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Herald 


INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Saturday-Sunday, October 29-30, 1994 


NATO Set to Toughen Role in Bosnia 

UN Agrees to Rules That Make Punitive Air Strikes Deadlier 


By Joseph Fitchett 

International Herald Tribune 

. THE HAGUE — NATO and UN offi- 
; rials were in agreement Friday on tough 
guidelines fen 1 punitive air strikes in Bos- 
nia, saying they would occur more swiftly, 
without detailed warning and be directed 
against several targets. 

The new tactics were sought by the 
United States and other NATO govern- 
ments irritated by United Nations rules 
that signaled the combatants exactly where 
and when to expect any attack, thus expos- 
ing the NATO pilots to greater risks of 
g bang shot down. 

V S umming up the new rules, a NATO 
official said, “Now the UN understands 
that if you call us for help, we’re going to 
do it our way." 

But he acknowledged that his “if," refer- 
ring to the requirement for UN approval 
of any air strike, remained a big question 
marie about the North Atlantic Treaty Or- 
ganization’s mili tary action in Bosnia. 

The new rules will not in themselves 
alter the apparent UN reluctance to make 
greater use of air strikes, especially for the 
purpose of enforcing the exclusion zones 
around Sarajevo and other Bosnian caries 
where tanks and artillery are barred. 

But several NATO officials expressed 
hope that the UN secretary-general, Bu- 
tros Butros Ghali, in letting his aides ac- 
cept the tougher plans, was signaling a 


readiness to authorize air strikes to back 
up the Security Council resolution on ex- 
clusion zones. 

This option, which is the only aspect of 
air power in Bosnia affected by the accord, 
involves a double-key system of approval 
by both NATO’s local commander and by 
the UN chain of command under Mr. 
Butros GhalL 

“Now we’ll have to see what Butros tells 
bis representative in Bosnia and what he 

Serbs threaten to shell Sarajevo if Bosni- 
an forces pursue their offensive. Page 2. 

tells the generals commanding the UN 
peacekeeping forces there,’’ a senior 
NATO diplomat said. “But we’ve got 
sharper teeth if the UN wants to bite." 

The test could come quickly. Lieutenant 
General Michael Rose, the top UN com- 
mander, warned Bosnian Serbs on Friday 
that they could expect “punishment" if 
they proceeded with a threatened shelling 
of Sarajevo. His reluctance to authorize 
ground attacks by NATO planes has irri- 
tated Washington, which sees air power as 
a way of increasing the credibility of West- 
ern pressure on the Bosnian Serbs. 

While only partly easing that diplomatic 
tension, the new rules were seen as a signif- 
icant improvement by NATO officials. 

“The new agreement gives us a basis for 
more robust, more effective use of air pow- 


er to push the peace process and reduces 
the ability of the Bosnian Serbs to drive a 
wedge between NATO and the UN," ac- 
cording to Robert Hunter, the U.S. ambas- 
sador to NATO. 

NATO’s secretary-general, Willy Claes, 
giv ing his first public speech in his post, 
described it as “an important step” that 
showed growing UN recognition that 
NATO, while seeking to help enforce in- 
ternational decisions, operates as a “sover- 
eign organization” that has its own views 
about how to do a military job. 

Both men made their comments in Hie 
Hague, where they had addressed a meet- 
ing of Atlantic Treaty Associations from 
NATO’s 16 member nations. 

Late Friday in Brussels, NATO ambas- 
sadors, apparently pleased with UN con- 
cessions made late Thursday in New York, 
approved the accord. 

Significantly, officials said, both Britain 
and France, despite their concern to avoid 
escalation that ought jeopardize their 
troops on the ground as UN peacekeepers, 
joined the United States in backing the 
tougher accord. 

Under its terms, NATO commanders in 
Bosnia can send planes against several 
targets, probably three or four, that have 


some connection to any heavy we 
appears in a prohibited zone or 

See NATO, Page 4 


Israelis Glum on Clinton’s Syria Trip 


By Clyde Haberman 

New York Tones Service 

JERUSALEM — Despite public at- 
tempts to put a bright face on President 
Bill Clinton's diplomatic mission to Da- 
mascus. Israeli officials said Friday that 
they had heard nothing new to suggest that 
they were closer to peace with the Syrians. 

The dour assessment was also reflected 
if jn the Israeli press, which described the 
results of Mr. Clinton's several hours in 
Syria on Thursday as meager to the point 
of failure. 

“Pretty depressing," a commentary in 
the newspaper Ha’aretz said, singling out 
the failure of President Hafez Assad to 
condemn terrorism publicly, even though 
Mr. Clinton said that the Syrian leader had 
done so earlier in private. 

“It’s not very much, not very much at 
' all,'’ an official close to Prime Minister 
Yitzhak Rabin said. 


On balance, the remarks Friday were far 
gloomier than those offered by Israeli lead- 
ers on Thursday, when they had put a 
positive spin on Mr. Clinton’s trip. Then, 
they said nothing to contradict Mr. Clin- 
ton’s conclusion that he had nudged the 
two countries closer to each other and that 
Syria’s leaders “understand that it is time 
to make peace." 

But Mr. Rabin sounded glum in a inter- 
view published Friday in the newspaper 
Yedioth Ahronoth. “I am not certain what 
the Syrians see in peace," he said. “It isn’t 
certain when they are prepared to normal- 
ize relations with us. if at all." 

Still. Israeli officials did not write off the 
Clinton trip as a failure. Given Mr. Assad’s 
cautious style, they said, they had not 
expected a. genuine breakthrough, espe- 
cially in a week when the Middle East 
spotlight was not on Damascus but on the 


peace treaty signed two days ago by Israel 
and Jordan along their desert border. 

Some officials agreed with Mr. Clinton’s 
evaluation that progress had been made on 
the core issues dividing the countries: Isra- 
el’s insistence on fall normal relations 
with the Syrians and Syria’s demand that it 
first get back the entire Golan Heights, lost 
to the Israelis in the 1967 war. 

Mr. Clinton said that Mr. Assad had 
made offers in their private discussions 
that pointed to progress, and some senior 
officials here agreed. But they declined to 
say what the proposals were, adding that 
they fell short of a breakthrough. 

Basic questions include what exactly 
Mr. Assad’s definition of peace is, how far 
and how fast is Mr. Rabin prepared to 
withdraw from the Golan Heights and 
what security arrangements — perhaps in- 

See ISRAEL, Page 4 


President Raises GI Hopes of Going Home 


By Ann Devroy 

Washington Post Service 

CAMP DOHA, Kuwait — President 
Bill Clinton gave restless American sol- 
diers a broad hint Friday that they would 
be home from the Gulf for Christinas as he 
ended his four-day Middle East tour with 
one foot in international politics and one 
in domestic politics. 

Standing on a platform resting on two 
battle tanks in a mini-military theme park 


constructed as the set-for-a-day, Mr. Clin- 
ton performed what has become a com- 
mander-in-chief ritual after a successful 
military action. 

He saluted the troops and touted the 
success of the operation, in this case driv- 
ing Iraqi troops back behind the 32d paral- 
lel 

But what the men and women of the 
24th Infantry Mechanized Division want- 
ed was not a salute, but a message that they 


Kiosk 






Suradj* taka' Afcm.: Fnuxr Prove 

VIOLENCE AT PRAGUE RALLY — A policeman arresting an anarchist 
after clashes between skinheads and anarchists erupted during a rally 
Friday of die rightist Republican Party marking the Czech Natrona! Day. 

Washington Cuts Off Aid to Gambia 


WASHINGTON (AP) — The United 
States cut off aid to Gambia's military 
rulers on Friday and called on them to 
restore democratic civilian rule within 12 
months. 

A State Department spokesman, Da- 
vid Johnson, said that Gambia had en- 
joyed 29 years of “uninterrupted demo- 
cratic rule” until military officers 
overthrew the government of Sir Dawda 
Kairaba Jawara three months ago. 


Mr. Johnson added that in the year 
that ended Sept. 30, U.S. aid to Gambia 
had amounted to S10.9 million. 


would soon be going home and redress for 
a pay grievance. 

They got both. 

Mr. Clinton’s brief stop here to highlight 
the Gulf success — timed to be carried five 
on the morning television shows in the 
United States — included a healthy dollop 
of presidential self-promotion in the for- 
eign policy arena, an area where the presi- 
dent had not been held in high regard. 

He cited the signing of the peace agree- 
ment between Jordan and Israel that he 
witnessed and said he was honored by the 
role America had played in that and in 
“restoring President Aristide and democ- 
racy in Haiti, in helping to make real 
progress toward an end to the violent con- 
flict in Northern Ireland, in helping South 
Africa's democracy to succeed, in building 
a new partnership with Russia ” 

Clinton aides have long said that im- 
proving his own standing with the public 
before the midterm elections would help 
Mr. Clinton be less of an issue for Republi- 
cans to run against, and with the heavy 
diplomatic lifting of this visit behind him, 
domestic politics have now begun to take 
center stage. 

After less than two days’ rest from a 
grueling, six-country marathon, Mr. Clin- 
ton faces eight straight days of campaign- 
ing out of Washington. 

The made-for-TV event here was one 
sign of the renewed electioneering. A Patri- 
ot missile battery stood next to a Bradley 
Fighting Vehicle in the desert sand. Artful- 
ly draped camouflage netting hid White 
House communications gear. 

The president's helicopter swooped low 
over the desert as the soldiers assembled to 
hear their work in the Gulf saluted as “the 
steel in the sword of American diploma- 
cy." 

Another sign of approaching elections 
was Mr. Clinton's last statement from Sau- 
di Arabia before be left for a flight home. 

Mr. Clinton touted new government fig- 

See CLINTON, Page 4 





r ,,iM " 




ably three or four, that have 
don to any heavy weapon that 
prohibited zone or fires on a 



' No. 34,732 

U.S. Economy 
On Track for 
Best Growth 
In Decade 

Inflation Stays Tamed, 
3d- Quarter Data Show ; 
Markets Shoot Higher 

By Lawrence MaBrin 

Itttarmmd fferaU Tribune 
NEW YORK — The U.S. economy is 
cruising comfortably upward toward its 
strongest annual performance in a decade, 
but with a low risk of inflation, the govern- 
ment reported Friday. - 
The news brought cheer to financial 
markets in Europe and the United States, 
which found evidence of sustainable 
growth that would not cause the U.S. Fed- 
eral Reserve Board to raise interest rates 
too abruptly. 

The Dow Jones industrial average 
dosed 55.51 points higher at 3,930.66, trig- 
gering New York Stock Exchange rules 
restricting trading guided by computer 
programs. (Page 12) 

U.S. Treasury bonds staged their biggest 
rally in more than two months, and the 
dollar made a strong comeback against the 
yen and Deutsche mark. 

While economists said they still expect- 
ed the U.S. central bank to nudge rates 
higher in November, a subsequent increase 
before the year’s end may no longer be 





Yuri Kfldotoor/ A*nce France- Prase 

Alexander 1. Solzhenitsyn dining Ins Moscow speech on Friday. 

Solzhenitsyn Speaks Out 

But Russia’s Deputies Shrug Him Off 


By Steven Erlanger • 

New York Tuna Service 

MOSCOW — In a searing, sometimes 
caustic lecture to Russia's Parliament, 
the writer and historian Alexander I. 
Solzhenitsyn appealed Friday to those in 
power to worry less about their privileges 
and care more about the suffering of 
ordinary citizens, confused by so much 
change. 

In his thin, reedy voice, standing at a 
podium bearing the double-headed czar- 
isl eagle, Mr. Solzhenitsyn tried to bring 
to the deputies the cares and concerns of 
the people he had met on his long train 
ride across vast Russia, a trip he took 
afier be returned home in May from 20 
years of exile in the United States. 

“Having visited many of Russia’s re- 


gions, having met wkLhiaidreds x>t peo- 
ple and having received thousands of 
letters,” he said, “I have an impression 
our population is discouraged, that peo- 
ple are stupefied, in shock from their 
humiliation and shame because of their 
weakness. People doubt that the govern- 
ment’s policy and reforms are in the 
interests of the people:" 

Dressed in his trademark, military- 
style jacket and with a long beard that 
reminded many of a religious figure from 
an icon, Mr. Solzhenitsyn repeated well- 
known themes, but his fust official 
speech had the feeling of an important 
occasion. 

He said that freedom had not brought 
Russia true democracy, only the persis- 

See RUSSIA, Page 4 


The C omme rce Department said gross 
domestic product grew at an annual rate of 
3.4 percent in the third quarter, slightly 
more than expected but lower than the 
unsustainable 4.1 percent growth rate seen 
in the spring. Inflation as measured by the 
so-called implicit price deflator fell to 1.6 
jxgccnt from the 23 percent of the first 

With congressional elections less than 
two weeks away, Laura D* Andrea Tyson, 
head of the president's Council of Eco- 
nomic Advisers, pointed to the numbers as 
a “winning combination.” But however 
highly Wall Street may regard such statis- 
tics, the Clinton adminis tration has been 
unable to capitalize on them on Main 
Street. 

Other statistics explain why; Mean fam- 
ily income has declined every .year since 
1991 despite the record numbier..of two- 
. : earner families ttym^ttHBakeoads meet, 
and only 34 percent of Americans believe 
the economy is in a recovery, with job 
security a major concem. Wage cost indi- 
cators are virtually stable, which for work- 
ers —and voters — is the flip side of the 
low inflation that cheers Wall Street’s trad- 
ers. 

Economists are nearly unanimously pre- 
dicting that when the Fed’s policy-setting 
Open Market Committee, meets on Nov. 
15, it wiU step up its anti-inflation cam- 
paign another notch by raising its target 
for the federal funds rate half a percentage 
point, to 5.25 percent — which means the 
Fed risks a market upset by disappointing 
them. The funds rate sets the wholesale 
cost of bank credit and is expected to help 

See GROWTH, Page 4 


Synod Offers Nuns Wider but Vague Role 


By Alan Cowell 

New York Tuna Service 

ROME — Responding to appeals from 
religious women, a synod or Roman Cath- 
olic bishops on Friday promised nuns 
greater, if unspecified, participation in the 
running of the Roman Catholic Church, 
but appeared to exclude them from the 
highest ranks of the male-dominated Vati- 
can bureaucracy. 

The synod made its decision after a 
month of debate in which American clerics 
in particular pressed for a wider role for 
what the church calls consecrated women. 
The debate highlighted a divide between 
the perceptions of female religious respon- 
sibilities in the industrialized North and 
the developing South. 

Some participants said the decision 
could make a difference for nuns in the 
developing world but would do little to 
advance their role in the United States. It 
did not address the issue of women's ordi- 
nation. 

A synod message published one day 
before Pope John Paul II was to formally 
end the gathering Saturday said that “con- 
secrated women should participate more 
in the church's consultations and decision- 
making, as situations require." 


It did not give details, and the cautious 
wording seemed deigned to avoid giving 
the impression that a new principle was 
being enshrined. 

The synod bad been called to discuss the 
position in the modern world of those mm 
and women who consecrate their live to 
religion through vows such as poverty, 
chastity or obedience: nuns, priests, friars 
and other members of religious orders. 

While the future power of nuns had been 
the most contentious issue, only 59 of the 
synod’s 348 participants were women, 
even though women form almost three- 
quarters of all the “consecrated" people in 
the Roman Catholic Church. 

The synod message referred only briefly 
to the position of nuns, saying, in part, 
“their service to God’s people and to soci- 
ety in various fields of evangelizing — 
pastoral activity, education, care of the 
sick, the pom* and the abandoned — make 
visible tbe motherly face of the Church." 

And, at a news conference later. Cardi- 
nal Eduardo Martinez Somalo, who heads 
the Vatican department responsible for 
“consecrated” people, made it dear that 
some of the top positions in the Curia, as 
the Vatican's central administration is 
known, would still be reserved for men 
since (bey could be filled only by priests. 


Roman Catholic doctrine, strongly rein- 
forced by the Pope, insists that only men 
may be priests because Jesus chose only 
men as his apostles. 

“As far as those positions where sacra- 
mental orders are required, the borderline 
is already marked," the Spanish cardinal 
said. “I don’t think I can respond in a more 
concrete way because we find ourselves 
bound by these general principles." 

The Vatican's various dicast eries — the 
rough equivalent of government ministries 
— are headed by cardinals^ with a bishops 
in the No. 2 position and a monsignor as 
No. 3. 

"There wiD have to be a gigantic effort 
to change the culture before women are 
allowed to hold senior positions in the 
Curia,” said Sister Michelle Olley of the 
National Coalition of American Nuns. 

“You have some countries where women 
can’t do anything and this will help there," 
said Bishop James T imlin of Scranton, 
Pennsylvania, referring to the synod’s mes- 
sage- “You have other countries such as 
the United states where women are in- 
volved in practically everything, that does 
not require the priesthood. This practice is 
going to spread to other parts of the world 
gradually.” 


u.s. and Canada Switch Tune A Son Who Helped His Father Be a ‘Pioneer in Death’ 

Standard time returns to most mn« nf k 


Standard time returns to most parts of 
the United States and Canada on Sun- 
day. Clocks will be turned back at 2 A.M. 
to 1 AM. 


Book Review 


Page 10. Crossword 


Page 21. 


Newsstand Prices 


Andorra 9.00 FF Luxemt»urg60 L.Fr 

Antilles 11.20 FF Morocco....... 12 Dh 

Cameroon.. 1 AW CFA Qatar .«...8.00 Rials 

Egypt E.P.50QQ R6unton ....11.20 FF 

France 9.00 FF Saudi Arabia 9.00 R. 

Gabon 960 CFA Senegal 960 cfa 

Greece 300 Dr. Spain ...^OOPTAS 

Italy JWOOLire Tunisia ....T.OW Din 

Ivory Coast .1.120 CFA Turkey ..T .L. 35,000 
Jor3an^..:......l JD UA. E......BJODirti 

Lebanon ...USSTJ0 U-S. Mil- ffiur.) si.io 


1h| Dow Jones 

■ 1 

Tri^hidex ||| 

y up ' 


up ■ 

55.51 


0.79% ' ! 

3830.66 


116.88 ! 

The Dollar 

Nm York. 

FH-dOM 

cwjous doso 

! DM 

1 51 

1.4868 ! 

Yen 

97.26 

57.00 

FF 5.1665 5.1325 


By Esther B. Fein 

New York Tima Service 

NEW YORK — William F, Meyer Jr. drew his last 
breaths with his head encased in a plastic bag. It was an 
inelegant but expedient way to end his life instead of 
succumbing slowly to the cancer that had begun in his 
colon and spread to his lungs. 

“2 happily derided that it was more kind and thought- 
ful of me to terminate my life before I reached a 
decadent condition of helplessness,” the 88-year-old Mr. 
Meyer wrote in a letter that he had photocopied, ad- 
dressed, stamped and left to be mailed to some 80 
friends and relatives. 

The police officers who were summoned to his house 
in West Hartford, Connecticut, the morning of July 31, 
1991, by Mr. Meyer’s 65-year-old son, William F. Meyer 
3d, concluded that the older man had committed suicide. 

Late last month, the same officers arrested the son. 
After a magazine published Mr. Meyer’s account of bow 


he helped his father kill himself, he was charged with 
second-degree manslaughter. If convicted, he faces 10 
years in prison. 

Helping someone to commit suicide is illegal in all 50 
states, but few cases are ever prosecuted. Most of the 
thousands of people who each year, experts say, help 
friends, relatives or patients end their ailing and trou- 
bled lives do not publicize their actions. Mr. Meyer did. 

“I was so frustrated (bat there is still no answer for all 
these very anguished people who face painful deaths,” 
Mr. Meyer said in an interview at his home in Westport, 
Connecticut, after his arrest. “They need this issue 
raised. My father was a leader in life, and by my telling 
his story he has become a pioneer in death.” 

First in an interview three years ago with The West- 
port News, then in other publications, and finally in an 
article in Connecticut magazine this August, Mr. Meyer 
recounted bow he had watched that night as his father 
swallowed a dozen prescription painkillers, then helped 


him slip the plastic bag over his head and secure it in 
place with five thick robber bands. ... 

To keep his father from yanking the bag off in a reflex, 
as he had in his first attempt at ending his life, Mr. 


Connecticut magazine. “He kept reaching up. He kept 
trying to take tbe bag off. Like when someone’s drown- 
ing, you know how they struggle? They throw their arms 
up because they're going down for the third time. It’s 
because you're losing oxygen and you’re gaming for 
breath. You fight to stay alive. He struggled for about 
five minutes.” 

Janies E. Thomas, the state attorow.in Hartford, said 
he would not comment on whether his office chose to 
prosecute Mr. Meyer because he admitted that he had 

See SUICIDE, Page 4 









Page 2 


INTERNATIONAL HERALD TRIBUNE. SATURDAY -S UN DAY , OCTOBER 29-30, 1994 


Home Sweet Home for Yeltsin Remains a Deep Dark Secret 


By Margaret Shapiro 

Washington Post Sevier 

MOSCOW — The president of the United 
St&tp lives in the White House. The queen of 
“Jfiknd lives in Buckingham Palace. The 
president of Russia lives in . . . Well, good 
question. 

You might think that in a democratic soci- 
ety, the residence of the top elected leader 
would be no mystery. But it is a measure of 
how old ways persist that this simple question 
— where does President Boris N. Yeltsin 
actually rest his head? — is treated as some- 
thing akin to a state secret. 

Two weeks of telephone calls to press secre- 
taries and other officials, countless faxes and 
even an exploratory mission to a likely loca- 
tion failed to settle the matter. 


Mr. Yeltsin, as everyone knows, works at 
the Kre mlin, regularly stays at a government 
dacha in the leafy countryside outside Mos- 
cow and for years lived in a cramped apart- 
ment on a noisy downtown shopping street. It 
was from this apartment, shared with a 
daughter and her family, that Mr. Yeltsin saw 
fit to give a homey television interview before 
a crucial nationwide referendum on his lead- 
ership in April 1993. 


said the press secretary for Mr. Yeltsin’s secu- 
rity service, to whom questions were referred 
by the Kremlin press office. Mr. Yeltsin's 
press office had insisted on a fax request for 
the information and promised to respond to it 
after consulting with securitv officials, but 
they never did. 


Locals living near the sand-colored, sLv 
story apartment building, overshadowed by 
dingy high-rises, said they had not spotted 
Mr. Yeltsin or his fast-moving motorcade yet, 
although his wife, Naina, has been seen shop- 
ping at a swank new supermarket in the 
neighborhood. 


But whether Mr. Yeltsin and his family 
have moved to several spacious apartments in 
a new luxury building on the outskirts of 
Moscow, as several Russian newspapers have 
reported, was apparently too delicate a ques- 
tion for officials to answer. 


“I am not authorized to discuss this issue 
with the press." said the head of Lhe depart- 
ment that allocates apartments and dachas 
for government officials. 


Tm not denying or confirming anything. 


M 1 am not going to give you information on 
who lives in that building or how the apart- 
ments were given out." snapped the official 
who heads the local government office in the 
Krylatskoye region, where Mr. Yeltsin pur- 
portedly now resides. 


They had seen other famous people go into 
the well-gnarded building — which features 
an imposing and impenetrable steel fence, 
guard posts, underground pa rking , lighted 
tennis court and carefully manicured grounds 
and playground — but they offered no names. 


“It’s best not to talk about these things." 
said a man with a shrug as he worked on a car 
in the parking lot of the building next door. 


Serbs Warn Bosnia 


Not to Press Attack 


By Roger Cohen 

Sew York Tunes Service 

ZAGREB, Croatia — A Bos- 
nian Serbian commander on 
Friday threatened to resume the 
shelling of Sarajevo if Bosnian 
government forces pursue an 
offensive in northwestern Bos- 
nia that has brought their most 
decisive victory against the 
Serbs in the 31 -month -old war. 

General Dragomir Milosevic, 
the Serbian commander in the 
Sarajevo area, said he would 
order the shelling of “selected 
targets” in Sarajevo in the event 
of new attacks by what he 
called “Muslim fanatics.” 

The Bosnian offensive, which 
broke through Serbian lines 
surrounding the government- 
controlled Bihac pocket and 
has led to the capture of about 
130 square kilometers (38 
square miles) of territory, 
stalled Friday as soldiers sought 
to consolidate the new front 


yet that the Serbian president. : 
Slobodan Milosevic, may be 
ready to follow up on his aban- 
donment of the Bosnian Serbs 
by accepting a compromise on 
the status of Serbs now occupy- 
ing close to a third of Croatia. 

It also suggested that Presi- 
dent Franjo Tudjman of Cro- 
atia, who has wavered between 
allying hims elf with the Mus- 
lims against the Serbs or with 
the Serbs against the Muslims, 
may be dallying once again with 
the notion of a Serbian peace \ 
first. 3 


line and bring up logistical sup- 
port, United Nations military 
observers said. 

But, as over 7,000 Serbian 
refugees continued to flee 
southward and eastward, there 
was no sign of any Bosnian Ser- 
bian attempt to retake the lost 
territory. 

[At the United Nations, the 
United States introduced a res- 
olution in the Security Council 
to lift the arms embargo on Bos- 
nia in six months unless Bosni- 
an Serbs agree to end the war. 
The Associated Press reported.] 

General Milosevic’s threat 
came as international media- 
tors announced that the foreign 
ministers of Croatia and Serb- 
dominated Yugoslavia had 
agreed to begin a series of meet- 
ings aimed at normalizing rela- 
tions between the two coun- 
tries, which went to war in 1991. 
A tenuous truce has held be- 
tween them since early 1992. 

The announcement amount- 
ed to the strongest indication 


Such a peace might place 
strains on the Musum-Croat 
federation in Bosnia. 

Western diplomats say Lhai 
the compromise being worked, 
on would involve the Croatian 
Serbs gaining considerable au- 
tonomy, including the right to 
their own parliamentary assem- 
bly and their own Hag, in ex- 
change for recognition of the 
international borders of Cro- 
atia. 


On Thursday, the Croatian 
Serbs, who have declared their 


own republic in an area they 
call the Kraiina, held a meeting 


call the Krajina. held a meeting 
with Croatian officials, the first 
direct encounter between them 
for several months. 



Accord Is Seen on EU Commissioners 


Anger in Italy 
On EU Choices 


By Tom Buerkle 

International Herald Tribune 

BRUSSELS - Jacques 
San ter has reached broad agree- 
ment on the sharing of jobs in 
the next European Co mmit - 
sion, reducing the risk that a 
weekend meetin g of his new 
team will erupt in a clash of 
egos, commission officials said 
Friday. 

A decisive outcome would be 
just the tonic for Mr. Santer. 



The skills of the Luxembourg 
prime minister were widely 
questioned after he was chosen 
as a last resort to replace Jac- 
ques Delors as president of the 
European Union’s executive 
agency, while the commission 
itself is under attack from na- 
tional capitals that want to trim 
its powers. 

“We need to have a strong 
beginning," said Ritt Bjerre- 
gaard, Denmark's commission 
nominee who is expected to 
take charge of environmental 
matters. 

The main question mark 
ahead of the meeting on Satur- 
day, which will be held at Lux- 
embourg’s Senningen Chateau, 
involves a dispute over respon- 
sibility for Eastern Europe be- 
tween two incumbents: Leon 
Brittan, the trade commission- 
er, and Hans van den Broek, 
commissioner for foreign politi- 
cal affairs. 


The portfolio is arguably the 
most important because mem- 
bership tor Eastern Europe will 
be the Union’s top strategic 
goal in coming years, and will 
influence reforms of EU spend- 
ing priorities and governing 
structures. 

Sir Leon and Mr. van den 
Broek have shared a leading 
role on Eastern Europe so far, 
but Mr. Santer wants to aban- 
don the current division be- 
tween trade and political mat- 
ters and organize foreign affairs 
along geographic boundaries. 

Sir Leon has been offered 
trade policy and relations with 
developed countries tike the 
United States and Japan, but he 
has argued vigorously in meet- 
ings with Mr. Santer to retain 
Eastern Europe, sources close 
to him say. Mr. van den Broek, 
a former Dutch foreign minis- 
ter, has welcomed the offer of 
Eastern Europe but does not 


want to lose control over efforts 
to forge a common EU foreign 
policy. 

EU officials said it was un- 
likely the meeting would 
founder on this dispute. Sir 
Leon has limited bargaining 
power, having failed to win any 
support outside Britain in his 
campaign for the commission 
presidency earlier this year and 
being tarnished by the anti-EU 
credentials of his Conservative 
Party. 

Manuel Marin, commission- 
er for development policy, is 
expected to get Latin America, 
the Mediterranean and perhaps 
developing countries in Asia. 
Karel van Mien of Belgium is 
expected to stay in dmge of 
competition policy. Martin 
Bangemann will stay at indus- 
try but may share some respon- 
sibilities with Edith Cressoo, 
the former French prime minis- 
ter, who is favored for research. 


ROME — Italy named 
an economist and a radical 


politician as its European 
Union commissioners Fri- 


Union commissioners Fri- 
day after an acrimonious 
dispute that exposed deep 
tensions in the government 
Prime Minister Silvio 
Berlusconi made the deci- 
sion after his cabinet failed 
to agree in a nine-hour ses- 
sion that went to midnight 
The naming of Mario 
Monti, 51, chairman of the 
Bocconi University busi- 
ness school in Milan, was 
never in doubt Bui the ap- 
pointment of Emma Bon- 
ino, 46, a deputy from the 
Radical Party, was disput- 
ed until the last minute. It 
sparked immediate criti- 
cism from within the coali- 
tion and from the leftist op- 
position, which had hoped 
for one post 



In Ulster, Old Foes Step Out on New Path 


Dont miss the upcoming 
Special Report on 


Private 

Banking 


By James F. Clarity 

New York Times Service 

DUBLIN — For the first 
time since sectarian warfare be- 
gan in Northern Ireland 25 
years ago, the political repre- 
sentatives of the outlawed Irish 
Republican Army sat at a peace 
table Friday with political lead- 
ers from the North and the Irish 
Republic. 


As Gerry Adams, the presi- 
dent of Sinn Fein, the IRA’s 
political wing, took his place at 
the Forum for Peace and Rec- 
onciliation at Dublin Castle, 
sitting around him were Roman 
Catholic and Protestant politi- 
cal leaders who were no longer 
vilifying him as a cynical 
mouthpiece, his colleagues as 
murderous IRA henchmen. 


“It’s a historic day” Mr. 
Reynolds said as he arrived at 
the castle, the former seat of 
British colonial rule. 


For Mr. Reynolds and many 
Irish politicians, Mr. Adams 
was invited as a reward for 
reaching the IRA cease-fire in 
the North, which took effect 
SepL 1. 


UNIVERSITY DEGREE 


In the October 31st 
issue of the newspaper.. 


BACHELOR'S • MASTER'S • DOCTORATE 
For IVort. Life and Academic Experience 
Through Convenient Home Study 
(310) 471-0306 EXT. 23 
Fax: (310) 471-6456 
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Pacific Western University 


600 N. Sepulveda BtaL. Drat 23 
Los Angeles, CA 90049 


IUUBWWI na MM imiiaiii»n>>4Hww< ur 


• For the Irish government of 
Prime Minister Albert Reyn- 
olds, the meeting with Mr. Ad- 
ams was the first formal one in 
the peace effort Mr. Reynolds 
has advanced with Prime Min- 
ister John Major of Britain, a 
kind of group- therapy, confi- 
dence-building session of for- 
mer enemies designed to lead to 
broader and more substantial 
talks that would include all par- 
ties to the Northern Ireland 
conflict 


Some officials and analysts 
here and in Lhe North noted 
that while the invitation was a 
reward for ending the killing, it 
also meant that the IRA had 
succeeded in bombing and 
shooting its way to the negotiat- 
ing table. 

The presence of Mr. Adams 
and the IRA at the negotiating 
table overshadowed, for the 
moment, serious differences be- 
tween Dublin and London on 
how the peace process should 
move ahead. 


The two governments are try- 
ing to work out delicate prob- 
lems on how to formulate a new 
political status for Northern 
Ireland wi thorn losing the sup- 
port of people in Ireland who 
think the North, a British prov- 
ince, should be part of the Irish 
Republic, and people in the 
North and in mainland Britain 
who think it should remain part 
of the United Kingdom. 

The forum, to meet weekly, is 
to air all the major problems 
that are expected ultimately to 
be dealt with in talks involving 
the Irish and British govern- 
ments, and all the political par- 
ties from the Republic and the 
North. 

Among the issues that are 
still to be discussed are the dis- 
armament of the paramilitaries 
and the withdrawal of British 
troops and the establishment of 
North-South institutions. 





WORLD BRIEFS 


' . • V 

U.S. and Seoul Set Smaller Mmissiwft* 




SEOUL (Reuters) — The United States and South 
which agreed last week to cancel thar xna^orannual nuBtanr 
^riseaTa gesture to North Korea, announced Fnday that£ 
smaller, sevenSy exercise would be hdd next 
A sookesman for the U.S. forces in Korea said the cofflba*4 : 
field training exercise would involve the majomv of 1 Ng 

36,000 American troops in South Korea and 650,000 JocaJ»f| 
dieis. Unlike the annual maneuvers, in which tens of thousands^ 
additional U.S. troops are flown to South Korou the an*® 
maneuvers would only involve troops already based m theean^ 

^The announcement is expected by observers to anger Comrm^ 
uist North Korea, which has denounced past joint cxtrcocs^ 
rehearsals for invasion. 


Germany Holds Syrian as Missile Spy 

... ... . c : ( I 5 


BERLIN (AP) — A Syrian accused of stealing U.S. Patriot 
missile secrets for his country’s intelligence serwe has b«^; 

arrested by German authorities, prosecutors said Fnday. ;■ & 

The suspect was identified only as a 43-y wr-oW doctor Iwingiga 
the state of North Rhine-Westphaha. "He had access to M 


U1C bUUC x , - 

material as a worker for a company engaged m weapons 
disposal,” said Rolf Harwich, spokesman for the Federal 1 


disposal,” said Rolf Harwich, spokesman ror me reoerai rrosec 
tor’s Office in Karlsruhe. He would not identify the company 
say where the suspect had obtained the material. 

m _ _ • ^i— aF faL*ino iliV’iimrUfC hnrtnf i tfniu 


The man is also accused of taking documents about G 
minae and a radio receiver from the German Army. Mr. Ham 
said it was too early to say how dam ag in g the espionage, wl 
began around 1992, had been to the U.S. and German mifitai 


U.S. Jail Population Passes 1 Million 

WASHINGTON (NYT) — The number of inmates in AmttM’ 
ca’s prisons has topped 1 million for the first time in the natiodfS 
history, the Justice Department said, releasing a survey th$£ 
reflected decades of demands for tougher punishments. 

The survey, conducted by the Bureau of Justice Statistics, founts 
that 1,012,851 men and women were in state and federal prison^ 
on June 30. II 

The number of inma tes has soared in comparison with thp : 
nation’s population over two decades, the survey said. In Jim<p 
there were 373 people in prison for every 100,000 U.S residents, ££ . 
record. In 1980, the figure was 139 per 100,000. W 


5 Die in 5th Day of Somali Clan Strij 


MOGADISHU, Somalia (Reiners) — Inter-clan fighting raged* 
in the battered Somali capital for a fifth straight day Fridajf? 
killing at least five people as factions defied UN calls for peace ? 

Residents said 12 people were also wounded in the fighting? 
between clans that started in a central district and spread along! 
the “Green Line” dividing Mogadishu. ■ Tf 

Major Richard McDonald, chief military spokesman for the*' 
UN Operation in Somalia, said there was intense fighting Mass 
Mogadishu’s port, with both sides firing rifles, heavy machinal 
guns, mortar shells and anti-tank rockets. " 


France Reaffirms Islamic-Scarf Ban in Pairiil 


Emv F Mart.' The Associated Pros 

Sarajevans waiting Friday to cross the Brotherhood and Unity bridge linking government and Serbian-held sides of city. 


PARIS (Reuters) — France said on Friday it would strictly 
enforce a ban prohibiting Muslim guts from wearing Islamic head 
scarves in secular schools, saying democratic principles were si 
stake. 

A total of 23 students have been expelled from France's state 
schools, including 17 from a high school in Lille this past week, 
since the government began a crackdown on religious fundament 
talism in ttrhnrJy ^ 

"We will be firm to the end in applying our principles,^ 
Education Minister Fran 9 ois Bayrou said in a radio interview. 


Paris Probes Phone Taps on Ex-Aide 


PARIS (Reuters) — French judicial authorities ordered an' 
investigation on Friday into the bugging of the office telephone of* 
Girard Longuet, the industry minister who resigned this month 1 
over corruption probes. 

The prosecutor's office at Metz, in the Lorraine region,' wbierej- 
Mr. Longuet has his political seat, announced the probe. Mr/ 
Longuet filed a complaint that maintenance technicians had* 
found a microphone the size of a sugar cube inside a floor plujf 
connecting his personal line at the Lorraine Regional Council 
office in Metz, said his chief aide Patrick Franqois. 


Correction 


The People column in Wednesday's issue incorrectly described 
the Nobel prize-winning writer Derek Wolcott as Trinidadian. He 
is a native of Saint Lucia. 


tot? Con 


TRAVEL UPDATE 


BA Boosts Service to South Africa 


JOHANNESBURG (AFP) — British Airways will increase its 
nonstop flights between Johannesburg and London to nine a week 
with a new weekend flight starting Nov. 4, the airiine said Friday 
The new flight, for nonsmokers only, will leave Heathrof 
airport on Fridays, arriving in South Africa on Saturday monp 
mgs, and will depart Johannesburg for London on Saturday 
evenings. 


A station for highspeed TGV trains will open Nov. 13 at Roiss^u 
Charles de Gaulleairport near Paris and will offer direct service 


various French cities as well as London and Brussels, officials? 1 . 
announced. They said the station was expected to serve froth' ••* 

300,000 to 450,000 passengers next year. (AFP). • 

Scandinavian Airlines System said it would add a daily night oAj 

its Copenhagen- Riga and Copenhagen-Stuttgart routes Monday? ’ s, “- 

and resume Dying to Zagreb, Croatia, on Nov 5. SAS currently * i ' ■— 

daily flights to Stuttgart and one to Riga Jrodfj r % from P 


Guards agreed to open the AcropoGs to the puhGc on Friday. ■; 
alter a court declared their work.stoppage illegal. The Ministry of - . 


Culture guards said they would open the site, one of the wdritTg ' 
biggest draws for tourists, until Sunday and would deckle o|:i 
Monday whether to continue the strike. (Reuter^ 


The United States has agreed to let Japan Air Lines start if ] 
weekly service next month between Honolulu and Sendai , iff 1 
northeastern Japan, paving the way for the resumption of aviations! 
rnlks that have been stalled since August, the Japanese Ministry aT - 
Transportation said Japan will in turn lift retaliatory action ; 
against Northwest Airlines, allowing it to increase weekly ffight£ ,; 
be tween Osaka and Manila to seven from three. (AFP)\ 

Indian Airlines pilots took mass sick leave on Friday in a uniOft 

, stra ?f i 9 d of passengers around India. T 

union officials sard in New Delhi. (AFP) > 




l t . 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 29-30, 1994 


Page 3 



S ^PJ 




Republicans Hope the Locals Take the Bait 


if & 

is?- 





POLITICAL NOTES 


'4 By Dan Balz 

, . "f a!^T! IKaW»gaw Pan Service 

MARSHALL, Texas — 


s When George W. Bush’s cam- 

J paign bus rolled to a slop in the 
"* L ' uptown square the other day, 
■:■ ...^ Dorothy Ruthven was waiting 

in the crowd to see the RepubE- 
, l "- can candidate for governor. A 


^ lifelong Democrat, she typifies 
the evolution of Texas politics 
“Ul that underlies Mr. Bush’s sub- 

i . . ‘ ^antial challenge to the Denao- 

V..V $ cratic incumbent, Ann Rich- 

i aids. 

h- “My parents were Democrats 
' and you just sort of grew up 

, 'lit hjrf that way,” Ms. Ruthven said as 

.V-— Mr. Bush was signing auto- 
's ' :i ’- Jhc graphs under a warm autumn 

sun. “My daughter and son are 
' staunch Republicans." 

•' ■- And Ms. Ruthven herself? 

' 1 .'■‘St She nodded toward Mr. Bush. 

-i.. switched parties for him," 

'• 1 - she said. 

— There are new Republicans 
. .tikcMs. Ruthven all over the 

I Mjjb ^puih, the ftuition of the de- 
-I:::-.- '^^^ftode-lraiggrowthof thepartyin 




• -• yJ'.V '' 'ficult for Governor Richards 

• . f XL '. Sl: «iRic«L Tand other Democratic incum- 
fonts. . 

i. ;X , .. R ‘-*ln Georgia, Governor Zell 


time ago. Increasingly, they are 
doing so in campaigns for other 
offices. These changing habits 
make people like C. T. (Sonny) 
Davis possible. A former Dem- 
ocrat, Mr. Davis is now running 
for justice of the peace here in 
East Texas, something that not . 
long ago was unthinkable. 

“People -split their tickets 
quicker than a cat can lick his 
tail,” Mr. Davis said. “You see 
the baseball-cap-and-boots 
types voting Republican now." iu 

Consider the statistics: <*. 

• When Texas elected its first jj» 

Republican governor since Re- M 
construction in 1 978, there were pi 
about 90 elected Republicans in fin 
the state. Today there are more K 
than 900, although Democrats 8 
still have a majority. S 

• More Republicans took B 

pan in the Republican primary SI 
for governor in Florida this year I ' 
than voted in the Democratic gn 
primary, and, in two other Bj 
states, Tennessee and South H 
Carolina . Republican parti ci- H 
pation was almost at parity with M 
the Democrats. f* 

• Republicans now hold - 
more House seats in the South .■» * 
than they do in their ancestral i - 
home, the Midwest, and the L - ; 
number is expected to grow this }L- 
year. “I hate to be a Marxist ®* : 



'V , w ' V -T?anv fl * Miller, a fixture in state politics, about it, but there is a sort of _ _ . ... . .. rw j. pm t .'Ti« doored pro. 

V‘ ‘ ur\^ yjjJ ? is under siege. In Florida, Gov- immovable force of historv George W. Bush campaigning for governor m Houston with his mother, Barbara Bush, 
emor Lawton Chiles, who has that's making itself felt in this 

never 1^ an election, is bat- S? l.S?! 5? V ^L on . e genuine two-party state, a Re- saw waves of conservative then won the special election as 

tfing Jeb Bosh, another son of ofGeoige W. Bush s chief suat- publican takeover is far from Democrats vote Republican, a Republican, and moved to the 

WIUafifLh.b former Presidrat George Bush. e S^ ts - inevitable. Democrats still hold and no Democrat has carried Senate two years later. 

In Tennessee, Senator Jim Sas- Fred Meyer, a former Texas the governorship, the lieutenant Texas in a presidential race The breadth, of Lhe Republi- 


'Oniali fin- 0 ,, fom** prcsiden: George Bush. 
4lUJ ^tanStij In Tennessee, Senator Tim Sas- 
ser is fighting for his political 
'traichi ArT wrote Representative Jim 
\ l\'d Gboper; a moderate Democrat, 
• w.’visutJ m rtS now tfo underdog in his race 


election,” said Karl Rove, one 
of George W. Bush's chief strat- 
egists. 

Fred Meyer, a former Texas 
Republican chairman who pre- 
sided over much of the party’s 
growth in the 19S0s. said: 
‘we’re moving so far and so 


governorship, most of the major since. 


saw waves of conservative 
Democrats vote Republican, 
and no Democrat has carried 
Texas in a presidential race 


in *, r i? now the unaeraog m ms race we re movmg so tar and so 

• : . jv-^i “ for the Senate seat once held by fast Every step makes that next 

•l.’j ^ yke President AI Gore. step easier. This could be the 

* siw-mry 'Me™*- ’ **9^ wfao “P year it just goes whoosh." 

c:;- oats m the South became ac- Democratic analysts argue 

:>r;j n:l", custoned to voting Republican that Republicans are too opti- 

‘ in,presid€ntia] campaigns some mistic, that while Texas is now a 


constitutional offices in the 
state and they control the legis- 
lature. 

The evolution of Texas and 
other Southern states from one- 
parly bastions to competitive 
two-party states began in ear- 
nest with the election of Ronald 
Reagan in 1980. That election 


In the mid-1980s, rural and 
small-town Texans began to 
shed their Democratic lies and 
convert to independents or the 
Republican Party, encouraged 
by the aggressive salesmanship 
of Phil Gramm. Mr. Gramm 
quit the Democratic Party and 
resigned his House seat in 1982, 


then won the special election as 
a Republican, and moved to the 
Senate two years later. 

The breadth of the Republi- 
can appeal in Texas became ap- 
parent in June 1993 when Ray 
Bailey Hutchison won a special 
election for Lhe Senate seal va- 
cated by a Democrat, Lloyd 
Bentsen, when he became Trea- 
sury secretary. She not only 
won 67 percent of the vote but 
she also carried an astounding 
239 of Texas's 254 counties. 


5^-Evoy Parent’s Nightmare Unfolds as Carjacker Takes Children 


peoples st '• 


s rrsdpfe* • By Rick Bragg had released Alexander, 14 

- . New York Tana Service months, and Michael, 3. But as 

• ]■: .;iv ;:. ni FraKrc UNION, South Carolina — of Friday, investigators still had 
*. i;!lc 3i}p*i} Siam Smith said she stood in no solid leads, and the worst 

::asa.'»fay-Ae middle of a dark, isolated crime in recent memory in pas- 
SSad and screamed, “I love you torah peaceful Union County 

• • .yr pici ail” as a carjacker disappeared remained unsolved. 

.• r^ik'uiv in the. distance with her two “I pray for him," said Sue 
children in the back seat. So far. Moms, Mrs. Smith's neighbor, 
T-aww r T 1U • ** V** 16 of * hi » small textile of the carjacker who had be- 

i Uu LV.lI town itf northwestern South come the focus of a frantic, 

.-r»> c',’nl« Carolina have been unable to four-state search. “I pray for 

Mra Smith’s two little God to touch his heart and 
Visi £ s boys home again. make him let Lhose children 

Hundreds of law enforce- go.” 
meat officers and volunteers What has appeared to be the 

. . . . " ""-JCjv'r have been searching the high- real-life manifestation of every 

... ; ways and deep forests of this parent’s nightmare began about 

, rw- rural piece of the state since 9 P-M. Tuesday when Mrs. 

jr'rkKaifc Tuesday, hoping the carjacker Smith, her two children 


strapped into car seats in the 
back, stopped her car at a traf- 
fic signal in Monarch Mills, a 
few miles outside Union. 

Mrs. Smith said a man with a 
gun jerked open the unlocked 
door on the passenger side of 
her 1990 Mazda and said, “Shut 
up and drive or I’D kiU you." 

Mrs. Smith, who works for a 
textile company, told Sheriffs 
Department investigators that 
she did not know the man. He 
ordered her to drive northeast 
for about 10 miles (16 kilome- 
ters),- then told her to get out 


She said she begged him to let vanished down the dark road 


She said she watched in County sheriff, Howard Wells, 
shock, standing in the middle of “I’ve been in law enforcement 
the road, as the man drove away 20 years, and fve never had a 
with her children. Later, family case where there is so little to 
members said Mrs. Smith was work on." 

sick with grief, asking herself 

how she could have let the man < 
drive away with her sons. ! 

“She just thought, when she 
got out of the car, that he’d let 
her have them,” said Dennis AMSTERDAM 

Gregory, a cousin of Mrs. crossroads international chur- 

Smith’c CH Netdenominaiional & Evangeical Suo- 

. t. • day Senra am. 4 11:30 am/ Kids 

Investigators have almost Welcome. De Cuserstiaat 3. S. Amsterdam 
nothing that would lead them to 02940 - 15316 ^ 0250341399 . 

the children. The crime scene . park an d sukiidik 


No Uncle Tom,' Justice Says 

WASHINGTON — In an extraordinary 
meeting with an invited group of 30 blacks, 
including five journalists. Justice Clarence 
Thomas of the Supreme Court rejected sug- 
gestions that his opinions have hurt blacks or 
that he has forgotten his roots. 

“I am not an Uncle Tom,” Justice Thomas, 
the second black man to serve on the court, 
replied when he was asked about selling out 
to whiles, according to a report Thursday in 
the newspaper Washington Afro-American 
that was confirmed by several people who 
were at the meeting Wednesday. “I do not pay 
attention to that nonsense. That is one of the 
problems we have as black people. We don't 
allow differing views.” 

Repeating a vow be has made before 10 
remain on the court in spite of his critics, he 
said: “I’m going to be here for 40 years. For 
those who don’t like it, get over it “ 

Justices virtually never hold on-the-record 
meetings with the press. And Justice Thomas, 
appointed in 1991. has been the most media- 
shy of all the current justices. He has turned 
down interviews and repeated requests for 
informal visits by reporters from many publi- 
cations. ’ f WP) 

North Pucks Fight With Nancy 

FALLS CHURCH. Virginia — Nancy 
Reagan has attacked Oliver L. North, the 
Republican candidate for the U.S. senate 
from Virginia, asserting that he “lied to my 
husband and lied about my husband.” 

On Friday, Mr. North, a former aide to 
President Ronald Reagan, ducked the barb, 
saying. “My mother told me a long time ago 
never to get into a fight with a lady.” 

Much of the Republican establishment has 
rductantly rallied around Mr. North in the 
last four months. But Mr. Reagan has made 
no comment since a letter in March in which 
he said his former National Security Council 
aide, then a lieutenant colonel, had made 
“false statements” about the Iran-contra af- 
fair. *Tm getting pretty steamed about the 
statements coming from Oliver North.” Mr. 
Reagan wrote. 

Mrs. R eagan was asked about Mr. North 
on Thursday night in New- York. 

“Ollie North. Oh. I'll be happy to tell you 
about Ollie North,” Mrs. Reagan said. “Ollie 
North has a great deal of trouble separating 
fact from fantasy." 

Pausing for applause and laughter, she con- 
tinued, “and he tied 10 my husband and lied 
about my husband — kept things from him he 
should not have kept from Him. " 

At a White House briefing Friday, Vice 
President Al Gore delivered another attack 
on Mr. North. “He is a pathological liar," Mr. 


Gore said. “He disgraced himself in his previ- 
ous job. He cannot help but throw one He 
after another.” 

Mr. North has said he was following orders 
from his superiors when he orchestrated the 
plan, revealed in 1 986. to supply arras secretly 
to ami-Communist rebels in Nicaragua. 

In two recent polls. Mr. North was in a 
statistical tie with his Democratic opponent. 
Senator Charles S. Robb. (NYTi 

Florida Campaign Gists Nastier 

WASHINGTON — In the latest low blow 
in a bitter campaign. Jeb Bush, a Republican, 
is using the motner of a murdered child to 
promote his challenge 10 Governor Lawton 
Chiles of Florida, a Democrat. 

In a television spot that features snapshots 
of little Elisa Nelson taken before her brutal 
murder in 1980. her mother. Wendy Nelson, 
says: “Fourteen years ago, my daughter rode 
to school on her bicycle. She never came back. 
Her killer is still on death row and we're .'•till 
waiting for justice. We won’t get it from 
Lawton Chiles because he’s too liberal." 

Mr. Chiles called the spot “a repeat of 
Willie Horton,” the famous ad made m sup- 
port of George Bush's 1988 presidential cam- 
paign, which he won Governor Michael S. 
Dukakis of Massachusetts. Mr. Horton was a 
prisoner in Massachusetts who was fur- 
loughed and attacked a couple in Mainland. 

“Bush is using the pain and suffering of a 
mother's loss to smear and distort my record 
on the death penalty." Governor Chiles said. 

The governor responded with his ow n ads. 
charging the Bush campaign with sinking to 
new depths. “The fact is, her ease is in the 
courts — not on the governor’s desk." the ad 
states. 

Indeed, the girl's killer. Larry Eugene 
Mann, has been sentenced to death three 
times, and because of legal challenges and 
delays he remains locked up but alive. The 
appeals courts have stayed or reversed the 
death sentence on numerous occasions, and 
Mr. Mann's lawyers have an appeal pending 
in Pinellas Circuit Court. fll’F) 

Quote /Unquote 

Larry Berg, director of the Jesse Unruh 
Institute of Politics at the Univcrsitv of 
Southern California, on Michael Huffincton. 
the Republican candidate for California's 
Senate seat, who has vigorously opposed ille- 
gal immigration but who admitted last week 
having an employed an Illegal immigrant in 
his home for five years: “It suggests that his 
position on this issue is one fraught with 
hypocrisy. If you are going to say what he has 
said for the past six months, this is not some- 
thing you want to do.” (LA T\ 


RELIGIOUS SERVICES 


her take the children with her, 
but the man said: “I don’t have 
time. HI take care of them." 


:: TraJdr 


Race Comes to Surface in Simpson Trial 


:: Trakte By David Margolick 

New York Tima Service 

LOS ANGELES — Lawyers 
. *** fee O. J. Simpson have accused 

I . , -PC prosecutors of attempting, 

1 j ) \ 1 L through needlessly persistent 

. — ’ and provocative questioning, to 

keep blacks off the jury. Their 
^ al. ifriffl assertions brought race to the 
* . OUU* surface of a case in which it has 

... i-j in*' always lurked not far below. 
i.’iH^fcThe accusations, made in 
impromptu news confer- 
• • --i: rapes by two of Mr. Simpson's 
. fewyers, followed a testy ex- 

.c & dfemge between Deputy Dis- 
trict Attorney William Hodg- 
n man and an elderly black man, 
- one' of six candidates screened 

’ Thursday for the Simpson jury. 

' ''* . j-rsjj '*3=Yon*re pumping me as if 


I'm on trial or something!” the 
man, a 71-year old retiree, ex- 
claimed. “I don't like that. 
You’re sort of riling me.” 

Mr. Simpson’s principal law- 
yers, Robert Shapiro and John- 
nie L. Cochran, were quickly 
out in the corridors, denounc- 
ing Mr. Hodgman's conduct. 

“We are very concerned 
about the tenor of questions 
and that they go after certain 
jurors,” Mr. Cochran said. “In 
order for this jury to have credi- 
bility, it must have people from 
all walks of life and from all 
over the community.” 

In fact, the potential jurors 
who have survived the first 
round of questioning are a di- 


verse group in which whites are 

9 minority what a nolvmnh wic mwtj, /swb mrts. Mono HJ noose” 

a mmomy. wadi d poiygrapn was. vet Fan^sefvce& Scrtay School aiioao 

A few minutes alter Mr. Mr. Cochran said that this a m., every Sunday, ah welcome. 
Cochran spoke, and 12 floors question had not been asked of fw « 7847 9 * 

below, Mr. Shapiro swung into anyone else and called it “de- saint Joseph’s church (Roman 
action. He maintained that the meaning.” Cathofc). Masses Sunday. 945 am. uao 

prosecution was harassing It is widely — but not univer- 


me cmiureu. 1 ne crane scene . , park and SUBURBS 

vanished down the dark road. ‘ ' 

“Verv rarelv do vou have a BIMANUEL BAPTIST CHURCH, 56 Rue 
very rareiy ao you nave a ^ Bons-Raisins. Rueii-Maimafeon. An 

crime and not nave a crime Evangeical cWi tor the Engfch speakrg 
scene to work." said the Union community located m the western 

sUbubsS-S. 9:45; Warshp 1045. CWdren's 

— Quell and Nureery. Youth mnstras Dr. B.C. 

Thomas, paslor. Call 47.51.29.53 or 
4749.1 529 tor Hamadon. 

rv I JTW m HOPE INTERNATIONAL CHURCH (Ev3TV 

§ftj B BBMIMj gefcsO Sm 9-JO am. Hjtel Orion. Metro 1 : 

****-*•*' Esp&iade de La Defense. TeU 47.735354 

or 47.75.1427. 

case and then asked if he knew scots kirk (Presbyterian) 17. 

what a nolvsrrqnh wis 75008 Ptre - Meb0 Roo5e ’ 

wndi d poiygrapn was. velFamlysefvioeiSudaySdxiolanoaO 


FRANKFURT 

CHURCH OF CHRIST 1>C KING (Eprsco- 
paVAngScanl Sun. Holy Communion 9 & 11 
am Sunday School aid Masety 1045 am 
Sebastian f%nz SL 22. 50323 Frankfcit, Ger- 
many, U1. 2, 3 MiqueLAIIee. Tel: 49/69 
5501 B4. 

GENEVA 

EMMANUEL CHURCH, 1st. 3rd & 5ttl Sun. 
10 am Eudiansi & 2nd & 4th Sun. Momng 
Prayer 3 ne de Morthoux, 1201 Geneva. 
Swteertand. TeL 4 1/22 732 80 78- 

MUNI CH 

THE CHURCH OF THE ASCENSION. Sun. 


BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 
World Trade Center, 36. Drahan Tzanko/ 
Btvd. Worship 11.00. James Duke, Pastor 
TeL; 704367. 

. CELLE/HANNOVER 

INTERNATIONAL BAPTIST CHURCH. 
Wincfcntfen Strasse 45. Cde 1300 Wbrshp. 
1400 ESbte Study, Pastor Wart Compbel, Ph. 
(05141)46416. 

DARMSTADT 


ZURICH - SWITZERLAND 

INTERN AT lONriL BAPTIST CHURCH 0? 
WMensml tZunrh), Fkyscrbcrgilr 4. 8820 
V/Adenswfl, Worshp Services Sunclay mor- 
nngs 11O0. Tel: 1-724 2662. 


ASSOC OF INn CHURCHES 
IN EUROPE & MIDEAST 


M1 ” DARMSTADT/EBERSTADT BAPTIST MIS- BERUN 

MUN 01 1 ? ' AMERICAN CHURCH IN BERLIN, cxw. ol 

THE CHURCH OF THE ASCENSION. Sun. C3ay A*ee* Putsdarw Sir, SS 933 am. 

&****$■ Gwrony. DUSSELDORF BRUSSELS 


ST. PAUL'S WITH1N-THE-WALLS. Sun. 
830 am. Holy Eucharist Rite I; 10:30 am 


INTERNATIONAL BAPTIST CHURCH En- 
gish. Worship and Chidreri's Church Sun- 
days at 1230 nm. Meeting temporariy at the 
Evangefisch - FreWrirtehe Gemeinde in Ra- 


Choral Euchana Rte 8; \030 am. Chuch 1f>qen, Germany (Kalserberg 11). Friendly 


prosecution was harassing 


black candidates, hoping they sally — believed that black ju- 
would talk themselves off the rors will be more sympathetic to 


Cathofc). Masses Sinday. 945 am.. HOT 
am., 12:15 p,m., and 630 p.m. Saturday: 
11OT am. and 630 pm. Monday-Pnday: 
830 am. 5d avenue Hoche, Paris 8ft. TeL 
42272856. Metro: Charles de Gaufa - Etote. 


jury by betraying bias. 


Mr. Simpson, and that lhe de- 


The comments brought an feuse is anxious to have as 
angry retort from Mr. Hodg- many of them as possible on the 




- -""I 

i- *' ‘ t 


Away From Politics 


. . ‘ • :w SSx affigaton, an iguana and other reptiles were confiscated 

r- • by ‘the police and animal protection officers from a loft 
, .. ijw- nii^.f-c ■ ^Mutment in Brooklyn, New York. The occupant, a lawyer 
1,% •" ; 1- '.‘for the cit/s Department of Environmental Protection, said 

- ‘ vc j the apartment had served as an ersatz zoo for neighborhood 
.. : a.*' ii'richildren, and promised a legal battle to get the beasts back. 

, A dfamntled former U.S, National Guard soldier took two 
1 j :! ^sHicera hostage at gunpoint at the army’s Fort Irwin National 

1 J*P ,r rtJ 5^ ^Training Center in California, but they managed to escape 
^unharmed and the man was arrested. 

- * Trials of die French abortion pill RU-486 have begun in the 
-^United States, the Population Council said. But the organiza- 
.. < 4 1 ^ tion said it would make no general announcement of the sites 

\ where women can get the drug because of concerns about 

i *!> ^ potential vkrfence. 

J* 1 ' 'OThe federal government has sned Borden Chenriods & 

' ’ ■ ' Plastics, saving the company had polluted groundwater 

^ around its Gtasmar, Lomsiana, plastic- making plant and 
-p} illegally shipped hazardous waste out of the country. 
a BThe last of four pmefines broken by fioodwaters in East 
„ f-rslfl- ! - Texas has been capped, and federal and state officials say the 
ifKJ | J cleanup of oil and fuel will take two to three more weeks. The 

7. [ •-} cleanup already has cost S 6J2 null ion. 

r NYT. Reuters. AP 


man, who accused the defense 
of bad faith. r 

Mr. Hodgman had pressed 
the unidentified prospective ju- ! 
ror to elaborate on a number of' 
statements he made on his ques >- 1 
tionnaire. j 

Tension escalated when Mr. 
Hodgman questioned the man 1 
on whether he would convict 
Mr. Simpson were his guilt 
proved beyond a reasonable 
doubt, and’ the man repeatedly 
equivocated. 

It finally boiled over when 
Mr. Hodgman asked the man 
whether he had heard any dis- 
cussion of polygraphs in the 


12-member panel. 


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INTERNATIONAL COMMUNITY CHURCH. 
EvangeficBf Bfcte Befeunq. services m Erwl- 
Eh 4a0 pm Sundays al Enhubeistr. 10 (U2 
Triewesienslr.) (009) feOB61 7. 

SALZBURG 

BEREAN BIBLE CHURCH, h Berea. They 
searched lhe scriptures daily' Acts 17:1 1. 
EvangeSral Engfefi service A 1030 am wtfh 
Pastor David Wxtfsoa Franz Josef Strasse 
23 For Wo OH 43 (0)662 455561 


ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near lidabashi Sin. Tel: 3261- 
374a WcreNp Service: 930 am. Sundays. 

TOKYO UNION CHURCH, near Omotesan- 
do subway sta. Tel. 3400-0047, Worship 
services Sunday 830 5 11OT am. SS al 
9:45 am 


ll you woi*J Be a bee Btfe couise by maL 
please contact L"EGUSE de CHRIST. P.O. 
Box 513. Stairtm, Indena 47881 USA 


School for chAfrai & ftoreerycaie prawdect 1 
pm Spansh Eucharist. Via Napoi 58, 001 B4 
Roms. TeL 396 488 3339 or 39B 474 3569 

BRUSSELS/WATERLOO 

Aa SAINTS" CHURCH 1st Sux 9 6 11:15 
am Holy Eucharist n9h ChUen's Chapel al 
1 1:15. Afi other Sunday* 11:15 am Holy Bi- 
charist and Smcby SenocL 563 Ctaussee de 
Louvari, Ohala Belgium. Tel 32,2 384-3556. 

WIESBADEN 

TH E CHUR CH OF ST. AUGUSTINE OF 
CANTERBURY, Sun. 10 am Forty Eucha- 
nsL FiarSdixter Sbasse 3, Wiesbaden, Ger- 
many. Tel: 4961 13066.74. 


BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS. Sinday School 
930 am. and Church 1045 am KaHenberg. 
19 (at lhe Iffl. School) Tel.: G73 05 8 1 
_ =_ . . - - - - ~ . Bus95.Ttam94. 

FefcMishp. Al denomretnns ueicome. For 

kilher Infonroiion cal the pastor Dr. WJ.De COPENHAGEN 

Lay, TeL 021 1-400 157. 

INTERNATIONAL CHURCH of Copcnha- 
FRANKFURT gen, 77 Fanrergadc Variov, near RMhus. 

INTERNATIONAL CHRISTIAN FELLOW- * Worship 11:30. Tel.: 

SHIP EvangeirSCh^refcrchGche Gemende, 31 B?470 5. 

Sodenererr. 11-18, 6380 Bad Homburg, pho- cd amitciidt 

ne/Fuc 06173-62728 senrrig the Fianktwt FRANKFURT 

T5 L f?y s ««b. GMmany. Sunday w- TRNTY LUTHBTAN CHURCH, Nfreknocn 

1W». Alee 54(40058 from Bugerrtnva). &n- 

W0IT16D S DOB GtKflCS. HOUSO^Ol^ " SlIV Hav rrtimil nrmhn 1 1 r-i ia^a, 
day + We*resday 1930. Pasior M. Levey, 1 1 am Tel - <069) 

merrtjer European Baprial Convention. "De- 599478 or 512S52. 
dare His tfvy among* the rtaBons.' mmeva 


BETHEL INTERNATIONAL BAPTIST 
CHURCH Am Dachsfaerg 92. Frenkful aM 

EUROPEAN SirdaywocshpliOTBmandBOTpm.Dr. 

BAPTIST CONVENTION Wpador TeLoeo^s® 

HEIDELBERG 

BARCELONA GRACE INTERNATIONAL BAPTIST 

FAITH FELLOWSHIP INTERNATIONAL CHURCH, Industrie Sir 11. 6902 Sandhau- 
meets at MO am. Bona Nova Baptist Chur- sen Bble study 0945, Worchip 1 1 0T. Pastor 
ch Carer de Id Guta de Bataguer 40 Pastor Pai Heretic Tel: 06224-52295. 

Lance Borden, Ph. 4395069. 

BERLIN HOUAND 

INTERNATIONAL BAPTIST CHURCH. I™*™ '( Vo ^P ’P 3 ?; 

oeniM Or F&ibi nursory, warm icllowsfiip. MQ6I& al 

S'S.S'SSgfiMoMiS. “Essrasr 54 h 

Charles A. Wartord. Pastor. TeU 030-774- TeL01751-7H024. 

4€T0 - _ MADRID 

BONN/KOUM IW4ANUEL BAPTIST. MADRID. HERNAN- 

THE INTERNATIONAL BAPTIST CHURCH DEZ DE TEJADA. 4. ENGLISH SERVICES 
OF BONWK3LN, Rheinau Strasse B, Kfifri 11 am. 7 pm Tel: 407-4347 or 302-301 7. 
Worship 1 0T p.m. Calvin Hogue, Pastor. une . ra u 

Tet:(0223B5 47021. MOSCOW 


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VIENNA CHRISTIAN CENTER A CHARS- BRATISLAVA 

MATIC FELLOWSHIP FOR VIENNA'S IN- r ^ ^ , , , 

TERNATIONAL COMMUNITV, * Eng fish “* “3^; 1 

Language ■ Trars-dentyninedionsal. meets a “ 

Habgasse 17, 1070 Venta, 600 pm. Every Jozep KJat*, Tet 31 67 79 


Sunday. EVERYONE 15 WELCOME For 
more intomam cat 43-1-318-7410. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 

PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF THE HO- 
LY TRINITY. Sun. 9 8 11 am, 10:45 am 
Sunday School for chidren and Nursery care. 
Third Sunday 5 pm Evensong. 23. avenue 
George V. Pans 75006 Tel: 33fl 47 20 17 92. 
Metro: George V a Afrna Marceau. 


ST. JAMES' CHURCH. Sir. 9 am Rte t & 
fi am. Rde II. Via Bernardo Rucellai 9. 

50123, Ftorence, Holy. Tel: 395529 44 17. 


BREMEN 

INTERNATIONAL BAPTIST CHURCH (En- 
cash lamuagej meets at Evangefrsh-Fiekn- 
chfich KjBuzgemeinde, Hohenlohestrasse 
Hennann-Bose-SIr. (around the comer from 
the Bahnfol) Sunday warship 17OT EmesJ 
D. WaSoer. pastor. Ti 04791-12877. 

BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Strada Papa Rusu 22. 3OT pm Contact Pas- 
tor Mke Kempff. TeL 312 3860. 

BUDAPEST 

INTERNATIONAL BAPTIST CHURCH, 
meetatoMonraZEigmondGininaauiiTo- 
rokvesz U4844, Suvteys. 1 DOT Coffee Fel- 
lowship, 1030 WBrsh(p. Tata Bus 11 from 
Batfirany tor. Olher meetings, cal Pastor 
BobZbitxlen. Tel 2503932. 


INMANUEL BAPTIST. MADRID. HERNAN- 
DEZ DE TEJADA. 4. ENGLISH SERVICES 
11 am. 7 pm Tel: 407-4347 or 302-301 7. 


INTERNATIONAL BAPTIST FELLOWSHIP 
Meeting 11 CO. Kno Center Buttig 15 Druz- 
I>uzhm<iivstaya UL 5Ui Floor. Hal 6, Metro 
Staton Barriksdnaya Pastor Brad Stamev Ph. 
(095) 1503293. 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MUNICH, Hotetr. 9 EngSsh Language Ser- 
vices. Biale study 16:00. WoreHip Service 
17OT. Pastorls phone: 6906534. 


htemafonal Baptist Felowshp meets at lhe 
Czech Baptist Church Vmohradska 4 68. 
Prague 3. At meno stop Jftrfhaz Podetrad 
Sunday a.m. 11:00 Pastor: Bob Ford 
(Q2) 31 1 7974. 

WUPPERTAL 

WamaJiorral Baptist Church. EngSsh. Ger- ' 
man, Parian. Worshp 1030 am, Setarctr. 
?i. Wuppertal - EJboifeld. Al denominotions 
welcome. Hans-Dleler Fraund. pasior. 
TeL 0202/4668384. 


day School 930. *wrshp 11 am Tel. (069) 
599478 or 512552. 

GENEVA 

EV. LUTHERAN CHURCH Of Geneva. 20 
rue Verdaine. Sunday worehp 930 n Ger- 
man 1 1OT in EngSsh Tet (022) 310^039. 

JERUSALEM 

LUTHERAN CHURCH erf (he HnJMmer.Oirt 
COy. Mures an Rd. Englsh worship Sun 9 
am Al are welcome. TcL (02) 281-049 

LONDON 

AMERICAN CHURCH in London 79 Tot- 
tenham Cl. Rd. Wl SS al 10.00 a m . 
Wcvshpa 1100 am Goodge Si tuba. Tret 
071-5802791. 

PARIS 

AMERICAN CHURCH IN PARIS Worship 
11OT am. 65. Qua dOrcny. Pans 7. Bus 63 
al doer, Metro Ama-Wareeau or Invaictos. 

STOCKHOLM 

IMMANUEL CHURCH, Worship Chnsl m 
Swedish. English, or Korean. 11OT a.m. 
Sunday. Birger Jarlsg at Kungsiensg. 
17. 46/08.* 15 12 95 x 727 tor more 
Monratfon. 

TIRANE 

NTERNATIONAL PROTESTANT ASSEM- 
BLY. Wsdenomnaticnal & Evangcfcnl Ser- 
vwss: Sun. 1030 am, 5OT pm. Wed 500 
p.m. Rruga Myslym Shyn TolTax 355-42- 
42372 or 23262. 

VIENNA 

VIENNA COMMUNITY CHURCH. Sunday 
worship in English 11:30 A.M . Sunday 
school, nursery, rtomabonal, at dencm«a- 
tiens w dmmn . Dorctheergasso 16, Vierra 1. 

ZURICH 

WTERNATJONAL PROTESTANT CHURCH 
Engfch speaking, worishp sorveo. Sunday 
School & Nursery. Sundays 1 1:30 a.m.. 
SdhanaEngasse 25. T6U (01) MC5525 


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-Pa"* 4r 


INTERNATIONAL HERALD TRIBUNE. SATURDAY -SUNDAY* OCTOBER 29-30, 1994 


In Burma 
Meets With 
Dissident 


. Compiled by Our Staff From Dispatches 

RANGOON, Burma — A 
leader of the Burmese military 
junta met Friday with the dissi- 
dent Daw Aung San Suu Kyi. in 
the latest indication that her 
;$ixth year of house arrest might 
be her last. 

Daw Aung San Suu Kyi, who 
has been under house arrest 
since July 1989 and was award- 
ed the Nobel Peace Prize in 
1991. met for three hours with 
Lieutenant General Khin 
Nyunt. secretary of the ruling 
■ council. They first met on ScpL 
20 . 

State television and radio 
broadcast news of the meeting 
at the Defense Ministry's guest 
house in Rangoon. The three- 
mi nute television broadcast 
showed Daw Aung San Suu Kyi 
being greeted by General Khin 
Nyunt and Lbe two of them 
talking cordially. 

Also present' were the judge 
advocate general. Brigadier 
Than Oo. and the inspector 
general. Brigadier Tin Aye. 

The t alks covered political 
and economic changes intro- 
duced by the junta, according 
to the broadcast report. 

The September talks received 
a guarded welcome from diplo- 
mats and dissidents who said it 
was an important first step on 
the road to dialogue. 

Earlier this year, a senior jun- 
ta official said Daw Aung San 
Suu Kyi would re main under 
house arrest until 1995. at the 
earliest. 

Daw Aung San Suu Kyi, the 
daughter of Burma's indepen- 
dence hero. Genera] Aung San. 
look part in a 1983 pro-democ- 
racy uprising that was put down 
by the military with tne loss of 
hundreds of lives. 

She went on to co-found the 
National League for Democra- 
cy, which took more than 80 
percent of the seats in 1 990 elec- 
tions. But she was denied power 
by the junta. 

The junta has repeatedly of- 
. fered to free her, but on the 
condition she leaves the coun- 
try. She has refused to leave but 
has said she was willing to dis- 
cuss anything else with the jun- 
ta. 

A constitutional convention 
now meeting in Rangoon has 
included clauses in a draft char- 
ter that would bar her from ever 
becoming Burma’s leader. 

(AP, Reuiers) 

NATO: 

Air Strike Rides 

Continued from Page 1 
protected city. NATO com- 
manders will no longer be 
obliged to tell the offenders ex- 
actly where they are going to be 
attacked, even though warnings 
might be given in some cases to 
avoid civilian casualties. 

By hitting several targets. 
NATO planes expect to inflict 
heavier punishment and also 
avoid being confined to a target 
i-ivr.-.l.-d in advance. 

* -.‘jo lit. ting the new rules, 
agreed to con- 
sult with UN commanders 
about what targets should be 
chosen for punitive action. But 
the UN advice can be ignored if 
NATO chooses, officials said. 

Unaffected by these changes 
are two other UN missions as- 
signed to NATO: preventing 
unauthorized flights over Bos- 
nia and providing close air sup- 
port to relieve any UN peace- 
keepers who come under attack. 




its* 

, -V*- 

■ i . 


mm. 


Luke F’jSi \tciui.' Fniuc-Prc- 

President Bill Ginton addressing American troops in Kuwait on Friday as a gun crew kept watch at the podium. 

CLINTON* He Raises Soldiers 9 Hopes of Going Home for Christmas 



Continued from Page 1 
ures showing 3.4 percent eco- 
nomic growth as a sign that his 
economic policies were work- 
ing. 

The StaLe Department 
spokesman. Michael McCurry. 
said it would be wrong to sug- 
gest the presidential stop here 
was only about the domestic 
political audience. 

“In a very real sense, the au- 
dience is Saddam Hussein." he 
said. 

In his speech. Mr. Clinton 
hi ghligh ted the success of pre- 


positioning military equipment 
here afteT the 1991 Gulf War. 
saying it had made deployment 
for this confrontation with Iraq 
much faster. 

“One of the things that will 
go down in the history of this 
encounter.*' Mr. Clinton said, 
“is that you got here in a very 
big hurry. And because of that. 
Iraq got the message in a very- 
big nuny.” 

He also delivered a direct 
message to Iraq, whose border 
lies about 100 kilometers (60 
miles) from here. 


“We will not permit Iraq to 
enhance its capabilities below 
the 3 2d parallel,” Mr. Clinton 
said. 

“We won’t permit Baghdad 
to in timi date the United Na- 
tions. That is not our threat. 
Thar is our promise." 

Mr. Clinton got a polite re- 
ception, at best. And as he 
spoke, shouts of, “When are we 
going home, when are we going 
home?" erupted in the crowd. 

Captain Steve Boy kin of Fort 
Washington, Maryland, said 


ISRAEL: Outlook Gloomy for Peace With the Syrians 


Continued from Page 1 
volving U.S. forces — will be 
needed to keep the border qui- 
et. 

Ha'aretz reported that the 
Syrian leader had shown Mr. 
Clinton some flexibility on the 
issue of the timetable for a pull- 
back of Israeli troops and dis- 
mantlement of the 33 Israeli 
settlements built on the Heights 
since 1967. 

Until now, Syria has given 
Israel no more than a year for 
withdrawal, but Mr. Rabin 


wants to take five years, moving 
in stages to test Syria's inten- 
tions. 

At no point has he said he 
would give up all of the Golan. 

Until Israel agrees to a com- 
plete withdrawal Syria says, 
there can be no deal. 

And even though the Syrians 
obviously have lost their power 
to block other Arab countries 
from coming to terms with Isra- 
el — the treaty with Jordan 
proves that — they are still piv- 
otal to a comprehensive peace 


between Israel and all its imme- 
diate neighbors. 

Some Israels were sharply 
disappointed by the absence of 
any public condemnation of 
terrorism by Mr. Assad, no 
matter what he may have pri- 
vately told Mr. Clinton, partic- 
ularly after the bombing of a 
Tel Aviv bus that killed 23 peo- 
ple last week. 

Mr. Clinton said at a news 
conference in Jerusalem on 
Thursday night that he, too. re- 
gretted that lapse. 


SUICIDE: .Son Who Helped His Suffering Father Be a 6 Pioneer in Death 1 


Continued from Page 1 

not only helped to plan the suicide, but 
had also taken an active role in it by 
holding his father's hands down as he 
struggled for air. 

"My derision was based on whether 
there was probable cause that a crime was 
committed." be said. “Assisting in a sui- 
cide is a crime. The law is the law." 

Mr. Meyer seemed to understand that in 
detailing the way he had helped his father 
in a magazine that was read beyond the 
supporting community where he lived, he 
was goading the authorities to act. 

After the article ran, the police inter- 
viewed its author, who willingly handed 
over her tapes, notes and research. Based 
on the article and the information from the 
reporter, the police said, they issued a 
warrant for Mr. Meyer’s arrestl 

“He wanted the police, the authorities, 
the public to know what he had done," said 
Karon Haller, who wrote the article in 
Connecticut magazine. 

And so on Oct. 18, Mr. Meyer, a sales 


and marketing executive for a Massachu- 
setts company, vice president of a girls' 
softball league in Westport for more than 
10 years and a leading member of the 
Congregational church mere, stood before 
Judge Allen W. Smith in Superior Court in 
Hartford and pleaded not guilty to the 
manslaughter charges. 

“I loved my father as much as any son 
could." said Mr. Meyer, who has become a 
leader of the Hemlock Society, a nation- 
wide “right to die” advocacy group. “A lot 


of people outgrow their fathers. I never 
did. When he begged me to help him, I 
couldn’t turn my back. He had a right to go 
his own way." 

There was no dramatic turning point, no 
stroke or major heart attack that left the 
father suddenly incapacitated, only the re- 
lentlessly mounting damage of cancer. 
Within a few months, doctors told him, the 
cancer would prevail 

A few months before his father took his 
life. Mr. Meyer said, he began to speak of 
his plans. Their first conversation was too 


much for the younger Meyer to bear. Sev- 
eral months earlier, his own 23-vear-old 
son had leapt to his death from a highway 
bridge. 

“1 needed his love and support to get me 
through that,” said Mr. Meyer. 

But he came to understand his father’s 
need to end his own pain and finally 
agreed to help him. They read the 1991 
book “Final Exit.” a suicide manual by 
Derek Humphry , the founder of the Hem- 
lock Society. They talked to the father’s 
longtime physician, who agreed after much 
deliberation to prescribe enough Ativan, a 
sedative, so that the older man would be 
asleep when the oxygen in the bag ran out. 

Mr. Meyer says being booked and 
spending a few hours in jail have made him 
anxious about the consequences of his de- 
cision to speak out. but not regretfuL 

“People with terminal illness have a 
right to make a decision about the end of 
their lives." he said. “As helpless as I felt in 
that jail is not nearly as helpless as those 
people feel forced to stay alive." 


GROWTH: Data Show Economy on Track for Best Growth in- Decade 


Continued from Page 1 
check consumer spending, 
which expanded an annual 3 
percent last quarter, more than 
double the 1.3 percent rate in 
the spring. 

But financial maikets already 
seemed to have factored in 
these predictions. 

The price of the benchmark 
30-vear Treasury bond jumped 
30/32 point, to ’94 25/32. shav- 
ing the rate to 7.96 percent from 
8.04 percent Thursday. 

John Lipsky of Salomon 
Brothers Inc. said he expected 


one more increase in bond 
yields because the market will 
take fright whenever the gov- 
ernment reports any kind of 
bad inflation number. Then he 
expects long-term rates to stabi- 
lize or turn down as the econo- 
my grows more moderately 
next year. 

European stock markets and 
the dollar followed Wall 
Street's lead and gained 
ground. In Paris, the CAC-40 
index of blue-chip issues 
jumped 2.56 percent, to 
1,905.69 points, while Frank- 


furt's DAX index added 1.35 
percent to 2,04032. 

The dollar rose to 13100 
Deutsche marks in New York, 
up from 1 .4988 DM Thursday, 
and to 97.28 yen, up from 97.00 
yen. 

In capita] letters, Ed Yardeni 
of C. J. Lawrence/ Deutsche 
Bank Securities advised his cli- 
ents: “Bottom line: Solid 
growth. Low inflation.” And he 
said he expected more of the 
same until the end of the year. 

But for next year, Cynthia 
Latta of DRI McGraw H ill said 


she expected the Fed's rate in- 
creases to keep biting and bring 
growth down to about 2 per- 
cent, although for the moment 
“the economy is still growing 
too fast." 

She pointed out that some 
seeds of the coming slowdown 
were already sprouting in Fri- 
day’s report. Higher interest 
rates will eventually cut back 
the third quarter’s 7.9 percent 
increase in durable goods pur- 
chases by slowing the high rate 
of automobile and other sales 
on credit. 


— — — 

The Gold- Spouting Volcano’ 

Experts Expect Rush to Stake Claims in Colombia Crater 

CnHn, RMk-eslee being Opined by minin*. he wkW. proper 


i I' 11 ' 


the uncertainty was causing a 
“morale problem." 

Mr. Clinton helped solve 
that. 

“Don't forget to so Christ- 
mas shopping.” the" president 
said as he ended his short ad- 
dress. a line the troops took to 
mean they would be home for 
the holidays and erupted in 
cheers. 

Mr. Clinton's national secu- 
rity ad riser. W. Anthony Lake, 
said later that if Iraq posed no 
further threat and conditions 
did not change, the president's 
hope was that most of the 
troops sent here this month in 
Operation Vigilant Warrior 
could return home. 

While no final decision has 
been made. Mr. Lake said. Mr. 
Clinton “knows how important 
Christmas is." 

The president also an- 
nounced to the troops that he 
had signed an executive order 
that changes Lhe definition of 
miliiaiy field duty to ensure pay 
parity for the deployed troops' 

Before his departure. Mr. 
Clinton also held quick meet- 
ings with Kuwaiti officials and 
then flew to Saudi Arabia for 
meetings with King Fahd and 
other leaders. 


By Sandra Blakeslee 

New York Times Service 

NEW YORK — Geologists have discov- 
ered a volcano in Colombia that is spewing 
more than a pound of gold panicles each day 
into the atmosphere and depositing 45 
pounds of the metal a year into the rocks 
lining its crater. 

“I expect there will be a rush to stake claims 
in this volcano," said Fraser Goff, a geologist 
at the Los Alamos National Laboratory in 
New Mexico. He made the discovery - at the 
Galenas volcano in the Colombian Andes. 

While gold is sometimes found in extinct 
volcanoes, the Galeras volcano is venting 
commercial amounts of gold from its fiery 
top, he said. This is the first time scientists 
have detected visible gold particles in an ac- 
tive volcano. 

It is not known how much gold the volcano 
has produced since it began forming more 
than 500,000 years ago, Mr. Goff said He 
presented his findings at the annual meeting 
of the Geological Society of America in Seat- 
tle. 

In January 1993, the Galeras volcano 
erupted, killin g six scientists taking samples 
from its crater. 

Most of the world's biggest gold deposits, 
like those found in South Africa, were formed 
when ancient gold-bearing rocks — ultimate- 
ly volcanic in origin — were eroded by 
streams, causing the gold to be concentrated 
in alluvial deposits called placers, said Don 
Noble, an economic geologist at the Mackay 
School of Mines at the University of Nevada 
in Reno. But now that these deposits are 


tors arc paving more attention to lesw 
amounts of gold found in extinct volanoe&Jr 
*‘l doubt that active volcanoes can be 
mined." Mr. Noble said. "The y would be lob 
hot and.dangerous.'’ 

Magma released from the earth’s interior 
has many components, lie added, including 
gold. 

On the day of the Galeras eruption last 
year. Mr. Goff was taking fluid samples on 
the volcano’s flank and escaped injury - . ■ 

A week later, he said in a telephone inter- 
view. he and his colleagues were sampling gas 
vents in a deep river canyon west of the 
summit. “A guide joked. ‘Do you want to took 
at some gold?' ” he .said, ami showed them a 

vein of it. — - 

Mr. Goff said he picked up a few samples - 
and later cut them into wu/er-thin slices, 
“There was gold in it, quite a bit of gold," be 
said. “The fragments had tiny visible nug- 
gets.” 

He estimated that the gold vein, near the 
base of the volcano, was at least 10 feet wide. . 
Its length and depth are not yet known. 

Another week later, the volcano quieted 
and the Goff team went back to the crater to 
continue their research. 

“We started finding different amounts of £ r 
gold in different samples.” Mr. Goff said. 

The gases and fluids contained about 40 
pans of gold per billion. Some explosion 
fragments contained a concentration of about 
2.5 grams of gold (0.08 ounces) a ton, equal to 
that found in some commercial gold mines. 


As Cuba Refugees Linger in Camps, 
Policy Dilemma Grows for Clinton 


By Daniel W illiams 
and Roberto Suro 

Washington Pat Service 

WASHINGTON — Last 
summer's decision to hold thou- 
sands of Cubans indefinitely in 
camps at Guantanamo Bay and 
in Panama is becoming a for- 
eign policy, legal and ethical 
burden for the Clinton adminis- 
tration. 

Although public attention 
has faded from the 32.000 Cu- 
bans held behind barbed wire, 
the administration has found it- 
self under increasing pressure 
from two directions. 

The well organized anti-Cas- 
tro Cuban organizations in Mi- 
ami have gone to the courts to 
demand that their interned 


countrymen be given a chance 
to seek U.S. asylum. 

Meanwhile, Fidel Castro's 
government has threatened to 
abrogate the September agree- 
ment that halted the rafters* ex- 
odus if the Clinton administra- 
tion admits Cubans into the 
United States directly from the 
so-called “safe haven" camps. 
Havana wants Washington to 
follow through with its promise 
that the refugees in the camps 
must return to Cuba before ap- 
plying to come to the United 
States. 

President Bill Clinton made 
that pledge after breaking with 
a 35-year practice of welcoming 
Cubans as refugees to assuage 
Governor Lawton Chiles of 
Florida, a Democrat. Mr. 


Chiles feared that a flood of 
rafters would spoil his chances 
in a tough re-election battle 
against Jeb Bush, the Republi- 
can challenger. 

Despite the high stakes in 
policy terms, putting the Cu- 
bans in camps may turn out to 
have been an exercise in buying 
time, and time may be running 
out. 

A judge in Miami is ponder- 
ing whether to prohibit the U.S. 
government from repatriating 
refugees to Cuba, even if they 
want to go home. Lawyers act- 
ing on behalf of the refugees 
argue that the Cubans, being 
given no other choice, are effgf 
lively being coerced back to the 
Communist-ruled country. 


RUSSIA: Deputies Shrug Off Solzhenitsyn's Appeal 


Continued from Page I 

fence of an expanded, selfish, 
suffocating bureaucracy now 
“repainted” in democratic col- 
ors. “This is not a democracy, 
but an oligarchy — rule by the 
few," he said. 

Some of the deputies, who 
were polite but restless in the 
hall, broke into applause at that 
point But mostly there was si- 
lence, with some mutters of dis- 
agreement and some visible ex- 
its by politicians going out for a 
smoke. 

“Power is not about getting 
things and not about pride, but 
about duty and obligations," 
Mr. Solzhenitsyn continued, 
castigating both Lhe legislative 
and executive branches for 
holding up a bad example to the 
people. 

Ordinary people remain 
alienated from power, he said, 
“indifferent to Moscow’s poli- 
tics and parties." For all the 
talk about crime-fighting, he 
said, the deputies had not yet 
passed a new civil or c riminal 
code. 

He called, as he has done 
before, for intensified local de- 
mocracy through the restora- 
tion of zemstvos, the local coun- 


cils of the 19th century, which 
could also work as a check on 
corruption at higher levels. 

He always knew the emer- 
gence of Russia from the long 
disease of communism would 
be painful, he said, but Russian 
leaders have taken “the most 
twisted, painful and awkward 
path." 

These were all themes Mr. 
Solzhenitsyn has touched regu- 
larly since his return, in televi- 
sion appearances and articles 
that have aroused surprisingly 
little interest, given the moral 
authority that Mr. Solzhenitsyn 
takes upon himself as not only a 
victim of Stalin's Gulag and 
crimes, but also as their finest 
historian. 

Mr. Solzhenitsyn takes an 
ethnocentric view of history, 
and on Friday he called for bet- 
ter privileges for Russians living 
in the former states of the Sovi- 
et Union; for stricter laws 
against foreigners living in and 
buying property in Russia; for 
the abandonment by Moscow 
of Central Asia and the Cau- 
causus to the Muslim world; 
and the creation of a Slavic 
state combining Russia, 
Ukraine, Belarus and Kazakh- 


stan. or at least its northern 
Russian half. 

He also repeated his criticism 
of the use of foreign currency in 
Russia and the purchase of for- 
eign grain, and railed against 
the sale of farmland of any 
kind. “Auction sales of land to 
the nouveau riche means the 
sale of Russia itself,” he said, 
sarcastically expressing doubt 
that a single of the 450 deputies 
“is a peasant, actually growing 
grain.” 

He spoke for an hour; when 
he closed, with a call for a 
speedier advance toward real 
democracy, there was a smat- 
tering of applause, but no more. 

Gennadi Burbulis, a deputy 
and former strategist for Presi- 
dent Boris N. Yeltsin, said Mr. 
Solzhenitsyn was a sort of 
prophet, “who doesn't care how 
his proposals can be turned into . 
reality." yj 

Some listeners drew compari- 
sons to the startling interven- 
tions of the late dissident and 
physicist Andrei D. Sakharov 
during the perestroika-era Sovi- 
et Congress, when the nation 
was held rapt by his simple 
words and challenges to Presi- 
dent Mikhail S. Gorbachev. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-S UNDAY, OCTOBER 29-30, 1994 


Page 5 



** 


•'tiiiN 


''>< 4 ^ U.S. Envoy’s Tour Perplexes Africa 

fiv WnWnrH W Frtknpli tn rofiio) _l. r I i: • . - . . . . . 


s» 


By Howard W. French 

New York Tuna Service 

ABIDJAN, Ivory Coast — 
... When the deputy secretary of 
- .state, Strobe Talbott, set out on 
vi,^ jnis first diplomatic mission to 
Africa, he openly acknowl- 
edged that for him, as for much 
of the U.S. foreign policy estab- 
lishment, this continent was 
“terra incognita.” 




ered to refuel the plane. In fact, 
U.S. Embassy officials soon 
discovered, the airport was ef- 
fectively closed. 

In the first of several sharp 
reminders of whose influence 
penetrates most deeply in Afri- 
ca, Mr. Talbott’s journey re- 


freewheeling assistant secretar- 
ies of state, such as Chester A. 
Crocker and Henman Cohen, 
with what has seemed here little 
visible input or interest from 
higher levels in Washington. 

In Zimbabwe, and elsewhere 
on a trip that covered six coun- 




M ; 


X 


f Who is this Mr. Talbott? I mean, is he 
really someone important?’ 


'Ift, 


- .1; 




Irf. 

• , **r.’ 
- 11 ^ 

.« ... 


the trip was full of reminders 
that for much of Africa, visits 
by hig h-level U.S. officials are 
just as unfamiliar. 

The air force jet carrying Mr. 
Talbott touched down in Bu- 
jumbura. on Oct 21 for a quick 
refueling stop on its way to 
Zimbabwe during which he 
pl ppwd to hold a 45-minute 

discussion with the foreign min- 
ister of Burundi on the e thni c 
conflict that has riven that 
country and neighboring 
Rwanda. 

But by the time the talks were 
completed, no one had both- 


A Zim babwean journalist 


s timed only after a resident offi- 
cial from a French airline who 
held the key to the airport fuel 
depot was roused and persuad- 
ed to turn the pumps on. 

In Harare, Zimbabwe, where 
Mr. Talbott had scheduled tulles 
on regional conflicts — the 
theme of the trip — his presence 
seemed a source of confusion 
for many, who were unused to 
visits by Americans of his rank. 

For years, much of U.S. poli- 
cy on Africa has been run by 


tries, the presence at Mr. Tal- 
bott’s side of the current assis- 
tant secretary of state for 
African affairs, George E. 
Moose, left many perplexed 
about the role of the deputy' 
secretary of state. 

After Mr. Talbott spoke at a 
military academy on the impor- 
tance of regional peacekeeping, 
a Zimbabwean journalist, echo- 
ing a puzzlement detected at 
several stops, approached an 
American colleague with this 


“ft"- in <W 
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AMERICAN 

TOPICS 


A Dental Appointment for 1996 

The first dental museum in the United 
States will open in 1996 in Baltimore, where 
the world’s first dental college was estab- 
lished in 1840. The Dr. Samuel D. Harris 
National Museum of Dentistry, named after 
the 91-year-old Detroit dentist who donated 
$] mffliao to help set it up, will be on the lore] 
campus of the University of Maryland. The 
museum will promote the benefits of consci- 
entious oral hygiene and regular professional 
care, and recap advances in dentistry. 

Children may find incentive to brush once 
they’ve seen some of the museum’s exhibits, 
The Associated Press reports. 

The “key,” for example, introduced around 


ty? \n:ht ftibrn's . 


feE 


’daw” clasped the tooth, which was pulled by 
turning the instrument like a key. 

The American Dental Association is sup- 
porting the new institution as the official 
museum of the profession. 

About 40,000 artifacts will be displayed, 
including the oldest known dental instru- 
ments in the United States, the world’s largest 
collection of dental art and a set of George 
Washington's lower dentures, made of hand- 
carved ivory held together with wire. 

Short Takes 

Anuta's new pofice chief is a black woman, 
Beverly Harvard, who is 43 years old and a 
21-year veteran of the force. She has worked a 
bead, headed the c riminal investigation divi- 


sion and been spokeswoman for the missing 
and murdered children task force. She has 
been deputy chief for the last 12 years. Mayor 
Bill Campbell said she is the first black wom- 
an to head a big-city U.S. police department. 
She and her husband, Jimmy Harvard, have a 
6-year-old daughter. 

A relatively inexpensive violin bow made of 
parts from a hardware store has been invent- 
ed by William Hayden, a professor of Music 
at the University of South Florida. It outdoes 
cheap wooden bows and even vies with the 
best bows, according to Annin Watkins, a 
fellow' music professor. “I’ve used it myself 
and can testify the feeling of it is very solid on 
the strings.” Mr. Watkins said. The new bow 
is made of a metal tube attached to synthetic 
hair by nylon fasteners. It is expected to sell 
for between $90 and S1S0. 

Martin Scorsese will (Greet a new film on 
the gossip columnist and radio commentator 
Walter WinchelL The screenplay is by Steve 
ZaiTlian, who wrote wrote the screenplay for 
“Schindler’s List,” according to Publishers 
Weekly. The film is to be based on the new 
biography “Winchell: Gossip, Power and the 
Culture of Celebrity” by Neal Gabler. 

A California driver’s license renewal form 
advises, “We will give you a vision test and 
also take a finger and photograph.” Indeed, 
comments die Los Angeles Times, the De- 
partment of Motor Vehicles certainly “wants 
its ounces of flesh.” And, who knows, “Next 
the DMV will want an arm and a leg.” 

Gem of the Day, from the Ann Landers 
advice column: Wrinkles are hereditary. Par- 
ents get them from their children. 

International Herald Tribune. 


question: “Who is this Mr. Tal- 
bott? I mean, is he really some- 
one important?” 

Mr. Talbott bad other rea- 
sons to wonder briefly about his 
importance here when it proved 
impossible to see Zimbabwe’s 
president, Robert Mugabe, on 
the Saturday that had been 
scheduled for Lhe working part 
of his visit. Only on Sunday, 
after Mr. TaJbou had flown to 
Malawi, the next country on the 
itinerary, did Zimbabwean offi- 
cials signal their president’s 
willingness to see the American 
diplomat, if only he would be so 
kind as to return. 

Jetting off for Zaire, Mr. Tal- 
bott’s party was at pains to ex- 
plain why they had agreed to a 
fueling stop in Kinshasa to 
meet with the country’s recently 
appointed prime minister, 
Kengo wa Dondo, for whai 
would inevitably appear to 
some as an embrace of the long- 
time dictator Mobutu Sese 
Seko. Mr. Kengo, they said, had 
begun to undertake bold eco- 
nomic reforms. 

“You can’t attack Mobutu 
head-on without bringing on 
something cataclysmic,” an of- 
ficial said. “The trick for us is to 
incrementally extend legitima- 
cy to Kengo without letting 
Mobutu hijack it for himself.” 

Leaving Kinshasa for Ghana 
45 minutes later, after a quick 
session with Mr. Kengo in the 
VIP lounge, the American dele- 
gation could scarcely repress a 
somewhat different appraisal of 
the situation in Zaire. American 
aides had been left waiting in a 
steamy transit lounge with se- 
vere-! ooking, loudly dressed se- 
curity agents, and hostesses 
dressed in tightly wrapped dyed 
cloth who passed out beer. 

Nowhere was France's long 
diplomatic shadow more evi- 
dent than in the Ivory Coast, 
where Mr. Talbott concluded 
his African journey on Wednes- 
day. 

Mr. Talbott arrived in Ivory 
Coast a day earlier, eager to 
urge that tins most French of 
France’s former colonies take 
the lead diplomatically in work- 
ing with countries like Ghana to 
end a five-year-old civil war in 
neighboring Liberia. 

But from his address at the 
National Assembly, before 
openly dozing legislators, to the 
end of his stay here, it often 
seemed to members of Mr. Tal- 
bott’s delegation that this coun- 
try is so unaccustomed to think- 
ing about Washington as a 
factor in West Africa that its 
officials had often only politely 
pretended to hear ont the 
American's message. 



Mr. Dhhkama, the Renamo leader, showing Ins hands to he free of the Ink used to prevent fraud as he voted Friday. 


Ex-Rebel Ends Mozambique Vote Boycott 


By Bill Keller 

.Veil' York Tima Service 

MAPUTO. Mozambique — One day 
after he clouded Mozambique’s first free 
elections by rejecting them as fraudulent, 
the main opposition leader on Friday 
dropped his boycott, cast his own ballot, 
ana pronounced himself “the father of 
democracy in my country.” 

After meeting into the early morning 
with the Western donors who are financing 
the election. Afonso Dhlakama, leader of 
the Renamo rebel group and a chall enger 
for the presidency, said he was “very satis- 
fied** that his claims of a government con- 
spiracy to cheat his party would be taken 
more seriously. 

The voting that Mozambicans hope will 
heal the wounds of a 15-year civil war was 
extended for a third day, through Satur- 
day, and foreign diplomats declared in 


writing that the outcome would be invali- 
dated if evidence of serious fraud arose. 

According to diplomats who took part 
in the courtship of the rebel leader, Mr. 
Dhlakama apparently felt that by drama- 
tizing his suspicions of cheating before the 
votes were counted he would be in a stron- 
ger position to cry foul if he lost. 

But if Mr. Dhlakama hoped his brinks- 
manship would gain concessions, such as a 
guaranteed share of power for his party 
even if it lost, he miscalculated. Asked 
what the opposition leader had got for his 
efforts, the United Nations special repre- 
sentative to Mozambique, Aide Ajello, 
joked, “A cup of coffee.” 

Largely oblivious to the controversy, 
Mozambicans, including supporters of Kir. 
Dhlakama’s, continued the voting that be- 
gan Thursday with a huge turnout. 

Final results are not expected for two 
weeks. 


Mozambique won independence from 
Portugal in 1975. only to be plunged into a 
war that left it. by some reckonings, the 
poorest country in the world. 

The warring rivals are now the main 
political antagonists — the Liberation 
Front of Mozambique, or Frelimo, a for- 
merly Marxist party that has ruled since 
independence, and the Mozambican Na- 
tional Resistance, or Rename, the rebel 
£toud originally backed by white regimes 
in Rhodesia and South Africa. 

The conventional wisdom favors Presi- 
dent Joaquim Chissano. the Frelimo lead- 
er, to retain the presidency and his party to 
ouipoll Renamo in races for a new, 250- 
seat Parliament. 

Frelimo is thought to have the superior 
vote-getting machine, but Renamo has 
strong support in the rural, populous prov- 
inces of the center and north, where many 
voters fed neglected by the government 


Cambodia Denies Reports of Hostages’ Deaths 


Compiled by Our Staff Fnm Dispatcher 

PHNOM PENH — The 
Cambodian government denied 
Friday that three Western hos- 
tages of the Khmer Rouge had 
been lolled, despite reports to 
the contrary from one of its 
own generals. 

But diplomats in the Cambo- 
dian capital, in common with 
the Australian government, re- 
mained pessimistic about the 
fate of the hostages, who are 


from Australia. Britain and 
France. 

The Cambodian co-prime 
minister. Prince Norodom Ran- 
ariddh, said he had asked Gen- 
eral Ke Kimyan, the military 
chief of staff, to widen the 
search for the hostages after 
two days of sharply conflicting 
information. 

“I don’t want to speculate,’’ 
the prince said Friday. “I want 
solid evidence on what hap- 
pened." 


Earlier Friday, the Defense 
Ministry denied reports from 
Kampot that the three hostages 
were dead and said it had re- 
ceived information that they 
had been moved northward in 
early October. 

David Wilson, 29, of Austra- 
lia, Mark Slater, 28, of Britain, 
and Jean-Michd Braquet, 27, of 
France, were seized on July 26. 

Genera] Nuon Paet, the 
Khmer Rouge commander in 
charge of the hostages, escaped 


through government lines. 
Wednesday. 

Lieutenant General Sok Bun- 
soeun, deputy commander of 
the southern region, said Thurs- 
day that General Paet had or- 
dered the execution of the three 
hostages on Sept. 27. 

Information Minister I eng 
Mouly said that troops were ex- 
panding the search m Kampot 
Province, where the hostages 
were known to have been held. 

(Reuters, AFP) 







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Page 6 


SATURDAY-SUNDAY, OCTOBER 29-30, 1994 


O P I N I O i\ T 


Hcralb 


INTERNATIONAL 



PuHUh^J Vith Thr V* Wl Tinv* ami Th» Yta-Jimenwi ri*t 


(tribune 


The Casablanca Agenda 


Make peace pay. That is the goal of the 
conference starting on Sunday in Casa- 
blanca, Morocco. King Hass an n will 
play host to officials from Israel, Jordan. 
Egypt, Saudi Arabia and dozens of other 
Middle Eastern, North African and 
Western countries who will gather to dis- 
cuss economics, not politics. Govern- 
ment leaders and executives from about 
1,000 corporations will meet for three 
days to discuss joint business ventures. 

• Arabs and Jews talking openly about 
trade, tourism and regional economic de- 
velopment would have seemed unimagin- 
able a year ago. The conference will help 
turn the unimaginable into the routine. 

The recently signed Jordan-Israel peace 
treaty and the accord between Israel and 
■the Palestine Liberation Organization 
were political victories negotiated by 
political leaders. The Casablanca confer- 
ence moves matters to a second, potential- 
ly broader stage. The nations of the Mid- 
dle East wiD live in peace only if they 
escape from squalor. Governments have a 
big role to play in economic development 
— primarily by providing political and 
legal stability. But the Middle East also 
needs private capital and a stable econom- 
ic order to prosper. 

There will, as expected in a Grst-of-its- 
kind conference, be plenty of speeches. 
Secretary of State Warren Christopher, 
Foreign Minister Andrei Kozyrev of Rus- 
sia, Prime Minister Yitzhak Rabin of Isra- 
el. President Jacques Delors of the Euro- 
pean Commission, and Yasser Arafat of 
the PLO will deliver addresses. But the real 
business of the conference mil be business. 
Executives of leading multinational corpo- 
rations will be invited to size up whether 
the region's decades-long enemies are seri- 


ous about becoming, however warily, eco- 
nomic partners. 

There are grounds for optimism. 
Though Libya has denounced the con- 
ference, all of Israel’s neighbors will 
participate except Syria. The Arab boy- 
cott is crumbling, so that joint business 
ventures are possible. 

The conference will focus on specific 
goals. These include the establishing of 
government guarantees for private inves- 
tors and creation of a $10 billion regional 
development bank that will be partially 
funded from outside the region. The con- 
ferees will also try to set up permanent 
institutions that can put together joint 
projects on water, energy and tourism. 
The Council on Foreign Relations, which 
helped organize the conference, will cre- 
ate an international task force led by Paul 
Volcker, former chairman of the U.S. 
Federal Reserve Board, to develop eco- 
nomic strategies for the region. 

Palestinian critics of Mr. Arafat say that 
the Middle East peace accords heavily tilt 
in Israel's favor. The best way to refute 
that contention is to make sure that Arabs 
as well as Israelis see tbeir lives improve. 
Living standards in the Middle East are a 
mere 5 percent of Western levels. Yet 
Arabs — largely using profits from the sale 
of oil — invested almost $600 billion more* 
in Europe over the past decade than Eu- 
rope invested in the Middle East 

To turn those numbers in the opposite 
direction, investors must be convinced 
that the region will stay peaceful and 
offer the prospect of steady recovery. 
Economic cooperation, then, becomes 
the region’s new diplomatic strategy and 
Casablanca its first test 

— THE NEW YORK TIMES. 


Those Built-In Deficits 


American exports rose briskly last 
summer, and that is a good thing. The 
figures for August published last week, 
snow exports — for once — expanding 
faster than imports. But the monthly fig- 
ures bounce around a lot and the broad- 
er pattern is less encouraging. The U.S. 
trade deficit is growing rapidly, and this 
year's will be the largest since the worst of 
'the Reagan deficits in 1987, which was 
the largest in history. 

* Big trade deficits have become part of 
the structure of the American economy 
— that is, they do not come and go with 
, -changing circumstances but persist 
;‘througb good times and bad. They are 
j; not bong caused by unfair trading prac- 
j tices by foreigners, although that can ag- 
; gravate the problem. The real cause is 
■‘financial — and because it is abstract and 
j : :counterintuitive. it is easy to lose track of. 
]>But it comes down to this: A country tha t 
;’is importing investment capital from 
:-abroad must necessarily run a corre- 
fsponding trade deficit. Those are the two 
•sides of the same transaction. Investment 
[can come only from savings, and savings 
JJn the United States have fallen sharply 
l^ince the early 1980s for reasons that no 
•'one has yet entirely explained, 
v Everyone — the federal government, 
lousinesses and private households — has 
^accepted the idea that it is all right to save 


less and to spend more. That has left the 
United States without enough savings to 
meet a growing economy's needs for in- 
vestment. As a consequence, the econo- 
my is importing from abroad a heavy and 
increasing flow of funds. That is reflected 
in a large and growing trade deficit. 

It is also pushing up interest rates in 
the United States, as worldwide competi- 
tion for investment funds sharpens. The 
major exporters of capital no longer have 
quite as much to send abroad as they 
once did. Saudi Arabia’s reserves have 
been run down by lavish spending and 
the Gulf War. Germany is pouring im- 
mense amounts into its previously Com- 
munist eastern regions. Japan's banking 
system has been weakened by recession. 
Long-term interest rates in America are 
again over 8 percent 

The solution, both to rising interest 
rates and a rising trade deficit is (in 
theory) a higher savings rate. But there 
is not of course, much political support 
for the kind of public measures, like 
higher taxes, that would force every- 
body to cut down on spending. It looks 
as though the United States is going to 
be living with large trade deficits for a 
while and, like all debtor countries, 
making increasingly heavy interest pay- 
ments as its foreign loans accumulate. 

— THE WASHINGTON POST. 


A Squeeze on the General 


Not everyone thinks that Nigeria's dic- 
tator, Genera] Sani Abacha, is taking 
Africa's largest country to a fatal breakup 

— a breakup that could produce hideous 
ethnic strife and set a tragic model for 
other large African states. But even those 
who feel that Nigerians can muddle 
through and survive his misrule believe 
that the military interlopers are doing 
extraordinary harm to a country whose 
size, natural wealth and energetic people 
once made it the continent's leading can- 
didate for global major-power status. 

But that was before General Abacha 
intruded on the scene. A recent analysis in 
the Christian Science Monitor by a foreign 
investor, Paul Beran, zeroes in on the in- 
credible corruption that has apparently led 
a tiny elite to keep Nigeria "safe" from 
democracy. As just the number two in the 
country’s military hierarchy. General Aba- 
cha was by some estimates a billionaire 
from oil, transportation, communications, 
construction and smuggling, even before 
he took over in November. 

Only by the restoration of democratic 
government can Nigerians expect to have 
any chance to cepe with this massive 
offense. But military rule means not only 
legendary corruption but heavy-banded 
cent raliza tion in a country with a grim 
history of tribal and regional differences. 
A continuation of military rule means 
deepening pressure to split up. 

The United States has reacted to these 
tendencies with cuts in development aid 

— but not in humanitarian or human 
rights/ democracy programs — and with 
strong words. The military’s obstinacy, 


however, is beginning to force the ques- 
tion of whether a harsher message needs 
to be sent. One possibility is a boycott of 
U.S. purchases of Nigerian crude oil. 
The usual arguments are made against a 
measure that others might circumvent 
and that would impose a certain cost on 
Americans at the pump. It takes a men- 
tal leap, moreover, to consider interna- 
tional sanctions against a country that 
was a leader in imposing sanctions on 
apartheid South Africa. 

But how do Americans and others feel 
about driving in to gas up and, in so 
doing, lining General Abacha's pocket, 
smothering democracy in Nigeria and 
contributing to the pain and anguish of 
those Nigerians who are trying to re- 
store the legitimate order? 

— THE WASHINGTON POST. 

Other Comment 
Hostages of Karadzic 

The situation of UN forces in Bosnia is 
at an absolute low. The Bosnian Serbs' 
latest coup was the cutting off of fuel 
supplies for UN troops — just before the 
thud winter of hostilities. The perfidious 
action of Radovan Karadzic has made it 
dear that the UN troops are hostage to his 
policies. He deddes if Sarajevo airport is 
open or dosed and whether aid convoys 
can pass. Perhaps Mr. Karadzic will soon 
start demanding that the UN special en- 
voy Yasushi Akashi appear at the next 
round of negotiations in short trousers. 

— Tages A nzeiger ( Zurich A 



International Herald Tribune 

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Mideast: Now to Turn to the Business of Building Lives 


W ASHINGTON —The recent treaty 
si gning between Israel and Jordan 
has brought the once unimaginable no- 
tion of stability and security in the Mid- 
dle East a step closer to reality. Begin- 
ning Sunday in Casablanca, Arabs and 
Israelis will join with others from the 
region and with representatives of the 
international business and development 
aid communities for the first Middle East 
and North Africa Economic SummiL 
Newly achieved stability will finally 
give the countries of the Middle East a 
chance to turn away from conflict and to 
get down to the business of achieving 
rapid and broad-based economic growth, 
thus ensuring better lives for their peo- 
ple. This is the real peace dividend. 

It has taken commitment within the 
region and support from outside to 
achieve peace. Making the most of the 
peace will also require a maximum effort 
bod) by the countries of the region and 
the international community. 

If Middle East peace is to be compre- 
hensive and durable, it must make peo- 
ple's lives better; economic progress will 
be the ghie that holds together the build- 
ing blocks of peace. 

Unemployment is high in the region, 
and poverty widespread. One answer will 
be more (and more productive) invest- 
ments in areas that drive growth, and a 


Bv Caio Koch- W eser 


greater reliance on private enterprise 
than ever before. 

A radical shift of economic policy will 
be necessary throughout the region. 
Countries will have to change the ways 
they manage their economies, along with 
their systems of regulation, law and ad- 
ministration. They will also have to edu- 
cate their people better. 

Morocco and Tunisia have already 
embarked on wide-ranging economic re- 
form programs. Egypt wants to privatize 
the huge public enterprises that have 
dominated its economy so long. Jordan is 
liberalizing trade regulations and intro- 
ducing domestic economic reforms. Leb- 
anon and the West Bank and Gaza — 
faced with reconstructing their econo- 
mies on an enormous scale — are com- 
mitted to letting the private sector do 
the bulk of the work. 

Governments still have a critical role 
to play. They need to take the lead in 
investing in the physical infrastructure 
on which productive commerce and in- 
dustry depend, and in the well-function- 
ing education and health-care systems 
that will enhance the quality of die hu- 
man capital that is so essential to dynam- 
ic private-sector expansion. 


They need to persuade the business 
community that official commitment to 
private-sector-led growth is real. They will 
need to maintain a stable macroeconomic 
environment, and sustain the movement 
toward regulatory, legal and administra- 
tive reform, thereby building a solid part- 
nership with the private sector. 

More importantly, governments need 
to reassure ordinary citizens that more 
privately owned business will mean more 
jobs, and that jobs will mean prosparty 
for all not just for the privileged few. 
New investment in the Middle East’s 
private sector, therefore, must generate 
large-scale employment opportunities. 

Government also needs to invest in 
education and health, and in funds that 
support the poorest citizens through hard 
times. Those investments are not just 
socially desirable, they are essential if 
everyone — particularly those who need 
it most — are to benefit from private- 
sector success. 

For its part, the international commu- 
nity needs to match its political support 
for peace with economic support for 
prosperity. We have seen one dramatic 
example of such support — the $2.4 bil- 
lion ixi aid mobilized to help lay the 
foundations for prosperity in the West 
Bank and Gaza. But other countries need 
support For example, if Jordan is to 


achieve reasonably rapid growth, it needs 
about $1.7 billion in debt relief. 

There are oiher areas where the interna- 
tional community can help- Regional eco- 
nomic growth will depend critically on 
trade expansion. The region's trading 
partners need to lower barriers to exports 
from Middle Eastern and North African 
countries, to level the playing field for the 
flow of goods to markets. The region's 
external partners can hdp by supporting 
regional infrastructure projects. And there 
is tremendous scope for forging mutually 
beneficial partnerships for prosperity be- 
tween the business communities of the 
Middle East and its neighbors. 

Securing a prosperous future for the 
region wiu be a mammoth endeavor re- 
quiring profound change and thorough 
commitment from national economies, 
governments, peoples, and the interna- 
tional business and development com- 



munities. This opportunity for change is 
the real peace dividend. The rewards foir 
caring it w21 be enormous. In laying new 
economic foundations for North Africa 
and the Middle East, the region’s leaders 
will be «nalring history at Casablanca. 

The writer is World Bank vice president 
for die Middle East and North Africa. He 
contributed this comment to the Interna- 
tional Herald Tribune. 




liir« 

ih«‘ 


< 



Kindly Take Note, Mr. President, of Brother Assad’s Other Crimes 


N EW YORK — Since Presi- 
dent Bill Clinton had to con- 
clude his pilgrimage to Syria with- 
out getting any decent peace news 
breaks for his trouble, or time to 
take the exciting tourist trip to the 
two dozen torture centers of Da- 
mascus or the mortar ranges of the 
rich variety of terrorist camps. I 
thought be might be in the mood 
for a nice Hasidic joke. 

This villager dies and it falls to 
the rabbi to make the eulogy. He 
cannot bring hims elf to shade 
truth while wearing a prayer 
shawl so he tells it to Heaven 
straight — the man lying here was 
a killer, a thief, a' rapist and 
goodbye to bad rubbish. 

Somebody in the congregation 
hollers out: “Can't you think of 
one good word to say about him?" 

Tne rabbi thinks, nods, and 
lifts his eyes upward. “But O 
Lord,” he says, “just wait till you 
have to meet his brother!” 

Mr. Clinton: The man you 


By A. M. Rosenthal 


honored and strengthened with a 
visit is the brother of the man 
against whom you so recently dis- 
patched U.S. troops. 

Hafez Assad and Saddam Hus- 
sein are both dictators. Both make 
death the price of dissenL bv bullet 
or noose for the lucky, "by the 
flaying of the flesh for others? Both 
support terrorist gangs that prey 
on civilians around the world. 

And both have mounted wars of 
colonization. The United States 
and allies flew to push Saddam out 
of Kuwait. They did nothing to 
stop Syria's war against Lebanon. 
Mr. Clinton's visit accentuates the 
West's placid acceptance of the 
conquest of that lovely land. 

So there is one difference, after 
alL Saddam Hussein has shown 
himself to be stupid, a loser. Hafez 
Assad is neither. He only lost once 
— to the Israelis who now are 
ready to give back the same com- 


manding Golan Heights that Syria 
forfeited in 1967. 

Well you might say. as Mr. 
Clinton did on the flight from 
Damascus, Ural at least Mr. As- 
sad always keeps bis word. You 
might but it is not so. 

This Mideast fairy tale comes 
from the fact that Syria has gener- 
ally observed the 1974 separa- 
n on -of- forces agreement with Is- 
rael. Bui the Israelis could then 
have clobbered Syria with the 
Golan Heights in tbeir command, 
and the road to Damascus lead- 
ing straight and short from iL 

In “Syria Beyond the Peace 
Process,” a forthcoming book by 
Daniel Pipes, the author notes 
that Mr. Assad broke other mili- 
tary agreements with Israel. 

in 1976, Syria violated its pledge 
not to station aircraft, surface-to- 
air missiles or more than one bri- 
gade of soldiers in Lebanon. 


But the real danger and delu- 
sion is the whole U.S. approach 
that Syria is important only in 
relation to Israel as Mr. Pipes 
details. That concept obliterates 
Lebanon and the three times Mr. 
Assad made international prom- 
ises to get out and broke them. 

It helps the Syrian dictator de- 
stroy his people: He builds his 
armed power steadily not just 
against Israel but against the ene- 
my so dreaded by all dictators: 
his own countrymen. 

Syria and its Iranian ally do not 
maintain terrorists just against Is- 
rael but against the West I under- 
stand Iran wants to “subcon- 
tract” to Syria the control of 
Hezbollah forces in Lebanon now 
firing on the Israeli army. 

But that will not stop the mur- 
der of Israeli and Western civil- 
ians by Hezbollah, Hamas, Islam- 
ic Jihad and a dozen similar 
terrorist groups maintained by 
Syria. Terrorization of civilians 


is part of Mr. Assad's method of 
operation, of survival 
It is not the duty of American 
presidents to destroy all foreign 
dictatorships. But it is their duty 
not to strengthen them. Mr. Gin- 
ton said it magnificently in Mil- 
waukee on Ora. 1, 1992, when 
running far president 
But from morning to morning 
we do not know if he wiD oppose 
a dictatorship, as hedid in Iraq 
and Haiti, or assist one, as in 
China and Syria. 

When Presideni Ronald Rea- 
gan was about to visit Bitburg, 
where German SS troops are bur- 
ied, Hie Wiesel pleaded with 
him: “That place, Mr. President, 
is not your place.” 

Mr. Clinton has been to his 
Bitburg and beyond. In Damas- 
cus the local SS is not buried but 
at work every moment. 

Those places are not his places. 
Crane back to Milwaukee. 

The New York Times. 0 


■ ? 

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. l-.i 

. -31 

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• Pi ■ 


Bosnia : Hawks in Congress Talk Tough With Others 9 Lives 


B RUSSELS — Under pressure from 
Congress, the Clinton administra- 
tion is pushing toward heavier NATO air 
attacks in Bosnia. But the accusations 
emanating from Congress of alliance in- 
effectiveness and United Nations weak- 
ness are misdirected; they should be 
aimed closer to home. 

On the initiative of the U.S. defense 
secretary, William Peny. at the recent 
meeting in Seville of allied defense minis- 
ters, NATO has been working out a com- 
mon position with the United Nations. It 
will surely permit NATO aircraft to in- 
tervene more rapidly, with less warning 
to potential military targets, possibly re- 
sulting in more effective air strikes. 

This will not, however, change the fun- 
damentals. The choice will remain the 
same as that available at the outset of the 
Yugoslav crisis: either to try to persuade 
the combatants to reach some agreement 
while also attempting to save lives by 
h umani tarian activities, ot to intervene 
massively. Massive intervention, with 
American leadership, could have been 
effective early on. Had the United States 
then aroused the United Nations and 
been prepared to mobilize forces on the 
scale of those recently sent to the Gulf, 
the NATO allies surely would have 
joined in; Russia was ready to take pan, 
and the rest of the world would have 
followed. But the administration and 


Bv Frederick Bonnart 


Congress were unwilling to risk Ameri- 
can lives and resources in what they con- 
sidered to be a European problem, and 
the Europeans were not ready to deal 
with it without American might. The pre- 
sent sorry situation is the result. 

The U.S. Congress and administration 
are rightly worried about NATO's credi- 
bility, as are the other allies. The recent 
air attacks inflicted so little damage as to 
draw widespread public scorn. Congres- 
sional critics blame the UN command in 
Bosnia, which they accuse of managing 
the conflict in sucha way as to keep it at a 
relatively low level. They want NATO to 
take the initiative and, by doling out dire 
punishment for perceived violations of 
UN-imposed restrictions, bring the Bos- 
nian Serbs to hecL 

This is a simplistic view of a most 
intricate tangle; it is based on faulty 
analysis; and it is highly dangerous. Mas- 
sive air strikes cannot solve this crisis, not 
unless they were in support of major 
ground actions by powerful forces. None 
of the NATO allies is now willing to 
supply these — and in particular not 
the United States. 

That is why critics in Congress press for 
the cheap solution: casualty-free high-tech 
NATO air strikes, combined with ground 


action by the Bosnian government army. 
These critics wish to lift the embargo on 
arms sales to Bosnia to make this possible. 
But allied military observers — and the 
Bosnians themselves — know that they are 
neither organized nor trained for this task. 
Breaking the embargo would, however, 
raise the conflict onto a different scale, 
with unforeseeable but certainly bloody 
results. President Alija Izetbegovic seems 
to have understood this. A unilateral 
American decision of this sort is likely to 
have wide-rmging political consequences. 

NATO is involved in the former Yugo- 
slavia as an agent of the United Nations. 
The United States is a member of both 
organizations and has agreed to the man- 
date under which NATO operates. This 
mandate can be expanded, as it already 

the United Nations cannot go. No consen- 
sus exists in the Security Council to single 
out the Bosnian Serbs as the sole culprits 
and to engage in general war against them. 

The United Nations force in Bosnia 
consists of troop contingents from na- 
tions that have agreed to provide them 
for a peacekeeping mission. Hiis was 
initially that of escorting humanitarian 
mpplies to civilians caught in the fight- 
ing; later it was expanded to protecting 
them in designated “safe areas.” 

Their role is explicitly limited to en- 
sure that they do not become a party to 


the conflict. They are armed and 
equipped for this role only and not to 
engage in major combat; they have car- 
ried it out patiently under arduous and 
dangerous conditions and they have suf- 
fered casualties. Congressional critics 
should remember that no American 
troops participate. 

It is now likely that consistency with 
this policy will pay off. The Bosnian 
Serbs have maneuvered themselves into 
an increasingly diffi cult situation from 
which they will have to break out either 
by increased violence — which would 
antagonize their supporters — or by ac- 
commodation. NATO and the United 
Nations should be ready for either. 

As for NATO’s credibility, the task is 
to make the public — including the U.S. 
Congress — understand the difference 
between defensive readiness against an 
evident threat of immediate mass attack, 
and actions to deal with the far more 
intangible security risks of economic de- 
cline and political disintegration. 

The one has receded but cannot be 
permanently excluded; the other is on 
the increase. The alliance has to be ready 
for both possibilities. 

The writer is efitor of NATO's Sixteen 
Nations, an independent military journal 
published in Brussels. He contributed this 
comment to the Herald Tribune. 


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Why Clinton Gets No Respect at Home — No Matter How He Tries 


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W ASHINGTON — No won- 
der Bill Clinton beaded off 
to the Middle East He gets no 
respect at home for the economic 
recovery or for the domestic poli- 
cies that had at least something 
to do with it 

His dearest domestic achieve- 
ment, a reduction in the deficit 
bought with large amounts of po- 
litical capital is barely noticed. 

Republicans are now trying to 
use a memo written by the budget 
director, Alice Rivlin, to suggest 
that he may have all sorts of new 
budget pain up his sleeve. 

Mrs. Riviin’s only sin was to be 
utterly honest in laying out the 
choices that would bring the defi- 
cit down further. The Republi- 
cans say they are for a balanced 
budget amendment — and tax 
cuts, too — but do not want to 
deal with the particulars served 
up by Mrs. Rivlin. 

The episode proves that despite 
the windy proclamations, there is 
no effective political constituency 
for deficit reduction. If you duti- 
fully uy to chip away at the defi- 
cit, all you harvest is blame and 
disappointment 
But that is only one reason 
why economic successes are not 
helping Mr. Clinton. A second is 
that the voters are less and less 
inclined to credit the govern- 
ment or politicians for good 
news in any sphere. That may be 
because the recovery is not lift- 
ing all boats. This is reason No. 3 
for Mr. Clinton's doldrums. 

He is not being helped much by 
the many upper-income voters 
who are doing very well under 
Climonomics. A lot of them do 


By £. J. Dionne Jr. 


not like his policies (especially 
those taxes on upper incomes), 
and are, in any event loyal Re- 
publicans. Normally, a Demo- 
cratic president could offset their 
opposition with support from the 
middle and lower-middle end of 
the income distribution. But these 
are the very voters who sense that 
their incomes are not rising. 

The Democrats' problem was 
outlined this month in an impor- 
tant paper by Ruy Texeira, an 
analyst at the Economic Policy 
Institute. At the heart of the 
Democrats’ political problems, he 
says, are the wage problems of a 
significant chunk of the middle 
class. Many of these voters re- 
spond to anti-government rheto- 
ric because they are angry. But 
Mr. Texeira points out that in the 
absence of action by government, 
many of these same voters wfll see 
their incomes skid further. 

This creates a terrible paradox 
for President Clinton. There now 
exists no strong constituency for 
government activism. Yet suc- 
cessful government programs in 
the areas of education, training 
and public investment may be 
the only way to heal alienation 
from government. 

Mr. Clinton may have contrib- 
uted to the souring of the public’s 
mood himself by what he said in 
pursuit of his health care plan — 
reason No. 4 for his troubles. At a 
time when he might have trum- 
peted how much better things are, 
he talked down his own economy 
with stories about those Ameri- 
cans who lacked health insurance. 


His next problem. No. 5, might 
be summarized as “Mamma, 
don’t let your babies grow up to 
be Democrats.” Being a Demo- 
crat is like being a Red Sox fan: It 
means being affiliated with a glo- 
rious institution that always con- 
trives to self-destruct and disap- 
point. When “new Democrats" 
and “old Democrats” fight one 
another, both criticize Mr. Clin- 
ton to prove tbeir points. 

New Democrats ignore the fact 
that Mr. Clinton brought the 
deficit down, cut public sector 
jobs, passed the national service 
program, supported the North 
American Free Trade Agreement 
and embarked on a serious pro- 
gram to “reinvent*' the govern- 
ment bureaucracy. 

Instead they complain that Mr. 
Clinton abandoned them and 
pursued old-style “big govern- 
ment” policies, his health plan 
being exhibit No. 1. The party's 
more traditional liberals play 
down Mr. Clinton’s embrace of 
national health insurance and 
complain about NAFTA or 
about too much deficit reduction 
or about his welfare prop osals 
With a party like this behind you, 
who needs the Repub licans to 
stab you in the back? 

But then there is the final issue: 
How much of this is Mr. Clinton’s 
doing? He always understood 
that neither “old” nor “new” 
Democrats could win on their 
own. But instead of persuading 
each side to move toward the oth- 
er, he has mostly led both to be- 
lieve that he is less than loyal to 


their ideals. This falls under that 
terrible rubric of “The Trust 
Problem,” and the administration 
still has not solved it. 

As Ruth Marcus of The Wash- 
ington Post pointed out recently, 
the administration has made 
things worse with its habit of tell- 
ing less than the whole truth on 
little matters, which then become 
bigger matters. As a result, the 
administration is doubted even 
when it is telling the truth on the 
budget, health care costs or the 
state of the economy. Even Mr. 


Clinton’s most thoughtful 
speeches about hard choices and 
la*ge purposes get discounted as 
mere “politics ” 

With some victories in foreign 
policy and some successful cam- 
paign outings, Mr. Clinton has 
had a good couple of weeks. He 
has been inching upward in the 
poUs, and he is trying hard to 
™ake Americans believe in the 
economic recovery. But to get 
mere, many of them will have to 
be persuaded to believe him 
The Washington Past. 


IN OUR PAGES; 100, 75 AND 50 YEARS AGO 


1894: A Dangerous Sport 

NEW YORK —The Secretaries 
of War and Navy have decided to 
prohibit the football game 
tween the naval and military 
academy teams on Thanksgiving 
Day, mainly on the ground that 
the casualties of football are 
much greater than they ought to 
be. Moreover, they say there is 
liule need of football as a m*»ns 
of physical training and that it 
has interfered with the studies. 

1919: National Dryness 

WASHINGTON — The House, 
by a two-thirds vote, hi re- 
passed the Prohibition Enforce- 
ment Bill over the President's 
veto. It is expected that the Sen- 
ate will also override the veto, 
thus dashing the hope of the 
“Wets” for a respite in the condi- 
tion of national dryness. Presi- 
dent Wilson was opposed to the 


continuance of war-time prohibi- 
tion because the war had ended. 

1944s StilhveU Recalled 

SifSKPS** our 

S? “^on:] General Jo- 
seph W. Stillwell picturesque 
commander of ground forces in 
the Southeast Asia Command 
smee the start of the war, has been 
™ ,ev “ his triple command in 

me China-Burma-India theater, i 
announcement, riving no ex- 
piration for the recall immedi- 
ately precipitated a wide range of 
speculation. Rumors ranged all 

In ^ a ie P° Tt «hat Gen- 
“ahssimo Ouang Kai-shek had 
ded the general's recall b* 
raise of their inability to work 
Whether to the conjecture that 
General Stillwell's knowledge of 
Aaa and Japanese tactics is to be 
m connection with 
CMnptugo to drive the 
Japanese off the Asiatic mainl and 


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October 29-30, 1994 
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ished forever, unsung tragedies 
of the past, are thrust under 
our eye& On Oct. 19, at Chris- 
tie’s, the first single-owner col- 
lection of 19th century Chinese 
and Japanese photographs 
ever offered at auction was 
sold to a fascinated attendance 
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About the- development of 
the collection, it would be dif- 
ficult to be more discreet than 
the owner. Kwan JLau, who 
grew up in Hong Kong and 
became an American citizen in 
1973. He bought, he says, his 
first photograph in 1954 when 
he “v&s & child” in Hong 
Kon&How the collection pro- 
gressediater is not discussed. 

But . then this initial acquisi- 
tion o&Mr. Lau’s was the most 
eidraaflinaiy discovery in Chi- 
nese photography in the inter- 
vening 40 decades. Nothing is 
known about the earliest devel- 

Ssina.^ All that Lax? himself 
could learn is that in 1844 a 
French photographer, Jules 
Itier, took some photographs, 
daguerreotypes to be precise, in 
Macao. More importantly for 
his collection. Mr. Lau found in 
1954 -the earliest known da- 
guerreotype from China. 

The photographer’s primed 
label on the back names him as 
} one Lai Chong, about whom 
nothing more is known. 

' Handwritten inscriptions in 
Chinese and English further 
identify the image as the “'Por- 
trait of’ Mon gal [sic] General 
Ko-Lin, 1853. 

A man is seen seated three 
quarters, his elbow resting on a 
table in keeping with the con- 
. ventions of WesternDhojo 
graphic 'portraiture. The un- 
smiling face with a thin 
moustache and straggling beard 
is impenetrable. Curiously, the 
portrait has been colored by 
1 hand in the same tonalities as 
glass'pain ting made for the Qri- 
na trade — the mandarin’s robe 
• and cap are a bright azure blue. 
Only the face and hands retain 
their photographic appearance, 
riving it aO a surreal touch. On 
Oct 19, the document rose to 
£6,275. 

It may seem a lot for the 
image as a work of art, but it is 
not modi for the unique photo- 
graphic document, nor for the 
unsolved riddle of social histo- 
ry. Why Ko-Iin, chief of the 
Imperial Yellow .Banner caval- 
ry, agreed to be photographed 
and how that photograph fil- 


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aimed at Westerners, as wit- 
nessed by the bilingual inscrip- 
tions, has yet to be elucidated. 

Other photographs portray 
the new Chinese — those who 
were malring the jump to dis- 
cover the west An American 
ambrotype done around 1854 
shows a Cantonese woman in 
traditional attire, complete 
with gold jewelry. Allowing 
herself to be photographed 
must have required great cour- 
age from a woman stiD steeped 
in her Canton past. Such an 
image would have been 
deemed outrageously impu- 
dent according to the lights of 
Chinese society. She looks the 
photographer straight in the 
eye in a very Western fashion. 
Inis month, the bold woman 
found no admirers. The am- 
brotype in its period mount 


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and frame was boughL in at 
£800. 

In another ambrotype, a lit- 
tle girl of nine or ten, wearing 
an American dress of the 
1850s, presses her lips without 
being quite able to repress a 
glint of gleeful curiosity in her 
eyes. The ambrotype in its pe- 
riod gilt metal frame cost only 
£517.50. No one is terribly 
concerned about the Primitives 
of Chinese photography for 
now, and what they have to tell 
us about the early encounters 
of East and West. 

Perhaps it is easier to re- 
spond to the images or more 
brutal confrontations. Felice 
Beato. an Italian-born photog- 
rapher, accompanied Lhe An- 
glo-French forces that disem- 
barked in Hong Kong early in 
1860 when the Second Opium 
War broke oul 
I n the name of commerce, 
the West was determined not 
to let C hina ban the entry of 
opium into its territory. The 
landing of men and horses in 
Kowloon took the whole of 
March. By July, with 231 war- 
ships and transports off Pei- 
tang, the British and French 
were marching towards north 
China. On Aug. 21, they over- 
ran the Taku forts, the last line 
of defense of the Chinese capi- 
tal. With their antiquated 
weaponry, the Chinese soldiers 
never stood a chance. They 
made a heroic stand and were 
exterminated to the last A 
photograph by Beato shows 
their bodies strewn about the 
muddy fort. Together with 
four other prints, it climbed to 
£3,220. 

On Ocl 6, the British occu- 
pied the 80 square miles of the 
Imperial city with its 30 pal- 
aces. For nearly two weeks, the 
historic Imperial art collec- 
tions going back several hun- 
dred years to the Song dynasty 
were looted. Lord Elgin or- 
dered the burning down of the 
palaces. Beato was there. He 
took the only shots ever of the 
inside of the Summer Palace.. 
Of these, Mr; Lau has none in- 
his collection. He made up for 
it by laying hands on an ex- 
ceedingly rare photograph tak- 
en by Thomas Child in 1877. 

. The man was a gas engineer 
and a competent amateur op- 
erating in the 1870s. He took 
views of the Yuan Ming Yuan, 
the Versailles-inspired palace 
built for Emperor Qianlong by 
the Jesuits as a kind of Chinoi- 
serie for the Chinese. 

Child's albumen print of the 
“Prince's gate” is die one ex- 
tant image showing the gate in 
a park when it still stood virtu- 
ally intacL Only the finial of a 
fire pot and a small carved 
panel thrown off the top of the 
arch by the shock waves of 
explosions indicate damage. 
Later photographs document 
the monument in 'succeeding 
stages of disintegration. It is 
now gone forever. On Oct. 19, 
Chilas print sold, with sixteen 
other photographs, for £2,990. 

Other views of a more serene 
character can be equally stir- 
ring. Few are as remarkable as 
those taken by Afong Lai. His 



A 19th century street scene in Canton by the photographer Afong Lai. 


early training, probably as an 
assistant to Westerners, is not 
documented. In 1 859, he 
opened a photographic studio 
in JHong Kong that continued 
to ' operate well into the 20th 
century. Afong Lai is the first 
great photographer from Chi- 
na whose name is firmly at- 
tached to surviving photo- 
graphs. His British 
contemporary. John Thomson, 
was struck by his sense of com- 
position in landscape, which he 
says was not shared by other 
Chinese photographers. 

Afong’s urban views are ex- 
traordinary. A photograph 
plunging into the depths of a 
narrow street in Canton makes 
him the Henri Cartier-Bresson 
of China. Vertical Chinese en- 
signs dangle over hazy figures 
springing up out of the shad- 
ow. It was part of lot 32, which 
included 2o prints and fetched 
a laughable £2,070. 

Stewart Lindsey, who has 
been putting together photogra- 
phy sales at Christie’s for 13 
years, says that one of the prob- 
lems with early Chinese photo- 
graphs is that studios would be 
resold with their stocks of nega- 
tives. Prints made from these 
would then be issued under a 
new commercial name. 


But Afong's style has a dis- 
tinctive touch to it In that 
same lot 32, an albumen print 
with his label shows the facade 
■of the Church of St, Antonio in 
Macao. Destroyed by the fire 
which ravaged the city, it was 
finished off by the typhoon in 
1874. Only the facade of the 
18th century Jesuit church re- 
mains in the print. It appears 
at the top of endless stairs, 
standing against the sky visible 
through its openings' like a 
homage to the frailty of human 
monumental endeavor. 

Photographs of Japan, 
sometimes by the same pho- 
tographers, likewise caught the 
eye of Mr. Lau. Beato, who 
settled in Yokohama and 
thrived into the 1870s, photo- 
graphed hundreds of Japanese 
characters, often with a ten- 
dency to painteriy artificial 
composition verging on kitsch. 


To Mr. Lau, they seem to have 
been equally gripping He ap- 
pears to have been haunted 
throughout by the images of 
the Far East on the threshold 
of- Westernization as well as 
die Far East seen through 
Western eyes. 

In November 1984, 1 10 pho- 
tographs from the Lau Collec- 
tion were displayed in a single- 
owner exhibition at the 
National Gallery of Fine Arts 
in Beijing. 

Yet when it comes to collect- 
ing, the United States leads. In 
America, fans look for art, not 
histoiy. They acquired 23 of 
the 40 lots of Chinese photo- 
graphs sold on Oct. 19. In the 
Far East, it is the history that 
fascinates and there, history is 
something you read about, not 
something you buy to own. 

So urea MelUdan 


DOG AN ^AY 

Doors and Walls 

October 1 5-November 26, 1994 

Nicholas Alexander Gallery 

155 Spring Street, New. York 10012 
Tel: 212-274-0101 • Fax; 212-966-1865 


Archaic Chinese Bronzes, 
Jades and Works of Art 

■' . < •■■•'? ' 5 , * ■ ' . -'Nr -i 




). ). Lally & Co. 

O R I I. N T A L A R T 

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GALERIE MERM0Z 

PRE-COLUMBIAN ART 

6, rue du Cirque - 75008 PARIS 
Tel.: (1) 42 25 84 80 
Fax: (1) 40 75 03 90 

Exposing at the 17th BIENNALE 
INTERNATIONALE DES ANTIQUAIRES 
at the Carrousel du Louvre 
from November 10 to 24 1994 - Stand 12 


FRANCIS 


BRIEST 


FmcArlAoctienar 


24. man * Mrtynm ■ T30QS Pot ■ 7W.-13HIJ2 68 IJ 30 



AwirAliXWUAVJ. 

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IMPRESSIONIST AND MODERN PAINTINGS 

CERAMICS COLLECTION by PICASSO 

BRAQUE -DEG AS- DUBUFFET- R. DUFY- ERNST- F0UJITA- GIACOMETTI 
GONZALEZ - KISUNG • LEMPICKA- MAGRITTE- MARQUET- MATISSE 
MIRO - MODIGLIANI- UTRILLO- VLAMINa 
Auction PARIS - DROUOT-MONTAiGNE 

IS, avenue Montaigne, 75008 Paris 
Friday November 25, 1994 at 9 p.m. 
On view ; ThuDdR -L IIlA^ pjn . : RUir 25 .Viwohj, 1 13 b -u pm 

informs tion ; VWaine de LA BROSSE T el- At U 1 42 t>S 1 1 3H 

C.italague On request at Briest'fi office FF 100. 


Fairs Flourish, Putting 
Dealers at the Vanguard 


By Souren Mefikian 

L ondon — siowiy 
but surely, dealers are 
regaining the initia- 
tive in the war that 
auction houses have been wag- 
ing against them since the mid- 
1980s, and art fairs have be- 
come their main weapon. 
These could revolutionize the 
an market 

This month alone, two sub- 
stantial selling shows of an- 
tiques and paintings were held. 
In Europe, Frankfurt's “Ars 
Antique” will be closing on 
Sunday. In New York, the five- 
day long International Fine 
Art and Antiques Fair was 
held as usual in the Seventh 
Regiment Armory on Park Av- 
enue at 67th Street. On Nov. 
10, the Paris International An- 
tique Dealers Biennale will be 
opening under the Louvre Pyr- 
amid, to say nothing or the 
Asian An Fair in Singapore 
beginning Nov. 2, the Olympia 
Fine Art & Antiques Fair in 
London, which is scheduled 
Nov. 16-22, or Munich, which 
is r unnin g Nov. 26-Dec. 4. 

Add the host of other an 
and antique fairs mushroom- 
ing around the world through- 
out the year, and the only clear 
threat to the success of the new 
marketing technique would ap- 
pear to be art fair fatigue. 

The reasons behind the phe- 
nomenon are obvious. As the 
overall mass of works of art 
from the past available for sale 
worldwide contracts, shops 
have less to offer, and so too, 
do auction houses, where en- 
tire market categories are now 
represented by a few objects a 
year. Fairs bnng it aB to one 
place. At least, some do. 

Maastricht, in the southern 
tip of the Netherlands, is at the 
top of the list Its success sur- 
prised the organizers them- 
selves. 

The European Fine Art Fair 
lasts nine days in mid-March. 
It was bora of the merger .of a 
picture fair originally set up by 
the London and the Dutch 
trade, and a fair focusing on 


three-dimensional art and ob- 
jects that came into being a few 
years later. The setting, in an 
18th century town on the river 
Maas, gave it the appearance 
of a rich man's lark while the 
location, convenient for the 
Dutch, the Belgians and the 
Germans, seemed to earmark it 
as a successful regional fair. 

Instead, it his developed 
into the international art mar- 
ket event with dealers from all 
over the world now banging on 
its doors to get in. The reasons 
leapt lo the eye as one walked 
through the orderly fair, which 
manages the rare feat of being 
elegant without losing a pleas- 
ant simplicity. 

In some fields, it offers more 
in a few hours than a whole year 
of auction going. That is partic- 
ularly true of Medieval Renais- 
sance and early Baroque ob- 
jects. Between them Bernard 
Blondeel and Jan Dirven, both 
from Antwerp. Patrick Reij- 
gersberg of Haarlem and Axel 
Vervoordt who lives in his V 
Gravenwezel chateau outside 
Antwerp, had at least as many 
objects that were desirable and 
plausible buys as Christie's and 
Sotheby’s put together in the 
1993-1994 season. 

What the auction houses 
were offering were two or three 
sensations — the Earl of Rad- 
nor bronzes 3t Christie's in De- 
cember 1993, the narwhal horn 
in July 1994 and the brass 
aquamanile at Sotheby's in 
July, plus half a dozen excel- 


lent pieces. These were other- 
wise drowned in a sea of over- 
priced leftovers, coming from 
the art trade. 

At Maastricht few of these 
are brough t in. There would be 
no point in going to the ex- 
pense of displaying them. On 
the contrary, dealers try their 
hardest to come up with dis- 
coveries. This year, Reijgers- 
berg led with the fragments of 
an early 12ih century font from 
the Mosan area. The figures of 
apostles standing in relief un- 
der round arches illustrate a 
rare early Primitive trend in 
North European sculpture. 
The fragments were promptly 
bought by the Saint Servais ca- 
thedral treasury in Maastricht 
for less than $40,000. 

There were also beautiful ob- 
jects in a modest price range. 
These are now shining by their 
absence at auction and that is a 
major factor in the attraction 
that art fairs hold to collectors. 
On Reijgersberg’s stand there 
was a marvelous repousse brass 
basin with a lobed well of Chi- 
nese inspiration which dates 
from about 1600. It was 
dredged up from the Blocm- 
gracht canal a decade ago. 
Priced at a modest 4,800 gilders, 
roughly $2,500. it was snatched 
within minutes of die 
by the Amsterdam Hist 
Museum director. 

On a more exalted level, 
Maastricht is the only fair 

Continued on Page 9 


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Page 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, OCTOBER 29-30, 1994 


Arts and Antiques/ A Special Report 


Moghul Miniatures: 
A Large Discovery 

L ONDON — On Oct. naskh typical of Hindusti 
19, an extraordinary seems contemporary with 1 
manuscript with min , miniatures. 
iatUres from Moghul 


■ i..i\rsy. w rf * # z * . 


^ « 
, • ■ ' ; y 




L ondon — on oct. 

19, an extraordinary 
manuscript with min , 
iatures from Moghul 
India, or Hindustan as it was 
called in the East, came to light 
at Sotheby’s. 

In the empire ruled by an 
Islamic dynasty that prided it- 
self on its Mongol ancestry but 
was otherwise thoroughly Per- 
sianized. the literature read by 
the court and the cultivated 
public was Persian. The prima- 
ry text in any court following 
the Iranian model was the 
Shah-Naraeh, or Book of 
Kings, written in the 10th cen- 
tury by Ferdowsi as a styliza- 
tion of Iranian history. Curious- 
ly, however, few illuminated 
Shah-Namehs from Hindustan 
survive. Until Ocl 19, none was 
known that could be dated pri- 
or to 1600. 

The sudden appearance of 
an unrecorded manuscript, 
damaged but retaining 37 min- 
iatures that were executed in 
the Iasi third of the 16th centu- 
ry, is a sensational discovery. 

Much more remarkable 
though, is the revelation of a 
hitherto unknown style. Soth- 
eby's cataloguer assures that 
the text was copied in the ISlh 
century and adds that in some 
cases miniatures were painted 
over the traces of earlier 15 th 
century compositions. 

There is no evidence of thaL 
The calligraphy, a cursive 


naskh typical of Hindustan, 
seems contemporary with the 
miniatures. 

While some miniatures show 
features that would be archaic 
for Iran in the late 16th century, 
these are not surprising in the 
conservative aesthetic climate 
of the Persian izing courts of In- 
dia. 

Elements from every comer 
of the Iranian world can be rec- 
ognized in a mix typical of Hin- 
dustan. The heritage of the He- 
rat school survives in some, 
while others incorporate ideas 
from the Western Iranian 
schools. 

But ihe iconography of the 
miniatures, surprisingly dis- 
tinct from the Iranian tradition 
of the time, points to a fully 
constituted, highly original 
school. Awareness of Western 
art that was arriving in Hindu- 
stan is creeping in. 

Artists’ names were added 
under the mini atures by librar- 
ians in early 17th century. In 
the catalogue, Lhey have been 
uncritically taken at face value, 
as proof of authorship. 

In any event, this discovery 
will lead to a reconsideration 
of the early history of Moghul 
painting. The manuscript was 
bought anonymously for 
£2 10,500. It was not cheap, but 
the unique is not easily priced. 



rfdg ym ■ JIM ■ % ■. - jyw -SWW. * t. , 












Souren Melikian This illuminated manuscript sold for £210,500 


Art Fairs Flourish, Putting Dealers at the Vanguard 


Continued from Page 7 

where Augsburg and Nurem- 
berg silver beakers and tan- 
kards, dishes, ewers of the 1 6th 
and the 17th century can be 
seen in really large numbers. 
Fritz Payer of Zurich, the lead- 
er in the field, had filled his 
vi trines with an array of such 
vessels whose price range for 
the most part is roughly 
SI 5.000 to $80,000. Albrecht 
Neuhaus of Wurzburg, the Ku- 
gel Brothers of Paris and S. J. 
Phillips of London had an ar- 
ray or splendid as well as more 
modest pieces that was suffi- 
ciently diverse to allow buyers 
to see in perspective the objects 
they were coveting. That is im- 
portant, even for highly 
trained collectors. 

Another element in the suc- 
cess is the atmosphere of the 
fair. There is none of the pro- 
motional blare and glitz that 
makes auctionhouse sales in- 
creasingly exasperating to ex- 
perienced collectors as well as 
to cultivated beginners who 
want to learn about the art 
they are becoming interested 
in. Dealers like BlondeeL Neu- 
haus or Payer, deeply im- 
mersed in their field, take plea- 
sure in sharing some of their 
knowledge with those whose 
interest in the object is reaL 
There is an Old World ring of 
culture and learning to Maas- 
tricht. It is echoed in the con- 
current classical music con- 
certs. and the talks timed to go 
with it. This year, a splendid 
exhibition of art treasures from 
the Hermitage came as an ad- 
ditional prize. 

Something of the kind may 
be in the making in New York. 
A new “Fine An Fair,” focus- 
ing on paintings, drawings and 
sculpture from the Renais- 
sance to the late 1 9th century 
came into existence this year. 
Walking into the Armory 


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building, where it was on May 
13-17, the first thing one no- 
ticed was a general resem- 
blance to Maastricht. In con- 
vast to the October and the 
January Armory shows, which 
vary greatly in quality from 
one stand to the next and have 
a bustling, sometimes folksy 
touch, the May show was or- 
derly, better "displayed and 
mostly of a very high standard 
of quality. 

There was no perceptible 
difference in approach be- 
tween the American dealers 
and the Europeans who had 
arrived en masse. John and 
Paul Herring, the New York 
dealers in Old Master drawings 
who normally cany on their 
transactions from home, for 
the first time made a public 
appearance with a display that 
was no different in conception 
from that of a European trio of 
galleries, Katrin Bellinger of 
Munich, Bruno de Bayser of 
Paris and Hazlitt Goodden & 
Fox of London. The presence 
of the New York twins, re- 
nowned for their inclination 
toward secrecy as much as for 
the sharpness of their eyes, was 
more than j ust a compliment to 
the fail in the making. It 
amounts to an acknowledg- 
ment that the situation on the 
dealing scene has drastically 
changed. 

The same conclusion may be 
drawn from the participation 
of some big shots in Impres- 
sionist and other Avant Garde 
19th century painting from Eu- 
rope. Waring Hopkins, an 
American expatriate, had 
come all the way from Paris 


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1890-1930 

180 Westboume Grove, 
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Tel.: UK 71 243 8877 


with a contingent of heavy- 
weights — Degas, Sisley, Re- 
don. He sold a lot. Most telling 
perhaps was the eagerness with 
which the Galerie Schmit of 
Paris, one of the big players in 
the international game, leapt at 
the opportunity of taking a 
small stand that became avail- 
able at the 11 th hour. 

Emmanuel Schmit brought 
just three Impressionist pic- 
tures, including a poetic view 
by Monet of the snow-covered 
lower Alps seen from Cap 
d’ An Jibes 

None sold on the spot. All 
three were actually included in 
the catalogue of the selling 
show that had opened earlier 
in Paris on May 4 and ended 
on July 12. But an immediate 
sale is not necessarily what 
dealers handling works worth 
millions have in mind in such 
art fairs. The primary aim is to 
seek new clients and also to 
catch the eye of potential ven- 
dors. Both generally turn up 
after the fair closes. 

Art fairs have become a 
craze which can only gather 
momentum. For some dealers 
like Thomas Colville of New 


Haven, Connecticut, they are a 
way of life, 

Mr. Colville deals in 19th 
century American Impression- 
ists and other Avant Garde art- 
ists, as well as their French 
sources, from home by ap- 
pointment Fairs are the only 
public facade he wishes to 
have. Michael Goodhuis of 
London, the Oriental art deal- 
er who closed down his gallery 
“Colnaghi Oriental” in 1989, 
now does three quarters of his 
business in Far Eastern 
bronzes through fairs (and the 
rest from home). 

Occasionally, he toys with 
the idea of opening a new gal- 
lery. He probably will noL Too 
many galleries were virtually 


deserted last season. Buyers 
just do not have the time to 
stroll around. .And art fairs. 
Mr. Goodhuis says, offer an 
“intensity of exposure to peo- 
ple” that no gallery ever can. 
“Also. I find them very inter- 
esting. I see what is in the mar- 
ket, what other dealers believe 
is selling, what buyers really go 
after (a red sticker tells you 
that).” 

The best an fairs now stand 
somewhere between an Art 
Stock Exchange and an Old 
Boys Art Club. The combined 
lure makes them irrestible. 


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Gallery Hopping On-Line 


By Claire Wilson 


P ARIS — An purists 
may bristle at the idea 
of digitalizing old mas- 
ters and selling them 
electronically, but in a matter of 
months anyone needing a Rem- 
brandt for over his fireplace will 
be able to go gallery-hopping 
along the mformation super- 
highway. 

Using interactive computer 
software called ArtView, a 
buyer in Paris will be able to 
consult a computer screen to 
see sharp, color images of 
paintings, sculptures, an glass 
or works on paper that are for 
sale, say, in Tokyo, Los Ange- 
les or London, and then buy 
what he wants on the spot. 

Ken Nahan. the New York 
dealer who developed the Mac- 
intosh-based system, says it's so 
user-friendly that he has been 
unwittingly selling items from 
his own inventory while trying to 
demonstrate the technology to 
friends and potential backers. 

“I was showing it to someone 
who bought five pieces then 
said, ‘Know what? I’m going to 
invest in your company, too.’ " 
recalls Mr. Nahan. who special- 
izes in contemporary artists. 

Members of the ah establish- 
ment have long been enthusias- 
tic about using computer tech- 
nology, particularly for research 
and 'restoration. A number of 
museums are developing interac- 
tive systems as educational 
tools; the Art Institute of Chica- 
go has 250 of its paintings on 
interactive laser disk and the Na- 
tional Gallery in Washington 
next year will open an interac- 
tive Micro Gallery. 

Such systems may become 
commonplace, but no matter 
how good they get that certain 
something wOl always be miss- 
ing. says Jean-Marc Leri, direc- 
tor of' the Musee Camara let, 
the museum of the city of Paris. 

“There's still an emotional 
relationship between an indi- 
vidual and a work of art that 
even the best system can’t pro- 
vide for," he says. 

The Russian-born painter 


SOURER MEUKL4X is art edi- | 
tor of the International Herald [ 
Tribune. 


Wo buy and toll JopanaM AiWquM of 
the Edo and Mef Periods: 

Fra Satsuma. Irron Japanese doronns. 
6-yces. Sarmn swords, fiflmjs and rumor 
(I40i cemuiy Dvdu/i ISlh caffluyj 
FLYING CRANES ANTIQUES, LTD. 
1050 Second Avenue. Gallery *55 
New York. N.Y 10022 
T<* (212)223-4600 - Fax <2'2P23-*601 


Igor Andreev, who is based in 
Paris, is skeptical about the sys- 
tem for the same reason. “People 
buy largely on impulse, which is 
why you always sell at least 40 
percent of the work exhibited at 
galle ry openings, where the artist 
is usually present,'* he says. 

Marketed worldwide by New 
York-based Honicorp, ArtView 
works via an on-line service 
that only certified dealers will 
have access to. Bach gallery will 
go on-line with digitalized vi- 
suals of the works of artists they 
represent as well as biographi- 
cal information. If they wish, 
they can add interview clips or 
videos of the artist at work. 

Once logged onto the system, 
a gallery will not be restricted to 
its own artists and inventory, 
but will be able to show hun- 
dreds of works of art from other 
galleries in the network. 

The buyer will be able to spec- 


ify what he wants, whether ifsa d&ta 

draXs and postarasinca 


anc arest, panod, medium, aa i 870 , saw Artvfw would give 
or place of ongoL ArtView win £ the German f.gSa- 

heatJetoshowwhatlthasavail- uve paimera he handles, 
able to fit the request y 

The system’s images can be -m jr ORE than that, he 
pulled in for close-up views so 1% #■ thinks ArtView 
that the condition of a painting I % / I will streamline his 
or the artist's signature can be T , 1 business and hdp 
checked, or offer the buyer a cut costs. "This will avoid art 
360-degree view of a piece of work going from gallery to gaL 
sculpture. The buyer will be lery and save on damage, not 
able to put the work on hold or to mention replacing cats* 
get a high-resolution printed logues. and eliminate the need 
image to take home to see how f 0r printing and mailing kaf- 
it will fit into his decor. Icts £ ^ ^ fUs, “It » .* 

The buyer will also be able to very important step" 
purchase the work immediately _*■ uy 

wa electronic transfer erf funds, ago, the fax^^ine compte& 
Because Horucoro is develop- iTcw-j our way of dealing 
mg its own on-line service, it ^ people," says LoSc MaS? 

5*r, 10 f g X! ra r WC ^ vice president and director of 
confidentiality of the financial ^ lwbcn on\cry ' m 

transactions. Paris. "If we all get computtr- 

Mr. Nahan plans to launch usd like this, it wiU chajtoe 
ArtView with 80 U.S. galleries things again by 500 percent?^ 
early next year, and predicts he 

will have about 500 galleries on- "* ‘““T 

line in the United Stales by the CL4JR£ WILSON is ajourm&tt ' 
end of 1998. He will tap into based in Paris, 



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European inventories by eariy 
1996, then reach into As*. 

According to Mr. N ahan , one ^ 
of its most far-reaching futures 
will be the development of * 
database for the art industry 
which until now has had no 
reliable reference system. By 
tracking things like price, mark- 
ups and ownership, ArtView 
will eventually provide a mar- 
ket index for art the way Dow 
Jones docs for the stock ex- 
change. Honicorp has devel- 
oped a numbering system, the 
International Standard Art' 
Number which will help inihe 
compilation of data. 

Mr. Nahan says ArtView 
could also bring much needed 
exposure to young or regional 
artists who often have difficulty 
getting recognition. 

In DQsseldorf, Germany. Dr. 
Alexander FBs. whose company 
Schumacher/ Edition Fils has 


A«T: 

iAfX 

•— >rr<4-t 

...vi a no [ pra na 




•. .w 

... 

- . ~tr 

. - -. 

• • 



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s'-Amiqujilres - 1 bis. rue Clement Moro, • 75008 Paris • Tr! 
Gab Opening -. <)ti. Xw •ember 199^ 4 , 8 p m 1 U ‘ 














)nȣ 


•He 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 29-30, 1994 

Arts and Antiques! A Special Report 


Page9 - 


.■*:*-* 

.•I .. ' l Clt,. 


National f Theme’ Sales Set Records 


; ;./ 

> .. I 

7 ‘ / 

■ k-, ^ a ^Aingibel 

; it sta 

‘ ' , ''"vs *!whcn lb 


4) By Souren MeliMan 




ONDON — The auc- 
tion houses are redis- 
covering nationhood 
and Christie’s is lead- 
band. 


Sadly for Christie’s, by the the proportion rose to 75 per- 
tune the sale actually took cent of the total. In any case, a 
place on May 29, 1992, the icy £7.2 million sale is not to be 
wind of the crisis was blowing sneezed at. 

Hke an Arctic blizzard over This year, Christie’s stepped 
Spain. The sale was not quite op the rhythm. In June, it had a 
the roaring success it might French week. June 9 was ear- 
nave turned into a year or so marked for furniture, and June 


,\ T fW 3 It "started three years ago 
% , jri 11 % j 1 : when the market was deep in 

\\ ' ( ' f i£ the doldrums. Noel Axmesley, 
f.' ( ‘ • •: Christie’s deputy chairman, 

, ■ ;r -i!:,..‘ l , 4 ^ was struck by the number of 


• • ken out— Spain was the last to 

. ,.v !, r:n Am be hit and its art buyers contin- 

• ^ b ued w 1* 8C ^ ve on auction 

. • . * h, ‘ 5 C«ne when most other nation- 

alsdiqrfayed caution. A Span- 

■■ 1 > ^ ™ £sh art sale was put together, 

s ‘ 4 including a splendid El Greco 

^ preparatory study in oils for 

• ..\ w rr UmJte the 'Disrobing of Christ” esti- 

• ‘ •• ,s!, ‘ n * Wjfy mated-to be worth £1.5 million 

■ * ' ' -«ij *.“*“4- to £23 million. 


a.,v 7» 
; ‘ r 

Ms* 


earlier, but under the circum- 
stances it did not do badly. 
While only 55 percent of the 
pictures, drawings and prints 
offered found buyers, if mea- 
sured in value the percentage 
of sold items climbed to a cred- 
itable 75 percent The El Greco 
went up to £1.87 million in a 
sale that totaled £6.1 milli on 

This was encouraging. A 
year later, on May 19, 1993, 
Christie's focussed on “Ger- 
man and Austrian Art” with 
fairly comparable results, if ex- 
pressed in sheer numbers: 44 
percent of 662 lots (ranging 
from pictures to prints and 
posters.) were sold, but in value 



ART DEALERS 
ASSOCIATION OF AMERICA 

The Nation's Leading Art Galleries 


n r> rtam >tep , 

. ‘ V;' cr ; Jp*. 

*-«h 

. . - LV.f- ^Ufci 
. ... 


'■'■mi.pLsn 
■*■■■• t\r, ;; 


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1 l >Ncvlorx jnd \i Wf ~ 

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'hUr • 2 IKx'cmbcr 

t : ' il diiN. 

h I NOR C.AI.I ER'i 

•9 l^mUilA MU 
•: > » 'm*« uti \vtU 


THE 
PR NT 
FAR 


C£rus 

a ‘2 Madison ( 71 ) NY 

Cno.r;es Cowles 
:jj VV B'.voy NY 

Davidson' / Goodman* 
2 :,7 NY 

j2!T-C:£ Graham & Sons 
1 E !14 '.‘.adisen ( 78 ) NY 

Richard Gray 

67 :• !•' Michigan Chi. IL 

Nchra Haime* 

4 ! = 57 NY 

Nancv Hoffman 
4 ?i: '.V B’.vay NY • 

Rhona Hoffman 

325 VV Huron Chi, IL 

Rob:n Miller 
4 ! = 57 NY 

Otto Neumann* 

= sc ny 

Oci'. '•'•mi Gallery 
•sen NY 

Wc. :-.;nglon 

N. Michigan Chi. IL 


Klee, Jawlensky. Kirchner. Schmidt- Rottluff 
Kanchreky et al: drawings * pnnis 191Z-193J 


Darren Waterston: Paintings 

Thru Nov 12 


Niki de Saint Phafte Tableaux Edates" 
Sculptures & Gouaches Thru Dec 17 


Specializing in 1 fth e. French Anlmalier Sculpture. 
19th & early 20Ui c. American Paintings. 
Contemporary Art S British Ceramics. 


Banry Flanagan: Recent Sculpture 
Futly illustrated catalogue avaiL S20.00 pp 


Sophia Van: Recent Bronze Sculpture 
To Nov 19 


Alan Siegel 


Leon Golub & Nancy Spero 

Nov 18 thru Dec 23 


Joan Mitchell: My Black Paintings 
ToNov 12 


Old Master Paintings and Drawings 


Exclusive Agent for Jess, 

Major Works by Irving Petlin (byappt.) 


German Expresdontsm: Modem Master Paintings, 
Sodptme, Dceiwngs & Graptws. Coriemporary. Bergan.1 
Bar, Hegeumch. Hetap, Janssen, VeUen. Wteghardt 


“Mort-Fti **Tues-Fri Other gaSenes: Tues-Sat 
write- AOAA. 57S Macftaon Ave, fOf. 100Z2 (212) R40-8500 


i : 1 ». 


‘aik Aiviiih' Arawn 

A.rllOf A !’ ’*•’« 

N* twl.1 



binoche 

SCP de Commissalres-Prlseurs 
5. rue La Boetle - 75008 Parts 
Tel.: CO 47.42.78.01 - Fax : CD 47.42. 87. 55 

ESPACE CARDIN 

1. ave. Gabriel - 75008 PARIS 



Sunday November 27*, 
1994 at 3 p.m. 

IMPORTANT 

MODERN 

& 

CONTEMPORARY 

PAINTINGS 


POtslo PICASSO. 
Portrait of madam H P, 
1952. 146 x96 cm. 
Zervos . VqI XV n* 215 
(PK3N0N estate) 


On view : New-Yoik : 7-12 November 19M 
... .. . . ACHAd MCHlflt m ART. 52 East 76 m Street NflW-Yortf 10021 

"T i ikxis: 24-26 November 1994. 11 am -6 pjn. 

-iSPACE CARDIN. lovenuflGQbftel- 75008 Ports 


AUCTIONS JN GERMANY 


PHOTOGRAPHY 

Nov. 14 

DECORATIVE ART 
Nov. 17/18 

OLD MASTERS 
Nov. 19 

ORIENTAL ART 

Nov. 25/26 

CONTEMPORARY ART 

Dec. 2 

MODERN ART 

Dec. 3 

Preview In Cologne: 

■me week prior the auctions 

catalogues on request 

LEMPERTZ 

gifinniclut tfHS 

KliNSTIIAti.H LEMPERTZ 
NEUMARKT 5 • O-WltCi? COUKiNE 
TEL. tm\'/221/92 V7 29 -U 
FAX 92 S? 29 O 


10 for French pictures. Die dec- 
orative works of art went wdL 
The unsold lots. 17 percent of 
the total, never stood much of a 
chance — pieces such as a low 
parquetry table of no specified 
period or a pair of ageless ormo- 
lu chenets (fire dogs; simply 
had no place in such a sale. As 
for the star pieces, they went 
through the roof. 

Two Chinese temple vessels 
in purplish blue porcelain of 
the Kangxi period were note- 
worthy for their elaborate or- 
molu finings ascribed to the 
famous Pierre Gauthier e. They 
once belonged to Marie-Antoi- 
nette of France. The queen had 
them transferred from Ver- 
sailles to the Chateau de Saint 
Cloud when she left Lhe palace 
after it was invaded by a mob 
on Oct. 6, 1789. By Dec. 16, 
1793, the objects entered the 
recently founded Louvre Mu- 
seum and later were sent back 
to Saint Goud. Later still, they 
were removed from the inven- 


tory of Saint Goud by Napo- 
leon III who needed to make a 


present to his half-brother, the 
Due de Monty. 


Objects of this caliber fall 
outside any market category. 
The publicity that surrounded 
the French sale, brought pas- 
sions to boiling point. They 
climbed to £1 .046,500, paid, as 
it soon transpired, on behalf of 
the Louvre. 

Other scores, which might 
puny by comparison, are 
equally telling regarding the 
additional boost that national 
theme sales give certain ob- 
jects. A pair of Louis XVI can- 
dlesticks in the Pompeian 
mann er, stem with their neo- 


classical black bronze figures, 
doubled the middle estimate as 


they climbed to £29,300. 

The day after, it was the turn 
of French masters. Only 21 

S ictures out of 54 were sold 
feasured by value, the score 
looks better the proportion of 
works sold stood at 62 percent. 
The mistake made by Chris- 
tie's had been to assume that in 


national theme sales, buvers 



are only bothered about cate- 
gory, not intrinsic quality. 
That enthusiasm was not lack- 
ing was proven by the better 
lots. Eustache Le Sueur’s 
"Christ on the Cross with the 
Magdalen, the Virgin and 
Saint John the Evangelist," 
consigned by the Bar Convent 
in York, was one of the finest 
pictures by a 17th century 
French master seen in years. 
The National Gallery of Lon- 
don pounced on die opportu- 
nity. At £397,500, the crucifix- 
ion set a record for the artist. 

Other works more difficult 
to sell found a niche where the 
novelty justified it Such was 
the case with a picture by Jean 
Baptiste Oudiy in dark green- 
ish tones that are not exactly 
popular. Painted in 1733, it 
shows a bird of prey pouncing 
on ducks. Christie’s notes that 
this is the earliest scene of this 
type so far. Hitherto known 
only from an engraving, the 
composition seems never to 
have surfaced since it was sent 
by the artist to Schwerin in 
1734. The surprise effect jolted 
the attendance into action. The 
dark picture sold for £34,500. 

if so many other paintings 
failed, this is essentially be- 
cause an overpriced third-rater 
will never make the grade any- 
way. Gazing at the dark por- 
trait of the Due d’Orleans ex- 
uding boredom that Ary 
Scheffer signed in 1838, it was 
hard to imagine who might 
want it whether at £6,000 to 
£8,000. the estimated bracket, 
or at any other price. 

The lesson registered. On 
Oct. 13 Girisiie's held yet an- 
other sale of "German and 
Austrian Art.” This time, 
greater care was taken in se- 
lecting the works. Most impor- 
tantly. there was just the right 
proportion of pictures that 
catch the connoisseur’s eye by 
their novelty. 

Early in the sale, a hitherto 
unrecorded work by Heinrich 
Remhold (1788-1825) was an 
enchanting surprise. The view 
of Smut Peter seen from the 
Villa Pamphili is dated 1824, 
which places it a few months 
before the artist's death. Large 
oil paintings from that period 
are extremely rare. This one is 
the larger version of a land- 
scape preserved in the Thor- 
valdsens Museum in Copenha- 
gen. 

Christie's speculates that it 
may well be the picture that 
was exhibited in Berlin at the 
Kunstakademie in 1824. The 
view exceeded its estimate by a 
third, rising to £63,100. 



Drouot’s Dominance 
Faces a Challenge 


By Bany James 


P ARIS — Drouot, the 
oldest auctioneering 

company in Europe, is 
fighting' to defend its 
unique status — and monopo- 
ly — from assault by Sotheby’s 
and Christie’s, the major auc- 
tion houses on the other side of 
the English Channel. 

The French government has 
so far rejected demands by the 
European Commission that it 
open up the national market to 
foreign competition, a stand 
that may eventually put it in 
the defendant’s dock at the Eu- 
ropean Court of Justice in Lux- 
embourg. 

Sotheby's, which is leading 
the attack with the support of 
the British government, argues 
that it should be allowed to 
organize sales in Paris under 
Article 59 of the Treaty of 
Rome, which provides for the 
free flow of goods and services. 
The Commission backs this 
view, and has twice written to 
the French government. 

France retorts that the article 
does not apply to government 
officials, which is what the 
French auctioneers in effect are. 
Drouot is the collective name 
for the 108 independent mem- 
bers of the Company of Auc- 
tioneers of Paris. They’, and oth- 
ers like Lhem around the 
country, have to pass examina- 
tions on law and art history. 
They then take an oath before 
the Ministry of Justice to im- 
partially defend the interests of 
both sellers and buyers. They 
are intermediaries, forbidden 
by law to trade themselves. 

The system, which has exist- 
ed formally since 1552. offers 
advantages. Drouot offers a 
free and independent valua- 
tion service to sellers. At the 
same time, it gives buyers a 30- 
year guarantee of authenticity 
versus the caveat emptor poli- 
cy of the British companies. If 
a work proves not to be au- 
thentic, the Paris auctioneers 
collectively have to make up 
the loss. 

The french system is also a 
nationwide service, with inde- 
pendent auctioneers operating 
in all the major cities. The auc- 
tioneers handle anything that 
can be bought and sold. In Par- 
is, Drouot, which sold some 
400,000 objects last year, has 
specialized departments for 
selling motor vehicles, indus- 
trial equipment and commer- 
cial goods. 

But it is for arts and antiques 
that Drouot is best known. 
Paris was the center of the 
world art market until the start 
of the 1960s. The equation 
changed in 1964 with tne pur- 
chase by Sotheby's of the 
Parke- Berne L Galleries in New 
York. This gave it access to 
wealthy buyers in the United 
States and a broader base from 
which to spread out interna- 
tionally. 

Drouot, on the other hand, 
has remained locked inside the 
national frontiers. The Auc- 
tioneers of Paris are indepen- 
dents and too small individual- 
ly to take on the collective 





A study for ‘The Disrobing of Christ r by El Greco. 


Of all the recent discoveries, 
none stirred the attendance 
quite as much as Johann Phi- 
lipp Eduard Gaertner’s view of 
Unter den Linden. Beautiful 
neoclassical constructions as 
they stood in 1 836 line a broad 
avenue and give a sense of or- 
derly urban immensity. The 
small painting does not include 
the equestrian statue of Frie- 
drich II in neo-18lh century 
style which was set up later, in 
1851. The feel for horizonta- 
lity, typical of 18th century ur- 
ban layout, is intact. The 
painting shot up to £243,500. 

But the success was not con- 
fined to dreamy evocations of 
the past Twentieth century art 
farad just as well. Emil Noide’s 
"Herbstmeer XVT is a stun- 
ning rarity. Still in its original 
frame, the view of a tempestu- 
ous sea with green and black 
waves under a totally unreal 
sky with swirling bands of yel- 
low and purple caused a sensa- 
tion. It made £507.500. 


PRE-COLUMBIAN ART 

LATIN AMERICAN ART AND PHOTOGRAPHY 

THROCKMORTON FINE ART, INC. 

153 EA5T 61 ST STREET NEW YORK NY 10021 
TEL 212.223 1059 FAX 212.223.1937 BY APPOINTMENT 


September 27-No\'ember 12 


Cy Twombl) 


C.v\) Arts 

in association u ith 

Gaierie Karsten Greve 

Colbiine/Paris/Milan 

45 I-Xst 7S Stkki t. \i:w Yonu. 10021 
212 b(il-0020Vv\ 212 Sri 1 -7fS38 Tues-Sa! 40-5:50 


A climax was reached with 
Alexej Jawlen sky's portrait of a 
“Spanish Woman in a Red 
Shawl” . Painted around 1912, 
it could easily have featured 
among the Fauve works seen at 
the 1905 Salon d’Automne. 
which is precisely where Jaw- 
lensky first displayed his pic- 
tures. 

Remarkable os it is, the por- 
trait suffers from being late for 
its style. To some, it might 
seem derivative. That did not 
stop il from rising to £584.500. 

By the end of the session. 
Giristie’s had every reason to 
congratulate itself even if 30 
percent of the works offered 
remained unsold — there were 
still too many fillers-in. 

There can be no doubt about 
it: the national theme sale, 
where carefully mounted, has a 
great future. It enjoys the rare 
advantage of being equally at- 
tractive to owners of the best 
works and to the best buyers. 


< Russian v 
Avant-Garde 

1910-1930 

Gaierie Gloria Cohen 

26 rue Bonaparte Paris 6" 
46 34 62 00 


GALERIE GLORIA COHEN 


MUSEE MARMOTTAN - CLAUDE MONET 

2. rae Louis BoiJIv - 75016 p;iris - Tel. 42 24 07 02 


Chefs-d'oeuvre du Palais 
du Belvedere de Vienne 

de Waldmuller a Klimt 

du 25 octobre 1994 au 29 janvier 1995 


COLNAGHI 


Forthcoming Exhibition 

Old Master and 
19™ Century 
Drawings 

A selection of irorks front 
Si, ooo to Si 5 , ooo 

io to 28 January ipys 



tilHH' !*•« 1 1 I 1«JI-I« , ».>'I 

|\-n jiuf tainYii ink. < 1 iv min 


Calvin ih\ukM‘ n /^11 Wi/iir./ |\-n jih( hfuiin ink- < i to min 

21 E. 67 *" ST. NEW YORK TEL (2 12) 772-226(1 




II 




ART ASIA 

IIOXG KONG 


Xov.mk-r 17 


do Arl .mil 'AniH|iK*« 
l , W'M •. ?Ii>ii£ k* 
, :ii 1 1 ]\liiluii.m C_'cil tv 


it: W\ 


fr. - ft 

Charily G.iJa^eriW.'NoOT.-l 
Society for’tbt IWmetion of Hospice jfare « 
For’Jhforrriatffjri Call Telephone: 8’2 ft&B.l 211 852.530/2290 


* fctfr.ational Fine ,\r. Et(*atmr.> Tc!cpbti:vjri^?u3l 2fi*i0 » 22L.il ijl) 
travel 4 Hfilc! l:iiV;nnci!ion * Tel: :i<l 3. 81 7.061 ( J \I rs-. 3U3.« »4.'»«72 • loll ? rcr. i!0’, 1.2 21.. 17(72 


might of the big London 
houses. They also argue that 
an unequal tax system makes il 
difficult for them to compete 
on international markets. 

Joel-Marie Millon, the presi- 
dent of the Paris auctioneers, 
has proposed setting up a fed- 
eration to lake on the foreign 
competition collectively rather 
than individually. 

He proposes that the auc- 
tioneers form a company 
called Drouot SA. open to 49 
percent foreign capital partici- 
pation. 

The Millon plan would re- 
quire an act of parliament to 
change the status of the auc- 
tioneers, and time has run out 
during the current legislative 
session. Any change, therefore, 
will have to' wait until after the 
presidential elections next 
year. 

Sotheby’s aigues that the 
Paris auctioneers’ fear of com- 
petition is exaggerated. It says 
that the Paris art market has, in 
effect, moved to London — 
and to a lesser extent Monaco 
and Geneva — because sellers 
want as much international ex- 
posure as possible. 

If the commercial compa- 
nies are allowed to organise 
sales in Paris, then the market 
will simply move back here, 
according to the Princess de 
Beauvnu Craon, Sotheby's 
managing director for France. 

The princess said the mam 
opposition seems to come from 
the smaller auctioneers, partic- 
ularly in the provinces, which 
are precisely the ones that have 
least to fear from foreign com- 
petition. 

“If they are convinced that 
their system is better, why are 
they afraid of competition 1 ? 1 ' 
she' asked. 

Support for the Sotheby's 
position has come from an un- 
usual quarter, from the Minis- 
ter of Culture, Jacques Tou- 
bon. Despite his staunch 
defense of the French language 
against Anglo-Saxon invasion, 
Mr. Toubon said earlier this 
year that the opening up of the 
market seems inevitable, and 
that he is in favor of it. 

“I think it is better to fight 
on the offensive than on the 
defensive,” he said. “If the de- 
velopment of the art market in 
France is in the general inter- 
est, I think that the installation 
of the commercial companies 
is desirable. That is my analy- 
sis, but the position of the gov- 
ernment docs not go as far.” 

The Keeper of the Seals, as 
the Minister of Justice is- 
known, has fiercely resisted all 
attempts to pry open the auc- 
tioneers’ monopoly. His de-' 
panmem argues that the prin-, . 
ciple of a free supply of goods 
and services no more applies to 
auctioneers than it does to law- 
yers or notaries public. One 
reason for the ministry's con- . 
cem is that the government • 
would probably have to com- . 
pensate the auctioneers finan- - 
dally for the loss of their mo- ' 
nopolv status. 


BARRY J.4MES is on the staff 
of the International Herald Tri- 
bune. 


Mesopotamia: 

In the First Days 



No\. S - Jan. *2-S 
Catalo^ur jjjmI., X.jo 

Frederick 

Schultz 

Ancient Art 

41 East 57th Street 
New York, NY 10022 
Tel: (212) 75.S-G007 
Fax: (212) 832-0448 





















ART 

Saturday Su nda y 
October 29-30 ; 1994 
Page 10 


Contemporary Art: 
Back to 1980 s? 

International Herald Tribune Contrasts that malcw them l 

L ONDON — All the in- distant descendants of Genna 
di cations are that con- ic Expressionism, 
temporary art and The afternoon session, whit 
20th-centurv masters offered a ranee of low-prio 


International Herald Tributte 

L ONDON —AH the in- 
dications are that con- 
temporary art and 
20th-century masters 
are set for a new phase of pros- 
perity. 

As the Thursday morning 
session in Christie’s Contempo- 
rary Art sale ended, the head of 

50 UREN MEUKIAN 

the department tiugues Joffre 
could not contain his glee. The 
total sold by value was 88 per- 
cent. Even more cheering than 
figures is the feeling that the 
pattern of the early 1980s seems 
to be repeating itself. The end 
of the 1981-82 slump was sig- 
naled, Joffre says, by the rise of 
the Cobra school of paintings. 

On Thursday, these were sell- 
ing like hot cakes. Only two 
minor gouaches were left 
stranded. As in the early 1980s, 
the buyers were mostly from 
Scandinavia or from German- 
speaking countries, and many 
were new players in the field. 
The most important painting, 
Asger Join's “The Only Posses- 
sion, 1 ’ done in 1960, went to an 
Austrian who defeated a Dane. 
Illustrated in two reference 
books, it climbed to £69,700 
(about SI 13,600), more than the 
high estimate. 

Possibly stung at missing out, 
the Dane took his revenge with 
the next lot, Pierre Alechinsky’s 
“L’Enlacement, l’enveloppe- 
ment” for which he paid 
£65,300, outbidding the Austri- 
an. 

Another dual was fought over 
the telephone by two collectors 
who both wanted Karel Appel’s 
“BalmUe,” of 1959. A Spanish 
buyer, hitherto unknown on the 
auction scene, paid £80,700 to 
wrest his coveted prize from an- 
other Austrian bidder. 

Seen from the art historian's 
perspective, the massive role 
played by the Scandinavians and 
the German speakers is not sur- 
prising. The Cobra movement 
was founded in Paris, in 1948, by 
artists from Copenhagen, Brus- 
sels and Amsterdam. Works by 
Jam, Appel or the early Ale- 
chinskys are strongly expres- 
sionistic. They display a violence 
in movement and strong color 


AMSIHUMM 

BRASSERIE DE ROODE LEEUW 


« 


THOUMIEUX 

Specialities al the Saulb-Wes). Confil de 


Dorati 93-94 Amsterdam 
OMGtNAl DU TCH CUMNE 
Rocommendad by MKHBJN 
■ lundi/Dimer. Open: 12 noon-10 pJ". 
ML: [2^ 5550646. al major cc. accepted. 

NBMLYSURSBHE 


JARRASSE 


L'ECAJLLER 

DEPARTS 


Uo«J Sunday wring, a, ove. « Moond. 

TcL-. 11)46 2407 , 56 . Fmc H 40 . B 8 J 5 60 . 

PAWS and 

AUX LYONNAIS 

TiadWond bis*X3 noting in authentic 1^00 
deco*. ErceOant wines & mineral waters. 
32, n» St. Mate. ft. - p| 42 96 6S 04. 

PAMS 3rd 

LTMPR1MERIE 

TV meeting piece of he Arts on he Bdj Bo* «i 4* 
heart cf ihc Moron Modem end hjdSond french 
cutene. 1 01, me Vfe3edi4tsnpfe. t *2 77. 93 80. 

PARtS4ih 

NED KBITS AUSTRALIAN BAR 

ButeprtxJ SUM fee sale, owner hanged, 

B. rue des Eaxitn. fmeto SoinlftjJ| 


YUGARAJ 

Haded as the best hion resttutrt in franco 
by ha looting guides (ar condiioned). Id, 
me Dauphmc 1 : 4376 *14.91 


Nqj hrvrAjes Termind, 

PARS 8th 

LE TEXAN TEX-MEX 
a/ SINE 

Besi teHTer iiiPcri ^OOO f.rtomiect. 
sczfcng input. buzen moigontos. 

3. rue Sgjrtfttppe du Rcufe Tetf7225.09.88. 

PAWS IJfh 

LETOITDE PARIS 

Dance Pdrfes every Sotrday night 
skrtng at 6 am. wih gaskwenic 
speaollw oad music at l£ TOfT 
DE PARS on he 1 Oh Rot 
feofarta a wpeib view of the 
6|y and he Eiffel Tower 
fF 295 hd. draw & dancing 
Paris HJfcyi I B. ov. Sufiron. Td : 4273.92.00 


DAMEl/S PIANO BAR 

Enjoy Happy hours runt » ha Race 
de loofe. from 4:30 p.m. HR 10.00 pjn. 
5. nio d'Aigontro ■ ft. 40.67 90. 12. 


CHEZ FRED 

One of he oldai betas d Peers, 
french kodtkonal awiinn. 190 bis bd 
Firere. KestsvaSom. TdL: (1) 457420 4fl 


KERVAN5ARAY 

Turkish & Inrl jpedobies, lobsser bor, best 
snaiood restaurant, 1st Boor. Mahlar$lr.9. 

Tel : 5128843. Air conditioned. 80m 
Qjcra. NwnO pm. 8 6 pm-le.m.. ewoet 
Sunday. Open holidays. 


INTERNATIONAL HERALD TRIBI NE 




contrasts that make them the 
distant descendants of German- 
ic Expressionism. 

The afternoon session, which 
offered a range of low-priced 
Spanish. German, American 
and French works, could easily 
have run into difficulties had 
the market been uncertain. But 
it fully confirmed the trends 
outlined in the morning. The 
Germans were actively buying 
both German and American 
paintings. Horst Antes did well 
A head seen sideways with nine 
eyes painted on some folded 
paper stuck to its cheek cost its 
German buyer £58,700. Frank 
Stella was equally well received. 
Another German collector paid 
£67,500, nearly twice the high 
estimate, lo gel a rigidly geo- 
metric composition of 1964 
called “Les Indes Gal antes 
(Small Version).” 

Yet, in this market which 
gives every sign of taking off, 
extraordinary opportunities 
still turn up. On Wednesday, in 
a sale that focused exclusively 
on British art, buyers had their 
best chance in years to buy 
powerful paintings by one of 
the towering figures of the 20th 
century. Yet few among them 
seemed to recognize the fact. 

T HE occasion was the 
dispersal at Christie’s 
of the collection of 

contemporary British 

watercolors formed by the late 
Sir Frederick Gibberd. The ar- 
chitect liked watercolors. He 
started collecting British con- 
temporary works with a marked 
preference for well-composed, 
well-structured scenes and 
landscapes. As architects in the 
past often did Gibberd had a 
strong feel for sculptural form. 
The discovery of Edward Bur- 
ra’s watercolors at an exhibition 
at the Lefevre Gallery that has 
been handlin g the artist's work 
since 1935, filled him with en- 
thusiasm. 

Burra, famous within a nar- 
row circle of 20th-century art 
connoisseurs, mostly British 
and American, is virtually un- 
known to the public despite the 
retrospective at the Hayward 
Galleiy in 1985. 

Bom into an upper-class 
family, Burra escaped the con- 



American Indian Museum Opens 


-'IM, 


Asger Jorn’s “The Only Possession ** sold for £ 69,700 . 


ventional mold of public school 
education in Britain because 
doctors declared when he was 
13 that he had not much longer 
to live — the artist suffered 
from acute arthritis until his 
death at the age of 71 in 1976. 
His early gifts for drawing were 
encouraged by his parents, who 
made sure he received private 
instruction in Rye. Sussex, 
where he spent most of his life. 
Two years in the art department 
of Chelsea Polytechnic and an- 
other two years at the Royal 
College of Art gave Burra the 
required knowhow. 

By the late 1920s, he was an 
accomplished draftsman. Find- 
ing p aintin g in oils too painful 
for his arthritic hands, he 
turned to watercolor. Extensive 
travel, in France particularly, 
exposed Burra lo the whole 
range of European avant-garde 
painting. For a while, he hov- 
ered between a form of sophisti- 
cated Expressionism influenced 
by George Grosz and Surreal- 
ism. Well read. Hi ghl y literate 
artistically, he developed in the 
1930s a Surrealist style that at 
times calls for comparison with 
Yves Tanguy or Salvador Dali. 
At other times, it is reminiscent 




HALLOWE’EN PARTIES 


- JAMES JOYCE PUB - 

Resents HALLOWE EN feme/ Ores party. Wear yotr 
na flood costume, prize for best costume 
from each country repjesented. grand 
raffle HoBday week-end in ketand. 

MONDAY OCTOBER 31st 1994 
7 1 bd Gouvton St Cyr. (M : RER: Porte MaBot) 
Td : 44 09 70 32 - Fax: 42 K. 49 W 


4 j* 

<01 


S&itty O ’ Shea’s 

-'THE IRISH PI' B 


Resents HALLOWE'EN wild west fancy dress party, live 
country music, spot prizes for best dressed cowboys and 
Indians, grand raffle: Holiday week-end In k el and. 

SUNDAY OCTOBER 30 1994 

- 10. rue des Capuclnes PARIS (M : Opera) Tel.: 40.15.00.30 


PARC let 

CARR'S kkh 

RESTAURANT BAR 

Holowe'en Pony or CARR'S pi Oct) 
fe pub. redounart or cdWwr 
Tradhonol monj 195 F (wine Induded)- 


International 
U era Id Tribune 
ad.x work 


Thabor. Roi T^ 42.60.60. 


auction sales 


IJ 3 ^ 


IN FRANCE 

DROUOT RICHELIEU 

9, Rue Drouot, 75009 Paris -Tel: (1)4800 20 2a 


Friday, November 4, 1994 

Room 12 at 2 p.m. - JEWELS - SILVERWARE. MELLON 
ROBERT, 19. me de Ij Grange Bateliere, 75009 PARIS. 
Tel.: 1 1 MS 00 99 +i - Fax: (1 T -tS 00 98 58. 



UK PREMIERE, NEW PRODUCTION 

THE SLEEPING BEAUTY 

The Royal Ballet 
presents a 

ROYAL GALA PERFORMANCE 

at the 

Royal Opera House - Covent Garden 
London 

in tbe pres (nice of 

Her Royal Highness The Princess Margaret, 

Countess of Snowdon 

on Thursday November 3rd 1994 at "'iOO p.m. 


in aid of the Royal Opera House Trust 

Music Pyotr IUyich Tchaikovsky 
Ojoreograpber Marius Petipa 
Production: Anthony Dowell 
Designer: Maria Bjomson 
Lighting Designer Pat Collins 



of Giorgio de Chirico. But the 
sophistication of Burra's com- 
positions, behind their appar- 
ent simplicity, sets him apart. 

In 1963, Gibberd bought 
from one of the Leffcvre shows 
one of Burra's masterpieces, 
now known as “Prisoner of 
Fate.” Done in 1937-38, the 
monumental composition bears 
the stamp of the painter's famil- 
iarity with Georgian neoclassi- 
cism. A sculptural form is seat- 
ed in the foreground. Estimated 
lo be worth £60,000 lo £80,000. 
the large watercolor sold for 
£62,000 with premium. This is 
nothing if measured on the 
scale of 20th-century master 
prices, but brilliant when com- 
pared with the £320 it cost Gib- 
berd in 1963. 

Most remarkable were two 
landscapes, highly stylized, yet 
still identifiable as such, done in 
Burra’s uniquely idiosyncratic 
manner. Dated 1965 and 1971, 
they went for £20,700 and 
£36,700 respectively. The last 
time a Buna was seen, at auc- 
tion in May 1992 at Sotheby's, 
it had set a record for the artist 
at £199.500. There is still hope 
for those who have an eye, but 
are not prepared to spend mil- 
of dolla 


By Holland Cotter 

Sew York Time’- Sen-ice 

N EW YORX — It has been said 
that .America will never know 
peace until the damage done to 
its native people bas been ac- 
knowledged and their cultural birthright 
restored. 

The National Museum of the .American 
Indian, which opens Sunday at the .Alexan- 
der Hamilton United States Custom 
House, may someday be counted a signifi- 
cant step toward that end. 

Judging by the museum's inaugural pre- 
sentation, however, that step is still falter- 
ing and exploratory. The 500-plus objects 
on display in three contiguous shows are of 
surpassing beauty; together they demand 
inclusion on any itinerary of the city's 
major art attractions. But they have nearly 
been sabotaged by an overproduced instal- 
lation and by a curatorial philosophy that 
too often favors political grandstanding 
and feel-good sentiment over discretion 
and scholarship. 

The newly refurbished landmark 1907 
Cass Gilbert building next to Battery Park 
is a Beaux -Arts marvel, but in purely 
practical ways it is ill-suited to its current 
task. The imm ense vaulted rotunda that 
dominates its interior is not only unusable 
as exhibition space (though it has art of its 
own: 1937 murals of the New York water- 
front by Reginald Marsh), but also has 
necessitated the construction of narrow, 
awkwardly aligned galleries around its pe- 
rimeter. 

Wi thin them, the museum has organized 
three separate and — on paper, at least — 
conceptually different exhibitions. The 
first, titled “Creation's Journey: Master- 
works of Native .American Identity and 


Belief' and including objects from North 
and South America ranging in date from 
3200 B. C. to the 20th century, is intended 
to be a historical overview. 

The next section, “All Roads Are Good: 
Native Voices on Life and Culture,” con- 
sists of work chosen by 23 American Indian 
artisans, writers, educators and community 
leaders The final offering is an elaborate 
collaborative installation created specifical- 
ly for the museum and titled “This Path W e 
Travel: Celebrations of Contemporary Na- 
tive American Creativity.” 

“Creation's Journey” offers an entranc- 
ing and ecumenical selection of work, in- 
cluding a 19th-century mask from British 
Columbia, a painted Crow shield from 
Montana, a brilliantly dressed Seminole 
doll, a 1930s Pueblo blacfcware dish and 
carved Inca dr inkin g cups in the shape of 
jaguar heads. 

T HE smorgasbord of display de- 
vices marshaled for the current 
shows range from sound-and- 
light video presentations, to 
piped-in soundtracks, to dioramas and ar- 
chitectural motifs, to wall texts that play 
down bard information in favor of inter- 
pretive glosses drawn largely from myths 
and oral traditions. 

Nearly all these still-experimental com- 
ponents' have been used and combined 
with success elsewhere — in the Museum 
for African Art’s “Face of the Gods” last 
season in SoHo. for example — but here 
they are jammed together willy-nilly, as if 
the objects they encompass are not trusted 
to speak for themselves. 

Fortunately, the often eloquent voices of 
American Indians are heard in the second 
exhibition, “All Roads Are Good,” which 
consists of personal selections from the 
museum's holdings by guest curators. 


Several of their choices fall along their 
own tribal or craft lines; others appear to 
be wide-ranging intuitive responses to ob- 
jects, as in the case of Tom Hill s selection 
of both an Ottawa woman's simple hat 
woven of grass and a fabulous Seneca 
headdress of wampum beads and feathers, 
or Gerald MacMaster’s inspired gathering 
of hundreds of pairs of footwear arranged 
in a semicircle, toes pointed in dance posi- 
tion toward the center. 

.Again, However, the work is under- 
mined by ungainly displays and by the 
museum’s decision to lump disparate cul- 
tures together. 

Editorial interference is particularly evi- 
dent in the installation created by 15 con- 
temporary American Indian artists for the 
last show. Suffice to say, its hodgepodge of 
fake mesa-walls, video monitors inride 
clay pots, a raised burial platform and 
sloganeering platitudes cross tbe line be- 
tween art installation and theme park. 

Because the scope of the art it encom- < 
passes is vast — chronologically, geo- * r 
graphically, conceptually — the urge to 
offer encyclopedic, user-friendly exhibi- 
tions must be strong. And because the 
museum has become associated with a 
conscious attempt at ethnic self-definition 
and validation, an atmosphere of advocacy 
hangs in the air. 

Such advocacy is, in fact, unnecessary. 
The an of the American Indian is a great 
art. One need only look at the objects here 
to see that this is so. And for this very 
reason, it deserves exactly the perquisites 
granted to any other art; scholarly analysis 
matched by delighted appreciation, con- 
sideration as a monument of human ac- 
complishment tempered by respect for its 
active role as a continuing tradition. 




A Peak at Schliemann Treasure 


By William H. Honan 

Sew York Times Service 


N EW YORK — The Schliemann 
Treasure, the hoard of ancient 
gold and silver discovered in the 
ruins of ancient Troy in the 
1870s that has been hidden in Russia since 
tiie closing days of World War II. has 
finally come to light, says a group of Ger- 
man museum officials who viewed the 
treasure recently at the Pushkin Museum 
in Moscow. 

“I have seen all 260 pieces of the treasure, 
and the experience was overwhelming.” said 
Klaus Goldmann, a curator at the Berlin 
Museum of Pre-History who was one of 
three German museum officials invited by 


IN BRIEF 

In Louvre’s Former Stables, 
2 New Sculpture Galleries 

PARIS (AFP) — The Louvre has creat- 
ed two new galleries in the vaults of its 
former stables to show works by Donatello 
and Michelangelo that had rarely been 
displayed. 

The galleries are in the Louvre's south- 
ern wing. The inauguration is the latest 
stage in the Grand Louvre project. The 
museum opened its Richelieu wing in the 
former Finance Ministry pr emis es last No- 
vember. 

The galleries house more than 400 
works. Pride of place in the upper Michel- 
angelo galleiy, formerly an entrance area, 
is given to the artist’s “Slaves," which 


the Russian Cultural Ministry to inspect the 
treasure on Tuesday. “It is the symbol of all 
the world's treasures," Goldmann, who has 
been searching for the treasure since 1971. 
said in a telephone interview. 

Wilfried Menghin. director of the pre- 
history museum, said the objects were still 
packed in the crates used by the Germans in 
1939. It remains unclear why the Russian 
government decided to reveal the treasure 
after keeping it in hiding for nearly half a 
century. The Russians have not indicated 
whether, or under what conditions, they will 
return the treasure to Germany. 

Last year, the Russian minister of cul- 
ture startled the museum world by suggest- 
ing that his government might return the 
objects to Greece. 


benefits from the light from the south- 
facing windows looking out toward the 
Seine. 

In the lower galleiy, the former stables, 
architects Catherine Bizouard and Fran- 
cois Pin have ripped out the false ceiling to 
reveal perfectly preserved vaulted stones 
work. Within this gallery are housed not 
only works by Donatello but also by other 
Italian, Flemish, German, Spanish, Eng- 
lish and Scandinavian masters from the 
6th to the 19th centuries. 

Appeal on Cano va ’Graces’ 
Rejected by British Court 

LONDON (AP) — Britain won its bat- 
tle to keep Canova’s “The Three Graces" 


The immens e collection of rings, but- 
tons, belts, brooches, pins and corns, two 
dozen spectacular diadems, crowns and 
breastplates, & dozen cups, crosses, goblets 
and wme jars has been described oy ex- 
perts as worth more than any treasure 
trove ever found. 

Schliemann s gold was discovered at ex- 
cavations between 1873 and 1878. Many 
scholars at the time believed that ancient** 
Troy was an imaginary city invented by 
Homer, but Schhemans, who committed 
to memory long passages of “The Iliad” 
and “The Odyssey,” believed the story of 
the Trojan War was real. He thought he 
could prove his case by discovering ancient 
Troy and perhaps by finding its gold trea- 
sury as welL 


when a court threw out a final appeal by 
California's J. Paul Getty Museum. 

The Court of Appeals rejected the muse- 
um’s application to overturn a government 
decision giving two British museums an 
extra three months to match the Getty’s 
£7.6 million bid. The Getty Museum had 
argued that the three-month delay in 
granting an export license was “irrational 
and unreasonable.” 

■Hie way is now open for London’s Vic- 
toria and Albert Museum and the National 
Gallery of Scotland to buy the marble 
sculpture. They announced Sept 2 that 
they could match the Getty price. 

The statue was commissioned in 1815 by 
the 6ti> Duke of Bedford. 




3NOMIC 


IK 


ussia 


BOOKS 

THE FIRST DIRECTOR- 
ATE: My 32 Years in Intel- 
ligence and Espionage 
Against the West 

By Oleg Kalugin with Fen Mon- 
taigne 375 pages. $23.95. St. 
Martin’s. 

Reviewed by Amy Knight 

T HE timing of this book, ap- 
pearing as it does in the 
wake of the furor over the sensa- 
tional Sudoplatov memoirs, 
“Special Tasks,” is unfortunate 
for Oleg Kalugjn. Like Sudopla- 
tov, Kalugin was a top official in 
the KGB’s foreign-intelligence 
apparatus, although of much 
more recent vintage. Given the 
extent to which Sudoplatov's 
claims have been discredited. 


readers will doubtless approach 
Kalugin’s book with skepticism. 

And perhaps they should. 
Though he proclaimed hims elf 
a democrat in 1990 and de- 
nounced the KGB, Kalugin had 
spent more than three decades 
trying to undermine Western 
democracies. 

His highly successful career as 
a KGB spy began in 1958-59, 
when, as an exchange student at 
Columbia University, he learned 
the art of “active measures” and 
“stirring up Lrouble.” He also 
recruited his fust agent, a Rus- 
sian emigrfi scientist, code- 
named “Cook." After perfecting 
his skills during a second stint in 
New York undercover as a jour- 
nalist (1960-64), Kalugin spent 
the next five years al the Soviet 
Embassy in Washington. 

In recounting bis days as a 


International 

Classified 

Marketplace 

Monday 

International Conferences and Seminars 
Tuesday 

Education Directory 
Wednesday 

Business Message Center 
Thursday 

International Recruitment 
Friday 

Real Estate Marketplace, Holidays and Travel 
Saturday 

Arts and Antiques 


spy master in America, Kalugin 
does not make sensational reve- 
lations about Americans who 
colluded with the Soviets. He 
takes a more nuanced ap- 
proach, offering tantalising tid- 
bits about his contacts with 
journalists and politicians and 
leaving the rest to our imagina- 
tions. 

Though his descriptions of 
KGB operations ring true, and 
make for interesting reading, 
Kalugin's portray alof himself as 
a victim who became increasing- 
ly disillusioned with the KGB 
after the 1968 invasion of 
Czechoslovakia is hard to swal- 
low. How could tbe same person 
who planned the 1978 murder of 
Bulgarian dissident Geosrgi Mar- 
kov and masterminded the 1981 
bombing of Radio Liberty head- 
quarters in Munich fret about 
the fate of democratization in 
the Communist bloc? 

Kalugin’s convoluted account 





of his falling-out with the KGB 
leadership, which led to his de- • 
motion in 1980, also strains cre- 
dulity. It all had to do, he tells us,! -• 
with the mysterious “Cock,” • 
whom Kalugin had immediately ; ' _ . 
handed over to his superiors af- 
ter the initial recruitment in' -. ‘ 

1958. Cook fled to the Soviet! 

Union in 1964, but Kalugin nev- • 
er ran into him. Then, 14 years I - „ 
later, the KGB derided to fabri- • • 1 
cate a criminal case against | 

Cook because, according to Ka- ! ■ 
lugin, they thought he was spy- ' 
ing for the Americans. Kalugin ! • 
rushed to Cook’s defense, hence • 
runnmgafoul of the KGB lead- ! 
ership. That Kalugin ruined his > 
career to defend a man he bad 1 
not seen in 20 years seems im- - 
plausible. 

Kal ugin insists in his book . 

that Vital! Yurchenko, the L 
KGB officer who defected to 
the United States in 1985 only 
to change his mind, was in fact 
a genuine defector and not a . 

KGB plant. He also says re- 
peatedly that Edward Lee How- . . 
ard, a CIA spy who escaped to 
Moscow, was responsible for ■■ 
the exposure of several Rus- s ~ 
sians working for the CIA. !' 

It is puzzling that Kalu gin 
could be so certain about How- 
aid and Yurchenko and yet have 
known nothing about Aldrich ■ - • ; 
Am«», the CIA officer arrested > ; 

last February on charges of be- 
ing a KGB agent since 1985, 

Knigfu, the author of‘* 

The KGB: Police and Politics t 
in the Soviet Union" and '’Berta: ■ • 

Stalin’s Firs: Lieutenant, ” wrote ‘ C - 1 
this for The Washington Post . ^ ^ 


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International Herald Tribune, Saturday-Sundqy, October 29-30, 1994 




Page 11 



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THETRIB INDEX: 11 6.1 „ 

International Herald Tribune World Stock Index ©, composed of 
280 internationally investable stocks from 25 countries, compiled 
by Bloomberg Business News. Jan. 1, 1992 = ioo. 

120 — 



ioo: 


World Index 

1 0/2S/94 close: 1 16.39 
Previous- 1 15.97 


;v •.*£+»*:. 

„ p80r.' t « i • * • 


* \\* 1 s ’ *** V **'V' 

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| Asia/Pacific 


Europe 


Appmi. weighfrg: 32% 

Ctaca: 129.23 Prev ■ 12951 
ISO— 


Appnu weighting: 37% 

Close: 117.98 Ptw.: 118.75 

■9S 

Haw 




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1994 


North America 


Appes. weighting: 26% 
Ctaoc 96A9 PiWj 96J3 


ISO' 


130 




|$ Wold Into 


77m Mr tmeks US. doSar values at sucks m: Tokyo, Nm York, London, and 
Argentina. Australia, Austria, Bslgium, Brazil, Canada, CM to, Danmark, Roland. 
Franca, Germany, Hong Kong, Italy, Mootleo, Nsthadanda. Naw Zealand, Norway. 
SbweMre, Spain, Swocton, Switzerland and Venezuela. For Tokyo. Naw York and 
London, dm Mar if composed of the 20 top Issues In terms of martcet capkaBzedon. 
otfwndta dm On op stacks am tracked. 


Industrial Sectors 


ftt 


Pm. 


% 

chang* 


Pm. 


Energy iib. 87 11M9 +1J7 Capital Goods 116.79 11757 +1.04 

DtMfa 12857 127.64 +1.04 RmlUwWi 


13857 137.48 +158 


Rnaiw 118.13 116.29 -0.14 Consumer Goods 1Q5.43 104.45 +(194 


Services 110.42 11 850 +120 Uscolbnaous 


125,68 124.67 40.55 


. For mom Momtatkin abota the Index, a booklet is avaffable tree of charge. 

YMa faJfib fndex, 181 Avenue Charles de Gaulle, 92521 Notify Codex. France. 


Mirage of Wealth in Saudi Desert 

Strapped for Cash, Kingdom Is Facing Budget Cuts 


By Qay Chandler 

Washington Post Service 

RIYADH — When Iraqi 
tanks rumbled into position 
along the Kuwaiti border this 
month, Saudi Arabian gov- 
ernment and business leaders 
joked that they could not de- 
cide which posed the greater 
threat: the return of Saddam 
Hussein’s Republican Guard, 
or paying for the tanks and 
troops President Bill Clinton 
sent to force an Iraqi retreat. 

Despite its prosperous im- 
age, mis oil-rich desert king- 
dom is painfully strapped for 
cash. Saudi Arabia's treasury, 
which swelled to legendary 
proportions in the 1970s, has 
been depleted by fallin g oil 
prices, budget deficits and the 
staggering cost of the 1991 
Glut War. 

Saudi rulers, who financed 
a desert agricultural program 
that sends tulips to Holland 
and mushrooms to France, 
are struggling to cut govern- 
ment spen ding. They have im- 
posed a moratorium on new 
projects and stretched out 
payments to the biggest sup- 
pliers, including such U.S. in- 
dustrial giants as Boeing Co. 
and McDonnell Douglas 
Corp. 

But many Saudi and West- 
ern analysts believe the de- 
scendants of Ibn Saud, the 
charismatic patriarch who 


founded the kingdom at the 
turn of the century, have 
reached a day of reckoning. 
Unless Saudi rulers move 
swiftly to implement far- 
reaching budget reforms, 
what is now described politely 
here as “the cash-flow prob- 
lem” could escalate into a full- 
blown financial crisis. 

At issue is the social con- 
tract struck between the Saudi 
14 million 
past two 


royal family and its 
subjects. Ova- the 


decades, the family has used 
the legacy of the 1970s oil 
boom to suspend the most 
fundamental premise of eco- 
nomics: scarcity of resources. 
They established the world's 
most extravagant welfare 
state, providing interest-free 
home loans, free health care 
and cut-rate telephone ser- 
vice, with virtually no taxes. 

“The problem is that we 
have all been spoiled for 20 
years," said a prominent Sau- 


Saudi Finances 

OH export earnings In bflBona, not adjusted for inflation 



74 76 78 ‘ao' '-si '’84 'B6 '88 ''30 '92 ’94 


Government assets In billions 
$100 



'Projected 




*84 *85 '88 ‘87 ’88 ’89 ‘90 VI ’92 '93 *94* *95' 


Source; Petroleum Finance Co. 


di prince who plays an active 
role in policy-making. “We 
have become too accustomed 
to receiving help from the gov- 
ernment. Sometimes 1 wonder 
if it will be possible for us to 
get used to life as an ordinary 
economy.” 

How well the Saudis cope 
with their fiscal dile mma mat- 
ters enormously to the United 
States. The kingdom is Ameri- 
ca’s most important Arab ally, 
its largest and most reliable 
foreign oil supplier and a ma- 
jor consumer of U.S. exports. 

Mr. Clinton’s stop Friday 
in the kingdom and his meet- 
ing with King Fahd under- 
scored the importance of that 
relationship. But it also high- 
lighted recent tensions 
brought on by Saudi Arabia's 
money woes. Among other is- 
sues, Mr. Clinton was expect- 
ed to press the king on a Saudi 
promise to purchase $6 billion 
of commercial aircraft from 
Boeing and McDonnell 
Douglas, administration offi- 
cials said. The deal, for which 
Mr. Clinton lobbied intensely, 
should have closed in May. 

While Saudi Arabia sits 
atop one-third of the world’s 
oil — a supply so vast that die 
kingdom could pump crude at 
current rates for at least an- 
other century — its fabled 


LuenuiioiuJ H+rald Tribune See SAUDI, Page 13 


General Electric 
Takes On BAe 
In U.K. Bid War 


Bloomberg Businas News 

LONDON — General Elec- 
tric CO. of Britain began a bid- 
ding contest Friday with British 
Aerospace PLC for the subma- 
rine maker VSEL PLC in a bat- 
tle for control of the shrinking 
British defense industry. 

GEC offered £531.7* million 
($867 million) for VSEL. This 
month, British Aerospace 
agreed to acquire VSEL in a 
deal estimated at about £490 

mill i on . 

VSEL is ihc last major prize 
available to the two largest Brit- 
ish defease contractors. It will 
give the winner a strong edge to 
secure the government's pend- 
ing £2.5 billion order for nucle- 
ar submarines. 

The bid also signals GECs 
attempt to wound British Aero- 
space, Europe's largest defense 
contractor and a longtime rival. 
GEC has said it wants to merge 
British Aerospace with its own 
defense business. 

“By making this offer, if GEC 
should win, they are significantly 
weakening what a lot of people 
think is their ultimate target, 
British Aerospace,” said Paul 
Pickford, a defense industry an- 
alyst at Panmure Gordon & Co. 

If successful, GEC would de- 


prive British Aerospace of a 
much-needed cash infusion 
from £288 million that is in 
VSEL bank accounts. Tha 
would leave British Aerospau 
with some major boles to fill on 
its balance sheet, analysts said 
British Aerospace need 
VSEL “considerably more tha; 

Ronwgnolo rejects bid from 
Credito tfatiano. Page 13. 

GEC does,” said Mark Davie 
Jones, an analyst at Smith New 
Court Securities Ltd. 

British Aerospace waited un 
til after the stock market dosed 
Friday in London before issu- 
ing a restrained response that 
gave no indication that it 
planned to boost its all-stock 
offer. Instead, it hinted that the 
government would block a 
GEC attempt to acquire VSEL 
In trading Friday, VSE1 
stock rose 72 pence a share to 
1,395. British Aerospace fell as 
much as 24 before settling a. 
457, down 16. GEC shares rose 
7 j to 278. 

Shares in VSEL are lower 
than the cash bid because of 
concern that the government 
might not permit a merger of the 
two largest warship makes. 


Snubbing Frankfurt, Deutsche B ank Makes a Move to London 


C International HeraM Tribune 


By Erik Ipsen 

International Herald Tribune 

LONDON — Fr ankf ort’s hopes of of becom- 
ing a major international financial center suf- 
fered a blow Friday from no less an institution 
than Germany’s largest h ank. 

In a move viewed as confirming London’s 
preeminence, Deutsche Bank AG said it would 
shif t the center of its investment banking activi- 
ties from Frankfurt to London. 

“A truly European bank must have an inte- 
grated pan-European management operating 
from its largest market — that is London for 


international products,” Hilmar Kopper. Deut- 
sche's chief executive, said in a statement. 

In London, the announcement was greeted 
with jubilation. 

“This is great news," said Michael Lawrence, 
chid 1 executive of the London Stock Exchange. 

While Deutsche Bank was careful to empha- 
size that it was not abandoning Frankfurt and 
that it would continue to expand its investment 
banking operations there to serve German cli- 
ents, the move represents a major setback for 
Frankfurt. The city's stature had been on the rise 
since Frankfurt won the competition last year to 


house the European Monetary Institute, forerun- 
ner to an eventual European central h ank. 

“Not withstanding the EMI, Fr ankf urt will 
not be a big center for international capital,” said 
Ian McEwen, a banking analyst at Merrill 
Lynch. “It could only grow at London’s expense, 
but it is just too close to London in terms of time 
zones and geography.” 

Most bankers noted that Deutsche Bank's 
move was in keeping with the trend of European 
banks centering their European business in 
London. 

“There is a need now- for banks to move 
management of risk into one center in each of the 


world’s three major time zones,” said Sir Paul 
Newall, Lord Mayor of the City of London. 

He left no doubt as to what that meant in 
Europe. 

“London is Europe’s leading wholesale global 
financial center, and everyone knows it,” he said. 

Robert Law, a banking analvst at Lehman 
Brothers, noted that the big Swiss and French 
banks had placed increasing emphasis on their. 
London operations in recent years. He also noted 
that last year the big Dutch bank ABN- Amro ' 
had moved responsibility for its cross-border 
equity business to London. 



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ECONOMIC SCENE 


Will Russia Heed Ruble’s Warning? 







By John M. Berry 

WaMngto h Post Service 

T. PETERSBURG — 
Long lines of people 
waited in near-freez- 
ing temperatures out- 
ride currency exchange offices 
here last week to buy or sell 
rubles, usually for U.S. dol- 
lars. 

The sellers, worried that 
sky-high inflation would con- 
tinue to erode the value of the 
ruble, wanted the safety of 
dollars. The buyers of rubles 
already had dollars and gener- 
* ally were cashing in $5 or $10 
f to get just eaiough rubles to see 
than through a few days. 

Everyone had been un- 
nerved hy the recent plunge in 
the value of the ruble against 
the dollar when the Russian 
Central hank briefly stopped 
using its shrinking foreign 
kaorraicy reserves to support 
its currency. In an unstable 
and uncertain world, the dol- 
lar has become a store of value 

for Russians or at least those 
m the cities, where exchange 
-offices seemingly have sprung 
up on every comer. 

The situation in Russia, 
with more and more rubles 
required to buy a dollar, con- 
trasts with that of some other 
countries in the region, in- 
cluding Latvia and the Czech 


Steering by the Dollar 

Bloomberg Business News 

MOSCOW — The ruble’s slide continued Friday despite 
the central bank’s confirmation that it was considering peg- 
ging its currency to the dollar. 

It took 3,065 rubles to buy a dollar on the Moscow 
Interbank Currency Exchange, compared with 3,055 rubles 
on Thursday. The exchange sets daily official exchange rates. 

“We’re talking to the International Monetary Fund about a 
ruble stabilization fund,” Alexei Sitnin, a spokesman for 
Russia’s central bank, said. “Like other things, a peg is also 
being discussed.” 

The central bank has spent about $35 billion recently to try 
to stabilize the ruble and has only about $1.7 billion left, 
according to published reports. 

The reports said the central bank could no longer afford to 
support a floating rate in a narrow market where speculators 
with as little as $100 million can greatly affect the currency's 
value. 

Mr. Sitnin offered no specific figures on the central bank’s 
financial situation. 


has not been willing to accept 
the discipline inherent in 
adopting a stable exchange- 
rate target One striking fail- 
ure, economists say, has been 
the use of the Russian central 
bank to provide credit directly 
to many state-owned busi- 
nesses and even to the mili- 
tary. That has put so much 
money into circulation that 
inflation has stayed much too 
high for the ruble to hold its 
value a gains t currencies such 
as the dollar and the mark. 

At a recent session on cen- 
tral banking sponsored by the 
Salzburg Seminar in Austria, 


Republic, which have helped 
stabilize their economies by 
anchoring their exchange 
rates to a foreign currency 
such as the Deutsche mark or 
the dollar or to a basket of 
currencies. Using a stable ex- 
change rate as a target has 
given these countries consid- 
erable credibility in financial 
markets and helped attract 
foreign investors. 


ex- 


At the same time, 
change-rate fluctuations have 
provided policymakers with 
signals as to whether their fis- 
cal and monetary policies 
were producing the desired re- 
sults. With so many parts of 
thrir economy not yet func- 
tioning freely, those dues am- 
ply would not have been avail- 
able otherwise. 

The Russian government 


Joseph Tosovsky, governor of 
the Czech National Bank, said 
that “most of the audibility 
we are gaining has been 
through a stable exchange- 
rate policy.” 

Mr. Tosovsky said that for 
almost four years his bank has 
followed a monetary policy 
that has kept the Czech koru- 
na within a half percentage 
point of its targeted value 
against a combination of the 
dollar and the mark. With in- 
flation r unnin g around 10 
percent in the Czech Repub- 
lic, compared with about 3 
percent m Germany, holding 
the exchange rate roughly sta- 
ble has meant that the real 

See RUBLE, Page 12 








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Source: Reuters. 


O Reasons to Have a Second Passport 

Guide to the Rest, Cheapest and Fastest Ways to Get One 


This is a totally different rcveal-h-Hll 
Guide to 51 foreign passports yon can get 
from around the world. 

It's not the usual Report about getting a 
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give-aways, the waiting periods (If any), the 
conditions, who exactly to contact and 
where - 

Like insurance, the acquisition of a second 
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catastrophe looms. By then it's too late. 

There are, of course, many dubious 
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This Report is not for lawbreakers like them - 
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Here are 9 reasons VOU may need one: 

1. Ruthless creditors, litigants or business 
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2. An envious competitor, ex-employee or 
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3. Your divorce-happy partner may be thinking 
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4. You may £pt harassed by certain immigra- 
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estate or employment opportunities reserved 
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Discover the Best Passport for You 

This Guide carries NO PADDED TEXT 
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Just the bare, essential facts on the second 
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• How to cut normal waiting periods for 
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• The name and address of the consular agent 
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for only £4000. 


your 


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• Which citizenships are most recommended - 
and those to avoid at all costs. 



• Which well-known lawyer will help you 
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Page 12 


»1 ’ V- J--- : 


** 



INTERNATIONAL HERALD TRIBUNE. SATURDAY -SUNDAY. OCTOBER 29-30, 1994 


MARKET DIARY 


U-S./AT THE CLOSE 


Stocks Leap for Joy 
On News of Growth 


Compiled by Oar Staff From Dispatches 

NEW YORK — Govern- 
Tient data showing sustainable 
U.b. economic growth without 
troublesome inflation spurred a 
rally on Wall Street on Friday. 

The Dow Jones industrial av- 
erage Finished up 55.51 points 
at 3,930.66, while gaining issues 
swamped losing ones by a 5-to- 

U.S. Stocks 

2 ratio on the New York Stock 
Exchange. 

The price of the benchmark 
30-year Treasury bond jumped 
30/32 point, to 94 25/32, taking 
the yield down to 7.96 percent 
from 8.04 percent Thursday 
and marking ihe biggest one- 
day rally in more than two 
months. 

While the Commerce De- 
partment said the economy 
grew more strongly in the third 
quarter than most analysts ex- 
pected, growth still slowed from 
the second quarter and infla- 
tion eased. 

“The bottom line is. it's the 
best of both worlds: strong 
growth with continued low in- 
nation,” said Brian Wesbury, 
chief economist at Griffin. Ku- 
bik. Stephens & Thompson, a 
Chicago-based investment firm. 

C vrliral issues led the rally. 


with General Motors the most 
actively traded stock on the Big 
Board. It rose H to 40W. 

The oilfield-services compa- 
ny Halliburton rose 4K to 3614 
after it reported third-quarter 
earnings significantly higher 
than analysts had predicted. 

American Brands fell ft to 35 
a day after the Federal Trade 
Co mmiss ion said it would take 
legal action to block BAT In- 
dustries PLCs proposed $1 bil- 
lion purchase of the company's 
American Tobacco unit. 

On the Nasdaq, Perrigo. a 
maker of nonprescription drugs 
and personal-care products, fell 
2 1/16 to 13 7/16 after report- 
ing little improvement in its 
first-quarter earnings over the 
like period last year. 

Technology stocks were 
strong on optimism that sales of 
personal computers and dy- 
namic random-access memory 
chips would continue to be 
strong. Intel rose I# to 62*4, 
and Microsoft rose ft to 62ft. 

International Business Ma- 
chines rallied 1% to 76, and Ap- 
ple Computer fell ft to 42ft, on 
market talk that cooperation 
between the two companies was 
not likely to be as sweeping as 
earlier expected. 

.* Bloomberg. AP) 


Dollar Records Gains 
On U.S. Economic Data 


Compiled try Oar Staff From Dispatches 

NEW YORK — The dollar 
soared a gains t other major cur- 
rencies Friday, scoring its big- 
gest gains against the Deutsche 
mark in two months, after eco- 
nomic reports indicated that 
the U.S. economy was growing 

Foreign Exchange 

steadily without generating 
higher inflation. 

U.S. stocks, bonds and the 
dollar all rose after the Com- 
merce Department said U.S. 
gross domestic product grew’ at 
a faster-than -expected annual 
rate of 3.4 percent in the third 
quarter. At the same time, the 
implicit price deflator, a closely 
watched inflation gauge, 
showed an annualized rise of 
only 1.6 percent in the third 
quarter, down from 2.9 percent 
in the second quarter. 

The dollar closed in New 
York on Friday at 1.5100 DM. 
up from 1.4988 DM on Thurs- 
day, its highest level since Oct. 
17. That represented the biggest 
gflin by the dollar since Aug. 26. 


The dollar rose to 97.28 yen 
from 97.00 yen on Thursday. 

The dollar rose to 5.1665 
French francs from 5.1325 
francs and to 1 22595 Swiss 
francs from 121542 francs. The 
pound weakened to S 1.6245 
from $1.6360. 

A rumor that officials of the 
Group of Seven industrialized 
countries planned to hold an 
emergency meeting to talk 
about the dollar's recent weak- 
ness also buoyed the currency, 
traders said, although a U.S. 
official denied that such a meet- 
ing would be held 

Dave Gilmore, an analyst at 
Foreign Exchange Analytics, 
said the day's gains “squared 
the market up” after the dollar’s 
recent sustained losses. 

Currency and bond traders 
also were encouraged by a re- 
port showing that U.S. import 
prices dropped in September 
for the First time since Decem- 
ber. led by a decline in oil 
prices. Import prices fell 0.8 
percent during the month, the 
Labor Department said 

{Bloomberg, AFX) 


V« Aaicoowd Prcti 


On 28 


The Dow 


Daffy closings of the 

Dow Jones industrial average 



35© 


A M 

1984 


J J A S O 


Dow Jones Averages 


EUROPEAN FUTURES 


Open h«h taw Lao eng. 


Metals 


Indus 367S»:»3I.67 3873*7 J9W66 -S5 5I [ 
■ Trcrw l-l’fl It 153177 1*74 67 \336.r> -J1.4J 

; utii m*o lai.as itra* 'bi^s -xj® i 

I Comp 1790 2> 131*6* 1789.13 9JI- 23 -! *7* 


Standard & Poor’s Indexes 


industrials 
I Tr arise, 
Utilities 
Finance 
< SPOT 

;sp u» 


High lo<* Close cn« 

343,01 S5L29 542.99 +8.71 

370.11 W* mil +7.79 

15L42 150 JJ 7J3.39 . 

<3.91 42.90 43.»0 + O.W I 

47X7S 445.80 47177 + 7.92 I 

4J9J9 431 JtS 439 JB + 70? I 


NYSE Most Actives 


GnMotr 

Cornooas 

Hcnstn 

USSnoe 

USXMar 

Swim 

TriMat 

RJR Nob 

FordMS 

MwTcs 

IBM 

BofcrHu 

ATS.T 

GenEls 

PhflMr 


Wptl 

Low 

Last 

aia. 

40*0 

39», 

40 Vi 

- 'a 

41*6 

38 Vi 

40% 

-1>* 

36H 

r^s 

36 V, 

-*'■ 

18 

14V1 

17V, 

—4. 

18*) 

I7ta 

18 V, 

- V* 

33’- 

31V* 

33 

-V, 

56*+ 

56 

S6Vk 

— ■+ 

7 

6*1 

AS, 


29*9 

29 

79 1 ', 

- 

40V, 

38V, 

40'V 

-V, 

76*9 

74V, 

76 

- 1'» 

20'* 

20'A 

2CV. 

-IK 

55 

53'* 

55 

-IT, 

49 Vi 

48'+ 

4?’', 

- r+ 

6*Vn 

63 V5 

6* 

— v, 


NASDAQ Most Actives 


| NYSE Indexes 

1 

High 

LOW 

LOST 

Cho. 1 

Comaotile 

1 Industrial' 

I Trarrso. 

Utility 
| Rnonco 

1 

2S9.64 

327.58 

236.17 

204.97 

205.77 

25506 

322.88 

23153 

201.55 

202.W 

25«43 
327 56 
336-17 
204.94 
205.76 

-3 86 1 
'4.68 
-441 
-130 
-3A3 1 

1 

] NASDAQ Indexes 

i 

High 

LOW 

Last 

dig. ; 

[ Composite 

industrials 

Banks 

Insurance 

Finance 

Trarao. 

775.74 

786.29 

73773 

<72.74 

9W.43 

703.97 

767.64 
77S 62 
73506 
912.11 
905.21 
WA 

775J4 
786 29 
73&J3 
921 JD 
90*63 
703.36 

*r.;7 

- 7.62 ; 

- 1.07 1 
-7B5 ; 

-J *0 

‘“I 

AMEX Stock Index 


High 

Low 

Last 

Oil ! 

1 

4S8J3 

*55.0* 

455.16 

-307 | 

Dow Jones Bond Averages | 

20 Bonds 

10 Utilities 

10 Industrials 


Close 
9501 
9SL20 
100 23 


errae 
+ 0.05 
— 0.19 
+ 0J0 

NYSE Diary 


Close 

Bid Ask 
aluminum IHign Grace! 
Gaiters per metric ran 
SMI 1305-30 IS06JM 

Forwcra 1 327 JO 182800 

COPPER CATHODES (Hlgn 
Delian per metric ion 
5 oc! 2679.50 2630.50 

Forward 24S8.W Zif^.OO 

LEAD 

Dalian aer metric run 
Soot 45x50 457 JO 

Forward eTl-50 672.00 

NICKEL 

Dalian per metric Ian 
Spot 721 aoo 722. W 

Forward 7JSUX 734000 

TIN 

Pollan per metric ton 
Scat 5B55W 5895.00 

Fermi ra 5770.00 578000 

ZINC (Special H.gn Grade) 
Delian per metric ion 
Soot 1114.00 111500 

Forward 1135.00 113600 


Prevmui 
Bid Ask 


1319.00 120.0? 

184100 184200 
Grade) 

2*61-50 264100 
J44150 2M30O 


*5800 e£9.» 
671.00 67200 


23500 724500 | 
735500 736000 : 

i 

583100 5830.00 • 
590000 591000 ; 



High 

LOW 

Lost 

Sente chw 

Apr 

ism 

154.00 

15400 

15400 — 1J0 

Mev 

15*00 

18400 

I54JC 

15300 -l-» 

Jwe 

1532 

151 JS 

152.00 

15i00 — 1.7S 

Jalv 

K.T. 

N.T. 

N.T. 

15150 —100 

Aug 

N.T. 

N.T. 

N.T. 

144.75 —100 

Sop 

N.T. 

N.T. 

N.T. 

15600 —125 

Oct 

N.T. 

N.T. 

N.T. 

1S9M —200 


Est. volume- 11034 . Open Ini. 109080 

BRENT CRUDE OIL (IPE) 

Ui* dollars per Borrower, of 1080 bomb 

1707 16.72 1703 17.01 +004 
1603 1603 16-77 14.77 +001 
1668 l 6S3 


Dec 

Jon 

Feb 

Mar 

Apt 

Mot 

Jim 

Jiy 

aim 

Sep 

on 

Nee 


. 1641 1601 —0.03 

16-53 1428 1647 UM — 005 

1607 1637 1637 1641 —003 

1636 1631 1621 1636 —004 

16-30 167S 1625 16.35 —005 

1630 1615 1623 1627 — O-Jf 

NX N.T. N.T. 1623 —0.15 

N.T. N.T. N.T. 1624 -0.15 

N.T. N.T, N.T. 1625 — 0-*S 

N.T. N.T. N.T. 16AS +0.05 


110700 110800 
11700 1130.00 


Est. volume: 5Cr«fl . Open UW. 1B82S0 


Financial 


9359 

*350 

9358 

+ 004 


920* 

9173 

+ 0.12 

9117 

9202 

92.15 

-0.13 

91.71 

9107 

91.70 

*8.13 



91J7 

+ 0.1S 

9i.ii 

90.96 

91.09 

+ 0.IJ 

9007 

■njt 

9007 

+ au 



9a70 

+ 0.10 

9057 

9050 

9057 

+ C08 


9004 

9052 

+ 003 





90.44 

9001 

9044 

+ 807 

ie: 81065 

Ooen In).; *87.170. 


Dec 

9406 

9400 

9406 

Mar 

N.T. 

NT. 

9381 

Jua 

N.T. 

N.T. 

*11 J 

Sop 

N.T. 

N.T. 

922* 



VoL High 

Lew 

Lea 

Ol9- 

CSCDS 

76761 »V, 

29’Vu 

30 


IrtTfcl 

SBS25 679 1, 

60+1 

62'., 


MCI 

57914 Z3*<i 

22V, 

3? J • 

• ' « 

Covenant 

48028 20 IT 

18*6 

19 V, 

_ 

rtoveli 

3768* 17=Vp 

la". 

17A, 

- h» 

Mies Its 

36401 63H 

41H 

6?''» 

* 

Perrigo 

3461« 14+i 

12V, 

1J'.„ 

_ 2‘'ia 

Ampen 

32,83 SB"-' a 

IM 

S6+. 

— 1*.« 

ErteTADO 

31197 Si, 

3''t* 

2 -'r 

27 V, 

“ X ‘S 

Venirdr 

28673 T»*. 

73 V, 


Ne»reiCm 

27940 21 Vi 

204» 

JIM 

- 

Snappfe 

27768 15*+ 

IJW 

14’, 

— 1 e 

SunAAic 

2670* 34V. 

32 

34 

•P-4 

AppIcC 

24379 471', 

41 », 

42'V 


Con Cd 

23460 10+9 

97, 

10.6 

Ai 



Oese 

Prev. 

Advanced 

1660 

1257 


614 

723 


632 

9>t 


2906 

788* 

New Highs 

87 

43 

New Laws 




AMEX Most Actives 



Close 

Prev. 

Advanced 

358 

278 

Declined 

220 

288 

Unchanged 

746 

232 

Tola) issues 

824 

798 

New Highs 

TO 

7 

New Lows 

24 

33 


V.ocvrt 

xa.ua 

vioca 

Amin 

Nabors 

EchoBcy 

Hasbro 

IvakCp 

imcOila 

ENSCOs 


VoL 

High 

Low 

Last 

Chg. 

17898 

1** 

IV., 

1-,, 

— v-,. 

11325 

1V„ 

1 *.» 

IM 

u„ 

9273 39 V. 

38H 

38’-, 

- *9 

9094 

lO'.'i 

10M 

10V, 

-s 

8305 

7 V* 

7% 

7V, 

- 4. 

4073 

I2H 

12 

1? 

—H 

4163 

S3 1 -', 

32'., 

33 

-1 

3734 

IT., 

20V, 

21 

Ml 

1724 

ISM 

34’-, 

15’-: 

-V, 

3556 

IS 

14 

14', 

- r » 


Market Seles 



Today 

Prev. 


Close 

cons. 

NYSE 

381.45 

392.94 

Amex 

1878 

2809 

Nasdaq 

34837 

31500 


AMEX Diary 


NASDAQ Diary 



Close 

Prev. 


167* 

1770 





i«e 

1907 

Taitf issues 

5113 


New Hrgns 

164 


New lows 



Spot Commodities 

Commodity 

Today 

Prev. 

Aluminum, ib 

0019 

oez> 

Copper electrolytic lb 

105 

1^5 


21300 



842 

0*2 


5J85 

539 


12700 

127.00 


HA. 

174*8 

Zinc ib 

85522 

(LS52S 


Hloti Low Close Choose 
3-MONTH STERLING fLIFFEI 
(500000-ptsaMOOPci 
Dec 
Mar 
Jon 
Seo 

Dec 
Mar 
Jun 
Sep 
Dec 
Mar 
Jen 
Sec 

Es 

3-MONTH EURODOLLARS (LIFFE) 

SI mi lUan - pts 84 100 pet 

+ 008 
+ 005 
+ 0.06 

_ + 005 

Est. volume: 51 Open ini.: 4030. 

1-MONTH EUROMARKS (LIFFE) 

DMI minion - pts atioo pa 

+ 001 
+ 0X4 
■*•007 
+ 007 
-*-G07 
+ 610 
+ 0.10 
+ 007 
+ 005 
+ 009 
+ 007 

+0X5 

Est volume: 131141. Ooen Ini.: *73009. 
1-MONTH PIBOR (MAT1F) 

FF5 

DOC 

Mar 
Jun 
Sep 
Dec 
Mar 
Jen 
Sep 

EsI. volume: 43084. Open lot.: 191*62. 
LONG GILT (LI FFE1 
<30000 - Pts A 32nds of 100 pa 
Dec 101-02 99-31 JOO-31 +0-14 

Mar 100-01 9614 100-01 +0-19 

Est. volume: 7X705. Open Int.. 1C6025. 
GERMAN GOVERNMENT BUND (LIFFE) 

dm 250000 • pts at 100 pa 
Dec 6957 885* 84.49 + 026 

Mar 53-Tu eajo «6*4 + 0C« 

Est. volume: 1*1044. Open int: 1 54.187. 
10-YEAR FRENCH GOV. BONDS IMATIFI 


Stock Indexes 

Hteh LM> Close CtMIW 
FT5E 100 (LIFFE) 

05 per Indn PQtet 

Dec 3TI90 30230 31010 + 590 

Mar 31105 30550 31215 +»5 

Jun N.T. N.T. 31430,. +S75 

Est. volume: 18.746 Open Int: 57.904. 

CAC 40 (MATIF) 

FF2N per intiei paint 

Od 189500 1B6CLW 18J50O + 2°° 

Nov 191600 1B6A0O 191500 +5W» 

Dec 192500 1B750O 9US0 +50TO 

Mar N.T. N.T. 194900 +5000 

jS N.T. N.T. 193*00 +5000 

S«P N.Y. NT. 195600 +5000 

Est. volume: 61.130. Ooen Int.: 69535. 
Sources; Main , Aisoelorea Frets. 
London inn Financial Futures Esettange. 
Inn Petroleum Ercnanee. 


Dividends 


Per Amt Rec Pay 


IRREGULAR 


Dec 

9406 

94.79 

9405 

Mor 

9440 

9449 

9409 

Jan 

9424 

9408 

9421 

Sep 

918* 

9320 

9]02 

Dec 

*3.46 

9133 

9145 

Mar 

9112 

9304 

9X19 

Jon 

92.W 

9179 

9194 

Sep 

9169 

9157 

916* 

Dec 

9248 

91*1 

9X49 

Mar 

9236 

9207 

92.40 

Joa 

*123 

9118 

9127 

Sen 

9118 

9207 

92.18 


pts Of 100 PCt 


+ 0.K 

9430 

9*05 

9429 

«X83 

9X75 

9X85 

+ 006 

9X45 

9X35 

9X44 

+ 0.03 

9X35 

9197 

9105 

+ 003 

9167 

9X59 

9166 

+ 807 

91*0 

9132 

9137 

+ 0X5 

9X19 

9111 

9117 

+ 007 

9202 

71.94 

91.99 

+ 004 


Bk Boston aOlPtA&B 
B>. Baslan odlPl C 
Case Cod Bk&Tr 
Cl eve El ILodlPfL 

Nft» Europe OH 
Toledo Edodlp* A 
Toledo EdadiPfB 


- 25 11-15 

_ 1-37 11-15 
_ 00 11-7 

_ lx* t:-9 

. 02 n -11 

_ 5088 11-10 
. 5619 11-10 


REVERSE STOCK SPLIT 
Apple Tree Cos 1 for 5 reverse split. 

STOCK SPLIT 
America Online 2 tor 1 spilt. 

INCREASED 



PK of IN PCt 




11026 

10908 

1W.9* 

+ 026 



IC8.93 




10X50 

108.42 

10802 

+ 024 

Sep 

107.70 

107.70 

107 J4 

— 002 


EM. volume: 142.1 16 Ooen Lnl.’ 1*60*5 


Industrials 


AdvcntaCp A 
Advcnta Co b 
A shland Coal 
Averv Dennison 
BT Financial 
Barefoot Inc 
Fst Fma Hiass 
Middlesex Water 
Moffat Cemmim 
Republic Gvpsum 
VanEck Inti Inv 
Wachovia Carp 


a 

Q 
Q 

REGULAR 


067 12-2 
00 12-2 
.115 11-10 
07 12-7 

00 11-11 
03 12-1 
.14 1101 
07 1105 
.10 11-10 
06 11-30 
.05 10- 2fi 
03 114 


Hl«i Low Lost Settle Ch'ge I 
GASOIL OPE) 

U5. dollars per metric lorHolS Of ISO tons 
Nov 1S3J5 15105 15150 1S150 — 70S [ 

Dec IS530 150.75 153.00 'SJ.C0 -IX I 

Jan 15400 153.50 15450 15450 —100 : 

Feb 15700 155.00 15500 15550 —000 

Mar 15675 15525 15550 155 75 - 125 ' 


Am Bus Prod Q 20 12-1 

Am General O 29 11-7 

Argonaut Gro O 29 114 

BW/iPinc O .10 12-13 

Bar Slate Gas a JUS 11-16 

CMS Enerov Carp O 21 110r 

Imcsctj Ltd B 29 11-30 

Inler-Reo Fin O .16 11- 0 

Investors Bk Q .123 11-15 

Midwest Resources Q 29 U-8 

Mobil Com Q 05 11-7 

NB5C Cora O .13 12- 5 

Panhandle Rovol Q .15 11-15 

Rhone Paul Rarer O 08 11 10 

RIoAioom S 20 11-18 

Security Cacti Bcp Q .11 11-15 

5rra>Onlnc Q 27 1J-18 

Stonlev Works O 25 12-2 

TCWCvSecur O 21 12-31 

Tr.Oinr me O 25 12-9 

Travlerslnc Q 15 11-7 

Union Carbide O .1875 11-15 

vamodo Rlfr Tr O 00 11-7 

Wisconsin Enerov Q 2525 11-4 

o-amiual; g-vuvubte In Canadian tanas, 
monttilv; n-quartefi v; s-semMamaal 


12-15 

12-15 

11-20 

1-1 

11-23 

12-1 

12-1 


t2-2D 

12-20 

IMS 

12-21 

12-1 

IMS 

11-28 

1M 

11-30 

IMS 

11- 7 

12 - 1 

1M5 
12-1 
11-00 
1-4 
1M 
IV 22 
12-30 

11- 23 

12- 15 
12-1 

1M2 

1-3 

12-15 

11-30 

12-5 

IM 

12-9 

10- 30 
1-13 

l-l 

n-23 

12-1 

11- 15 
12-1 

; m- 


PaineWebber Sues 2 Rival Brokers f 

NEW YORK (AP) — PaineWebber Group Inc. said F£day if . 
sued Dean Wilier Rej-nolds Inf. and Donaldson, LuOun & 
Jenreite. accusing the riral brokerages 

buv Kidder. Peabody & Co. by offering Judder owfth 

tani" financial incen uves to leave the firm. The suits demand thj 
firms stop the raids. " 

Kidder's brokerage unit was considered the most attractive, 
asset in PaineWebber's agreement two weds ag& to bu> 
Kidder assets from General Electric Co. w a S670 million sto^ 
deal. At the time, Kidder had 1,150 brokers who were ranked 
among Wall Street's most productive. 

Donaldson Lufkin termed the allegations “absolutely 
saying that Kidder brokers sought jobs at thefirm “dthat «ts pay . 
was “one of the least aggressive offers out there. A Dean wjuer • 
spokesman declined to comment- . ‘ 

Tenneco to Reduce Stake in Case 

HOUSTON (Bloomberg) — Tenneco Inc. said Friday that it ’ 
would reduce its ownership of the farm- and construe non* • 
equipment maker Case Corp. from 71 percent to 49 percent by 
^piling an additional 15.6 million Case common shares. 

The offering will not have a material effect on Tennwo earnings 
in 1994, the company said. Tenneco look Case public in Apnl 
after a successful three-year struggle to return the umt to profit- - 
ability. Case is the second-largest maker of farm equipment in . 
North America and the lamest manufacturer of light- ana merit- • 
um-sized construction equipment in the world. Its third-quarter 
net income rose to $29 million from $28 million a year ago. • 

Friday in New York. Tenneco stock was up $1-50 at $45.25. - 
Case stock was down 25 cents to $20 JO. 

Carson Makes Offer lor Younkers * 

MILWAUKEE (Bloomberg) — Carson Pirie Scott & Co., a - 
Midwestern department-store company, said Friday it offered to . 
acquire Yo unker s Inc., which also runs department stores in the ; 
Midwest, for $17.00 a share, or about $150 million in cash. 

The merged companies would create one of the largest depart- .. 
ment store ^hnins in the country, with more than 100 stores in a 
tight geographical region. Younkers shares rose $3.25 to $1 9. 

ft 

Alliant Nears Deal for Hercules Unit 

MINNEAPOLIS (Bloomberg)— Alliant Techsystems Inc. said 
Friday that it expected to enter into a definitive agreement on 
Monday to buy Hercules Inc.’s aerospace operations for $412 , 
milli on in cash and stock. 

The offer involves less cash and more stock than Alliant had 
announced in July. It also will reduce bv 57 percent the number of • 
shares outstanding it plans to buy bade after the transaction. 

In late trading Friday, Alliant’s slock was up $4.75 at $34.25. ■ 
while Hercules rose $10.50 to SI 17.375. 7 

For the Record 

McDonnell Douglas Corp. said it planned to split its shares 3- 
for-1. raise its quarterly dividend 71 percent on a post-split basis • 
to 20 cents a share and buy back as many as 15 percent of its ; 
shares. M-FA 0 • 

Aetna Life & Casualty Co. said its third-quarter earnings fell 43 
percent as it added to reserves for pollution daims and raised its ! 
estimates of catastrophe costs. The company earned $129 million, 
compared with $226 million last year. (AP) H 


]jft> K OJfl 

jifo i 


. 


! 4 •/. 


L ; 'l 


fr Vfirtg 




RUBLE: Currency's Fall Sends an Economic Warning to Russia's Government, but Are Its Officials Listening?# 

Continued from Page 11 
value of the koruna has gone up 
about 7 percent A rising real 
exchange rate means that Czech 
exports are relatively more ex- 
pensive and thus harder to sell 
abroad. 

Nevertheless, the Czechs 
have stuck with their policy be- 
cause it is the basis for not only 
the Czech National Bank's 
credibility as an economic man- 
ager but also, to an extent, the 


credibility of the entire govern- 
ment's economic policy. Not 
surprisingly, Mr. Tosovstv said 
he was "afraid of a sudden 
change in exchange rales, up or 
down." 

Mr. Tosovksy said the com- 
mitment to a stable exchange 
rate was one reason Czechoslo- 
vakia was able to divide itself 
into two countries at the end of 
1992 with separate currencies 
without disrupting the econom- 


ic transformation in his part of 
the country. 

At the same session. Rusdu 
Saracoglu. head of Turkey's 
central bank, said a commit- 
ment to a stable exchange rate 
had become the key to stabiliz- 
ing that country’s economy. 

In Latvia, a similar policy' has 
stabilized the value of the lai 
this year, according to Einars 
Repse, president of the Bank of 
Latvia. 


In Latvia, which has been in- 
dependent since 1991. as in 
some other East European 
countries, the exchange rate has 
been a useful anchor for policy 
because many of the market sig- 
nals available in places like the 
United States to guide policy- 
makers simply did not exist 
there. Many central banks, for 
instance, existed only to help 
fund government spending or. 


in cases such as Latvia, they did 
not exist at alL 

If there are few restrictions 
on currency transactions — in 
Latvia, holding foreign curren- 
cy is cot restricted — then 
movements in the exchange rate 
are an indication as to whether 
the central bank is. providing 
the right amount of money for 
the economy. 

“What we did in Latvia was 


just to put a textbook case into - 
practice,” Mr. Repse said. 

But Russia has not been us-., 
ing a textbook. By some estM 
mates. $20 billion of U.S. cur - 3 
rency, perhaps more, is^ 
circulating within Russia. More ' 
and more upscale restaurants,-, 
shops and hotels that cater to* 
people likely to have foreign 
currency are requiring that their - 
customers pay in dollars or 
marks. 



WORLD STOCK MARKETS 


Agones fanes tone Od. 28 
ClOMPrav. 

Amsterdam 


ABN Amro Hid 
ACF Holding 

Aegon 
Ahold 
Akzo Nobel 
AMEV 

Bols-Wesaanen 

CSM 

D3M 

Elsevier 

FokKcr 

Glst-Bracodes 
HBG 
Helneken 


5900 58J0 

3600 3650 

10400 107 AO 

49.10 4800 
20700 20200 

70.60 6900 

30.70 3120 
4690 6900 
14700 14670 

17.10 1600 

1500 1500 

4400 45 

27900 279 

245 241.90 



76j40 

76 

Amer-Yhtvmo 

109 

107 

Hunter Daugias 

7X50 

7X50 

Enso-Gutzett 

41 

4030 

IHCCalond 

RlF.l 

tiLl 

Humamaki 

145 


inter Muciler 

9200 

9100 

K0P. 


8*5 

mn Nedertand 

78.10 


Kymmene 

NA 

128 

KLM 

*620 

EEn 

Metro 



KNPBT 

50 

49.90 

Nokia 

NJL 

/DO 

KPN 

53 

5170 

Pahlota 

NA 

72 


55.10 

■.-'I'M 


95 

96 


7400 


Stockmann 

255 

264 

Pakhacd 

PIUUPS 

4530 

54.10 


hex General Mix : 195829 
Previous : 194523 


Polygram .___ 

RoOeco 112.40 11100 

Rodamco 51-30 si5» 

ROIIIKO 11400 11400 

R areata 82 81.90 

Royal Dutch 19500 1B9A0 

Stork 45 A0 4500 

Unilever 199.90 197.70 

van Ommeren 4670 

VNU 177 175A0 

Walters/ Kluwer 17100 121.40 

EOEInde* 

Previous : *8307 


Brussels 


Almanli 

ArOed 

Barca 

BBL 

Bekoen 

CBR 

CMB 

CNR 

GockerflJ 

Cabepa 

Celniyt 

Delhalze 

Eiectraoei 

Electroflrta 

FortlS AG 

GIB 

GBL 

Gevaeri 

Gloverhel 

immebel 

Kred lei bank 

Mtaan e 

Pvl. .lino 

Pawertln 
Rechcel 
Rairale Beta: 
Sac Gen Banque 


7340 7390 

5010 4995 

2415 0400 
-USD 4160 
23825 23025 
11925 J1B50 
2575 2525 
1930 19*5 
195 191 

5360 5350 
7130 7000 
1746 1234 
5500 5480 
2900 2915 

2480 2*30 

1210 1210 
3860 3880 
8990 8900 
4490 4330 
2795 2795 
6160 *160 

1372 1372 

9490 9410 

0820 2800 

480 470 

4580 4500 

7500 7390 


SocGcn Betoteue 2140 2135 


Safi no 
Solvoy 
Te w en d ern 
Traclebel 
UCB 

Union MWere 
wagons Uts 


12900 12800 
15050 15000 
9890 9850 
9700 9680 
23825 23850 
2730 2700 

6480 6490 


Stack Exchange: 708*03 
Previous : 7ofiis 


Frankfurt 


AEG - 

Alcatel 5EL 

Allianz Hold 

Allana 

AskO 

BASF 

Boyer 

Bay. Hvaa bank 
Bay Verdrabk 
BBC 

BHF Bank 
BMW 

Commerzbank 
Continental 
Daimler Bern 
□eoussa 
DtBoocock 
Deutsdie Bank 
Douglas 


15000148.10 
264 254 
2255 2228 
607 630 

619 810 
315309.40 
34733900 
192 387 

43643200 
675 TW 
390 388 

760 748 
313 309 

219.70 221 
756750.70 
465 445 

7*1 KQ 221 

72371600 
480 482 


Dresdner Bank 39650 393 


FeldmmMe 
F Kruno Hoescn 
Haraener 
Henkel 
HocMlef 
Hoechs) 
Holimann 
Horten 
(WKA 
Kali Sol? 
Korsiodt 
Kouffiot 

KHD 


30530600 
192191.10 
NA NA 
596 iU 
940 941 

32431670 
800 BOO 
20630 206 
347 340 

IS1 15200 
615 605 
604 488 

1230012150 


KloacknerWerke 13*13200 


Unde 
Lufthansa 
MAN 

Monnesmann 

Mefolteesell 

MuencnRueek 

Pors ch e 

Freussaa 

PWA 

OWE 

RlWnmafail 


884 8B4 

1870018500 
« 2 396 

*0000387 JO 
151 143 

2745 2715 
635 637 

441 437 

235 226 
4S640 44700 
262 2*1 


Schorl ng 
Siemens 
Tnvssen 
Varta 
Votoa 
VEW 
Vlas 

Volkswcmen 

Wclla 


CloeePrev. 

9959B20O 
6170061000 
28200 078 

31631400 
5000049600 
37837700 
46800 464 

43700 432 

993 1000 


Helsinki 


Hong Kong 

3290 3200 
II JO 1120 
3640 3500 
3900 3900 
9.95 HUH 
1305 1305 
55JS 54.75 
49.10 


Bk Easi Asia 
Cafhav Pacific 
Cheung Kang 
China Light Pwr 

Dairy Farm Inti 

Hang Lung Dev 

Kang Seng Bank 

Henderson Land 
HK Air Ena. 

HK Chino Ga3 
HK Electric 
HK Land 
hk Realty Trust 
HSBC Holdings 

HK Shang HtH 

HK Telecomm 

HK Ferry 
Hutch Whampoa 
Hyson Dev 
jenttne Math. 

Janflne sir Hid 

Kowloon Motor 
Mandarin Orient 
Miramar Hotel 

New world Dev 

SHK Props 
Slehi* 

Swire FOC A 
Tal Cheung Prps 
TVE 

Wharf Hold 
wneecockCo 
wing On Co inlt 
Wtnsorlnd. 


3100 30.10 

14JJ5 13.95 

2140 2300 

19JS 1 90S 

1615 1610 
90 89 

1045 10JQ 

15.75 15J0 

10J0 1055 

34JD 34.20 
19.95 20 

6200 63 

2905 2905 
IS 14JS 
905 900 
19 1680 
24 2190 
5705 5625 
123 125 
5675 55.75 

10.10 1000 

615 615 
2905 2690 
1625 1620 

1000 9.95 

1620 1605 

Hang Seng index.: 9379.47 
Provides : 930*08 



































1 '-1 







■i-' ■ 








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W to' 


R-f ’J 






■ -1 












W ^ * M 


j . T 

1 V - 1 





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■ ( i 

■ 1 '1 

11' 








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■ 










'IJ-. : JkawP 














W- ^ ' 



If ' 



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i’iFi' 

1 , 1, 1'- - 1 . . 














Johannesburg 


AECI 

Attach 

Angle Amer 

Borknn 

BIVUOOT 

Buffets 

De Beers 

Driefonloln 

Gencor 

G FSA 

Harmony 

HtenveMSieei 

KlDDl 

Nedsank Grp 
Randfanieln 
Rusnlat 
SA Brews 
SI Helena 
ScsoJ 

wesremDeep 


3700 3700 
130 100 

2380023*00 
32J5 3205 
11 NA 
SO 49 
10000 9905 
6675 6650 
1685 1400 
125 125 

4100 4100 
32 32 

69.75 69J5 
3Z7S 3350 
*19) 4150 
11611425 
9300 92 

NA 52 
3575 36 

227 228 


Composite index : 574665 
Previous : 572500 


London 


Attaev Natl 

420 

4.12 

1 Allied Lvans 

593 

508 

brio Wiggins 

169 

203 

Argyll Group 

UI 

Z5B 

iass Brit Foods 

531 

50* 

BAA 

5.13 

S04 

BAO 

439 

424 

Bank Seotl and 

204 

1.96 

Bar cloys 

501 

526 

Bob 

533 

506 

BAT 

840 

400 

BET 

106 

1.06 

Blue Circle 

179 

200 

BOC Group 

601 

604 

Soots 

520 

523 

Bernier 

865 

405 

OP 

429 

4.1S 

Bril Airways 

335 

303 

Bill Gas 

192 

2S4 

Brit Steel 

100 

136 

Brit Tetecam 

109 

IM 

BTR 

XII 

IQS 

Cabte Wire 

6.16 

4 

CodburvSch 

401 

429 

Caraaon 

207 

204 

Coats VI vella 

1.94 

1.95 

Comm Union 

Ml 

5J0 

Caurtaukii 

406 

438 

ECC Group 

333 

307 

Enterprise Oil 

XH 

XS1 

Eurotunnel 

235 

225 

F Isons 

1.16 

1.16 

Fort* 


225 

GEC 

2.77 

270 


I Madrid 


BBV 

32S5 

3200 

Bco Central H)sp 

3010 

3000 

Banco Santondei 

5)40 

<>090 

Boner, fo 

858 


CEPSA 

3200 

3145 

Draaodos 

1858 

1790 

Endesa 

5710 

5600 

Eroras 

148 

148 

IMrarola 

819 


Repsol 

XHA 

ww 

Taboajlera 

3365 

3420 

Teietanica 1700 1655 

Previous : nSl 

{ Milan 



16000 15390 

Assiialta 

11480 11500 

Autastrode prtv 

1670 

1600 

Bca Agrlcallura 

3070 


BcaCammer ltd 

3475 

3400 

Bca Naz Ldvara 

12000 11750 




Banco dl Rama 

1648 

1563 

Bco Ambraslono 

4780 

4340 

Bco Nasal! rteo 

■ r,,l 

ET 71 

Benetton 

l ■ 1,1 

Credito Haltano 

1600 

1597 

Entchcm Aug 

32*0 

3050 

Fertin 

7231 

1155 


6225 

6000 


9740 

9350 

Finmeccanica 

1280 

1270 


11529 10890 


i, k ; i 

IPH. 





P***ip 


4650 



12800 12400 

Montedison 

1250 

1ZB3 

Olivetti 

1059 

1780 

Pirelli spa 

2300 

2215 

RA5 

1B67D 17905 


8300 

8160 


9055 

8900 

SIP 

4190 

4030 

SME 

3900 

4075 


1919 

1854 


35900 35900 

Stet 

4620 

*3*5 

Tcra Asslc 

3350 22500 


10121 


Montreal 


AtCOUdl 

im 





BCE Mobile Com 

41* 

41 

can Tire a 

1 116 

11 


0*1 util A 
Cascades 
Crown* Inc 
CTFlnTSvc 
Gaz Metro 
Gt West Ufeco 
Hees Int'l Bcp 
H udson’s Boy Co 
Imosoa Ltd 
investors Grp Inc 

LaOOTt I John) 

LoMawCos 
MolsanA 
Natl Bk Canada 
OshawoA 
Pancdn Petrolm 
Power Com 
Power Fln’l 
Quebecer B 
Rogers Comm B 
Royal BkCda 
Sears Canoda Inc 
Shell Cda A 
Southam Inc 
Stelcn A 
Trllon Fim A 


CioMPrev. 

24% 24V, 
■W 7*9 
17V. 17% 
18 18 
1ZW 12Vk 
20W 20V. 
13?k 13SA 
26V, 26 Vi 
394k 39 L. 

16 15% 
20V, 20V, 
2D*% 19*8 
21H 211* 
9V, 95* 
19W l?li 
414t 4016 

18V. )8Vt 

287* 28V. 
1554 15*8 
19H 19H 
286. 28 
BV. B'A 
44% 44 

15 1SV. 
9V* 

190 195 
193610 


I Close Prev 

Sing Petlm 

202 

200 

Sing Press torn 

2600 26.40 

Slrrp Shlpbkta 

205 

205 

Sing Telecomm 

300 

X20 

Straits Steam 
Straits Trading 


Tat Lee Bank 

NJL 

402 

Utd IndustrleJ 

NJV. 

102 

Utd O sra Bk torn 

1500 

1500 

Utd O'seas Land 

306 

3 

StnUts Times Index: 236806 

| Previous : 235*07 



Stockholm 


AGA 

47 

67 


Paris 


Accor 611 579 

Air Llaulde 726 7m 

Alcatel A Whom 472 46680 
Axa 23670 23410 

Bancalre (Cle) 502 49440 
8 IC 63S 121 

BNP 2569024500 

Bouvaues 513 

Danone 725 7M 

Carrefour 2270 2209 

CCF. 21650 21140 

Cerus 10200 101*0 

Chargeurs 12BS 1270 



259 

251 

Club Med 

4400043701 

Elf-Aaultaine 

38000 

371 


7.10 

67! 


67100 445* 

Havas 


1 metal 

550 

534 

Lafarac Ceppa* 




6900 

67U 

Lvan. Eaux 

468453J! 

Orral (L 1 ) 


1064 

L.VJMX 

830 

813 



MIchellnB 

PTyr-Hri.' 




1 - F J., 


15900 

IS 


29700 

281 


771 

761 

. i,j JHR 

929 

921 


504 

sac 


127 124.70 


1450 

1419 


259.90 

248 


653 

6U 

5.E.B. 

580 

Mil 

St«G«f»rale 

581 

in 


2460026030 


139.70 13800 

Total 

33X90 

323 

UJLP. 


Valeo 


CAC-40 Index : 190509 
Prevhws : u<201 



Sao Paulo 


Banco aa Brasil 

1600 

16 

Bonesoa 

9J0 

868 

Brodosco 

700 

7J0 

Brahma 

295 

283 

Cemte 

89 

B40O 

Eletrabras 

331 

317 


265 

265 

Light 

329.99 

309 


1200 

It JO 


135 

128 

Souza Cru* 

7610 

7600 

Telebras 

43 

4100 


435 

407 


1.64 

US 

/ale Rio Dace 

1840017100 

Vang 

23701 

185 

Bavaspa Indax : 
Prev mas : 47067 

49,373 



Singapore 

Asia Poc Brew I6» 17^ 
Cerebos 640 620 

atv Deveioam n i 800 690 
Cycle 6 Carriage 1130 1100 
DBS 10.90 1050 

DBS Land 5.10 5.15 

FE Levlngston 7JS 7.10 
Frasar 6 Neove 17^ 17 jo 
G l Eastn Ufa 3650 38A0 
Hong Loom Fin 6» 6« 
incncape 5^ 000 

Jurang Shipyard 13^ aio 
Kay Hian j Capel i.m tjj 
K enpel 13 1200 

Nattieel 124 

Netrtvne Orlert J3J 2» 
QCBC foreign 1500 1S» 
Gnas union Bk 700 700 
Gsoas union Ent MS Jjo 
SaiOnmg 1J-J0 1100 
Sima Slnoapcn 1 ,1B 1.16 

5lng Aerospace 2M 30* 
Sing Airlines torn 1170 1170 
Sing Bus Svc M5 900 
Sing Land *00 900 


AseaAF 
Astra AF 
Atlas Copco 
Electrolux B 
Ericsson 
Esselfe-A 


517 518 
18918650 
96 9500 
37237200 
438 440 
96 98 


Handelsbank BF 9150 9300 
Investor BF 17800 179 

Norsk Hydro 26426200 

PharmodDAF 134 133 

SandvJk B 120 J 18 

5CA-A 11700 116 

S-E Banken AF 47.10 47.10 
Skandla F 12912700 

Skanska BF 1600016000 

SKFBF 1290013000 

5 torn AF 445 +n 

Trrlteborg BF 11011000 

Volvo BF _ 140 14050 

prSKfTnwSi ' 1 87X86 


Sydney 


Sumitomo Bk 
Sumitomo Chem 
Sgml Marine 
Sum I tamo Metal 
Tabel Core 
Takedo diem 
TDK 
Teflln 

Tokyo Marine 
Tokvo Elec Pw 
Toooan Priming 
Torav Ind. 
Toshiba 
Tpvota 

Yamakhl Sec 
a: * JOQ. 


Close Prev. 

1790 1800 
568 569 

870 879 

361 354 

641 641 

1190 1180 
4740 4700 
561 570 
1150 1140 
2810 2800 

1430 1410 

761 76* 

767 764 

2080 3)90 
746 736 






'S&7 


Toronto 


Amcor 942 696 

ANZ 3.76 3.80 

BHP 2000 2000 

Bara I 305 308 

Bougainville 0.95 095 

Coles Myer 611 613 

Coma ICO 570 075 

CPA 180S 1800 

Co P 652 646 

Fosters Brew 1.18 100 

Goodman Raid 108 

Id Australia 1100 1100 

Magellan 145 1.90 

MUM 287 249 

Nat Aust Bank 1004 1000 

News Carp 80S 803 

Nine Network 4 ijo 

n Broken Hill X69 300 

Pac Dunlop *05 448 

Pioneer Infl 305 324 

Nmndy PoseWon 205 245 

OCT Resources 105 1JS 

Santos 190 4 

TNT 204 207 

Western Mining 80S 807 

westpac Bonking 646 645 

Woodslde 695 542 


Tokyo 


Aka) Electr 421 419 

Ascni Chemical 774 76£ 

ASOhJ Glass 1250 1240 

Bank Of Tokyo 7480 1480 

Bridgestone 1530 1580 

Canon 1790 1 770 

Cask) 1380 1360 

Dai Nippon Print 1780 1810 

Dclwa House 1350 1350 

Doiwb Securities 1360 1380 

Fanuc 


i Bank 
I Photo 
-Jllsu 
Hlloctl) 
Hitachi Cable 


4590 4660 
2130 2150 
2280 2250 
1090 1090 
9*4 794 

637 833 
1660 1*90 
5200 5170 


ItoYokado 
nochu 

Japan Airlines 
Kailmo 
Konsat Power 
Kawasaki Steel 
Kirin Brewery 
KomatSu 
Kubota 
Kyocera 
Matsu Elec I nets 1590 1500 
MatSU Elec Wks 1060 1060 
Mitsubishi Bk : :: 

MItsub Chemical B6 S58 
Mitsubishi Elec 720 723 
Mitsubishi He* — - 
Mitsubishi Cora 
Mitsui end Co 
Mitsui Marine 
Mirsukosni 
Mitsumi 
NEC 

NGK insulators . .. 

Nlkko Securities 1100 1110 
Nippon Kagaku 1010 990 

Nteoan on 094 to? 

Nippon Steel 396 394 

Nldnon Yusen 647 646 

Nissan 824 833 

Nomura S«C 1980 I960 
NTT 8900a 8930a 

Olympus Optical 1080 1090 


741 744 

730 736 
923 930 

2420 2420 
444 442 

■ ISO 1140 
914 910 

734 732 

7260 7290 


775 773 
1290 1290 
SSt B3B 
734 734 
990 975 
1390 1310 
1220 1210 
1010 1020 


Pioneer 
Ricoh 
Sanyo Elec 
Shorn 
Stiimazu 
Shlneisu Chem 
Sony 


»10 2500 
979 960 

seo 575 

1790 179Q 
702 715 

2050 20*0 
5830 5830 


AbltlW Price 15H 17*. 

Air Canada 814 S^a 

AJDerta Energy 20 ^ I® 7 * 

Alcan Aluminum 34 V. 341* 

Amer Bor rick J1H 32W 

Avenor 

Bk Nava Seal la 
BCE 

BC Telecomm 

Bombardier B 

Bra ma lea 

Brascan A 
Camera 

C1BC , . 

Cdn Natural Res 18V* 177* 
can Occtd Pel 32V* 32 W. 
Cdn FocIBc 
Cascades Paper 
ComJnco 
Consume rs Gas 
Dotcsco 
Damon Ind B 
Du Pant Cda A 
Echo Bay Mines I6to 14^ 
Empire Ca A 13V- 13V, 
Feiconbrldge zrt. 234* 
Fletcher Choll a 17W ?7»s 
Franco Nevada 81V* BOX. 
Guardian Cop A na 
H ernia GoM 
Horsham 
Hnperlol Oil 
Inco 

IPL Energy 
Laid km A 
Laid law B 

Laewen Group 
London InsurGn 23V* 23V* 
Mocmlll BkMdel 1894 18VS 
Magna Inti A 
Maple Leal Fds 

Moore 

Newbrioee Nctw 3W* «p* 
Noranda Inc 
Noranda Forest 
Nareen Energy 
Nlhern Telecom *8V> 475* 
Nova 
Onex 

Petra Canoda 
Plocer Dome 
Potash Cara Sask 47 44% 
Proviso 54* 0V, 

PWA 061 009 

Guebecor Print 14 W4 
Renaissance Env 31% 31V, 
Rio A loom 
Seagram Co 
Stone Coraold 
Talisman Env 
Te lea lobe 
Telus 
Thomson 
TorOom Bn* 

Transalta 
TronsC da Pipe 
Uld Dominion 
Utd Wkstburne 
Westaxal Env 
Weston 

Xerox Canada B 
PE 300 Index ; 428860 
Previous : 426500 


2 M* 2574 
271* 26*. 
47V* 66V* 
25V* 24** 
32W 22 

080 300 
20 V, 2 IP* 
29V4 29V* 
31V* 3P* 


21 V* 21 Vi 
6 6 
25 V, 25 V. 
lev* 16H 
17 ’* 19 V* 
12 11 V- 
18 V- 18 V 4 


8*4 
14V* 144* 
21V* 20** 
47%. 47 

40V, 40Vh 

29 29 


33 32 vj 


48 47V* 
ii m« 
25 Vi 2SW 


26V* 27 
11V* 117* 
17V* 17VJ 


13V« 1314 
1314 131* 
12V* 121* 
29W 294* 


36 26V* 
411* 4F<* 
16** 16V* 
29V* 28’* 
16% 17 

WH 16Vfc 
IM 14V, 
20V* 20'+. 
14'A 14 

17V* 17V, 

28V- 27V, 

UV4 1114 
214* 21 S 6 
40V* 40 

47 45V. 


Zurich 


AdlalntlB 220 213 

BBC Brwn Bov & 1067 1065 

Clba Gelgy B 737 733 

“ Hp'amw B 541 534 

Ely* trow B 337 332 

PbtJwr B 1430 1410 

InterdlscDuntB l«40 1930 

823 818 

Landis Gw R 675 690 

Maeventack B 395 396 

Nestle R tie- i i-n 

Oerilk. Buetirie R 129 119^ 
Paraeso Hid H 1390 1400 

Roche Hdo PC 5-00 5360 

Satra Republic ix 98 

Sandaz 0 656 639 

Schindler B 6650 6700 

Sulzer PC 8M iS 

Surveillance B 16M 1660 

Swiss Bnk Cara B 364 360 

Swte Rclnsur R 737 723 

Swissair R too BIS 

UBS B 1200 1212 

Wi nter thur 0 *34 613 

Zurich ass B N a. 1129 


U.5. FUTURES 


V« Auodoted Preu 


0«t. 28 


Season Season 

H-gn u» Ooen 

H-gfl 

Law 

Close 

CUB 

Oo-lnt 


Grains 








AlB'v 

UJ 9 Dec 9 J 1*2 


389 




iJU* 

U 7 Mar 95 *04 

40 * 

LOO 

401 Vi 


7*275 

ita’i 

XI*'. -Alev 95 3 JB 

300 V: 

327 

X 79 ’- 

- 0 JI 2 S 

*017 

ion 

J .1 1 Jut «5 XSO'.'i 

302 

X 48 

151 


10,062 

145 

301^56095 L 51 V> 

155 

151 '-I 

10* v. 


7*4 

Its 

305 Dec «5 3 A 4 ’i 

105 '.- 

1*4 

IASS 

♦(loos 

1*7 

15 *‘i 

L 3 « Juf 94 



139 



E 3 .«WH 17000 Thu'S, axes 1 *.» 2 S 




Thu'sapen.nl 7*057 uo 11*4 








lav. 

JI 7 VjDec 9 * *03 

403 ' i 

329 ’h 

■LCDS— 03 ) 1*6 

1902 T 

421 ’-. 

125 Mar 95 A 04 '.-j 

40 *'.'j 

401 

430 

-OC; 

1*218 

*03 

321 VrMov 9 J 183 li 

305 

111 'a 

IBIS— 03 B W 

1094 

368 '. 

0 16'.7 Ail 95 305 

306 

103 Vi 

X 54 L-a 01 

32*9 

177 

3 J 9 Sea 95 



X 57 S 

- 0.01 

79 

Ii* 1 -. 

J«C‘ jDec 95 



3 A 4 S — 001 

4 

Est. so>es NA. Thu's, sacs 

7050 





Ttv's open inf 39,084 uo 7 ftl 





CORN 

(CBOT) 5 Wtummmev at 

or* prbutfw 



177 

ll 3 ',Decv* XI 7 V, 

XI 7 V; 

Z 16 V, 

XI 64 . — 03)1 Vi 119044 

2 B't 

2 * 3 , ..Mar 95 328 ', 

2 J 9 

22 TV. 

IM 

-dOIS 60 , 2*7 

7*5 

ZJO’-iMav 95 2 J 7 

707 

2 - 35 ’i 

2251 .- 0216 . 25.108 

2851 ^ 

7 JS 7 .AH 95 207 V. 

202 V. 

201 

201 S -023 

31.045 

170 

2 J 9 Seats 24 T, 

2074 , 




20 J 

2 JTsDec 95 2 J 7 

X 52 ', 

X 5 O *0 

201 



30 * 

20 O'<jMor 94 208 

208 





146 ' i 

205 V; Jut 96 XMV 

X 64 V. 




Esl.soies 4 SJMO Thu s, sale, 57.850 




Trig's oper inJ 2 SJ .182 uo 50 





SOTBEANS (CBOT 1 S 0 OiDurnmmuni-(Mkni>arbusrirt 


757 i 

12 rA,Nov 9 * 509 

500 '-; 

0 * 6 '*i 



507 a Jan 95 543 IS 

0*3 

SJB'V 



7.05 

S* 7 'iMarflS S. 72 V, 

523 

iM'V 




506 Mor 95 502 

582 

077 

077 '-: 

-OflSV. 11.140 



087 '-, 





612 

5 M^Aug»S 5.91 

091 

187 

SJT’.-OMVi 

1.784 



591 

088 

088 

_ao* 



178 ’r;Nov 45 600 

*00 

19 * 



tstr* 

600 Jan 96 





431 

X 99 'SJu |96 





Esl.soies 55000 Thu's, sales 57016 




Thu's ooen im 10.988 uo 11*0 





SOYBEAN MEAL (CBOT) loOM-tt-Ooucrspe 

Hf 



20900 

160 20 D« 9 * I 6 X «0 

142.90 

160.00 

160.10 


WJ 0 

1 * 1.90 Jan 95 16*10 

16410 

161.70 

1*120 



1 * 4.90 Mor 95 167.60 

167*0 

16 XJ 0 



20700 

16700 May 95 170*0 

17080 

169330 

1 693)0 





175 00 






17200 Aug 95 17*00 

I 7 *J» 

17480 





173 J 0 Sea 95 177 JW 

17720 

17420 



1.238 








1 M 0 D 

17600 Dec 95 15200 

182.00 

18000 

18000 




JanW 






Es. sales 20000 Thu's, soles 17070 




Th*j- 5 ppcn mf 9 S. 16 A up £56 





SOYBEAN OIL (CBOm 





270 DDCC « 24*5 

26 87 






25 79 






22.91 Mar 95 25 . JC 

2020 

74 97 




2 X 55 /Acrr 95 24*5 

2403 






722 , A* 95 34.45 






»30 

2223 Aug 75 34*0 

1445 

2420 





2 X 75 Sec 95 24 a 

2425 






7 X 75 Od 95 3*25 

7425 

3405 






7425 

24(15 











Esi idea 23*000 Thu's. 16 A 23 




Thi/sopen mi 92 J 71 up *566 






Livestock 




CATTLE (CMER) «*»«.- 







*7 30 Dec 94 * 9*5 

70.70 

6700 




6405 Fell 95 6800 

68.95 

6045 

6807 




4907 

69 JJ 0 




*4 70 Jun 95 6547 







6 lMAug 95 6455 

6480 





67 55 

64 HJOT 19 J 



MV 

> 0 lT 5 

257 








Esl.soies 10.669 Tttl'S soles 10091 




Tril/SOOCrt ml 






FEEDER CATTLE ICMERI 






8800 

71. 75 Nov 94 7400 

7520 






7140 JW 75 7450 

.'481 

74.10 

7423 




’ 0 JSVor 95 7205 

7 X 35 





16.90 

7 X 19 Apr 95 71.90 

7 X 45 

71.80 

7725 





7120 

7100 

7100 




rtJ 0 Aug 95 7100 

71.90 

7100 





49 A 03 W 96 7100 

7125 





Ea.«n« I 0 S 8 Thu-*, sale. 






Tixi'sopenmt 1.663 ltd S 3 






HOGS (CMER) AiUti-crmiwt. 






3200 Dee 9 * 34.75 

3070 

3405 

35.40 



J 5 45 Frtj 7 S 37 75 

18 30 

37 45 




48.80 

3 &.IOApr 9 S 3705 

3125 



-CL 30 



41.57 Jun 95 *223 

43.00 






4100 JW »5 J 3 « 







*n 5 Aua «5 «iio 







m 300 d 94 3890 

JO 30 

*HRQ 



JM 


99 oa Dec 95 4000 













=51 soles 7.703 TtlU'S sates 

8.339 





ThvSOPeninl JJJ 35 us 1317 





PORK BELLIES (CMER) M. 6 C 6 !».. twm p we 




3700 Feb 95 *100 







37 J 0 AVir 9 i 41.95 

aoo 

4120 





38 . 95 MOV 9 S 4 X 90 

*410 

42.90 

*165 




9905 Jut 96 4300 







30 7 SAua 9 S 4205 












mi'sooon.nr 10*09 yp 74? 






I Seosar 

Season 






| HWi 

Law Open 

Wflh 

Low 

Close 

Chg 

OoJnt 

_ I 1108 

1 1.70 Juf 96 



n.97 

— <UM 

5 

Esi sales 10977 Thu's, sales 21.914 




Thu's opot ml 15*870 up 

-sn 





coax 

CNCStJ lOmnWcnra-^ 

r> 




1580 

1041 Dec 94 1350 

1354 

1320 

1333 

-19 27288 

1605 

1077 Mar 95 1396 

1398 

1370 

1378 

—19 25083 

1612 

1078 Mav 95 1434 

1425 

1«2 

1«7 

-50 

8,328 

1600 

1325 AJ 95 1450 

1449 

1415 

1433 

—70 

3039 

1560 

>381 Sea 95 1470 

1470 

1*70 

1460 

—20 

1283 

1633 

1290 Dec 95 



1487 

—30 

4,977 

167* 

1250 Mrt «6 



151# 

-70 

3.908 

16*7 

1225 May 96 1553 

1552 

15*8 

154* 

-20 

601 


All 9* 



1564 

-20 

11 

Est. sites 7,1*7 Thu'S, sale 

13289 




| Thu's ooen int 7*010 ua 138* 





ORANGeJWCE {NCTN) isjmbs.- 


«L 



13400 

8000 Nov 94 10400 

10005 

1(080 

10475 

— 000 

2202 

1323W 

8900 Jan 95 IW.10 

110L40 

108*0 

10905 


12425 

93JBMCX9S 11X90 

11X25 

11105 

11200 

-000 

5.303 

13X00 

97J»Mov9S 11625 

11600 

11625 

11600 

— 000 

1-C 

I22JD 

10000 Jul 95 11905 

II92S 

11925 

11900 

-000 

875 

1253X1 

1072SSep95 121 js 

121.75 

121.75 

12125 

-000 

543 

12400 

109.00 WW 95 



119 JS 

-000 

T.14* 

1273)0 

10500 Jon 96 



119.75 

-000 

402 


Mar 96 



119J5 



Esf. w*a KA. Thu's, setes 

201* 





] Thu's ooen vrt 24.«S2 rtf so 






Metals 




HI GRADE COPPER (NCMX) 

2LOQ0 




12X00 

77J5NW94 12305 

12470 



4-030 


12X50 

75.75 Dec 94 12X30 

12300 

12X10 




7600 Jan 95 173.50 






12080 

7300 Fad 95 11400 

11460 

11460 

121.90 




7X00 Mar 95 130.40 

13120 

11900 




11600 

91.10 Apr 95 






11700 

7065 Mov 95 11800 

11X70 

11780 

1)8*0 




10410 Jun 95 






11040 

7X00 Jul 95 11720 

11720 

116.05 

117JB 

— Cl60 



11l0OAuges 11080 

11500 






79 10 Sea 95 11490 

11400 






08 00 Dec 95 11170 

11320 












11100 

4X70 Mor 96 






1W0O 

10700 Mav 9* 



11000 

— 1 85 



JU1 96 






Esl.soies 13. 000 Tfru’0 sites 12088 




Thu'sapw *tl 6309* up 1084 





flLVEK 

(NCMX) MOOVavoe 













3800 Dec 9* 5390 

S**0 

53*0 











6040 

4 160 Mar 95 5680 

5520 

5450 



60*0 

41 80 May 95 5550 

559 0 

55*0 

5512 




4203) Jul 95 






*030 

53X5 Seo 95 







090 Dec 95 5780 







5750 Jan 96 







SSAOMar W 







SB70MOV 96 






6003) 

600 0 Jul 96 










Trx/sopenfnf 11X452 uo 1JDT 





PLATTKUM (NMBQ strove 












37400 Jon 95 42700 






390 00 Apr VS 431 JO 







*1900 Juf 95 43500 

43500 






4223)0 Od 95 44120 













ESI soles I4A. Thu'S. Kto 

1078 





Thu’s ooen lnl 25050 rtf 3( 












Nov 94 3873)0 













36300 Fed 95 393J0 

39*3)0 

39100 




364M Apr 95 396.10 

396.10 

39S0Q 

37080 



43800 

J6120Jun95 40000 

401.10 

3993S 

399.40 




38000 Aug 95 







*01000395 407.70 

sn.ro 






*0000 Dec 95 41X30 

41X30 

































EB.UIW 41000 Thu'Lsrtes 

28024 




Thirs ooen im 155.7*9 up 864 






Season Season 
Mob Low 


Ooen High Low Close Che Oalnt 1 


10770 10*40 Mar 95 10640 10660 10166 1.6206 -440 

1.6320 10348JUH95 10174 -434 

Est- soles NA. Thu's, soles 9,2*5 
Thu's open in 46,924 up 1482 

CANADIAN DOLLAR (CMER) sowtsr- 1 Donrraimumi 


Cl' 

9 




mn 

[ifj I 



V/7iuti 



IV • '1 

fvr’.i 







[‘■f/ , ’1 











R », '1 • ™ 




1 l 










Food 




: 87407 


34*25 

77,100k 94 187,60 

19000 

187 M 

18900 



78.90 Mar 95 19190 

195.15 

19X25 

19420 



8300 Mar 95 I9SJ0 







85 CO Jul 75 197 SO 






53800 

18500 5» 95 19900 

19900 

79800 

19800 



:«« 

8 105 Dec 95 20000 

211.00 

ma 

19900 

—100 


5)200 

H7J»Mur9* 70100 

XI .00 

701310 




lv. «SC1 

4477 Thu'S, ides 

7A17 





ir*j i 5 int tt.SU 1 jt> TSi 





SUGAR. WORLD 11 (NCSE] 


IW*RT 




9.17MarM 1205 

1207 

12.75 

1X83 

-00610X398 







202 

10.57 Jul 95 1X72 

1X74 

1X67 

1X73 



IO07OC195 172* 

1225 

1728 

1725 

—0.01 1X196 


lBMMcrT* 11.95 

11.96 

11.W 

1193 



1100 

H.lBMovM 



11.93 

-ac* 

4i 


Financial 


9405 *006 170U 

94.14 . 005 10042 

91« '005 5.845 

9304 25 


VIST. BILLS (CMER) SI moan- mi« iSOpu 
9610 9405 Dec 94 9409 9467 9404 

9S0S 93.98 Mar 9S 9409 94.1* 940* 

9424 9307 Jun 95 

7}S! 9130 Seo ?5 

Ea.scees na. ws-soik 542 
TTj/S open int 34282 off 107 

-*. 1 WS A UIKX Ol 100 DC, 

iiu-* mu, rwc««. — — -- 171J7? 

W 7.9C 
W 1 


Dec 941 01 - 105 101-225 101-05 101 - 215 ' 

103 - 09100-215 * 60 - 95100-35 101-035 100-30 101-025 . 

100-08 100-05 Jun 95 100-175* 

Es tate 58-500 TTnj s. soles 23 J 95 
Thu's gopre it 179070 ah 1515 

19 TR. TREASURY (CBOT1 siatuug min- hi + a« w 1*0 pa 

“ 17 271308 

17 9.860 

17 105 


114-21 99-21 Dec 94700-05 100-34 99-18 IKL73 

111-07 99-09 Mar 95 99-14 100-01 99-05 »-Jl 

A*" 95 98-21 99-11 Jl-Il ee.11 

101-06 90-05 5CP9S 98.27 , ,, 

110-31 98-10 Dec 95 75-11 , if 

ES sales 135.135 Thu's.WKs 53.189 
Thu's ooen *0 232078 aH 352 


"SS ^ "ts 

ntTis %% S« S9W0 9! - M tH 

113- 14 95-00 D*C 95 ftilii 

114- 06 96-20 Mar 9« 

100-a 94-05 Jun 94 94-23 95-00 94-73 95-00 

br sales sio.ooo nw'&. 5 oiM 2 «,i» 

Thu's open ku 419.988 alt 9293 

SI l ?f , ®E.*L Bt 5i*.l™?ro_> | w». ,n af».pni»Biari60pet 

' 19 20.951 

19 414 


3HrW 

37015 

MJIS 

266 

13] 

H 

25 


Esi. sales NA Thu's, sdes 2036 
Thu's open Ini 37,537 up si 
GERMAN MARK (CMER) ipemrt- 1 DdnraouaniaOMt 
00731 00590 Dec 94 06675 00705 0059? 00625 —56 87001 

00745 O081OMW9S 00693 00713 16605 06637 —55 4055 

00747 00930 Jun 95 06732 06732 00625 04453 —56 615 

00740 00347 Sep 95 00669 -56 IM 

&». sales NA. Thu's, sales 24090 
Thu-sanen lot 92087 off 835 

WPANEaYBJ (CMER) InMowokMAkWI 

D.01049COJ»9S25D<s: 94 L0 103530. 01 037 50010285001 0313 -49 60,743 
tUn0S6GU»9680Mcr 950010425001045400103710.010396 -61 7086 
QJ1067BU) 09776J un9£ 0.010496 —S3 718 

Ojn 077310 !0300Sep 95 0.010577 —55 180 

03)107607010441 Dec 9J 0J31 07540.0 1 07 540.010689 —57 U 

„ MB’ 960010630001083010108300010786 —69 2 

Eit. sales na. Thu's, soles 11073 
Thu s open hit 68.792 up 317 

0.B108 8 6885 DOC 94 0JU» O0M4 0J9O7 0.7946 -56 614SJ G 

00136 0T2iJ7MarK 00985 00075 DJW7 07977 -57 2jn0 P 

0.81u5 0^1 93 Jun 95 00100 00100 0.7990 8B01B —57 162 

O0IH 00133 Sea 95 08057 —57 6 

Est sales NA Thu's, sales 16084 
TMTsapenW 4J055 uo 347 



\ - 
/ \ 

' • - i;,v 


i H«te* 
t NKltfX 


--***.■: 

■ ytmvj 
•**«««*! 


Industrials 


COTTON 2 (NCTN) OMN-oMw* 

77 25 5908 Dec M 71A0 7105 7101 

6200 Mar 95 7300 74.70 73.10 

6A00Mav«5 7A50 75.20 7405 

tfiJXJWIi 75.10 7500 74.90 

640000 H 7005 7VL75 7075 

6*05C«c9S 6900 70.15 6905 
SAW Mar 96 


70.15 

7805 

78.75 

7A70 

7200 

7005 


EP. sales NA Thu’s. Hies 14048 
TTw'SOPen nl 53009 up 1220 
VOTING OIL. (NMER) 42006 «*- cents per ■ 
5U0 4Ltar*ov94 4900 4970 48.90 

460OCec9J 49.70 50.15 4905 

■0.25 Jon 95 5040 5000 49.75 

£.95 Feb 95 50.90 51.00 5a«l 

S-SSMOTK 5000 5000 5030 

SHOO 50.05 4905 

4700 May tt «0O « 00 47 JO 

44,79 Jun 95 49 JO 4900 4000 
4705JUI95 49.15 4915 41.95 

*2.70 Ajjo 95 

50JJ5OCJ95 

52.00 Nov 95 
52 JB Dec 95 

sojoxmM 

51 82 Feb 94 
54.70 /Wx- 94 

46.00 Apr 96 

NA TNl'S. sciCS 34070 

Thu '5 ooon ml 1580U up 383 

UGHTSWEETCRUDE (NMER) IMIfibL- 
»0O 4 93 Dec M 18.17 1804 1805 

f 15 Jan 10-10 1830 17.95 

'800 1807 1701 

1502 Mor 95 17.90 1800 17.73 

'5JSApr» 1703 17,84 17172 

1703 1703 1705 

injun«5 1780 17.B0 1704 


9900 
6125 
SB.75 
57. HI 
55.15 
5*30 
5300 
54JD 
5500 
53.10 
5395 
5400 
5700 
5800 
59 JO 
54. 90 
5400 

Est. j 


1*05 

1900 

2064 

1908 

19.34 

2 OJ 0 

19.07 

19.07 

I860 

19.17 

190* 

2000 


1884 

1800 

1817 

20.80 

1807 


18O50J19S I7J8 17JB |J.’| 

Mgx 151? ;;s 

17 -" w » 

1600 OtC 95 
1705Jai96 
17+8 Fa, 96 

™ iw 

l?.7?Jun96 
- - __ 1838 Sea 96 
^ solos N.A Thu's, solos HC+60 
Thusoponmt 396.108 ua 406 
S*5 EAI *2> WOUKE IMEKjBMep. 
60.70 
5a*0 
5885 
5695 
6000 
5800 
S8J0 
C.94 
5635 
5534 
5500 
5L7S 
57 J9 


71.95 

7125 

7435 

7503 

7000 

tfjfl 

7005 


49.31 
4903 
50.18 
5003 
5003 
49 J3 
49.13 

48.93 
49.13 
4903 
SDJD 
5103 
5238 
53J3 

53.93 
5193 
53.08 
5223 


10.23 

1604 

17.94 

1704 

17J? 

17J2 

1707 

1708 
1707 
17 64 

1709 
17 70 
17 71 
17.73 
17.77 
17.81 
1704 
17.90 
1806 


-0.88 74.504 
—000 15001 
-075 6703 
— 062 31994 
-075 536 

— OBO 2051 

-an 20 


—009 10056 
-03*4502* 
-024 32075 
-02* 20058 
—019 11062 
—OW 7J54 
—014 S 0 SI ' 
— 009 6030 
-aw 6383 
— 009 10*1 

—aw 

-aw 1047 - 
-009 L1M 
-0.09 

-007 536 

-AW Ui 
— 009 330 

-009 70 


+aao 960K 
>0 01 *6016 
-001 35,150 
—Q 03 2*082 
— 004 18.306 
— ao* 11,937 
-0.08 24151 
-0.10 13034 
-411 

-411 11017 
-0.11 5067 
-a 10 5018 
—0.10 16020 
—010 7016 
—0.09 
-008 

-007 IN) 
-(UK !J.*98 
-403 1004 


vP» 






WOO Sep 9! 

52 J0 0« 95 
52.60 NOV 95 
52 60 Dec 95 
^ SJ.J6AWJ94 
^T' 5 ^ 5 NA Thu's. soles 35,111 
TWsapgnlrH 70,948 up 1513 


54* 

5824 

•308 10.197 1- 

vn 

S929 


55.90 

86.44 

■020 

5485 

SS19 


6001 1 

54.90 

5S> 

»ai4 


58.45 

5889 

K)!* 

4041 

57.10 

57.84 

•029 

1.67* ] 

.sxw 

57.03 

<023 

5405 

5*01 

-035 

’ « 


5523 

•1)38 

411 L. 


54.77 

>K*1 

_ 


5X47 

• 024 

346 ’ 


5X7! 

■024 



55.96 

•02S 



7*:*”** m 

*’-*i*CH 


JJ-JJ 8M0 DOC9484-26 85-17 84-15 85-14 
to-09 B3-2I Ma- 9583-19 84.13 83-14 8410 
Est. soles 5000 Thu's, soles 2,557 
Thu'iOpen m 71065 up 211 
EVWOOOUJMSJCMBM jt mtflen-Bh et ICO do 

90.710Dec M 91790 94080 93.940 94 060 > 70421 5* 

W^40Mor« 91560 910*0 914» TX6J0 . 60*57* 

90710 Jun 95 93090 43.180 91030 5l» 

91JI0SCP9S 91740 VZtoO 92080 «0m ImIS'SS 

9I.10OOBC95 91410 97.490 92Jrt 97010 •70^15 

TNTsopsnlm 30+1096 011 14071 

W0OO1 

10392 10500 Dec 94 16352 1.6380 10174 10216 — 147 «JB6 


9SJ80 

94J» 

HSSa 

94080 

*4720 

93.180 

92.570 


Stock Indexes 

SKP COMP, INDEX (CMER) b.m, 

4H70Dec*6 44708 47MQ^6US 07*70 

ruin If! m 1 ?*-. 5 *° 50 *°- ,n 470. OQ 479^) 

fS -3 * 473.90 48305 

** 

Thu sepen Inr 741.087 up 3640 

ora. -W4, 

|S SSfeS §3 S3 gil ss 

wio a,w 74,00 W3J0 

ES.Sdln NA ijtfiMt 1471 
Thu'sppcnlnt 4,7« up 53 


366.90 


Moody's 
Reuters 
oj.Fuiurea 
Com. Research 


Commodity indexes 

Close 
1,347.70 
2 .W.TO 
1500 
23 Ml 























pN 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 29-30, 1994 


Page 13- 




Credito Romagnolo 
Spurns Offer From 
Credito Italiano 


Credito It 

• •"» ! In ' atr L Camfikdfy Our Srtf From Dispatches 

■ ■"•'f ■ \ \SS MILAN — Credito Romag- 
nolo SpA’s board Friday unani- 

i , mousJy rqectcd Credito Jta- 

‘*Kf l p liano SpA's bid for a 48^ 

, percent stake in the bank. 

■-..rj f Tbe board said Credito Ita- 
j ]L liano’s 2 trillion-lira ($1.3 bil- 
' ■■■••! ^ Hon) offer was “in no way ade- 
quate with respect to the 
objective of taking absolute 
1 > Jv . . ^ejv control of the group.” 

: l ,luh ht Italiano already has a 2 per- 
'* ; ' Ll ^i lojkl cent stake in Romagnolo, so the 
■ ; V: . •’ i 1 purchase of 48.2 percent would 
• V •;> saj: give it a controlling interest in 
15 third*! the smaHer bank. 

*- Credito Romagnolo’s board 

' - v ‘ *0 yu. said it was contrary to its inter- 
csts “to agree to an initiative 
• Or V i that would lead to the renunda- 
1 J <HlIlk m tion” of its autonomy to be- 
:: :< ir ,„ qotne a part of a rival bank. 

• • ^ ,^'ti 4 c ‘V Under" Romagnolo’s bylaws, 

- n0 shareholder can own more 

’ I? 1 ’ than 10 percent of the bank, 

m eft ‘ The largest shareholder is Ban- 
’ ' .i ^ que Nationale de Paris, with a 
6.8 percent stakes followed by 

‘ H ‘ -•‘•3 Ifttu 


Rift Over OECD Leader 

U.S. Rejects Extending Paye’s Term 


CoBde SpA, controlled by the 
financier Carlo de BenedettL 
with 4.9 percent. 

Credito Italiano is offering 
19,000 lira a share for Credito 
Romagnolo, far above the 
13,790 lire Romagnolo was 
trading ai before the bid was 
announced. Romagnolo's 
shares finished Friday at 1 6,800 
lire, up 700. 

Emi l i o Ottolenghi, president 
of Credito Romagnolo, said he 
had learned of the bid only 
through press reports. “It is dif- 
ficult, if not impossible, to con- 
sider friendly an initiative that 
wasn’t preceded by any contact 
with me or with the tank,” he 
told the daily newspaper Cor- 
riere della Sera. 

But Egidio Giuseppe Bruno, 
managing director of Credito 
Italiano, said in a magazine in- 
terview that his bank would 
“not let go of the aim of having 
the majority stake” in Credito 
Romagnolo. 

(AFX, Bloomberg, Reuters) 


By Alan Friedman 

Iiuernanoml Herald Tribune 

PARIS — The United States on Friday 
derisively rejected a compromise proposal by 
France and Canada that would have allowed 
Jean-Claude Paye of France to stay on for 
another two years as secretary-general of the 
OECD. 

“It is unacceptable,” said a U.S. official in 
Washington who sprite on the condition he 
not be named. “It is not going to happen.'* 

The proposal — aimed at settling a long 
dispute over who should be the new head of 
the Organization for Economic Cooperation 
and Development — called for Donald John- 
ston of Canada to take over from Mr. Paye 
after two years and serve a full five-year term. 

Mr. Paye, 60, left his office Sept. 30 after 
failing to win reappointment following 10 
years as the OECD chief. The organization’s 
25 member nations have been deadlocked 
over the choice of a successor, and Staff an 
Sohlman, Sweden’s ambassador to the 
OECD, has been serving as a caretaker since 
Oct. I. 

Although France wants Mr. Paye to serve a 
third five-year term, W ashington supports the 
candidacy of Mr. Johnston, a former Canadi- 
an politician. 

A U-S. official familiar with tbe dispute 
said the proposal from France and Canada 
had been rqectcd because “two years more of 


Jean-Claude Paye is much too long to wait for 
new leadership.” 

The official added, “We have indicated 
that we support Mr. Johnston, but another 
important part ot our position is that we need 
new leadership at the OECD, and we are on 
the record publicly opposing anv extension of 
Mr. Paye’s term." 

Diplomats involved in the talks said the 
only way Washington might consider extend- 
ing Mr. Paye's term would be for a brief 
transition period, with Mr. Johnston formally 
designated as his successor. 

Canada’s external affairs minis ter. Andre 
OudJet, put the proposal to Strobe Talbott, tbe 
U.S. deputy secretary of state, Thursday when 
they met during a Group of Seven conference 
on Ukraine in Winnipeg, Manitoba. 

“This was not the first time the Canadians 
have raised the idea with us,” the official in 
Washington said. 

On Friday, Mr. Talbott held talks on the 
matter with a handful of officials at the State 
Department, including Peter Tarn off, under- 
secretary for political affairs. The officials all 
agreed to reject the Paiis-Ouawa proposal 

In Canada, a Foreign Ministry spokesman 
reacted to the U.S. rejection by saying, “To 
the extent that there is discomfort with one or 
another proposal, we will be looking for other 
ways out of this predicament” 


BMW’s Cars 
Lead Sales to 
8.5% Rise 

Ccnquled by Our Staff From Dupauha 

MUNICH — Bayerische 
Motoren Werke AG said Fri- 
day that demand for its luxury 
cars boosted sales in the first 
nine months of the year by 8.5 
percent, to 23.8 billion Deut- 
sche marks ($16 billion). 

“This win have positive ef- 
fects on earnings,” BMW said. 
While it did not give a specific 
earnings forecast the company 
said it expects a “satisfactory 
fiscal year.” 

BMW said world unit sales 
through September rose 7 per- 
cent, to 434,000, led by strong 
demand for its 3- and 7-series 
models. 

It said demand for its cars 
was so high that only a lack of 
extra capacity kept sales from 
being even higher. 

Demand rose most strongly 
overseas. In Southeast Asia, 
unit sales rose 41 percent to 
17,400; in the United States, 
they increased 10 percent, to 
63,500, and in Japan, they were 
up 8 percent to 20,600. 

( Bloomberg, AFP) 


Frankfurt 

DAX 


2300- - 



London 
FTSE 100 index 

m — . 

3305 T-- 


Parts 
CAC 40 





1 * M ui .J J A S O' 

ISM 

Exchange - fade 

Ameterdan AEX 
Brussels Stad 
Frankfurt PAX 
Frankfurt FA2 
Helsinki ' HEX 
London Flnai 
London • FTSI 
Madrid Gent 

Milan MJB1 

Paris CAC 

Stockholm Alias 
Vtonoa Stod 

Zurich SBS 

Sources: Reuters. AFP 


HJ JA SO 
1994 


AEX 408,05 

Stock index 7,080.75 

DAX 2,040.32 

FAZ 7B9J4 

HEX 1.95&79 

Financial Times 30 2,345.10 
FTSE 100 3,083.00 


General index 
M1BTEL 
CAC 40 
AHasrsvaertden 
Stock index 
SBS 


291.36 
10120 
1 ,905-69 
1,873.00 
417.70 
866.67 


^iTJATA SO 

1994 

Prev. % 

Close Change 

403.87 +1.28 

7,082.55 -0.03 

2.013.20 *1.35 

763.27 +0.80 

1.945.93 +0.66 

2,310.90 +1.48 

3,029.60 +1 79 

288.30 +1.06 

9,805.00 +3.21 

1,858.11 +2.56 

1.874 21 -0 06 

416.30 +0.34 

876.57 +1,15 

Inienun.vul HriaU Inhuw 


Very briefly: 


, 1 1 — — — — — — ^ — — 

1 SAUDI: Despite Mirage of Wealth, Falling OH Prices and Budget Deficits Leave the Kingdom Strapped for Cash 




cash surplus has all but van- 
. ' ton ished. 

Analysts estimate that the 
t uaa^ kingdom’s reserves, which ex- 
• ’ A *-T jj j> ceeded $120 billion in the early 
' 1980s, have dropped to about 
$15 bmion — $5 billion less 
than the minim um required by 
statute to back the currency. 
; v.: u* Tin m ^ The Saudi government needed a 
" “ $4i bflfion line of credit from 

‘ Piwtttj; ^,. Co * t0 

, r make its $55 bulion contnbu- 
* tion to the Gulf War effort 
Saudi rnlers are scrambling 
V v ’ raw to stop the hemorrhage. In Jan- 


* * «•" ^ Wj buiMMi ime or credit trom 

■ ItttBSj. ^,- Co * t0 ^Jp 

, r make its $55 rallum contnbu- 
‘ tion to the Gulf War effort 
Saudi rulers are scrambling 
... i " ,:n>, 1 *!rafe to stop theheraonhage. In Jan- 
* uaiy, King Fahd ordered that 

government spending for 1994 
be slashed by 19 percent This 
— — — month, he told the U.S. Trea- 
. I s*. . . . smy secretanr, Lloyd Bentsen, 

* r H scurfs Listen if - that he wcpld order similar cuts 
**1 ^.^jpetyear. 


Coutiiu^d from Page II Rather, it is that they can’t seem find such notions far too radi- 


to live within their means. 


caL In 1987, the government 


The royal family, which con- quickly ahan rinnaH its attempt 
trols the nation's oil revenue, to tax expatriates when the plan 
nearly doubled government drew fierce resistance from em- 
spending in the 1980s after two ployers. 
sharp but short booms in oil The Saudis are just as wary of 

prices in the previous decade, borrowing from foreign lend- 
When prices tumbled back to ers. Seeking large loans abroad 
earth, Saudi rulers began run- would place th«w fn ibe same 
ning budget deficits rather than category as such resource-rich 
bringing spending back in line, but cash -poor nations as Brazil 
like any people confronting and Chile, shattering the mys- 
budget shortfalls, the Saudis tique of limitless wealth, 
must choose among three op- Moreover, opening the king- 
tions: borrow more, spend less dom’s financial dealings to out- 
or figure out how to shore up side scrutiny would expose the 
nue. The Sau- billions of dollars in revenue 
st option and, channeled to members of the 
at unwilling to royal family, a development 
the latter two. that could undermine popular 


and state-run agencies. But Va- roads, bridges, seaports, and 
han Zanoyan, senior director of power plants — a sizable 
Petroleum Finance Co„ a con- amount was diverted to social 
suiting firm in Washington, programs that can't be sus- 


(Blnomherv A FPi * Denmafk pledged to fully support Scandinavian Airlines Sys- 
i rg, Acrj tem » s pjajjs t0 ^ ^ European Court against the Europe- 

an Commission's decision to approve the French government's 

aid plan for Air France. 

strapped Jbr Cash ■ The Association for the Eurotunnel Shareholders asked France 

u to compensate shareholders for delays in granting the company an 

spending on U.S. weapons has operating license by buying their shares for 42 francs lSS.20) each, 
made the kingdom less secure The shares traded Friday at 1930 francs, far below their I9S7 


^ ■; ktibrakcssL 
M* Repaid 

• •• m iuc cot be: 

vk B\ ioixB 

:• v '.:V.. l U’5u 
; !-r' dsoii. 
«;!hLr Rumib 

• »UE5 
AafiS 

1 hjR fcz 
. 'i-'^Lsnstdae 


The danger is not that the 
Saudis wffl'hm out of money. 


government revenue. The Sau- billions of dollars in 
dis loathe the first option and, channeled to members 
thus far, have been unwilling to royal family, a devd 
seriously attempt the latter two. that could undermine 
Some Saudi officials insist support for the regime, 
that it is time for the govern- In an interview, Hamad 
ment to begin collecting broad- Sayyari, governor of the king- 
based taxes; a few have urged dona's central bank, argued that 
cansideratioQ of a modest val- his government could borrow 
tie-added tax. But many Saudis all it needed from Saudi banks 


predicted that the Saudis would rates in the world, 
be forced to borrow at least $30 Government subsidies touch 
billion abroad in the next three every aspect of Saudi life. In 
years. addition to free health care and 

These constraints add urgen- interest-free home loans, the 
cry to King Fahd's budget-cut- state provides free college edu- 
ting effort. Virtually all the sav- cation to all citizens and inter- 
in gs thus far have resulted from est-free loans to businessmen, 
the freeze on new projects and Government support bolds the 
the delay in payments to suppli- price of gasoline to as Htile as 25 


ers, according to sources famil- cents a gallon and makes water, 
i&r with the budget. electricity and domestic air 

But those measures do noth- travel available to everyone at a 


made the kingdom less secure 
by saddling it with new finan- 
cial obligations. 

Saudi officials have begun 
exploring other solutions. This 
year. King Fahd endorsed sell- 
ing off state-owned industries 
such as Saudi a, the national air- 
line, as a means of paring gov- 
ernment expense and spurring 
private growth. 

The most important variable 
in the Saudi budget equation is 
one that not even the king con- 
trols — the price of oil. Oil sales 
account for about 85 percent of 
Saudi revenue. Each $1 increase 


electricity and domestic air in the price of a barrel of oil 
travel available to everyone at a adds $3 trillion a year to the 


ing to plug tbe two largest fraction of the actual cost treasury, economists estimate. 

drains on the Saudi budget: Defease spending, the other 

massive social subsidies and de- major strain on me budget, 


fense spending. 


soared after the Gulf War and 


Although much of the Saudi now accounts for nearly a third 
oil windfall of the 1970s was of annual expenditures. But 
invested wisely — on hospitals, some analysts fear that Saudi 


To subscribe in Franco 
lust coll, toll froo/ 
05 437437 


issue price of 35 francs. 

• Argentaria, or Corporacita Bancaria de EspafiaSA, said its nine- 
month net profit excluding minority interests was 57,72 billion 
pesetas ($464 million), up 9 percent from a year earlier. 

• RJ. Reynolds Tobacco International, a unit of RJR Nabisco 
Holdings Corp~, said it would sell a minority stake in its cigarette- 
manufacturing company in Kazakhstan to'TekeL Turkey's state- 
owned tobacco company. 

• Renters Holdings PLC said its revenue rose 25 percent in the 
third quarter from a year earlier, to £590 million (S966 million). 

• Germany will approve a new ownership structure for Vox TV, 
allowing News Corp. a 49.9 percent stake: Bertelsmann AG and 
Ca n al Hus SA will each hold 24.9 percent. 

• Brewinvest, a Greek company SO percent owned by Heineken 
NV, will buy an 80 percent stake in Zagorka, a state-owned 
Bulgarian brewery. 

• RTZ Corp. said production of copper, gold, molybdenum and 
coal rose in tbe quarter ended Sept. 30, while iron and zinc 
production fell 

• Kenya’s currency, the shilling, dropped against the dollar in 
selling caused by the liberalization of the oil industry; a shilling 
was quoted at 2.282 cents, down from 2.818 cents. Bloomberg, Room 


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EVTERNATIO.NAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 29-30, 1994 


Page 15 

ASIA/PACIFIC 


'Relieved’ JAL Surp asses 
Expectations on Profit 


" ; Hi 


Compiled by Our Staff Fntn Dapatcha 

TOKYO— A rise in intema- 
•tional passenger demand 
.'helped Japan Air Lines Co. 
earn coots profit than analysts 
expected in the six months end- 
ed Sept. 30. the company's 
managing director, Osamu 
Tgarasfe. said Friday. 

“We had the first sales rise in 
'four years and the first operat- 
-iog and current profit increases 
-in three years. We are relieved.'’ 
Mr. Igarashi said. 

Japan's largest international 
'airline posted operating profit 
•of 18.0v bflKon yen (SI So mil- 
lion). remising a loss of 8.41 
- billion yen a year earlier, as 
both fuel and labor costs fell 
.Net profit stood at 1 1 .68 billion 
yen. after a loss of 3.36 billion 
yen. 

Current profit, a measure of 
'pretax profit, rebounded to 
30.59 billion yen from a loss of 
-7.92 billion yezt. 

Revenue in the six months 
rose 5J2 percent, to 526.36 bil- 
■ bon yen, as more Japanese trav- 
eled overseas. Passenger vol- 
ume grew 6.7 percent, the 

f airline said. 


“The new air fare system 
Pushed up sales. More tourists 
thought overseas travel was 
cheaper than before due to the 
yen’s rise,” Mr. Igarashi said. 
Japan introduced a fare system 
in April that allows more dis- 
counts. 

“International passenger de- 
mand will remain strong in the 
second half of this year, and 
demand from domestic passen- 
gers is increasing," he said. 

International passenger vol- 
ume rose 16 percent during the 


period, and international cargo 
volume rose 11 percent, as the 
high yen boosted Japanese de- 
mand for imports. 

Analysts said the increase in 
international passenger volume 
should continue for the full 
year. But the high yen is likely 
to cause greater price competi- 
tion with foreign airlines whose 
their tickets are denominated in 
dollars. 

The airline said the the open- 
ing of Kansai International Air- 
port near Osaka created more 
competition. 


Robert Rowland, an analyst 
with Barclays de Zoeie Wedd, 
said JAL was “making solid 
progress toward recovery,” but 
other analysts said the company 
must concentrate on cutting 
costs further. 

JAL said this year's increase 
in the yen's value against the 
dollar had caused it large unre- 
alized losses on foreign-ex- 
change rate contracts. The air- 
line had an unrealized loss of 
43.89 billion yen on forward 
contracts, mostly for use in fleet 
financing, as of Sept. 30. 

Naoto H as him oto, an indus- 
try analyst at Nomura Research 
Institute, said Japan Air Lines 
was “moving up after reaching 
the bottom.” 

JAL hopes to reduce its num- 
ber of employees to 17.400 from 
21,396 by March 1988. Mr. 
Rowland said. 

Analysts said JAL should re- 
place high-paid Japanese pilots 
with less expensive foreign ones 
and make cuts in its middle 
managers. 

(Bloomberg, Reuters) 


Tobacco-Ad Ban 
In China May Slow 
Foreign Companies 


?.v;. 


t.M: 

* j 
; - 1 . 
JT ■' 

*-■ i 

f .TH% = _ 

'fk 

Ira? 


Shiseido Profit 

EdgedHigher 

InFirstHalf 

Agence France -Prase 

TOKYO— Shiseido Co. 
said Friday its pretax profit 
edged up 0.9 percent from a 
year earlier, to 15.9 billion 
yen. ($164 million), in the 
six months to September 
despite lower sales. 

The cosmetics compa- 
ny’s six-month sales fell 1 .5 
percent, , to 196.8 trillion 
yen, but it said pretax prof- 
it exceeded the year-earlier 
level. 

It said sales of cosmetics 
went up 1.5 percent, to 
140.7 billion yen, while 
sales of toiletries declined 
IQ, percent, to 43.3 billion 
yen, and sales of foods, 
pharmaceuticals and other 
products fell 1.8 percent, to 
12.8 btffion yen. 

Shiseido expects pretax 
profitlor the year to be tittle 
changed from the previous 
year, #325 trillion yen. 


Tokyo Stays Optimistic 
Despite Drop in Output 

Reuters 

TOKYO — Hopes for Japan's economic recovery remain intact 
despite a drop in industrial production in September and an 
unemployment rate stuck near record levels, economists said 
Friday. 

The Ministry of International Trade and Industry said that 
industrial production in September fell 1.5 percent from August, 
though it grew 1.8 percent from a year earlier. 

“The picture is not bad at alL A corrective fall was natural after 
output grew a huge 3.9 percent in August,” Yuji Shimauaka. 
senior economist at Sanwa Research Institute, said. 

“What's important is that the output forecast for October and 
November is very strong. It shows that the economy is advancing 
at a faster pace." 

A ministry forecast projected that manufacturers' output, a 
major component of industrial production, would rise 0.8 percent 
month-on- month in October and 2.5 percent in November. 

Japan’s unemployment rate stood at 3 percent in September, 
just below the record rate of 3.1 percent reached in May 1987. the 
Management and Coordination Agency said. 

But the jobs-to-appli cants ratio rose to 64 in September from 63 
in August, meaning there were 64 job offers for every 100 
applicants. 

Separately. Nippon Steel Coro, said it planned to stop receiving 
part of its government subsidy for labor adjustments, because of 
healthy growth in its output. 


Bloomberg Business fie*: i 

BEIJING — China’s new 

ban on tobacco advertising 
in news media and public 
places could hinder interna- 
tional tobacco companies’ 
expansion In the world's 
largest cigarette market. 

The ban, ratified Thurs- 
day as part of the nation’s 
first advertising law, comes 
two months before China 
must expand foreign access 
toils cigarette market under 
an agreement signed with 
U-S. trade officials two years 
ago. 

The law, which takes ef- 
fect Feb. 1, bans cigarette 
advertising from radio and 
television broadcasts, films, 
newspapers and periodicals. 

Cigarette ads also will be 
banned from waiting rooms, 
(heaters, meeting halls, sta- 
diums and other public 
places. 

Any ads that are permit- 
ted must carry the warning, 
“Smoking is hazardous to 
your health." according to 
the law. 

Half a million deaths in 
China every year are linked 
to smoking, according to a 
recent World Health Orga- 
nization study. 

“Obviously this does 
damage to tobacco compa- 
nies," Elaine Ip, general 
managing director of Saat- 
chi & Saalchi’s Hong Kong 
office, said of the advertising 
ban. “They can’t afford not 
to keep in touch with smok- 
ers." 

At stake is a market of 
1 .72 trillion cigarettes a year, 
accounting for 30 percent of 
oil cigarette sales worldwide. 

As Westerners spurn 
smoking because of health 
concerns, Philip Morris Cos. 
and RJ. Reynolds Interna- 
tional Inc. of the United 
States, BAT Industries PLC 
of Britain and Rothman's 
Tobacco Co. of the Nether- 
lands have all signed agree- 
ments to manufacture ciga- 
rettes in China. 

“It’s still going to be a 
massive market, the biggest 
in the world,” said Charles 
Pick, a tobacco analyst at 



- Friday's Closing 

• - Tables include the nationwide prices up to 
.the closing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


m 


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Panmurc Gordon & Co. in 
London. “But it could be a 
problem for Western com- 
panies who don’t already 
have some sort of brand rec- 
ognition.” 

Analysts said, however, 
that it would be some time 
before the legislation 
squeezed earnings. 

“The decision will make it 
difficult at some point, but 
at this stage it wfll have only 
a marginal effect," said Ga- 
vin Launder, a tobacco ana- 
lyst at Goldman Sachs. 

Analysts pointed out that 
China had already banned 
tobacco advertising in print 


It could be a 
problem for 
companies who 
don’t already 
have brand 
recognition.’ 

Charles Pick, analyst 
at Panmure Gordon 


and electronic media for two 
years, but enforcement has 
been lax. 

But the government has 
begun cracking down on vi- 
olations in recent months. 
This summer, a large bill- 
board for Kent cigarettes 
was torn down from a televi- 
sion tower in Wuhan, and 
authorities acted against 
some regional periodicals 
carrying cigarette advertise- 
ments. 

About 300 milli on Chi- 
nese smoke daily, or about a 
quarter of the population, 
according to industry ana- 
lysts. 

That proportion may in- 
crease after Dec. 31. when 
Beijing reduces import re- 
strictions that have limited 
foreign shares of China’s 
cigarette market. 

Industry executives say 
foreign manufacturers’ 
share may grow to 10 per- 
cent. from 1 percent or 2 
percent now. 


China Airs 
Concern at 
Job Losses 

The Associated Pros 

BEUING — About 45 per- 
cent of China's state-owned en- 
terprises are losing money, and 
about one-fifth of their employ- 
ees are not needed, a senior Chi- 
nese official said Friday. 

More of the companies will 
be allowed to go bankrupt, but 
first the government must es- 
tablish a social-security system 
to provide a basic standard of 
living for workers who will be 
laid off. said Chen Qingtai, vice 
minister of the State Trade and 
Economic Commission. 

China has 2 million stale- 
owned enterprises of various 
sizes. They make up a quarter or 
all businesses and account for 
60 percent of the country's an- 
nual industrial output. 

Planners arc considering of- 
fering early retirement, giving 
workers money to help them 
become self-employed and en- 
couraging them to enter service 
industries. Mr. Chen said. 

Few large state enterprises 
have been allowed to go bank- 
rupt The government fears so- 
cial unrest may result if China 
starts to allow huge layoffs. 

But millions of Chinese 
workers are paid for contribut- 
ing little to production. Mr. 
Chen estimated that 20 percent 
of the workers in state-owned 
enterprises were unnecessary. 

He said there had been dem- 
onstrations and other signs of 
protest in some areas but that 
most of the country had been 
quieL He did not say whether 
the demonstrations ' included 
strikes. 

Mr. Chen said that about 
1,500 companies had gone 
bankrupt but that fewer than 
half were state-owned. 


Investor’s Asia 


Hong Kong 
Hang Seng 
HMD 


1BOO - 


Singapore 
Straits Times 


Tokyo 

Nikkei 225 



8000 m j j ‘ a s o 2100 M J J 

1M4 T9S4 

Exchange Index 


Hong Kong 
Singapore 
Sydney 
Tokyo 


Hang Seng 
Stouts times 
AH OrrfnartBS 
Nikkei 225 


Kuala Lumpur Composite 


Bangkok 

Snout 

Taipei 

Manila 

Jakarta 

New Zealand 

Bombay 


SET 

Composite Stock - 
Weighted Price 
~PSE 

Stock Index 
NZSE^O 
National Index 


Sources: Reuters, AFP 


A’ a 'O' ,8WU M JTA80 

IBM . 

Friday Prev. % 

Close Close Change 

6,378.47 9,304.58 +0.80 

2,362.46 2,356.69 +0.24 

"£021.20 2.032.20 -0.54 

~19.8D5.16 13,738.36 +0.04 

1,113.04 1,101.74 +1.03 

*1,506.12 1,501,73 +0.29 

"UJ 8 Z .58 1 . 084.71 -0 20 

6,604.96 6,59497 +0.15 

3.06&52 3,060.25 +0.27 

516.41 517.85 -0.28 

2,095.17 2,090.42 +0.23 

2,025.16 2,043.40 -089 

]nvnuuinal lluaU TiiMc 


Very briefly; 

• Manila Hold Corp. is seeking to raise at least 363.6 million pesos 
($14.6 million) in an initial public share offering. 

• Nikon Corp. announced a pretax profit of 1.2 billion yen ($12 
million) for the six months to September. 

• Citizen Watch Co. cut its pretax profit forecast for the year 
through March 1995 to 10 billion yen from 17 billion yen. It 
blamed the strong Japanese currency for the reduction. 

• Japan's 1994 rice harvest is the best in 26 years, the Agriculture 
Ministry said. Last year's crop was the worst since World War II. 

• Malaysia will be able to hold inflation to qo more than 3.8 
percent, according to Ministry of Finance projections. 

• Matsushita Electric Industrial Co. has no plans to relinquish 
control of MCA Inc n its president said. The chairman and 
president of the Hollywood giant are demanding more autonomy. 

• China's first television station dedicated to music videos began 
broadcasting in Shanghai, the Xinhua news agency reported. 

• Mazda Motor Ccnp. of Japan plans to contract Ford Motor Co. 
to make Mazda cars for the European market, a spokesman said. 

Reuters, AFX, AFP. Bloomberg. AP 


Taiwan Semiconductor Net Jumps 125 % 


Bloomberg Business Seres 

HSINCHU, Taiwan — Tai- 
wan Semiconductor Manufac- 
turing Co. said Friday its earn- 
ings in the first three quarters of 
1994 soared 125 percent as it 
introduced advanced manufac- 
turing technology and raised its 
capacity. 

Taiwan’s largest semiconduc- 


tor maker said profit climbed to 

6.04 billion Taiwan dollars 
($232 million) in the nine 
months from 2.68 billion dol- 
lars a year earlier. Philips Elec- 
tronics NV owns about 38 per- 
cent of Taiwan Semiconductor. 

Rising demand helped propel 
sales to 14 billion dollars from 

8.4 billion dollars a year earlier. 


Taiwan Semiconductor’s 
stock climbed 3 dollars to 159 

after the results were an- 
nounced. The stock was also 

pushed up by news that the 
company had signed an agree- 
ment to sell microprocessors to 
Advanced Micro Devices Inc. 
of the United States, analysts 
said. 



Cost of Hong Kong Traffic 

The Associated Press 

HONG KONG — Hong Kong's traffic jams could be costing 
the colony 18 billion Hong Kong dollars ($23 billion), or 2 
percent of its economic output, in lost working hours each year, 
according to a report issued by Hang Seng Bank on Friday.’ 

“If the time spent in traffic congestion is pul to productiv e use, 
a 10-minute daily delay for each worker would equal 124 million 
working hours for the whole economy," the report said. The bank 
estimated each worker's output at 150 dollars an hour. 

Hong Kong has 27 1 vehicles for each kilometer of road (434 per 
mile), the highest vehicle density in the world, the report said. 

If present trends continue, Hong Kong will have more than 375 
vehicles per kilometer of road in 2001, and “the overall efficiency 
of the economy will be seriously impaired." it said. 

The bank urged the government to build more roads and 
railways and promote the use of public transport. In the short 
term, the government may have to restrict the growth of private 
cars to ease congestion, it said. 


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Page 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 29-30, 1994 


NASDAQ 


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8 295 13*% 


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15 1 .. 9%BovRk»e - 465 14V,, 13% I49k -ft 

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29%22ftBeHBcps 30 IJ 16 175 26% 26 26 —Vi 

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16 7 BellMic _ 15 70 13% 12ft 12ft _ 

A* % T -Z 

gauss' 

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55ft 27ft Biogen _ 7316636 47ft 44ft 47ft -2’A 

13% 9 Biomet - 19 4697 11% lift 11% _ 

7ft 2 Bkaegra - _ ,342 3ft 3Yu 3V, -ft 

5% 1’aBtoTcG - _ 3415 2 15k l’.«— *8 

15% BftBlcfcBxS - 19 19* 14% 13% 14’i -ft 

35 26ft BootBnc 134 4.6 9 4895 29ft 29ft 29ft -% 

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21 W 12% Boormwn _ 1336 13ft 13 13% -% 


32 21 '-DF3.R 

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35 1 ,. 17% DSCs 
29ft 17ft DSG Ini 
27ft 17’iDSPGp 
31 SftOcmmlc 
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23ft 7 ft Dataware 
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22ft 9ftCK3vRun 

33 V, 23% DeVrv 

24ft 1 1 V, DeCJcOut 
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21% l4%DW«ime 
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lift 8ft DresS 
31ft 21ft DrwyarG 
46ft 14% Duracrft 
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34ft SftEglHrd 
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19% FVjjEncad 


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21 ft 12% Boormwn _ _. 1336 13% 13 13% -% 

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25%16'kBOStOlS _ 66 3323 19J* 19ft 19ft -ft 


- 3D IS* 28V. 

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-. 2611129 31ft 

JSe 1A 14 155 25% 

_ _ BTO 24ft 

_ 22 378 II 

.. 33 *869 20% 

_ 19 4176 19 

- - 669 13 

IA0 4J 11 286 2*ft 

_ 41 7*0 22% 

_ 15 *180 11% 

19 2*8 29 
_ 15 118 15 

- 2517078 u *3 ft 

- _ 773 14ft 

.08 e J 15 2225 31% 

1.12 3A 8 89 JO 

_ 24 1106 7% 

- _ 481 22V, 

_ _ 1887019 

A0 3A _ 235 22ft 

_ 15 394 16ft 

_ 47 654 II 29 

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_ 16 97 37% 

- 83 558 19V. 
JO J 29118371)30 

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_ - 2018 21 

- _ 104 27% 

_ 13 453 9% 

JA .9 44 531 25% 

_ 26 468 39% 
42 24 IB 1148 17% 
__ 1455 28% 
.13! J 24 5039 19% 

- 20 911 14 

_ II 271 8% 

_ If 7637 10ft 

”] « >S =«. 

_ 65 1835 21% 
_ 292 816 8% 

_ 12 2U78lf 16ft 

- 17 1647 41 
_ 2314235 22% 

- 20 2309 27 

_ _ 52 15% 

_ _ 1386 lift 

- 19 2150 17 


27% 38% -ft 
26% 26% — % 
30ft 31 -ft 
25V, 25ft -V. 


23ft 24 - Yk 

ID'/. 11 -ft 
l*ft 20% *% 


21% 21V* -ft 
16ft 17 - ft 

28ft 28ft -ft 
14ft IS - ft 
41ft AJft -1ft 
14 14% - Va 

30% 31 -ft 
29% 29% — % 
7ft 7ft -ft 
20% 21ft - Ilk 
17ft 18 ft -ft 
21% 22ft - 
15ft 16% -ft 
28 28% * ft 

21 21% -ft 

Mfc 15 - ft 

37 37 —Vi. 

18% 19 

28 29ft - 1 % 
20 % 21 _ 
20% 20% - 
26ft 27% _ 

9ft 9ft —ft 
25 25% -V., 

38ft 38ft —ft 
16ft 17ft -ft 
28ft 28ft —ft 


18% 10%1-STAT 
20% 5ftlDBCms 
35% 22 V. idexxLcb 
7% *W I DM Errv 

21 ftlOWIECEIc 

33ft 25% I HOPCp 
39 18 IMR5 

16% I*Y.IPCInfD 
15V, 6 ImuLog 
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22 lflfttmunex 
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21 7%tnacom 
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32V. 17ft!rtoSott 
39ft 1 1 Yi frrfDRes 
28% 14% inlormit 
27% 9 input s 
24% 15%lnsgFn 
29 12ftins,kji 
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cftMftimAut 


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- 37 20*8 28% 27% 28Yi -ft 

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- 6 6963 11V.dt<r%. 10ft— 3ft 

_ 70 138 28% 28 29 — *4 

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- - 873 15 14V, 14% — ft 

_ 560 7% 7 TVi -V. 

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21 % I!' ■ Multcre 
39”. -27 Multmd h 


17 1422 X'< 
13 517 79' i 


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18 18ft -% 
13% 13ft -ft 
10 10ft - ft 
39' « 40’ a - 
76' a 71V. -2 
32 33V. 

lift 11% *'•: 
43 A5V, - 1 ■ 

8 8% -ft 

8”. aft 

36 36% — ■ • 

61ft 42 ft 
16”, left —ft 
SJ’k 19 Ya 

23’: _ 

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27ft 27ft -V M 
26 26ft 
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12ft 17ft — '.« 
19% 20”. -ft 
19% 19% — 

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20% 20% — ' a 

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29% 14%lntStSv 
73% 50% iron 
19ft 12% Intel wl 


i s'S'r.v 

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_ 3013733 27ft 27 27’/. —ft 

_ 19 14*5 22 20% 72 -lft 

- 30 50 70 19ft 20 _ 

- _ 260 27 76ft 26ft -ft 

- 31 431 13ft 12ft 121* — 't 

- 39 10* 32 % 32V. 32% — I 

_ 16 77*0 28ft 29ft 27% —ft 


10ft l'Vu IrtlSrn ! 
a 13ft imeiEi 


J4d A 11 58525 62*u 60ft 42”. -1ft 
- - 6721 14ft 13% lj> -v„ 
_ 685 2Vt« 2V= 2V C 
M 16 15 2*OJ IS*, lift 15% -ft 


lift 19% -ft 
13ft 13ft - % 
7ft 8% t% 
9ft 10ft ♦% 
30 33 -lft 

4 4ft — % 
20 21% - 1% 
8% 8ft _ 
15ft 16% -ft 
39ft 40ft — 1 
21 Vi 22 *% 

11 11% -ft 

15ft 16ft -'V H 


17 IDS Intrtcln 
lift 7%iniepn 
66%32SlnlgHI1 
28% 20% interim 
1% 2% intiied 
17% 9 IrrtrCm 

Bft 17ft imcbte 

UftlS I ml mag 
17% 7% Intersl v 
18% SSirrtvotce 


JA il is 36M lift l?Yk lift -*! 
„ - 6495 8ft 8ft 8% -% 


32 2* MAC Re 

21’il4%NNBOI1 
a 26‘.r*SBC9 

15 IDYiNACC 
14', lO’.NtCDff 
57 ’ « 75 NaJOros 

9ft 3'.NTecm 
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34> . 6 NotrSty 
K'lK'.NdutiCas 

3>%?{%i<M<rcor 
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a l»'-« Netmng i 
73 -a l7”:NlwKG 
13ft SftNwklrrrg 

9ft SftNtwkSv 
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16”. 5%Nwtmag 

16 BftNewWrtd 

23 7>,N«*DkP5 

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63 *8’ . Nordsn 

a 31 NtJrCif 
19 1* Morrell 


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J2 11 It 7*8 28” • 

15 *431 12ft 
JO 7_5 _ 25 14ft 

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.. 31 1177 4”s 

..338 103 17 
_ 1* 1035 6 » 

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_ 74 JW 30% 

.16 a 2 70S If, 

_ 14 4030 8ft 
._ 44 3537uJ9 

- 75 636* as 

_. _ 230 8”. 

.. 119 1361 2% 

.30 O 1? ID 19’, 

.. _ 497 6 

_ „ 1589 13'a 

- 46 10831)33’ : 

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_ 73 16*68 7 1 . 

_ a M7 39’, 


25 25’ * - ft 

19% TO”. — ”i 
27”, 28ft -ft 
12 Ifft —V., 
14 14ft • ft 
■J2S 33 - ft 

s', r, —ft 

16% 16* a —ft 
6% 6*. - 
28% 28* . - ft 
29 jd'.-IYi 
18% 19 - V. 

7‘* S’ a —ft 


18% 12 RFSHIt 
19ft 16V. RPM 
11% *%RodicoG 
18% 7ftRodtuss 
31% 19% Route* 

25 9Y,RolnTc 
12% 3”,RoHyk 
24% 12'/.ReUte 
19'* lOt.ReodRt 
23ft 12 Recoins 
26% IS Redman 
39 l6%RogiOn 
36ft 29ft ReanFn 
14 8%RetBcD 
31 I8v« RenCom 
25%ll%Renoirrt 
v% 4ftRnrrak 
Sft JV.Ropap 
16 lOWRepBcO 
M”: 5 Resound 
liv, iV.petG 
48ft 34 ReutHds 
T2 r.PedSgn 

lift SftPOXIm 

18% 13 RKTrfood 
ll'a 7%Rie5Nt 
lift lrWRioHtl 
25% T5%RrV0i 

74' , 53% RoodSv 
42’ , l9*«RDtPttr 
21”, UftRoeftCS 
IBY, 13ft Rock Yon 
3lft22”.RogCorW 
78% !3ftRlvttFn i 
9 18 Roper 

18ft 12%RassStr 
27% i2'.,Rotecn 
70% I*'-. Rouse 
58 49% Rouse pl 

70% 13”. RuralMet 
9ft SftRvanP 
20ft 6' ,53 Inc 5 


tA 18 5*0 14% 15% 15% _ 

if 19 1148 19 llVk 19 -ft 

_ _ 411 5ft 5ft 5ft - V, 

_ 624 9ft 9V, 9V U **;•. 
-. 25 138 20% 20 20 — ft 

_ 17 753 1 7ft T5V, 15ft— 1% 

_ _. 441 4ft 4ft 4ft — 

„ 20 25 a'. 1 , aft 23% _ 

_ 4319155 18ft 16% IB*** * IK, 
_ 70 817 19% 18ft 19 

- 6 4V 17ft 17. 17 —ft 


vw " ; sg 55s S2 -i 


„ 31 Hi 14ft 14% I486 .. 

17ft 39kTrfnk|d - - ^ ,3ft ,3ft 3% -ft 

20 12ft THsm -. - 2* 14% 14% 14% .ft 


3A 10 1B40 31 31% 31V. _ 

3.9 _ 1932 10% 10 109» - Via 

_ _ BOO 2T/u 56ft 27 -ft 

_ 25 196 20% 19ft l*ft —ft 

.. 29 395 Bft 7% 8 -86 


70 12ft THsm _ 21 )4ft 14ft 14% .86 

= s n ig 

6ft 4lkUnBct} 64 Ml 3ft 4ft 5ft -Yk 

*8 30 UtSiF AOblJ f 595 33ft K% J3% -ft 

is ft T5 uraint* „ _ Io is 14 lift -ft 

26% 27% USOdOR 1.00 A1 17 7008 MY6 23% 24% • ft 

14% BftlSPdfi — IS 361 lift 10ft lift -ft 

49 Tfl’iUS Htmi A4 1.8 » 7lj& 46% 4»*’» .. 

Jlfv, & 2»-i* 

40% 49v> us r» in U n Too u 6i »% n -ft 


Mm 


2JV-, 12ft 50 SYS 
78'.; 17 5El Com 
O’. 16HSFF«I 
31 SftSLMs 
6l’t 47%5cteC0 
33’, TO’.srrvl’a 
37 24 % 51 Jude 

24ft 16% stPauiBs 
31'-, 15* i Sanmina 
11 4”a SonJCr: 

aft 7ft sorter's 
28% is ScndBdc 
33”, 17’ , schrrnr 
S4’.U>aScnolO> 
2?’; 15V, Schuler 
291.21 Sctilmns 
27ft 4ftSdaone 
*5 ”, ifVaSoGme 
51 ft 25 Schrwd 


IS-: aft -3'* 
18ft a -I*., 

6‘a 7’* aft 
18’., 18% — ”, 
5% S’-. 

13”, 13ft - 
27’ t 73% -% 
20ft 2Ift-lft 
4’a 7 a ft 
Mft 39”, -ft 
S5% 57 - 1% 

46% 48% * ■ 
i7ftir%i 
7*k 7”. - 

35ft 36ft *7, 
20”, 20"i» — v« 
6 6 -ft 

17ft 18 a’i 
16'. 178k -ft 
53 54ft -ft 
14 1AV„ -2 a 
18% IB”, — Y, 
19ft 19". -Y. 
13% Mft aft 
6ft 6ft -ft 

21 21V, aft 

29ft 29'i TS 

?U: % 

Sft 6 aft 


3 ss & r 


63 4S’aNOR35n 36 1.0 7* 6S7 57 

a 31 Nor Gif .40 A 22 7Si3u48', 

19 1* Morrell .066 3 .. 1338 18”, 

S’:?"” .NAB« _ 17 3CJC9 7ft 

43%15'aNorTrit .88 J.* II »19 36% 

21ft Il'rWwslAirl _ ..1010 20% 


- - 725 11 104* 10ft _ 


— — ii-t ji j'-a - 

_ 29 835 u 25’ : 24% 25ft * 

27D9 1786 16*. 17 —ft 


73ft 2 Intuit 
318*22’/. Irtvcore 

n , ft13V,lfron W 

SSS??!8JK fc 


- 24 6103 16ft 15ft 16 -ft 
_ 4709 69”. 6?W 68ft • ft 

A5 J 19 398 31V. 29% 31 - ft 

1J9e A 39 2 215 215 215 -2 

36 751 Hft 21”. a", -lft 
_ 13 1197 lift lift 11% -ft 


41 ft 17V. JUG .10 2 14 86 39*. Mft 38% .. 

K!,S& “ =f " % tSS’SSsife 


13'. 6 NwStiV.tr 
a%1S Non Me 
M”. O’. Novell 

55'” n’ .NCVlUi 
|9% 10”, Novel 
a 15 NuKoleA 
24”. 1*ft DM Cm 
19% 9 OP71 
14”, rkCoogon 
10V. Iftoaognwi 
X 1 s’/: Octet 
17-kiiftOffsLoa 


_ 15 447 6”. 

_ 15 537 18”. 
_ 733768® 17= - 
.. 25 2710 SS’.-s 

I 19 250 19 ' 
JS 1.4 14 1883 19;, 
_ 14 24M 14': 
_ . 532 6”. 

_ _ 637 2'': 

_. 44 493 21ft 
- 14 944 13 


Va 


X'% 18 JonnsTn* 


uy, —ft 


_ _ 1644 168a 16 V, 14% —ft 

- 27 329 MY, |9% 70 Ik -ft 

_ _ 13 14V, 13ft 14ft - Yk 

2B 1.5 16 366 19 18ft 19 

_ _ 733 uSi'.a aft aft — % 

.16 IJ 10 518 13V. 13 13ft -Vk 


30ft 108* JustFF 
18 10 Justin 


g lo is st: 

Siig^SEn • I = 'ivl 

37%25%OnbC» 1 00 3A 7 577 26% 

20»i10 §3§gr z 20 492 w ’' 

*6’/S 26’ .Orocte J _ 4416856 JSft 


33 9 704 12% lift 12ft -ft 

... 25 2116 10 9ft fft — Va 

- - 1525 Sft Sft 5ft t ft 

A » 3676 47 45ft 46ft a 2ft. 

- a 812 10% I0W TOY, — V. 

_ _ 481 4ft «% *ft - 

A 16 80 16V. 15% 16% *% 

- 412 91k V * —ft 

17 730 13ft 12ft 13 — ’ ft 

A 16 281 2Sft 35% 25% _ 

23 46 3093 57 SS'A 57 « 1 ft 

... 33 BI3 27% 2684 268* *% 

J _ 570 18ft 18'1 18ft *% 

13 _ 25 17% 16ft 17 aft 

_ 833 30”) 30 30% ... 

2.9 2468 15% >$ 75 — % 

A 20 10O0 2A 2* Mft •% 

1 A 11 585 14ft 14 14ft 

_ 26 1706 25% 74 25% -ft 

3.7 773 19 lift 18% _ 

35 _. 1451 50%d«3 49ft _ 

- 28 465 20% 19 19ft -ft 

_ 11 700* 6ft 6ft 69u -ft 

_ 43 3490 13% 17ft 13% _ 

- 25 3137 lift 18ft 18% -ft 

A 23 88 2) 21 

1.8 _ *60 17ft 17ft 17% —ft 

- _ 1835 6% 5% 6% -ft, 

X* 9 6485 50V. 49 SOfta-lV* 


IsiEssr ii H $ sa ss 

»ft 4ftUnvSK . _ 43l 4ft 4 


- 21 416 94% aft 


aft 4ftUnwG)C 
31%19*AUrOnOu1 


. _ 431 4ft 4 6 

_ _ _20B 30ft 30 » 


3S *JS 




72 JftValTkCn 
15% 4 VCMVHA 


24% 138* VahiM 
79 ISftVBrdQi 
48 15%V«Mrtrx 
Mft UftVerHne 
20 lOVkVkrtXPh 
30% % Vtcor 

21%13’AVtearp 

s 

2?ft20ftV*Wft» 
28ft 10% VOX 
33ft 12 vmom 


... _ 9*1 3ft Sft Sft— ft 

... _ 438 3 4% l 

_ ,-Z Tl HR* » » 

- 315 27ft 26% 27% -ft 
.. 4328623 2fft »ft 22% *3% 

- 21 1594 »% 21 ft 22% aft 

_ 33 l5% 13 13ft -ft 

„ a 2046 jK 25ft 29ft -lft 

_ 16 30 17% 16ft lift - 

51 U .. 1 25% 25% 29% —ft 

- iii m f s ft. 9 

„ _ 1770 77ft 21ft ah — % 




- 36 1964 30ft 30 30% aft 

_ 486 13ft 12% 12% —ft 

_ ft 3509 lift 14% 1416 -lft 


5 * li If !g SH 


_ 34 at aft 2a% aw -v, 

1.1 17 5922 u 37ft 36ft 37ft -ft 
1.4 12 737 21% 20ft 20% -ft 

- 15 1349 2 Mi 23 231k —ft 

23 2378 10% 9% 10’ A -Vk 

_ _ 1873 31k Z>Vk 3ft -ft 

- _ 149 25 Mft Mft —ft 

J 16 14 23% 22% 23% -ft 

- 26 148 46ft 45ft 46ft -ft 

_ 9 *075 16 dl5V u 16 -ft 

1A 24 398 a 28V, 2? -lft 

- - 1715 6ft 6 6% —ft 
_ 17 2145 44% 41 44% -3% 
_ 191 5309 48 46ft 47ft -1% 

2J ll 1929 2?V 2IW 22% -ft 

1 13 ifll ifS ift & :5 
= ^ 
iK « 

3.7 23 4133 u 30 8k 29ft 30% -ft, 

I M 7M 20W 19% 20% _% 
- *n 13% 12ft 13. -ft 


©.Kissr 



40 29’*WcfiDcxa _ 30 1053 » 35ft 36% -ft 

21% lOkkWonpLaB - , 243 13% 13% OH — % 

2S%,17ftWF5T^ 14 U 1 IMS 11% 18 lift -ft 

36%T7ftWMSS J6 4J. 7206*6 11 %d 17ft 1* —ft 


36%T7ftWMSB JA AS. 7. 
123 PftWMjBpfOSjn 69 
3Mk lTftWaTtnPn - 27 

a 23 WottHns J3 .9 17 


35 JlftWaliJP* J* L0 IS 1 

25% TS WbOFn J2 24 7 139 

17 16 Wefcat 17 H2 

30 uftwSnMsr -u M 

33ft 22ft Warner .10 4 1* _« 

32ft23ftWM>One 32 >4 n 2183 
24ft 6ft Wxtcots „ 22 *351 


“• £ S% t SS3S%rr 

J2 .» 17 303 24ft 23ft 5ft aft 

J* L0 15 1869 23% 23 fift' -ft 

J2 24 7 139 31% « 21% _ 

„ 17 H2 36% 24ft 34%— 2% 

- 34 5m 26% 25ft 25ft —ft 

.10 4 H « 2586 25% 2ft 

73 2* IQ 2183 28 17 ft 3 -ft 


24ft 6ftWHcots „ 22 6351 13% 12ft 12% -ft 

14% lJYkWesterhd .IM U .. 499 13ft 12%lSj.-l , /U 

20% 9%wsmPB - ... ni 12% 12% 12ft -IS 


31 17 WStWotr N . 48 2a 29% 28% Mft -V4 

j ft'stssssr ziawwSEHf 


_ 38 71 

# - i 


- 


u% sftkvxtwon , M _ 830 9% 9ft 9% 

S3S15ft«5g?r r m 3.^ 3tt 53fi US 

30ft fftWhdlHty i. 73 l» 15% 14ft 15ft -ft 

24ftl2YkV<r-CkLU _ _ _!« 15ft 15% 15ft -ft 

59V,aftWBk*m .96 2.0 5 *« 47ft Mft 47ft -ft 

35 11 WmSons _ S 1972 33ft 32ft 33ft -ft 

aft 23ft WimrrfTr U» 4J 11 MJ M% » 25% ... 

1% 2>Vh|Wbtstar _ ■> 3970 Tfg T 7 —Ma 

*5% 23ft WfacCT 5 _ 36 1133U46ft 44ft 45Yk -ft 

^&i!5sr s ’] 

16ft AftXariNet _ _ 1534 15% 14% 15. *% 


26”. 26ft —ft 
5 9 *,— Vu 

21 211%, -1ft. 

18 18% -8k 

43% *5%- IV). 


CE EfklERIfeJ 

12 Xpetsre - 31 87 Mft 19% 19V, —ft 

.94 44 “ !w U |fft 

zrfS 

«i =9 , fiSBS SSSS:& 


= i 3g r IU 


i 2 J&§gl 

«S H SBfca. 

41ft 6%ZaOMed 


1 =5 s 

! ,J0 “ .? S 


i u m% aw :i1 



AMEX 


12 Manfti 
HWi Low StoQc 


Ss I 17 Motto 

DN YM PE IPOs Hgn LowLateflOfiH Hign low stock 


Sts | 17 Montn 

0t» Yld PE 100s Hi0l LowLCftWOl'Oe Ugh Low Stock 


Dry YM PE IPOs HW Low Latest Oi*Be | Hah Low Slock 


Ss _ [ 12 Month 

Dft Yld FE HO, Ugh LowLoWntOrge Won Low Stock 


Dft YM PE iao» kfiotl LowLotetOVge . 


3ft 2% Front Art .11 X8 13 2 2% 2% J% — %_ 


Friday’s Closing 

Tables Include the nationwide prices up to 
the closing on Wall Street and do not reflec 
date trades elsewhere. Via The Associated Press 


_ ii 
.76a 7 J ” 


’? '? I 

3&1Q -% 


12 Montn 
High Low stock 


fl 7% —V. 
lift 12 _ 

11 Yk 11% - 8k 
271. 28% -ft 
2% 2%. -Vu 
Ift. 1ft, + % 
VA 2ft— Va 
3% 3% - Va 

x iHt ^ “ “ 

.P ,1” :5 
6 6 % _ 
lft 18k _ 

ft, ft, 


2ft vZ -« 
ft ft - 



7ft l%T«xBiun 
16% THTAxMer 
19 lift 



1W|| 1>%»— «/|| 
13V, 13ft -ft 


= 5 

- 37 
n .158 14 _ 

- 42 


_ 22 3531 

44 534 S >9 
PfD 1040 104 _Z50 

JO* 14 S 


17% 18% - ft 
15V, 15% -% 
31% 31ft -. 
9% 9% ... 

8% 8% _ 
15% 15ft -% . 
8% Bft * Yk 
B'k Ift — % 
15% irv 

2^30^-*^ 
3ft 3% _ 

lft lft, —Ift 
94% Mft —V, 



8ft 3ftS8Mlod 
6ft 4ft SC Bo, 


42% 34 SJW 
4V), IftSCH Ind 


_ 41 

2.10 6.T 10 

Jib lH 15 
- 42 


.10 7ft 7ft 7ft -ft 

12 ? S& $ (kflOCtjB 

38 2%, 2% 2ft -ft 


4Vu iftsoi Ind ^ 17 

J6^17%gPIPh Jib 1.1 15 
1 1 SooaCom _ 43 

'hk 4 ^i3ll£S S A771I3 I 

j&ipUEX ao 33 ts 

saSftSeai^fif h = 
iTft'avSissrcfli 4 ” ° - 

vs 76*2 sSaL^T 3.99 *3 “ 

»k288*SofORO. 130 il . 

iW = 


638 ?V U 3ft 2ft -ft 

272 23 22% 22% —ft 

47 15ft 15% 13’A —ft 

« 4ft 4ft 4ft _ 


a j = 


-a «c 
^5 % ■fckBjt 


|S1ft^ lr ’ 3 -” %f i z 

I3S,? V ’& T « nn 1A0O 8.7 10 
lSftll8kSSoortA 1AD 817 _ 
26%21ftSD80pfH IA2 BA — 


2* 35% 35% 35% _ 

s 18% 18ft 18% z 

88 41ft 4ft 4% _ 


37% IftSnFra 
eft 4ft Sandy 


o» —n 4% _ 

10 11% 11% 11% . % 
? UJ? «% _ 


;e ?J!SEg c i « 

i? z ? 

^I’lTas dft ’J .? 

’•S’S i^iPck 30 ’z 9 s? 
li sL’S^ss - 20 

9% 3%^SfSMd z 8 

’i% fcES!? - 06 1 1 

r 

7% I 8 

»% 4%Smulir _ sb 

42 fi \'?0 

!12.52:»i4 asSJj r 

9 .4%Scftnet _ _ 

6%]1%S^0plB I M 8.8 r 
»7%]2%^dplC 1A6 8.7 _ 

16 7/ il}%SC£dptD 1 0* BJ _ 
l9%13ftl^PfE 1.19 84 r 

If* 5CEd CTG 145 SJ _ 
IMftWftS^dptK 753 17 : 
26 21 SCEdpfR 1A4 8.6 _ 

73ftl6fts5uCD, J11 U S 
7ft 38kSanL«l» _ ” 

, Jw , 3%sSSrSS B,17S ,,A 7 
lift 1 


.16 U 8 
'£ , J 9 li 

= li 
- 8 


46 J 
SO 134 * 


L0 ~ 5 27% 22ft 22V, ~ 

5 A i 85 is i8-5 


g &SS8& 

*»[ 1 43'v;^re 
1?%6 SlarrlH 

l& ^IS^n 


.12 2.7 Z 

1.1B* 3J 


I.JW ,4 *. 

JS 3.1 17 
40 2J30 

•73*11.1 


17% IftShkrfher 
1 7ft 8% VyteVId 
108k2|ift|!4M 

6% SftSunCty* 
3ft IftSurSr 
I%5UHNur 
!?. ,4ft5im*njr 


JSO 5J n 

_ 94 
- 14 


.84 9J _ 
- 30 
_ » 




,6W 4%Suprtl 
* A 4 TSF 


— - ’8 
J2 2J 15 

- 8 


Ss fiSTKST 

,5ft 7'.; TeSh 
* 8' « Tdchttl s 

Jfft ,9v* TepnPw 
13 Teirw 


JO 24 1* 
56 4J 14 




A U IS 

.10 1/ u 

36 .7 a 


ITftT empG U 48 a 34 " 
i YkTcnero _ ~ 


IM 8ft Sft 8ft -ft 

n ; v 4 

» ,lS & 12% * v “ 

B 182% 181 182% — % 
» 'Sh ^ ’SftTSS 

, 2 u, §s vu vu ^ 

40Q -1% 4 4% -ft 

~39 12'A 12% 12ft *5 
412 ift 6 Aft -ft 

TO 3V« TVu 3'A +»,, 

62 3ft 3 3% -ft 

£ ^ 3% ? ’ll 

77 5% 49a 5 _ 

98 18ft 18% 18% —ft 

10 5% Sft 5% — v! 

1» 24ft 74 Vk Mft —ft 

61 9% 9ft 9% „ 

17 13% 13 13 * 

J 7% 7ft 7% I 

110 12% n% uk — S 

11 12ft 12ft 12ft _ 

18 12% i2% 17ft _ft 

6 13% 13% 13% -ft 
» 16% 16ft 1H* —ft 
IT 87 cB7 87 —lft 

45 21% 21% 21% —ft 

,2£ ’SS ’SJ* j- 

1299 4ft 4% 4ft + C 

'« l*Vk 15% - % 

5. 5ft Sft 

<a ja j 

5sl % 

76 4ft 4% AV, ll 

190147^46^9,-,%* 

, 6 34>w 33% 34W -ft 
122 15% 15 15 -v, 

Z 64k 64* 6ft 

! 10ft 10’/, lOft „% 

J 6, % 4% 6% — y. 

*2 fii fft +% 

SS .*'* .’ft 1% +14 

ZW 12 lift lift -ft 

230 3Vu 3 3ft. 

1W W 0ft f I 

46 6 5ft 6 -ft 

» !«. l%a 1-v. v\u 

29 10ft 9% fft .lift 

?? ’15 *S5 IS tS 

2 ’/u "a 7a 

suk’i: 

»%»% t% 

IS 8% Bft R )■* — % 

115 13ft 13% 13ft — % 
5 2*Va 2'Vu 7-v,, 

“ TS 14% 14% _■£ 

1 5 9? a 9ft 9ft I > k 

101 U*k 13ft 13ft — % 
S*9 49% 48ft 49ft , ft 
kIM 13% 1 7ft 13 W tft 
131 1% lift IVu _ 



aJL/> 































ngffaHtfjiifi] 

,'Mm 




The Asset 
Class for 


■ : ,ll|The Future? 

e; b «;£ 

j. ** $ fyi A ■ ECESSITY may wdl be ihe 
| ,[■: ifcj 3'*? mother of invention in some 

*v.u sjjjj.- BvH spheres of human activity but, in 
•-j 2^5; ■ finance, its relationship' to cre- 

* ijj 1 ativity and inspiration is at best tenuous. 

• A ifiif - 0 At worst, it is degrading and inimical to 
"'■«i worthwhile. investment-oriented thought 

:• §*v r— more the child abuser than the loving 

i ?i •» ^Wher- 

I|j ^ ?■•* Consider the brutish, nasty rape of rear 
; * i soa presented by two parallel arguments. 
‘ One concerns share markets, the other 

"'i s .? Ski - nuniMvfities. Both are erounrl^ in sim- 


^ JT4 r 5!i financial imagination. 

: * *{*'*$ ^ Argummt number one typically comes 
c .. jf'< &i to thefore when the world's share markets 
f :! P If.; 3*1; have had a good run. Investors begin to 
j5 ?, ! gd nervous about where their investments 

•' '■ are headed next and look to find a little 

- S J- §?j reassurance. Investor psychology being 
' ' £‘i' what it is, if they can’t find a reason to feel 

” js* i j comfortable, they look to invent one. 

"j Si V[ Some put their cash into emerging mar- 
J 4 {‘l kets, aigoing that developed markets are 
*■»« y>] 2?m fuDy valued (of course, if they are fully 
s J |; pi valued, the developed markets fall and the 
: j s a.? cmejgmg-markets investor may find him- 


■» *• t _ 

■x : 2 1\ P* Others leave thdr money where it is, 
7 - -g !■ > pH churning that the sheer weight of money 
mining into share markets will keep prices 


^ self stuck in an illiquid market). 


f buoyant, The “weight erf money* argument 
> j .1? r£ fj was particularly popular just before the 
In ^ Pi crash of 1987, when monetary heft was 

* fcfo shown to be illusory. 

:• £ ' - SuhiLady, investors should be aware of 

■ ■ $ g-a-i those who talk up commodities because 

* : £ if f :■ they can’t think of anywhere else to put 
, 3 « a t £1 thezr money. More than 20 years ago, 

* . : =' S? brokers ana analysts were suggesting wine 

*$* and even tinned beans as hedges against 
« s* v! inflation. Why? Because they couldn't 
'•? i ; ! of Anything else that would counter 

« - 4 Si? ihedanon. 

■[' £ '£1 ’ There, are many arguments for and 
" * 5s tx acmqst commodity investment as the asset 
l; = f c&ssirf tomorrow. But the idea that com- 


g v. - f dassirf tomorrow. But the idea that com- 
? •/•s' modi $eg£re' a ‘buy* because paper assets 
‘ > s' il aren * t they were is sp«aous in the 

-Sift MJ8. 


mm 

‘■’Sf .. vi 


ife. 

■ ■■."$ *<;; , ;* yy^.'Xvv 

*. v • - A." jVwir.fv. v f&tui *"■ 


!■;; ' »” ' 
v *.*. 'W: 

m wmomw 


;,v:«V»4tv rAV.-Hf'i ' 
- 4 >«{.{*< 

.rtttli*.-.- 


T' 

™'?d«ua Jj.- I. 

:>• 


October 29-30. 1994 
Page 17 


Commodities Markets: Are They Really Just for the Daring Investor? 


extreme. 


By Iain Jenkins 

T HE perfect time was about a year 
ago. That's when really sharp- 
eyed investors spotted the na- 
scent, upward move in prices for 
many products that you can eat, burn, or 
use to make things. Such investors have 
made a tidy profit, as prices of commod- 
ities such as base metals have risen 52 
percent in the last 12 months. Coffee 
prices, moreover, have soared 161 percent. 

The bad news, however, is that most 
private investors have missed out. Com- 
modities are difficult to invest in and are 
widely perceived as too dangerous — Hil- 
lary Clinton’s well-documented success 
notwithstanding. Indeed, most people 
Chink that commodities are best left to the 
wild traders of Chicago and London or to 
daring investors who enjoy playing with 
fire and who can afford to. 

But the time may have come for a reap- 
praisal One reason is that some brokers 
are saying that a bull market in many 
commodities has only just begun and that 
a lot more money remains to be made. 

A group of revisionists is also challeng- 
ing orthodoxy which claims that commod- 
ities have historically performed poorly 
when compared with equities. Using new 
indexes, they argue that commodities have 
matched the return on equities since the 
early 70s. 

Furthermore, some new 1 investment the- 
ories turn prevailing views of commodities 
on their heads. Some academics now say 
that putting part of a portfolio into com- 
modities actually reduces its overall risk 
since commodities tend to go up when 
equities and bonds go down. 

One argument is that of Neil Bresolin. 
executive director of Goldman Sachs In- 
ternational He says: “The best chance of 
making a lot of money in the next three or 
four years is in commodities. It is not an 
inflation stoiy. It is a growth story, as the 
world economic recovery starts to gather 
pace.” 

So far, said Mr. Bresolin, the current 
pattern is similar to previous cyclical up- 
turns. “The first sign of a change in senti- 
ment is when gold does something funny, 
like it did last year,” he said. "Then base 
metals go crazy. This then feeds through 
to other commodities. Crude oil should be 
next to move.” 

Essential to the bull argument for com- 
modities are several premises with which 
many analysts appear to agree: that U.S. 
recovery is well underway and is feeding 
though to Europe, that Japan will rise 
next, and that emerging markets in the Far 


Commodities Investing 


Page 19 
The latest funds 
Gold's glister 
Lambent platinum 
'Softs' surveyed 

East will power away for at least the next 
few years, despite sporadic corrections. 

Take copper, which is used in electronic 
gadgets from mobile-phone circuits to 
electric windows in cars. As consumer 
spending picks up, say the bulls, so will 
the price of copper, which has already 
surged from a low of 72 cents per pound a 
year ago to about $1.20 now. 

Furthermore, goes the argument, rises 
in commodity prices should be non-infla- 
tionary. And even if high levels of eco- 
nomic growth do ignite inflation, as the 
bond market currently seems to fear, com- 
modities couldn't be a better place to be, 
say observers who insist that commodities 
can be a hedge against inflation. 

Coinciding with growing demand is a 
shortage of raw mate rials. After years of 
low commodity prices, some rubber plan- 
tations in Asia have been turned into 
shopping centers and some copper mines 
have been shut down. 

David Hutchins, who runs a gold and 
general commodity fund at M&G, the 
London-based fund manager, says: “We 
are less than a year into the cycle. Normal- 
ly, these upturns run from two to two-and- 
a-half years, with prices increasing over 
100 percent There is no reason that this 
cycle shouldn't be be same.” 

Mr. Hu tchins pointed to the perfor- 
mance of a basket of metals during the last 
three cyclical rallies. During the February 
1 986 to January 1 988 upturn, metal prices 
rose an average of 136 percent In the 
previous cycle, from February 1978 to 
February 1980, the same basket of metals 
increased 126 percent. And from Decem- 
ber 1972 to April 1974, they managed a 
163 percent advance. Since November 
1993. metals are up 56 percent. 

Overall however, when oD and “soft” 
commodities such as coffee, cotton, pork 
bellies and soya are included, commod- 
ities have increased by only 5 percent 
since the start of the year, according to the 
Goldman Sachs Commodity Index, or 
GSCI. 

A good reason to invest in commodities, 
say the optimists, is that new research 
suggests commodities have provided a 
similar return to that of equities over long- 
term periods. According to the GSCI, 


Commodity Versus 
Equity Returns 

Annual average returns, 

1970 to 1994 

Goldman Sachs Commodity Index .18.1% 

FT-SE Actuaries All-Share Index ...18.4% 

S&P500 Index 15.0% 

Morgan Stanley Capital 

International World Index 15.0% 

Source; Barclays de Zoote Wedd 

commodities have had an annual average 
return of 18-1 percent since 1970. better 
than (he S&P 500 and the MSCI World 
Index, which each managed an average 
gain of 15 percent. 

This research is controversial because 
its conclusion runs counter to long-held 
perceptions that commodities usually per- 
form poorer than equities. This view has 
been partially based on figures from the 
Commodity Research Bureau Index, 
which show substantial underperfor- 
mance by commodities. 

But an increasing number of analysis 
are saying that the CRB index is no longer 
appropriate. They argue that it does not 
paint a realistic picture because it gives 
■equal weighting to commodities such as 
crude oil and orange juice. And soya prod- 
ucts outgun both crude oil and' orange 
juice, with three times their weightings. 

The same analysts say that the GSCI is 
more realistic, since it is based on the 
capitalization of each product in the 51 .4 
trillion global commodities business. 
BZW Fund Management, which recently 
launched a $150 million general commod- 


f^Commoctity Funds 

• Fleming Natural Resources Investment Trust, a London Stock Exchange investment trust. 
Manager Fleming Irwestment Trust Management, London. Chosen investments: Natural resource 
company shares. iScheduied to start trading on December 1.1 994. 

•The Commodity Recovery Fund, a Bermuda-registered open-ended fund. Manager Sabre Fund 
Management, London. Chosen investments; Commodity derivatives. Started tratSng July 1994. 
•Mach I LP, a U.S. limited partnership. Manager Machado Asset Management. New York. 
Ctx>senffive9aTienis:C(xnixx%defivBave8.Lca^nchedCXtcdw1993. 

• MG Metals Funds. Guernsey registered open-ended fund. Manager MG, a London-based 
subsidiary of MetaBgeseBschatt. Chosen investments: Mainly physical base metals. Launched 
December 1993. 

•BZW CommotHfes Trust, a London Stock Exchange investment trust Manager BZW Investment 
Management London. Chosen investments: Commodity derivatives. Started trading this week. 

• Gabefli international Gold. Just launched Focuses on North American, Australian and South 
African gold mining shares. 


ity fund, has joined the band of supporters 
for this view, and will use the GSCI as a 
benchmark for the new fund. 

Ronald Gould, managing director of 
BZW Investment Management says: 
“Since 1970, you have got roughly the 
same return from commodities as you 
have from equities. Furthermore, the vola- 
tility characteristics are similar to those of 
equities.” 

Mr. Gould also said that by investing in 
commodities, one can diversify a portfolio 
in a way that reduces risk but Improves 
returns. 

“Commodities are negatively correlated 
to bond and equity prices, which gives 
them a powerful diversifying influence on 
the portfolio," he said. “The diversifica- 
tion benefit is particularly powerful in 
combination with the historical rates of 
return." 

Mr. Bresolin at Goldmans says: “Peo- 
ple lake enormous risks with their portfo- 
lio by having such a heavy concentration 
of equities and bonds. To maximize the 
return to risk, they should have 25 to 30 
percent in commodities. But that is too 


heavy a come- on for the average investor, 
who should start with perhaps 5 percent.” 

The odds, say some, appear to favor a 
continuation of the upward trend in glob- 
al commodity prices. However, not every- 
one is convinced that now is the right time 
to buy into the sector. 

Nick Moore, a director at the Austra- 
lian brokerage Ord Minnetu says that 
there are still troubling high levels of stock * 
of a number or metals such as lead and 
nickel. “We have got the prices, but not 
the fundamentals,” he said. Normally, 
when prices start to charge ahead, stocks 
are low. 

“We are definitely in the foothills of the 
next upturn in world commodity prices” 
added Mr. Moore. “But foothills have 
downward as well as upward slopes." 

Mr. Hutchins at M&G also urged cau- 
tion. “1 wouldn't be surprised to see a 
setback in the short term.” he said. “Some 
products have gone up in a straight line 
for almost a year. I still think there is on 
upside in commodity markets, but I would 
wail for a pullback in prices before step- 
ping in.” 


Commodity Indexes Lend Information and Opportunity 


C OMMODITY indexes, statisti- 
cal composites that track 
changes m commodities mar- 
kets, are of interest to investors 
for two basic reasons. 

First, they can provide advance warn- 
ing of rises in consumer prices because, 
over time, commodity prices feed through 
into market prices for consumer goods An 
increase in the price of pork belly futures 
today, for example, mil likely mean more 
expensive bacon at some point in the fu- 
ture. 

The second major attraction of com- 


modity indexes is that they provide invest- 
ment opportunities in their own right, 
through securities that track the indexes. 
Goldman Sachs, the U.S. investment bank 
that launched a commodity futures index 
in 1991, for example, boasts an array of 
investment products that track it. 

The Goldman Sachs Commodity Index, 
or GSCI, is composed of 20 major energy, 
agricultural livestock and metals com- 
modities that have active futures markets. 
Each commodity is weighted according to 
Goldman's assessment of its importance 
to the world economy. 


The J.P. Morgan Commodity Index, or 
JPMCI, is an example of the newer breed 
or more narrow indexes. Launched about 
five weeks ago, it does not indude “soft” 
commodities such as livestock, coffee and 
other agricultural products. Instead, it fo- 
cuses on the so-called industrial commod- 
ities — energy sources and metals. 

A broader index is the Knight-Ridder 
Commodity Research Bureau v s Futures 
Price Index, or CRB. Traded on the New 
York Futures Exchange, it averages the 
prices of 21 diverse commodity futures. 

— Aline Sullivan 


r i 



-Q Futureworld 
pEsco industrialist? 


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i Please send me full details of the Global Emerging Markets Fund, 
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■totunri k nart of INVESCO Premier Select a UK Recognised CoBectw Investment Scheme based m Luwmbourg and quoted on die Luxembourg Stock Exchange. The Fund e 
"• Please Me hcwwer, that m currency 

ran cause ihe value of your hvestments id fluctuate. Investors should note that the value of diarescany aswllasiwardyoumeynotgetbadtheamo^^ 
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Removal qf imparted 
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mix 

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Internal diagnostic 


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Hysterectomy 

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PPP Imernawnal Health Plan a spcdftcalfy designed for expatiates. 
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excfaangr control regulations. 



















Page 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, OCTOBER 29-30, 1994 


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BUCHANAN FUND UMITED 
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ADVERTISEMENT 


Oct 28, 1994 


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Qualstiani supplied by funda fated, end transmitted by UICROPAL PARIS (Tet 33-1 40 28 09 D9L 
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" GAM East Asia 1 74i*9 

"GAMJapai S 87222 

wOAM Money MktsUSS J 10127 

tf DO Sterling. r ioijo 

tf Do Swiss Franc SF loi.i* 

tf DoDeutsaiemar* DM 10129 

tf DO Yen— Y 1005340 

" GAM AUoatfed Mltl-Fd S 16)29 

" GAM Emerg Mkts Mrtl-Fd JS 181.76 

"GAM Mitt- Europe USS s 123.70 

" GAM MIH-Eurooe DM DM 12*27 

"CAMMttWitabal USS X 17149 

"GAMMltl-US S 

w GAM Trading DM DM 

w GAM Tnxsno USJ S 

"GAM Overseas — — — S 

"GAMPoctflc J 

"GAM Relative Value S 

"GAM Selection X 

w GAM Slngacore/Malayda-S 

w GAM SF Special Bond SF 

wGAMTytfie S 34843 

"GAM U4._ 1 21*40 

" GAMut investments —3 

" GAM Value s 

" GAM Whitethorn s 

"GAM worldwide. S 

"GAM Bend USS ora s 

"GAM Band uss Special S 

"GAM Bond SF SF 

"GAM Bona Yen v 

"GAM Bond DM DM 

"GAM Bond C t 

"GAM ISpedal Bond c 

"GAM Universal USS S 

"GSAM Composite _s 

" Global Strategic A s 

" Global strategic B S 

" European Strategic A S 

" European Strategic B s 

" T raping Strategic A... S 

w Trading strangle B s 

w Emerg Mkfc Strategic A — J 

" Emerg Mkte Strategic B s 

" Allocated Strut Fd A s 

"Allocated Shot Fd B S 

SWISS REGISTERED FUNDS4H-42I2426 
MWiiebcehstrotae 171CH B0342irkh 

rf GAM (CHI Euraoe SF 9X43 

tf GAM ICH) Mondial SF 1 «U1 

tf GAM ICH) Padflc SF 28245 

5EC REGISTERED FUNDS 

135 East 57Th Street .NY 10022212-888*200 

"GAM Europe S *097 

" GAM Global s 11925 

"GAM Internal kind s 19743 

" GAM Jesan Capital s 9*47 

"GAM North America S 9276 

"GAM Pacific Basin S 194.13 

IRISH REGISTERED UCITS 

65-66 Lower Maun! ShDublin 2253-1-474040 

"GAM Alia Inc. Y 10028 

" GAM Eurooa Acc DM 126*9 

"GAM Or lew Acc _DW 15447 

" GAM Tokyo Acc DM 17X73 

"GAM Total Bflnd DM Acc_DM m.13 

" GAM Universal DM Acc DM 1 7*35 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda: (8091 295-4000 Fax: (809) 29561 » 

JWH GLOBAL STRATEGIES LTD 

" (A) original investment S 8X13 

w (Cl Financial ftMatats 5 1*923 

w IDl Global Diversified S 11047 

" ( F) G7 Currency— J 9117 

" IH) Yen Financial S 15X15 

w (J) Diversified Risk Adi S 11**6 

"«l BUI Currency X 8ond_5 11X07 

" IL1 Global Flnoncial S 76.10 

"JWH WORLDWIDE FUNDS 1X83 

GLOBAL FUTURES 1 OPTIONS SICAV 
m FFM lot Bd Progr-CHF Cl -SF 9X92 
GOLDMAN SACHS 

"GSAdl RoteMart.Fd II— S 920 

mGS Global Currency S 124)26 

"GS World Band Fund 5 1X10 

" GS World Income Fund S 922 

GS EQUITY FUNDS SICAV 

"GS Euro Smelt Cop Port DM 94J0 

" GS Global Equity S 1142 

" GS US Coo Growth Port s 1X12 

w GS US Small Cop Port S *43 

" GS Alia PcrHoUo. S 1128 

GOTTEX FUND MANAGEMENT 

wG. Swap Fund Ecu 115126 • 

GRANITE CAPITAL INTL GROUP 

" Crantto Capital Eouttv 5 X93T5 

"Granite Capital Martgase-S 02971 

w Granite Gtabai Debt. Ltd S 04403 

GT ASSET MANAGEMENT (IRELAND) LTD 
Tel: 1*4171-710*567 

0 GTAsecnFd A Shares i 1621 

tf GT Asean Fd b Shares S 

tf GT Asia Fund A Shares 5 24*4 

d GT ADa Fund B Shares 5 3648 

tf GT Asian Small Coma A 5 Il 3 19.15 

tf GT Asian Small Comp B 9i4 1*26 

tf gt Awfrgita Fg a Sham_S 3243 

d GT Australia Ftf B Shares—S 3241 

tf GT Austr. Small Co A SR S 2X98 

tf gt Austr. small Co B 5h i 2X2* 

tf GT Berry Japgn Fd A 5h_S 2172 

tf GTBerrYJtmanFdBSh—S 2343 

tfGT Band Fd A Shares X 1823 

tf GT Barn Fd B Shares J 

tf GT Bio ft An SGences a 5b_S 
0 GTBtoXAnSdeneasBShJ 

d GT Dollar Funa A sh X 

d GT Duller Fund B Sh 5 3689 

d GT Emeralnp Mkts A Sh S 2280 

tf GT Emerging MMsBSh—i 2221 

d GT Em Mkl Small Co A Sh J 1047 

tf GT Em MM Small Co B 5h_S 1041 

"GT Euro Small Co Fd A 5h-S 4345 

w GTEura Small Co FdBShJ 4138 

tf GTHonpKeiigFaAsncress 71.13* 

tf GT Hang Kano Fd B Shares) 7142 * 

tf GT Honshu Pathfinder A sn) 11M 

tfGT Honshu Pathfinder BShS 1343 

wGT Jan OTC Stocks Fd a ShS 1323 

"GTJapOTCSIoctsFdB5hS 13*4 

w GT Jan Small Co Fd A Sh_S 1547 

"GT JOP SmaH Co Fd B Sll_X 1X7D 

" GT Latin America A S 2X68 

" GT Latin America B S 2X71 

tf GT Strategic Bd Fd A Sh— X 820 

tf GT Strategic Bd Fd B Sh S 821 

tf GT Telecomm. Fd A Shares) 1529 


^ B ^ aw ; — ^rffi ^CU - Bgopean Cungi ey Unft ^FF - Franch Franca: FL -Dutch Horin: . - . * wa | 

2 daya^prii^f For information on how to list your fund, fax Catherine de VIENNE at (33-1) 46 37 21 


I0X45E GUERNSEY CAPITAL MANAGEMENT LTD 


fGCMInt.Ea.FC i ’0861 

t GCM USS Soedol S 10557 

GUINNESS FLIGHT FD MNGRS (Gluey) Ltd 
GUINNESS FLIGHT GLBL STRATEGY FD 

d Managed Currency S J9AS 

tf Global Bend * 33.78 

0 Globol High income Bond_5 2l U 

tf GUI & ' Bond — 1 10* 

tf Euro Hrgh int. Bond t ' ,w 

tf Glace i Eaultv S '4-fe 

a American Blue Oita -5 2X07 

tf Jcpgn and Pacific X 13199 

tf UK 25AS 

tf European * H 1 - 5 * 

GUINNESS FLIGHT INTL ACCUM FD 

a Deutscnemork Morn* DM *X791 

tf US Dollar Money S 3907* 

a US Dollar High rd Bgne_-t 2*48 

j Inti Balanced Grth s 3*28 

HASENBICHLER ASSET MANGT GesjnOH. 

" HasertXditar Com AG S *74X00 

w Hasenctchtar Cam Inc S in.1* 

" Howmblehler Dlv S 17743 

"AFFT 1 1*8546 

HDF FINANCE,Tel(33-1MI74445XFax 4(76445.' 

w Mondlnvest Eurose FF 124S23 

w Mondinves Croissoncr F F >33**9 

w Mend Invest Ops Inf les FF 11742* 

"Mondlnves Emerg Growih.FF isiot; 

w/vwntf invest Fvifures ff H 4i78 

HEPTAGON FUND NV (S*9*-*UU51 
/ Heptagon OLB Fund 5 88*3 

C Hepfagon CMC Fund 1 6*28 

HERMES ASSET MANAGEMENT LTD 
Bermuda • (809)795 <000. Lu*:<352)404 64 41 
Final Price* 

m Hermes European Funa — Ecu 33131 

m Hermes North 4merton FdS 301M 

m Hermes Aslan Fund S 386.91 

m Hermes Emerg Mkls FundJ 1KXQ 

m Hermes Strategies Fund — S 68X95 

in Hermes Neutral Fund S 11X11 

m Hermes Gtabai Fund S 66741 

m Hermes Bono Fund Ecu 123190 

<n Hermes Sterling Fd 1 109*3 

<n Hermes Gold Fund S 473JT 

HUTZLER BROKERAGE 

<n Pegasus P^. Portfolio— 4 H.L5 

IF DC SA GROUP, UmdorLlax (44-71 H3S 9172 

" i FOC Japan Fund Y 23714X0 

" Interbond Fund— Ecu 1 0*79 .15 

w Korea Dynamic Fund 1 2307*3 

" Mulcted Dynamic Fund S 192*42 

"Moroc Investment Fund FF *56142 

INCOME PARTNERS (ASIA) LIMITED 

"Aslan Flud income Fd S 10205 

INTERINVEST (BERMUDA) LTD 
C/0 Bonk of Bermuda. Tel : 8092954000 
m Hedge Hoe X Conserve Pd J 941 

INTERNATIONAL ASSETS FUND 
1 Bd Pavel, L-2449 Luxembourg 

"EuraoeSudE Ecu B8J4 

INVESCO INTL LTD. POB 271, Jersey 
Tel: *4 S3* 73114 

0 Maximum income Fund t 0.930C * 

tf Sterling Mnga PHI t 2J620 

tf Pioneer Markets 1 62230 

tf Globe I Bond— S 

tf Okasan Glcbel Strategy t H47tn 

tf Axta Super Growth J 27.1100 

tf Nippon Warrant Fund 5 14300 

tf Asia Tiger Warrant S 52100 

tf Euraaear Warrant Fund S 24000 

tf Gtd N.W. 19*4 5 9.9000 

tf G tocci Leisure S 5.0500 

PREMIER SELECT FUNDS 

tf American Growth S 6X200 

d American EntaroriM S 85000 

tf Asia Tiger Growth S 124*00 

tf Dollar Reserve S 54300 

tf Eurooean Growth 5 X**00 

tf European Enterprise X 44100 

tf Global Emerging Markets _S 92*00 

tf Global Grawtn 5 54TO0 

tf Nippon Enterwue S 7.9900 

tf Nippon Growth S SJSOO 

tf UK Growth I 5.1700 

tf Sterling Reserve c 

tf Greater Ctana Opos 1 14*00 

IRISH LIFE INTL Ltd, (tax) 253-1-7*4 1922 
tf international Cautious 3 1X12 

tf Int e rnational Bo lanced X 1X02 

tf International Growth. S 1X3 

ITALFORTUNR INTL. FUNDS 

"Class A (Aggr. Growth ItoLll 77266X0 

" Class 9 (Gi rial Eauitv) — S 12X8 

"Class C (Gtabai Bond) S 11X7 

"Class D (Ecu Bond) Ecu 1X47 

JARDINE FLEMING. GPO BOS 114*8 Hg Kg 

tf JF ASEAN Trust 5 42X2 

tf JF Far East Wrnt Tr S 20*3 

tf JF Global conv. Tr S 13.90 

tf JF Hong Kong Trust S 1721 

tf JF Japan Sm. Co Tr. Y *8081X0 

tf JF Japan Trust Y 1)465X0 

tf JF MoJovsJa Trust X 2X*7 

djF Pacific Inc Tr. S 1157 

tf JF Thailand Trust 5 452« 

JOHN GOVETT MANY ll.OMJ LTD 
Tri : *4424 - 62 94 20 

"Goven Man. Futures Z 1163 

"Gaveti Mon. Fui. USS S 748 

"Govelt* Gear. Gut s 114* 

"Govert i Glbl Bal. Hdge X 104314 

JULIUS BAER GROUP 

tf BaerbOnd SF 13X9* 

a con bar SF 149148 

d Equlboer America X 2404.13 

a Eauibaer Europe SF 1555.36 

d SFR - BAER SF 107942 

d Slock bar SF 226*82 

0 Swissoar SF 274127 

0 Uouibaer S 22*6X0 

0 Europe Bond Fund Ecu 144*0 

0 Dot tor Bond Fund S 12740 

0 Austro Bend Fund AS 1257X0 

0 Swiss Bond Fund SF 11940 

d DM Bond Fund DM 11620 

0 Convert Bond Fund SF 8760 

0 Global Bond Fund DM 5540 

0 Euro Stock Fund— Ecu 12X10 

0 US Stock Fund S 12X80 

d PocHlc Stock Fund S 13940 

0 Swiss Stock Fund SF 1*XM 

0 Special Swiss Stock SF 129JW 

0 Japan Stack Fund Y 947000 

0 German Stack Fund DM I02.W 

tf Karcai Stack Fund S 10040 

tf Swiss Franc Cash SF 1221X0 

d DM Cadi Fund DM IZ77X0 

d ECU Cash Fund Ecu H9*X0 

rf Starling Co* Fund c 1129X0 

tf Ocllar Cash Fund ~S 1058X0 

tf French Franc Casn FF 1131X0 

KEY ASSET MANAGEMENT INC 

m Key Alta Holding » 10245 

mKey Gtabai Hedge S 252J6 

mKey Hedge Fund Inc— S 150*1 

Kl PACIFIC AS5ET MANAGEMENT INC 

mKI Asia PodflC Fd LM S 12X1 

KIDDER, PEABODY 

X Chesapeake Funs LW * 2985*3 

bill Fund Ud— 1 11*100 

b Inn Guaranteed Fund 5 1372.14 

b Stonehenge Ud S 17594) 

LEHMAN BROTHERS 17/1 I/M 
d Aslan Dragon Port NV A_A 1038 

tf Aston Dragon Port NV B 3 lOJt 

0 Global Atfvlton 1 1 NV A S HUB 

tf Gtabai Advisors II NVB S 1024 

tf Global Advisors Part NVAJ 10*9 

d Global Advisors Port NV B-S 18*1 

tf Lehman Cur Adv.A/B S 7*8 

d Natural Resources NV A_S *.«S 

tf Natural Resources NV B_S 9.95 

tf Premier Futures Adv A/ B-S 1X13 

UPPO INVESTNUnm 
24/F Upon Tower Centre, 89 Qme i — ayHK 
Tel IB52) 887 4MB Fax (8327 996 ISM 

w Java Fund S 9*3 

w Asean Flsed me Fd s 8*3 

wIDR Money Market Fd s 1249 

w USD Money Mortcel Fd 5 1045 

w Indonesian Growth Fd 3 2444 

w Allan Growth Fund 4 1*3 

"Aslan warrant Fund s 4*6 

LLOYD GEORGE MNGMT (852) 8*5 4433 

w Antenna Fund S 1844 

w LG Astan Smaller Cos Fd—S 19.1898 

w LG India Fund Ltd 3 17X2 

"LG Japan Fd S 16X5 

"LG Korea Fd Pic S 1X*7 

LLOYDS BANK INTL (BAHAMAS) Ltd 
" Ltovds Americas Porttolto_S 9*6 

LOMBARD. OOIERA CIE • GROUP 
OBLIFLEX LTD (Cl) 

d Mufrt currency 1 33X7 

0 Doitar Medium Term s 2*26 

tf Dollar Long Term S 1 9.1 o 

0 Japanese Yen Y <734X0 

0 Pound Sterling t 26.13 

tf Deutsche Mark DM 17*6 

d Dutch Florin FI 1X20 

tf MY Euro Currencies Ecu 15*5 

tf Swiss Franc SF 11X0 

tf US Dollar Short Term s 13X2 

tf HY Euro Curr Ohrid Pay Ecu 10*0 

d Swim Mu It (currency SF 1645 

tf European Currency . Ecu 7122 

d Belgian Franc BF 13X64 

tf Convertible 3 1444 

tf Franch Franc FF 15*12 

d Swiss Mum-Otvltfend SF 947 

tf Swiss Franc Short-Term SF 10X28 

tf Canadian Dehor _C5 1341 

tf Dutch Florin Multi FI 14*4 

tf Swiss Franc Dlvid Pay 5F 1045 

tf CAD Muirtajr. Dtv CS 1L94 

d Medll e it w e un Curr — SF 1X33 

d Convertible* SF 949 

tf Deutschmark Snort Term_DM 10X4 

MAGNUM FUNDS Isle of Man 
Tri 46424 488 3» FOX 44-424 Ui 334 

"Magnum Fund s 91*4 

w Magnum MuM-Fund X 91X6 

"Magnum Emerg Grawtti FdS 69.15 

"MAgrrum AggrevGrwth FdS 92*0 

MALABAR CAP MOMT (B4»imtf0> LTD 

mMatabarintlPuna s ixs7 

MAN INTERNATIONAL FUTURES 

mMtnt Limited -Ordinary 3 38J3 

m Mint Um I ted- Income X 11*1 

mMlnt Gtd Ltd - Soer issue _J 25J6 

m Mint Gtd Ltd -Now 2002 S 2X18 

m Mint GtaLtd- Dec 19*4 S 17X1 

mMlnt GW Ltd- Aug 1795 S 1445 

mMinl So Res Ltd (BNP)— 45J4 

m MW GM Currencies j 643 

mMJnlGId CurrancW2B0l— 5 440 

mMlnt G GL Fin 21X0 3 54* 

mMinl Plus GW MB S 9.17 

m Athena Gtd Futures J 1281 

mAJheng Gtd Currencies— J5 9X4 

mAlhena Gn FbianeMs Coo S 1043 

m Athena Gtd FtnaneHs lnc_S HUS 

m AHL Capital Mkts Fd s 13 *a 

mAHL commodity Fund 3 11.17 

m AML Currency Fund 5 7*4 

mAHL Ret* Time Trod Fd S 8X2 

jttahl Gtd Real Time Trd X 8X1 

m AHL Gtd Cw Meat Ltd 3 10X9 

mAHL Gtd Commodities LM-S 9.95 

m Moo Guoromeed 19*6 Ltd— S 841 

mMcp L e ve ra ged Recov. LM4 1046 

mMAP Guorwteed 2906 S 9X4 

or MAP Gtd 2001 <e *49 

MARITIME MANAGEMENT LTD 
73 Front St Hamilton Bermuda 1809)292 9789 
w Maritime Mtt-Sector I LM -3 9B9JI9 

"Maritime Glbl Beta Series _S 81X28 

w Morittim Gffii Detto Series! 78173 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 

mOassA_ c 1(623 

tfClossB * 11641 

PACIFIC CONV STRATEGIES FD LTD 
™Cta«A X frju 


tf Class B ! _ 

MAVERICK { Carman) .1809) W-7M2 

mMoverier Funa s (53.9*53 

MCKINLEY CAPITAL PARTNERS. LTD_ ^ 
m The Corsair Fund Ltd— S ; u 

m T66 Counlless Fd LIS S 

MEESPIER50N 

Po*ln 55. lOIlkt. Amfltr«m IMTHR-’ . 
wAsIdPac. Growth FdNV.-S 
n Asicn Capital HglJirgs^—X ,*-*; 

» Asian Seiepien Fd n.v fi 

w DP Amer. Growtn Ftf n.v._5 36-6 

w EMS Offshore Fa rr J Fi 

w Eurooe Growth Fund N.v._Fi «u.-- 

ir Jopoi*. Divert, ties Fjra — S 53.*- 

" Leveraged Cco hub J tvJ' 

MERRILL LYNCH 

o Dcncr Auers Porttaita S .J* 

tf Prime Pare Porttoiic s 1K 

ME PRIU. LYNCH SHOBT-TEB-M 
WORLD INCOME PORTFOLIO 

0 Class A i U . 

tf Class B — * ®- 

MERRILL LYNCH 

GLOBAL CURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO . 

tf Category a fj 

tf Cofeacrv B — _ , -- J * 

CANADIAN DOLLAP PORTFOLIO 

tf Cateoor* a Cl ’f— 

a Cotegarv B >-S ,J 3 

CORPORATE HIGH INCOME PTFL 
a Clow A.) i ?■!; 


6740X0 I d Claw a-: 3 

15114 I dCiassB-i > 

137J3 I tf Class B-? s 

148SX6 < DEUT5CHEMAPN PORTFOLIO 


tf Category A Z» '-’XI 

tf Categorv 9 dm '2*5 

EUROPEAN BOND PORTFOLIO 1DM> 

tf ClOW A-1 S 1 

tf Class A-2 S is 18 

a Class B-> S 

tfCicEiB-2 s isa 

EUROPEAN BONO PORTFOLIO <USSt 


tf oass a-: Dr *xa 

tf CtaSS Art D M iCJI 

o Class S-l S 9*6 

a Class B-2 * ’3X2 

POUND STERLING PORTFOLIO 

tf Cotegarr A_ : iL. - ® 

tf Caiegcrv 3 f '£46 

US DOLLAR POPTFOLIO 
0 Categor, A S 11 a* 

tf Cofewv B 3 130 

YEN PORTFOLIO 

tf Category A f I3S 

tf Category E Y '.245 

MULTI CURRENCY SONO PTFL 

a Class A S 7Z2S 

o CtassB * 21*4 

USFEDE RAL SECURITIES PTFL 

tfOdSSA S 9X4 

0 Class B * *43 

MERRILL LYNCH 

EQUITY / CONVERTIBLE SERIES 

BASIC VALUE PORTFOLIO 

d OOSS A 1 15X2 

tfCICSSB S 14J5 

CONVERTIBLE SECURITIES PTFL 

0 CkSS A S I ADO 

tfOcssB S 1145 

GLOBAL ALLOCATION PTFL (US*) 

tfOOSSA S t03S 

0 CtassB S tc.13 

GLOBAL EOUITY PORTFOLIO 

tf Ctass A 3 1045 

tf Class B 1 *53 

EURO EQUITY PORTFOLIO 

0 Class A S 1443 

tfCJassB s >3*1 

LATIN AMERICA PORTFOLIO 

tf Class * - 5 1775 

0 Class B S 17*4 

PACIFIC EQUITY PORTFOLIO 

0 Cla» A 5 9.77 

0 Class B — -i « JS 

WORLD NATURAL RESOURCES F7=L 

0 Class A — 5 12X5 

tf Class B _S 72-52 

DRAGON PORTFOLIO 

0 CJCSS A 1 17X1 

tf Class 9 — — S 16 1 1 

MERRILL LYNCH EMERGING MARKETS 

0 Class A S 1141 

tf Class B * 11.7* 

MERRILL LYNCH INC S PORTFOLIO 

0 Class A S 1*6 

0 Class B 5 1*6 

tfCIcssC S 8*o 

MERRILL LYNCH MEXICAN INC PORT 

tf Mexican incSPtflCi a 3 ’* 7 

tf Mexican Inc! Pttt ci B s 9*4 

tf Meslcsn me Peso Ptfl Cl A * 8.90 

tf Me > icon Inc Peso Ptf! Cl B 5 XM 

MOMENTUM ASSET MANAGEMENT 
w Momentum Novel tier p*rf_S 97.31 

m Momentum Rainbow Fa S 11**2 

m Momentum R«P R.U X 74*8 

m Momentum Srockncsier 5 >59*2 

MOBVALVOHIMILLER ASSET MGT Co 


6® 45 " Quantum industrial % |Df*S 

; "Cucrrum Reclty Tryst .4 I JAM 

L99S2 • "Quantum UK ReaHv Fund_t I07JS 

j . Qvmav IM1 Fima N.V X 151.9* 

t-T: , w Qimta Fund N.V., 5 "J 

tl 72 . REGENT FUND MANAGeMENT LTD 

j ■ New Korea Growth Fd— J *J*4 

j w Nava Lot PocHlc Inu Co — S S3350 

A3 *6 ■ w PocHlc AnUtroge Ca S »J7 

51*: • m BL Caumr» wmt fa J KJJ* 

■ re*" ! d Regent GW Am Grth Fd_J 

3616 tf RegenlGWEuroGrtflFtf-5 *BM* 

3'47 d Regent Glbl inti Grin W 1 MO* 

6475 1 e Reoeni Gtbuas Grm Fd — X Mfw 

52.9* ; tf Regent GW Padl Basin — i *41S» 

tOJI tf Regent GW Reserve — J 

tf Rwenf GW Resources * 3.JW 

1XC : d Regent CUD Tiger J 3-777* 

•IK d Regent GW UK Grtn Fd — X 1«JQ 

■ » Regent Meghul Fd Ltd f 

I n Regent PecHta Hdg Fd- S 

X2' j w Peoeet Sri Lanka Fd 1 18-70 

SI" ; tf undervaiAssToiwmtSerS* 

"URtfenrataed Assets Serl_X 11*2 

tf UndervatuedPragidZ— S 
! rf White Tiger inv Co Lid_* 

17*7 ; REPUBLIC FUND5 

t7X7 I w ReouMIc GAM X 13831 

I <r Restitute G4kM Amorim — S 

1L= « Rep GAM Em Mkts Global 4 152.10 

1343 I " Ren GAM Em Mkts Lot AmS IZ7.78 

I w Rewblta GAM EtlrtkM CHFSF IR.18 
3.92 ; "Republic GAM Europe usxx *tf7 

9*1 ; w RaoubllC GAM Grwth CHF.SF HOTS 
3 97 '. " Republic GAM Growth C — f 99.91 

9.72 w Republic GAM Grawtti USS4 147J4 

" Republic GAM Opportunity * 1UX* 

13X1 ; w RepuUie GAM Podf Ic X 14X33 

>2*5 i w Res Glob Currency - -4 1021J2 

I w Rea Glob Flsed IOC S 1026.08 

13X2 w ReouOflc Gvcer Qol Inc — S 1EX3 

IS IS ; w PeoubileGnsev Eur ine — DM 10X4 

:34* ! w RecuMIc Lot Am Ailed J JOG-53 

1J£3 ' w Republic Lot Am Argent.— X 9*59 

n ReouHiC LOt Am Broxll- — X 10**0 

9JS "Rasoaiic Lot Am Mexico — S *9j45 

•Ui w Republic Lot Am Vene*._~tf 8175 

*76 . yv Reo Salomon Strategies — s 8X36 

>342 ! ROBECO GROUP 

I POB973J00aAZRgnefdattL(3l)102241224 

1578 tf RG America Fund Fi 137X0 

1X46 tf RG Europe Funa FI 12170 

tf RG Pacific Rnd FI MI70 

11** tf RG oivlrante Fund FI 5170 

130 I 0 RG Money Plus F FI FI 1)675 

l Mora Rcbeoo see Amstrrrtom Stacks 
IZS 1 ROTHSCHILD (GROUP EDMOND DE) 

'■245 IN-HOUSE FUNDS 

" Asian casual Hotaing* Fa j «2*S 

T11S w Darwo LCF Rotnscnlla Bd-S 10O1TD 

2IA4 " Ddwa LCF Rotfoch Ea S 102X32 

" Force CotfiTredihon CHF -SF 154*6*5 

9X4 wLetom S 271*5 

*42 w Leveraged Can Holdings — $ 60X1 

"CHWatar SF taW* 

wPri Challenge Swiss Fd 5F 105248 

fi Prlequlrv Fd-Europe Ecu 1 1 6-335 

15X2 fi Prteeulty Fd-Hetvetta SF 101859 

I4J2 b Pri equity Fa- Latin Am 5 149X83 

I fi Prlfiond Fund Ecu Ecu I16*SS 

1*00 | b Prlfiond Fund USD S 107 *67 

1145 I fi Pribond Fd HY Emer Mkts* 119.M3 

| "Selective Invest SA 4 367410 

1038 O Source I 18*3130 

tC.13 wCrtStaPhn S 9SU8* 

"Var taolus Ecu 1021*0 

1045 ROTHSCHILD (GROUP EDMOND DE) 

<43 OTHER FUNDS 

tf Asia/ Jaean Emerg. Growths 1 7*94*0 

M 48 w Esorit Eur Porta Inv Tsf Ear 130*77 

U <7 w Euroo Sfrateg Invesfm fd —Ecu 10X440 
b integral Futures. - - 4 923*7 

1775 tf Pacific Nies Fund s 9J> 

1744 t Selection Horton— FF 8171X25 

D Vletalre Aricne S 5106*8 

9.77 ROTHSCHILD ASSET MGMT (Cl) LTD 

® Js m Nemrod Leveraged Hid _A S56J1 

.' SAFDIE GROUP/KEY ADVISORS LTD 


"Wilier Jcboh Y 215X0 

"Wilier Scum Eesr Asio— -4 1SX0 

"Wilier Telecom S 1036 

w wiitarfcnds-wi'Jeroenc Cost 1X70 

"WlUertuods-WUiertond EurEa. 'U> 

" Wlliertuntfs-Wllierre Eur_Ecu 13*1 

• WlHerfunes-Wlllereq noiv -Ut M747X0 

" Wllierfuraa-wmereq NA — S 11.15 

MULTIMANAGER N.V. 

mWcrtd Berd Funo Ecu 1252 

mEurcoecn Equities ■ ■ Ecu 14*9 

mjooonese Equities ... — Y SS6 

m Emerging Markers S 234* 

mCash Enhancrmenr 5 <X0 

mAreitraae S *.91 

m Hedge — J 118* 

NICHOLAS-APPLEGATE CAPITAL MGT 
d NA Strategic OPbartunmes 4 102*7 

" NA Flexible Growtn Fd s 14744 

w NA Hedge Fund S 13X1* 

NOMURA INTL. (HONG KONG) LTD 

a Nomura Jakarta Fund S 11.15 

ODEY ASSET MANAGEMENT LTD 
21 Grasvtnor SUdn Wl A 9F £*4.71-4*92998 


a oaev Eurooean DM 111 

w Obey European. ..... s izt 

" Odey Euroo Growth Inc DM It 

w Oaev Euroo Growth Acc—DM 13< 

"Oder Euro Grth Star Inc — ( Si 

"Oaev EuroGrtnSier Ace — t 5* 

OLYMPIA CAPITAL INTL. INC 
Williams House. Momllton HM11. Bermuto 
TH: 889 292-1918 Fox : 80* 2*5-2305 

" Finsbury Group S 222 

w Ofympta 5ecur)ie 5F SF 162 

"Olympia Stars Emerg MktsS 973 

" Winch. Eastern Dragon — _S 17 

"Winch. Frontier * 20 

w Wlncfx Fui. Olympic Sfw S 162 

"WlnOLGiSeetncPl tA) — S 8 

w Winch. Gl See tnc PI IC) — * 9 

m Winch. Global HcaHbcoro— Ecu 1039 

w Winch. Mkig Inn Madison -Ecu 1525 

w Winch. Hldg (nt'l Ser D Ecu 1794 

"Winch. Hjog um SerF Ecu 1783 

" Winch. HktaOly Star Hedge J IKE 

w Winch. Reser. Mufti. Ov Bd_* 18 

"Win Chester ThaUantf * 34 

OPPENHEIMER A CO. INC FdS 
fi Artairage intamattonal — s IDS 

fi Emerg Mkts inti II s tot 

b inn Horizon Fond tl S 99 

OPTIOEST LUXEMBOURG 
b Oattgesl Glbl Fd-FIxed IncJJM 15U 
b Oattgest GIH FthGen Sub FX»M 177X 
OPTIMA RIND MANAGEMENT 
73 Front SL HamittgaBqrmudo 889 295X69 
wOatlma EmerofaJ Fd Ltd — S 10 

w Optima Fond S 17. 

"Optima Futures Fund— S 17 

" Optima Gtabai Fund S 1* 

" Optima Per to Ig Fd LW S *. 

"Ootlmq Short Ftmd 1 7. 

"The Platinum Fd Ud S 10, 

ORBIT EX GROUP OF FUNDS 

tf Ortttax Asia POC Fd S 5J3 

tf Orbit ex Com 6 Into Tech FdS 114 

tf OrtJttex Growtn Fd S 7 JO 

0 Orthtar Health AEnvlrFd.S 5.13 

0 Ortktex Japan Small Cap FdS *77 

tf Orfiriex Natural Res Fd CS K10 

FACTUAL 

tf Eternity Fund LM S 360X3 

d infinity Fund LM 5 559*6 

tf Novastor Fund S 11X15 

tf Star High Yield Fd Ltd S 15X13 

PARIBAS-OROUP 

"Luxor — J X 

tf Parvtsi USA 9 s 23. 

tf Porvest Jonon B Y 54T7J 

tf Parvast Asia Pool B S 72. 1 

tf Parsnstf Europe B Ecu 24, 

d Porvest Holland B Fi in 

d Rawest Franc* B FF 1171J 

tf Porvest Germany B DM 2B1J 

d Porvest Obii-Doitor 8 s 17X1 

tf PorvesJ OWI-OM 8. — DM 371 j 

d Porvest Ofill-Ywi B Y 1613*J 

tf Porvesi OWl-Gukten B FI 316J 

0 Parvesl Obi l- Franc 8— _FF “SH 

0 ParvestOWFStara r 7X. 

0 Porvest Obll-Ecu B— Ecu la. 

0 Porvest OWt-Beiux B lf bsosj 

0 PorvtBf S-TOdkrr8 S !22_ 

0 Porvesi S-T Europe B Ecu 13*1 

tf Porvest 5-T DEM B DM 27Hj 

tf Porvest S-T FRF B p f 927. - 

tf Porvesi S-T Bet Plus B BF 5347J 

rf Parvesi Gtabai B LF 7mi 

d Parvesi Int Bono B S 2.' 

d Porvest OblWJra 8 LB 52I3<IJ 

d Porvest Int Eaiktles B 5 lit' 

tf Porvest UK B r g7.‘ 

d Parvesi USD Phis B s 98.' 

ff Porvest S-T CHF b SF 256: 

tf Porvest Obfl-Conoda B — _£S 18X1 

tf Porvesi Obil-OKKB DKK 7101 

PERMAL GROUP 

f Emerging Mkts tfkte— 5 93X1 

1 EuroMir (Ecu) LM ECU Utfj 

I FXRnandatsX Futures _S *7ti 

/ Growth N.V S 2720J 

/ Inve st ment Hldgs N.V S 13121 

/ Media & Communications— J 1871* 

f NbSCO l LM S 1B66J 

PICTET X CIE -GROUP 

tf iriwnw S 53. 

" P.CF U tf Voi (Lux) C 61i 

" P.CF Germoval I Lux ) — DM B7j 

"P.CJNorontvgl (Utx)_j 2X1 

w P.CF Valtoer (Lxk) PIcb BSZ3J 

"P.CF valltalta (Um) LH 1821193 

"P.C.F VaHratxrlLU*) FF 113AJ 

" P.U.F. VaRxmd SFR ILux) -5F 312 

"P.U.F. VtAwtd USD IU<)4 2ffJ 

"P.UJ.Valbond Ecu (Lux)_Ecu ITU 

"P.U.F.Vettona FRF (Liu!4F 926: 

m P.U J. valbuna GBP (Lwl)_i *11 

"P.U.F. Vatoand DEM (Lu<) DM 2B61 

"P.U.F. US I Bd Ptfl ILux)_S 99.1 

w P.U.F. Motfti Fd ECU USj 

" P.U.F. Pldlle — SF 4711 

"P.U.T. Emerg Mkts (Lux)— s 2111 

" P.U.T. Eur. Opeort (Lux| —Ecu 139.1 
8 P.U.T. Giabal Value (Lux) -Ecu I43J 

"P.U.T. Euroual (Lux) Ecu 2(54 

tf Ptcfri VtosHsse (CH) SF uu 

mini I Small Cod llOM) s 4<XJ 

PREMIER INVESTMENT FUNDS LTD 
c/d PJX Bar 1WC. Grand Cayman 
Fax: (809) <4*49*3 

m Premier US Equity Fund —5 1206J 

m Premier mil Eq Fund— * 127*j 

m Premier iovwelgn Bd Ffl_3 75XS 

m Premier Gtabai Bd Fd S )47*t 

m Premier Total Return Fd_J *57J 

PRIVATE ASSET MGT GAM FUND INC 
Gaam0v;Tri:(OO444Si) 723*32 Fax: 723*8? 
"Private Asset Mgt gam FdS iooj 
PUTNAM 

tf Emerging HIKi Sc Trvst—J 364 

"Putnam Em. I ntoLSe. Trust* 42* 

tf Putnam Giab. High Gra-tti* 171 

d Putnam High locGNMA FdS 7j 

tf Putnam Inti Fund.. ,S 15* 

QUANTUM GROUP OF FUNDS 

w Aslan Oevetapment 5 leu 

" Emerging Growth Fd MLV.lS M9* 

w Quantum Fund N.V. % 17MU 


llCf mKev Diversified Inc FdLta* mil 93 

t:j; a Tom* Fund Global Bond -A **7181 

1 b Tower Fund Global Eaultv JS 
1 7bl SANTANDER NEW WORLD INV. 

16H m Commander Fund * 106778 

ETS n Explorer Puna * 1SL3H 

11*1 SC FUNDAMENTAL VALUE 8VI LTD 
11.7* Tel 59* <322000 Fa* 5*9 9 322831 

m NAV S 132941 

Sta SKANDINAV1SKA ENSKILDA BAN KEN 
1*6 S-E-BANKEN FUND 

2 4o <1 Siirwnn I nr S 1*0 

IT tf Flarran Cslera Inc S 1JQ 

<47 d Gtabai me S 141 

9*6 tf Lckomedri Inc * 0-93 

8.90 tf Varlden Inc S 1.11 

X90 tf Jaban Inc Y 17*4 

tf Mine Inc S 0.9S 

97a I tf Sverige me Sek KUO 

114*2 d Nordamerika Inc * 0.97 

76*8 tf Teknoloal Inc S 1.12 

>59*2 tf Suerlgs Rontafontf Htc Sek 10J2 

> SKANDIFONDS 

215X0 tf Equity Inn Acc 1 17421 

ixoo a Eaultv inn me s tins 

1036 tf Eaultv Global S 145 

1X70 0 Eaultv Nat. Resources S 1J* 

12-79 0 Eaultv Jaean Y 97*6 

13*3 tf Eaultv Nordta S I JS 

747*0 0 Eaultv UK t 1*9 

1 1.15 0 Eaultv Conimnrol Europe* 1*9 

0 Equity Mediter ran ean S 8J6 

1252 e Eowitv Norm America s 2*4 

14*9 0 Eaultv For East S S30 

856 0 inri Emerging Markets— _S 1*7 

2346 0 Bond mn ACC S 12*0 

9-00 tf Bond inri Inc— — 4 740 

9.<1 d Bond Eurooa Acc ■« 1.70 

12** 0 Bond Europe Inc s 1J5 

»T 0 Bond Sweden Acc Sek 1646 

102*7 d Bond 5weden Inc Sek 10J» 

14744 a Bond DEM Acc DM 145 

13LK 0 Band DEM Inc DM 0*3 

d Berta Dollar US Acc S 1 41 

11.15 0 Bend Dollar US Inc ■ ■ -4 1JM 

0 Curr. US Dollar— — — % 148 

9*8 d Curr. Swedish Kronor Sek 12*9 

11*4* 0 Sweden FiexlMeBdAcc — Sek tool 

12040 o Sweden Flexible Bd Inc— Sek 10JD 

13346 SOCIETE GENE RALE GROUP 

13405 0 Asia Fund V 5451140 

S4.7S d BTWCCf A S UJ4 

54.91 tf BTW Cot 8 % 6X45 

" SGFAM Strut F0 Dtv FF 55943 

*: w SGFAM Start Fd Fin S 9640 

SOGELUX FUND ISF) 

22246 "SF Bands A USA S 15*6 

162-00 "SF Bands B Germany DM 3L39 

177*1 "SF Bonds C France FF (2542 

1746 "SF Bonds EG.B C 1140 

ZEB.90 "SF Bands F Jaean Y 2358 

r62*0 "SF Bands G Europe Ecu 1745 

8*2 w SF Bonds H Worid Wide S 1847 

9-18 "SF Bonds I Hair — Ut 29684*0 

13940 wSF Bonds J Belgium BF 807*0 

ns*9 "SF Ea. K North America — s 1749 

*4.17 "SF Ea LW. Europe Ecu 15J6 

«JS wSFEaM Padflc Basin Y 1520 

05.18 " SF Ea P Grown Countries* 1X64 

1846 "SFEaQGoid Mines S 3B45 

34.11 "SF Ea. R World Wide S 15*0 

. " SF Short Tenn S France — FF (76*282 

05*2 "SF Short Term T Eur Ecu 16*9 


SODITIC ASSET MANAGEMENT INC 

"SAM Brazil S 251 

" SAM Diversified S 131 

"SAM/McGarr Hedge S 12! 

w SAM Ctowrhmtrv S IS 

prSAM Oracle S Til 

"5AM Strategy S 114 

m Aloha SAM S 134 

w GSAM Composite S 33! 

SR GLOBAL BOND FUND INC 

m Oass A Distributor S IBS 

mCkuj A Acaimukrtar 5 ICS 

5R GLOBAL FUND LTD 

mSR European—— —I IOC 

mSR Aston S IIH 

mSR Intornatloreil S IK 

SVENS KA HANDEL5BANKEN SJL 
146 8d de la Prirasse. L-2330 Luxembourg 

b SH8 Bond Fund J 54 

" Svenska Sel. Fd Amer Sh— 5 15 

w Svtnska Sri. Fd Germany —S 10 

"Svenska SeL Fd Inti Bd Sh J 12 

"Svenska Sri. Fdlntl5h S 81 

" Svenska SeL Fd Japat—Y 
" Svensw Sel. Fd Mm-Mkt_Sek 113 

w Svenska Set Fd NonSc SEK 102 

"Svenska SeL Fd Padl Sh S 8 

" Svenska SiL Fd 5wed Bds_Sefc 1404 

SWISS BANK CORP. 

tf SBC 100 Index Fund SF 

tf SBC Equity PtfLAultrolta_AJ 

tf SBC Equity Pm-Conodo O 

tf SBC Equity Ptfl-Europe Ecu 

tf SBC Ea Pm-NethertaxJs— FI 

0 SBC Gcvt Bd R 1 JS 

tf SBCBondPtfl-AustrSA AS 

tf SBCBondPtfLAustrSB AS 

a 5BC Band Ptfl-Con* A CS 

d SBC Band PHLCoaSB CS 

0 SBC Bona PTfVDMA DM 

tf SBC Bono Pfft-DM B D M 

tf SBC Bond Ptft-DutChG.A— FI 
tf SBC Band Ptfl-Dutch G. B-FI 

tf SBC Bond Ptff-Ecu A Ecu 

d SBC Band PtfLEcu B Ecu 

tf SBC Bond PtfLFF A FF 

0 SBC Bead PW-FF B FF 

0 SBC Bona Pttf-Ptns A/B_Ptas 
0 SBC Band Ptff-Startlng A_C 

0 SBC 3ona Pttl-Sterilng B c 

d SBC Sand PatfolWF A SF 

tf SBC Bond Porrtolto-SF B SF 

tf SBC Bond PMI-UMA S 

d SBC Bata Pit FUSS B S 

d SBC Bond Ptfl- Yen A Y 

tf SBC Bond PHL Yen B Y 

d SBC MMF-AS AS 

tf SBCMMF-BFR BF 

tf SBC MMF -Can* CS 

d SBC DM Short-Term A DM 

d SBC DM Short-Term B DM 


rf SBC MMF . Dulch G FI 

tf SBC MMF - Ecu —ECU 

tf SBC MMF • ESC ESC 

tf SBC MMF- FF- FF 

tf SBC MMF - LH- ■ it 

tf SBC MMF • Ptos Pic 

ff SBC MMF - ScMbHto AS 

tf SBC MMF - Sterling C 

tf SBC MMF • SF SF 

tf SBC MMF - US - Dollar S 

tf SBC MMF - USS/II S 

tf SBC MMF - Ye n V 

0 SBC Gtat-PHI SF Grth SF 

tf SBC GIH-Ptll Ecu Grth Ecu 

d SBC Gf» Ptfl USD Grth S 

tf SBC Glbl-pf II SFYMA SF 

tf SBCGM-PHI SFYWB—4F 

tf SBC GlbLPtn Ecu YkS A Ecu 

tf SBC Gflrt-Plfl Ecu YW B Ecu 

tf SBC GlbLPtfl USD Ykl A S 

tf SBC GJbWfl USD YU B 3 

tf SBC GM-PH1 SF Inc A SF 

tf SBC G»H»in SF Inc B SF 

tf SBC GRH-Pttl Ecu Inc A— .Ecu 

tf SSC GfW-Ptfi Ecu Inc B Ecu 

tf 5BCGfbH»H( USD incA^S 

tf SBC Glbl-PtH USD Inc B J 

d SBC GW Pitt- DM Growth— DM 
tf SBC Glbl PttLDM Yld B— DM 

tf SBC GU Ptfl-DM Inc B DM 

0 SBCGM-PMDMBalA/B_DM 
0 SBC G tat- Pin ecu Bal A/B.Ecu 
tf SBC Gtat-Ptfl SFR Bal A/B4F 
tf SBC GM Ptn USS Bal A/B-S 
tf SBC Emerging Markets— * 
tf SBC 5mau & MI0 Cans sw _sf 

tf SBC Nat. Resource USS S 

tf SBC Dim Floor CHF <5- SF 

tf SBC Dyn Ftacr USD 9S S 

tf Anwrlmvmnr 

tf Anglavator t 

d AetgPgriW 

0 Convert Band Motion SF 

0 D-Mark Band Selection^— DM 

0 Dot tar Bond Selertton s 

tf Ecu Band Selection Ecu 

tf Florin Bona Selection FI 

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" Acflcrotsmce Sknv ff 

w Acttfinmce Slmw « 

"ArHtutiir^ltri « 

" AetigesHen Stov Ff 

" Ad Iveta infl Stov_— _s 

"AUriaWe ff 

"Adelaide _j 

m Advanced Lotto Fd LM S 

in Advanced Pociflc Stmt s 

"AIG Taiwan Fund- S 

" Alexandra Glbl Invest Ftf IJ 
ni Anna investment— 

wAau'ia Hdentottanai Fona_> 
"Arbi tin Inveatmrnt y 
"Argus Fund Balanced sf 

"Atom Fund Bw m e g 

tf Aita OceantaFund S 

"A5S (Global) AG. DM 

m Associated Investors Inc S 

"AtonoFundUd !3 

w ATO Nikkei Fund. < 

" Banal Hedged Growth Fd j 
w Beckman lm cap Ar r » 

w ’ ntw wtto mi ud s 

tf B^ben-Morw, 1 EEF ECU 

m Bteanar Gtabai Fd a Sh-jj 
iHBtaanar Gtabai FdBShZ^S 
m Btwioi- Gtabai Fd Caymans 

wBraci merneneoto f f 

mCal Euro Leverage Fd lm_s 
mcomtai A»utw India Fd_s 
Fun * — 

mcqnturv FiHhtx « 

rtiCervln Growth Fu nd « 

m Chilton inti (BVi) Ltd s 

"Chino VMm S 

w Citadel Limited e c 

tf CM USA — | 





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"Pyramid Inv FdCoru 
tf RAD Int Inv. Fd 
tf Regol inti Fund Ud 
oiReftCam I n veshnenl N.V — S 

I Rtc Inavgel Fund B 

" RM Futures Fund Stov. 
"SoUaris hdl Equity 
"Sonar's InN Fined 
dSmryolOe. Spate 
tf Santarotaf Hawing N.V. — S 
w Saturn Fond— 
m Sowar Fund Ltd 
tf SCI /Tech. SA Luxembourg t 

mSetarto Global Hedge Fd S 

tf Selective FuL Ptfl LML—s 
w Sinclair MiitKwid LM 
"Sintra Fund lm 
"SJO Gtabai (609)921 -6595 — S 
tf Smith Barney Wrtdwd Secj 
tf Smith Barney wnnuta Specs 
"SP U rt e r not ton al SA ASh-J 
"SP Internattanal SA B Sh _s 
m Spirit Hedge HM——S 

m Spirit Neutral HW 5 

"SfefnhardtO'MfisFdUd S 

"Stetahardf Realty Trust 
mStrkJer Fund — 
mSframeOfbhore 
0 Sunset Gtabai IIILM 
tf sunset Gtabai CM 
mSussexMcGon* 

" Techno Grawfh Fund 
tf Templeton Gtabai Inc 
m The Brfctoe Fund N.V. 

m till Geo-Global Offshore 

tf The tatalt Mutll Advisors— 4 
mThe J Fund B.V.L Ltd. 

"The Jaguar Fund N.V. 
tf The M*A*R-S Fd Stcav A_J 
d The M-A-R*S Fd Sicav L—DM 

tf The Magus Ecu FdLM Ecu 

tf The Magus US s Ftf Ltd— ji 

hi The Seven*] la Fd Ltd s 

mThe Smart Band Ltd— S 
m The smart Good Ltd— j 

"ThemoM-M Futures- s 

m Tiger Setae HoW NV BW I 

b Tl IC I OTC) Jap. Fd 5taiv_4 
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tf Transpacific Fund 

w Trinity Futures Fd Ltd 
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m Triumph IV, 

tf Turquoise Rirta 

" Tu»*dy Brawn Inti sfr 

mTwndv Browne inn n.v. 

" Tmtefy Browne nv. a A— S 



For 

investment 

information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


n I -ST 1 




nKTjngessscs;- 

) of bid and offered pncaTl: bStenalMi pnee: y: price cala. 





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1 . . 



INTERNATIONAL HERALD TRIBUNE. SATURDAY-*! INDAY. HTTAitiK 


Page 19 



THE MONEY REPORT 



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Playing f Soft’ Pork Bellies and Soybeans 




By Baie Netzer 


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LTHOUGH trading actual fu- 
tures contracts can be compli- 
cated, the forces that shape the 
prices of so-called “soft” agri- 
cultural and livestock commodities can be 
' simpler to understand than the factors 
; dial influence stock or bond prices. It's 
| basically a matter of supply, which is 
, largely determined by weather, end de- 
, mand. 

f Futures markets can also signal impor- 
, tant economic trends: the first signs of 
y inflation, the direction of consumer pref- 

J erences, and the changing cost of feeding 
j and nourishing an average family, to name 

* a few. 

f For investors, however, there is another 
J reason to keep an eye on c omm odity 
/ prices, even if one has no interest in rush- 
\ mg out to corner the market on soybeans: 

* A number of the world's largest compa- 
‘l tries (and their share prices) are signifi- 
,, candy impacted by changing commodity 
<! prices. 

i) Profit margins at the Swiss food ©ant 
■I Nestli SA, for example, will depend partly 
{*i on the price of cocoa. McDonald’s and 
Y other fast-food chains have a huge interest 
' in the price of cattle and pork bellies. 
Most food companies buy sugar. Experts 
say, moreover, that a number of commod- 
ities will undergo dramatic price swings 
this year. 

Soybeans appear to be swamping the 
market. Recent drought in Australia has 
reduced the world's wheat and cattle sup- 
. plies while frost in Brazil has hurt coffee 
j production. And corporations that use 
i these commodities may need to hedge 
against price increases of more than 30 
)\ percent Futures traders may thus have a 
,* busy year. 

j‘ Individuals seeking to take advantage 
'i of the anticipated activity in agricultural 
and livestock derivatives can set up ac- 
; ' counts with professional commodity bro- 
't kers. In general, however, such brokers 


will only take on high-net-worth clients 
who can afford a loss of principal and, 
even then, experts advise investors not to 
devote more than 10 percent of their over- 
all portfolio to commodities. The risk is 
simply too high. 

Following is a sampling of professional 
opinion on the commodities markets that 
are expected to make strong moves up or 
down in the year ahead. 

Foods 

Those who believe caffeine makes their 
hearts race should avoid coffee futures, 
according to many market observers. Af- 
ter two frosts hit Brazil's crops this past 
summer, analysis cut their estimates for 
1 995/96 production in half. As the world's 
largest coffee producer, Brazil is now ex- 
pected to harvest 14 milli on 60-kilogram 
(132 pound) bags, compared to an earlier 
estimate of 28 million bags. 

But. while a tightening in supply has not 
yet been fell, “we may start to feel it this 
winter," said Judy Ganes, a commodities 
analyst for Merrill Lynch in New York. 

Before the frost, coffee was trading at a 
20-year low of 48 cents per pound. Now, 
futures contracts have topped $2.00 per 
pound and Miss Ganes expects the price 
to reach $2.75 this winter. 

Brazilian weather also threatened to 
play havoc with the orange juice market, 
but a big drop in Brazil’s output. Miss 
Ganes said, will largely be offset by in- 
creases in Florida's output. Miss Cranes 
said that futures contracts for oranges, 
currently trading at around SI. 10 per 
pound, may rise to $1.50 but that “gains 
are likely to be held back because of an- 
other record crop expected in Florida.” 

Teny Roggensack, a partner at the Chi- 
cago-based Hightower Report, a newslet- 
ter focusing on commodities markets, not- 
ed that the price of cocoa has rallied 
substantially this year. After hitting 10- 
yearlowsin 1992 of $1,000 per ton. cocoa 
futures recently traded at 51,375 per ton. 


Grains 

At Merrill Lynch in Chicago, grains 
analyst Mickey Luih said that “the 
world's wheat balance sheet is Lhe tightest 
we’ve seen in fony years.” One reason is 
that a drought in Australia caused the 
harvest there to drop by almost half. Pro- 
duction in the United States and Canada 
has also fallen, and inventories have 
dropped to minimum levels. 

As the drought in Australia progressed 
this past summer, wheat prices rose to 
almost $4.20 per busheL Now, said Mr. 
Luth. “it’s a seller’s market." He said he 
expects wheat contracts to reach $4.50 per 
bushel next year and that “they might 
even trade at $5 if there’s a weather prob- 
lem in 1995.” 

The price of soybeans, however, has yet 
to hit its low point, according to Mr. 
Roggensack. He said Lhai the United 
States is the world’s largest soybean pro- 
ducer. and that this year's crop will likely 
achieve record yields. Exports to Europe 
and Brazil, where soybeans are crushed to 
produce soybean oil and meal, have also 
soared, he said. Since September 1, nearly 
396 million bushels of soybeans have been 
exported. 

livestock 

Because of record production, U.S. hog 
fanners have suffered large losses recent- 
ly. In addition, health-conscious consum- 
ers have switched from fatty bacon to 
leaner cuts of meat. That, analysts say, has 
had a serious impact on commodity 
prices. 

Pork bellies, for example, from which 
bacon is cut, were trading at a discount to 
whole hog prices over the past few years. 
“The pans are sometimes less costly than 
the whole because of consumer prefer- 
ences,” explained Mr. Roggensack. 

But lately, a trend among fast-food res- 
taurants to offer sandwiches that include 
bacon has given pork belly prices a lift. 
Pork bellies recently traded’at 41 cents per 
pound, compared with 33 cents per pound 
for hogs. 


BRIEFCASE 


Baring To Target French 
Investors With Two Funds 

Baring International Fund Managers 
(France) has announced two initiatives 
aimed primarily at French investors. 

The first is a new fund, the Baring 
French Growth Fund, which will invest in 
a balanced portfolio of French shares. The 
second is the marketing of a global equity 
^-fund, the Baring Emerging World Fund. 
P that provides exposure to shares in devel- 
| oping economies- This fund was launched 


in Britain in May 1993 and is now avail- 
able for distribution in France. 

For more information, write Baring In- 
ternational Fund Managers (France), 49 
Avenue cITena, 751 16, Paris; or call (33. 1 ) 
53.67.1 1.00, or fax 40 70 00 52. 

Optima to Launch New Fund 
Focused on Eastern Europe 

Optima Management Partners is 
launching a new vehicle focused on Russia 
and Eastern Europe. Managed by Gerrv 
Manolovicd. formerly a director of Soros 


Fund Management, it is being offered to 
higb-net-wonh individuals and institu- 
tions. Minim um investment is $200,000. 

For more information, call Optima 
Fund Management in Bermuda on (1.809) 
295.8458; or fax (1.809) 292.6274. 

]n next week's Money Report: Media 
and telecom investing. 

The Money Report is edited by 
Martin Baker 


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| j Will Gold Keep Its Historical Shine? 




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N MARCH of 1993, a 
time that many pundits 
, . dteqs the beginning of an 
r , ongoing buff market in 
I gold, one reason offered for op- 
i • timism was the rising level of 
1 affluence in Asia and the Far 
East, regions where possession 
j J of physical gold — in jewelry or 

* i ii other forms — carries a par- 
: ; ttcularly high value. 

i - Today, however, the jury still 
; ’ appears to be out on two ques- 
tions: whether there will be a 
sustained leap in demand from 
those areas, and whether, in- 
deed, we are in the midst of a 
long buO market in gold after 
a(L 

.. . Andy Smith, a precious mei- 
! als analyst at the investment 
J ! bank UBS in London, is nega- 
T ■ five on both points. First, he 
l | said that forecasts of enormous 
^ : demand from developing coun- 
•ivtries were not well founded. As 
o, for the gold price itself, which 
f i has been hovering around $390 

* j an ounce, his prediction for a 
I i year from now is $350. 

■ [ r Conversely, Julian Baring, 
l * manager of the Mercury Lnter- 

* T national Gold and General 


► , Jpmd, a Jersey-registered fund, 
* * speaks of the present in the 
| same breath as or past bull mar- 

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i kets in gold. If previous bull 
) markets are anything to go by, 
. hie says, the gold price might 
; rise to $500 before any sus- 
r mined fall. 

/Famed hedge-fund manager 
. George Soros and a well-known 

t speculator. Sir James Gold- 
•■‘ V- ^ y • | smith, brought attention to the 
I - -} 1 i gold price’s strong upward 

/ r move in 1993's second quaner 
' wheat Sir James, in a blaze of 
publicity, sold gold shares to 
Mr. Soros. He then was report- 
ed to have invested some of the 
ptoceeds in gold call options. 

GoM rose from around $330 
in January 1993 to crash the 
$410 barrier in late July, and 
t t then settled back to the $390 
range by the end of the year. 
Since then, however, it has gen- 
erally stuck in a narrow range 
between $370 and $395. If we 
are in 'a bull market, say some 
analysts, the dollar price is 
pausing for breath. 


r;y. 




Looked at in other major cur- 
rencies, the recent past is even 
less rosy. According to. )3old 
Fields Mineral Services, the 
London-based gold research 
group, the Deutsche mark price 
for an ounce of gold fell from 
an average of 674 DM ($449) in 
January to about 605 DM in 
September. In Switzerland, the 
average price fell from 569 
francs ($458) an ounce to about 
505 francs. And in Tokyo, the 
average price fell from 1,385 
yen ( $ 14) per gram to 1 ,244 yen. 

Some observers say that Ger- 
man and Japanese investors 
have been among the most ac- 


W I think we want 
to look at the peaks 
of previous 
commodity cycles. 
For gold, we will 
find that to be at a 
price of about 
$500 an ounce.” 

Julian Baring, manager 
of the Mercury 
International Gold and 
General Fond. 


rive private buyers of gold in 
recent years, noting that Ger- 
man buyers scooped up coins, 
bars, and gold proxy accounts 
from the main German banks 
in large numbers last year. 
Many were encouraged, ana- 
lysts add, by the abolition of 
value-added tax on gold pur- 
chases in Germany. 

Meanwhile in Japan, small 
investors are becoming big 
players in the gold market by 
way of monthly gold savings 
accounts, analysts add. 

Gold bulls have various argu- 
ments, and one of the most 
typical is that used by Mr. Bar- 


ing of Mercury Asset Manage- 
ment. 

. “I am told by many people 
that gold has just become an- 
other commodity, and. there- 
fore, that it is very uninteresting 
and does not go up when there 
is a political crisis,” be said. 

“But what many people have 
not noticed is that commodities 
in general are going up. If they 
would look at the rises we have 
had so far in commodities, they 
would see that while the rises 
are significant, they are not 
what we would expect in a com- 
modity cycle. 1 would say that 
the top of the cycie would be 
when economies are going flat 
out 

“The American economy 
might be at that stage, but not 
the economies of Europe and 
Japan. I suspect that over the 
next two or three years we will 
see the American economy 
throttled back somewhat but 
also an improvement in Europe 
and also in Japan.” 

Mr. Baring concluded that be 
expects commodity prices to 
rise by up to 75 percent from 
current levels. “Because gold is 
monetary currency, we would 
not expect to see it go up nearly 
as much as base metals, but 
about a third as much.” he said. 
“I think we want to look at the 
peaks of previous commodity 

S des. For gold, we will find 
at to be at a price of about 
$500 an ounce.” 

Mr. Smith’s long-term pessi- 
mism rests on expectations for a 
stronger dollar and higher in- 
terest rates. A stronger dollar 
makes gpld more expensive for 
holders of other currencies, 
while higher interest rates make 
cash returns a more templing 
alternative. 

To many gold investors, how- 
ever, the short term price may 
be of little importance. Indeed, 
people in Asia and other parts 
of the developing world have 
long had a penchant for gold as ■ 
a long-term investment. The 
Hindu marriage season in India 
spurs a big increase in gold de- 
mand for example, as Indians 
traditionally give 22 or 24 carat 


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tin- 


jewdery which is a reliable and 
portable store of wealth. 

But gold has also been long 
valued by more mainstream 
Western investors as an effec- 
tive hedge against inflation. 
Many central banks still see it 
as the ultimate long-term store 
of value. While many central 
banks, including those in Hol- 
land and Belgium, were large 
sellers in 1992, the Bundesbank, 
in a 1995 statement, reaffirmed 
the importance of gold reserves. 

Even short-term bears like 
Mr. Smith believe in gold's ulti- 
mate worth. “In real terms, gold 
has retained its value over a 
couple of hundred years,” he 
said “It is not subject to system 
risk, and it is not somebody 
cise's liability like shares and 
bonds.” 

— Rupert Bruce 


Commodities and Commodity Funds 


250 


150 

100 


100 

90 

80 

70 

60 

50 

40 

30 

20 


Coffee r&aziu 
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COCOA ihvy Cobs: < 


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Pork Bellies 

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■90 -92 ^ 


Leading intemafionally-domicited funds Investing in goUteommcxSties.- 
Value of S100. income reinvested excluding charges. 


Over one year to Oct 17,1994 


Mercury Sold & General ‘*35.46 I 

Waveriey Australasian Gold 

Mercury Inti Gold & General 190.00 

Lexington Strat Investments 175.96 

S & P Gold & Exploration *55.34 

Gartmore CSF Global Resources 153.93 

Abbey Commodity & Energy — 149.50 

Gartmore Gold & Int. Resources 148.52 

M & G Gold & General 14B.37 

TSB Natural Resources 147.93 


Over live year* to Oct. 17, 1994 


Mercury Gold S General 377.29 

Abtrust Atlas Gold ...........306.08 

Sogetux Fd Q Commodity 290.45 

GNI Spread 288.02 

Orvalor 287.41 

TSB Natural Resources 231.02 

S & P Gold & Exploration 209.84 

Fidelity Adv. Global Resources 192 20 

S& P Commodity Share 181.86 

Waveriey Australian Gold 1 81 .22 


Source: Dataslroa/n, Micropal 


Mixed Forecasts for Commodity Funds 


By Rupert Brace 


T HE recent surge in the 
price of gpld and. some 
other commodities has 
handed the few veter- 
an commodity funds healthy 
profits and encouraged many 
imitators. 

Indeed, fund providers in 
New York and London have 
launched funds designed to 
benefit from a sustained upturn 
and, after almost two decades 
of neglect, the commodity fund 
seems to be back in favor. 

The Fleming Natural Re- 
sources Investment Trust, 
which is scheduled to begin 
trading on the London Stock 
Exchange on December 1, is the 
latest of these funds to be 
launched. It follows in the foot- 
steps of limited partnerships, 
offshore funds ana investment 
trusts from investment firms 
like BZW Investment Manage- 
ment, Machada Asset Manage- 
ment, Sabre Fund Manage- 
ment, and MG Ltd., a 
subsidiary of Metallgesells- 
chaft. 

In making its pitch to inves- 
tors regarding why they should 
buy shares in the new fund, 
Fleming uses a classic commod- 
ity bull argument- It contends 
that there are two growing 
sources of demand converging 
on the market: one from OECD 
countries, where aggregate real 


GDP is forecast to grow by 2.9 
percent next year, and another 
from the economies of Asia and 
Latin America, which are wide- 
ly expected to grow much fast- 
er. Fleming adds that oil and 
metal prices, in real terms, are 
near their lowest levels in 20 
years. 

“The expected increase in de- 
mand and the low levels of 
prices in real terms lead Flem- 
ing to believe that commodity 
prices will increase over the life 
of the company,” its marketing 
document concludes. The in- 
vestment trust can be liquidated 
at two-and-a-half years from 
launch or later. 

Fleming's chosen route into 
the commodities market is by- 
way of shares in natural-re- 
sources companies. Mark Law- 
son-Statham. one of the fund’s 
two managers, says this allows 
him to choose how highly 
geared to price movements his 
investments are, and to benefit 
from expected increases in the 
volumes of commodities con- 
sumed by the world. 

Most other commodities 
funds have chosen to access the 
markets by way of derivative 
instruments such as futures and 
options. Indeed, very few funds 
invest in physical commodities 
because they are sometimes dif- 
ficult to buy and to sell quickly. 

But there are words of cau- 
tion. Brian O’Neill, manager of 
the Gartmore Capital Strategy 


Fund Global Resources sub- 
fund, a Jersey registered com- 
pany, says the rally in commod- 
ities will not be universal. It is 
likely, he believes, to be limited 
just to certain commodities. He 
is not, for example, particularly 
bullish on ml. 

Mr. O’Neill, whose fund also 
accesses commodities by way of 
natural-resources company 
shares, is waiy about taking 
bets on rising, commodity 
prices, but he is keen on the 
theme of increasing volumes. 

“We had RTZ in the other 
day,” he said, referring to one 
of the world’s largest mining 
companies. “And they were 
talking about volumes rising at 
7 or 8 percent in some of their 
areas. To some extent this may 
offset falling prices. If prices are 
stable, then we might have some 
growth.” 

Recent figures show that 
while the gold price, for exam- 
ple. is up more than 12 percent 
over the last two years, the 
Goldman Sachs Commodity 
Index is down more than 8 per- 
cent. This is at least partially 
due to the fact that the index 
has a weighting of more than 50 
percent in oil. The oil price has 
performed dismally in the re- 
cent past, with the price of 
Brent crude falling from about 
$19 per barrel in early August 
to around $16.50 currently. 

Wayne Peterson, a principal 
at Morgan Stanley in New 


York, says that it’s difficult to 
determine which commodities 
will benefit from expansion in 
emerging markets. “From the 
energy viewpoint, without the 
infrastructure in place, it is not 
dear that you are going to ex- 
pand at the same rate that you 
would with Western-style infra- 
structure in place,” he said. “In 
China, for example, you can’t 
just clog up the roads with cars. 
You need some more roads. 

“And, although 1 feel that 
there are some very positive de- 
velopments for things like cop- 
per in China, there are ques- 
tions that remain,” Mr. 
Peterson continued. “While 
more and more people will be 
connected to the telephone, it is 
unclear that they will use cop- 
per cable — they may use fiber 
optics. And in some parts of the 
world, people prefer mobile 
phones.’ 1 

Other analysis say that com- 
modities (end to reduce the risk 
element of a typical portfolio 
consisting chiefly of stocks and 
bonds. “Commodities tend to 
perform at times when other 
assets are not performing,” said 
John Deniable, a director of Sa- 
bre Fund Management, a Lon- 
don futures-fund manager that 
launched the Bermuda -domi- 
ciled Commodity Recovery 
Fund last July. “The fact is that 
if you have commodities as part 
of your portfolio, they tend to 
reduce the overall risk.” 


Platinum’s Fate Tied to Auto Sector 


By Digby Lanier 


T HOSE who invested in 
platinum in the mid- 
lo late 1980s, and 
who’ve stayed in the 
game, have found the 1990s 
rather disappointing. 

From a record high of $670 
per ounce in 1986. and despite 
some further impressive leaps 
as the 1980s boom played itself 
out, the price of platinum has 
since struggled to breach the 
$400 mark. 

platinum has long been used 
widely by the chemical, glass 
and electrical industries, and its 
use in catalytic converters has 
made auto manufacturers the 
single biggest platinum buyer of 
the past two decades. 

But despite recent growth in 
demand from jewelry makers, 
who constituted the largest 
market for platinum before 
high auto-industry demand de- 
veloped, the latter’s troubles of 
late have softened the overall 
markeL 

This trend, along with a de- 
cline in the number of private 
investors buying platinum bul- 
lion. has led to oversupply in 
each erf the past four years and 
helped hold down the metal’s 
price. 

However, the link between 
platinum’s fortunes and the 
global auto industry has an up- 
side: Analysts predict a rise m 
the price of platinum as eco- 
nomic recovery firms up in 
many parts of the world. 

“It’s not necessarily bad to 
accumulate stock if the accu- 
mulators are confident they can 
pass it on at a better price,” said 
Jeremy Coombs, marketing 
manager at Johnson Manhey 
PLC, a London metals refiner. 

As the average price of plati- 
num continues to head upward, 
some analysts are heralding the 
arrival of a long-awaited bull 
run. But they differ on how 
strong the recovery will be, and 
even the most optimistic fore- 
casts come with numerous fi- 
nancial health warnings. This is 
because the precious metals 
market is notoriously volatile: 


Tim Peterson, a mining ana- 
lyst at James Capel & Co., the 
London-based brokerage, is 
confident that the platinum 
price will continue to increase 
throughout 1994, but admits 
that the market is hard to pre- 
dict. 

“We’re anticipating a price of 
$440 per ounce next year, but 
you have to allow a margin of 


"In February, we 
recommended 
buying across the 
whole platinum 
sector. Right 
now, we think the 
market is valued 
fairly.” 

Tim Peterson, m ini n g 
analyst, James Capel & Co. 


error in that,” he said. “The 
momentum is upward, but it 
could be slower than we ex- 
pecL” 

Rhona O’Connell, a partner 
at T. Hoare & Co M a London 
investment management firm, 
is more optimistic that the sur- 
plus will soon evaporate. 

“We’re expecting a surplus 
this year of probably less than 
200,000 ounces,” she said. “But 
when Japanese investments are 
included, the chances are that 
platinum will have to be pulled 
from stocks to meet demand.” 

Japan’s jewelry market is ex- 
tremely important for platinum 
producers and has helped bol- 
ster demand throughout the re- 
cession, added Miss O’Connell. 

Investors wishing to gain ex- 
posure to the platinum market 
can do so in several ways. One 
is to buy the metal directly in 
the form of bullion or coins. 

According to Mr. Peterson, 
however, this route is best suit- 
ed to coin collectors rather than 
to those hoping to benefit from 
rising platinum prices. “With 


coins you have to pay a premi- 
um, and they can also be diffi- 
cult to trade,” he said. “They 
are not as liquid as gold bullion 
coins, which have a bigger mar- 
ket." 

Instead, say analysts, mining 
shares are considered the best 
way for private investors to gain 
exposure to platinum. Well- 
known mining equities include 
Rustenburg Platinum Holdings 
and Impala Platinum Holdings, 
both South African, and West- 
ern Platinum/ Eastern Plati- 
num, which is almost wholly 
owned by the U.K-listea 
Lonrho PLC 

Unfortunately, the predicted 
growth in platinum prices may 
already have been discounted 
by stock markets, said Mr. Pe- 
terson. “In February, we rec- 
ommended buying across the 
whole platinum sector. Right 
now, we think the market is 
valued fairly.” 

Mr. Peterson suggested that 
those who missed the boat in 
February should stay out of the 
market for a while longer, even 
though there may still be some 
upside in platinum prices in the 
near term. 


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Page 20 


V 

INTERNATIONAL HERALD TRIBUNE, SATURDAY-5 UNDAY. OCTOBER 29-30, 1994 


SPORTS 

Bagwell Sweeps NL MVP 
With a Ruth-Like Record 



By Robert McG.Thomas Jr. 

New York Turns Service 

NEW YORK — Jeff Bag- 
well, the Red Sox reject who led 
the National League in four key 
batting categories as a first 
baseman for the Houston As- 
tros, has been unanimously vot- 
ed the league’s most valuable 
player, strengthening his repu- 
tation in Boston as the second 
going of Babe Ruth. 

Bagwell a .368 hitter who led 
ihe league with 1 16 runs batted 
in, 104 runs scored. 301 total 
bases and a .750 slugging aver- 
age in a strike-attenuated 115- 
game season, swept all 28 votes 
in the balloting by the Baseball 
Writers Association of Ameri- 
ca. 

In amassing 392 points. Bag- 
well. Houston’s first MVP — 
and the first with a mother who 
is a police sergeant, in Old Say- 
brook, Connecticut — became 
only the 1 1th player and the 
third National Leaguer to win 
by a unanimous vote since the 
award was created in 1931. The 
other National Leaguers were 
Orlando Cepeda of the St. Lou- 
is Cardinals in 1967 and Mike 
Schmidt of the Philadelphia 
Phillies in 1980. 

Matt Williams, the San Fran- 
cisco Giants* third baseman 
who led the league with 43 
home runs, was second to Bag- 
well with 201 points. Moises 
Alou of the Montreal Expos 
was third with 183, while Barry 
Bonds of the Giants, who had 


won three of the previous four 
awards, was fourth with 144 
points. 

Following the selection of 
Frank Thomas of the Chicago 
White Sox as the American 
League's most valuable player 
on Wednesday, Bagwell’s 
award Thursday marks the first 
time that first basemen from 
both leagues have won in the 
same year. 

“It's very fiaiieriag.” Bagwell 
said of the voting in a confer- 
ence call. “It means more to me 
than you can possibly imagine.” 

The 26-year-old Bagwell, 
whose 39 home runs were sec- 
ond to Williams's 43, acknowl- 
edged that he had had a banner 
year in what would have been 
his third full season. 

“I don’t think I could have 
played much better than 1 did,” 
be said. 

Indeed, few have. Among 
other things, his .750 slugging 
average has been exceeded by 
only three players and his re- 
markable achievement of driv- 
ing in an average of more than a 
run a game over a season has 
been bettered by only a dozen, 
all in the era of the 154-game 
season. 

The achievement by BagwelJ. 
whose left hand was broken by 
a pitch from Andy Benes of San 
Diego in his 110th game, was 
even more remarkable since he 
needed only 109 games to drive 
in all 1 16 runs. 

Bagwell had broken the same 


hand after being hit by a pitch 
near the end of the 1993 season. 
He said it had now fully healed. 
“I learned my lesson,” he add- 
ed. saying that he would wear a 
protective pad over his baiting 
glove next season. 

A Connecticut native who 
played for the University of 
Hartford before being drafted 
by Boston in 1989. Bagwell 
played two minor league sea- 
sons before being traded to 
Houston in August 1990 for 
Larry Andersen, a relief pitcher 
now 'with the Phillies. 

As Bagwell, the National 
League's rookie of the year in 
1991, emerged as a superstar, 
the trade was derided by Boston 
fans as the worst Red Sox deal 
since Ruth was sold to the Yan- 
kees in 1920. 

At the time of the trade. Bag- 
well was a third baseman with a 
.333 baiting average for Bos- 
ton's New Britain farm dub, 
and the Red Sox, believing 
Wade Boggs would hold down 
third for years, felt Bagwell was 
dispensable. By the 1993 sea- 
son, Boggs was with the Yan- 
kees and Bagwell was a siarting 
first baseman. 

Out of fairness to the Red 
Sox management, it should be 
noted that not even BagwelJ. 
who hit only 4 home runs in 136 
games with New BriLain in 
1990, could fully explain his 
stunning improvement. 

“I can’t even tell you how I 
went from 20 last year to 39,’’ 
he said, “much less’ from 4.” 



• .. - . 4 » , • 


Pun,- rkjilrsmi The V-wvraicd Pre« 


DRIVEN — Bobby Hurley, coming back from near-fatal injuries suffered in an auto 
accident, driving on Detroit's Lindsay Hunter. The usually accurate Hurley made just 
2 of 8 shots and 3 of 7 free throws for 7 points as his Sacramento Kings lost, 107-91. 


Quotable 


• Don King, the boxing promoter, on his favorite subject: “1 
never cease to amaze mvsclf. I sav this humblv.” 


In the Lamed Lions 5 Den, Pro Bowler Swilling 9 s a Bone of Contention 


By Thomas George 

New York Times Service 

NEW YORK — Before the Na- 
tional Football League's 1992 season, 
the Detroit Lions sought Pat Swilling 
with vigor. They offered him nearly 
$2 million a year, but the New Or- 
leans Saints simply matched the offer 
and Swilling, as a restricted free 
agent, was forced to remain a Saint 

On the day of the 1993 draft, the 
Lions tried again. This time they 
won. Swilling was acquired for De- 
troit's first and fourth-round picks. 

The Lions knew what they were 
getting. A guy who had started the 
last 63 consecutive games for New 
Orleans. Who had made four straight 
Pro Bowls. A terrific, quick, strong 
linebacker who had 76.5 sacks. A real 
pro entering his eighth season. 

Last season, his eighth and his First 
with the Lions, Swilling played most 
of the year with a troublesome ankle. 
His tackles dropped to 29. He had 6 J 
sacks, his fewest since 1988. His fa- 
ther died late in the year. 

The Lions believed Swilling went 
into a mental and physical funk, al- 
though he made a Fifth straight Pro 
Bow] appearance. He would play out 
of it this season, they thought, until 
Detroit dropped to 2-4 by losing 
three straight. The defease had no 
punch. Coach Wayne Fontes looked 
around and concluded that Swilling 
was one reason why. 


“I think I was made the scape- 
goat,” Swilling said after he was 
benched as a starter for Tracy Scrog- 
gins, a third-year playeT, last Sunday. 
Swilling played mostly oo third 
downs in the" 2 1-16 victory over the 
Chicago Bears. 

“I don’t think it’s fair,” Swilling 
said. “How is it 1 get the blame for 
those three losses? I want to remain 
in Detroit. I believe we can win. But I 
don’t think I’m getting a straight an- 
swer from Wayne on this one.” 

Fontes replies that he has been as 
blunt and as honest as any coach can 
be. 

“The thing is, he has always been a 
great pass rusher. But I didn’t think 
he was being as physical, throwing his 
body around, as he had been before 
his dad died. I know that took a toll 
on him, that and the ankle last year. 
But to just pick him out of the hat. I’d 
never do that.” 

One teammate said that Scroggins 
has been the better player in practice 
and in games between first and third 
downs, and that Swilling only gives 
the Lions a pass rush. 

Another teammate said he didn't 
think Swilling had played any worse 
than any other defensive player. 

Fontes has always been a master of 
communicating with his players. In 
past years he has shown that a coach 
can be both coach and friend to his 
players. 


But in an era where coaching jobs 
are at stake every day. and where 
players are prime’ to revolt, coaches 
are edgy. More leadership. Thai is ihe 
solution. 

Maybe Fontes has learned- that. 

“I’m gonna do what’s besL for ray 
team,” he said. 

The weekend’s matchups: 

New York Giants (3-4) at Detroit 
(3-4): Barry Sanders leads league in 
rushing with 889 yards and averages 
7.3 yards pier cany. Giants have lost 
four straight, with quarterback Dave 
Brown having thrown 9 interceptions 
during losing streak. Oddsmakers fa- 
vor Giants by 2 points. 

Dallas (6-1) at Gndnnati (0-7): 
Emmitt Smith leads NFL in rushing 
touchdowns with 9. Jeff Blake, Ben- 
gals’ No. 3 quarterback, might siart 
for David Klinger (knee) and backup 
Don Hollas (shoulder). Cowbovs bv 
15. 

Kansas Gty (5-2) at Buffalo (4-3): 
Chiefs’ plus-9 turnover ratio is best in 
AFC. Bills’ defense allows just 3.3 
yards a cany, which ties Raiders for 
best in AFC. Bruce Smith could 
make things miserable for Joe Mon- 
tana, who was knocked out of the 
game with a concussion on last visit 
to Buffalo. Bills by 2. 

Philadelphia (5-2) at Washington 
(2-6): Eagles' defense has not given 
up a 300-yard passing game this sea- 
son, and Ken Harveys 8.5 sacks lies 


him with Vikings' John Randle for 
NFL lead. Rookie Gus Frerotte 
could be making his second consecu- 
tive start for Redskins, while Randall 
Cunningham and Eagles are rolling. 
Eagles by 7. 

New York Jets (4-3) at Indianapolis 
(3-5): Linebacker Ton} Bennett’s 7 
sacks for Colts ties him’for AFC lead 
with Bruce Smiih. But Jets have mas- 
sive offensive line that should be able 
to clear way for running back Johnny 
Johnson. Colts counter with Marshall 
Faulk. Game rated even. 

Geveland (6-1) at Denver (2-5): 
Browns’ offensive line has given up 
just 7 sacks in seven games and Bron- 
cos' defense has gotten just 6 in seven 

C es. But big test will be how 
vns' sting) defense handles quar- 
terback John Elway. who has re- 
turned to form the last two weeks. 
Broncos by 2. 

Houston (1-6) at LA. Raiders (3- 
4): Oilers' defense has at least 1 inter- 
ception in 13 of last 14 games, while 
Terry McDaniel's 5 interceptions lies 
him with Atlanta’s DJ. Johnson for 
second in NFL. But Oilers are aver- 
aging just 13.2 points a game, while 
Raiders seem to have gotten their act 
together. Raiders by 8. 

Miami (5-2) at New England (34): 
Drew Bledsoe has completed 20 or 
more passes in last 8 games and leads 
NFL in passing yards with 2,314. 
And Patriots, with 19 sacks in last 5 


games, have improved pass rush since 
These teams opened the season 
against each other. But Dolphins arc 
54) after a bye week, and Dan Mari- 
na's quick release gets him out of 
manv jams. Patriots bv I. 

Minnesota (5-2) at Tampa Bay (2- 
5): Vikings have averaged 25.4 points 
a game since Week 3 and are 4-1 in 
that span. Bucs have scored just 96 
points in seven games. Vikings by 74. 

Seattle (34) at San Diego (6-1): 
Seattle has just 11 sacks (by 9 play- 
ers): Chargers' offensive line has per- 
mitted just 6, which tics Chiefs for 
fewest in NFL. Further. Seahawks' 
run defense, in last four weeks, has 
given up a total of 572 yards. That, 
does not bode well against Natrone 
Means, who has rushed for 100-yards 
or more in three straight games. 
Chargers by 7. 

Pittsburgh (5-2) at Arizona (2-5): 


TO OUR READERS IN BERLIN 

You can now receive the IHT hand delivered to your 
home or office every morning on the day of publication. 
Just call us toll free at 01 30 84 85 85 


SCOREBOARD 


Byron (Bam) Morris had 146 yards 
rushing against the Giants in first 
NFL start last week. But be also had 
two fumbles, and Cardinals will come 
after Morris with everything they 
have. They could be flat, though, af- 
ter an emotional-filled near victory' 
against Dallas last week. Cardinals 
byl. 

Green Bay (34) at Chicago (4-3): 
Packers’ Brett Favre has scare hip and 
Mark Brunei] could start Monday 
night. The defense has not allowed a 
back to go over 100 yards rushing and 
has given up just 2 rushing touch- 
downs this season. Bears have out- 
scored opponents, 66-14, in the 
fourth quarter. Bears by 2. 

Open dates: Atlanta, LA. Rams, 
New (Means, San Francisco. 

The matchups were compiled by 
Timothy )K Smith of The New York 
Times.' 


NBAPraMwton 


owrton* U 7 . Donat 9 * 
Detroit W. Saawwito *l 
Mflwauktt IU. Mlonnata 103 
Ptmnlx 104. Denver 90 . 
uuh 99, LA. La k«n M 


V sp j'z jcrj-e j 


A.-*-’ 


FRENCH FIRST DIVISION 
Lvan I. Bardaaux 1 


THIRD TEST 

CriCktrf-ZiinJwtnw v Sri Lanka. third BOY - 
Sri Lanka Drat IniKim: 402 1 

ZlfflbatnMflnrkmiiiBStavarnlBMlO-lirZTiM * 
TRIANGULAR SERIES 
India v*. Now Zoo land 1 

Now Zealand 30P-4 (90 avart) ■ ' 

India: 271-3 MM mars) 

Routt: imfla wan by oven wickets 
TRIANGULAR SERIES 
Pakistan vs. South Africa, one day matt* 1 
South Africa; 2*2-1 (SO ovtnl 
Pakistan: 2ZW (£5 oven to snare) 

Pakistan wan by six wickets 

'.tv. 

NOKIA GRAND PRIX 
la Essen, Germany 
Singles, Quarterfinal* 

Jana Novotna (2). Czech Renubhc. SaWne 
Aupehnans (6), Briahjm. 6-4.60; Karina Hab- 
KKtova, Slovakia, del. Martina Hingis, Swit- 
zerland, 4-3, 3-4, e-2; Iva Mai oil [SI, Croatia, 
det. Anke Huber (3), Germany. 7-4. 6-A 4-1; 
Natalia Medvedeva Ukraine, def. Brenda 
Sctmttz (7), Nether la nds. 6-3. 7-5. 

STOCKHOLM TOURNAMENT 
Shota*. wrtet fl nab 
Boris Becker (4). Germany, def. Mlcnael 
Stlai (3), Germany 7-4 17-3) 4-3; Pete Sam- 
oras O), UJLdef. Magnus Larsson, Sweden, fc- 
1 4-4. 


n‘f 


im 


* 141 bk 


Mercedes-McLaren Pact Made Official * 

STUTTGART (Reuters) — Mercedes confirmed one of For- 
mula One’s worst-kept secrets Friday when it announced it had 
signed a five-year partnership with the McLaren racing team. 

Mika Hakkinen will drive one car. McLaren chief Ron Dennis 
said, “but the remaining scat is an open issue and it will be not pe 

resolved until the end of November.” , _ 

Dennis said he still hoped to persuade the current Formula One ; 
leader Michael Schumacher to join the British-based team for 
1995. But in a statement released later in the day, the German . , 
driver said, “I would like to confirm that 1 will be driving for 
Benetton for the 1995 season." 

NHL Offer Easy for Havers to Refuse 

TORONTO ( AP) — NHL flayers have rejected an ownership 
proposal to open the season while a study was done on the league's 
financial health. 

“Obviously and without any doubt we have no interest m their 
proposal,” union chief Bob Goodcitow said Friday. “And we are - 
still waiting for a reply to our request for financial data." 

Jeffrey Pash, the league's vice-presidenr and general counsel. " 
wrote Goodenow on Wednesday saving the NHL would provide 
the union with complete financial information if the players 
rerumed to work under the league’s terms while the teams' books 
were being independently audited. 

For the Record 

The Japan Sumo Association said Friday it plans to hold a 
three-day exhibition tournament in Paris next October that will 
include 40 upper-division wrestlers, Kyodo News Service report- ■ 
ed. <AP) 

Steve Pettefl&U of the United Slates became the second solo 
sailor to finish the first leg of the BQC round-the-worid race, reaching 
Cape Town five days after Isabelle Autissier of France. (Reuters) ■ 

Chris Muhin, the star swingman of the Golden State Warriors, 
will miss the first slx to eight weeks of the NBA season with a knee . 
injury, the team said. (AP\ > 

Dan Duva, the boxing promoter, underwent surgery in New 
York to remove a tumor from his head. Biopsy results are not 
expected for several days. (Reuters) 

Jock Richardson, 95. the Iasi survivor of the 1924 New Zealand 
rugby union team known as “The Invindbles,” has died in ; 
Australia, the New Zealand association announced. (AP) '■ 


r. 

... 




tfFirt** 62 
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DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


I O '99* Ur>i»a Fe«u*« Sy-ocit Wc 





























INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDA Y , OCTOBER 29-30, 1994 


SPORTS 


Page 2 i 




2* 


' V. | V “• t' By Robin Finn siooaj match, but also compete in her first touma* that's when it hits you: this is a 14-year-old little kid 

' • , ' New York Tima ment since she was 10. Although WTA Tour officials who happens to have adult qualities on the tennis 

1 " ^ \r n Ai- j , j* . . . . suggested, in the interest of lessening the limelight, court” 

' • c V* Y^^fcl 06513 V 3 ?- k. ut rt 1 that Venus make an afternoon debut, it seems that Macd, a former mentor of Ca priati, is aware of 

• ■■ ‘“tv ber father and the International Management the dangers that accompany this debut of a teen- 

i C ? 3ai m Group, A* agency that not only owns the tourna- ager who, like Capriati, was rendered a celebrity 

. A . .. *V van^&at was taking her hmne after an exhibition ment but is also energetically pursuing her as a without even playing a pro match. 


The Curtain Rises on Venus Williams, 14 , Tennis Pro 

By Robin Finn sionaj match, but also compete ioher first tourna* that's when it hits you: this is a 14-year-old little kid gether. Venus, as part of her religious duly. malr*K 

New York Tima Savin ment Since she was 10. Although WTA Tout officials who happens to have adult qualities on the tennis time for the underprivileged. As pan of this commit- 

? susses ten If) the mtoTMf nf iMCMiina tliil ImuliAkf m...* ** . 5 __ _ _ j 


suggested, in the interest of lessening the limelight, 
that Venus make an afternoon debut, it seems that 




r • , rt . '■■■ :b- 1 '-' doubles appearance with Billie Jean King. 

‘v <j r * When Macd, curious, took his eyes off the road 

: Ion| enough to glance in the rear-view mirror, he 
^ realized sac was talking to her dolL 

^ Upfi. Now, two years later, Venus Williams is 14 years 
old and about to turn professional a scant month 
■ * ■\i- J before the implementation of a conscience-ridden 
' ' ‘ ‘ 1 tic k’ rnie adopted by the women’s tennis circuit to outlaw 

“ future 14-year-old pros. 

\ ]|1( After an extensive study where human exhibits 

‘ ’ W included “burnouts” like Jennifer Capriati, Andrea 
Jaeger and Tracy Austin, the tennis establishment 
• V ; r" : “ 4| c,»- admitted that there is nothing healthy, except finan- 
■ . cially, about placing 1 4-year-olds in the professional 

V ‘ *’;■ slie J workforce. 

' Venus Williams says she supports the new rule, 

yet feels duty-bound to circumvent it because she 
wants, after three years of boycotting the junior 
_ circuit, to concentrate on learning to play like a pro, 
.. . " *■> see what happens when die actually confronts 

V ^ in*; So her debut will take place Monday or Tuesday 
Vn nr if; in California, her home state, at the Oakland Colise- 
1 om arena where the indoor Bank of the West Classic 


court _ ment, two clinics at schools in Oakland were sched- 

Macd, a former mentor of Capriati, is aware of uled. 
the dangers that accompany this debut of a teen- Richard W illiams said he has made sure Venus 
ager who, like Capriati, was rendered a celebrity has seen “both sides of the tracks” wherever die 
without even playing a pro match. family has lived or traveled: from Compton, Califor- 

"I don't think Venus is ready for all the stuff that oia, where she first tried teams on a hardscrabble 
comes with turning professional,” he said. “I don’t court in a public park that was a second home to 
think any 14-year-old is. But she is ready to play, gang members and drag dealers, to Florida, where 
And because of that new rule, it was my advice to she trained with Macci at the tony Greenlefe Resort 


client, prefer she plays an evening feature match. "I don't think Venus is ready for all the stuff that n» a , where she first tried tennis on a ! 

“I don’t like having a big row made over me,” said copes with turning professional,” he said. “I don’t court in a public park that was a sea 
Venus, “but Fm expecting lots of people io come thinlc a°y 14-year-old is. But she is ready to play, gang members and drag dealers, to FI 
and take a peek at me there.” And because of that new rule, it was my advice to she trained with Macci at the tony Gx« 

“Maybe a year ago I wasn’t sure about this, but 1 her father dial she lest the waters now so they’re in a but lived in working-class Haines City, 
guess nghi now Pm ready,” she added. “There’s no better position to pick and choose later.” “I’ve taken her to Skid Row, ant 

obligations at all to this; 1 don’t think about winning Richard Williams said he has downgraded his around enough ghettos, and enough ri 
or losing, just about seeing if I can believe in myself initial public denunciation of his daughter’s decision see how she wants to live,” he said. “SI 
and do the things I do in practice. It’s a learning 10 turn pro. choice is up to her.” 

experience.” “She's going to be a ghetto Cinderella queen.” be Both Venus and her 13-year-old s 

Hex father, Richard, swears it won’t be a business said- 10 “ front of he r. Now Tm behind another imminent prospect,' are being 

experience, that Venus will be turning pro without her ^ the way. I brought up my children to be able home by their mother. 

■ •'» mw wa r to malri> nMHMAne ca T nmnAH am »k?f» aha 11 u t*A i;b A 1 im> »a it Ui < 


with a management firm or committing 10 e decisions, so I support her on this 
to anv snonsnrshinc mn.w 1 don t approve of any kid turning prol 


“She's going to be a ghetto Cinderella queen.” be 
said. “1 used to be in front of her. Now Tm b ehin d 
her all the way. I brought up my children to be able 
to make decisions, so I support her on this one.” 

hosclf to any sponsorships. Her mother, Brand* 7.4®’* of “J “ turning professional 
calls it turning pro “for the sake or turning pro a ‘ 14> ^ Williams, who last summer suggested 
“My little girl doesn’t need an agent yet,” said anyjiarent who allowed such a thing “ought to 
Richard Williams, who likens agents to sharks and 

is, in the time-honored tradition of ww™ dads. . ?. ul 1 ^ cwrnung on Venus io make a wrong 

highly suspicious of any outsider purporting to u °L n ^r - , , . . 

know whafs best for his daughter Maybe prodigies are born, not made, but certainly 

er ^ there are ways of facilitating their deveiopmenL 

His “little g»T is 6 feetta^ adept at hip-hop Richard Wffliams got started early. Literally prema- 


dance steps, and above her brand new WTA Tour T- 
shirt she wears ha: hair swept to one side in a 


turely. 

Venus had not yet been born when her father, who 


• • , u , m , « r will share a venue with an outdoor concert by the cascade of blue-beaded braids that click like dice as admits be had an ulterior motive in mind when he 

' ■'■y.'i.v , ' R nil mu SfnmM: she DUtS in her four-hour afternoon wnrlcnut h..:. io .i _i.. tj 


Rolling Stones. 

: i , .. . l C .. 5- c i So. If Venus does not, as Macci euphemistically puts 
. : . \ n \ 'Vjr it, “stq> m> to the plate right now and take a swing at 
VJV ’i'i[ii;i it,” she’ll have to wait until she is 16. And that's too 
: , v _ . ■ long for a phenom whose handlers conceive of her 

[;/’ ".' ur f CI > mi posing a threat at Wimbledon by tile time she’s 18. 

1 f 1 ■ i'«sib i$. Next week, shell not only play her first profes- 
. ^ f*>;- 1 — 1 

b ' *¥ ntifTAr FJrpc ^i 9 T * 


she puts in her four-hour afternoon workout took up t«mi« at 38, predicted that she would 
“She doesn’t talk to her dolls anymore,” said become a great player. 

Macci, who won the com petition when the W illiams Richard W illiams was fonder of tennis back then; 
family left California ana went shopping for a high- now, he said, it has become a sport that fractures 
profile Florida coach for their 10-year-old prodigy families and robs children of a normal education, 
m 1991, “but these days you could probably hear her But the Williams clan, all devout Jehovah’s Witness- 
having that same conversation with her dog. And es, believe the family that prays together stays to- 


“Pve taken her to Skid Row-, and she’s been 
around enough ghettos, and enough rich people, to 
see how she wants to live,” he said. “She knows the 
choice is up to her.” 

Both Venus and her 13-year-old sister Serena, 
another imminent prospect,' are being schooled at 
home by their mother. 

“Pd like her to take it slower, but she seems 
determined to play, and Fm not that worried about 
it now ” said Brandy Williams. “I can’t control her 
fate or destiny. It’s up to her.” 

But whether Venus is playing for posterity or 
parental approval is still an unresolved issue for her 
mother. 

“I used to question her, probably weekly, about 
how sure she is she wants to do this," Brandy 
Williams said. “1 really wanted to know if she’s just 
doing it to please her dad, but she’s always said no. 
that she loves the game, and just yesterday Serena 
told me the same tinng. In my heart I’m hoping they 
both love it, and that part I worry about a lot. 
because if not, I know the repercussions that come 
along later.” 

The issue of putting her teen-ager to work is not 
one that bothers Brandy Williams. “I think it’s good 
for them,” she said. “It builds character, and when 
you work, you learn how to take care of yourself.” 





Btlir Sen RnUf M 


” Venus Williams: Expecting a peek In Oakland. 


nhic; 


Langer Fires 62, Leads 
Montgomerie by 1 Shot 

Caupilatby Our Staff From Dispatches Spain, will be the site of ti 

SOTOGRANDE. Snain — 1997 Ryder Cup. 




” ‘V* -T-T: -3 

"< . P-.r- V 
- . .-I.-- O 


FLINCH flMT oirtin 


Compiled by Oa Staff From Dispatches 

1“_ -n SOTOGRANDE, Spain — 

SCOPFRftAl Bernhard Langer shot a coorse- 
record 62 Friday at the Valder- 
rama Golf Oub and hdd a one- 
stroke lead after two rounds of 
_ the Volvo Masters, the final 

NBA Pres eason event on th&Eurppean tour. 

Langer hafl a 36-bole total of 
' • • • 133 on t 6 e W 71 , 6,833-yard 

; ;■ course. He had 

. v- mne birdies and the rest pars m 

■ 4 n his round mid led defending 

^umament. champion Colin 
*»Jontgomerie by one stroke. 
clinch f mi oinu ” Montg^^rie shot 65 for the 

•*: ■ second fOciiQ as overnight rains 

mwlff the near-pexfect greens 
easy topdtt . 

-m re rtn MigoeP Angel Jimenez, who 

* * . es- % v* lattt shared the first— round lead with 

• • Peter Mitchell and Sam Tor- 

• »' ' •’ • er. ranee at 65, anded 70 after he 

S° l a ntr? doable-eagle on the 
_ . . • . *• f.rr pBT-5 UtftTlple. . 

• • « Seve Ballesteros stayed on 

• . fi eViiUdTtfic the beds (rf the leaders with a 67 

- ; i for a two-day total of 136. Ian 
• ■ , " 11 Woomam was at 69*137. 

The old course record of 65 
was set by Jos 6 Rivero of Spain 
’ in 1990 and had been tied sever- 
• al tnnek'tiw most recent by 
:.k«n 3 ?w Hmrsday's leaders. 

.e iih- Valderrama, in southern 


„■ .. --i p-. 

’S.*N7L>CAB 5£iS3 
■ '-.C'CM :na 
. . 



FIFA’s Cut of World Cup ’94: $100 Million 


Spain, win be the site of the 
1997 Ryder Cup. 

• Rumor has it that a four- 
some went around the Olympic 
Club in 66 Thursday at the 
Tour Championship in San 
Francisco. 

Word was that Steve Lowery, 
one of the four, had a hole m 
one and that Bill Glasson near- 
ly spun a 9-iron shot into the 
cup at No. 18 for eagle, and that 
David Frost needed just 24 
putts and Mark McCumber 
shot 31 on the back nine. 

No one actually saw the first 
round of the Tour Champion- 
ship, because of a fog that 
rolled in off the Pacific Ocean. 

Players came and went, ghost- 
like apparitions in the cloud 
that never cleared. 

But in the richest event on 
this or any .other tour — the . 
purse is S3 million with 
$540,000 to the winner — a lit- 
tle tiring like a fog wasn't going 
to keep the top 30 money-win- 
ners from their appointed 
rounds. And in one sense, the 
damp made things a little easier 
fm- them, softening and slowing 

the greens to make them more Ewupe si«/Rnno» 

receptive to scoring. (AP, NTT) Bernhard Langer bad nine birdies and a chipper feeling. 


Compiltdtrr Our Sttfff Fro 01 Dispatches 

NEW YORK —The United 
States’ chances of staging an- 
other World Cup, perhaps as 
early as 2010 , have been en- 
hanced considerably by FIFA’s 
release of its finaiirial figures 
for last summer’s tournament. 

International soccer’s gov- 
erning body made a net profit 
of nearly $100 million from 
World Cup USA ’94, FIFA’s 
general secretary, Joseph Blat- 
ter, said Thursday, this was 
over and above the $60-million 
profit already announced by 
the UJS. organizing committee. 

According to the FIFA fi- 
nancial report, the tournament 
produced revenue to FIFA of 
SS4.304.500 from ticket sales, 
$90,601,644 from television 
rights and $60,217,500 from 
merchandising, for a total of 
$235,123,644. 


Expenses involved is orga- 
nizing and staging the event to- 
taled $135,434,480, leaving 
what FIFA termed “surplus re- 
ceipts” of $99,689,164. 

The profit is split, with 30 
percent going to the local orga- 
nizing committee and 70 per- 
cent to the national soccer fed- 
erations. The 24 World Cup *94 
teams will each receive more 
than $650,000 per team for each 
game played. 

The winner, Brazil who pocket- 
ed nearly $5 million from its 
seven-match run at the tourna- 
ment. 

In other matters: 

• When FIFA awarded the 
1994 World Cup to the United 
Stales, it insisted the Americans 
establish a new league. Now, 
soccer officials say, the new 
league probably won’t happen 


“For us it is not so important to continue coaching Argentine 
if the league begins today or first division Dcportivo 


tomorrow,” Blatter said. “For Mandiyu. Maradona does not 
us it is tremendously important have a coaching license , but the 
the league start with a solid fi- Argentine federation's presi- 
nandal base.” dent, Julio Grondona, said that 

Alan Roth en berg, who will be remedied. 

Major League Soccer, said an m Frf)m nnw 
April 1995 launch still was un- in *£ 1 
dcr consideration. But Blatter’s 
statement left little doubt the _^ii __ , 

•ease’s del,* w OU ,d be pos,- M 

P° ncd - World Champioi 

• In keeping with the lifting den, the under-20 

of United Nations sanctions Cue ) in Nigeria a 
against Yugoslavia, FIFA lifted 17 World Champ 
its ban on Yugoslav clubs and uador. 
the national team for a 100 -day „ w ^ . 

trial period. goal’ not sudden 

• Former Argentine star Die- ier said. Games th 

go Maradona, banned from “all gf ^ 30 minutes 
soccer activity” for 15 months wU be decided 
after failing a drag test in 
World Cup *94, will be allowed (CAT, 


• From now on, tied games' 
in the later rounds of all FIFA 
tournaments except the World 
Cup will go to sudden death, 
including next year’s Women's 
World Championship in Swe-..- 
den, the under-20 World Youth- 
Cup in Nigeria and the under- , 
17 world Championship in Ec- 
uador. 

“We win call it the ‘golden 
goal* not sudden death,” Blas- 
ter said. Games that remain tied 
after 30 minutes of extra time 
will be decided by penalty- 
hicks. „ „„ „ 

(CAT, AP, Reuters ) 



t 

•” > -V. ... 


The IHT /Delta Air Lines 
Destinations Competition 


JUST FOR OPENERS by R. M. Hopkins 


: •* 
>.nii 


■t .r>~ » 


.vM»“ r ACROSS 
^ 1 Cheese in a 
r * mousetrap 

5 RtderHaggard 
romance 
8 David 

a* Stockman's 
depuonce 

Dickens alias 

tt Cheerless . 

' I U "MosCs* author. 

. 

' j 19 Clide 
_ i 21 One who has the 

M 

S 23 In the evening 
VI when 1 sit alone 

r f 7 (dreaming...* 

25 Arm of the sea? 
tpco 26 Kind of tea 

27 *Oh. give me 
land, lota of land 

— ' 29 Bruiser 
30 Beethoven 
dedicaree 

— ^ ^ 31 Org. for the 
20-Down 
32 Excel 
35 Landslide 
detritus 


37 Carve across the 
grain 

41 Lincoln in-law 

42 Selects 

43 Popular sports 
car 

44 Likeveraarile 
appliances 

48 Each 

48 Call it 

50 Tax evaders' 
bugbears 

51 Turnabout 

52 Noted castaway 

54 Iranian desert 

55 Handbills 

57 Gulf north of 
Somalia 

58 Mummer, at 
times 

60 Start, in a way 

61 Trilled 

63 Top dog at the 
zoo 

64 Some canines 

65 cropper 

66 Bracelets 

67 Spring 

68 Seconds 

70 Mi.T. grads, 
perhaps 


KTP1TA ATR TINES 

Tog'll Lo»l Tie Vat Wi Fu 1 — 

DESTINATIONS 

COMPETITION 


71 Least dear 

75 Gallimaufry 

76 Spray 
alternative 

78 Nutcases? 

79 Wipeout 

80 Cult film" 9 

From Outer 
Space" 

81 Protective rings 

82 Where ragles 
gather 

83 Kids' stuff? 

84 Not well 

85 Paid (up) 

86 Hamlet’s father, 

ag. 

87 Composed 
90 Milk: Prefix 

92 Where to go for 
a spell? 

93 Trailer for sale 
or rent..." 

97 Salad bar item 

101 Introductory 
offer 

102 "Alas! My love, 
you do me 
wrong..." 

Court official 

106 Anomalous 

107 Legendary 
gunfighter 

108 They Ve earned 
their stripes: 
Abbr. 

109 German spa 
118 Common 

pluralizer 

111 Stephen Foster’s 



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Test your travel knowledge! Each day for 18 
consecutive days, a clue describing a city to which 
Delta Air Lines flies will be published. Using 
Delta's Map, fill in the name of the city correctly 
for at least 12 of the 18 days and qualify to win. 

Once you have at least 12 answers, put 
them in an envelope and send them to us with the 
completed coupon below. 

Winners will be selected from an official 
drawing. The first 10 entries drawn with the 
correct responses will be the winners. 


Win Fabulous Prizes 

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Second Prizg: 

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Delta Air Lines’ Destinations Map 


Afflstantea 


Stockholm^ OHelsinld 

Copenhagen °& Petersburg 

.... 0 Moscow 


Mftoi o V^^Beriln OWareaw 
ll gSSS l oH«kf U rto Prague 
HunichO oVteina 


DetroitO 

anrinrafi 
OOaflas < 


□Boston 

°NewYodc 


Bsttioaa 


0 Bucharest 
■ ^Istanbul 


OAftanta 

oOtoido 


OTelAvhf 


tf Nap York Tunes/ Edited by Wm Shorts 





WIN FIRSt CLASS TICKETS! 
LOOK IN TODAYS PAPER 


DOWN 

1 DO 

2 ■*... forgive 

our debtors* 

3 Petit four 
finisher 

4 "Casey would 
waltz witha 
Strawberry 

blonde... 

5 Map info 

6 Bricklayer's 
burden 

7 Prinremps 
follower 

8 1983 World 
Series diamps 

9 Paul Bunyan’s 
wife 

10 Borsch t base 

11 Restrain 

12 V£. 

13 Wunziie 
ingredient 

14 Playhouse fare 

15 Kitchen gadget 

16 Have of the 

tongue 

17 One of a vitamin 
complex 

29 Seniors, with 
The' 

22 Special forces 
unit 


24 End of Lhe race 

28 Malodorous 

32 Kind of bom or 
line 

33 Snake dancers 

34 Pop star 

35 Nubian Desen 
locale 

38 Family 

38 Prospective taxi 
fare 

39 Out-and-out 

40 Tabula 

42 Pent up 

43 Changes 

44 “Stormy the 
night and the 
waves roll high 

45 Anti-slip device 

46 Reagan 
nickname 

47“ — 4 rire“flt 

is to laugh"): Fr. 

50 “As the 
• blackbird in the 
Spring..." 

53 Flawless 

54 Gifts 

56 Kind of accident 

58 Groa no- 


59 Computer 
software abbr. 

61 "...and — a 
good-night!' 

62 vinat 

amor 

S3 Informal 

64 Laconic 

65 Hatchet job? 

66 Sit on 

87 Like 

supermarket 

tabloids 

69 Madame 
Bovary 

71 Entomb in 0 wall 

72 Dollar prefix 

73 Car-roof items 

74 Words 

77 Vogue 

78 Happens to 

82 “Invincible' 
victim of 
Hercules 

84 Dries, in a way 

85 Nuts 

86 Personality 
determinant 


87 Kind of duty 

88 rrump 

89 Monsters 
91 Bicker 

82 Food processor 

93 Citysouthof 
Dusseldorf 

94 Rage 


95 Stratford 
streetcar 

96 Plymouth 
Rocks, e.g. 

98 Basso 
Andresen 

99 Acue&s Maes 
100 Spot 

193 Crux 

104 ammoniac 


Solatioo to Puzzle of Oct 22-23 


UULJtl Liuau UUUD DUfciUUlJ 
JJliii uautl UULJU UttUULU 
'jaauuuuoaQUQDa geelee 
□□ aaa noaa ggge huge 

□□□□□□□QDQGGCCD 

ana □□□ 

□□Ua nnnnaoD QGGUCO 

□UUaaO □DGHOQGGGG ECE 

auoaao □□□ oggd duel 
oaauuaQ □□□ ggbugeg 
□□□□ OHQGGGGGG eeeb 
tjuiiaauu obq qdqecdg 
aaaa aoaa otin dudege 
nn n minDisQGnnn dduede 
□□anna nnacoOE dpdg 
□□B aa anoBO ego pee 
□ noQsamniiDDEDEB 
naan nnafl eqqo gedeg 

□□□□0L1 OSnODOOBDOEEDE 
□□□000 OPOQ DODD UDEE 

□□□□□a qoqa oobo ccee 


OSHtmas 


RULES AND REGULATIONS 


® Airline tickets are norvtransferable and seats subject 
to availability. 

© Travel must be completed by December 31st, 1995. 

© Entry must be postmarked no later than November 

W 7th, 1994. 

® Valid only where legal. No purchase necessary. 

(D Entries will not be accepted from staff and families of 
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© No correspondence will be entered into. Proof of 
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© No cash alternative to prizes. 

© Winners will be drawn on November 15th and 
published thereafter in the newspaper. 

® On all matters, the editor's decision is final. 

® The editor reserves the right in his absolute 
discretion to disqualify any entry, competitor or 
nominee, or to waive any rules in the event of 
circumstances outside our control arising which, in 
his opinion, make it desirable to cancel the 
competition at any stage. 


^Bombay 


YOUR RESPONSE: 




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in Eastern Europe. 


[Name of City: 


JOB TITLE _ 
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COUNTRY. 


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.iv 


Page 22 


INTERNATIONAL HERALD TRIBUNE, SATLUDAY-Sl’NDAY, OCTOBER 29-30, 1994 



DAVE BARRY 


Perils of a House Guest 


M IAMI — There is a simple 
explanation for why I 
wound up dangling from a rope 
75 feet in the air over a beaver 
dam somewhere in Idaho: I was 
a house guest You know how it 
is when you’re a house guest: If 
your host suggests an activity, 
you, as a polite person, tend to 
say “sure.” 

My host in this case was my 
good friend Ridley Pearson, who 
makes his living writing thriller 
novels, which means he spends 
his days thinking up sentences 
like: "Roger awoke in a dark 
room and sensed immediately 
that his body had been surgically 
removed from his head.” 

What I'm saying is that Rid- 
ley has some spooky closets in 
the mansion of his mind. This is 
why I should have been suspi- 
cious when, the night I arrived 
at his house, he casually said “1 
thought that tomorrow we 
could climb a ties.'' 

This struck me as an odd ac- 
tivity for a couple of guys in 
their forties. Guys our age gen- 
erally prefer a more mature 
type of recreation, such as 
scratching. But I was a house 
guest, so all I said was “sure." 
□ 


trees before stopping at what 
had to be the most unsafe-look- 
ing tree in North America, it 
was next to a beaver pond and 
it was leaning WAY over. 

“Is this tree safe?" I asked the 
guys. 

"Ha ha!” they reassured me. 
They then helped me put cm the 
special tree-climbing equipment, 
which they call a “harness," al- 
though what it looks like is an 
enormous green athletic sup- 
porter. It has a pair of 10-fooi 
safety straps attached to it: the 
idea is that you clip these to the 
branches as you climb, so that if 
you fall, instead of smashing 
into the ground and getting 
killed you fall only until your 
safety strap becomes taut, ai 
which point you turn into a hu- 
man pendulum and slam into 
the side of the tree and get killed 
D 


The next morning we had 
breakfast with Ridley’s brother. 
Brad and a friend named Amos 
Gal pin, then the four of us set 
off in Ridley’s car to find a tree 
to climb. This enabled me to see 
some of Idaho (official mono: 
“Nobody Knows Where It Is”). 

Most of Idaho is outdoors, the 
result being that local residents 
are able to enjoy year-round in- 
teraction with the natural envi- 
ronment, which gradually drives 
them insane. At least that's ap- 
parently what happened to Rid- 
ley. Brad and Amos, because 
they have turned tree-climbing 
into a serious, full-fledged sport, 
with special equipment and ev- 
erything. 

They do not climb just any 
tree. We drove past several mil- 
lion normal, sturdv. vertical 


When we got near the top of 
the tree, Ridley informed me 
that we were going to get down 
by rappelling. The way rappel- 
ling works is, you close your 
eyes, jump out of the tree and 
slide down on a slim, unsafe- 
looking rope, which is attached 
to your harness via a metal fit- 
ting that enables you to slide 
WAY faster than would be pos- 
sible under the influence of 
gravity alone, so that you reach 
speeds estimated at 450 miles 
an hour you hurtle toward the 
ground, crashing through 
branches while your fellow 
climbers shout helpful instruc- 
tions that you cannot hear be- 
cause you're devoting all of 
your mental energy to sphincter 
control. 

.All in all, it was an extremely 
memorable experience that I 
will devote the rest of my life to 
trying to forget. I’m looking 
forward to the day when Ridley 
is my house guest, so that I can 
plan an equally fun activity for 
him. I'm thinking maybe we 
could play tag. 

With chain saws. 


Knighi-Ridder Newspapers 


Britain’s Ghost Club: Keeping a Ske 



Iruernaiioncl HtraLi Tribune 

L ONDON — This is the season of 
troubled spirits, unwonted appari- 
tions, unexplained noises and tingling 
spines. All of which leaves Tom Perron, 
for 23 yean chairman of the Ghost 
Club, quite calm. He doesn’t believe in 
ghosts. 

“1 would like to believe but I am still 
waiting to be 100 percent converted.” he 
said in his brown Muswefl Hill living 


MARY BUIME 


room, which is used for Ghost Club 
meetings and the occasional seance. ”1 
t hink the hope of finding something 
genuine is what spurs people on. It’s like 
in days gone by when they were trying 
to find the source of the river Nile.” 

The dub will spend All Samis' Day, 
when there are supposed to be a lot of 
restless spirits about, calmly listening to 
a talk on Mystical London. There are 
about 100 members and the aim is not 
to scare each other with ghost stories 
but to make scientific investigations of 
paranormal activities. 

Perron has been working on a report- 


ed sighting of the “Flying Dutchman." 

porariiy ii 


temporarily in abeyance because of an 
dusive witness. “We bad a lecture on 
the Loch Ness monster and on corn 
circles when they were in vogue," he 
said. "We have occasional visits from 
mediums and faith healers. How can 
you understand what's going on in the 
world unless you know what all schools 
of thought think?” 

There are said to be 10,000 haunted 
sites in Britain and Perron has led ghost 
tours, including a fondly remembered 
one of Texas millionaires in 1 985. which 
began and ended with dinner at G ar- 
id ge's. He has also been interviewed on 
French and German TV: “A lot of 
foreigners seem to take the view that the English 
are amiable eccentrics who spend their spare 
time chasing spirits.” Perron said. 

If England's Society for Psychical Research is 
the larger and more respected group because of 
its academic members, the Ghost Gub is 20 
years older, having been founded during the 
heyday of spiritualism in I $62. Sir Arthur Conan 
Doyle' and Charles Dickens were among the 
early members. Perrott, a retired personnel man- 
ager. is a member of both groups. “The whole 
point is if you have a genuine interest — I don’t 
mean just m spiritual tilillation — it’s rather nice 
to know there’s a serious organization that exam- 



in the air which might indurate ihat fe 
lildmgs the s 
at a higher level. 


the older buildmfl 


; ground floor 1 
Swnedutes you -g/t 
only half a ghost which might mean (fat 
the ground floor was at a luma' 

The problem is the absence of 
even now wh«s modem devices might 
replace the old thermometer. "I suppose - 
there is special equipment which canoe 
utilized, special cameras and photeefcc- 


trie cells and that sort of thing. Or yes 
* ’ ' imply * ‘ 


can be more basic and amply hair- 
piece of cotton tied across the dbof- 
which would obviously show ttse£&: 
have been split if someone rimwsifiBs.' 
the room.” 

He believes in confidentiality *T • 

would never tell a journalist of aft* 
case we ore working on without 


ance from the people concerned” -rand: 
tied by t 


is dearly haunted by thepublicity over i 
recent schism when Peter Underwood, 
author of such books as '‘Ghosts. asd 
How to Sec Them” and “NigkflS ut 
Haunted Houses.” suddenly resigned as 

E resident of the Ghost Club to found 
is own group. The Ghost Gob SdcMsjs. 
“Underwood’s face iust turned purple 
and ... he vanished," the . Ghost 
Cub’s honorary treasurer, Bill Bdlars, 
reported at the time. Bellars. a retired 
naval commander, is a Loch Ness mon- 
ster expert. 

The Underwood affair saddens Per- 
ron, "He’s trying to give the impression 
that his is the only Ghost Gub and that 
the original one has ceased to function 
altogether. In actual fact, we’re very 
much alive and kicking,” 

And so, as Underwood’s more than 
30 books on the subject suggest, is the 



. \ v 

» 


.r « 

- . 'A 



k Tim* 


ghost industry. Recently in York there 
was a hassle between a divorced couple 


ines these things in a dispassionate manner.” 

A major tool in investigations is a simple 
thermometer. “It is well established that if a 
phenomenon is about to occur there is a sudden 
drop in temperature. But.” he adds, “a change in 
temperature can cause old timber to contract or 
expand and sometimes that can give a cracking 
noise which could be mistaken for a footstep. 

“It’s very difficult to enumerate all these 
things. There’s an awful lot to it. really.” 

A major disappointment occurred a few- y<sus 
back when a lady in Islington reported strange 
noises which, alas, proved'’ to be caused by ma- 
chinery being used to build an Underground 


tine. “That’s a basic illustration but sometimes 
people hear noises which you can't on the face of 
it account for." 

Perrou doesn't go for what he calls the gothic 
interpretation of ghosts as wisps in white sheets 
and he knows that some sightings are invented 
by pubs to increase their custom or by stately 
homes hoping to attract visitors, and that some 
people who claim to have seen spirits have 
merely been imbibing them. Still, he hopes one 
day to believe and says there have even been 
reported haun tings in modem buildings erected 
on the sites of old ones. 

“Sometimes the ghosts appear to be floating' 


over who had custody of their successful 
ghost tours. At present they are in com- 


petition, with the wife doing a Victorian Ghost 
Ton 


Tour and the husband leading a milc-k»n 
lostly Ton 
the odd mad 
tourists. 


mt 

Ghostly Tour of York with, he told the BBC 


monk coming out and scaring the 


.Arthur Conan Doyle would probably spin in 

:ket is 


his grave but clearly the ectoplasm marl 

ltiy a couple spent £430,000 


ivuie. just r 
on a 13th-century allegedly haunted house in 
Lancashire with a view of making it a tourist 
attraction. It flopped and they are now suing 
the vendors on grounds of misrepresentation. 
The case continues but in all likelihood they 
haven't a ghost of a chance. 




iitlrsi 


: m* {vrtak 






; .» 

: 

.-..i.-.AS? 

Sj £ 


:<«-l * 
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:t 


■ 

k 

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► -•*« 


WEATHER 


PEOPLE 


Europe 


Tods, 


Tun io iiuw 



High 

Low 

W 

High 

Low 

w 


OF 

OF 


C/F 

or 


AJgjjve 

2271 

1559 

1 

2271 

15-59 

fi 

Arnwwtern 

11*2 

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14*7 

12-53 

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Anun 

2271 

5-41 

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23.73 

8/43 

5 

AJJwns 

24.75 

17/62 

* 

26.79 

17.62 

s 

Barcvtona 

2170 

14/57 

pc 

2170 

16G1 

5 ri 

Belgrade 

13.-66 

10.50 

1 

17.62 

10/50 

I 

Beiui 

3.'48 

4/39 

PC 

9/48 

7.44 

f 

Brussels 

11/52 

7/44 

i 

16*1 

11.52 

DC 

Budapesl 

15/59 

7(44 

I 

13*5 

9/48 

I 

Copertuigiin 

9 48 

4.-39 

sn 

5.48 

7/44 


Com Dei Sol 

22/71 

17.62 

PC 

22/71 

17.52 


Duftfin 

11*2 

643 

w 

13*5 

8«6 

r 

EdyOteyH 

*152 

7.44 

sn 

1155 

9/48 

r 

Floisnce 

19/66 

9'4« 

0 

19.56 

13.' S£ 

9 

Framdur 

11*2 

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c 

B.48 

8.46 

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Ooneva 

11*2 

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13.35 

10.-5C 

1 

Hoejuu 

6/43 

4.33 

5 h 

7.44 

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1 

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22/71 

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Las Pat™, 

24/75 

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19/66 

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pc 

79*6 

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16*1 

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17/62 

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Moscow 

9*48 

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9.48 

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5ft 

Muncn 

9-18 

5/43 

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11. 52 

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19.66 

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19*6 

14.57 

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6/43 

3/37 

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sft 

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10.66 

16*1 

pc 

19*6 

17/B2 

5ft 

Pans 

12*3 

0/43 

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16.51 

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10*0 

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23.73 

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2373 

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pc 


Forecast for Sunday through Tuesday, as provided by Accu- Weather. 



North America 

New Yort- Cay and Washing- 
ton. D C., wil be warm Sun- 
day with a late-day shower 
Monday rto Tuesday will be 
dry and a Wile cooler Toron- 
to will have some rain Sun- 
day and possibly Tuesday. 
Chicago ml be dry Sunday, 
then rar is posstole Monday 
into Tuesday 


Europe 

A storm from the Atlantic wilt 
lash the British Isles with 
high winds and heavy rams 
Sunday into Monday. Pans 
through Frankfurt will be 
windy and mild into early 
next week with some sun- 
shine. Home will be sunny 
and warm Sunday into Tues- 
day. Windy. mBd weather will 
reach Oslo Monday. 


Asia 

Typhoons Verne and Wilda 
will dissipate to the south 
and east of Japan by Sun- 
day. A few showers will 
reach Tokyo early next 
week. Shanghai and Boijng 
will be sunny and milder 
early next week. Manila and 
Singapore will be warm and 
humid with daily afternoon 
showers. 


Middle East 


Latin America 


Today Tomorrow 

Mgh Low w High Low W 
OF CTF OF OF 

Buenos Aros iqm s-4i s 22.71 1315 s pc 

Caracal 30.86 ’0/68 SC 20/84 20 W pc 

Lima 22.71 16*1 pc 20/M 18*1 c 

Oh 2*75 0'48 DC 24/75 9/-US DC 

FtodeJanrtra 2373 18*4 sn 26/79 19/66 SC 

Samogo 20/68 9 48 sn 17/62 8/43 pc 

Legend: s-sumy. pc-paray otoudy, e-daudy. sh-shaweis. wnunderttorms. wain, sf snow flumes, 
en-snow, (■*». w-wczrtier AH maps, forec a sts end data provided by Accu-Weathar. Inc. 1 994 


Borne 

Ca»o 

DamascLd 

JontMWn 

Luxor 

Ftiyaffli 


Today • Tomorrow 

High Low W High Low W 

OF OF OF OF 

2879 2170-1 2679 21.70 ( 

2577 15/59 PC 2373 16.81 oh 

22.71 12/51 3 2373 12 *3 s 

23-73 16/61 pc 23.73 18/61 s 

20/82 16*1 s 27/BO 12/33 s 

Si S3 16/84 s 33.91 17/62 S 


Asia 


Today 


Tomorrow 


High 

Low 

W 

High 

Law 

W 


C/F 

C/F 


C/F 

or 


3 .VT 4 * 

31 58 

2373 


30 96 

74 75 

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17 02 

4/39 

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31 *8 

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fi 64 / Delhi 

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18 04 


To«r,-o 

21 79 

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Africa 

AJijie-s 

23.73 

19.56 

, 

24 75 

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Ca=»r 7 cwr 

22 71 

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34.75 

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21/70 

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llamU), 

22-71 

1152 


23.72 

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Tunis 

26.-73 

18 54 


26.79 

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PC 

North America 

Antrtoraje 

1-34 

5-22 

pc. 

2 - 3 S 

J /25 

PC 

4 *mu 

22.71 

11*2 

pc 

22/71 

8-46 

pc 

BosTon 

21.70 

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19*6 

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Cmtaji 

14/57 

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sn 

14*7 

3*7 

pc 

Dn/r/or 

1253 

• 1/31 


14.57 

-1/31 

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Ijesoo 

18*4 

6/43 

sn 

14.57 

3/37 

PC 

HcncAJu 

29/84 

23/73 

PC 

30*6 

23/73 

PC 

Houston 

20 02 

17/62 

5 

26.79 

1355 


LosAnge»s 

28/73 

14.57 

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27/80 

14*7 

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lAarra 

30.-B6 

22/71 

1 

29 *4 

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PC 

Ulniwaoofa 

11*2 

-2/29 

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21.70 

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3250 

18*4 

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31*8 

14/57 

3 

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16*4 

10/50 

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21/70 

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16*1 

4/33 


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22.71 

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G UEST speaker Hermit die Frog, actor. 

singer, environmentalist and amphib- 
ian, urged students at Oxford University’s 
debating society on Friday to think green 
in every aspect of their lives. “If the Earth 
is our home then, on behalf of ail the 
animals in the world, I am asking you to 
please clean up your room.” he said. He 
also warned them against kissing frogs 
who might turn into princes, saying the 
scandal-plagued British royal family has 
enough problems. 

□ 

The Beatles are back. Well, sort of. EMI 
Records is coming out with a new double 
album, “Live at the BBC,” compiled from 
tracks recorded before the height of their 
fame, it will be released Nov. 30. EMI said 
the album was put together by George 
Martin, who produced all The Beatles’ 
studio recordings for EMI. 

□ 

Buckingham Palace has denied a New 
York lawyer’s claim that Princess Diana 
consulted him over a S32 million separa- 
tion deal with her estranged husband 
Prince Charles. Raoul Felder said on the 
American Fox network that Diana was 
expecting the payoff. He added that she 


has an excellent case: “Don’t forget now 
... the prince has written in a book that 
he is an adulterer.” The palace press office 
responded: “The Princess of Wales has no 
recollection of ever meeting with Mr. 
Felder nor has she had any discussions 
about divorce or settlements.” 

□ 

The journalist Fr£d£ric Vitoux has won 
the French Academy’s literary prize for 
“La Comcdie de Terracina,” a fictional 
account of Stendhal’s travels across Italy. 


i m 

it 


□ 


Walt Disney’s housekeeper for 30 years, 
Thelma Howard, has left half of her S9 
million estate to poor and disabled chil- 
dren. Howard, who died in June, made the 
money by holding on to her shares of 
Disney stock, first acquired in the 1950s. 



Steven Spielberg will donate more than 
S2 miDion to the U. S. Holocaust Memori- 
al Museum for the creation of an archive of 
film and video related to the Holocaust. 

□ 

Elaine Paige, London's first Eva Peron 
in the Andrew Lloyd Webber stage musical 


Jam- I'uvri Pim 

Elaine Paige: back on stage. 


“Evita,” will fill in for six weeks as Nonna 
Desmond in “Sunset Boulevard” in Lon- 
don. Paige will lake over the week of Nov. 
21. She replaces Betty Buckley, who is 
recovering from a ruptured appendix. 


■ 4 ! 

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With AT&T LSADirecr ami Ijjjp ^ 

World Connecf Serrice. you aw make ./ 
multiple calls without redialing 
your card or access number. 


<inn 

htftinx f 






ASIA /PACIFIC 
AUSTRALIA IBOD-BBI-OII 

CHINA, PRC*** 10811 

HONGKONG .800*1111 

INDIA* 000*117 

INDONESIA* . 001*801*111 

JAPAN'. 0038-111 

KOREA 000-11 

MACAO BSOO-IH 

MALAYSIA' 808-Bni 


NBV EALAN0 — . QUO-SI l 
PHILIPPINES’ .. . .105-11 
RUSSIA' ’(MOSCOW) 1 5S-5842 
SAIPAN* . ?36-2?77 

Singapore Boo-cm-m 

SRI LAWA J 3 G- 4 M 

TAIWAN' 0080-10280*0 

THAILAND* OflTJ-OSMJll 
EUROPE 

ARMENIA-1 8614111 


AUSTRIA-*” 
BELGIUM'. . 

BULGARIA. 

CROATIA** 


. 022-903-011 
0-SHHKMD 

oo-ieoo-Mia 

.39-38-0011 


CZECH REPUBLIC 00-420*00101 
DENMARK* . 8001-0010 
FlHLAJU)’ . 980*100*10 

FRANCE 196*0011 

GERMANY . . 0130-0010 

GREECE* 00-800-1311 


HUNGARY- .. . . 0f» BO 0-01111 

ICELAND'. 999-001 

IRELAND 1- BOO -660-000 

»TALT- 172-1011 

LIECHTENSTEIN* TK-00-11 
LITHUANIA* 80100 

ukeusourg a-aw-oui 

MALTA 0800-890*110 

MONACO V 190*0011 

NETHERLANDS- 08-022-9111 


NORWAY .. . 800-190-11 

POLAHO** 1 * 00010*480-0111 
PORTUGAL*. . 05017-1-288 
ROMANIA .01-800-4288 
SLOVAK REP. 80-420-00101 
SPAIN. . . 900*99-00-11 

SWEDEN' 020*795-811 

SWITZERLAND' . . 155-00-11 

UKRAINE*. 84100*11 

0-K 0600*89-0011 


MIDDLE EAST 

BAHRAIN W 0 -Cfl! 

CYPRUS" 030-90010 

EGYPT' (CAfflO)' 610-0200 

ISRAEL 177-100-2727 

KUWAIT ^00-263 

LEBANON (BEIRUT)* .426-801 
SAUDI ARABIA 1-800-10 

TURKEY' 08*808-12277 
U ARAB EMIRATES- 800-121 


AMERICAS 

ARGENTINA* .. 00I-800-200-I111 
BOLIVIA'. 0-800-1112 

BRAZIL . 000-8010 

CANADA . . l-BOO-575-2222 
CHILE. 080*8312 

COLOMBIA . 980*11*8010 
EL SALVADOR'.. 

HONDURAS*.. 


MWC0*« ... 


190 
123 

95-800-462-4240 


PANAMA.. tug 

PERU*. ! 9 j 

VENEZUELA*. . 80-011*128 
AFRICA 

GABON - M0-M1 

GAMBIA’ Mill 

IVORY COAST 00-111-11 

KENYA* 0300-10 

LIBERIA 797-797 

SOUTH AFRICA 8-800-99-8123 


You're in a hurry. So we'll be brief. AT&T US.MHrea and 
World Connect Service gets you fast, clear connection* 
back to the United States or to any uf over 100 utter;- 
countries. Also, an easier way to make multiple calls. . 
Up to 10 in a row Just dial the AT&T Access Number, 
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