arrive at one incon- 
trovertible conclusion: They 
are written in a completely for- 
eign language. Compare the 
seemingly deliberate impene-, 
trability of those lyrics with the 
inviting clarity of the 1964 song 
“Mamma Jammer,” in which 
Don and Dewey, exploring the 
complex depths of human rela- 
tionships, state: 


You got to do the Mammer 
Jammer 

If you want my love. 

Please do not misunderstand 
me: I am not saying that people 
cannot enjoy opera. I am just 
saying that these people are 
wrong. They also could be in 
big medical trouble. 1 base this 
statement on an Associated 
Press article concerning an 
alarming incident in Denmark 
involving an okapi. The article 
states that this okapi — 1 am 
not making this quotation up — 
“died from stress apparently 
triggered by opera singers.” 

The okapi was in a zoo 300 
yards from a park where opera 
singers were rehearsing. A zoo 
spokesperson was quoted as say- 
ing that okapis “can be severely 
affected by unusual sounds.” 

□ 

Could opera, in sufficient dos- 
ages, be fatal to human beings? 
The only way to find out is to 
conduct a scientific experiment, 
in which we would take a group 
of volunteer subjects — 1 am 
willing to courageously volun- 
teer that these subjects should be 
scientists from the Tobacco In- 
stitute — strap them into chairs, 
and blast opera at them 24 hours 
a day until they are dead. 

Once this experiment had 
proved scientifically that opera 
music is fatal, it would be time 
to think about requiring that 
some kind of surgeon-general 
warning be prominently dis- 
played on Ludano Pavarotti- 

UltimateN, we may have to 
ban opera altogether, along with 
— you can't take chances with 
the public health — ballet, nou- 
rbymmg poetry, movies with 
subtitles and any sculpture that 
does not accurately depict naked 
women. 1 realize that, for taking 
this stand, I*m going to be harsh- 
ly criticized by the so-called 
“cultured" crowd. But I frankly 
cannot worry about that, be- 
cause 1 have the courage of my 
convictions. 

Knight-Ridder Newspapers 


Brickbats and Bouquets: Entente Not So Cordiale 


International Herald Tribune 

P ARIS — Over the centuries, An- 
glo-French relations represent to 
bystanders the unnerving mix of 
loathing and inextricable attraction 
that only the most difficult couples 
of one’s acquaintance can achieve. 
The Entente Cordiale, it is dear, was 
no such thing: It was just another 
appointment with the marriage coun- 
selor and clearly another visit is due. 

The Anglo-French folie a deux 
dates to 1066, shortly after which the 
Normans reported that the English 

MARYBLUME 

had tails, and is in full paroxysm 
right now. A few months back, a 
pseudonymous French professor 
published a book describing the Eng- 
lish — whom of course he said he 
deeply loved — as “the most dirty, 
hypocritical and bestial of races” 
while a London tabloid, railing 
against the EU president, ran a head- 
line saying “Up Yours Delors" and 
advised readers to kick “the feelthy 
French in the Gauls.” 

At a happily higher level, Le Fi- 
garo Magazine a few weeks ago ac- 
cused Britain of bad faith in ha ng i ng 
on to the Minquiers, a chain of rocky 
isles off Brittany that make the Falk- 
lands look like Palm Beach. And in 
last week’s Sunday Times a history 
professor contributed an article titled 
“Do We Need Lessons from the 
French?” It was apparently pro- 
voked by a French report riling Brit- 
ain as a model of decline — odd 
criticism, the professor noted, when 
the French Academy is engaged in 
such barbarities as abolishing ihe cir- 
cumflex and neglecting the imperfect 
subjunctive. 

All of which means that the couple 
is getting along as well as usual. So 
well and so usually, in fact, that Paris 
is currently devoting two exhibitions 
to the British, disguising brickbats as 
bouquets. The occasion for the shows 
is the opening of the Channel Tun- 
nel, hailed by Swinburne in 1882 
when there was little reason to think 
it would ever be built: 

‘ Sweete enemy ’ called in days 
since at end. 

Now found and hailed. of England 
sweeter friend. 



Nineteenth-century French caricature of an Englis h family visiting a Pads museum. 


The first exhibition, at the Louvre, 
has as its subject British art in French 
public collections and shows only 
■how little British art of quality 
French institutions troubled to ac- 
quire. “French collections have little 
to boast of in this domain,” grum- 
bled an embarrassed Le Monde, la- 
beling the show as one to be missed, 
while the Sunday Times was gloat- 
ingly gracious: “This is one of those 
shows where the absences are almost 
as telling as the presences.” Point to 
Great Britain. 

France scores better with the sec- 
ond show, aL the Camavalet muse- 
um, although it is also very weak. It is 
called “Les Anglais i Paris au 19e 


stele” and is devoted to English via- 
tors from just before the Napoleonic 
wars until roughly the Entente Cor- 
diale. 

At the start of the show the Briton 
is still the gross and carnivorous ros- 
bif John Bull himself. He represents 
the crude and intrusive itranger 
since, as the catalogue points out, all 
foreigners were consiaeFed English, 
whatever their origin. 

After the fall of Napolton, a new 
curiosity arrived to bivouac with the 
allied troops on the Champs- Ely stes: 
the kilted Scot Like the exotic gi- 
raffe, which arrived at the Jardin des 
Plantes a few years later, he inspired 
fashion and awakened curiosity. As 


cartoons in the show indicate, even 
Parisiennes never discovered the se- 
cret beneath the kilt 

As Parisians saw more and more 
British visitors the fat rasbif was re- 
placed by a more enduring image. 
Ihe British are lean and gawky, with 
beaky noses and the teeth of an Arc 
de Triomphe also-ran. “Some are 
ugly or grotesque in the extreme, 
with heron's feet stork's necks, al- 
ways having the large white front of 
teeth, the projecting jaws of carni- 
vora," the historian Taine wrote later 
in the century in “Notes sur I’ Angle- 
tare.” 

They are prudish (“Shocking!” 
they say when confronted by a nude 


statue) but prurient when faced .by a 
pretty cocotte. Perfidious Albion. 

In addition to casual viators, there 
was a growing English colony led by 
such art collectors as Lord Hertford 
and Sir Richard Wallace and by the 
extravagant Lord Seymour, who 
founded the Jockey Club. By 1891 
there were more than 12.000 Britons 
resident in Paris. 

For visitors, life focused around 
the Rue de Rivoli, at what was then 
Maurice's hold and at Galignani’s 
bookshop, which also published an 
Eu gfish-Ja ngiiage newspaper. Eng- 
lish actors came over to play (while 
French .spectators cried, “Down with 
'Shakespeare, he’s one of Welling- 
ton's men”), French shops offered 
such specialties as “mapplc dum- 
” ” and French dandies took a 
or two. from their English 
counterparts. 

The English found Paris backward 
in that it lacked sidewalks until later 
in the century but their watercolor- 
ist s thought it picturesque, leaving 
. valuable impressions of the city as it 
was (French painters ignored Paris 
for more exotic places). An indelible 
French custom was apparently intro- 
duced by the British: “le shake 
hand.” Anglo-French confrontations 
rose almost exponentially in 1855 
when mass travel began thanks to the 
railway, Thomas Cook, and the Paris 
World’s Fair. There were 40,000 Brit- 
ish visitors, including Queen Vic- 
toria, and by the time of the 1900 fair 
there were 100,000. 

By the end of the century the Ang- 
lais were a f amili ar part of the scene, 
a cartoonist's standby with their 
fluff ed-out sideburns and frightful 
French. In 1899, an aquatint called 
“L' Anglais aiix FoJies Bergfere" 
showed an easeful Sherlock Holmes 
figure, complete with deerstalker and 
cape. 

Like most peacemaking gestures 
between waning couples, the exhibi- 
tion is not without barbs although its 
good intentions in wishing to cele- 
brate the new harmony created by 
the opening of the Channel Tunnel 
cannot be questioned; But of course 
the celebration turned out to be pre- 
mature. The opening of the tunnel 
has been delayed: it leaks. 


■ - t 


WEATHER 

PEOPLE 


Europe 




Tomorrow 



wnh 

Low 

W 

Hiflh 

Low 

W 


OF 

OT 


OT 

OT 


Algam 

22/71 

10/64 

0C 

act 

16.51 

t 

AmSBfrfam 

14/57 

0/46 

pc 

15/56 

0*46 

PC 

Ankara 

30/86 

14/57 

a 

32*0 

12-53 


A1/W1B 

2S/77 

17*62 

s 

26*73 

1S54 

■3 

Baicetara 

22/71 

15159 


a/rt 

16*1 

pc 

fetors). 

14/57 

6/43 


13/5S 

5/41 

sh 

Bertin 

11/52 

4/39 


10150 

4/39 


Brussels 

ie«ei 

7/44 


18/61 

7*44 

s 

BuOtpM 

ir/53 

4 at 

c 

12/53 

6,’43 

3/1 

Copenhagen 

11/52 

7/44 

pc 

10.50 

7/44 

«h 

Com Dei Sol 

23.73 

19*8 

1 

23.73 

17*2 

i 

DdSBn 

14/57 

6/41 

PC 

16*1 

Br46 

& 

EUrtxa^i 

12&3 

8 46 

c 

13*55 

9-'40 

6 


13*5 

9/40 

PC 

16*1 

9*48 

ah 

Frankkel 

12/53 

«<39 

SO 

11.52 

6*43 

*h 

Geneva 

14/57 

7/44 

s 

16/61 

7/44 

0 

hfctarfe 

10/50 

0/43 

£ 

9*40 

6*43 

sh 


26/79 

18*4 


26.78 

16*1 

a 

Las Palmas 

24/75 

10*4 


24/75 

21/70 

tfi 

Lisbon 

21/70 

17/62 


21.70 

1559 

i 

Lonoon 

16/BI 

0/46 

pc 

17«? 

3*40 pc 

Mart 

20 W 

14/57 


a/ri 

1253 

i 

Mien 

13/55 

0/46 

PC 

ie*i 

0/46 

6h 

Uotcam 

13/55 

0146 


15/58 

8i46 

B 

Mrtdi 

7/44 

3-37 

Sfl 

0/48 

2/35 sJl 

Pice 

18/64 

11/52 


19.56 

12/53 pc 

Oslo 

9/48 

L*41 

S/I 

8/46 

4/39 

r 

Pavna 

BI/70 

18/61 


21/70 

17 IBB 

pc 

Pans 

10/64 

0/48 

B 

18*64 

0 *40 

5. 

Prague 

9/46 

2/35 

tb 

9*40 

3/37 

sn 


e/43 

4.-39 


7*44 

3i37 

T 

Rome 

14/57 

9/40 


17/82 

10/50 

sn 

St Pwerabum 11S2 

7/44 


12/53 

7/44 

sn 

Stoctoidm 

9/48 

6/43 

pc 

9/40 

6/43 

r 

Straboug 

12/53 

4.» 

pc 

13*5 

4/30 

pc 

TflOm 

10150 

7/44 

s 

10.50 

7(44 

sn 

Venice 

13/55 

0*48 

V 

14.57 

a.-« 

sh 

Vienna 

8/*5 

4/36 

stl 

9 40 

6-43 

T 

Wsrsn. 

13/55 

7/44 

tf 

14/57 

7/44 

*S#1 

Zmcn 

11/52 

5«1 

pc 

12*53 

6*41 

pc 

Oceania 

Auettand 

17/62 

3/4J 


16.51 

9/48 


s»*®y 

20/60 

12.53 

c 

22-71 

12/53 

pc 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. Asia 




Todav 


Tomorrow 




Low 

W 

Mon 

Lo* 

W 


OT 

OF 


CZF 

OT 


Efcmqir* 

3B*a9 

23.73 


32 .TO 

24*75 

rt\ 


23/73 

11/52 

VC 

20/60 

12*9 


rang lung 

29 *4 

23/73 

PC 

SKMM 


K 

lurid 

31*80 

25-77 

rJl 

W/P6 



New Deft 

36.97 

19 IX 

s 

37/ofl 

20*0 

V 

Seoul 


10.55 


24 75 

14. -57 

V 


21/70 

18/64 

■sh 

73/73 

ir-ik 1 

3* 

Sn«Mi 

31 48 

24.75 

i* 

31.80 

24/75 


laipei 

2V-02 

20« 

pc 

»•« 



Tokyv 

27 M 

10.66 

1* 

2fl>t' 

19.143 

n- 


JKSWara 

North America 

The Northeast «*0 have mid 
weather Sunday. A soaking 
rain will reach Boston and 
New York aty by Monday. 
Chilly weather will plunge 
southeastward across Chca- 
go and Deiron ths weekend, 
reaching the Northeast 
Tuesday. Much of the West 
wfl have dry. warmer waatn- 


Europe 

London and Pans through 
Geneva wiB have dry. mild 
weather Sunday Kilo Tues- 
day. A tew shower* will skirt 
Hamburg and Munich early 
m the week while a soaking 
raui develops Irom Poland to 
the Baltic counties. Italy and 
much at Spam will be suiny 
and pleasant the next sever- 
al days. 


Hro/V 

3£js*«» 


Asia 

Seoul lo Osaka and Tokyo 
will continue in a sunny, 
pleasant weather pattern ino 
early next week. Typhoon 
SeUi w# bmg heavy rams to 
Taiwan and northern Lucan 
Sunday and to pans ot 
southeast China early next 
week. Taiwan appears most 
hheiy to be hit by me 
strongest wnds from Seth. 


Africa 


Middle East 


Latin America 


Be tut 
Cafto 
Damascus 

Luxor 

Riyatn 


Today 
High Law 
OT OF 
23*4 a/73 
26/B2 21 *70 


W tujyi 


Low W 
OF OF 
30 /fie a/73 * 
26/79 17T52 1 


29/34 17*2 pc 30/06 14/57 3 
28 *2 20/SS pc 2802 18*4 s 
34/33 22/71 PC 32/89 18*1 S 
38/100 23/73 s 38:100 23/73 v 


Today Tomorrow 

Hlfri Low W High Low W 
OF OF OF OF 

Buenos Arcs 24 7S 19*6 r a/73 14*57 > 

Caracas 31. fie 26/79 sn 32.69 M/79 pc 

Luna 22/71 16«1 pc 21/70 16*61 pc 

MSuCOCey 20*0 11/62 1 2170 10*60 pc 

RDdetanaso 25/77 17*62 pc 26/79 19*6 pc 

Santiago 26/79 9«8 s 26/79 it 02 pc 


Legend; e-suvty, pMartty CkuOy c-doody. sh-snewers. i-tfiundarsttrrns. wain. sf-wiaw 8uroei 
sn-snew. Hco, W-lV0aitw. ABmapo. toreewt* and data provided by Acsv-Wedther. Inc. •. 1994 



7J*73 

19.1* 

pc 

25-77 

l'l-Ui 


Cepe Town 

22/71 

14.-57 

pc 

15*59 

9*40 

Jl 

C.1S1U4IK3 

23-73 

17/62 

tii 

21/70. 

14*7 

1 

Ha ran- 

21*70 

9/40 

pc 

•jAt 7*i 

9/48 


Laj*. 

29*04 

23.73 

pc 

73 U 

24 TT 

•j. 


21-70 

12*53 

•4l 

LO/JO* 

12*3 

1 

Tins 

23/73 

16-01 

*41 

,0.73 ' 

K*U- 

■Jr 

North America 

Anduragp 

409 

■4/25 

■Jl 

7144 

■ I7J1 

1» 

4JLU1B 

27*80 

15*9 

s 

23-73 



Boston 

23/73 

14/57 

& 

22*71 

1 J.-5S 

sh 

C lacjgo 

17-12 

6/43 

pc 

14*7 

4 TO 

c 


IB-164 

3/37 

• 

22*71 

4.39 

* 

Detroit 

2170 

10*50 

■Jl 

16*1 

5/41 

Sh 

HchoUu 

30*86 

73/73 


30*6 

34/ 7S 

pc 

Houston 

30*86 

IB/64 

1 

24.75 

13*55 

sh 

Los Angeks 

31-88 

17*62 

> 

29.84 

17*2 

5 

MU/TV 

JO *86 

24*75 

pc 

30/86 

23*73 pc 

MmroapjLs 

13.56 

205 

pc 

14*7 



Montreal 

2170 

6*43 


14*7 


-.41 


29/84 

23*73 

eh 

30.06 

2JT3 

pc 

NewYom 

23 73 

15-58 

s 

24/75 

13/55 

Jl 


32 89 

19.66 

0 

33*91 

19*6 

a 

Son Fran 

27*00 

12 53 

0 

24.70 

11*52 

* 

Seaiw 

19« 

9-40 

fl 

18*4 

a -46 

SO 

Toronto 

21-70 

0*46 

sh 

17*62 

8.43 

ch 

Was twig on 

25.77 

16*61 

s 

24.-75 

14*7 

di 


T HE British fashion industry named 
John Gaffiaoo as its designer of the 
year for collections that included elegant 
outfits influenced by the Japanese kimono. 
Galliano, who won it for the first time in 
1987 at age 26, received the award in 
London from the actress Joan Coffins. 

□ 

China's paramount leader and most re- 
vered living CommunisL Deng Xiaoping, 
has been awarded a special prize for being 
a “Most Fortunate Old Person." He was 
one of 600 people awarded prizes for being 
“Superior Fortunate Old People,” but only 
Deng received the “Most Fortunate Old 
Person Special Prize," a press report said. 
Deng, who turned 90 on Aug. 20, is not 
only “a man of noble character and high 
prestige." the China Business Times said 
Friday, “he is the most beloved among 
China's elderly people.” 

□ 

The first Beatles record ever broadcast is 
to be auctioned next month, autographed 
by Paid McCartney, and is expected to 
fetch about £10,000 ($16,000), Bonhams, a 
London-based firm of auctioneers, said 
Friday. The Radio Luxembourg library 
copy of “Love Me Do," the record that 


launched Beatlemania, was pressed for 
promotional purposes in 1962. Another 
rarity in the sale of pop memorabilia set 
fOT Nov. 26 is an uncensored interview 
with the British punk group, the Sex Pis- 
tols. It was recorded at disc jockey Tony 
Prince's apartment in Luxembourg in 1976 
and could fetch up to 8,000 pounds. Prince 
spent three hours editing out all of Johnny 
Rotten's obscenities. “The result was a 
broadcast with 208 bleeps sounding more 
tike a Morse code message than an inter- 
view,? a Bonhams spokesman said. 

□ 

A nonprofit organization that says it 
helped Leona Hetmsiey check out of pris- 
on early is suing the hotel queen for alleg- 
edly not paying her bill. The National 
Center on institutions and Alternatives 
said she agreed to pay $200 an hour for its 
advice and assistance between July 1992 
and November 1993. The group says its 
advice helped HeJmsley's lawyer get her 
tax evasion sentence reduced from 30 
months to 21 months. The suit seeks 
$52,000. But her lawyer says the bill was 
paid. “It's unfortunate that sometimes 
when the name is Helmsley, people try to 
take advantage,” Seth Rosenberg said. 



• - ■ Rcvkl't 

SUPERBOOKS — Model Claudia 
ScMffer was at the Frankfurt Book 
Fair with mock-ups of her "Souvenirs 
et Confidences” and a fashion tome. 






ASIA /PACIFIC 

new Zealand. . 

000 311 

AU5TWA ,fn . 

022463-011 

HUNGARY- 

W0- 800-01111 

NORWAY 

800-100-11 

MIDDLE EAST 

AMERICAS 

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IBB 


AUSTRALIA 

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105-11 

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1-880450-000 

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2354972 

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172-1011 

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EGYPT' (CAIRO)/ 

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BRAZIL 

000*8010 

AFRICA 


INDIA* 

MM1T 

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ax-mn-iii 

CZECH REPlflUC 

00-420-011111 

LIECHTENSTEIN- 

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020*705*011 

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1- .. 428*801 

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08-111-11 

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SOUTH AFRICA 

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