Skip to main content

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

See other formats


.rs-sS k 


‘‘•‘'Hr, 




Herald 



INTERNATIONAL 


il W>. V.tf 


*!.: 



tribune. 




S W 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


*« |i| 


lH;v 


iv: 


‘•Si ft 


** 


‘f*. 


I! H ■ 


Paris, Monday, October 31, 1994 


No 34,733 


,, «k 
tC 




Colorado Ex- Convict Charged in White House Fusillade 


1 , 


* • , a 

' 


By Paul F. Horvitz 

International Herald Tribune 

WASHINGTON — A Colorado man 
was charged Sunday with properly and 
weapons violations after he pulled a semi- 
automatic rifle from beneath his raincoat 
the day before and sprayed the White 
House with as many as 30 shots. 

There was no immediate suggestion 
from investigators that the incident was an 
attempted assassination of President Bill 
Clinton, but they did not rule out addition- 
al charges. 

Federal officials said the/ were grateful 


that the suspect, Francisco Martin Duran, 
an angry, despondent 26-year-old felon 
who had been drummed out of the mili- 
tary, did not injure anyone as he fired a 
Chinese-made SKS assault rifle from a 
Pennsylvania Avenue sidewalk through an 
iron fence about 75 meters from the resi- 
dence. 

The shooting raised new questions 
about the effectiveness of the Secret Ser- 
vice and placed the issue of gun control 
atop the political agenda. 

White House officials, mindful of pivot- 
al congressional elections a week away, 


• ^ .i!i ■ 


'•V 


■cJ5 


I'SWi 


'■'ft. 




' "Vjr,: «S-v 


This Time, No Panic 

Security Aides Play Down the Shooting , 
Although Aerial Attack Is Still a Worry 


- •• •‘i iCiCir.; i 


l, v! ^nj 




* t.l v 

ntu 


By Stephen Labaton 

New York Tones Service 

WASHINGTON — In September, se- 
curity officials looked rattled when a small 
Cessna airplane breached the closely 
guarded White House compound and, 
without wanting, crashed under the presi- 
dent's bedroom. 

But the same security officials took the 


But the official said the windowpane clos- 
er. Clinton and 


shooting on Saturday in stride, declaring 
only a few hours afterward that the gun- 


l r. 

■tint 

•: ,,s P- , 'pai£tf 

-Vvvi^ Wtdik* 

‘‘ • Kukassitt 
Jr,! > JRW* 

V' 1‘i “INlT'-tfw. 

u; m j. : A ..jL | assassination attempt at all, no way,” 
v Richard Griffin, assistant director for 


est to the rostrum used by Mr. 
other senior officials is bulletproof. 

Mr. Corder, by contrast, showed that if 
a confused, intoxicated man with limited 
flying skills could almost manage to hit the 
president’s bedroom with no resistance, 
then a determined, skilled assassin could 
inflict far greater damage with such an 
approach. 


man was so inept that his barrage could 
not even be considered a serious threat on 
the president's life. 

“I would not characterize this as an 

said 
pro- 
tective operations at the Secret Service. 

The two incidents highlight the 
strengths and vulnerabilities of the securi- 


In part, the difference reflects experi- 
lce. For i 



aiur l\»igv: hack i>n 




uid 


; ,!„;j • 


|i| t! • 


BKttV 


tysysiem around the lfc-acrc White House 
compound. They suggest that the presi- 
dent arid others in the White House are 
more vulnerable to an airborne attack than 
to someone taking potshots with a ride 
from Pennsylvania Avenue. 

A senior White House official said that, 
in contrast to the midnight flight of Frank 
Eugene Corder, the assault on Saturday 
had no chance whatever of banning the 
president because he was in a building with 
thick walls and with bulletproof glass on 
all windows that count in terms of presi- 
dential security. 


In the West Wing press room, one win- 
andard e 


dew that is standard glass was shattered. 


ence. For more than 40 years, the Secret 
Service has planned extensively for as- 
saults involving guns. The security concern 
goes back to at least 1950, when two Puer- 
to Rican nationalists trial unsuccessfully 
to shoot their way into Blair House, the 
official guest residence, and assassinate 
President Harry S. Tr uman. He had been 
staying there during renovations on the 
White House. 

The difference also results from the se- 
curity strategy during an assault. Because 
the White House sits in the middle of a 
city, security is more defensive than offen- 
sive. The usual approach for protecting the 
president in an assault is to move him, 
because sharpshooters and Secret Service 
agents are reluctant to fire their weapons 
into the crowded streets around the com- 
pound. 

With an airport moments away from the 
White House, however, an assassin intent 
on flying into the building would be diffi- 
cult to detect quickly. 

Even after concrete barriers were placed 
around the White House to prevent car 
bombings, the Secret Service has contin- 
ued to ask permission to close Pennsylva- 
nia Avenue to traffic. To some security 
officials, the easiest way to protect the 
president would be to put him in a her- 
metically sealed bubble. 

‘This is a stark reminder to the presi- 
dent and his party of how vulnerable they 
are,” said John Gaughan. a former director 
of the While House military office. Given 
the location of the White House, he said, 
the risk is “there day in and day out.” 

But the White House has resisted closing 
Pennsylvania Avenue because, as the chief 
of staff, Leon E. Panena, explained again 
on Saturday, it does not want to project the 
image that the president’s residence is in- 
accessible to the public. 

“You have to do best you can to counter 
that,” Mr. Gaughan said. “But this is 
America, and people have the right to see 
their house.” 


Pope Names 30 Cardinals, 
Shuffling Succession Fight 


n‘ 


By Alan Cowell 

Sew York Times Service 

ROME — In a sweeping move for both 
the politics and the theology of the Vati- 
can, Pope John Paul II appointed 30 new 
cardinals on Sunday, cementing his influ- 
ence on the up p e rm ost ranks of the Roman 
Catholic Church and upending previous 
calculations about the likely identity of his 
successor. 

The new appointments from 24 coun- 
tries will bring the number of cardinals 
under the age of 80 — and, therefore, 
eligible under church law to elect a new 
pope — to 120, the maximum number 
allowed to participate in the secret ballot 
that takes place in the Sistine Chapel when 
a Pope dies. 

The vast majority, numbering 100, have 
now been appointed by Pope John Paul IL 
meaning that his doctrinal conservatism 
will survive well into the next century. 

Addressing the faithful from his apart- 
ment high above St Peter's Square, the 
Pope said he would summon the existing 
cardinals to Rome on Nov. 26 to confirm 
the appointments. The ceremony, called a 
consistory, will be the sixth since John 
Paul assumed the papacy in 1978 and, 
numerically, the biggest 

The last one was held in June 1991, 
before the Pope, now 74, began to shows 
signs of frailty and ill health. He has 
walked with a cane since breaking his thigh 
in a fall last April and he canceled a 


share his conservative views on abortion, 
contraception and the ordination of wom- 
en, ensuring that his influence will not die 
with him. 

In recent months, there have been wide- 
spread reports of maneuvering over the 
succession within the Vatican and much 
open speculation about who the next Pope 
might be. But the latest appointments, 
worked out in dose secrecy by the Pope 
himself, could well overtake those calcula- 
tions, changing both the line-up of politi- 
cal lobbies and providing a whole new 
range of potential candidates for the papa- 
cy. 

“For all we know, the next Pope could 
be one of these new cardinals,” said a 
senior Vatican official, who spoke in re- 
turn for anonymity. 

At present, the college of cardinals num- 
bers 137. but only 98 of than are “cardinal 
electors,” meaning they are under 80 years 
of age. Two cardinals will reach their 80th 
year next month. Of the 30 new cardinals. 
24 are under the age of 80. 

The Pope said the geographic spread of 
the new cardinals showed “the universality 
of the church and the multiplicity of its 

See POPE, Page 6 


•■Ki- 


rn 


- scheduled visit to the United States this 
■ month after telling aides he did not fed 
able to face the rigors of ihe journey. 

The Pope has traditionally used consis- 
tories to appoint like-minded clerics who 



Newsstand Prices 

Andorra 9.00 FF . Luxembourg 60 L Fr 

Antilles ll JO FF Morocco _.12 Dh 

Comeraon..l^00CFA Qatar 8.00 Rials 

Egypt E.P.5000 Reunion — 11,2) FF 

France.. .9.00 FF. Saudi Arabia ..9.90 R. 

Go bon 960 C FA Senegal... -960 CFA 

Greece.... ....300 Dr. Spain JZ00 PTAS 

Itolv Lire Tunisia —.1 .000 Din 

Ivory Coast .1.120CFA Turkey ~T. L. 35,ooo 
Jordan..^. UA.E. ....AX Dlrh 
Lebanon .'aUSfrUD U.S. MIL (Eur.) SI -10 


Kiosk 


2 Die in Shelling 
Near Sarajevo 


SARAJEVO, Bosnia-Herzegovina 
(Reuters) — A suburb of Sarajevo was 
shelled Sunday evening for the second 
day in a row, trilling one person and 
wounding 14. a police officer said. 

A day earlier, one person died and 
at least four people were wounded in 
the shelling of the Muslim-held sub- 
urb of Hrasnica. 


Book Review 
Bridge 


Page 7. 
Page 7. 


seized on the incident to point out that Mr. 
Clinton bad only last month signed legisla- 


tion b ann i n g certain military-style weap- 
a Chinese 


dose the street and sidewalk adjacent to 
the White House. 


ons similar to the SKS, a Chinese-made 
version of a Russian rifle. Republicans 
generally opposed the anti-crime measure. 

“We think that it’s time to get tough 
ag ain st these assault weapons,” Vice Presi- 
dent Al Gore said in a broadcast interview. 

Leon E Panetta, the White House chief 
of staff, said Mr. Clinton would go for- 
ward with a heavy political travel schedule 
and that no decision had been made on a 
Secret Service request to permanently 


The president’s staff said he would at- 
tend a previously scheduled fund-raising 
performance Sunday evening at Ford's 
Theater, the site of the Lincoln assassina- 
tion in 1865. 


Investigators did not rule out the possi- 
bility that further inquiry would yield a 
charge of attempted assassination. But ini- 
tial reports indicated that Mr. Duran was a 
disturbed man. who acted alone and who, 
according to one account, carried a note 


suggesting he wanted to die in a confronta- 
tion. 

Mr. Clinton was in the White House on 
Saturday, watching a football game on 
television only a few hours after arriving 
home from the Middle East, and was un- 
hurt in the mid-afternoon shooting. His 
wife and daughter were away. 

Only one White House window’, in a 
lower-level press room, was pierced. How- 
ever, three bullets struck the upper walls of 
the building near the president's quarters. 


See GUNMAN, Page 6 







T.nJufum Kinaon/Agrar Fiaatv-Preuc 


CHANGING TIMES — Prime Minister Tomiichi Murayaraa of Japan at an armed forces ceremony Sunday where 
he backed a strong defense. Mr. Murayama, when he was with the Socialist opposition, often derided the military. 


EU’s Growth Strains Paris -Bonn Alliance 


By William Drozdiak 

Washington Post Service 

PARIS — The imminent expansion of 
the European Union to the north and the 
east is creating a deep cleavage of interests 
between France and Germany that may 
imperil closer political and economic inte- 
gration, according to diplomats and politi- 
cians in several European capitals. 

Once regarded as a vital adjustment to 
the new realities of the post-Cbld War era, 
the incorporation of Austria, Norway, 
Sweden and Finland by the end of this 


southern neighbors. France and its allies 
contend, it will do so at the coalition’s 
peril. 

“There is a major imbalance to the detri- 
ment of the south in favor of the east,” said 


Jacques Santer deftly settles top jobs in 
the European Commission. Page 2. 


war and perhaps such eastern states as 
Polai " . . - . 


jland, Hungary and the Czech Republic 
by the end of the decade is provoking fresh 
alarm atom the strategic consequences of 
such a dramatic shift in Europe's center of 
gravity. If the Union ignores Europe's 


Manuel Marin, a Spaniard who heads the 
EU development aid program. “The east 
receives five limes as much aid. although 
the south supplies much of Europe's oil 
and gas and has sent many more immi- 
grants to work here. It’s time to re-estab- 
lish the balance.” 

While nobody is talking about revoking 
offers to prospective members, there is a 


new sense of urgency among European 
governments that something must be done 
to cope with the centrifugal forces to pre- 
vent the Union from reverting to little 
more than a free-trade area, or even ulti- 
mately splitting apart 
“Contradictions are beginning to 
emerge, and we must prevent them from 
becoming lethal,” said President Francois 
Mitterrand of France recently after two 
days of talks with Prime Minister Felipe 
Gonzilez of Spain on the looming impact 
of EU enlargement 
Worried by the threat of political insta- 
bility in North Africa, the EU’s leading 
southern states — France. Spain and Italy 
— have demanded that the Union turn its 


See EUROPE, Page 6 


Israel to Ease 
Blockade at 
Palestinian 
Border Points 


Announcement Is Made 
In Casablanca as Rabin 
Meets Arab Leaders 


By Clyde Haberman 

A pr York Times Sen n t 

JERUSALEM — Israel said Sunday 
that starting on Tuesday it would relax the 
blockade that it hud thrown around the 
West Bank and Gaza Strip after the Oct. 
19 suicide bombing of a Tel Aviv bus that 
killed 22 passengers and the attacker. 

At the same time, Israel and the Pales- 
tine Liberation Organization hammered 
out arrangements to station Palestinian 
police officers for the first lime at the 
border crossings from Gaza into Egypt 
and from the West Bank into Jordan. They 
may take up their posts as early as Mon- 
day. 

Both developments were announced in 
Casablanca, Morocco, where Israeli and 
PLO leaders met before the opening of a 
conference on economic development in 
the Middle East and northern Africa. 

A large Israeli delegation went, includ- 
ing eight cabinet ministers and dozen?, of 
industrialists. Coming as it did only four 
days after Israel signed a peace treaty with 
Jordan, the Casablanca gathering was 
viewed by many here as another sign of its 
growing acceptance by the Arab world. 

But they also recognized that progress 
on that from hinges to a degree on expand- 
ing their agreement with the PLO on Pales- 
tinian self-rule, still in its early stages in the 
Gaza Strip and the West Bank town of 
Jericho. And so a meeting in Casablanca 
on Sunday between the PLO chairman, 
Yasser Arafat, and Prime Minister Yitz- 
hak Rabin of Israel amounted to a rescue 
mission to get their negotiations back on a 
firmer track. 

They have been on a rickety course for 
weeks, jarred by several terrorist attacks 
carried out by the Hamas Islamic militants 
and capped by the Tel Aviv bus bombing. 

Israel immediately scaled off Gaza and 
the West Bank after that attack, keeping 
some 60,000 Palestinian laborers from 
low-paying jobs in Israel and deepening 
the territories’ economic troubles. For Is- 
raelis, the separation was welcomed as 
both a security measure and a way to allow 
passions to cool. But for Palestinians, it 
came as collective punishment, and it 
weakened Mr. Arafat — and strengthened 
Hamas — by making him look like a cap- 
tive of Israeli decision-makers. 

Already feeling shunted aside by the 
Isracli-Jordanian treaty, the PLO ma’de an 
end to the territorial closing its No. 1 de- 
mand. And Mr. Rabin, apparently con- 

See MIDEAST. Page 6 


IRA Leader 
Yields a Bit on 
United Ireland 


By James F. Clarity 

New York Tima Serncc 

DUBLIN — Gerry Adams, the political 
leader of the Irish Republican Army, said 
Sunday that he could agree to u compro- 
mise solution of the sectarian conflict in 
Northern Ireland that fell short of the 
IRA’s ultimate goal of a united Ireland. 

In perhaps the most conciliator state- 
ment he has made since the IRA began a 
cease-fire two months ago. Mr. Adams 
said that as president of Sinn Fein, the 
IRA's political wing, he still wanted u 
“unitary state” combining the North, a 
Protestant-dominated British province, 
with the overwhelmingly Roman Catholic 
Irish Republic. 

Bui, asked in an Ulster Television inter- 
view if be was “prepared to accept u settle- 
ment that is something other than a united 
Ireland" he said: “Yes. I’m prepared to 
compromise. I'd like to see a united Ire- 
land. I am an Irish Republican and make 
no apologies for that.” 

Referring to peace talks he expects to 
have with the British and Irish govern- 
ments in the coming months, and talks he 
wants with Protestant leaders, he added. 
“We may have to talk about times, we may 
have to talk about what replaces it, we mav 
have to talk about transitional modes.” 

An Ireland uniting the six counties of 


See ADAMS, Page 6 


Kid Stress, a Symptom of Middle - Class India’s Angst 


By Molly Moore 

Washinpon Past Service 

NEW DELHI — Vanin Bhartiya was 
confident that he had answered every 
question correctly for his school admis- 
sions interview. He had practiced for 
weeks: He knew his name, his father’s 
job. his mother's job. 

So his mother was stunned when the 
prestigious New Delhi private school 


sent its icy rejection, dedaring: “Your 
ablei 


child was unable to perform according to 
:nooJ. 


the level of the sc 
make any further in 
Varus, at age 3, ha 


Please do not 
uiries." 
flunked his nurs- 


ery school entrance test, his first academ- 
ic setback in a viciously competitive edu- 
cation system. 

In India, where the world’s fastest- 
growing middle class is undergoing pro- 
found changes in its professional and 
sodal expectations, toddler stress has 
become the latest manifestation of the 
frenetic race to get ahead. 

Parents are imposing great demands 
on their children to jump-start their edu- 
cations at earlier ages, hoping to help the 
youngsters cash in on lucrative futures in 
the country’s newly liberalized market- 
place. 


“The middle class's aspirations are 
growing so rapidly they have realized 
that the only real ladder to rising eco- 
nomically and socially is through educa- 
tion,” said Shakti Sinha, director of edu- 
cation for the New Delhi city schools. 

Overachieving parents now begin 
grooming children as young as two and a 
half for the battery of entrance inter- 
views for admission to the city’s most 
elite private nursery schools. Once in 
school, the stress only increases. 

A recent government-sponsored study 
found that 86 percent of private schools 
surveyed assigned an average of four to 


1 1 books to toddlers between the ages of 
2 and 3. As the youngsters reach first and 
second grade, they wul tote a nine-pound 
load of books between school and home 
each day. 

“For the drildren. it is sheer torture.” 
said Nisha Mehra, a teacher at a New 
Delhi private school 

The trend has so alarmed the country’s 
educators that the government next year 
will increase age limits on children enter- 
ing nursery and preschools. This fall the 
government recommended, but did not 


See INDIA, Page 6 


M'v 







?*ge2 



INTERNATIONAL HERALD TRIBUNE. MONDAY, OCTOBER 31, 1994 


New EU Chief Puts 
Imprint on Agency 

Settling Co mmis sion’s Top Jobs, 
Santer Firmly Rebuffs Brittan 


By Tom Buerkle 

International Herald Tribune 

LUXEMBOURG — Jacques 
Santer, whose abilities were 
widely questioned when he was 
chosen m July to succeed Jac- 
ques Delors, began answering 
his critics over the weekend by 
settling the top jobs in the Euro- 
pean Commission and overrid- 
ing one of the agency's brightest 
stars, Sir Leon Brittan. 

The agreement on an en- 
larged and reorganized com- 
mission, the European Union’s 
executive agency, consolidates 
more power than ever before in 
the commission president. Mr. 
Santer put himself in charge of 
coordinating foreign affairs, 
monetary matters and the prep- 
aration of a 1996 conference to 
reform the Union itself. 

Just as important as the re- 
sult was the way it was 
achieved. 

Mr. Santer rebuffed a grab 
for power by Sir Leon, who bid 
unsuccessfully for the presiden- 
cy and fought hard at Satur- 
day's meeting to retain control 
over EU policy toward Eastern 
Europe, the biggest challenge in 
coming years. In rejecting that 
bid, Mr. Santer enhanced his 
standing and left Sir Leon con- 
templating resignation. 

“He has main lain ed his au- 
thority, and that is very good 
for the future,” said Manuel 
Marin of Spain, one of eight 
returning incumbents. 

“He's a good negotiator." 
said Anita Gradin, Sweden’s 
first commission nominee: 

Mrs. Gradin, 61, benefited 
from Mr. Santer’ s political 
skills. At the meeting at Luxem- 
bourg’s S en n in gen castle, she 
argued that Swedish women 
needed convincing that the 
Union would promote sexual 
equality if they were to support 
EU membership in the coun- 
try’s referendum on Nov. 1 3. So 
'Mr. Santer put bar in charge of 
equal opportunity, as well as 
immigration and home affairs. 

Similarly, he awarded the 
fishing portfolio to Oslo’s 
nominee, Thorvald Stoltenberg, 
the current UN mediator for 
Bosnia, in a bid to calm the 
fears of Norway’s fishing indus- 
try ahead of a referendum there 
on Nov. 28. 

“I want to give a hand to the 
campaigns to win the referen- 
dnrns,” Mr. Santer said after- 
ward. 

• ‘ There were few surprises in 
the job selections, with most in- 


ask the buder... 


Vbin i trviei ii 71a r,w it it fa. 


cum bent commissioners bold- 
ing onto the majority of their 
existing turf. 

The key test was Mr. Sanier’s 
desire to reorganize foreign af- 
fairs along geographic bound- 
aries, abandoning a two-year 
experiment of dividing respon- 
sibility between commercial af- 
fairs, held by Sir Leon, and po- 
litical matters, handled by Hans 
van den Broek, a former Dutch 
foreign minister. That split has 
provoked almost constant fric- 
tion between the two men. 

Mr. Santer had offered to 
keep Sir Leon in charge of over- 
all trade policy and relations 
with developed countries like 
the United States and Japan, 
while giving Eastern Europe to 
Mr. van den Broek. But Sir 
Leon, who has already crafted 
the Union’s current strategy 
and argued that integrating the 
East was an essentially econom- 
ic task, refused to agree. 

At Saturday’s meeting. Sir 
Leon even made a last-ditch of- 
fer to drop trade policy in ex- 
change for Eastern Europe, ac- 
cording to officials who were 
present, but Mr. van den Broek 
declined to yield. 

After what Mr. Santer ac- 
knowledged was a long and 
frank debate, and with the other 
no min ees evenly split on the 
issue, one source said he told 
the gathering: ‘Tve listened to 
all of this. 1 stick with my 
scheme." 

His colleagues then closed 
ranks in support. 

For the Santer camp, sur- 
mounting the challenge was vi- 
tal for his credibility. 

A disconsolate Sir Leon met 
with his staff late Saturday and 
spoke by telephone with Prime 
Minister John Major of Britain, 
who could face a new battle 
within his Conservative Party 
between EU supporters and 
skeptics if he has to choose a 
replacement. 

A spokesman for Sir Leon 
said Sunday that he would de- 
cide wi thin a few days whether 
to stay or quit, but would go to 
a meeting of EU and East Euro- 
pean foreign ministers in Lux- 
embourg on Monday. 

Sir Leon’s obduracy sur- 
prised his colleagues, given the 
importance of his trade post 
and die need to give up some 
territory to provide jobs for 
four new commissioners from 
Austria, Finland, Sweden and 
Norway. 




Eknoii Dpff>3$ik' R ouen 

Part of the new EU Commission, from left; Edith Cresson, Jacques Santer, Monika Wulf -Marines and Karel ran Miert 


The Commission 


LUXEMBOURG — 
The incoming European 
Commission, which takes 
office in January, divided 
responsibilities among its 
21 members as follows: 

Jacques Santer (Luxembourg): 
President wttti shared responsibility 
tor c ommon foreign and security poli- 
cy, monetary affairs and the iw* in- 
t*r -governmental conference. 

Manuel Marin (Spain); Relations 
with Med i terrane an . Middle and Naar 
East. Latin America aid developing 
Aslan economies. 

Martin Bangemann I Ger m a n y): in- 
dustrial affairs. Information lechnot- 
08V and telecommunications. 

Sir Lean Britton (Britain): Rela- 
tions wttti Untied States. Australia 
New Zealand, Japan, China South Ko- 
rea Hong Kona Macaa Taiwan, for- 
eign trade, the Organization (or Eco- 
nomic Cooperation and Development 
and me World Trade Organization. 

Karal van Miert (Belgium) : Compe- 
tition. 

Hans van den Broelc ( Netherlands I : 
Relatione with East and Central Eu- 
rope, former Soviet Union, Turkey, Cy- 
prus, Malta cmd other European coun- 
tries, and common foreign and 
security policy. 

Joao de Deus Phi helm (Portugal); 
Rotations with African. Caribbean and 
Pacific emetines. 

Pod rata Flynn (Ireland): Employ- 
ment and social affairs. 

Marcel 1 no Orcla (Spain); Institu- 
tional affairs, culture and media 

Edith Cresson (France): Science 
and research, training and campett- 
liveness. 

Rltf Blenregaard (Denmark): Envi- 
ronment and nuclear security. 

Monika Wulf-Mathles (Germany): 
Regional policy, structural lands and 
cohesion fund. 

Nell Klnnoek (Britain); Transport 
policy. 

Marie Monti (Italy): internal mar- 
ket, financial services, customs and 
taxation. 

Emma Bonlno (Italy): consumer 
affairs and humanitarian aid. 

Yves-Thibault de Sltauy (France); 
Economic and monetary affairs, cred- 
its and investments and 3 tat biles. 

Christos Papoutsls (Greece): Ener- 
gy. Euratam. small and medium -sized 
firms and tourism. 

Thorvald Stoltenberg (Norway); 
Fisheries. 

Anita Gradin (S w eden): immigra- 
tion and ludlctal affairs and the fight 
agafttsi fraud. 

Franz F techier (Austria): Agricul- 
ture aid rural dev e lopment. 

Erkki Lllfconen (Fin tend): Budget 
and administration translatkmand In- 
formation. 


Berlusconi Attacked Over EU Choices 


ROME — Italian cabinet 
ministers have accused Prime 
Minister Silvio Berlusconi of 
bungling the nomination of Eu- 
ropean Union commissioners, 
and some said be had missed a 
golden opportunity to make 
peace with the opposition. 

Mr. Berlusconi announced 
his two choices last Friday after 
an acrimonious tug-of-war that 
exposed deep tensions within 
the government. 

Foreign Minister Antonio 
Martino said over the weekend 
that the no min ations should 


have been made months ago. 
and the cabinet spokesman, 
Giuliano Ferrara, said one can- 
didate should have been chosen 
from the opposition. 

“We missed a magnificent 
opportunity," Mr. Ferrara said 
in a letter published in the Mi- 
lan newspaper Comere della 1 
Sera. 

Mr. Ferrara, seen as a close 
supporter of Mr. Berlusconi, 
had backed Giorgio Napoli- 
tano, a member of the Demo- 
cratic Party of the Left, for one 
of the posts. 

He said that with the nomi- 


nation of Mr. Napoli tano, an 
exponent of the biggest opposi- 
tion party, the government 
“would have prepared the 
ground for serious and credible 
political dialogue on the rules 
needed for the healthy func- 
tioning of a democracy.” 

Mr. Berlusconi finally named 
Mario Monti, an economist, 
and Emma Bonino. a member- 
of Parliament for the Radical 
Party, as the new commission- 
ers. Newspaper commentators 
said she was appointed in a bid 
to keep her group within the 
coalition government 


Harrods Boss Snipes at Major 

Stung by Report, A1 Fayed Offers Data on Conservatives 


By Richard W. Stevenson 

Hew tor A; Times Service 

LONDON — Mohamed al 
Fayed is the owner of Harrods. 
one of the great British institu- 
tions. The Egyptian-born busi- 
nessman has called Britain 
home for three decades, and he 
has donated hundreds of thou- 
sands of dollars to the Conser- 
vative Party. 

From Mr. al Faved’s perspec- 
tive, the only reward for his zeal 
was to be branded a liar by the 
British government, which is- 
sued a report in 1990 saying 
that he and his brother Ali 'had 
“dishonestly misrepresented" 
their backgrounds and wealth 
during a takeover battle for the 
luxury department store in the 
mid-1980s. 

He fought to have the report 
withdrawn or declared improp- 
er by the courts, but lost his last 


appeal, to the European Court 
of Justice, in September. 

Mr. al Fayed has spent the 
last several weeks doling out 
evidence to newspapers here 
suggesting that at least three 
j unior ministers in Prime Minis- 
ter John Majors government 
had failed to disclose outside 
income, gifts and other perks as 
required by Parliament 

One of the ministers resigned 
without disputing the evidence. 
A second stepped down but 
said he had done nothing 
wrong. The third, Jonathan Ajt- 
keruis hanging on, saying he is 
innocent. Mr. Major, already 
besieged by political problems, 
was forced to appoint a com- 
mission to look into probity in 
public life. 

Mr. al Fayed has long con- 
tended that Britain’s upper 
classes were never comfortable 


^ Charles’s Take on Hollywood 


' N ■ C • A ■ P - 0 - R ■ E 


And His Biographer Denies Prince Didn't Love Diana 


In this Tuesday’s 


& 



The 

New 

York 

Collec- 

tions 


. aa.: - . ncBi 




J?*' •" • Ik. 


IteralbSgffritmnc 

hvlbbeb «ire fur no iiiax mas *w> tut tttWMnn, WKT 


LONDON — Prince 
Charles, whose revelations 
about his marriage and his fam- 
ily have rocked Britain, says in 
the latest excerpt from a new 
biography that he found Barbra 
Streisand “devastating^ attrac- 
tive with great sex appeal” 

In the extract, he speaks of 
his romance with Hollywood, 
saying that be met Frank Sina- 
tra, who “looked like Tonto, 
dressed in yellow leather." 

Joan Collins had “an unbe- 
lievable cleavage all raised up 
and presented as if on a tray, 
he says. 

The authorized biography by 


Fire Damages Sudan Market 

Agence France- Preae 

KHARTOUM, Sudan — 
Fire raged through a market in 
Khartoum, destroying about 
100 shops and causing mUtions 
of dollars in damage, a news 
report said Sunday. 


UNIVERSITY DEGREE 

BACHELOR’S ■ MASTER'S • DOCTORATE 
For Wort. Life and Academic Experience 
Through Comment Home Study 

® (310)471-0306 EXT. 23 
Fax: (310) 471-64S6 
F ax or send detailed resume for 
EBB BM ULSn m 

Pacific Western University 

600 N. Sepulveda Bhid., Dept. 23 
Los Angeles. CA 90049 


the journalist Jonathan Dimb- 
leby, serialized in The Sunday 
Times of London, has so far 
told of his affairs with Camilla 
Parker Bowles, of his marriage 
with Diana and of his domi- 
neering father. Prince Philip. 

Mr. Dimbleby said Sunday 
that Charles had never said that 
he bad never loved Diana. 

Charles had been widely 
quoted as saying that be felt 
pressured into a loveless, failed 
marriage by Prince Philip, while 
still infatuated with Mrs. 
Parker- Bowles, an army offi- 
cer’s wife. 

Mr. Dimbleby’s book says 
that Charles and Camilla had 
three separate affairs, two be- 
fore he married and the third 
when he felt his marriage had 
broken down permanently. 

Diana was reported crushed 
to learn that he never loved her 
at the time of their wedding. 

Mr. Dimbleby’s defense or 
Charles apparently placed him 
at odds with The Sunday Times, 
seri alizing excerpts of bis book. 

Two weeks ago, publishing 
the first extract, the paper’s 
banner headline on its front 
page read: “Charles: My Agony 
After Being Forced into a Love- 
less Marriage — Authorized Bi- 
ography Reveals Ultimatum 
from Prince Philip.” 

“It is not in the book,” Mr. 
Dimbleby said on BBC televi- 
sion. “It was not in the extracts. 
So far as I know he's never said 
it. I never attributed that to 
him. I have never heard anyone 


say that of him. It was not in- 
ferred in the book in any way." 

The book, to be published on 
Thursday, is tailored to give the 
prince’s views on monarchy, his 
marriage and his philosophy. 

The book says Charles is 
more content than he has been 
for many years, after his separa- 
tion from Diana. 

The prince is quoted as say- 
ing on the monarchy: “It is con- 
sidered in the country at large 
that there are too many of the 
royal family and too much pub- 
lic money being spent on them. 
Would it not be better to sit 
down and examine how many 
members of the family you ac- 
tually need?” 

The book say's the prince, not 
even in moments of despair 
over his personal life or press 
coverage of it, contemplated 
surrendering what he consid- 
ered his inescapable duty to 
succeed Queen Elizabeth, nor 
has he ever favored abdication. 

He dotes on his sons, William 
and Harry, according to Mr. 
Dimbleby, who said: “He has 
been deeply hurt by media lies 
that he is distant and unloving 
to them.” 

■ Prince in Los Angeles 

Prince Charles is to begin a 
five-day visit to Los Angeles on 
Monday, Agence France- Presse 
reported. He is expected to visit 
projects intended to rejuvenate 
inner-city areas in the wake of 
the 1992 race riots. 


with a foreigner, especially an 
Egyptian, owning Harrods. 

But he said that the Conser- 
vative Party was happy to take 
more than S400.000 in cam- 
paign contributions from him. 

The dispute has its roots in 
the takeover battle for Harrods 
in 1985. Mr. al Fayed won the 
battle against a rival financier, 
Roland (Tiny) Rowland, but 
Mr. Rowland counterattacked, 
contending that Mr. al Fayed 
had exaggerated his wealth and 
lied about his family history. 
The Department of Trade and 
Industry eventually agreed to 
look into Mr. Rowland's asser- 
tions. 

The department’s report said 
the wealth of the Fayed family 
was a fraction of what it 
claimed and chat most of the 
money available to the family 
during the takeover came from 
“their association with the Sul- 
tan of Brunei." 

The report said that rather 
than being “members of an old 
established Egyptian family 
who for more titan 100 years 
were shipowners, landowners 
and industrialists in Egypt,” as 
they claimed, the Fayeds “came 
from respectable but humble 
origins and are the sons of a 
teacher." 

Mr. al Fayed called the re- 
port “wrongheaded and un- 
fair.” Then he went to his own 
files for information on promi- 
nent politicians he has dealt 
with over the years. 

■ Treasury Aide Underfire 

Mr. Aitken, under pressure 
about a Paris Ritz hotel bill, 
faced a fresh newspaper allega- 
tion on Sunday that he failed to 
declare a company directorship 
for more than a decade as a 
member of Parliament, Reuters 
reported from London. 

The Mail on Sunday alleged 
that the Treasury chief secre- 
tary had admitted withholding 
from Parliament details of a 
company he ran with two Arab 
businessmen. 

On the latest alligation, Mr. 
Aitken told the Mail: “I did not 
register it because it was too 
small to matter. It lost all its 
money almost immediately and 
I earned nothing from it.” 


9 Hong Kong Police Seized 

The Associated Press 
HONG KONG — Nine po- 
lice officers including a senior 
inspector have been arrested af- 
ter accusations that they took 
bribes for protecting vice estab- 
lishments, Hong Kong’s lop 
anti-corruption agency report- 
ed Sunday. 


WORLD BRIEFS 

ban Protests French Ban on Scarves 

TFHRAN (AFP) — Iran has launched an anti-French «ot- j 

“nmn f of the hypocritical nature of western cemocrjip. A 
demonstration is tobeheld outside the French Embassy in Tehran 

«*tad«W «« gojm.lriaJ 

day in Paris for the lolling of 

Bakhtiar in 1991. The three. Alt Rad Vakih. 

and Freydun Boyerahmmadi. have been charged by France s anti- 

terrorist judge, Jean-Louis Bruguifcrc. 

Incumbent Leads Mozambique Vote 

MAPUTO, Mozambique (Reuters)— The Mozambican oppo- 
sition leader, Afonso Dhlakama, said Sunday tail he wanted lo 
meet with President Joaquim Chissano after elections m which 
partial returns solidly favored the incumbent. 

Mr. Dhlakama said he was prepared W mcei Mr. ' Ctofctmo 
anytime “so that we can discuss the future. Mr. Dhhtkaraa said 
he wanted to discuss a peaceful transition after the elections, 
which are aimed at consolidating two-year-old peace accords 

which ended Id years of a'vil war. . . 

The independent National Electoral Commission estimated 90 
percent of 6.4 million registered voters in the southern Arncaa 
nation of 16 million people cast their ballots, and early returns 
from pro-government areas showed Mr. Chissano winning Over- 
whelmingly. 

Alge ria-MnsBm Contacts at Impasse ■; 

ALGIERS (AP) — Fear of an escalation in violence was 
heightened Sunday after the government announced an impasse 
in contacts with Muslim fundamentalists, who urged its militants 
to fight on. 

“The events risk multiplying,” La Tribune, an independent 
daily, said Sunday after President U amine Zeroual announced the 
■ night before that the military-backed government and the opposi- 
tion “unfortunately remain far apart.” 

More than 10,000 people have died since the Islamic Salvation 
Front was blocked from an imminent election victory in January 
1992 amid public frustration with corruption and high unemploy- 
ment. 

Rocket Barrage Kills 12 in Kabul 

ISLAMABAD, Pakistan (Reuters) — Opponents of President 
Burhanuddin Rabbani of Afghanistan fired 43 rockets into Kabul 
on Sunday, killing 12 people and wounding 27, Kabul radio said. 

The broadcast, monitored in Islamabad, blamed the rocketing 
on the mili tia controlled by Mr. Rabbani's opponent. Prime 
Minister Gulbuddin Hekmatyar. 

The rocketing was the worst reported by the official press since 
a partly observed truce was announced on Tuesday. Factional 
figh ting has killed more than 12,000 people in Kabul since (he 
mujahidin took power from a collapsed Communist government 
in April 1992 after 14 years of dvQ war. 

Colombians Vote in Flawed Election 

BOGOTA (Reuters) — Colombians voted Sunday in elections 
for more than 12£00 mayors, provincial governors and city 
councilors. But polling in eight municipalities was canceled be- 
cause of violence during the campaign that has left more than two 
dozen people dead. 

Despite government pledges to cancel the result of any * n . 
where the country’s powerful drug traffickers and rebels try it* 
influence the vote, newspaper and television accounts have report- 
ed that cocaine cartels, paramilitaries and guerrillas are well 
advanced in their plans to consolidate control in various areas. 

In the most serious incident before the elections, five soldiers, 
four rebels and one civilian were killed when rebels ambushed a 
military patrol on Saturday near Sabana de Torres, about 240 
miles (400 kilometers) north of Bogota. 

North Korean Generals Support Kim 

SEOUL (AP) — North Korea’s military has pledged loyalty to 
Kim Jong D, a day after the nation’s heir apparent made his fust 
reference to his role as Communist leader, an official report said 
Sunday. 

Generals of the Korean People’s Army declared that they 
“would remain loyal an upholding the leadership of respected 
General Kim Jong H,” the Korean Central News Agency said. 

The show of allegiance by generals during public ceremonies 
Saturday, and Mr. Kim’s promise to carry on his father’s revolu- 
tionary ideas, were signs that the sod of President Kim D Sung has 
begun to take power, analysts said. 

TRAVEL UPDATE 
Big Ben: LeaningTower of London? 

LONDON (Reuters) — The British Parliament's Big Ben clock 
tower is starting to tilt slightly and could become London’s own 
leaning tower. Exploratory tunneling work for an extension to the 
Jubilee line of the Underground nearby is responsible. British 
newspapers reported on Sunday. 

They quoted engineers as saying that the 135-year-old clock 
tower housing the mellow- toned bell, which chimes in BBC radio" 
news broadcasts, had already shifted three millimeters (0.32 inch) 
to the east over the last two weeks. 

But the clock lower has a way to go to compete with Italy’s 
izth-centuiy waning Tower of Pisa, which tilts about five meters 
(le feet) off the perpendicular. Settling of the subsoil and defec- 
tive foundations have been blamed for that tilt. 

Tie authorities dosed the Acropolis in Athens to hundreds of 
tourists on Sunday after a lone protester. Nikos Martinis, 35, who 
was staging. a sit-in on scaffolding above its entrance, threatened 
to throw objects at passers-by. Greece’s most famous archaeologi- 
cal ate had reopened Friday after being dosed for more than three 
weeks because of a strike by Culture Ministry employees. (AP) 

Hus Week’s Holidays 

offices will be closed or services 
curtailed m the following countries and their dependencies this 
week because of national and religious holidays: 

FraDCC MaBd ' Madagascar ' ***■ Stovtnft 

am 8 *"® Au5 ,Hi a ’ Betrinm. Benin, Bolivia, Brazil. Burkina Faso, 
p — Mexico, Monaco. Peru, Philippines. Poland. PortraaL 

Sp *°' SwitzerhDd ' TogXvSciS? ’ 

THURSDAY: Ecuador, Japan. Liberia. Panama 

FRIDAY: Andorra, Panama Vatican City. 

SATURDAY: H Salvador, Sweden. 

Sources: J.P. Morgan. Reuters. 


Hi 



Millbi 


fitii p»Hti, 


Improve 

International 

Relations 


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


Antigua DonmarfciCCi* 

(Availablo from public card phonos only.) # 2 Dominican Republic 

Argentina* 001-800-333-1111 Ecuador* 

Austria ICC). 022-903-012 EgyptiCCi* 

Bahamas 1-800-4324-1000 (Outside at Cairo, dial 02 first) 

Bahrain 800-002 H Salvador. 

BelgumiCCM 0800-10012 FWandrCO* 

Bermuda* 1-800-623-0484 FraneefCCk 

Bolivia* 0-800-2222 Gambia* 

Brazil 000-8012 Germ any CCi 


9001-0022 Iceland. 

1-800-751-8624 Iran* (Sped 

170 IralandlCQ 
1(3-3 ef CO 
355-5770 Italy CO. 

195 Jamaica 
9800-102-80 Kenya 

i9v -00- 19 (Available from mast major dries.) 

00-1-99 Kuwait 81 

0130-0012 LebanoniCQ 


Cayman Islands 
ChJtatCC) 


Costa Rica* 
Cyprus* 

Czech RapuhUdCCi 

Ifll 

.•m 




1-800-888-8000 (Limited availability in eastern Germany.) (Outside of Beirut, dial 01 first) 

1-800-624-1000 GfeecelCCi* 00-800-1211 Liechtenstein! CO« 

00* -03 16 Grenada* 1-800-624-8721 Luxembourg 

980-16-0001 Guatemala* 189 Mexico* 

162 HaitilCO* 001-800-444-1234 MonacolCd* 

080-90000 Honduras* Ml -800-674-7000 NetheriandafCO* 

00-42-000112 HungarylCCi* OOv-800-01411 Netherlands AntHesicn* 

l/se your MO Card,* local telephone card or call collect-all at the same low rates. 

ICQ Country -to-caurrt nr calling available. May not bo available lorfrom all international locations. Certain 
restrictions apply. * Limited availability. ▼ Wait far second dial lane. A Available (ram LADATEL public 
phones only. Rale depends on call origin in Menico. t International communications carrier. * Not avail- 
able from public pay phones. • Public phones may require deposit of coin or phone card for drel lone. 


tmprime par Offprint, 73 ruede I'Evangilc, 7S0IS Paris. 


999-002 Nicaragua(CC) 

(Special Phones Only) (Outside of Managua, dial 02 first) 
1-800-55-1001 Norway CO. 

177-150-2727 Panama 
172-1022 Military Bases 
600-674-7000 Paraguay* 

Para (Outside of lima, dial 190 first.) 
arias.) 080011 Poland: CCI q, 

800-MQ(800-824) PortugahCCl 

600-624 Puerto RiewCO 
n-l 425-038* Qatari CO. 

155-0222 Romania! CCk* 

0800-0112 RusslaiCO* 

95-800-874-7000 San MariixxCO* 

19V-00-19 Saudi Arabia 
06-022-91-22 Slovak RopubHeicci 
001-800-950-1022 South AfricwCCl 


m i66 ££££ 

800-19912 Switzerland! cq» 

108 SyriKCCi T6& -™2 

0^™ JlS^ &To,wso fSp * cii,l 5?3S , imj 

^ 001-190 Ukraine* 

Ov-0 1-04-800-222 United 8*10-013 

1 " a 080MU?? tISSSI U6I ^ BT 0300-89-02221 

01-800-1800 Ta2r > J^ USin0MERCURV OS00*9-K2?T 

VI 0^00497-7223 lhan ttw US - 8500-800*100 

lW£ ASSES'** t -80O-68S -80GO 

00- *2 -000112 Venezuota^ 17M022 

0800- 99-00 11 «"**■•* 800-11140 


0300-89-02221 
0500^9 022? T 


8v 10-800-497 -72?’ n" ''"T™ 6 «Wn tin 

ov 10-800-497 7222 Uraguay (Co, loci nr* ovatoWo .1 


U -S- Virgin IstandstCQ 
VBItam Cityicci 
00-434)00112 Venezuela** 
O800-99*)Q11 


Wo^nPm 


'ONET 


From MO 


Let It Take You Around The World 


1 V 

J> 


>N 

*< VI 


U A 



* 



<J 

EVTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31, 1994 


Page*? 


THE AMERICAS/ BCIWH 


TfP-: , 

5*5 v ^ 

*•- -H >V 

Sr *”-VV 


ap m :% 



S$g 


Once a Republican Sure Thing, Nov. 8 Is Looking More Like a Horse Race 


•-M 

u 1 ,. 




By David S. Broder 

Washington Past Service 

WASHINGTON — The midterm election cam- 
paign enters its final eight days with an extraordi- 
nary number of close races — so man y ihat the Nov. 
S results could add up to a historic Republican 
sweep or the Democrats dodging a big bullet. 


the alternatives, the list of undecided races has 
expanded. 

At least 100 House districts, spread across the 
country from Maine to California, are in play. Nine 
or more Senate races — more than enough to decide 
which party controls that chamber — are too close 
to calL And 16 governorships — including the giant 
Yori 


Early on, Repnblicans, exploiting public discon- of Ne ^. York ’ Pennsylvania, Texas and Flori- 

al with incumbents, expanded the battlefield into t-l are m tne 


: same category. 

There are tnanv individual factors at work, but 
.. ^ ih me most venerable names. In the last n*™™* P 0 ^ l ° ? e intersection of two large 

■ : -\t c . 31 hew rwo weeks, endangered Democrats have fought back forces - Throughout the year, a nsmg tide of voter 

* and turned likdy losses into Tierce struggles for al inaimbent Pobuaans m Washington 

survival. 


tent 

many normally safe precincts to threaten some of 
Democrats’ 


usually not emerging as clear favorites but putting and challengers, which, as Ms. Baggett put it, “gave 
the outcome in doubt. A rise in President Bill Clin- a Reaganite platform to dozens of Republicans who 
ton's approval rate has bolstered those individual until then were invulnerable to criticism because 
™rt*- they had never held public office.” 

“I think we have turned a comer," said the Demo- The Republican National Committee chairman, 
era tic National Committee chairman, David Wil- Haley Barbour, offered a different explanation for 
helm. “We have gone from a period of protest and the Democratic recovery, pointing to “a wave of 
discontent to a period where people are focusing on personal attacks” on threatening challengers like 
the real choice of ideas and alternatives” Mitt Romney and Michael Huffington, the Rcpubli- 

Mr. Wilhelm and the White House political direc- can nominees in Senate contests in Massachusetts 
tor, Joan N. Baggett, both said the process had been and California. 




vi: 


Mr. 




"*'-4 

!!* “JSi 

-is 


Veterans of past political wars agree that Lhe 
num ber of truly competitive Stmate, House and 
gubernatorial fights is higher than normal — some 
say the most they can remember. Instead of clear 
front-runners emerging as voters begin to focus on 


anger at incumbent politicians in Washington and 
the state capitals opened far more contests than 
usual to aggressive challengers, most of them Re- 
publicans. Often, those challengers did so well in Lhe 
early going that they established themselves as the 
ones to beat. 

But one by one in the last rwo weeks Democrats 
have fought their way back into their races — 


driven by two events. 

The first was the end of Congress, which they said 
shifted public attention from the spectacle of day- 
to-day infighting, which enraged so many voters, 
and instead allowed incumbents to go home and 
remind their constituents of what had been accom- 
plished since Mr. Clinton's election. 

The second, they said, was the “Republican con- 
tract” signed SepL 27 by more than 300 incumbents 


In House races, Mr. Barbour added. Democrats 
are exploiting the incumbents' often overwhelming 
financial advantage to bury the opposition in nega- 
tive ads. That is particularly the case in the many 
races in surburban districts around such large cities 
as New York, Chicago, Detroit, Houston. Dallas 
and Los Angeles, where local television time can be 
murderously expensive for candidates with limited 
budgets. 


Nonetheless, Mr. Barbour said “80 percent of the 
close races are being fought on Democratic territo- 
ry,' * meaning that the best Democrats can hope for y 
to retain offices they already have. 

That is dramatized in the gubernatorial elections. 
While Republican incumbents appear to be com- 
fortably ahead in Illinois, Ohio, Michigan, Massa- 
chusetts and Wisconsin, among others. Democratic 
governors are holding on for dear life in such oihtjr 
large states as New York, Texas, Pennsylvania. Flor- 
ida and Georgia. 

Similarly, in Senate races, eight of the nine closest 
contests are for seats now held by Democrats in 
Tennessee, where two seats are at stake, and in 
California, Michigan, New Mexico. Oklahoma,' 
Pennsylvania and Virginia. Only the open Republi- 
can seat in Minnesota breaks the monotony of the 
pattern. 


After Crash, Navy Defends Women Pilots 


‘: l, " n a li 
‘ «‘!u . 




. ; * 

12 in Kabul 


By Eric Schmitt 

■ Sew York Tima Service 

WASHINGTON — The 
death of one of the navy's first 
female combat pilots bas rekin- 
dled tensions within the mili- 
tary over the decision to expand 
the roles available to women, 
even though the cause of the 
accident is not yet known. 


Navy officials from Honolu- 
lu to Washington are going out 
of their way to defend the pilot. 
Lieutenant Kara Hultgreen. 
against what they say are spuri- 
ous accusations about her flight 
record — and to defend the new 
roles for women in general 
Several news organizations in 
Southern California have re- 


ceived faxes, apparently from 
disgruntled male aviators, rais- 
ing questions about her flight 
tests. 

As friends, relatives and a 
high-level delegation of navy 
officers gathered Saturday in 
San Antonio at a memorial ser- 
vice for the 29-year-old aviator, 
many expressed anger at the 






• 4 “ <T. Tuesday'S 

!*f**WZ 


■J l 

J’ 


awed ElecUn 

’•I'fedSndRjnfe 

•'Hlij! Ciwotofj ag. 

ftisao* 
has left mor^. 

^ the result of 
;»kc5 and icbdsV|- 

l - k furmihj ai 

* ■ ji 1, vjnjBsc 

' ■! : dKthtAlbcit 
11 hen ‘cbckandjE 
' Jc I.'rra jfct 


Js Supports 

■c: ..i'pjtcniiajfb 

\r."\ *ii.!aitd iha 
'v i» d i® 

> : r.z raMkCtfc 
. . \ !;«• uiheftf 

. kanllSc 


IMUTE_ 

M’rofLondfli 

.«■. .UUS-'M* 
l !. : —i 

. .. ; s.iiii'ii 1- ’!- 

11 .a-y’iais 

. • - ; : j..K 



Lcimo McLcndnn/Tbe Auooalcd fttu 

Paula A. Coughlin, left, and her mother Rana, center, leaving Las Vegas court 

$1.7 Million Tailhook Award 

Hotel Found Negligent in Not Protecting Navy Woman 


By Kenneth B. Noble 

Sew York Tima Service 

LAS VEGAS — Concluding that the Las 
Vegas Hilton Hotel was negligent by failing 
to set up adequate security during the Tail- 
hook Association’s bawdy 1991 convention 
here, a jury has awarded $1.7 million to a 
former navy lieutenant who was among sever- 
al dozen women sexually assaulted at the 
gathering . 

The victory by former Lieutenant Paula A. 
Coughlin seems certain to set the stage for at 
least a dozen other lawsuits against the Hil- 
ton, the site of the gathering by aviators that 
led to navy and Pentagon investigations that 
concluded that 83 women had been assaulted 
or at least harassed by naval aviators at the 
Hilton Hotel, 

The decision to award compensatory dam- 
ages for Ms. Coughlin's emotional distress 
came on the second day of deliberations by 
the four-man, four-woman jury. 

The jury is scheduled to return Monday to 
decide whether Hilton must pay^ punitive 
damages to Ms. Coughlin. Hilton's lawyer, 
Eugene Wait, was told to bring financial 


statements from Hilton Hotels Corp. to court 
for the jury to evaluate. 

Ms. Coughlin, 32, a helicopter pilot and 
former aide to Rear Admiral Jack Snyder, 
resigned from the service on May 31, saying 
she had endured unrelenting pressure because 
of her complaint. 

Her suit accused the Hilton Hotel here of 
failing to provide proper security even though 
many of the 19 previous Tailhook conven- 
tions held at the hotel had turned into week- 
ends of drunken debaucheiy. Ms. Coug h li n 
had also sued the Tailhook Association, but 
settled for an undisclosed amount days before 
the trial began. 

Ms. Coughlin set off a storm in the military 
when she said publicly that she had been 
assaulted at the convention. There was no 
dispute during the seven-week trial that Ms. 

maleaviators in a crowde<fthiriM36or gaunt- 
let. 

Lawyers for the defense had suggested that 
Ms. Coughlin had been a willing participant 
in some of the debaucheiy. 


. i 

.• " jr " ? 

. 




Away From Politics 


. • A fire fighter was killed and another was 

injured in Newark, New Jersey, when they 
came into contact with a high-tension electri- 
cal wire while battling a two- alarm bouse fire 
that had already killed a resident, the authori- 
ties said. 

* Two federal agents have been fired for their 
roles in lea ding the raid on the Branch Davi- 
dian cult leader David Koresh and about 100 
of his followers. The Bureau of Alcohol. To- 
bacco and Firearms fired Charles Sarabyn 
and Philli p Chqjnadd, both based in Hous- 
ton. The men, who deny any wrongdoing, led 
about 100 agents in the Feb._ 28, 1993, raid 
near Waco, Texas, during which Mr. Koresh 
was to be arrested on weapons charges. Four 
agents and six cult members were killed. 

• The number of violent crime victims in the 
United States increased by nearly 6 percent in 


1993, continuing a seven-year upward trend, 
according to a Justice Department report. 
The annual survey found that the increase 
stemmed mainly from more attempted as- 
saults and robberies. The survey also showed 
there were almost 500,000 sexual attacks last 
year, including 160,000 rapes, 152,000 at- 
tempted rapes and 173,000 other sexual 
crimes. Other assaults, including domestic 
violence, were up about 8 percent More mur- 
ders and a wave of drug-related incidents with 
deadly weapons have teen cited for the higher 
violent crime rate since 1986. 

• Despite growing pubfic suspicion against a 
South Carolina mother who claims her two 
sons were kidnapped in her car, she is not a 
suspect in the case, the police said. Reports 
said Susan Smith had failed a lie-detector test. 

NYT. AP. Reiners 


largely anonymous campaign to 
challenge her credentials. 

“She was very highly regard- 
ed,” said Lieutenant Matthew 
Klemish. the plane's radar-in- 
tercept officer, who ejected 
safely. He declined to discuss 
Tuesday’s accident. 

The accusations underscore 
the depth of resentment some 
male pilots still feel toward per- 
mitting women into their once- 
closed fraternity. 

“I’m embarrassed by all 
this,” said a senior navy officer 
based in Hawaii. “This' doesn’t 
make the navy look like a very 
solid institution." 

Investigators suspect engine 
problems caused Lieutenant 
Hultgreen to lose control of her 
F-14 Tomcat and crash into the 
sea as she was preparing to land 
on the aircraft carrier Ab raham 
Lincoln 40 miles (65 kilome- 
ters) southwest of San Diego. 

But they cannot be sure 
whether mech anical problems 
or pilot error were to blame 
until the plane is raised from 
the ocean floor. Her body has 
not been recovered. 

A lot is at stake in this inqui- 
ly. Some male pilots have com- 
plained that the first group of 
women allowed to fly combat 
missions since the Pentagon 
lifted a ban last year have re- 
ceived preferential treatment 
from a navy hierarchy eager to 
push them through the t rainin g 
pipeline to erase the stain of the 
Tailhook sexual harassment 
scandal. Navy officials ada- 
mantly deny this. 

The crash also underscores 
that even in peacetime, operat- 
ing complex weapons of war is a 
hazardous business. Ten F-14 
aviators have died in training 
accidents since 1992. 

Investigators initially 
thought Lieutenant Hultgreen 
went down with her plane. But 
navy videotape of the accident 
showed that as her F-14 rolled 
sharply to the left, she was 
ejected down into the water mo- 
ments after Lieutenant Klemish 
was ejected clear of the plane. 
Investigators believe she died 
instantly. 

By nearly all accounts, Lieu- 
tenant Hultgreen was handling 
the pressure of her pioneer posi- 
tion with aplomb. In April, she 
narrowly failed on her first at- 
tempt to qualify for carrier mis- 
sions. Navy officials say about 
25 percent of all pilots fail on 
their first try. But in July, Lieu- 
tenant Hultgreen passed easily, 
and was assigned to Fighter 
Squadron 213, an F-14 unit at 
Miramar Naval Air Station in 
San Diego. 

“We were a little apprehen- 
sive at first about women driv- 
ing the plane, but she got ahold 
of that thing and knew what she 
was doing," said Captain Tom 
Sobieck, who commanded 
Lieutenant Hultgreen’s F-14 
training squadron. 

Lieutenant Hultgreen 
warned her superiors against al- 
lowing any leniency toward 
women. Rear A dmir al Robert 
Hickey, commander of the 
Nimitz carrier battle group in 
San Diego, recalled the lieuten- 
ant telling him last year: “Guys 
like you have to make sure 
there r s only one standard. If 
people let me slide through on a 
lower standard, it's mv life on 
the line. I could get killed.” 


Few investment 
information 
Read 

the MONEY REPORT 
every Saturday 
In the IHT 


POLITICAL N OTES 


Mexico Baits Golden Bear 

MEXICO CITY — Responding to 
nationalist outrage here over Califor- 
nia's Proposition 187. the Mexican gov- 
ernment is sponsoring a delicate but 
concerted campaign to defeat the state 
ballot measure without violating a cher- 
ished policy — noninterference in other 
nations' internal affairs. 

In recent interviews, Mexico's point 
man on the issue. Deputy Foreign Secre- 
tary Andres Rozental, has condemned 
the proposal to deny public services to 
undocumented aliens in the Golden Bear 
state and confirmed the Mexican gov- 
ernment’s formal efforts to fight it. 

But in defining Mexico's strategy to 
block an initiative that might affect hun- 
dreds of thousands of undocumented 
Mexicans in California, Mr. Rozental 
also was concerned about the balancing 
act facing this nation, most affected by 
the proposal. 

At the core of Mexico's argument, 
Mr. Rozental and Foreign Secretary' 
Manuel Tello agreed in separate inter- 
views. is the belief here that Mexicans in 
California are being used as scapegoats 
for an economic crisis that is unrelated 
to undocumented migrants. [LAT ) 


Clinton Cross-Country Run 

WASHINGTON — President Bill 
Clinton plans a nearly nonstop week of 
campaigning for Democratic candi- 
dates, beginning Monday and probably 
lasting until an election that will shape 


his next two years in office, according to 
White House officials. 

The grueling cross-country swine is an 
effort to make up for a lost week of 
campaigning jettisoned in favor of the 
president's visit to Lhe Middle East last 
week. Focused on right races in states 
where the White House hopes that Mr. 
Clinton's presence can add a last-minute 
boost, it reflects increased White House 
optimism that the Republicans may in- 
deed — as Mr. Cinton suggested recent- 
ly — have peaked too soon. 

White House Chief of Staff Leon E. 
Panetta said Mr. Clinton's campaign 
events “tuned him on" and described 
the president as eager to return to the 
campaign trail. 

The schedule keeps Mr. Clinton away 
from the Southern and Rocky Mountain 
suites where there are important close 
races but Mr. Clinton's popularity is 
relatively low. But it includes stops in 
most other regions of the country, in- 
cluding states where some candidates — 
notably a Democratic Senate candidate 
in Michigan, Bob Carr — had previous- 
ly shied away from being seen with the 
president. 

Blacks Sow on Democrats 

PHILADELPHIA — If this is the 
season of voter discontent, it is particu- 
larly true among black voters, who have 
Ion$ been the most dependable Demo- 
cratic partisans, casting 82 percent of 
their ballots for Mr. Clinton in 1992, and 
89 percent for Democratic House candi- 
dates that year. 

Though black voters are not about Jo 


defect to the Republican Party, many ' 
say that us they watch their neighbor- 
hoods fall to neglect, they have no pa- ■ 
tience for the new tough lines from Dem- 
ocrats on crime and welfare, which 
many interpret as anti-black. 

"All I hear is these Democratic candi- 
dates talking about the crime hilt." said ' 
Chris Williams. 4b. an iron worker. “But 
why do (hey talk about just building 
jails? Why don't they talk about building 
schools? That's not asking a lot." 

Unlike other loyal Democrats, many 
blacks said in interviews that they had 
not soured on Mr. Clinton. They’ gave • 
him credit for intervening in Haiti and 
for trying on issues like health care. Still, 
their botlom-line was Lliat Washington 
seemed lo have done little to help them 
out. They said that they felt neglected 
and that' Democratic candidates were 
not even making an effort to gel them to 
vote. 

“What politicians offer blacks is no 
good to us," said Willie A. Parham. 25. a • 
maintenance worker in Richmond. Vir- 
ginia, who, after voting in previous 
years, has no interest this year. "It's like • 
the Janet Jackson song, 'What Have 
You Done For Me Latclv?"’ -.VIT ; * 


Quote/ Unquote 

Richard Griffin, assistant Secret Ser- 
vice director for protective operations, 
on the gunfire al the White House: "I 
would not characterize this as an assassi- 
nation attempt at all. no way. The presi- 
dent was in no danger, whatsoever." 

[AP) 


Street Frenzy Chokes Haiti’s Capital 


By Tod Robberson 

' Washington Post Service 

PORT-AU-PRINCE, Haiti 
— President Jean-Bertrand Ar- 
istide’s restoration to power 
here two weeks ago, following 
the departure of the military 
leaders who ousted him in a 
1991 coup, has unleashed a 
kind of upbeat chaos on the 
streets of Port-au-Prince not 
seen since he was inaugurated 
earlier that year. 

Boulevards are clogged with 
army trucks and resurrected 
wrecks. Garbage dumps draw 
huge crowds vying for the 
choicest trash. And at City Hall 
and the National Palace, offi- 
cials appear to be having little 
success in controlling the tur- 
moil. 

“This is more than anarchy,” 
Mayor Evans Paul said in an 
interview Saturday. “It's not 
the population itself, but rather 
the . government that is anar- 
chic!.'’ 

“This is a city that has not 
been properly run for more 
than 40 years,” he said. 

Although the number of U.S. 
soldiers has dropped to about 
16,000 from the nearly 20,000 
who began deploying here Sept. 
19, their presence continues to 
add two elements of confusion 
on the streets: garbage and traf- 
fic. 

Garbage has become a covet- 
ed commodity among impover- 
ished Haitians, and competi- 
tion for the choicest refuse has 
spawned conspiracy theories. 
One has it that businessmen are 
conspiring to steal all the good 
trash, that from the UJ>. troops, 
and sell it to profiteers. 

“Everybody wants it because 
the American garbage is bet- 
ter,” said Lafleur Dieunor, a 19- 
year-old garbage picker. “The 
American trucks aren’t coming 
here like they used to.” 

The arrival of an American 
military garbage truck at the 


dump a few days ago provoked 
such a delighted frenzy of pil- 
laging that UJS. soldiers had to 
spray tear gas on the crowd to 
prevent the truck from being 
torn apart. 

“People complain that the 
quality of the trash is going 
down because the trucks aren’t 
coming around anymore,” said 
the U.S. Embassy spokesman, 
Stanley Schrager. “I keep get- 
ting calls from people wanting 
to know what we’re doing with 
all the MREs.” The military’s 
Meals Ready- to- Eat packets 
are much sought-after among 
poor Haitians. 

The daily scavenger hunt at 
the dump is a far cry from the 
scene there six weeks ago, when 
the bullet-riddled bodies of two 
children were discovered 
among the heaps of garbage. 
Now, lucky scavengers are un- 
covering raincoats and U.S. 
Special Forces T-shirts. And 
there are still hundreds of MRE 
ackets, some still unopened, to 
found. 

The empty foil packets are 
being used as ashtrays, roof 
patches and hats, among other 
things. In the southern port 
town of JacmeL, a civilian con- 
verted one into a wallet. 


E 


Elsewhere in the city, piles of 
garbage have turned clogged 
boulevards into one-lane alleys, 
which then often are blocked by 
trucks hired under U.S. govern- 
ment contracts to haul the trash 
away. It is common to see work- 
ers newly hired by contractors 
of the U.S. Agency for Interna- 
tiona] Development shoveling 
garbage from an open sewer, 
while barely a mile upstream, 
other workers shovel collected 
refuse into the same canaL 
Thus, a seemingly endless 
source of employment is creat- 
ed. 

Traffic in Port-au-Prince has 
never been worse, longtime resi- 
dents say. Thousands of mili- 
tary vehicles ply the streets in 
huge convoys, causing milelong 
traffic jams several times a day. 
Crowds form around troops 
who, in full combat gear, patrol 
the streets on foot or atop vehi- 
cles, distributing literature ex- 
plaining why U.S. troops are in 
Haiti Other troops man ma- 
chine-gun nests outside govern- 
ment buildings, spending much 
of their time politely asking ci- 
vilians to leave them alone. The 
Haitians rarely comply. 


as soon as possible," a U.S. offi- 


£- 


dal said. “The Haitians want ti* 
to stay for the next 50 years.” 

Elsewhere on the streets, cars 
that have not been driven in 
years, largely because commer- 
cial embargoes imposed on 
Haiti’s military regime pushed 
gasoline prices prohibitively 
nigh, are being cranked up for A 
spin. Add to that the thousands 
of parents who are now driving 
their children to newly re- 
opened schools, and a two-mi fe 
drive through town con take up 
to an hour. 

Street vendors, motorists and 
pull-cart operators all compete 
for precious space on city 
streets with beggars, money: 
changers, car repairmen and 
poor Haitians who use gutter 
water to bathe. 

Still another cause of the 
dty’s snarled streets is the new- 
ly retrained and user-friendly 
Haitian police force. Once re- 
viled as a notorious human 
rights abuser, Lhe force is being 
screened and retrained by spe- 
cialists from the U.S. Justice 
Department. 

Their guns have been handed 
in. They wear crisp white gloves 
as they walk the streets under 
tight American supervision, di- 
recting traffic and hdping civil- 
ians in distress. 


perfc 

Jame 


Wilbert Harrison Dies, Sang ‘Kansas City’ 

The Associated Pros 

SPENCER, North Carolina 
— Wilbert Harrison, 65, whose 
song “Kansas City” became 
one of the most famous songs of 
the early rock-and-roll era. died 
Wednesday of a stroke. 

“Kansas City,” recorded in 
15 minutes in 1958, topped the 
pop charts for two weeks in 
May 1959, and was by far Mr. 

Harrison's biggest hit. The 
song, a version of the old blues 
tune “K. C. Loving,” was also 


formed by the The Beaties, 
James Brown and Ann-Mar- 
greL 

Mr. Harrison started per- 
forming at age 16 at clubs in his 
hometown of Charlotte, North 
Carolina. After four years in the 
navy, he lived in Miami, where 
he won a local amateur show six 
straight times. He cut records 
over the next several years, but 
they went nowhere and he 
moved back to Charlotte in 
1956. 


Two years later, he was invit- 
ed to come to New York and 
record a Tew songs for a record- 
label owner. At the end of the 
session, Mr. Harrison paid $40 
for 15 minutes of extra studio 
time to cut one more song — 
“Kansas City.” 

Devendra P. Varma, 71. a 
scholar of English Gothic tales 
and a connoisseur of vampire 
lore, died Oct. 24 of a stroke in 
Merrick, New York. 




DON’T JUST 
UPGRADE YOUR 
SEAT, UPGRADE 
YOUR AIRLINE. 



ESS 


FIRST CLASS COMFORT FOR A 


f- 


R S T 


Airline 

Business Class 
Sleeper Seal 

Business 
Class Pitch 

America ii 

NO 

4U* 

Air France 

NO 

18* 

Rrirish Airways 

NO 

4(1" 

CONTINENTAL 

YES 

55* 

Delta 

NO 

4 I* 

l.ufth.in.sa ■ 

NO 

40" 

United 

NO 

40" 


Si jn.tk. tdirnl n wnr ..1 pu» Jikl jppJi <■■ « t\h,'> in <lnc. 

.ivnpciiliua •till t Miimraijil. *%«n.c Sifimr-M 


Continental Airlines is 


BUSINESS CLASS FARE, 
Flights from l.ondon, I’.iris, 
Fr.uikfurt ,ind M.iJriJ to 
New York, Houston jnd Denver 
and «»n to 13(1 U.S. cities. 



lI lMM 




1 
















r 

MONDAY, OCTOBER 31, 1994 


?a«e 4 



A Slow Start for Aristide 


With his presidential term interrupted 
by three years of enforced exile, the Rev- 
erend Jean-Bertrand Aristide had ample 
time to think about how and where he 
would lead Haiti once he got back. Yet 
two weeks after his return, key cabinet 
jobs remain vacant and the government 
has offered only a vague blueprint for the 
remaining 16 months of its mandate. 

U is obviously impossible, in such a 
short time, to fulfill the material hopes 
placed in this government by the millions 
of poor Haitians who elected it. suffered 
for it and patiently awaited its return. Ail 
the more reason for Father Aristide to 
encourage t hinkin g about longer-term 
economic prospects to assure people that 
today's sacrifices are not in vain. 

He has named a new prime minis ter. 
Smarck Michel, a businessman and long- 
time associate. But the rest of the cabinet 
consists of holdovers from the caretaker 
government of Robert MalvaJ, who re- 
signed almost a year ago. The most im- 
portant ministry, justice, remains vacant. 

Mr. Michel is a bridge between the 
president and the largely anu-Arisiide 
business elite. The gesture is important, 
but Mr. Michel wields far less influence 
among business leaders than, for exam- 
ple. Mr. Malval. Without embracing peo- 
ple who do not share his commitment to 
the poor, Father Aristide needs to reach 
out further to progressive business lead- 
ers and members of Parliament who 
would work with him if he asked. 

In that regard, the president's harmo- 
nious meeting Thursday with a broad 
spectrum of political leaders was an en- 
couraging sign. Haiti’s most urgent prob- 
lems are establishing political stability, 
demilitarizing the streets and reconciling 
factions divided mainly by personalities 
and history, not ideologies of left or right. 

The only other clue to the govern- 
ment’s intentions is a strategy statement 
drafted by Father Aristide’s economic 
consultants who met with international 
financial institutions in August The con- 
sultants told the bankers what they want- 


ed to hear. The statement offers the usual 
pieties about budgetary austerity, tariff 
reduction, getting government out of the 
marketplace and sh rinkin g bureaucracy. 
Many of these goals are worthy, but the 
plan makes little attempt to reconcile them 
with Haitian realities, leaving the impres- 
sion that it is intended mainl y for foreign 
consumption, not actual application. 

Given Haiti’s extreme problems of 
mass poverty, physical intimidation and 
lack of legal accountability, the govern- 
ment cannot just pull back and expect 
private institutions and markets to func- 
tion as they might elsewhere. 

If Haiti is to find a place in the regional 
economy, it must be based on a realistic 
appreciation of what role a country with 
limited resources can play. Perhaps Haiti 
will want to compete with other Caribbe- 
an countries as a tourist destination, or 
try to rebuild the export assembly indus- 
tries it began to attract in the late 1980s. 
The government cannot make these deci- 
sions on its own, but all are politically 
sensitive. By facing up to them now, the 
Aristide government can smooth the way 
to their future acceptance and offer peo- 
ple some concrete hope or a better future. 

The diciest problem is creating, for the 
first time in Haitian history, a justice sys- 
tem worthy of the name. That will involve 
hiring and training a new civilian police 
force almost from scratch and thoroughly 
reforming the courts. And some credible 
way must be found to investigate crimes 
committed during the dictatorship, to 
channel popular anger away from street 
vengeance. The first step is naming a re- 
spected justice minister. 

The wisest strategy for Washington 
right now is to resist all temptation to let 
U-S- forces step into roles that Haitians 
themselves must play. For his part. Fa- 
ther Aristide can show his appreciation to 
President Bill Clinton by moving as 
swiftly as possible to rebuild a Haiti that 
can stand on its own and let those 16,000 
U.S. troops speedily return home. 

— THE NEW YORK TIMES. 


Legacies of Soviet Decay 


Russia has become accident-prone. 
Now a huge oil spill has developed near 
the city of Usinsk, just below the Arctic 
Circle, where a decrepit pipeline has been 
leaking for months. Despite the leaks, the 
Russians have continued to try to use the 
line because they badly need the oil. 

This spill has much in common with 
other recent industrial accidents and eco- 
logical disasters in Russia. Their origins lie 
in the last 15 years or so erf the Soviet 
regime, when the pressure of a growing 
economic crisis led to a reckless emphasis 
on production with no thought for even 
minimal maintenance, safety standards or 
protection of the environment The Soviet 
Union is gone, but the people who have 
inherited its industrial structure are des- 
perate for fuel and export earnings. They 
understand the risks in continuing to use 
defective equipment but they cannot af- 
ford to shut the country down for repairs. 

Russia's oil production last summer 
was around 6 million barrels a day, ac- 
cording to the International Energy 
Agency — barely half the level of the 
peak a decade ago. But one-third of that 
production goes abroad, and Russia re- 
mains one of the world's major export- 
ers. Keeping up that flow is crucial to 
the country’s financial plans. 


At least the oil spill represents only a 
slight threat to human health. That is not 
true, unfortunately, of the water pollu- 
tion throughout the former Soviet Union. 
Nor is it true of the nuclear hazards. 

In Uzbekistan, the Aral Sea has shrunk 
to half its former size because of the diver- 
sion of two rivers to irrigate cotton fields. 
Those rivers are poisoned with sewage and 
pesticides, and that seems to be related to 
the soaring rates of tuberculosis and other 
diseases, but it will not be remedied soon. 
Cotton is Uzbekistan’s leading export. 

As for nuclear energy, Russia is still 
using 1 1 reactors of the Chernobyl type. In 
Ukraine, at Chernobyl site of the 1986 
catastrophe, two of the original four reac- 
tors are still producing power. Both are 
down at the moment, one for maintenance 
and the other because of a recent accident 
But they will both be in operation this 
winter. Ukraine needs the electricity. 

The West has promised help with the 
cleanup and upgrading and prevention. 
But so far the promises have produced 
little more than redundant reports by 
consultants. In most cases, like the leak- 
ing oil line, everybody knows what needs . 
to be done. But doing it is formidably 
expensive and will require decades. 

— THE WASHINGTON POST. 


Other Comment 


Sharpen the Message for Assad 

Given the chance to condemn terrorism 
publicly during his joint news conference 
with President Bill Clinton in Damascus 
last week. President Hafez Assad of Syria 
chose instead to maintain an aloof silence. 
.Asked about his own country’s role in 
sponsoring and harboring terrorists, he 
could do do better than lamely assert that 
no one can prove Syria’s guilt in these 
matters. These are not encouraging re- 
sponses from the leader of a country that, 
this year as in years past occupies a promi- 
nent place on the U.S. Slate Department's 
list of countries involved in terrorism. 

That Syria is officially condemned for 
stale terrorism means that Mr. Clinton 
assumed certain political risks when he 
decided to honor Mr. Assad by visiting 
him in his capital Mr. Assad, while clear- 
ly relishing the honor, did nothing, how- 
ever. to help out his visitor. He denied 
that the subject of Syria’s terrorism came 
up in his three or Tour hours of talks with 
Mr. Clinton. Mr. Clinton indicated (he 
issue did come up, but he does not seem 
to have pressed it forcefully. No doubt 
his rationale was that in the limited time 
available he wanted to focus on what 
Syria could do to move its peace negotia- 
tions with Israel along. Still it's obvious 
Mr. Clinton missed a rare opportunity to 


make it clear that so long as Syria plays 
the terrorism game its relations with the 
United States will suffer. 

It has been left to others to make that 
point, most immediately to Senators Pat- 
rick Leahy, Democrat of Vermont and 
member of the Foreign Relations Com- 
mittee, and Dennis DeConcini. Demo- 
crat of Arizona and member of the Intel- 
ligence Committee. Both accompanied 
Mr. Clinton to Damascus. Both also indi- 
cated after the Clinton-Assad meeting 
that they would oppose better relations 
with Syria until Mr. Assad acts to shut 
down the terrorist groups whose head- 
quarters he permits in Damascus and to 
stop aiding Hezbollah, which operates 
out of Syrian-controlled southern Leba- 
non and receives a steady flow of Syrian 
arms and explosives. 

Mr. Assad has always been shrewd in 
keeping his options open. Presumably he 
continues to regard Syria’s association 
with terrorism as one more card to play in 
the long poker game of Middle East poli- 
tics. If he ever gives it up, he will want 
something of high value in exchange. He 
has things backward. What Washington 
should make clear is that first Syria must 
end its involvement with terrorism, then it 
will be possible for the United States to 
consider a closer bilateral relationship. 

■ — The Los Angeles Times. 



International Herald Tribune 


established ww7 

Katharine graham, arthur ochs Sulzberger 

Cu-Ctuiimen 

RICHARD McCLEAN. ftiWWifr A Chief Evraiivr 
JOHN V1NOCUR. EunrfliL'fiih'r A Vttc PnsUaB 

• WALTER WELLS. Ahn Elaor • SAMUEL ABT. KATHERINE KXORR and 
CHARLES MJTCHELMORE. Dt-j'uh Fdt^vs ■ CARL GEWIRTZ. An, kvUt v 

• ROBERT J. DONAHUE. v < jtlv EJu, mrf ftix.** • JONATHAN GAGE. Buxuuns and Fount: e Editor 

• RENE BONDY./l 7 «n PMhhrrm JAMES MdJBOD. .■Wuraqmj Dinvtor 

i| \\\n \! CASPAR!. IrA , ma:itmiDiirt>ieiviHPirui"r» ROBERT FARRRiT/nd^MDfrwifv: Eiinjv 


' . • . .-.i. at .Vi. hie-Ht Sittaibon 

r« • • •:.« ?.,«;(■ ur. Ktsh uith P. Dnm n\ 


InwnuuiwJ Herald Tribune. Ml Axcnu: Chtrlft-xk'-tuulfc. *252 1 Neuilly-Mir-SemB. Franai 
Td i I jJft-WWXI Fax : Cin-_ -Wi_.i7.tjto I : .Adx.. 46.J7.S1 12. Internet: IHTt&ureriuMiuc 

r,ir Aw Afa (ud Kh 5 CtB&rivin Rtf. .Vnapwr itff I. Td. iH ?! 4p-7ML file Ih5 i2 74-2.W 
n,ijj n Knokndil, jHCifewmw RJ. Him Ki»ig. Td A'52-V222-/tfft Ftic 
i Uvr T Shlitki. Ernhshstr. IS. W52J Inmljwl/M. Td (UWJ 72 f>7 55. htv rtWl 72 7S 10 
[R. SES .V» WL NX M2 M t 2f2t 7 5MW 

;■ Uivrmiwi Hnitf ft.* bm<! Am\ bunion lit? Trl iH.I t HM-4ML. hu: lihll 

t. RCSNmiH'r, R S2n2H2'.. C.mhhhixkw Ptmiairr Aw. M.W 
, I'jufjigf/jHUktKdHmJJ Tribune. Min dm rrvnxJ ISSN n2WM51 



* 


INS© nr 





Wcaylnb Uie ^ 


I SWEAR! 
THESE PESTS 
GET BIGGER 




America on the Golan? A Debate to Watch 


W ASHINGTON — With President Bill 
Clinton having now taken the — very 
hard — road to Damascus, it is late in the 
day but still essential to review a particular 
item he brought there and to Jerusalem as 
well. This would be a U.S. commitment to 
help keep the peace that is meant to emerge 
if Israel and Syria agree on the terms by 
which the Golan Heights go hack to Syria. 

It sounds brave and New Age: American 
soldiers in their own or perhaps LfN helmets 
locking up the last strategic piece of the Arab- 
Israeli jigsaw. The momentum that such an 
offer could be expected to lend the peace 
process is what took the Clinton administra- 
tion to this place, Secretary of Defense Wil- 
liam Peny told some of us last week. 

To get there, however, the administration 
had to clamber over some hurdles. One. Mr. 
Perry indicated, was awareness of a historic 
Israeli interest in maintaining the option of 
preemptive attack in a crisis — an option that 
international forces might crimp. A second 
was the “schism” between Israeli settlers and 
the government on what kind of a settle- 
ment the country eventually wants. “In 
many ways, that's one of the biggest prob- 
lems we would have in trying to enforce any 
kind of a peace agreement.” said Mr. Perry . 

In fact, the American and Israeli debate 
— is there any debate in Syria? — goes to 
the tender core of post-Cofd War regional 
stability. The United Nations is in a phase 
on peacekeeping where its resources have 
been stretched thin, its capabilities often 
found wanting and its self-confidence much 
dimmed. Hence the impulse of Israel — 


By Stephen S. Rosenfeld 


whose arms, grit and friendship with Ameri- 
ca give it a rare opportunity for national 
choice — to shop for something better. 

In these times of selective .American taste 
for new foreign entanglements, you might 
be surprised to find much interest either at 
home or abroad in an .American Golan role. 
The emphasis in official U.S. peacekeeping 
policy now rests on Lite Interventions, oper- 
ations that the United States could slip out 
of fairly quickly and easily if trouble arose. 
This would seem to be the precise opposite 
of the constancy that effective peacekeeping 
in the Mideast requires. 

Still there is an evident market for LIS. 
engagement. The Labor government of Israel 
has set aside some part of the nation's tradi- 
tional favor for direct military self-reliance. It 
seems ready for the company of U.S. “moni- 
tors” on Golan, the better apparently to 
persuade the Israeli public to make the requi- 
site terriioiy-for-peace exchange. Syria is eas- 
ier to figure. -An .American presence on Golan 
promises it a measure of additional protec- 
tion against Israeli military threat and a filter 
of sons against what is for it the hard require- 
ment of broad contact with Israel. 

Israelis and Syrians are entitled to their 
views. So are .Americans. Some sensible 
thoughts come from the hard-line Center for 
Security Policy in Washington: its report is 
signed "by Richard Perie. a former Reagan 
Pentagon aide, and other military' and civil- 
ian formers. Debate the question now. the 


report urges, before an administration com- 
mitment hardens beyond the means of the 
public and Congress to affect it. And note 
the difference from Sinai where peacekeep- 
ing has been successfully uneventful for 15 
years: Golan is small, dose, strategic and 
populated, and Syria's leader now, unlike 
Egypt's then, hasn't put his heart into peace. 

A key finding on a sensitive issue often 
muffled: “The presence of U.S. troops on the 
Golan would increase the likelihood of U.S. 
opposiuon to preemptive military action by 
Israel no matter how urgent or well advised. 
The standard American tendency to disap- 
prove military action would be reinforced 
powerfully by solicitude for the U.S. peace- 
keepers. Hence, the effect of the U.S. deploy- 
ment might be the opposite of that intended: 
It could reduce fear of Israeli preemption 
among potential Arab aggressors.” 

The conclusion: “There is no mission or 
rationale for a U.S. peacekeeping force on 
the Golan that would justify the resulting 
costs and risks. ... A deployment would 
increase the danger of direct U.S. involve- 
ment in a future Middle East war and un- 
dermine Israel's standing with the U.S. pub- 
lic as a self-reliant ally.” 

You can look at the institute that delivered 
this report partly as a Washington outpost of 
Israel's Likud opposition. Its cautions seem 
to me no less well-taken for that political fact 
Whether the rightful ample and growing 
-American support for Mideast peace should 
take this further militaiy form ought to be 
considered still an open question. 

The Washington Past. 


California’s AntiJmmigrant Assault Solves Nothing 


By Jim Hoagland 


ASHINGTON — Michael 
Huffington, meet Francois 
Mitterrand. The multimillionaire, 
self-styled conservative who is at- 
tempting to appropriate Dianne 
Feinstein's U.S. Senate seat 
would seem to have little in com- 
mon with the Socialist president 
of France. But I am sure they 
would have a lot to say to each 
other about illegal immigration. 

Mr. Huffington bas been say- 
ing a good deal on the topic in 
California’s bitterly contested 
Senate race. First he endorsed the 
state’s draconian Proposition 
187, which would deny nonemer- 
gency health care, schooling and 
other government aid to the 
Golden State's 1.7 million illegal 
immigrants. Illegal immigration, 
he said from the campaign stump, 
is “harmful and divisive.” 

That was just before he had to 
fess up that he had employed an 
illegal alien as his children's nan- 
ny for four years, an admission 
that could cost him the election. 

The silver-lining way of look- 
ing at it, Michael is that you have 
just become a potent personal 


symbol of a problem that plagues 
industrial societies everywhere. 

That is where Mr. Mitterrand 
and France come in. The French 
president could tell you how his 
country’s conservatives have done 
a Huffington on a much larger 
scale. They have employed cheap 
foreign labor when it was needed 
and then denied any larger respon- 
sibilities toward those workers and 
their families when their presence 
was no longer convenient. 

In France, conservative govern- 
ments in the 1960s and 70s were 
relaxed about the growing number 
of North Africans who poured in 
to lake menial jobs French work- 
ers spurned. Now, with unemploy- 
ment at record levels, the same 
French conservatives lead the 
campaign to cut or eliminate bene- 
fits and job opportunities for those 
same Arab Lmrai grants — and 
blame the Socialists for not having 
acted while in power to deport 
these non-Frenchmen who are 
draining the national coffers. 

Having your cake and eating it 


too in this manner is not unknown 
elsewhere in Europe. But Califor- 
nia is the state of the art when it 
comes to bringing them in and 
then bashing them for being there: 
Governor Pete Wilson sponsored 
the Seasonal Agricultural Worker 
program when he was a U.S. sena- 
tor in the 1980s, ensuring his 
state's agribusiness a steady sup- 
ply of foreign labor. Now polls 
show Mr. Wilson riding his sup- 
port for Proposition 187 to proba- 
ble victory over Kathleen Brown 
on Nov. 8. The immigration initia- 
tive is also expected to pass. 

The Huffmgton case neatly 
traces the trajectory that foreign 
workers follow in nation after na- 
tion as economic circumstances 
change: A needed and appreciat- 
ed labor unit is transformed into 
a dirty political secret as jobs and 
welfare benefits grow scarce. To 
3void blame, the conservative 
politicians and businessmen who 
encouraged them to come start to 
portray illegal workers as preda- 
tors and flail those who would try 


to secure them better treatment. 

Immigration — both legal and 
illegal — does of course pose seri- 
ous problems across the globe. But 
why is America’s attitude toward 
immigration changing so sharply? 
A thoughtful answer to that ques- 
tion comes from the leader of the 
Republicans in the House, Newt 
Gingrich: People who immigrated 
to America traditionally were 
seen as risk-takers, the Georgia 
Republican told me recently. 
They were gamblers who left be- 
hind old countries and old ways 
to plunge into the rough and tum- 
ble of capitalism. They may not 
have in fact improved their own 
lot, enduring exploitation and 
hard times, but they did build a 
better future for their children. 

Statistics suggest that is still 
largely true, even though today's 
immigrants come from Mexico, 
Vietnam or Cuba instead of Ire- 
land, Poland or Italy. 

But anecdotal evidence and an- 
gry’ campaigns like California’s 
reshape the American public’s at- 
titude toward immigration. Just 
as they have in France, Germany 
and elsewhere, electorates in 
America are now concluding that 
immigrants come to their coun- 
tries to go on welfare and get free 
health care and education. 

California does itself, and the 
rest of the nation, a disservice by 
focusing a lot of heat and self- 
serving electoral propa ganda on 
an issue that needs much" light and 
public education. Even in election 
lime, politicians have a responsi- 
bility to do better than thaL 
The Washington Past. 


IN OUR PAGES: 100, 7 


1894; A Royal Tragedy 

SHANGHAI — - Behind the 
death of the young Empress of 
China, Yeh-Elhnala is a tragedy, 
for the Empress committed sui- 
cide. The imperial consorts have 
never been on good terms, but a 
climax was reached when the Em- 
peror emphasized a sharp rebuke 
to the Empress bv publicly slap- 
ping her on the face. In her de- 
spair the Empress look poison. It 
is said that the Eraperor was the 
hero of a love affair, and the vic- 
tim of an unhappy marriage, The 
Empress dowager was said to be 
at the botlom of the trouble. 

1919: Explosives Cache 

LONDON — The Cork police 
authorities made an important 
discovery of explosive Iasi night 
[Ocl 30] while searching a house 
in Thomas street for arms. They 
discovered gelignite enough to 


South Africa Needs Economic Rights 


By Kader Asmal and Ronald Roberts 

J OHANNESBURG — The first revolution in 
South Africa ended the legal disfranchisement 
of millions of people. The second must overcome 
the continuing reality of their economic disfran- 
chisement. Long after its carcass has been laid to 
rest, apartheid could still throttle the country. 

To ensure that this does not happen. South 
Africa's new Constitutional Court has an impor- 
tant role to play in protecting fundamental hu- 
man rights. It was encouraging that in their White 
House press conference earlier this month. Bill 
Clinton and Nelson Mandela announced that 
restructuring South Africa's legal system would 
be one of their major areas of cooptation. 

Mr. Mandela's government faces a daunting 
task in balancing the legitimate aspirations of the 
black majority against the demands of a powerful 
white minority. Decent food, water and a liveli- 
hood, equal access to a home and a place in school 
— these basic needs, no less than the right to vote, 
should now be a cause not only for eloquent 
handwringing but also constitutional litigation. 

The equality clause of South Africa’s interim 
constitution outlaws indirect discrimination. It 
may thus provide sufficient room for Lhe Consti- 
tutional Court to review the racially skewed allot- 
ment of lhe country's basic resources. Under the 
system set up under apartheid, for example, opu- 
lent while suburbs are subsidized by taxes from 
all South Africans, while black townships are 
denied a share of benefits proportionate to the 
taxes imposed on them. Such harsh inequities will 
not suddenly evaporate, and the court, imagina- 
tively exercising its powers of judicial review, 
could be a watchdog over a range of such issues. 
But formal equality — of the kind mandated 


by Lhe U.S. Supreme Court's decision in Brown 
vs. Board of Education in 1954 — will not be 
enough. That court’s doctrinal meanderings over 
the years show that vital social and economic 
rights should not be left to the vagaries of legal 
interpretation. Thus South Africa's permanent 
constitution — which is to replace the interim 
document in five years, in time for the next 
national elections — must more explicitly en- 
trench these basic rights, 

Eveiy significant fundamental rights docu- 
ment since the Universal Declaration of Human 
Rights, in 1948, speaks of the indi risibility of two 
sets of rights: civil and political on the one hand, 
economic and social on the other. Yet some legal 
theorists continue to treat economic and social 
rights as a second-class category. South Africa's 
constitution could become die most humane in 
the world by doing away with this kind of anoma- 
ly. Job security, a reliable and unpolluted supply 
of water, an environment cleaned up at the ex- 
pense of those who profit from dirtying it — these 
are not just desirable goals they arc fundamental 
rights and should be constitutional ones. 

The new court must deny that political free- 
dom can exist surrounded by economic misery, 
and it must insist that the right to speech is muted 
without a right to education. As they draw up a 
permanent constitution over the next few years. 
South Africans of different races could well im- 
prove on older. Hawed constitutions and create a 
more perfect union than the world has yet seen. 

Kader Asmal a constitutional lawyer, is South 
A frica’s minister of water affairs and forestry. Ron- 
ald Roberts is working in Johannesburg for the New 
York Center for Economic and Social Rights. They 
contributed this to The New York Times. 



IQ Worship 1 

Gimmicky , 
And Wrong 


N 


Bv Brent Staple* 

£W YORK — 
knows the NtLTCOlvpc of the 

IliSil 

Of power What about menu for 
? P-wv *ake- Whv not give IQ 
heaven s sakw. those 

tote. grant the . 
who score well and send the lag 

cards to the nuulnxmj. 

*That would never happen, nor 

should it. IQ 

tell vou almost writing Th* 
clearlv explained by Alfred Binet, 
the Frenchman who tnvemvd the 

first usable IQ ’ ... , , 

The test had one purpt>wr. to 

help identify learning-d tabled 
children who needed special 


“brutal pessimism 


if his test was ever mistaken as a 
measure of a fixed intelligence. 

You wouldn’t know it from me 
IQ worship in progress today, but 
using the tests to draw finer dis- 
tinctions than Mr. Binet intended 
amounts to overreaching, u not 
scientific fraud. Most scientists 
concede that they do not really 
know what “intelligence is. 
Whatever it might be, paper and 
pencil tests are not the tenth of it. 

The fair-haired executive gets a 
pass for other reasons entirely. 
First, because the world works 
more on insidensm and inherited 
privilege than on “pure merit.’ 
whatever that might be. 

Second, because the charge of 
innate stupidity has historically 
been reserved for the poor. That 
charge surfaced during the immi- 
grant influx to the United Stales 
early in the century, and again 
during the affirmativixieiion ’60s 
and 70s — both times when 
America found “scientific" justifi- 
cations of poverty appealing. Mis- 
givings about the “underclass * 
have made them appealing again. 

Mr. Binel's American imitators 
embraced “brutal pessimism" 
right away. In 1912, after Eastern 
and Southern Europeans began to 
outnumber Northern European:' 
at ElHs Island, immigration au-^ 
thorities asked the psychologist ^ 
Henry Goddard to do “quality 
control,*' through testing. Mr. 
Goddard and his colleagues be- 
lieved that Nordic peoples were 
civilization’s best and that the test 
were genetically second-rate. 

Not surprisingly. Mr. God- 
dard’s testing of what he called a 
representative sample of immi- 
grants showed that 80 percent of 
all Jews. Italians and Hungarians 
and nearly 90 percent of Russians 
were “feeble-minded.” As a result, 
hundreds each year were deported. 

At the start of World War I, 2 
million draftees were tested. The 
results showed a gap between 
blacks and whites, but at the time, 
few were interested. The passion 
was proving a connection between 
“mental datciency” and national 
origin among white immigrants. 
British immigrants were classified 
as first-rate, with Poles, Italians 
and Russians labeled undesirable. 
The data were published by the 
National Academy of Sciences in 
1921, and contributed to the in- 
troduction of temporary limi ts on 
immigration. IQ hysteria also re- 
sulted in sterilization laws en- 
forced only against the poor. 

The IQ believers worked with . 
zeal. Like many before turn, the# 
British psychologist Sir Cyril Burt 
went way beyond science in de- 
fense of his beliefs. He alleged that 
intelligence was so wired into the 
genes, so indifferent to environ- 
ment, that identical twins reared 
apart had virtually identical -IQ 
scores. Statisticians now agree that 
Sir Cyril made much of it up. 

The IQ worshipers of today re- 
main essentially unchanged from 
Mr. Goddard's time. Despite the 
impression that there is some- 
thing new in “The Bell Curve,” its 
authors, Charles Murray and 
Richard Hermstein, have merely 
reasserted the long-unproven 
claim that IQ is mainly inherited. 

The language is calmer, the sta- 
tistical gimmicks slicker, but the 
truth remains the same: There 
exist no plausible data to make 
the case. Belief to the contrary 
rests mainly on brutal preconcep- 
tions about poverty, but also on a 
basic confusion between pseudo- 
science and the real thing. 

The New York Times. 


5 AND 50 YEARS AGO 


t * 

also unearthed bombs i 
stages of manufacture. 

1944: The Vicar 1 ! 

LONDON — [From 
York edition:) The R 
Green, vicar of St. 
Church, Ipswich, who i 
box of rat poison when 
that a fellow Church oi 
clergyman was soliciim 
German prisoners of 
been reported to his Bii 
Rev J. C. B. Chamber] 
of Chnst Church in 
Hill, [hadj issued a pub 
for such comforts as tol 
books for six wounded 
visited in hospital. He 
from the Rev. Mr. Grex 
son with this note: M i 
send a small comfort w 
sure wifi be good for tl 
?°rry, to tin is not fi 
small dose will do the t 







INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31, 1994- 


Pag^S 




'V 


p ‘*nt 

;!• . * ■*. t 

l|;( ;L C 




—"S' 


■r-S 

; i‘a 


si. ‘Mi * 

S& 




.ft* ^ 
■ - r « *33 

r^J* ML 

,. ,vCr *; aiand ,£■ 

•■a ‘W 

-:.a aaghjit * 

• ’•'■‘•i'JK iJk 

j J -Ay has ! 


MK 

‘ T kp* 

'tonnefe; 

i!fc law: 


aid' 

-'irajain^ 
~~ ‘yJl Dots r 


-ii : 


- - 'xastff r 

^ ffpoki 
•*'u: ih- vZ. 


■ *.o 


1 i i>'aiEDii 

lifer “BaJ 
V'"' ‘^pcAag^ 

: '. taeia me 

'■■..■'i-iBfe 
,! ;.‘ -j:, Taslfc 
\'RM3 Eisj 
io. saunas,. ^ 
••o ihr jMjfccs., 

■—mu !•> c,» ‘p 

inwi 

jV*yy 
v ■•-'>». pr.-pbi 
■!v-i-.-J4iit 
•- i xavad-ca 
; : Mi c 

.. •: * Lined 

■ .i e 

•.v 1 ;:u: .V'Pcii 
. -.j> ozti Him 
••^iVGieflta 
-■:-riiK'Vjr 


- VJ* 

» i u'jt v. jciirpr 

.■•.•«. -rite 


; . « iTt; »* 

;. v arc liMnl. 
j afts 
»!. isx.Sfijifc: 
w:ssm Us (if 
i.vniiviwk* 

:* l'“l' mi SK 
.•. alji: i3np 

A- r. i ' A 


A new breed of engine. 


The same breed of Saab 


(Or proof that big can be beautiful, too.) 


At Saab, we have a tradition of making powerful 
engines compact and efficient. Thats why we’ve 
resisted the idea of simply increasing the size or 
amount of cylinders to add performance. 

Consequently, the Saab view of the V6 engine 
has tended to be on the frosty side. But lately, 
there’s been a perceptible thaw. 

The reason is the development of a new kind of 
V6. The one you’ll find in our new Saab 9000 CD 
saloon. This isn’t an ordinary V6 engine. Any more 
than the 9000 CD is an ordinary car. It’s the kind of 
car that’s big in terms of space and performance 
and comfort but very modest in terms of weight 
and fuel consumption and engine emissions. 

It’s big. But it’s not stupid. At heart, 
it's still a Saab. 


(Traction Control System), a feature that signifi- 
cantly reduces wheelspin. They’re the sort of fea- 
tures that do something useful without drawing 
attention to themselves. Very Saab. 


BIGGER ON THE INSIDE. 

We tried to design the body on equally generous 
but practical lines. We made sure it gives you plen- 
ty of room for heads and legs and feet and bottoms 
and luggage (the Saab 9000 is one of the few 
European saloons classed as a large car in 
America). Yet it doesn’t force you to take up unne- 
cessary road space. It’s one of those cars that 
seems a lot bigger inside than outside. 


INNOVATIONS. 

Consequently, we’ve given 



LOW KEY. 

It's the same with the fittings. 
The 9000 CD is truly luxu- 
rious without banging on 
about it. You can have the 


THE FIRST SAAB. IMF. 



THE PERFECT PARTNER. 

In spite of its size, the new 3.0 V6 engine is true to 
the basic Saab values. It’s compact. It's efficient. It's 
environmentally friendly. Yet it gives you the su- 
perbly comfortable ride and smooth power surge 
of a true V6. It’s the perfect partner to our turbo, 
supplying a different kind of motoring to a different 
kind of driver. 


the Saab 9000 CD 3.0 V6 a number of. 
technical innovations you don’t normally see on a 
V6. A new three-step variable intake manifold that 
delivers consistent power throughout the rpm 
range. A Motronic engine management system that 
constantly monitors engine emissions. And TCS 


wood, the custom designed audio, the 
highly sophisticated alarm system, the natural glove 
leather. It even has reading lights in useful places. 
Yet it's all low key, unobtrusive, functional. It’s 
not trying to make an impression. It's trying to 
make you feel comfortable. 


FOR PERSONAL REASONS. 

We know that everyone has their own reasons for 
choosing a Saab. 

So if you're a V6 driver looking for some inter- 
esting twists on a familiar idea, consider taking a 
test drive. It might be interesting to experience this 
new breed of engine 
for yourself. 



* \ 





FOR FURTHER INFORMATION. A TEST DRIVE OP DETAILS OF OUR INTERNATIONAL/DIPLOMAT SALES PROGRAMME CALL SAAB INFORMATION SERVICE ON *44-71 :«0 3033 OR FAX TO *44-71 240 6033. 


• ..Jv&B&C 
.i .ysi.iS** . 

Lui’ N®' 
StitoM** 

7-.li Jin®* 

... vf I' 

. -S Sit*st 

1*133: 

; 

4 . _ 







f. 


Page 6 


INTERNATIONAL HERALD TRIBUNE, MONDAY. OCTOBER 31, 1994 


4 Die in Another Baghdad Blast 


■ W.V 


Reuters 

. BAGHDAD — A bomb in a baby food con- 
tainer killed three policemen and a church offi- 
cial outside a Catholic church in Baghdad on 
bunday as policemen were trying to defuse the 
device, the Iraqi press agency INA said 

.Three passers-by were wounded in the blast, 
wnich occurred during morning prayers and left 
nearby streets littered with glass and stained with 
blood. 

It was the second bomb blast in the Iraqi 
capita] this month. On Oct. 19, a bomb exploded 
m a prayer room at Iraq’s Ministry of Religious 
Affairs, killing a senior official and seriously 
wounding five people. 

■■ In the incident on Sunday, a church deacon 
saw a suspicious object in a nylon bag inside the 
church, INA said. He quickly took if outside to 
ihe church gate and called the police. 

■ But when the police arrived the bomb, inside a 
three- kilogram can of baby food, blew up and 
killed a bomb disposal expert, a police officer, 
his assistant and the deacon. 

“We heard the explosion, then security men 
came and sealed off the church.” a local resident 
said. 


No one took responsibility for the blast. 

The Baghdad bomb blasts this month have 
come after heightened tension on the Iraq-Ku- 
wait border as the result of a buildup of Iraqi 
forces near the emirate. 

■ Allies Plan Air Maneuvers 

More than 100 allied combat aircraft will stage 
maneuvers over Kuwait and southern Iraq on 
Tuesday to show Saddam Hussein that the U.S.- 
led coalition will protect Kuwait, The Associated 
Press reported Sunday, quoting the U.S. 
Embassy. 

The exercises will include U.S. Air Force B*1 
and B-52 bombers, flying from U.S. bases, drop- 
ping live bombs on a Kuwaiti desert range near 
the Iraqi border. 

The statement termed the exercises as "con- 
centrated flying activity” in airspace over Ku- 
wait and in the “no-fly zone” of southern Iraq 
below the 32d parallel. 

The air exclusion zone was imposed in August 
1992 to help protect Shiite Muslim rebels from 
Mr. Saddam's forces. As far as is known, live 
ordnance will not be used over southern Iraq. 






MIDEAST: Israel Easing Blockade ADAMS: 


Continued from Page 1 

cemed about the consequences 
of putting too much pressure on 
Mr. Arafat, yielded in Casa- 
blanca, announcing that the 
blockade would “gradually be 
lifted," starting on Tuesday. 

But the situation seemed un- 
likely to return to normal any- 
time soon. 

Last week, the Israeli govern- 
ment decided to deepen the sep- 
aration between Israelis and 
Palestinians by importing 
19,000 additional foreign work- 
ers for construction and farm 
jobs now filled by West Bank 
and Gaza Strip Arabs. So even 
if the present restrictions are 
dropped, far fewer Palestinians 
will eventually be allowed into 
Israel for work. 

Although he has questioned 
the effectiveness of such clos- 
ings as an anti-terror measure 
and not merely as a public-rela- 
tions device to calm a nervous 
public. Mr. Rabin warned Sun- 
day that he would take similar 
measures if Palestinian attacks 
on Israelis continue. 

“We will feel free to take 
whatever step to insure the se- 
curity of Israel’s residents,” he 
said, “even knowing that it will 
pose a hardship for the Pales- 
tinians and a hardship for the 
Palestinian Authority.” The 
Authority, headed by Mr. Ara- 
fat, administers self-rule in 
Gaza and Jericho. 

C. It was evident, though, that 
Israel worries about the slow 
pace of negotiations with the 
FLO. Mr. Arafat and Mr. Ra- 


bin agreed to meet again next 
Nov. 7 to speed up their talks 
on Palestinian elections and on 
giving Palestinians responsibil- 
ity throughout the West Bank 
for welfare, health, taxation and 
tourism. 

To show they are not com- 
pletely stalled, the two sides an- 
nounced their agreement on 
stationing Palestinian officers 
at border crossings. 

Their presence' there is a tri- 
umph for Mr. Arafat because it 
gives him some trappings of 
sovereignty even though true 
authority remains with Israeli 
forces. 

When they take their posi- 
tions, probably on Monday at 
Rafah and Tuesday at the 
bridge, Palestinian officers will 
have jurisdiction mainly over 
Palestinians going to Gaza and 
Jericho. 

H End Boycott, U.S. Urges 

Secretary of Stale Warren M. 
Christopher urged Arab coun- 
tries to apply economic reforms 
and lift the boycott of Israel in a 
speech at the opening Sunday 
of an economic conference, 
Agence France- Presse reported 
from Casablanca. 

"The last remnants of the 
boycott aimed against Israel 
must be eliminated,” Mr. Chris- 
topher saicL 

He also urged Arab countries 
to undertake “serious economic 
reforms, end trade restrictions 
and lift the heavy hand of gov- 
ernment regulation that stifles 
entrepreneurs." 


Comprom ise Bid 

Continued from Page 1 

the North with the 26 in the 
Republic has always been the 
IRA’s chief article of faith. In 
recent years, Mr. Adams and 
other Sinn Fein officials have 
said they were flexible on the 
timin g, admitting that a united 
Ireland could take 10 or 15 
years to evolve. In an interview 
in early September, Mr. Adams 
said he expected to see a united 
Ireland “in my lifetime." 

But neither he nor other Sinn 
Fein leaders have raised this 
possibility, emphasizing their 
flexibility, since Prime Minister 
John Major of Britain said Oct. 
21 that Britain would probably 
begin exploratory talks with 
Sinn Fein before the end of the 
year. Sinn Fein wants to start 
the talks immediately, and one 
of its officials said’ Saturday 
that he expected them to begin 
within three weeks. 

Mr. Adams's remarks seemed 
designed to reassure Protestant 
leaders who want the North to 
remain a British province, and 
to put pressure on the British 
government to begin formal 
talks with Sinn Fein. But he 
declined to say he would press 
the IRA to disarm before the 
talks with Britain start. 

He said that the British secu- 
rity forces and Protestant para- 
mmtaiy groups were heavily 
armed and that unilateral IRA 
disarmament could not be a 
precondition for negotiations. 





Weapon U& d in Assault 
Has BeenBtonrwdby l.S. 


\Vk f* nw Smite 

NHW 

agents said was usea 1 nmied Suites since Mav. 

been illegal to import tn\» 
offici 


federal officials saiS. 

Statistics from ** j 
arras show that the ok- 
most of the 950,000 Chin* 
States in 1993. It was a£ 
gun by the bureau, wnjf 
investigations. 

While th 


r PUUVW Ul lift * • 

the United States since Ma>. 

of Alcohol. Tobacco and 1 ire- 
■uauiomatic rifle accounted lor 
__ rifles imported into the United 
the fourth most Frequently traced 
traces guns seized in criminal 


...aaav Jie standard m 

assault weapon and was 


lei of theSKS is not classified as an 
weaDou U 4 «» — r-3t one of the 19 weapons banned m 
the crime bifl passed in^Augusu its importation was banned 
bv President Bill Clintoln as a condition of the nu*Mavored 
nation status granted China earlier this war. 

If tbp weapon used (on Saturday had been mouiM-d to 
• - IQ (rounds, it would be outlawed by the 


contain more than 
crime bill. 

Jack Killorin, a s 
Tobacco and Fire 
resembles the Amen 
World War II and th 


desman for the Bureau of Alcohol, 
said thai the rifle, as manufactured. 
_n-made Garand M-l rifle used in 
.»« Itman War. 11* rifle to onrfaajfc 

manufactured for the {Soviet aimed forces during World war 
II and was adopted Hy the Chinese in 1956. 




A 


r.'u, Aktkc France-Pn-v-c 


A security official discussing the shooting Sunday in front of a pockmark left by a bullet 

EUROPE: EU Expansion Strains Paris- Bonn Axis 


Continued from Page 1 

attentions toward security risks 
posed in the Mediterranean, by 
Islamic radicalism, economic 
chaos and mass migration. 

The European commission 
has proposed an economic and 
security pact that would more 
than double European aid to 
North Africa by dispensing 
more than S7 billion over the 



next five years. The plan calls 
for the creation of the world’s 
largest free-trade zone by 2010, 
linking as many as 40 countries 
and S00 million people. 

The plan is scheduled for de- 
bate at a summit meeting of 
European leaders in Essen. 
Germany, in December. But the 
Germans have been lukewarm 
toward the pact, particularly 
because they would be asked to 
foot a large share of the bill at a 
lime when they w arn to concen- 
trate resources on the easL 

German diplomats contend 
that the eastern states deserve 
priority because the continent 
needs a new securitv structure 


to prevent any further east-w< 
divisions. The eastern states 
also have cultural and historical 
affinities, along with /more 
adaptable economies’. 

In contrast, senior French of- 
ficials say that coping with Is- 
lamic radicalism should be con- 
sidered the West's gravest 
security priority. They believe 
the German view offers trou- 
bling evidence that the special 
relationship between Paris and 
Bonn, which served for four de- 
cades as the motor in driving 
progress toward European uni- 
ty. is changing inexorably under 
the pressure of competing na- 
tional interests. 


i: Ex- 

Con tinned from Page 1 

among eight that jappear to 
have struck the building's fa- 
cade. Investigators said 20 to 30 
rounds were fired iid a matter of 
seconds. 

The shooting cajhie six weeks 
after a similarly j startling as- 
sault on the president’s home. 
On Sept. 12. a distraught Mary- 
land truck drive}!' stole a small 
plane and crashed it at the 
White House. Tpe man died in 
the crash. ; 

According t<j» federal offi- 
cials, one day Jater. Sept. 13, 
Mr. Duran purchased the SKS 
rifle near his h6me in Colorado 
Springs, Colorado. That same 
day. in Washington, Mr. Clin- 
ton signed anti-crime legisla- 
tion banning the sale of 19 
types of assault weapons. 

Mr. Duran, who worked as 
an upholsterer, was not talking 
to investigators Sunday and 
i being held in a city jail, the 
ret Service said. He is to be 
signed Monday on federal 
f aarges of willfully damaging 
'federal property and possessing 
a firearm as a convicted felon. 
If convicted of these charges, 
Mr. Duran would face a maxi- 
mum of 10 years in prison cm 
each charge. 

According to the White 
House and news agency re- 
ports, Mr. Duran served in the 
army until he was given a dis- 
honorable discharge after being 
convicted of aggravated assault 
with a vehicle and drunk and 
disorderly conduct in 1991. 

He served a 2%-year prison 
term at a federal facility in Kan- 


sas. Accounts from Colorado 
said Mr. Duran’s wife reported 
to local police on Oct 1 that her 
husband was missing. The day 
before he had left home saying 


Convict Charged 

he needed to buy supplies For 
target practice. 

On Saturday, two strollers on 
Pennsylvania Avenue seized 
Mr. Duran as he paused, appar- 
ently to reload, and held him 
until White House security 
agents swarmed over the fence 
to make the arrest. 

It is believed that the Secret 
Service did not respond instant- 
ly because they are trained to 
consider whether the gunfire is 
a diversion, because tourists 
and others on the sidewalk 
could have been injured if fire 
was returned and because there 
was little time to respond to a 
weapon that can empty a maga- 
zine in just a few seconds. 

Mr. Clinton reportedly tot* 
the incident in stride when first 
told of the gunfire. Later, at a 
political dinner, he joked that 
after returning from the Middle 
East, where extremists tinea t- 
ened him, “If s nice to be Inane 
in the safety and security of the 
White House.” 

Mr. Clinton's aides said Sin- 
day that a current review of 
Secret Service procedures 
would be expanded. The review 
was launched last month after 
the plane incident- A final ro 
port is due in January from the 
Treasury Department, which 
oversees the Secret Service- 

According to Norman Om- 
stein, a political analyst with 
the American Enterprise Insti- 
tute in Washington, the inci- 
dent Is not likely to have any 
broad impact on the public's 
opinion of Mr- Clinton. 

“This is not the same thing as 
the awful assassination attempt 
on Ronald Reagan,” Mr. Om- 
stein said on CNN. 

However, the debate in con- 
gressional elections could be af- 
fected, he said. 


rti 
«*• 
— -aaB 
* 


■or 

HI 


INDIA: Middle Class Frustrated by Education System POPE: 

Cardinals Named 


Continued from Page 1 

mandate, elimination of en- 
trance tests for preschoolers, 
less stringent classroom sched- 
ules for toddlers and limits on 
the book loads youngsters 
should carry home each day. 

“Putting' pressure on such 
small children so early is not 
fair,” Mr. Sinha said. “Parents 
do not realize that they are tak- 
ing a big risk by putting so 
many demands on their chil- 
dren.” 

The middle-class hunger for 
better education also is fueling 
an explosion in the number of 
private schools in a country 
where many parents are frus- 
trated with government-funded 
schools’ overcrowded class- 
rooms, absentee teachers and 
poor cuniculums. In the last 
decade, the number of private 
schools in New Delhi has dou- 
bled to some 600 — about 40 


percent of the total schools in 
the city, according to govern- 
ment officials. 

But educators worry that 
while the middle class, which 
can afford private tuitions, buys 
better education for its chil- 
dren. most Indian youngsters 
are subjected to government 
schools that are underfunded 
and overburdened by burgeon- 
ing student populations. Today, 
India has the largest population 
of illiterates in the world, and 
nearly half of the country’s chil- 
dren between ages 6 and 14 do 
not go to school at all, accord- 
ing to United Nations statistics. 

But in the middle class, which 
includes anywhere from 150 
million to 250 million of India’s 
900 million people, elite school- 
ing is also taking on Western 
overtones as a measure of fam- 
ily social status. Many teachers 
and psychologists say parents 


use their children’s educational 
achievements as a way to fur- 
ther their own ambitions. 

“For a society in transition, 
the school your child gets into is 
often a place for picking up the 
right contacts to gain entry into 
the right circles,” said Avdesh 
Shanna, a New Delhi psychia- 
trist. 

Child psychologists say their 
business has picked up as a re- 
sult of the mental and physical 
stress placed on more children 
at younger ages. 

^There is a notion that the 
child who starts earlier would 
be a winner later,” Mr. Shanna 
said. “But in psychoanalysis, we 
see the consequences. Children 
become cranky, have stomach 
aches, school phobia, school re- 
fusal The child is forced to do 
thi ng s that are against the mat- 
uration process, and they can’t 
cope.” 


AMERICAN 

TOPICS 


Cash Machines: Muggers" Targets 

Scenario: You need money at 3 A.M. and 
drive to the automatic teller machine. 24-hour 
card in hand. Surprise. No cash available 
until 6 A.M. 

Banks around the United States are curtail- 
ing cash machine hours.' especially in cities, 
because of the risk of customers getting 
mugged at night. 

A spree of 30 robberies at automated teller 
machines in Tampa. Florida, prompted Bar- 
nett Bank to close some ATMs as early as 7 
P.M. 

“If I really did need cash late at night. I’d 
keep driving till 1 found a machine,” said Ray 
Henley, a Barnett customer. “If they closed 
all of them, that would be a drag.” 

Another solution has been to put ATMs in 
high-traffic areas like grocery stores, pharma- 
cies, fast-food restaurants, gas stations and 
convenience stores. Many of these places are 
open 24 hours a day. 

Short Takes 

The district school board in Half Moon Bay, 
California, south of San Francisco, voted 
down a proposal by one of its members. 
Garrett Redmond, to abolish homework. Mr. 
Redmond aigued that homework favors chil- 
dren who live near school and don't have to 
spend an hour on the school bus. and children 
whose families can afford a personal comput- 
er. 


“He must have struck some sort of a nerve 
in America and around the world," said ihe 
board president, Ken Jones, who arrived at 
work to find 75 messages about homework on 
his fax machine. 

Under the school board's decision, the su- 
perintendent will meet teachers and parents 
for a top-to- bottom review of homework and 
how classes are organized. 


Of the 28 managers in major . 
ball, eight are -former catchers. Nine were 
infielders, and seven were outfielders. Given 
that there are four infielders and three out- 
fielders to one catcher on the field, “the ratio 
of catchers in managing jobs is remarkable," 
Murray Cfaass writes in The New York Times 

And no wonder. “The catcher is the manag- 
er’s representative on the field,” says Dan 
Duquette, an executive with the Boston Red 
Sox. “The catcher is involved with every 
pitch, every pitcher, and he’s the only player 
on the field who has the whole field in’ from of 
him.” 

About People 

Coretta Scott King says her husband's non- 
violent protests were inspired by another 
powerful, yet peaceful, leader — Mahauna 

in accepting the Gandhi Universal Harmo- 
ny Award at a dinner last week marking the 
125th anniversary of Mr. Gandhi's birth, Mrs. 
King quoted writings from Martin Luther 
King Jr. that said he “had discovered the 
method for social reform that l had been 
seeking” in Mr. Gandhi’s nonviolent resis- 
tance to British rule in India. 

Iniemaiional Herald Tribune. 


Continued from Page 1 

ministries.” Two of the new ap- 
pointments are from the United 
States — William Henry 
Keeler, the archbishop of Balti- 
more, and Adam Joseph Maida. 
the archbishop of DetroiL Four 
are Italians. 

Others seemed designed to 
send a particular political mes- £i 
sage. Two of them — Monsi- -* 
gnor Paul Joseph Pham Din 
Tong from Hanoi and Monsi- 
gnor Jaime Lucas Ortega y Ala- 
mini from Cuba — reflected the 
Pope’s support for Christians 
living under Co mmunis t rule. 

Several appointments were 
made in former Communist 
countries in Eastern Europe. 
The elevation of the relatively 
youthful Archbishop of Saraje- 
vo, Monsignor Vinko Puljic. 49. 
to the rank of cardinal seemed 
designed to show the Pope's 
continued quest for a Balkan 
peace — and his support for 
Roman Catholics there — in 
the face of Serbian Orthodox 
opposition to his overtures. 

The Pope was forced to can- 
cel a planned trip to Sarajevo in 
September because Bosnian 
Serbs refused to guarantee his 
safety. 

Wiile the new appointments 
will further the process of inter- 
nationalization of the church 
hierarchy begun by Pope Paul 
vi, the dominant presence 
among the cardinal electors will 
still be formed by 55 cardinals 
trom Western and Eastern Eu- 
rope. 

In the Vatican's breakdown 
0 ! the cardinal electors’ back- 
ground following the new ap- 
pomtments. 33 are Trom North 

and South America (two-thirds 

or them from Latin America), 

Af™*' 14 fr *ro Asia 
and three from Oceania in the 
central and south Pacific. 

The appointments, more* // 
Maul some countries — “ 
Albania, Bosnia, Belarus and 
Fidel Castro — 
would have a cardinal to repre- 
sent them for the first time 

“entries from width 
cardinals were appointed Sun- 
day were: Lebanon, Czech Re- 

Chile, 
Cuba. Indo. 

A"** ™« 




-I 

is 

•***- 
- Vi 

» Ml 
<*4 

Ms 

net 



Kim* 


,4 i 

£*%( 

I 

*1*9) 




' i 







ma 


'- iS v 

•-= " -i 








INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31, 1994. 


'■’age 1 $ 


Q &A: APEC’s Moves Toward Trade Liberalization 


•••Ja v, 

!: 

■ ,s 'h.: > 

L’h 

-■Ks : .. 

? . I'n . ■< 

. V 

■ * u ^»§' 

; in:; • 

• v- m-! 

• *w r <C 



>nvirl Cl ^ 

- ■ J ‘-J' , la . 

••:: v : 

Ur -'-L‘h.> 

yari? 

■ h “pnn«tlj 

V, rs - T * C '!rcsiji 

:y c v •‘niSsamv, 
■ ,L ' •■J'.-xV 

•• J-a t-utTaiiw; 
\ c \ hi ' r 'i« ptocs 
’ ‘ ^panJidifc, 

’• ki>.( 1 ■_. 


The eighteen members of APEC, 
the Asia Pacific Economic Coopera- 
tion forum, are to hold their annual 
meeting in Indonesia starting Nov. & 
Ali Amos, the Indonesian foreign 
minister, discussed some of the major 
issues with Michael Richardson of the 
International Herald Tribune. 

Q. Why are the meetings of APEC 
leaders and ministers in Indonesia 
important? 

A APEC is gathering momentum 
in its efforts to achieve its goals of 
continuing liberalization of trade 
and investments. This will ensure 
that the market-driven progress that 
has characterized economic develop- 
ment in the Asia-Pacific region will 
be further enhanced. We need to find 
practical ways of enmeshing the pri- 
vate business sector into APEC co- 
operation. 

The meeting is also important be- 
cause Indonesia, as the host, has sug- 
gested that apart from the routine 


things we usually take up, we should 
focus on some new aspects of cooper- 
ation that are of vital interest to the 
developing economies. They include 
education, training, the transfer of 
skills and technology, ways of over- 
coming infrastructure bottlenecks, 
and how to increase the capabilities 
of small and medium enterprises. 
Such firms are the most important 
elements of any economy. 

Q. Will the APEC leaders agree on 
a date for establishing free trade in 
the Asia-Pacific region? 

A A major topic for discussion 
will be how to move toward freer 
trade and more liberalized invest- 
ments in the region, not toward a free 
trade area, but freer trade in the area. 
It may be feasible to determine cer- 
tain end dates. 

• 

Q. Would any tariff cuts agreed by 
APEC be extended not just to mem- 
bers of the group but to all other 
countries? Or would they be offered 
on a reciprocal basis, at least 10 de- 


veloped nations such as those in Eu- 
rope? 

A. These details should be subject 
to further thinkin g and discussion. 

Q. Nonetheless, talk by APEC of 
reciprocity conjures up visions 
among some members of the Europe- 
an Union of a fortress Asia-Pacific. 
What is your response to those con- 
cerns? 

A I think the overwhelming view- 
in APEC economies is that the oper- 
ating principle of the group must 
remain open regionalism, and that 
we should not move toward anything 
that would even be a semblance of a 
closed shop or a closed trading bloc. 
■ 

Q. The United Nations still does 
not recognize Indonesia’s takeover of 
East Timor in 1976. Is Jakarta pre- 
pared to hold a referendum in East 
Timor under UN or international su- 
pervision to settle once and for all the 
self-determination question? 

A On that score, our position has 
been made very clear, we have said 


there is no reason to hold a referen- 
dum in East Timor because in 1976 
we implemented a plan that the Por- 
tuguese themselves were about to im- 
plement had they not abandoned the 
territory in a very irresponsible way. 
We determined the wishes of the East 
Timorese through their traditional 
chiefs. Remember that there was a 
high degree of illiteracy in the territo- 
ry then and a modem referendum 
would not have been feasible. We 
invited the UN and Portugal. But 
they did not come. 

Holding a referendum now would 
only result in again exacerbating feel- 
ings in East Timor. And why should 
we do it just because a small minor- 
ity, the ex-Fretilin independence 
movement, wants it? Yet, they were 
the party in 1975 that did not want a 
proper and orderly self-determina- 
tion process because they had the 
weapons from the Portuguese gover- 
nor and his assistants in East Timor. 

Q. Indonesia is a frequent target 
for international human rights 


groups and sometimes foreign gov- 
ernments for alleged abuses of hu- 
man rights in East Timor and else- 
where. How should such issues be 
handled? 

A A political campaign, very often 
using the banner of human rights, 
has been waged ag a ins t Indonesia for 
many years. This is not to deny that 
we sometimes have human rights in- 
fringements. Which country does 
not? But we reject the allegation that 
it is a consistent pattern of violations 
perpetrated or condoned by the gov- 
ernment. That is a malicious misrep- 
resentation. 

We continue to improve our per- 
formance in the field of human 
rights. We listen to the United States, 
Australia and other friendly govern- 
ments when they have misgivings 
and concerns. We listen to them be- 
cause that is the right way to do it . . . 
rather than shouting from the roof- 
tops allegations which are not based 
on facts and will only make things 
worse by making people angry. 


EK.\ATK>\ \l. 


.. . 


Srib 




W YORK llMl-S \M> 111!. \\ \SlllWr<^ I H ‘ r r 


<4 


1 m 

m 


2 Former Presidents Staged a ‘Military Rebellion, 9 Seoul Rules 


By Andrew Pollack 

Hew York Times Service 

SEOUL — After a long in- 
vestigation, the South Korean 
government has announced 
that two former presidents had 
engaged ™ a “premeditated 
military rebellion” in 1979 that 
eventually led to their assuming 
power. 

But the government said over 


the weekend that it would not 
prosecute the two men, Chun 
Doo Hwan and Roh Tae Woo, 
saying they had also made posi- 
tive contributions to the coun- 
try and that a trial would re- 
open old wounds and divide the 
nation. 

The decision by the Seoul 
District Prosecutor’s Office is 
an attempt to close the book on 


a politically sensitive incident 
that might have delayed the in- 
troduction of democracy in 
South Korea by a decade. 

But what is, in effect, a com- 
promise decision to discredit 
Mr. Chun and Mr. Roh without 
punishing them might not satis- 
fy those who say they suffered 
under the military rule imposed 


by the two men, both former 
army generals. 

The “Dec. 12 incident," as it 
is usually called, took place less 
than two months after the long- 
time dictator. Park Chung Hee, 
was assassinated by the head of 
South Korea’s intelligence 
agency. 

Mr. Chun, then a general, 
was in charge of investigating 


■ rv 

•bvJ 
r innJsiLAfe 

5 '-"‘Zcalanahr 

v,,:7 > Spates 1 v 
j"'-'' •'•c.Svrc&ra 

** • ■ ,:.rc ?o Ncnns 
f v ' ;;ai jaii 

i'steyw: 

> u -•'ksm. i 

• >».■> If!» 

• ibe ft 

■ ■ ' V- v'itm 

• ‘ in: sjsa 

M tic-ita." &• 

• v-lSN 

• -m k:. liv issue 
■■ r 



•OPE: 

urtliiKils 


Ymtup/ Rental 

Two former presidents of South Korea, Chun Doo Hwan, left, and Roh Tae Woo, attending a recent funeral in Seoul. 


BOOKS 


•" 7 • 


i-cr 


•. 71 : 2 : 1 . 

■„J2 B 


ALL THE TROUBLE IN 
THE WORLD: 

The lighter Side of Over- 
population, Famine, Eco- 
?- :y logieal Disaster, Ethnic Ha- 
tred, Plague, and Poverty 

' P- J. O’Rourke. 340 pages. 

-Tj. 522. Atlantic Monthly Press. 

) Reviewed by Carolyn See 

T)J. O’Rourke generates his 
v-.r F humor by writing things 
that most of us only say — or 
think — in the privacy of our 
■ <■ living rooms, bedrooms or on 
[: the phone to a wicked best 

;.v friend. In this investigation of 
. • v “the lighter side of oveipopula- 

" >■: • tion, famine, ecological disas- 
ter, e thnic hatred, plague, mid 
i.- poverty," he suggests, for in- 
stance, that the war in the for- 
mer Yugoslavia is a matter of 
“the unspellables . . . shoot- 


ing the unpronounceables." 
That provokes a snicker, if the 
reader is in a bad mood to start 
with. 

Or, of the war in Somalia, 
O’Rourke opines that “there’s 
one ugly thought that has oc- 
curred to almost everyone 
who’s been to Somalia. 1 heard 
a Marine private in the Baidoa 
convoy put it succinctly. He 
said, ’S omalis —give them bet- 
ter arms and tr aining and Seal 
the borders.’ ” Who of us has 
not thought that (but not al- 
ways said it) while watching 
those uncounted thousands of 
victims, covered with flies, dy- 
ing horribly on TV? Then we go 
out to the refrigerator, crack 
open a brewski and grab a 
handf ul of Cheetos, to ward off 
famine in our house. 

O'Rourke is very funny in an 
easygoing, mean-spirited way. 
He’D certainly never be getting 
the Large Heart Award, but it 


doesn't seem to matter to him 
because Rolling Stone has paid 
his way to go all over the world 
to write these pieces; he's trav- 
eling more or less first-class and 
he’s having fun. 

It’s all grist to the mill with 
this guy. He fHes down to Iqui- 
tos and hangs out with Amazon 
Indians who must have been 
hired by the Iquitos Chamber 
of Commerce: 

“The Yagua were wearing 
skirts that looked like piles of 
leaves . . . vegetable dirndls. 
They had streaked their faces 


with Vietnam: “Everybody, 
from the first advisers Ike sent 
in 1955 to Henry Kissinger at 
the Paris peace talks, had a mad 
crush on Vietnam. It broke 
their hearts. They kept calling 
and sending flowers. They just 
couldn’t believe this was good- 
bye.’’ Yes, he’s funny. 

The author describes himself 
as “Republican," but that can 
be misleading. He’s funny, un- 
like Bob Dole or Dan Quayle or 
that Huffinglon person. Also, 
he’s intelligent, and he’s done a 
lot of homework, so much so 


WHAT THEY'RE READING 


BRIDGE 


*■. . \ 


1 . . 

'* 1 




By Alan Truscott 

N orth-south have bid 

to four hearts in the dia- 
. granted deal. West leads the 
spade jack, and East overtakes 
with the queen and cashes the 
ace. He then shifts to the club 
jack, and South takes the ace. 

If South can deal with the 
: heart queen, he may make 11 

tricks. If he cannot, he may fail 
by two 'tricks. A tricky, but le- 
gal, move that is sometimes ap- 
propriate is to lead the heart 
• jack, hoping that West will re- 
act by producing the queen or 
thinking about playing that 
card. If he does not, the ace is 
played and a finesse is taken 
against East. That will work 
" ' only against a naive opponent: 
in general, a defender with the 
trump queen should never play 
it in .such circumstances, or 
even think of doing, so. 

Other things being equal, the 
right play of uie heart combina- 
tion is-to start with the ace and 
then finesse. But they are not 
equal hoe. A reasonable tech- 
nical play, which would fail, is 
to **-wh the ace and king of 
hearts and try to run diamonds. 
If the trumps split 3-2, South 
• has the chance of dropping the 


queen double ton, or disposing 
of the club losers on dummy’s 
diamonds. 

Much better is to draw an 
inference from the bidding and 
play. The play to the first trick 


• Bill Roedy, president of 
MTV Europe, is reading 
" Wages of Guilt" by Ian Bnr- 

irniH- 

“What the book does is com- 
pare the reactions of Japan and 
Germany to their roles in 
World war H It is fascinating 
to examine how two different 
cultures and peoples react." 

(Erik Ipsen, IHT) 




produced 
jack. If he also held the heart 
queen, he would very probably 
have opened the bidding. So 
South should play West for the 
queen by leading the jack and 
finessing. 

NORTH 

*63 

A84 

0 K Q J 6 2 
*87 4 


with Max Factor, donned fish- 
bone and parrot-feather neck- 
laces, and stuck Indian -type 
things in their hair . . . . One 
old man had pulled out all the 
stops in the authentic-dress 
business. He had a grass skirt so 
elaborate he was lucky he 
hadn’t been declared an endan- 
from the waist 


WEST 

* J 10 9 7 
OQ732 
0 10 4 

* K Q 5 


EAST (D) 
+AKQ8 ' 
06 

0 987 5 
* J 10 9 6 


SOUTH 

*542 

7 K J 10 8 5 
0 A3 
A A 3 2 

Both sides are vulnerable. The bid- 


ding: 

East 

South 

West 

North 

Pass 

1 T’ 

Pass 

2 0 

Pass 

2T 1 

Pass 

4 7 

Pass 

Pass 

Pass 



Wesx led the spade jack. 


Of course, just around the 
corner, the Indians are living 
“in wood and tin houses like 
everybody else.” 

Ah! the folly of humanity! 
There’s nothing better — or 
easier — to write about. 

The author's journalist-hu- 
morist passport allows him to 
go back to his alma mater — a 
small college in Ohio — where 
“pink and well-fed" students 
earnestly debate the problems 
of multiculturalism. 

He gets to drive from Hanoi 
to Ho Chi Minh City, eating 
well, dr inking well, enjoying the 
ocean and the sunsets, and 
comes to the conclusion that 
Americans — not the grunts, 
just the statesmen — must have 
fallen head over heels in love 


that even as he accuses Ai Gore 
of being an Incorrigible bore 
about ecology he comes peril- 
ously dose to being a bore him- 
self as he argues that there are 
no ecological problems to speak 
of. Every once in a while nell 
drown in facts or quotes for a 
dozen pages or so. His mind is 
weird, offin the barren steppes, 
so far to the right that if the 
political world were round, he 
might find hims elf in unmarked 
tundra belonging to the left. 

The book is fun and the guy 
is smart 

But let me speak up for poor 
sports: If you were shot in the 
gut by an “unspellable,” 
wouldn't it still hurt? Do you 
(like Somalis) deserve to die if 
you have a bad personality? If 
so, there goes my stepfather. 

This is a book guys can read 
without embarrassment on air- 
planes — no sex, no violence; 
plenty of facts, cheap shots and 
quite good writing Buy it for 
your dad. 

Carolyn See reviews books 
regular fy for The Washington 
Post 


the assassination. Assisted by 
Mr. Rob and other officers, he 
arrested the army chief of staff, 
Chung Seung Hwa, in a violent 
confrontation. Mr. Chun has 
long said that the arrest was 
necessary because there was ev- 
idence to link General Chung to 
the assassination. 

But the prosecutor’s office 
said Saturday that the arrest 
was a well-planned mutiny de- 
signed to prevent Mr. Chun 
from being demoted. The pros- 
ecutors stopped short of accus- 
ing Mr. Chun, Mr. Roh and 36 
collaborators of treason, saying 
they did not topple the presi- 
dent or destroy the constitu- 
tion. 

After Mr. Park’s assassina- 
tion, South Korea experienced 
a political “spring" with hopes 
of democracy. But in May 1980, 
the army killed hundreds in 
suppressing an uprising in the 
southern aty of Kwangju, and 
Mr. Ghitn installftri himself as 

president in 1981. Mr. Roh was 
chosen to succeed him in 1987. 

Under military rule. South 
Korea made a painful and 
sometimes violent transition to 
democracy. In December 1992, 
Kim Young Sam was elected 
the first president in decades 
without a military background. 
It was only after his election 
that the 1979 event, which Mr. 
Kim has called a “coup-like in- 


cident" could even be investi- 
gated. 

Still, analysts said it was not 
surprising that Mr. Kim’s ad- 
ministration decided not to 

? rosecute his two predecessors. 

b help win the election, Mr. 
Kim had joined up with the 
ruling party of Mr. Roh. 

Koreans appear divided be- 
tween those who favored put- 
ting the two former presidents 
on trial and those who want to 
put the past behind. 

“I think it’s a good settle- 
ment,” Yang Sung Chul, a pro- 
fessor of political science at 
Kyungbce University in Seoul, 
said of Saturday’s decision. 
“It’s bad for Korean political 
leadership to open up old 
wounds.” 

The investigation began in 
July 1993 after a complaint 
from General Chung the for- 
mer army chief of staff, who 
was stripped of his position and 
imprisoned after his arrest in 
1 979 and is now seeking to dear 
his Tin mg 

General Chung said that he 
would appeal the prosecutor's 
derision- “I cannot understand 
why the prosecution did not in- 
dict” the men “in spite of its 
decision that their act was tan- 
tamount to rebellion,” he was 
quoted by The Korea Herald as 
saying. “They are felons who 
infringed upon the national 
constitution." 


242 , 577 * 

gold 

dealers get 
more out 
of iht. 

As regular readers of this newspaper, you 
tell us that you spend a substantial 30 minutes 
with it. that you read it thoroughly and above 
all enjoy doing so.t 

You also tell us that over 240.000 of you 
are holders of gold, platinum or premier credit 
and charge cards.* 

It shows that both you and the financial 
services companies who advertise with us get 
more out of the International Herald Tribune. 

For summaries of the surveys from which 
these faers are taken, please call, in Europe, 

\ • James McLeod on f33- 1 ) 46 37 93 8 1 ; in Asia, 
Andrew Thomas on (65 > 223 6478; 
in ihe Americas. Richard Lynch 
on (212) 752 3890. 



StWflt: tVIYASuhru V2/SH. 
“ Rakfrt Sunry ‘ W 


Lust, greed, envy, hate, 
love, joy - 

everything in life is there. 

And that’s 
just Charlie Brown. 

If you’re going to subscribe to an international newspaper, think what you’re 
getting into. Endless worrying about fluctuations in the Bohemian Thaler? Or 
yet another article about Vita Sackville West? Or Virginia Woolf? If you prefer 
concise yet comprehensive reporting that gives you a broad, clear, 
uncomplicated view of the worlds of politics, business, art, science, sports and 
- yes - a little more fun, then the International Herald Tribune is your best 
bet. Our trial offer — giving you all this for as little as half the newsstand 
price - makes it a certain winner! 

New Subscriber Offer 


■ Mafl or fax to: International Herald Tribuns, 
j 181, avenue Charies-de-QauUe, 92521 NeuUly Codex, Franco, 
j For full Information: Flax (+33-1) 46 37 06 51 


Country/Currency 

12 months 
+2 months 
FREE 

% 

SAVINGS 
for i year 

3 months 
+2weeks 
FREE 

Austria 

A. Sch. 

8,000 

.37 .. 

1,800 

Belgium 

B. Fr. 

14,000 

.36 - 

4,200 

Denmark 

D.Kr. 

3,400 

;. 33 . 

1,050 

Franco 

F.F. 

1,950 

• 40 

590 

Germany 

DJiA 

700 

.32 

£10 

Great Britain 

£ 

210 

32. 

65 

Ireland 

Elri. 

230 

;. 37 ' 

68 

Italy 

Ure 

470,000 

50 

145,000 

Luxembourg 

LFr. 

14,000 

36 

4.200 

Netherlands 

FI. 

770 

• 40 

230 

Portugal 

ESC. 

47,000 

38 ■ 

14,000 

Spain 

Ptas. 

48.000 

34 

14.500 

-hand dOBv. Madrid Ptas. 

55.000 

£4 

14500 

Sweden (airmail) 

S.Kr. 

3.100 

34 

900 

■hand delivery 

S.Kr. 

3500 

26 

1,000 

Switzerland 

S.Fr. 

610 

44 

185 


Yes, I want to start receiving the International Herald Tribune every day. 
The subscription term I prefer Is (check box): 

□ 12 months (+ 2 months free). 

□ 3 months (+ 2 weeks tree). 

□ My check is enclosed (payable to the International Herald Tribune). 

□ Please charge my: □ American Express □ Diners Club □ VISA 

□ Access □ MasterCard □ Eurocard 


T 

I 

I 

I 

I 


I 


Credit card charges will be made In French Francs at current exchange rates. | 


Exd. date 

Sianature ... .. .. . 


For business orders, please indicate your VAI number: 

{IHT VAT number FR 4732021 1261) 

□ Mr. c Mrs. □ Ms. 

Family name . 

31-10-94 

Rest name 

Mailing Address: 

□ Home □ Business 


City/Code 

Country 


Tel. 

Fax 


S| 


INTERNATIONAL 



rrauoim MITlt IHT MT* TOMk TIMES AMI THE WABIUCCIiW RMI 


1 





ERNATSONAL BOND PRICES 


Boston 
. . Tel: (071) 
'Prices may vary 
market conditions 
f other factors, Oct. 28. 

Canadian Dollars 


Issuer 


Sod 

Cun Mol Price TidTrsv 


AgWTjyDc BH 95 
MgwTwOc 7 96 

Abbey Tsv Fed IX, u 
MjJWTSr Jul TO 98 
MU Mr 7% hj 

Albert Pro Fab in* M 

A^rtaPrOd Tk OS 
JJw TO 03 
AsflmDMr in* 01 
AusrCTrl B69 9 97 

AvamoMoy TO 0£ 
Austria Mr 7« 03 

Baoorsseo TO 99 

B(pc Coro Aw «S 97 
BeyLondAw 99* M 

BovLOMDc I 99 
Bay Land Mov TO 0* 
BoyVerDc 6 97 

Bay Verjgl 7Yk 99 
Bawvere 0 90 
Borer Vere Dc TO 98 
Bover-HvJul TO 90 
BOVKypNOV 7 96 

BavHvoSep 
Bov Hyp Sep . __ 

Bell Can 1037 UR* 96 
Bell can E Apr to 90 
Bell Can EJul TO 97 
Bell Con EJul 18% 99 
BeU Con E Jun 1TO 00 
BebCanEJunTO 03 
Bell Can E Mr 0 9B 
Ben Can EMayTO 06 
Bell Can E Nov TO H 
Bell Can E Oct IMk 04 

BeNCdoO. TO 90 

BkMontM 9V* 94 
BkMDnmM w*fc « 
Bmp Fin IDt* 101* » 
Bna Bk Apr 6V» 97 
8098k Aup TO 00 
Bnk of Tok Sea 109* VS 


»> 
90 
81*6 
95’+ 
9M 
10TO 
8 TO 


7.14 +24 
uo +a 

in +50 
934 +48 
940 +M 
744 443 
971 +« 


■shot Cpti Mai Price rid 


Spa 

Trsv 


9TO 9 JO +24 
1031* 933 +36 
TOOK 841 +49 
9E350 9.47 +31 
90V* 9M +19 
93V* 934 +30 
LO +23 
9.40 +19 
863 -17 

«AS +16 
L46 +10 
935 +31 
U4 +4 
856 +31 
0.90 +3S 
737 +31 


TO 97 
TO 03 
8*4 95 
9 97 

8 »7 

TO 03 

m 99 

TO 02 
81* 97 
HV*96 
11 95 

lOtefB 
UR* 01 
9% 02 


Bra AW 
Bna Mr 
ana Dc 
Bra Dc 
Bra Feb 
BnpPeb 
Bra JuJ 
Bra Jut 
Braa Jun 
Bet Mr 
SatOd 
BP am er Aar 
BP tuner Aop 
BP amor Jun 
Br Cal Mia MOV 714 03 
BrCalMun JunTO 01 
BrCoImb Feb ITO 01 
BrCoimbJiai it 96 
BrCoImb MOV TO 96 
BrCoImb MOV TO 97 
Br Crime Oa 10 98 
BrGasIntMr HIV* 98 
Br Gas IntOd fte SI 
Brit Cohan See 7tt 05 
Brii bn Co Jun 7« 03 
Cad Wheat Dc TO 97 
Cot Impbk Jon 91* 97 
Carlou DC TO 97 

Cd Jill 10M. to 

CcJ Quebec Apr TO 97 
Cel Quebec Oct TO 98 
CdtUXOlMtn HO. 02 
a ba Core Oct TO 94 


95 
TOO 
894* 

94<* 

93 It 
92*4 
98V* 

941* 

9SH 
9*» 

101* 96 T04350 744 +25 
TO 94 97*i B3S +53 

IW% 8.19 +77 
94350 932 +73 
9Tt 8.91 +77 
103 V* 932 +E3 
111*4 7J5 +48 
91U 1034 +73 
96*k 9.17 +73 
92** 1033 +121 
1019k BJ1 462 
1834. WZi +9J 
102’A US +05 
1024. 783 +51 
103*. 8.1ft +55 
HE 
« 

92V* 

103 V* 

Ml* 


Cr noii Jun iron 
Creflli Loc Feb TO 94 
CsFlnGsvFebn.0. DO 
CslbFeo TO 00 
Doim Hoc II* 96 
DalmNacOcf TO 07 
DbFlnAor TO 96 
DbFInFefi 
Db Fin Feb 
Db Pin Jan 
Do Fin Jan 
Db Hn Nov 
Db Fin Oct 
DetiMrKPee 
Dm Mri Jul 
Den Mr* Mr 

Den Uric Od 
DeutBkFlnll 11% 95 
DrodFInMr 75* «3 
DSlbk 754 98 

Dsl Dk Nov 414 «S 


194. 01 
TO 97 
7*4 98 
7 04 

ID'S 99 
9** 94 
n 96 

44* 97 
7Kr 98 
41 * "" 


HI 14 
loan 
99** 

92*k 

MU 

951* 

1005* 

103 

1031* 


CncoAua 

Car Jul 

CnrMay 

Cur May 

CnrMay 

CnrOct 

CnrOd 


109* 94 
8U 97 
TO R 
TO 99 
TO 01 
9*k 94 
10 98 


Combanc Feb 81+ 97 
ConubkO/5 814 98 
Ganted TivJuii9to 97 
Cr Fonder Mr TO U 
Cr LOCOl Aup 75* 50 
Cr Local Dc 7*4 97 
Cr Local Jon 7 04 

Cr Uml May 105*95 
Cr Local Mr 6*4 06 
Cr Loom Sea TO 97 
CrLvmnApr TO 97 
CrLyomjut urn 96 
CrLymMr TO 94 


6.92 +0? 
9J3 +136 
939 +20 
6JD +28 
8x3 +45 
172 +47 
7J8 +53 

&n +45 

831 +45 
9JS +51 
935 +33 
935 +Ji 
831 +20 
771 +67 
7.41 +77 
KM** 8.95 +47 
1054k 9.75 +7J 
98% 9J8 +52 
85** 938 +53 
98 9.77 +77 

104V* 9J2 +34 
1031* 7J7 +30 
MU'* 730 +48 

102 839+28 
ID3V* 8.92 +31 

103 931 +55 

99% 9A3 +64 
1M 93 -8 

90** ?d2 +35 
9TO 147 +19 
101*3 SJ7 +54 

W* 9.14 +77 
183'* 834 +41 
INTO 835 +39 
94t* 9 AS +63 
48» *04 +44 
102 111 +44 

103% 634 +53 
99350 832 +08 
94*i 939 +78 
100 9J9 +68 

95% 9J2 +72 
101** 638 +76 
M2* 9.13 +51 
59V* 6*J +47 
9VJP9 653 -4 

20 ilo. 
n*k 930 +34 
971* 677 +19 
97** 654 +19 
85V* 9A8 +20 
101** 6A7 +54 
791* 9J9 +47 
9SJBB 639 +19 
ioe 645 -m 
IttPk 613 +47 
99% 7J4 +31 


Dim Apr 
EbrfFeb 
Eftrd Mr 
E esc Aug 
EdcAw 
EdcDc 
EdcFeb 
EdcMr 
Ede Mr 
Edl Feb 
ESI Jun 
Ed Jul 
EdtSeo 


Elb 99k 74/12/9 9 


10*4 96 
M D3 
7% 98 
10 95 

P 8 

ILO. 94 
TO 96 

7 98 

10% n 

8 Vi 98 

TO 99 


104** 68< +34 
100 7d? +17 

62% JJ9 +57 

»8% 734 .99 

Wt W +41 

w-j 940 tS3 
95BSO 331 +33 
104% 9J2 
98350 618 +33 
9TO 672 +30 
B5U 9A6 +18 
9.18 +19 
836 +41 
729 +1J 
640 +2* 
159 +14 
9,14 
6J1 

867 
871 
7JI 
623 
934 
650 
103'+ 190 
9 TO 173 
91 637 

71 7j49 

97ft 

»■+ .... 

98 845 

101ft 657 
98 V* 171 
H2ft 908 


104% 

102 % 

100 

«5*i 

Jdft 

m. 

183% 

95'* 

W.+ 

*9% 

WTO 

99V* 


+37 

+94 
+30 
+3 
+50 
+17 
+1 
+35 
739 +20 
834 +20 


5M 

issuer Can Mot Price Ytd Trsv 


mbo Fin Fee 4% u 


10% ft 

9 02 

7V. 03 
>1 96 


1000 Aw 
lodbJim 

ladbNov 
Ibm Cda Jan .. 
ibm Wo Mar 11% 95 
10m cm Get 11% 95 
ibm Cda Sea 
Ibm Inti Dc 
Ibm Inti Mr 
ibnJ9Sepl9» 

Ibrd 


EibAdr 71k 03 
ElbDC 7 08 

fiiaFeb V't 90 
Eft Jun 11% (l 
E to Jul 8"-s 07 
EIDMT TO 00 
ElONov tOV* 19 
ElbSep 4 97 

EiDSen 6** 00 
EltHuvJim 9 94 

El Mux May 13 95 
Eiblw Mr Hi* tg 
EkSBOrtf Dc 6 99 

E boorif May 10% 96 
Ekiccrtt Nov 7U 97 
ElPwrJun 8ft 97 
El PwrSep IDft oi 
Euraflma 1037 10** 94 
Eurotima Aar 7ft 90 
Euroflmo Fee 7*k 98 
EurotlmaJul 10*4 01 
CuroHmo Nov l 03 
EurofimoA 6ft 95 
ExImbfcDc 8ft »7 
Exlm ok Oct 7ft 02 
FbdbDc 7ft 99 
F.E.K. Aer 10ft K 
F.E.K. AW Hft 96 
PllAu 6ft 94 
F-EA. DC 8ft 95 
F.E.K. Feb 7ft VS 
F.E.IC.JUI 7ft 97 
P-EJC.Ocf TO 9B 
Fin Ex Cn) 03 ica 97 
Finland Dc 9 98 

Finland 5ea 9V! 04 

Ford Can Aup 11 96 

FcrdCanAup TO 99 
FerdCan Jul 8 93 

FordCon Mr HP* ft 

FOraCanNov 9ft ft 102350 
Frdcrcan Jun 13ft 95 103% 

Go; Oct T3ft94 — 


941 

947 

849 

930 

9.19 

835 

lot 

627 


+2 
+25 
+5 

+4 

+n 
+3 
+w 

+24 
+20 
+19 
633 +25 
940 +34 
+41 
+21 
+5 
+56 
+21 
+19 
+39 
+36 
+25 
+30 
+29 
+46 

+a> 


Gee Cda Sea 
Geee 
GecCAua 
GeccDc 
GeccDc 
Gecc Jun 
GeccMr 
Gecc Mr 
Gecc May 
Gecc May 
Gecc Nov 
Gecc Nov 
Gecc Sea 
Gecc Sea 
Gecm Jan 
GecraMtn 
Genecc Jun 
Geneccan Apr 10% 96 
GenecoanDc lift 95 
GeoaccanDc TO 99 
Geneccan Jul 12ft 9S 
G ene cca n Jut 7 99 

Geneccan Nov 7ft ft 
GMAC Can Sea lift 95 
GMACCan 9ft 99 
GMACMOV 7 99 

GnmtocJW 10ft »5 
Gnrtml Aus 10 95 
GnrimtSea 7*» 97 
Guinn PlcOd 9ft 98 


Bft 99 
£ 99 

£V* 94 
8ft 95 
Aft ft 
10 9# 

TO 94 
10% 97 

7 97 

8 99 

9 97 

4ft ft 
ID 94 
4ft 97 
8 98 

7ft 98 
I 97 


1017b 
Hft 
79ft 
ftft 
109ft 
94V. 

9 ** 

104 ft 

94ft ... 

8TO 6*5 
101ft 772 
lDTO 635 
181ft 654 
87ft 935 
103*. 756 
98% 649 
JBOft 
lOMa 

104ft 611 
KVj 669 
9T* 649 

105ft 9J9 
65ft 948 
9 9ft 453 
99% 646 
90ft 9Jt 
98% 600 
IDlft 611 
103ft 734 
97ft 620 
101% 737 
97ft 648 +25 

97 649 +34 
95ft 9.14 +57 
B3ft 644 +44 
99** 9.17 +52 
Wft 972 +42 

104% 634 +02 
*8 934+89 

« 9 JO +75 

101% 751 +34 
648 +7? 
664 +41 
836 +236 

100 636 +9 

08 9J» +20 

96050 708 +15 
101% 736 +35 
9TO 737 +20 
103ft 700 +21 
99ft 757 +27 
104% 609 +1« 
97ft 618 +14 
97** 672 +1 

101 800 +28 

93ft 676 +13 
103ft 734 +29 
95 628 +8 

98 871 +29 
94** 609 +25 

99 640 +29 
103 9JH +55 
104% 7.17 +29 
101% 691 +12 
103% 609 +52 
92% 689 +15 
94% 685 +21 
103ft 734 +80 

P> 933+86 
91ft 9M +73 
103 7JO +80 

102 732 +82 

97 697 +74 

HU ft 939 +47 


ID M 
8% 96 
Aft 96 
9 96 

av. id 

IbrSAor 6% 98 

IbrdJul 10% ?? 

1 t»d May 13ft 9$ 

Ibrd May rua. 96 
Ibrd Mr 7ft 98 
Ibrd Nov lift 95 

ibm Oct 4ft n 

Ibrd See 9 96 

ItCAvg 7% 98 

JOPHanwSea TO 02 91350 *53 +33 
JdbJul 12% 95 103% 63) +16 
JfcMr 1ft N 

Jam Inc Mr 6*t 04 
Kansol Air Jul 8 03 

KCmsdEleDe » 94 
Kd Hn Gel Oft 98 
Ktwlnl Feb 7. 7% 98 
KfwInllAw 11% 95 

Oft 04 

8ft 99 


82ft 9A3 +15 
103% 7.96 +41 
97% Ml +31 
87V* 9M +16 
103ft 785 +88 
H3ft 654 +55 
103% 737 +4* 
10TO M +92 
100% 654 +77 
98ft 7J0 t73 
»2 7JS +21 
93h 9.44 +20 
94ft 653 +15 
104% 683 +10 
103ft 641 +39 
18% 733 +4 
hft 656 +9 

104ft 7.17 +41 
92% 667 4* 

101% 7.M -Ml 
Hft 134 +25 


ISSver Can Mpt Price vld Trsy 
Prud Fund Oct to 96 103% 7.96 +14 


PskAup 


10% 01 H6% ’34 *31 


Qbedivdro Jul 9% 96 101% 615 +» 

QOeetiydroJun7 04 84% 9J4 +44 

ObeenyflroOd lift « mro ’ll +09 

Sueti Kyd Apr 9 97 101*-% 644 ^44 

OurtHritFeb II 99 lOT.* 9J4 +67 

Queb Hvd May lift 95 101% 661 +48 

QuebHvdMav 9’e 01 99% 9S* +57 

OuebHyd Mr 10% 01 
Quebec Aar 


ID 01 


91% 931 +17 
81% 937 +48 
89% 9J9 +52 
100ft 825 +50 
92ft 666 +5 

97% 884 +19 
103ft 635 +4? 
100 934 4 

.... 98% 696 +14 

Aft 04 83450 92$ +1 
8% 97 100% 614 +24 
” 103 TJ3 +36 

100% 9A2 +25 
93ft 634 +3 

100 7A5 +45 

102% 988 +62 
103ft 7J2 +42 
97% 604 +1 

HZ% BJn +« 
W% 932 +77 
100% 852 +51 
92ft 882 +20 
100ft 773 +40 
94% 938 +67 
97ft 692 +51 
100% 661 +60 
99% 646 461 
H% 10.16 +94 
103ft 9J2 +80 
HO** 736 +7V 
99ft 9JM +112 
102% 667 +65 

91 1624 +102 

102 679 +70 

95% 676 +26 
HOT* 920 +42 
162% 687 +42 
105% 9^8 +51 
101ft 636 +44 
100ft 9.13 +41 

9TO 9J1 436 
10«% 987 +103 
103% 610 +51 
96ft 751 +16 
101ft 673 +70 
95ft 886 +31 
102% 657 +08 

92 672 +10 

98% 989 +43 
91% 1035 +9* 
97% 882 +19 
96% 871 +25 
06% 7.97 +4 
94ft 653 +18 
91% U4 +31 
94ft 882 +M 
101** 634 +45 
104% 789 +36 
1S3W 639 +30 
95% 60S +31 

.. . .. 103% 983 +46 

10ft 99 104050 9.19 +41 
10ft 99 104% 9.10 +16 

II* 95 103% 683 -Hi 
8% 97 99% 886 +29 

9 02 97*4 980 +23 

9 97 Hl% 620 +24 

Od Hydro Mr 10ft w waoso 9.11 -hi 
O ntario Pr Aar 10ft 94 103% 782 +36 

Ontario PrAnr 10ft 98 HOh 688 +40 
Ontcrto Pr Feb TO W 81899 982 +7 

Ontario Pr Jul 10% 98 104% 9.12 +56 

(Marla Pr Oct TO 01 100% 983 +57 

OnrariaPrSea 10 96 itoft 736 +34 
OnlortaPrSep 7ta 05 02ft 987 +56 
Osaka Gas Od 10ft 96 103% 614 +83 

Ottawa Jun 10% 01 104% 988 +46 

Ottawa Reg Mr 8% 03 «2*k 976 +51 

Peel Munlc Oct 9ft 01 102ft 984 +47 

Proof Ont DC 7% 03 89% 975 +40 

Pro atom Mr t 03 91*4 987 +0 

ProcGbf Aug 10%01 105% 985 +62 

Prud Fund Dc Itt 95 101.050 7.» +22 
PruOFMay 10 94 102% 783 +61 

Prud F May 9% 97 101% 837 +15 


Kfwlntt Ana 
Kfwrnn Dc 
Ktw Inti Feb 
XfwintlMr 
KferlntlMr 
Kfwlntt May 9% 

Kfw Inti Nov 4 97 

Kredlet FI Mr 7% 96 
Kyuimi EieOaHft 01 
LkbApr 10% h 
UbFhlMev 7 97 

MacsCanMav 10% 96 
Manitoba 9% 9ft 98 
Mel Toronto 8 8*4 97 
Minnesota Oct &% 98 
Mobfl Awl MaylOft M 
Mobil Cm 7% 98 
Mobil Cm Jan 8% «8 
Modi Can Men 9 97 

Mobil Ni Feb 8% 97 
ManireDc 9 02 

Montre TstFeblOft 98 
Montreal 118 11 H 
Montreal Feb 9 97 

MmtrealMav lift 95 
MontreolMr 9 03 

MontrfDVUl 10% 95 
MtoekDenAar7% 98 
Muni Fin Moy Tl**m 
NBmswfelL 11% 95 
N Biunsw Feb 10*4 01 
N Brunsw Jon 12 95 

NBrunswMov 9ft 98 
NBnurwMr 9ft 02 
N BrunswNov 10% 98 
NBrunsw5ea IDft H 
NZeoMdDc Aft « 
NZeaMdJun 10ft 95 
Not Inv Bk Jul 7ft 98 
Nbkccn Nov 9% 96 
Nestle hm Ocr 6ft 98 
NtoundldJid 9% 9* 

N found Id May 8*4 03 
Nib Feb 714 98 
Nib Mr TO 98 

NibSep rut. 96 
Norway Feb 714 98 
Norway Jan 
Nanny Oct 
Nova St 118 
Nt T Aup 
NIT Jun 
NIT Jun 
NtTMr 
NITOCf 
OesterreJul 
OUt Aup 
OfcbDc 
OkbJun 
OkbMay 


OuebecAua 
Quebec Feo 
Quebec Jen 
Quebec nw 


104% 9*5 +6fl 

10% W 101ft 832 +3 
11% 00 107ft 987 +78 

8% DO 95% 9A5 +83 
12 95 101 615 +*6 

Hft 98 103"} 943 +79 


3pQ 

issuer con Mol Price Yia Trsv 


Amp ux jui i ivy ai 
Argyll Gm Mr 8ft 00 
AsdaGroAor TO IQ 

AsfifWOQCt 10% 91 

Austria Jui 

AvUriOMr 

BTPICMr 

BordaysDc . 
Baraoys f« {ft 04 
Bar Lena Feo 8% n 
98 


04 
10% 99 
no. 03 
Hft 97 


enaFa 

rsDe 

toOci 


BpyHrpf 
BovHyDf 
Bee use Jon 
Bnp Bk Aar 
Bna Bk Aug 
BraDc 


1GBM TJX TM 

9Jft IAS +49 

*7% ituu +«a 

194% 9JS +34 

97?i 9J1 +J* 

104% 9.14 t 30 
44'“ 9i4 t 50 
WTs 9JJ8 +4’ 
81% 7A1 +43 
M% 9j9 tU 
97% 9.11 +3C 
99 87097 *J5 *44 
8% 91 97% 9J3 +«6 

92% 9.17 +21 
90% 9.43 +4’ 
8TO 9M *52 
8! ft 9*7 -TJ 


issuer Con Mot Price Yld Trsv 


Quebec Cli Apr 9% 96 101 ft 604 +74 

Quebec Qly 9. 9 97 99ft 9,ff +125 
Quebec Prov». 9 97 100% 650 +68 
QuetwcorDc TO 02 


RdMbhJun 
Rcdotm Aug 
Robabn Dc 
RpbobnMar 


. .. 15% I6M +9J 

Oft 96 101% 7J7 >16 

9ft D4 101ft 1M +11 

*7% 6*6 +14 

9{ft 653 +49 

96 662 +15 


7% 99 
7 97 

ROMMalv Mr 7ft 98 
RonbitPcn Jai TO 97 101ft 634 +45 

Safa Oct 7% 03 B6'<4 9J4 +47 

SDObDc 8 97 97% 682 +46 

SUM IDft Aor9 10 95 101% 572 +63 
SecvOO TOK «*• 1409 +fi9 
Sek Oft Mar 95 na. 95 
SM Aar 
Sek Aug 

Sek oa 99 

Shell Con May II 94 
Shell Con Dd 11% 95 103ft 721 +63 

Smilhk Aar 9% 97 102050 649 +51 
SndDe 8% 99 % 9j$ +86 

snetsep 6% 97 94% 645 +25 

SocQbcFeb 10’A 03 91 1233 +310 

SaaMflTirJUl 10ft 95 KB 682+6$ 
Saoe 19 10% 96 103% 625 +47 

Soar aup 8% 03 

SaaeJul 9 02 

St Bit nsw Sep 7% 03 


.. .. 96ft 4A +59 
lOfth 102% 761 +54 
98 97ft +31 
64% 9J8 +62 
100 9.«1 +273 


87% 1031 +105 

94% HJ7 +88 

..... 86% 9J3 +56 

Stockholm Jul 10 1 * 96 103ft 731 +541 


Slocklwlm Dd 6ft 98 

Sued Aug 6% 97 

Sweden 6ft H 

Sweden Dc 7 
Sweden Jun . . . 

Sweden Moy 8 03 

SwederalkDc 7ft 96 
SwMenstkDC 0% 99 97.050 698 +18 
Tetesaroct TO 98 91% la® +147 

7H 97 


» 692 +31 

««. 845 +25 
97ft 7.93 +16 
79ft 9.77 +42 
10% 98 105ft 833 +31 

91% 931 +25 
97% 731 +f4 


8ft 03 
7ft 98 
11% 95 
109*96 
8% 97 
7ft 98 
IDft 01 


TepDc 
Tep Jun 
TMCCAw 
TMCCDc 
TMCC DC 
TMCCDc 
TMCC Jul 
T MCC O ct 
Tw Hum Mtn 
Tor onto Feb 
Toronto Jul 


644 +27 
10% 96 104% 621 +46 
ISftOl 104*1 *47 +44 
111*95 103% 66* +31 

6ft 97 94ft 641 +6 

8 96 100% 736 +54 

9 97 101% 836 +22 

8 96 TODft 734 +21 

9ft 95 102% 7.16 +58 

4 95 97ft 7JJ6 +4* 

11 99 105% 9J5 +47 

M% 95 101% IAS +44 

TarantaMay TO 02 100% 938 +»i 
Toronto Mr 8% 03 94% 930 +36 

Total Sa Jun tm 96 103ft 824 +« 

Toyota Aup 10% *6 104% 730 +26 

Toyota Con Jun7V* 98 *4*6 837 +35 

Toyota May 9 77 IDG 3 * 8x3 +40 

Toyota Can Mr 6% 98 

uuAusiSea £ft 97 
Vansav Aup 
Varmu 10% . . _ 

VanuvertU lift 95 101% 6J4 444 

Vienna a I Mr 7ft 98 95% 883 +37 

VII De Mont 11 lift 96 103% 614 +95 

VU Mont 1675 18ft 98 103% *32 +99 
VwInllJun 10% 95 101% M* +43 

WMIblntlfi/ ML 96 90% 730 +77 

WlnnmnMay 8% 03 91% 936 +72 

wstf Incur Sea 10ft 77 103% 875 +51 

Zion Amt May 7ft 90 95% 877 +26 

21b Bk Feb 6% 96 98% 736 +46 


94% 678 +32 
94ft 837 +U 
10ft <6 104% 613 +41 

10% 01 UBft *33 +51 


Pound Sterling 


issuer 


Sod 

Can Mai Price Tie Trsv 


31 lldl Aug 7ft 03 
31 PlcOd 10ft 01 
Aboev sta Jan 10% 02 
Abney Sip May Oft ot 
Abbey Tsy Apr 10% 97 
AbDBV Tsv Aua 6 99 

Abbey tsy Apr 8 03 

Abbey Tw Jun 7ft 98 
AdbAor 11 01 
AtdDJui lift 01 
Aide Mr 10% 99 
All Lelc Jan TO 0* 
Allied Dam Feb HP* 99 


BS% 

105% 

103 

92% 

103% 

17% 

90% 

95ft 

107ft 

1G>% 

103% 

84365 

101ft 


923 +73 
93« +48 
975 +72 
9.91 +95 
645 +32 
9M +46 
*39 +54 
9.14 +39 
931 +44 
9M +46 
935 +51 
9JB +84 
938 +66 


7% 00 
7ft 03 
. . 6ft 99 
Bac Group Feb 6ft 04 _ . _ 

BPamerjun to vs 100% 9.14 +39 
BP DwA« A lift Ot 10TO 932 >42 

BrilGoSMr 7% 00 94386 933 +7 

Brit Gas Mr 10% 01 106% *48 +49 

Bril Gas Mr 6% a *2% 9 37 -E 

Brit Gas Nov ?% *7 97 ft 646 -tj 

BtPicFeb ml DO 62% *41 +j« 

Bt Pic Sea TV* 02 67ft ’ll +M 

C G Jim 75* 98 96.BM 9.77 +42 

Cnd/Jlr Mr 10% 02 103% 9JJ +59 

Carls FlnMr PA *8 94ft 9J4 +£2 

CceeMr 70** 01 IBS'* M2 

CnWWEIAuo (ft 99 90ft 930 +42 

Coe Nov 8*t *6 100056 634 +33 

Comm Un Mr IDft 02 1035* 9.9] +S8 

Canusk Dc 7 98 9T* 911 +30 

Comzbk O/S Dc6ft 99 BTO *J5 +43 
Cr Fonder Aug <ft *8 H022 9J1I +25 
Cr Local Dc 7ft 98 *4% 6M +13 

Cr Local De 1ft 97 

Cr Local Mr ilo. 01 

Credit L0< Jun Bft 04 
DO Fin DC 7 ft 98 

DOFKlFeb fUL SI 

Den Mr* Aug 6ft 98 

DenMrk Jon lift 00 

DeufaFinNov TO 03 

Dixons Tsy FebTft 04 

Drew Fin Dc + 99 

Dsl Dk Aup 

Dsl bk Aup 
Dd Fm Aug 
Eostn El Mr 
Elb 

EfbApr 

Elb Aw 
Elb DC 
Bib Feb 
Elb Jun 
Elb Mr 
Elb May 
EibNav 
Elb Nov 
ElbluxFeb 

Elbluv Jul 

EkWrttNov T!t 98 
EuroUmaFeb TO 98 
Euraflma Nov lift 99 IDS’* *19 +27 
Exlm bk Mav IDft 01 1D6’+ *-3* +3* 

Finland Aar 8 03 98% 9S> +54 

Finland Mr 10% 97 102ft 3JB +45 

Finland Mr TO 97 1D3LD77 670 -K 
Finland Da HP* 98 103% 7 32 +44 

Finland Oct 7 00 

Ford Euro Nov 8ft 97 
Forte Pic Jui TO 03 
GeccDc 7W *8 
Gecc Dc 6 ft 99 
GeccDc 8 *9 

Gecc Tr A Dc TO 98 
Gel Dc 
Get Sen 

Gel Sea 10ft 01 

GeieNov s’* 96 
Guineas LdDc 7ft 97 
Halifax Bs Dc 7ft 98 


lift 01 
Jft 97 
7ft 91 
IFlOI 
i s oa 


95ft 139 +36 
55% ’JO +51 
73ft 9.44 +49 
94% 9.00 +30 
56ft *J0 +51 
91*1 6*0 +21 
ID* 'A 927 +J3 
85ft 9A3 +43 
EJft 1657 +159 
ST/j 928 +36 
7ft *8 *6.055 *V 

9W 01 99'. 924 +3 

8 99 V5ft 9.19 +32 

8ft 04 9Tv 965 +48 

8ft 98 «* W + 

13 « llOTb 9.07 +31 

6 99 88ft Vji: +16 

7 78 93% 693 +13 

12 00 111% 933 +27 

72% MS +2a 
94ft 683 +10 
._ 77ft *10 +3 

8% 01 WAIB 9JP +7 

6 M 79% 93* +31 

10 97 102 ft 644 +24 

IDft 99 IC4ft 9.14 +7 

“ 93ft 9.13 +33 

96% 672 +5 


8 03 

7 98 

9 02 


89% 9.+0 +42 
99% 882 +22 
94% 1141 +11* 
95ft 690 +10 
88% 9.17 *35 
75ft *.18 +2S 

. . 96% AO. 

7ft *8 94.023 *JV4 +23 
fLa 00 ST* 9J4 +37 
106% VJJ +34 
99% 8J4 +24 
%ft 177 +17 
*5% 9.14 +3+ 
76ft «J3 +41 
81% *87 +59 
9TO 686 +30 
84ft 1054 +154 
1OT* 9.11 +54 
96ft 982 t 58 
93% 785 +25 
92ft 13a +44 
93ft (US +40 
11% 02 100ft 9.** +98 

11% W ItSft 7.99 +90 
7% 04 86% 9J0 +37 

7 1 A 98 74ft 685 +4 

10% 99 104ft 9J3* +2S 

11% 01 108009 «J6 +37 
10 9? 103035 939 +26 
6ft OJ 04% 9JQ +67 
>B 03 101ft 9.7S +71 

6% 99 E7ft 9J1 +59 
7 00 *1 £8* 699 +1 

6% 04 81% 9JS +17 

John Lews Jan 10% 98 103% vuv +43 

i^iraal EleAprTft 98 94% 6T7 +24 

Kfw Hill Jul 7ft 98 97 JQ9 683 +7 

Kfw Inti Nov 6% IH 42 1* 9J7 +451 
Ktw 1 ml See 10% 01 1060*l *J6 +25 
Kobe aty Oct TO 04 100ft 9£9 +46 

KnAlW EleDcB 97 97% 887 +23 

LodbrokeAua TO 03 vo% 105* +153 
UsmaPieJun 9% 99 hft I0J2 +166 


Halifax Bs Dc 8% 99 
HatHa. BsFeb 6% 04 
HaUtax BsOd Bft 97 
Hammer Od 7% 03 
Hanson Pic DO 10% 77 
HetauaSea 9 W 

Heloba Fin 7% 90 

Hewiet Fin Dc 7% 98 
Hiffaxbs Fp 7% 00 
Hibcs Jut 
Hsbcs Rea 
loan Nov 
ibrdDc 

Ibrd Feb 
Ibrd Feb 
Ibrd Mr 
Iceland May 
Id Art 
I kb Fin Dc 
JdbOct 

JfcMr 


LcS<nLu>Fec6% 04 
LdnElWr 8 03 

LeeesBsacAsnCiy *8 
Leeds BhcDc 7% 97 
LeecsBimcv 7% 98 
UardsPIcMr 7H 04 
Macs Cam Jun fl>* a 
MCLII Coro Jill 9% 99 
MrfcSaeSc 7% 9J 
NZeakidNotf 7% 93 
Nat inv Bk DC 6*9 *9 
Nation wie Nev6% tv 
NHIG ridWJ- 7% 98 
Noll Hung Aup 19 93 
Natl PuwrMr 10% O' 
Noisrn Nov 8ft R 
HOfi»e»tMay 
Nestle Uk Dc 
NI0 Aua 
NtTMgy 

Nm AmNau _ .. 

NKumcria Feb?'+ K 
OkSJUl 9-4 E 
CmanoPrF«il% 01 
OnlortePrJul 9% 91 
Ontario Pr Sw f* W 
Osaka Gas Aua 8% 03 
PecrwStca 9% 04 
Pearson St Feb I9ft E 
I Psk Apr 10ft 01 
r PwerGenMT 8H 03 
! QwbHvtf Apr lift DI 
QueO M.CDc 6-b 98 
RDSPKMT 6% G4 
Redlnd Stg Nov IDft 31 
Rafis PeycJul <1% «S 
Roval msMr 9% 03 
RtsincDe 7ft 98 
StabAar 7% 98 
3BC Cmn Feo no. 31 
Severn Tut Jul 11% 99 
Severn Tni Mr 11% 01 
SmilhkCJun 7ft 99 
SmlRikC Nov 8% *8 
StnElPMT 19ft HE 
Suedwesl L Dc 8% 03 
Sweden Dc 7% 97 
S+etJen Dc 7 93 

SwedenstkOc 6ft *9 
SweoenstkJui TO 00 
Tea Jun 11 01 
TeoMgy 7% H 
Tea Pic Feb Bft 93 
Tea Pic Jon 10% 02 

Thames FNov 10% 01 

TLrle int Oct 6 ** 

Tsv VIC Jul Eft C3 
UnllevcDs 7% 9S 
vie Putn aw *% 9* 
Aestlb Cur Jun 8% 03 
V/ootw Esul Dc 11% Cl 
WfiCtwEaSca 7 98 

Ww FlnMr 7a (4 
Xerox Jul 8ft 93 


81ft 764 +66 
91% *46 +42 
IDft 7.1s +43 
*6915 701 +40 
94ft 9.1a +42 
BUI 8 943 +91 
n't 955 +53 
U»ft 9 .40 +53 
W% ITS +1S 
W% *09 +29 
ST.« 9J7 ++S 
84'* +40 

9?- 6*3 +11 
37% I2JT +337 
104% 954 +54 
h% TJD +51 
-.09% 1JS +75 
100ft 664 +3 

Vi ■« +2T 
106% «J9 +J9 
77% 12J3 +JI3 
«7ft *58 +64 
lOG'-S 9.15 +6 

ZOa's 957 +58 
958 +49 
BE % 751 +54 
91% 9.60 +S8 

n~. vs +81 

1 05051 972 +68 
106% 9 40 440 
95ft 9A1 +56 

1 07.360 96* +70 
HtS 951 +70 

81% ?68 +.1 
194% 9,85 +83 
1 04% 9.41 +65 
95ft 1QJ8 +134 
9T-k IX +51 
M% «J0 +57 
»% 953 +51 
1CTO 1/3 +55 
109ft *59 +60 
7f*j *54 +50 
96'-* 933 +50 
UDiT IS} +48 
95ft "54 +2* 
96% 686 +3 


issuer 


Sad 

Can Mnl Price Yld Trsv 


CsocnTelMr Wft « 

CaomheMr 8 W 

Cr Fonder Aar 7% 96 

cr Fonaer A«ol0% » 

Cr Fonder Dc »% ** 

Cr Fonder Feb 5% 01 

Cr Fonder jul * « law 

Cr Fonder Mr 8% W W *■» 

CrLocofAua 9 7S 

9ft 94 


100 9J4 +3*6 

100% 7.72 

TO* 72D „ 

lojft 803 +53 
101% +36 

84% 8JU +1? 


|0IV> 459 +W 
100V JL47 113 
100 ft 556 
101% 7.77 , 

«>> 88* +21 
907. 881 +44 
Mtft 759 +J2 
100V S.17 -43 

101% 453 +16 
101% 783 ' 


Cr Local Dc . ~ 

Cr Local Feb lfl'4 9S 
Cr Local Jen 8% * 1 
Cr Local Oct AA. 01 
Cr Local Sea 6 *8 

CrLyannMov * *6 

CrNatlOc !0%M 
Cr Natl Jun 8ft *5 
Crediao Os Mr W* » .... - . 

CredilLocDc 5ft *9 86860 4JI +13 

CredfiOTsTDc 8ft 9* 180% *-i1 -IS* 

CsFlnGiyAwT , » *i 
Cl e May 8% 95 
DatmNacSca 9% 96 
DOFkiDc Wi 95 
Db Fir Mr 8% $9 
Den Mr* Apr 8% 02 
DenMrkJun 6ft *6 
OenNorsAJim 11% 99 
Dlsnev Mr 9% 95 
7% 97 


9!% 

87ft 9J8 


446 


92% 945 
107ft 9A1 +4] 
94 1 * 8.96 +S 

74ft 9+8 +63 
1 03 it 111 +63 
104% 959 +57 
TJTi *81 +71 
«% 7£7 +65 
T5\* 887 -33 
100% 7.45 +58 
93ft 9J +56 
107% tail +107 
92ri 93 +50 
81% 987 +70 
91ft IAI7 +116 


DUN JOT . - -- 
D nod Fin Aw W% K 
EbrtMor 6 99 


ECU Straights 


issuer 


Can Mot Price vw Trsv 


Abb Fin MOV 7 77 

Abber Tw Aua 10% 95 
Acbev Tsv Sea 9% 74 
Aeacnoa TO 95 
AeranatiaSee9Hi h 
AllNloclrAar 9 *j 
Astlnop Od 10% tj 
AIT OO 8 97 

ait Cera. Aua TO 98 
Brig him vx 7i* fa 
Belgium Mr a% 98 

BdistnCe Feo 5ft 9* 
BtceFeb 7% 96 
B fee May 9 99 

B la Lux Aua 9% 95 
BM Fin NOV TO 96 
Bk Greece Movin'* *8 
BkHertnUMr « 76 

Bug Bk APT 8% 97 
Bod Aup Bft 95 
BPamerMr 8% 99 
BalnaasuOd 6ft *8 
Carall UK Nov Sft 95 
Carlo la DO 7ft 9f 
CCCE- Feo 5% 01 
Co Fonder APT 7ft 75 
Cdf Natl Dc 10ft 95 
Cra Jul 10% 95 


On Jul 

Cna Jun 
Cue Mar 
Cnffl Jun 
Coe Jan 
Coe jot 
C oe Mar 
CM nov 
C oe Nov 


Bft 99 
9 00 

TO *5 
9% 95 
"ft 95 
TO 75 
6ft 04 
9 01 

6% 01 


ComucncJun 9% h 
CnmbancJun TO *5 
CombcacSeo 6% *9 


101 % 

102% 

102% 

w* 

101 % 

100ft 

icioh 

98£9V 

97ft 

102% 

981* 

70V* 

99% 

107ft 

101% 

101ft 

lor* 
101 % 
10lft 
3 BO 
99V* 
90V* 
10a 
100ft 
8*080 
101ft 

10X013 

103% 

78% 

87V* 

100ft 

101 % 

lOGft 

101% 

86JJ40 

99ft 

64ft 

102% 

94% 

91V* 


830 +38 
622 +20 
7J1 +28 

8.70 +137 
810 +49 
687 +65 
87* +10 
)A -• 

7.71 -42 

7D* -t 
684 -139 
7.78 -49 

7A4 +35 
850 +1 

:sa +53 
812 +39 
957 +129 
7.7B +61 
800 +10 
864 +210 
874 +3 
934 +95 
874 +1*5 
7 JO +57 
871 +26 
841 +22 
IX +31 
671 +31 
7JS +56 

12.1a +355 
654 +27 
861 +Z> 
53 3 -52 
632 -« 

898 +21 
7.15 +46 
8*7 +23 
7 Jfi +32 
903 +74 
870 +15 


ECrfl Oct 
EcscAw 

ECSCApr 
Ecic Jan 
EcscOd 
EflcFrt 
Eat Aua 
Eel Aua 
Ed I Jun 
EecAor 
Ere Aup 
Esc DC 
EecFib 
EecFOT 
Coe Mr 
Etew 
Eec Nov 
Eec nov 
E lb Aar 
EloDc 
EM Jon 
Elb Jul 
Em Mr 
E is nov 
E lbXcuFeb 
EWVlx Apr 
EWuxApr 
ElbluxAar 
Elbluv Feb 
EUdukFeb 
EttduxJon 
Effikix Jut 
EWux Jon 
Efblux Jul 
ElbkixMov 
Elbtux Mr 
ElWux May 
ERMUXMOV 
Elbluv NOV 
Elblux Nov 
Elbtux Oct 
Elblux Sen 


101ft 6-68 +18 
101% 618 •!! 
101ft 7.96 +3* 

1D% 2J)I +14 

99% 839 ■* 

77ft 890 +20 
98% 9M 4-7 
100% HO- 
101% 5J2 -108 
98% U6 +as 
1B2V* 8-64 -3 

91% 827 -22 

102% 756 -H 
102V* 871 +» 
.. law* 755 *M 
8 97 100020 756 +16 

8% K 99ft 862 +185 

~ 9BU< 7AS +60 

100 


8ft 96 
30 *$ 
7% *6 




TO 98 ni 7.11 -123 

8% 99 100V* 848 -8 

10ft 01 107ft 89* +28 

10% 95 101ft 621 

TO 81 74% BJ7 

0% 97 Wlft 7.*3 

9ft *6 101040 697 
8% 99 99V* 8-48 

7ft 96 160ft 7.03 

Pa 98 102ft 817 

5ft 98 91ft 7.94 

6 00 88ft 831 

8ft 04 96ft 951 +24 

9ft 99 TOk 9A6 +86 

10 01 185% 882 +« 

9 OS !tW% 892 +21 

7ft © 94% 860 

8ft 99 TOCIft 855 -2 

10 77 104% 747 -IS 

9ft 95 101% 637 +7 

7ft 96 99% 7JS +15 

9 99 101565 847 +19 

9ft 95 HBft 5.98 

8 96 100% 7A8 +43 

8 96 100ft 7-43 +43 

7% 97 9*ft 810 +9 

W 99 104% 861 +18 

Bft 99 99% 8-4* -3 

TVt *5 100% 6.4B +14 

TO *6 lOt ft 751 +38 

9 97 102ft 755 -6 

6ft 98 93% 857 +11 

7ft 95 100ft 7,07 +28 

8% 97 -Hanoi 836 +2* 

■ 98 98.082 858 +N 

TO 95 101% 634 +11 

Eksaortl Feb Bft 96 101% 7.19 +11 

Eksaorff MOV Wft 95 102ft 6 lD9 -21 

EIPwrJul 10ft 75 IIBft 640 +20 

EIPwrSea 8% *6 101ft 755 +31 

EurotOmAAT 7% 97 98057 83* +13 

Emtem Jul 7% 96 *■% 7.9* +53 

Euroflmo Feb 5ft 01 B5J120 869 +* 

Euraflma Jot 10% 95 mm 647 +15 

Euraflma Jun 8ft 07 *4% 933 +43 

Euroflmo Mr 7% *5 

Euruftma Mr 7% 97 

- - " 8% *9 

8% 77 


EuratimoS 

EutdsatMr .. 
Eutetsat Mav 7ft 98 
ExbnbkOd 10% « 
ExJmbkOO 
FlEJC Jun 

Fermfe Jot 
F inland Feb 
Finland Feb 
Finland Mr 
Finland Mr 
Finland Oct 
Finland Od 


9 96 

9ft 95 
16ft « 
1% 99 
Bft 07 
TVt 98 
8 98 

IDft 95 
BU 0? 


Farsmarks FebTft 9* 


Gecc Feb 
Gecc Sea 
Goftiefi Jon 
IM Fin Mr 
ibm inti Jan 
Ibm mil Nov 
Ibrd Aar 
Hart Jon 
Ibrd Jun 
iDrdjan 
Ibrd Mov 
ibrdOd 
Iceland Mav 


8% 97 
7ft 98 
9ft 57 
11 95 

9ft 95 
9ft *4 
8% 97 
*ft 95 
10% 95 
7ft 97 
6% 01 
Bft *5 
6ft 96 


100ft 636 +14 
979* BJS +S0 
98ft 9m +a 
Mlft 801 +14 
96% 854 +28 
103% wa +9 
102ft 739 40 

urn* 852 +20 
104% 831 +U 
99% 853 +8 

92% 948 +70 
103% 836 +5 

99088 829 +8 

102ft 6.90 +23 
mft 9JH +JS 
102% 729 +20 
HBft 807 +34 
97% 7 AS -SO 
101ft 83* +54 
101% 5.74 -1* 

100% 605 +11 
100V> fio. 

100% LM +25 
100ft 46* -113 
102ft 6.14 -22 

99ft 7.97 +18 
90020 8*3 +27 
101% 4J8 +20 
100% 657 -73 


IndBk FinOd 9 95 100061 872 +205 


u s a; § 

H*00 Hf% 8«3 +2 

" W ' 7 *82 w SS 

«4ft 9 J0 +111 


issuer Cm Mat Price Y« Trer 

moasOTi JJ* 9{ {EJ fS ♦» 
iraiona Jan W-i « JWJ; 1 

iretohaMav 7% *6 lbjft Jtft — 

1 re haw Mr 
IrytcndOCt 
Holy Aar 

IWJyMor 00.96 

Mwju. ^ ^ 533 
ssr 00 KkS ™ ^ :| 

g g * 

Mf« mjr f ^ 

fftrnmOTFeb r% « 100% +« 

KammuiiJim J% H Wft 541 +» 
KanwiufljOT * w 12 Iw 

LkbAllt 9!u 96 unit ’A7 +■ 

SL.g.biiy 

Mtphk Den Feb 7ft p 90% «S w 
MtahtAUV nn M 88% 7JI 9*8 
Iran Od 9ft M MQOtO 7.97 +V 
NZtQlnd Jan t0ft97 1051* 80S +J 

NMOa n V 100ft 6" « 

NOCtm Mr Wft 97 I0B *31 +136 
NatlwBkOct* 78 *!> ,f5 

Natl Huno S*o K> 96 *7% 11J3 +30* 

NedbBSDc Jft W WOft 4^ -139 

Nedo*Jim w SS +» 

Nib Feb 9% 96 102ft 7.13 +* 

Nissan Mir Jul 7ft *6 790M 8M *U 
Norway Jul * *6 102% 738 -3 

NfTjSi «. 97 I01ft M0 +* 
OkbApr 10% 95 Wl% *]7 
Oslo Nov 7ft *6 Wft 741 ,4 
OuiMumaAor ■ t* w% ja +49 
PargasBk Jol4 N 72ft +14J 
PWbra B Feb Ift 76 »lft *H *U 
Port Ran Feb 4 0* Wk 9.U +37 

OwbHvdJul Ift 99 101ft 8K +M 
Rabobk Jot 9 94 MUHt *27 +35 

ROMMMay TO 9S Wft *w -V 
Robot* Mav 7ft 76 2% IE +JS 

SofaJOT 7% 97 Wk 85 +47 
Sanwb Fbl Aua7 95 Wft 733 +71 
ShdbMr 8% 77 no% til +26 
SBt&r t% 94 HOft 4.U -U2 

Sek FlO 7 95 Wft *24 +7* 

SfcrabankJut 4 DO 

8% 07 

9 99 


SnctFebl 
Sncf Jua 
Sue* Mr ■ 
SdCdevrMf 


85% 937 +77 

93% 932 +44 

, .. IDlft 841 

9ft «1 101 ft 879 +14 

7ft 95 19ft 814 +207 


SocdevrTrb 11% 95 WOft W46 +395 

SoalnMov Wft 95 Wft 06 +0 

SeoInMar 7 76 W2ft M3 +3 

SaorbkMm « H ttift 8« +iot 

sm Afrtea Feb Mft 97 *«ft 1201 +*U 
Stockholm Nov 9ft «f W2ft 7*1 +17 

Sweden Dc *ft 9« TOrA 3» -1W 

Sweden Jun 7ft H 94% M> -2) 

Sweden Mov 4ft 96 

SwedttWk MOV6ft 79 
SwedOTsIhOcf 5ft 98 

Tokyo Dc 7% 02 

T unary May lift 95 

UMSea 9 «s .. — - -~- 

Uk Govt Jan bu 95 urn* 547 J* 

UkGavT jan 8 94 HI *94 -5 

UkGavijon 5ft 97 Mft 7X1 +1 

Uk Tram Feb TO 81 101ft 8J7 +17 

WOShtnPsfMr TO 96 WOft 7.98 +«l 

ZMcrbi*AN0v6ft 03 Mk 802 -73 


«ft 737 
91ft 846 -3 

91% 131 -7 

916% 7.98 -74 

99ft 11-41 +512 
91 11.13 +644 


Yti St rai ght* 


Issuer 

AdOFeb 
AOTFeb 
A fdb NOV 
AfdbNDv 
AsfinogMr 
Astlnap Mr 
Austria Feb 
Austria Feb 
Austria Od 
Austria Od 
Austria Sen 
Austria Sea 
Austria Sea 
Austria Sea 
BeMumDc 
Behriam Dc 
BetotwnDc 
MotomOc 
Betsiumjei 
Befotom Jul 
BatpturaNov 
Coe Mr 


Sod 

Can Mot Price Yld Trsv 


5 U 

5 03 
4ft *7 
«ft 97 

6 00 
a iro 
5U 90 
5ft R 
Oft 03 
4ft 03 
5% 94 
Ift 05 
5% 96 
Ift 06 
6 N . 

5 99 

6 R 

5 99 

6% n 

£S 

4% 01 

Cm Mr fft 01 

Cr Fender Aw «ft 02 
Cr Load Jun 7 96 


WTO 

xa% 

HO 

1W 

106ft 

105% 

W 

113 

urn 

105% 

99W 

HOfft 

% 

» 

m 

101% 

Wift 

115ft 

in% 

99ft 

lMft 

nn 

tn 

107% 


*3* 

417 

XII 

403 

3J9 


-IS 
-4 
-30 
-5 

4x6 -3 

3L40 -45 

434 +7 

-MS -2* 
401 -TJ 
271 -66 
455 -If 

5S 1 

IN -36 
3X4 -Oi 


4.12 
457 
4.19 41 

479 .10 

4JR +4M 

431 -a 

& +l 

2JM -W 


issuer 


CrLncafJBd 7 « 

crttanMox 6% « 
CrNoflHb* {ft " 
Credit L0C Oct 6 01 

CrtdH LoCQO * «i 
DO 7 rn .HjI +J* 9# 
DDFtoJul *H * 
dot Mr k J*" 

EBnlNOV 
ebruNpw 

ass 

Elb **r 
Elb MOV 
EOMT 
Elb MOV 
EibNav 
Elb NO* 

CibJavOcf 
eibjsrOri 
EBMMMO 
EionnFeb 
PtWuxJlH 
ElOka Jul 

ilMS ss 

Finland Jan 5 £ 

FbdbnflJO" * S 
FRWWhtf ft 

Finland Mr 6% ft 
hefftaxBsOc 6 
HOttttxBsDe + 
HOtlMs D»pc 
lamOc 
lodbDc 
tadboc 
ROB DC 
mob Feb 
mabFdb 
loan Jua 
woo Jim 
Udbjun 
fggbJvn 
lodbpct 
laabOd 
Hard Aua 
IMMr 
ibrd Aug 


7 95 

4vt rr 

ill 91 

S ft 
15 S? 

4% 70 

6ft 81 

• S? 2 

2 

4ft •; 
TO 97 
(ft « 
TO W 
4ft M 
TO ft 
4ft U 
TO 01 


5ft *6 
TO 97 
6% 01 
6% 01 
7 ft 
4% ft 
7 96 

4% R 
* 
i 


riirtoc 
lOrtFeb 
Ibrd Jot 
ibrtjun 
ibntJun 
ibrd Jot 
lent Mr 
lore Mr 
nre Oct 

ibrtlOct 
IbrdOd 
IbrtlOct 
IbrdOd 
IbrdOd 
HC JOT 
natvJui 
llhdyjut 

^Sr 


WTO *1 

K»^ •»] 

|06% 4 ■ U 
MTO A* -if 
IP6-1 I 

w?v> »2 - 9 

IPM* 00 <S 
«<*■% '!» +0 
ttD% 33} 46 

tout *7< kj 

W+ -a 

jl7% AH •» 
114ft +31 ft 
*#"•«* 
Ilil": **» % 

»9% wo ■? 

Mflla 467 -ft 

IBLPt U 3 

»1tr. J.ft 1 
101% 4ft -ft 

7*4* a 
wr% lj; a 
HW% 4.13 -o 
1»% 4ft ft. 
16% ift -M. 
1«* 
ft Hi “ 

109% *3* 

106% 4 IT 
W6H 

»6% m 

«t US’* 134 +to 

ft IDK* U4 +H 

4 M IDO 569 *Jh 

» 7* 106050 IJ ft 

101 IP 406 
114% 4M 

\Wi *2 

W7% 1.1 

WTft 

!»% 33# 

„ 100V* 4}J 

01 I1U» 6» 

Bi loro a> 

5Xi 96 HO% 1*7 

TO 95 1CQW W 

J% 76 W* If* 

WOft ! ** 
lei'j 302 

t07h IM 

11415 4J0 
»7Vj IB 
not* 4i6 
113% 794 
101% 461 

1071*, B44 

106% M* 

WTO 235 

ito un 

W4* 177 

3S 

ffiS S 

111% +23 
10% 479 
ran* Oft 

103% 443 
107% 1.15 
W5% JJ7 
189% 3M 
W£% 43* 

*5% 4JT 
W2% 6JB 
WTO 2J3 
WS% 3*7 
ra» 364 
W6% 2 ft 
W4W 341 
WTO 331 
Hl% 3«7 
1W% IB 
WTO 431 
106% 1ft 
106% 360 +8 

WO 63* +4M 

tft% 330 -43 

Ml% 431 ♦ 7 

113% 307 -9 

WTO 464 
97% 495 S 

WTO 40 OI 

n 5% 401 -7 

~ 101% 15+ ft 

F*b 4% R W1U| 41* +« 

t « M4H 2J9 -44 

• 96 104% 343 +1 


+4 
6% ** 
6% 77 
TO II 
6% *7 
TO 01 
646 00 
TO DO 
M « 
TO H 
6 *■ 
6% ft 
TO 75 
6 ft 
4% » 

SS £ 

5% D 

4% m 

6% 91 


jraDevilkOctS 
jMDevBkOcrS 79 
Ktarintt Jot 7 ft 
Kfw Inti JOT 7 ft 
Kfw Inti NOT 6 99 

KfwlnttMev 6 99 

LOTOsvifftlW » 99 
Norway Aar 3% 95 
Norway Aar 5% *5 
Norway Feb TO *7 
Norway Feb TO 97 
Ml T }el> TO ft 
NtTOOT TO ft 
gUNau «% « 
NOT 4% 97 
6% ft 
6% R 
Ontario Pr Oct 4*. H 

Pert Rip Feb 4% R 
Part Rot Feb 4% R 
SndMr 6% 08 

Sod Mr TO M 
SaaftJUi TO 04 
3paia66r . TO e 
- TO 01 


TOTDC 


i 

-m 

+6 


1 

-I 

■no 

ft 

+6 

-7 

-31 

4 

■71 

«* 


-* 

■70 

-19 

•4 

-7 

-5* 

■204 

-IM 

-40 

-1 

-6 

•5 

-10 

J 

3** 

-44 

-2D 

•130 

+1 

ft 

■9 

+20 

-251 

+31 

•» 

•S 

+7 

-S 


•31 

-6 

-45 



"Il4 




*8 


■ :* 

• % 

a* 

' ’X T 

i * 


For iirv*»fm®nt 
b ifou n ci tkwi 
Raod 

Itw MONEY REPORT 
every Saturday 
irv the IHT 




i# 

. - 1 

**S 

■ 3 


ui4i 
■8 *• 

-V i 

H+t 


NASDAQ NATIONAL MARKET 


Socks 


SOT 

Diu Yld lOOsHlati Low Che die* 


Consolidated trading for week 
ended Friday, Oct 28. 


Sales 

D*w Yld 100s Mph LAW CKe Qw 


.19e l3 



ATS Med 
AVVAh 
Aarnes JO 
AomRIB J» 
AamnRl JJ6 
AascheT 

Kls 


349 3% 3 3 — •'» 

502014% 12% 14% +1 
492614% 12 14V. +1% 

91 13% 13 13% — % 

1788 23 21% 22V. -% 

248 16% ITO 15V* — % 
3214’/. 13% 13% _ 

2729 16% ITO la - V. 
90417% 16% 

135510% 9% 

37 35 

47% 44 V* 

14% 13 
71% 19 

1% .ft 

6 TO 6 

1% lOt'. 11% 


+% 
■»% 

:js 

2% -ll. 
1 32% * V. 
24% — % 
29 —IV. 
3% _ 

4% tll% 

—Hr 

* -% 
12% * Vt 

. f Ttt 

5% 6% 

. “S' l 

I IOVj 10% 10% — % 
_ R 2% 2% 2% — % 
_ IK# 18% 16% 17% — % 
_ 26040 17% 16% 17V* .. 

„ 975 14 13% 13% — % 

_ 426 8% 7% 8 -1 

13 64 14% 13% 14 - 

_ 748 9% 8% 8% _ 

_ 31-17 20% 20 20 — V, 

_ 7072 9 7*i 8% *% 

- 554 5% 4li 5 

- 849 I % % —Vi, 

_ 1866 23 20% 22% *1% 

_ 1426 29% 28 29% ♦% 

5a 1329 9 8 8% * >% 

-. 1487 4% 4% 5% *% 

.64948 23% 21%23%*I l »u 
_ 5021 10% 9% 10% 

_ 642 12% 11% 13 — % 

A 491 361+ 35% 36% 
626759 37 % 34% 35% — % 

- 3647 35 30> i 34% -3% 

_ 370 28% 28 38”: 

_ MS 23% 3IV. 21 %— 1 

:: 'StW “ 

609 6* 



10 % 
4' * 
6% 


J4 


6% 

... 5501 2% 2'.. Z'.i -% 

_ 1420 5 4% 5 * % 

_ 615 6 S’-* S>+ *% 

231 3% 3% 3V, -% 

_ 3737 14V. 15V: 16% - % 
_ 512 6% 6V: 6% 

_ 12607 H 6V. 7% * 1% 

.9 7658 29% 27V, 29% »% 

13 7599 2 7». TP* 26'-: — 

_ 453 29% 28% 29 

_. 541 5 4% 4% 

_. 857 9 8% 8% — % 

_ 117313 11% 12% 

609 21% 30% 31% — 

_ 497317'+ 14% 17 *2>; 

_ 593 0% 7% 7% — 

J 5K7 13V, 12% 13Vb— W» 

_ 701 11% 10% 11V, 

_ 94 2V. 1% 2 V. ♦% 

.9 4065 20% 26% TTt -l. 

._ 1221 71'j 2 2% 

2 2% — 

10% 10v * — 

5% 5% -V. 

6% T _»« 

IV, , 3% — % 


175 2% 

~ 538 11 

-. 88 6% 

.13 1.7 1313 7% 

_ 2*61 4 . .. _ _ 

I.74e 2 J 2443 61% 59% 61% - 

„ 533 *% 7 9* ft — V* 

M 23 *446 16 14% 16 ft J. 

_ 14731 17 12% 16' i -3% 

1 30 Ad 83 18% 18 18% -% 

JO Id 3537 23% 22V. 23'-« — % 
... 286 B 7% 7% - % 

._ 664313% 12% 12% -% 
88 32 5199 24% 23% 

3861 TO 5% TO ♦ % 
M U 8511% 10% 10% — % 

17085 25% 22% 25 *2 

.150 d 321 17% 16% 17% -1 

_ 2468 3% 3% 3' . 

_ 2524 2% 2"» 2'-» — %; 

1208 % Hi. 'V„ 

_ 2 91. 96ft 9% 

930 1Q% 70V, 10". _V E 

32 1.4 4238 36 36 _ 

_ 2116 8 7% 7% — % 

„ 16867 24% 22% 26% -3% 
JOe J 38 2S% 27% 77% — % 

32 73 7614 I3!a 1+ -2 

AJdCoaC 1-32 7.9 18+4 16% 16 16% 

AlkJCon ldsel02 413 13% 13V. 13% — % 

1.230 84 287 1 5 14V* 14V, ... 

l.» 73 11H7 13^. 13% 13V, — % 

do 2.1 612 29% 28' . 29'+ — % 

39 Id 730 17% 16% 16% — % 

_ 1744 13% 12'i 13' i 
.16 1.1 325 146.14 14% 

^ 1716 5 4'+ 5 - H 

_ 169 MS, 

_ 342 20% 

_ 126 3% 

- 868 1% 

- 596 % 

_ 1606 1% 

_. W210% . 

_ 6*6 t”.'ift r- 

_ 181 4% 

31811", •« 

_ 20 3% 

- 1237 7'.t 
-4050640% 

_ 1415 29 
... 438121' i 
_ .445 6'>. 

1529 2% 

17 34' 


AlOCall 
AldCnp 
AliiedGo 
AOTflPd 
AlldHIdD 
AULXC 
AldWstn 
AlISlFn 
uinim 
Atoetie 
AtoMK 
AlpMiCWI 

Atonal 
AJonoBra 
Aloharl 
AlDLCe 
AttaCId 
Aitm s 

Alteon 
ah era 
AitRnc 
Afrron 
Anta 
AmbrSIr 
Aineor 
AmcarFs 
AitWCink 

Amricr S 
Amcrtc 
APFF 
AmFPr 
AFTKE 
AFTxEJ 
AmerOn 
AmSvcc 
AmBcDS 
ASnkr 

AmBroan 
AmBkJp 
AmDuSin 
AmOfVS 
Adam 
Aoesvey .16 
ACoilWd J£ 
ACansu 
AmEagle 
AmEtd J»c 


9% 


6% 6% 

19% 19% 

2% 3". 

1% 1% ft% 

■7., 'V S 

I IV. _«3 

10 

'S -+-B 

4 4% — % 

lli IV, _V„ 

3% 3% -■ Vk 

TO 6'-i — % 

35% 40% -2% 

25% 29 *1% 

19 214k -IV* 

5 6% - % 

1 % 2 % -% 

25 Vj 26% *% 

437 20", 19¥S JD'A 

3082 11V* If llVl ft% 

.60 IB 241 15% 15% ITO — Vk 

_. 3008 2% 2'Vi. 2*Vn - 
1.60 7J 32822% 21% 22 
1 j06 117 (476 8 7% 7% -% 

J4 9d X43S £'•■. s% 5% — % 

JS 10J X701 8 7Vi 7% 

Die ...13159 79% MV. 68 H -4V^ 
797 6'-i 5% £ — % 

.50 10 14117 15'-k 16% *1 

71 3 6 3445 20% 19 19% -% 

1347 2% 2V„ 2*-'i, —Vi, 

- 1683 181+ 17% 10W — % 
.. 4785 18% 16% 18.. »1 . 
_ 27917 15% ITO -W. 

.. 170 2% 24+ 2% — Vu 

.9 2*93 17Vi I6J+ -% 

Id 1386 16% 15% ITO ... 

.. 74 2kk 2% 2-% — +., 

4647 28% 24% 77% - J 
.9 29 8% 7V, #1, - % 


.900 3d 
M 3.0 


AmGduc .. 1201 2't 1% 7% ‘ ^ 

AEtCmo _ 3710% OVk 9W — % 

AmFB M 2 J 10402 13% 11% 12 - % 
AFlItm ldO 18 6 78 2+ ft —* 


.2* 73 


AmFrant 
A Greet 
AHtoveas 
AmHOlO 
AMcmPa! 

AHornstr 
AlndF 

AriilnPts . 

AmCMp< 316 103 
ArtiLCk 
AMS 
a wee 

AmMbSat - 

ANtins 7J6 5.0 
AmOiifDv - 


_ 3135 21V. 71 31> 


36 2d5iiM2r.yi.MMi 27% — % 


_ 170 6'-'i 


. . 4% — % 
IYb I"b 
985 21% 31 21 * 

1180 10V, 7% 10 V, 

839 10^ 10% 10% 

673* VV= 1 “b 1-u -y B 
38821% 30% 31% — % 
14 * - S JL. T A 

4537 25% 2* 2*%— IS* 

7 6% 4% — % 

1979 IS 13% I J-* 
61247% 46% 

302 TO 6*% 


4% 


5aie_ 

Stocks Ditf Yld WOkHiph Low Clse Choe | 

7% 8% - Vi 

2% 

17% 18% ft*v„ 
II 12'-« —V. 

£ 6 - 
7% 8% — V, 
13'/: 14% -V* 
17% 21 W ftTO 
4% 47. > % 

JV* 4% _% 

33 34 ft V: 

12% 13 — % 

16'-» 17% _ 

4% — 


AmPoc 

APrivG 

APwrCnv 

APuDJIsh 

Afiecr 

AmRecr 

Arr^afRz 

ASovFL 

ASott 

ASTutCa 

AmSucr 

AinTeie 

ATrnvel 

AUldGIb 

A Wood 

SSOd 

Ai 


.. 1541 8% 

_ 1291 2% 

..38190 18% 
.03* 3 -0057 12% 
J4 4.0 177 6% 

_ 420 8% 

I BS77 71% 
32 6d 1142 5 
da 1.9 847 4% 

= 1 a?«5s 

2108 17% 

- 

r. 21*7 S>; 

-. II 5% 
■04e 1.1 2274 3% 
dO Id 17 43% 

r. ^ iii 



-. 383 6V. 

3 2718131: 
Ai 29 3727 23% 
AO Id 1064 21 
-. 106 6% 
.48 b 3.3 560 15% 

.17 A 1084 28V. 
... 326 5V, 
_. 13825 9'i 
.10 26 *59 5 

_. 122 a% 

_. 2446 S 
_. 11309 35V: 
... 1317 9 V, 
79 St 11% 
-. 12874 35% 
JO Id 12 13% 
-.35667 1BW 
I JIB 3.2 117 34% 

.. 417 26 

-. 22H 25% 
-. 1481 IS 

... 6078 29% 
.13 1.2 6x10% 

die .5 137 2V< 

... 23 4 V. 

_ 70 34% 

_. 5945 17V. 
_ 301 16% 

-. 1763 7 
J7I 4 3 M2 BH 
59* 11 
98 17 
.. 340 7 
.. 5559 4 
_. 370 3% 

.. 158511% 
Id 68304 33% 
... 244511 
-.37715 36% 
_ 1467 26% 
_. 251 TO 
265 13% 
-20373 30% 
-.34147 5Vl 

-.39473 8% 
.. 804 3 
_. 1274 14 
J4 2.3 340 9 

.48 .711381 69 

_ 308 10% 

_ 2430 6 
_ S732 25V. 
_ 7585 19 
... 330 35% 

-.2590838% 
_ 880 7% 
d2e .5 188 4% 


.36 2d 


.32 


5 

OTU Kf ^ 

« » :a 

7% 7% — % 
9% — % 

I??* 

a vi 

% — % 
9% 10'i — % 
10 10% — V, 

ITO 14’4 _ 

»% 9% — V„ 

7% 7% — 

IB 7ft 

1»+i ITO -Ai, 

r . » 

^vsjr*” 

16% 


41% 42% — V* 
15V* 16 — IM. 
ITO 18 *1 

5% TV, *1*+ 
10% 11% ft% 

5% TO 

4% 5% —Ml 
21% 24% +2% 
" 52 *4% 

3% — % 
TV,. ♦ 'Vi, 
*k ♦ Ml, 
4 V« 

TO *% 
2Vb ftl/i, 
11 1 1% » 2Vu 

19% 19% IV* 
30V: 31% * % 
X 201. — % 
1J1. U — 1% 
21 22% *1% 
l'v„ 2 

18% 20% *% 
53% 54 ft-2 
9 9% ft-v, 

10V, 11% - % 
25 25% —I 

28% 28% ♦'/, 
15% 17 ♦ % 

2 2 — n 

IV, 1% _ 

He Vi, *'fn 
5% 5% ft» u 
12V. lS’-c — % 
21V. 22% —I 
21% 22 - Vf 

TO TO ft V> 
14% _% 
27% *Vm 
5V, ft% 
9V* ft V* 
TO — % 
... B'A »% 
4% XV 1. — H i. 
3U* 33% *% 
8% 8% _ 
V% 101. *% 
3D 35 ft 7Hi 
13 ITO - 
15% 17% 

30% 33Yft — % 
I Al/s 25 — % 

74%. TS'n — % 
13% 15 * % 

27%23W„ + iy„ 
1D% 10% — % 
Ke 2 - 

4'i 4'.+ 

33% 33% — v. 
15% 17% ftl 
15% 16% ft% 

1 6% ft % 

BY; 8% +»■■. 
10% 10% — % 
16 16 — 1% 
Hi lilt,. +7* 
2% 3% ftl 
T't 3% * v * 
10% 10% — 1% 
16%17H..— 9%. 

9% IO% ft«i, 

33% 36% *3% 
24'/, 75 Yi -% 
S'A TO 
12% 12% — % 
16% 19% -2% 
3'Vri S*rn ♦ Yu 
6V. 7V. ft"/- 
2% 2% 

11% 17 V* — 1 '-ft 

nt.. rv 

65% 68% -l“ 
9% 9% — % 
IV* 5% ftVx 

24 24% — V. 

ITO 18% >1% 
34% 35% ft Vi 
32 38 *3 

4% 7% ♦ V* 

4% 4% — % 


14 

26 

5 

8% 

IV. 

7V, 


BCD Hn 
BE Acre 
BEIB 
BFEnt 

BHA 
BHCFnd 
Bi Inc 
BISYS 
BKC Sem 
BMC Sit 
BMC Wt i 
BMJ 

B Nki 
PIPko 
HPI wlfX 
BSBBtS 
BTFin 
BTU im 
BWIP 

n. J - 

□WWC 

Babvbstr 
Bacnlnf 
Back Bov 
BadprP 
Bmicv 

BkHpwt 

Bok or J 

Bckchms 

BldLVBS 

BaldPia 

BalvGm 

BallvsGr 

Sally* wt 


1.16 3.9 7741 30 
.Mr 3 1613% 

_. 617 9 
J» Id 1300 5% 

- 84 Wu 

d0 3d 402 23% 
.12 1.0 624 )3 
00 ,8x4433 10 

_ 1063 5% 
_ 1626 22Vk 
_ I 3% 

- 47898 44 Vi 
_. 7814 18% 
... 497 12 

.. 131 1% 

... 63*7 4 V, 
„ .. 17+4 % 

# 11 229 78 
1 lib 19 6328V: 

_ 1651 4% 

.30 1.2 3635 18"] 

- 1527 13% 

. SSDI 44% 
. 4086 3V] 

. 1477 10 
739 11% 
. STI'J 7% 
151 


J Jl Vu 

0£ J 7367 IB 1 '. 

74 16 !s| 6 5'A 

-.55 14'/, 
. 350314'.. 
16911% 

-- - - 329 4'A 

BotPotc IJ» 31 1554 MV, 
3 09 84 .73 34% 

gcOraefC a » 64 IMSSX"] 

SncFstOtf. .34 | i agp iji* 
DctypM. M 13 
Bonclm 7t x% 

HncpOLc 31 r H 7238 78'/, 
BcnSou 1.21) C 3.7 M32V1 


29% 29% 

13 13 

8 % 8 % 

5 5V„ 

3% W. 
32% 22% 
IZVi 12% 
9 9% 

5 5% 

21% »% 
3% TO 
43 45V* 

18 17 

11V« 12 

I 1% 
4% 4 Vi 
V. % 

26% 24% 

27 28% 

3% 41, 
17% 17% 
13 13% 

41 'A 44% 
1% 3% 
8% 9'4 
10% 10% 
4 7% 

"n Vi, 
16% 17'i 
5 % 6 
14% 14% 
13% 14'.* 
11% 11V, 
M'+ 11% 
4 4’A 

30 30% 

23’A 24% 

S3 54% 
14'A 15% 
76V a 26 ■* 
4% 4'+ 
76% 27 

II 22 V, 


-Vk 

-'A 

— % 

♦ 

•itf: 


-3# 

ft% 
— % 
- Aj 

ft 2Yi 
♦ ’* 
—'A 

-wpJtJ 

ft1% 

_V D 

—2% 
- '. 
•Vk 


BCPNJ dD 2.7 743 31 30 30 —'i 

Danctec _ 677*20% 18% 20% ♦!* 

BanaaM .96 o 7.0 390 15V. 13% 13% — 1 

Ekmoopf lJEe 7d 45 23". 23% 73'/. - % 

BkSautti 32 3d 4230 17% I7'A 17% - % 

BkGrans .40 Id 1077'/. 25% 27% — '+ 

BnkNH da 2.0 133 25% 24% 24 Y- —Vi 

BanttAH 35 13 761 15V: 15 15% -% 

BnkUld .10 Id 101 7 6% 6'.j -% 

BnkUtpt _ 85 9% 9 9% -V. 

BkUtFpt _ 15 8 8 8 — % 

Bankrss AO 2.7 25*1 15 14% 14% — v, 

BnkFsl dO 3d XX0*20Vi 18% 19 —IV. 

Bknltl AO 2d 220 23% 22% 23 — 1% 

Banta J2 17 709831"% 29 31% —Vi 

BanvM3 -. 247 2% 2'A 2'A — h m 

BanvSU - 1125 I7 U 1% i% 

BanvRT AO 9A 213 4V. 4V. 4V. 

BonvnSv _ 10674 18% 16% I/*'. — % 

S 4205 15% 13% 13% —1% 

IV* 12% 13% -% 
“ irv, i*% -i 
l'A 1% — V. 

7% 7% —A. 

do 3d $1 :li 

_ 2X73 2'VVft VV* 7Wu — v, 

dO 27 756 23 71% 22% — % 

Ida 11 8112 60 57% 58 — 1% 
1001 4% TO 4 
-43 19 16*15 14% 14% 

- 24064 29 25 28% -2% 

z r 

- 944 8 7 

- 235814% 1 
-30c 17 35518% 1. 

■* ^iEBS'S 

- issat 


BsTnA 

BasPtrj 





5g?gg? r 

BentOG 

ssss 

Bertucl 

BestPwr 

BesfPd 


ITO ITO «nS — fi 

4% 4V* 4% — % 



1.10 


Beitiie 
Befits 
Bk, B 
BipOTir 
BloRck 
Bintfv 

Bkx_oolc 



00 


Bio 

BiOMWSt 

BioSixt 
BiaPnar 
Bwcfr 
Blocryst 
Btoaen 
BWecr 
Biomoa 
Biamatr 

BkMTHlI 

Brnmira 
BioSafetv 
Btoscara 
Blasatl 
Btosvs 

BtoTInr 

BtoTeG 
BirdCp 
BwdMd 
BJnchr 
BtckBxs 
BikHwicG 
BfcHGwtB - 

BSmcie 5 d2l 3 
BHsL.au _ 

BiocDv - 

BlcfcO 1 .08 b 10 
Blvm 

BaaTBnc 176 
BcbEvn 39 
BocoRs 
BaOinaer — 

BanTan — 

BookMs _ 

BraleB 

Boomtwn _ 

Boral 1 J9e 6.6 
Borind 
Borror 

BOStAC dO 
BostBc 76 
BaslOvs 
BastTc 
BavEn A 
BoxEnB 

BovdBros 

BrndPhm 
BrdPwtA 

BriJPivtB 
BrOPwtD 
BradvW dO 
Branrre M 
BrrHdSus 
Brauns 


_ 7990 15'A 10% l4'.i _ 

- 444614% 12% 14% ft1% 

_ 17B8 7 6% " 

_ 38X10'* 9 

Id X1822 22 

_ 204X 4 3V4 

Id 138212% 11% 

_ 891 17% 16% 

_ 1830 12% 10% 
d 412913% 11% 12% — % 

- 24 3% TO 2% — % 

_ 2534 19% 17% 19% *1% 

4 3% 3% — % 

1% VM, 1% +%: 

- % *4 % 

01 TOV. 10 10%ftl% 

82 3% TO 2% — 
1352 11 JO% 10% 

I % % 

_ 75B A% 5% 5% _ 

-4179947% 43% 47% *2% 
_ 958 3% 3 3 Vs _ 

- 1200 1%: 1% *% 

_ 2745 5 3% 3% — % 

-13932 11% 11% 11% 

_ IT66 5% 5% 5% 

- 109 7% - 

- 944 3% 

_ 44 7% 

_ 2078 4% 

- 370 % 

7983 2'/. 

2.1 990 9% 

- 831 4% 

MOX lVl 


2% 

3% 

6Y: 

3'A 

& 

8’i 

31. 

% 


— % 

+ % 
—'A 
% 


_ 113814% 13% 14% — % 


177 10% 9% 9% — % 
32X 1% MV. ‘Vu — V„ 
487 8% 7% 8% * % 

5 5 5 6 — % 

1017 11%: 1% IV, _% 
576 35% 32 'A 35% -3 

- 733 4% 3% 4% — % 

46 2X377 30 29'+ 29% ♦% 

Id 7490 20’A 19% 20 *% 

_ 846 6% 5% 4% ft% 
_ 1753 14V* 12% 13% t % 
_ 211913% 11% 12% — % 
_ 4414 13% 13% 13% _ 

- 5*3 32 'A 30% 31% - 

9331 15 13 13M— 1<+ 

8410% 19% 19% ~% 
_ 22X32 ITO 9% 10% ♦ Oft, 
_ 708 TO 5 5% -% 

27 60 17% 16' A 17% +■% 

2d 1225 31% 30 31 — % 

-1685*19% 19 19% *% 

-17854 16% 14% 16% *1 

- 67 13 12% 12% -% 

- 1718 9% 8% 9% -'A 

_ 104 11% 11% 11% ft% 

- 3035 41. 3% 3>V« — 'A 
_ 4193"/„ 3%: 3V„ — V* 
_ 1538 t’.'s 1 lV r — V„ 

- 1079 1% 1V„ 1V U _ 

1J 1348% 47 47% ft 'A 

2.0x1484 |3% 12% ITOftl'6: 

231 7% 2V. 2% 

3% 


39 2.1 


2682 TO 
9639 %, 
247 12% 
1061 1 
7519% 
1610% 


fa 

fa 


3% — % 
% _ 
11% — ", 
% — ’A 
19% — % 
10 % * 1 % 
18% *1% 


Stocks 


Sales 

Div Yld lQOsHiph Low Ose Qftje 


■GsbotrA 

Came 

CACI 

CattbvS 

Cadefn 

Cacfc 

Cadmus 

Caere 

Cairn 

Coloene 

CalAma 

CalBnc 

CanfCul 

CalFncl 

CoJMD 

CaUWk 

CoISBk 

Can Net 

CailanP 

Calowav 

Calumet 

CamNtp 

Camber 

CambNe 

CameSnd 

CamoTcti 

CommAsh 

CamcuEl 

CWkteB 

CWineA 

Candela 

Corates 

Conn Ere 

CannExB 

Omani 

Canonic 

Const or 

ContCO 

Canlet 

Cantbry 

Canvfts 

Cany wt 

CCBT 

CaeAsc 

CanBnc 


8.1 +52 5% 5V« S‘» — «,•„ 

- 301 6% 6' . 6*. 

„ 6093 12 II'. ll-.i, — % 

4.1 547 28% 28 28% — V. 

- 380 » a "'it He — 

- 687 5W 4% 5 - V,. 

1.1 10M18% 17'/. 1P>/, k _y. 

_ 135X0 IS'.'. 14Vi 14% - a, 

1308 7*. 7% 71. -% 

BH 8% — V. 

5% 5V-: 

17'. IB 1 * 

6%/, - 


7830 9 
1156 5% 
535 18% 
895 6% 


-56 3 Ti 

... OV3 Oft] a *SI. -■/„ 

/Mb 2.9 *435 ITO 15’A 15V. 

-32057 7% 4% S'*.. — IV„ 
-106X231% 28 31": -3% 

AO 3.8 151 II ID", 10% _i, 

_ 30 6% 6 

- 2*8 11% M 

_ 169 1'.. 1% 

_ 298 35% 34 
.. 6115 4'/, 3’-. 

498 XV, 


& 


3% 

4V. 

£* 


4'A 

ft 


19 -2% 

— % 
— % 


686 

7005 19 

852 18% 17% l. 

1197 12% 11% 13 
534' , 33 33 

1465 33' .- 33% 33 — % 
93 3". 2>. 3V. - % 

1% 1% 

% ir-« — 

die d 3391% 90% tv, 

- B07 V’t 6% 6+a 

.20 - 151 12 11'. 12 

- *50 


— YJ 4"* /■< 

- ”»8f| I? 

_ 19 13% 12 


Slock S 


Di- 


Sees 

Y13 1301 Hrpn Lew aw aw I 


Stocks 


□>u 


Sales 

Yld lDOstOph Low C be Choc 


amran 
GmlGs 
ainlr«ls 
Oath 
aubCar 
CoOeB* .iO 
CstSncp 37 
CstBn d* 2.25 
CslHIth 
Cab ones 
CabraEX 
Cobra s 

fnrnffll 

Coarnsrs 
CodoEn 
CactoAi 
Cofieinp 
ywneft 


36 


1.00 


:: 

JMU 

8*k 

3% 



1137 1» J « 

It'. 

I6". 


2d 

«X3X IS' : 

U>, 

lS'-s 

- 1 

1.7 

233 13% 

13', 

18'. 


9J 

X6IX 

I3V, 

I3'-» 



421X38'. 

19 

33 . 

# 1 

2.0 

132? 

77 

IS 

- ‘ 


I7J 2'i 

2% 

2% 

1 

... 23597 39'. 

, 35 

3P , 

- 2 ] 

3.8 

959 

16'. 

16',— I 


28*9 X-. 

3 

5 -" 

— 


nerCm 


2811 6 . 6% 

_ 12611% VI 1» — 

dic'd MJtJJ 22 £3 •»* 

I UCoi?t% U'. IS': ’ 1 

_ 10375 IS 9«. 14'. -X 

_ S93 14»« 14 14‘, : - 

.. 250 5’. 5 !T. - 

1476 30% 19% 30% -1% 

12 19'* 19 19% 

il 22 If. 31% 


S'* 

«. 

2% 


TO 

2% 

2 


CaoBnpf 1.95 9 a 
C aoSvns .Ofle d 


dOe Id 
3B 3A 
die I.* 
J6 id 
dO 2.7 


CltoSw 
Coatee 
CapTms 
Carausbr 
CcrdBnc 
CVIS 
CareGu 
CareerHz 
CareerSH 
Carefine 

Cranwk — 

CartCm die 3.1 
CamepBc __ _ 

CaraFst dObld 
CarruUB AB 1-7 
CarsFHr 
Carver 


SO 6% 

_ 10 TO 

_ 1251 3'.'u _ _ 

- 3573 IV,. 1'V„ 

... 147 % S„ V„ 

dSeld 356 28% 3TO 27 
67 ‘‘ft 

130 74% 73% 74% _% 
11020% 70% 20’ . _ 

784 14% 13'/. 13''«— IV, 
58 38% 37V. 37V— 1% 
*30 8% 8% 8% _r 



I CR Hort 
I DSBnc 
i ; dsc s 
, 1 dsg ini 
DSP Go 
, DSP 
: DT rods 
| DUSA 
. 1 DVI wt 

I DdipCfiS 
I Div Jour 
[ DcirvB 
i DcuryA 
Daka 
Dckotafl 
; Dak iron 
i Damark 
Dankos 
Dcrrskui 
Darling 


.741 5.7 1871 13+1 12'.'. 13 - IS 

- 110 27'.. 26'.* 24% — % 
-4*477 31% 27% 31 -TO. 

,2Sc 1.8 940 26"; 25": 25% —1 

_ 4779 25% 23% 24 —14, 
_ 169 3% 3% 3% — V» 

,04c J 10304 14'* 17 13% — 1% 

_ 545 4% 3% 4>-'b - r, n 

_ 75 1% 1% I". *■% 

.. 1*5 16% ITO 16 

- 75 18 17 17% —HA 

_. 37 3% 

- 147 3% 

- 632 15 

_ 178 4*6 

- Ill 7% 

7964 12 

71 20% 1, 

. 4% 

>13% 


-1. 


2% 2% — Vk 
2% 2% — % 
14% 14% — % 

?> -Y c 
— % 


7". 

10% 


r l 


72 3.0 


454 17% 14% 16%—I% 


ConwfS 

CascCom 


60 

Casevss .00 
CasnCrd 
CasnCwt 
CasAms 
CasinaDS 
CasMamc 
CasnRsc 
CastiEs 
CatafSem 
COtahn 
CamBcD 
CathStr 

.16 


dO 


_ 10547 18% 17 ._ . 

■2.1 1318% IBYi 18% _ 

1.1 76 B 7 7 — % 

-17555 26% 21V, 26'A -TO 

- 996 4% 4 4% +% 

.. 2271 17 !4h 16% - 1% 

- 6017 18% 16% 18 *1«4 

d 253 70 194+ 19% — Vu 

- 318511*+ 9% 10%— IV. 

_ 10855 65% 58% M% +MU 
_ 5077 33% ■SPh 32% — % 
_ 189 15 14 15 * V: 
_ 1852 7 % 7 7 +% 

_ 745 10 9V, 9% 

_ 486 13V. 12% 13V. ft % 

_ 83*6 13% 11% lZIfu ft iV» 
2Jx8522 9% 9 9'A ~% 

2d 33 33% 31% 31% _ 

_ 23212% 11% 12V. -% 

- 109QS0 16% 10 10%— 5% 

- 383 17% 11 'A 12 ft% 

_ 156711% 11 11% -% 

- 622 1% l'%> 1V H — Yu 
_ 130314% 13% 13% -% 

- 2571 35% 31*4 32% — 2 

.. 1789 35*4 34% 35% r% 
_ 1827 6 5% 5% — % 

» d 1696 34% 33% 34% *1% 

- 821 B 7% m - 


CBmver 

C-CUBE 

CAfwra 

CSBnc 

CBTCps 

CCA 

CCBFn 

C COR 

CDPTch 

CDWs 

CESaft 

CEM 

CFI Ind 

CFIPro 

CFSB 

CFWCm 

CHCHel 

cis Ten 

CMC Ind 
CMC inf 
CNB 
CNS 

SS 6 

CPiAera 
CPI wt 
CRH 

CSB Fn 
CSFHId 


- 444 10% 

- 5272 21% 
_ 150510% 

IdO 3.9 53 34% 

d4 20 12322% 

. . _ 1589 S 

1.34 U 312 42 

- 6874 544: 

_ 157 7% 

_ 1753 29V. 
_ *3 3%, 

_ 22713% 

M 3J 007 24% 
5 3% 
_ 197 14 

575 70 
331 71 
2 S 1 -'. 
7375 24i 
393 4 
1331 14'+ 

. 299 3414 

1961 6% 
EDO 15% 
173 25 
1923 6% 
I486 x 
II 79% 

50714% 

434 26'A 
31? 8% 
X34l6% 
3281 l'A 
498 8 
8282 19 
132+ 7 


.44 73 

J7 1.9 


JI6 Id 
.88 3d 


.77e 2.7 
JQ 2.1 


9% 10% 
20% 21% 
10 10 
33% 33% 
21% 22% 
44k 4% 
4TO 41% 
45% 53% 
9% 9% 
27% 28% 
7% 3%, 
12% 13 
23% 24% 
3% TO 
13% 13% 
19% » 

70 2D 
S'A TO 
2 V„ 7% 
3% 4 
13 14 V. 

34 34% 

TO 6% 
14% 1446- 
74% 74V,. 
6% 6% 
S’Vu T’Uu 
M'A 28%. 
ITO 14 
25% 25% 
0% 8% 
23% 76% 
10 10'*- 
7V. 7% 
16' V 18% 
5% 5H 


*■% 

-% 


♦ 6% 

ViZ 
— v, 
— v. 


‘ft 

* V, 
-1 

-1% 


-1 V| 
‘ 1 '.V 
— % 

ft 2% 
-1". 
— % 

•1% 
— % 


Cel So 
CriScwt 
Celadon 
Celeblnc 
Celeste! 
Celexs 
Ceteene 
CriHSens 
CrilPra 
Cdlcor 
Cell si cr 
CeJCmA 

CriJ intis 
CriCmPR 
CdhTes 
Cettrx 
cented dO 
GemtBco M 
CenBBc 
CentCel 
Or Bnk .16 
Cbnlrtak 
Ceiuprm 
Centocar 
Center wt 
CtrCOo 
CEurMda 

CFkBk 1.17 
CenGordn 
CTrilNBc dl 
CJerBc 
CJerEn 
CtrMtae 
CRsLto 
CnSom 

ClrTTruc 
OTS<XI 

CntyBc 
CtrvSo 
Ceohln 
CenJvn 
Cerbao 
Cemer 
Cerate* 
Carvacer 


831 20 19% . . 

40 30% 79% 29% — 1 
3068 9% 9'. 9Ye — ' 1*, 
_ 8264 3'%. 3% TO -V, 

- 71817*3 16% 17% ♦% 
_ 2569 12% 11% 12V, . ft* u 
_ 10694 6"/n TO 6 V, «H 

2305 24% 23% 23% — % 
57029 27 V. 29 *1% 

97 ll+i 11% 12% - % 
258 ITO 14% IS - '+ 
12 27% 27 27*. —1 

_ 5396 71% 19%19%_ inr, 
_ 307 3 W 2% 3'A ft»„ 

- 8095 8V. 7% 7% 
-22569 58% 51% 55% -7%. 

2d 123 25 23% 23% — % 

-6x5X23 13% 13% 13% — 'i 

- 816 9% 8% 8% _ 

- 1175 1% 1% IW 

_ 255X11% 10% lO'Vu — >ht 

_ 4137 23% 19% 23 -1% 

-12294 6% 6V„ 6M, —Hu 
_ 1647 2Yu 1% 1-Vu — % 
_. 427 15'A I4'.k 14% 

_ 3007 3% TO 3% - ‘ . 

_ 76 4% 4 4'/. — % 

4.4 9614 12 

_ 5049 9 8 

1.7 4880 10% 9% 

- 5652 7~A 6% 

3136 Vi. 


602 Ve Vs 
119% ITO 


13% -1 
8% 

TV. —IV. 
71* ftlV. 
85. — % 
its + %, 
19 ft % 
.5% — % 


OraCNaTa 

OKdona 

Qiomols 

OimpPr 

Oiomops 

Ownln 

CWFSB 

QirlFdlS 

OtlOnF 5 
CHotlm 
ChkTch 
Checkers 

aveckmfe 

aiescks 

OimTrk 

Ovntab 

QimF^n 

Qlmpwr 

ChenvA 

OirryB t 

OwsEna 

OlDocfc 

OllOtKS 

OildCmp 

ChMOis 

Qilnatek 

Chtocom 

S^n TC 

Chittend 

CncDra 

OicDrwi 

Cnoiesi 

Oirpll 

Owntnds 


_ 1613 

- 202 5% 5% . 

-. 176919 16% 18'A ftl'+ 

_ 339 21*+ 70% OT% _% 

-. 2153 6% 6 6% 

_ 1906 8% TV, 7% — % 

_ 7747 17% 14% 16% _ 

_. 484 4 % 3% 3% — % 

- 3751 17% 17 17% - % 

_ 2450 53% 53 53 — % 

- 1709 XS 44% 45% — 2 
_ 2X06 36'+ 35V. 35% — V„ 
_ 2055 13% 12'+ 13% - V. 

- 746 6% 6% 6% +* 

1J 214 18 17% 17% _% 

U XZ37 31 29 30V. — 1 

I -571154) 71 10% 10V, 10% _. 

-10906 17% 17 17% _% 

Id 23 13 V. 11% 11%— l'A 

- 1362 13% 12% 12% — % 

- 15349 19 17 18% -1 

-23173 17% 16% 17V. ft] 

_ 3353 12% 10% 119k *1% 

- 999 16% 15% 15% — v, 
_ 7640 16% 15% 15% — % 

3d 1936 29% 28% 29V, _, M 
_ 225 5% 4% 4% — % 
1.9 6527 % 27 27 — % 

35 13 16X32% 32% 33% • % 

dObdl 3X20% 19V. 19'A— 1% 
Afl 3 A 56 20% 19% 19% —V, 

M Sd 103 8% B 8% -% 

_ 7D I l'A 10 10% — % 

„ - 5X62 16% 15% 16% ft "% 

-03e 3 <16 7 6% 6% — IVr 

.10 Id x234 7% 6% 6% — % 

dS 3.1 TIl'A 11V. 11% — % 

_ 2980 9% 7*+ 9% -1*. 

576 S'A 2% 2% ft*-. 

2 3% 3% 3% —'u 

_ 7023 42% 39 x: 

- 31 13 11% 11% . % 

-43 e 13 1557 26% 25% 251. ft% 

—Up 



1.38 23 


CIMALb 
Gmeo 
QnorFlm 
OnnFtn 

QnMJc _ 

Cnergl 

areas .17 s 

Opnca _ 

Orcfn -08 1.9 

Qrcf nc ,90a Bd 

Crcon 
QrcSv 
Omjs 

a sco s 

aiFed dx 

GtatnCnt 
atsfion 
atiBnc J5 

Cttecn.tr 
CrtBco Ijtm 
O lBncti 
aiUBko 
Gtnlns 
gtvHld 
CvicSc 
OavEng 
CteanH 
aerCdo 
Qeamet 
OoutRI 
(St Dr 
OfDrnt 


192 3V* 3>kp 3'Vp 
. _ 160 4% 6 6W _ 

JO d 204 25% 34% 25"A ft% 
_. 77 4% 4% 4'A _ 

- 176 6V. 5% 5% _'+ 

_ _ 26 5% 4V* 41. —V. 

m Id 16*34 7% 7% 7% 

-80a 2.7 136 31% 29% 30 _ 

JWe d *29011% 10% 10% — VA 
dB 3dX3357 20% 19% 20% — V, 

_ 506 7 6% TO +% 

- 284 5% TO TO *% 

- 1 9630 3 Vu 3% 3% —Mu 

_ 550 S'A 7% 8 — V. 

- 10D919V: IB'A 19V, +% 

_ 53SSO 4% A 4% ft% 
_ 57 13% 12 13V, ftT% 

-XX 1.1 25X0 39 39V. ♦ % 

_ 57 4 3% 3% +% 

_ 32516'+ 15% 15% — % 

... 287 17 16% 16% — % 

- 7678 27% 21 24% > 3% 

d 68811% 10% 1! 

-10476 8% 6% 8%, ft iv* 

- 431 3%, 2TO. 2bfu —Vi 

« 114 14V* 13% 14% — % 
_ 649 1% 1% 1% 

»% 5Wk ft 8% 
-13089 6 % 5% 5>V H — 
-24301 66 61% 65V, ft 2% 

2d 3D4HM 20% 20% -'A 
-13679 4% 2% 4% ftl% 

_ Wl 1!6 Hi, l'i ftffp 

_ 1816 3 9% 2% 

.. - 184 21% 20% 21% - % 

d7l 3d 6513 13% 10". lSU/i. ♦ iiv,. 
.. 99 9 8% TO _'u 

-12505 32% 26 29% — % 

- 725 9 TO TO .Vu 
_ 173 5% 4V, 4% — % 

10 TO 4% 4% — % 
4474 53% 48% 50%— 3% 
1753 6% TO 6 _% 

553 0% 5% 6% *1% 
2850 36'+ 34 34 ft l'A 

SO 4% 4% J% 

96 26 % 25'A 25% -'A 
10310% 10% 10% — % 

_ 1«+ ITO ITO ITO Tv? 

- 379 5% 5% 5% *Vu 

f'- MM > 

_ 2XVOB9 30% 27 30 *2% 

■9 «5» 27% 27% -133 

._ 972 8 7'A 7'+ _■+ 

- 1076 lJ'.i Its* iie u -J: 

2.1 48 ITO 16% 16% ,v“ 

-j I«l?3Vu 22% 23V|. ftVp 


.04 


S2 


J4 



3.8 425 29% 376k MV? — 

■»-=; — 'A 

3d *23077 26 26 

- 170 5 % 4% d*+ “ 

1.9 22 3X 31% ax 

_ 324 TO 5% 5>V- ftVp 

- 618 TO 8 TO 

- 674 TO S'A 6V. - 14 

- 2153 J'A i 1% 

- 2889 11 'm 11% 11% — % 

51 W 3% 3% 3% -•? 

- 649 13'.', 10VA 12 ft% 

90 426% 25% 35% -At 


3d 7507 13% 18 18% 

_. 141 I’, r* 21 4 

33x2589 33’.. 22*. 23 

1* 19'. _ 

% 34V.— 1'. 
'V 10'. — V. 

sjesEH; 

Ji 47021 17*. 16 - ', IT *'i, 
_ 8905 19", 18' i 19% •>*.: 
_ 23B15 13*'. 13*. — V* 

_ 9582 tl*. 10% Hi, ft*. 

- 854 2’-., I'A'p 2 — * 

zmibboft -% 

“‘'5 J'.* 3 3'A 

4 19% 18". 19* , 

.5 33 30--. 3H: 

S?S% ^iS-ft'i'A 

”18 17’i 17% - 

17V* )6'/.- 16': -V. 
7417 16% ITO ft'A 

_ 121 9 8% 8% — % 

= 

d8e 23 317 14% 14% 14'.. - 

.931 6d 832 14% 14V, 14% — % 

ComEnt _ 2183 He iv a V, — 

ComEnA — 86 % ,- u — %, 

78916% 15 15V, — V, 

997 I0'A 9% 18''. — 

59 31% 30% 30":— 1 
109 28': 27 27% 

CmlyBn 32 3.4 x 138 16 15*. ITO — 

CmtvFBFU lOTlOd 1 ITO ITO 1IPA — 
ComFIBk Ai 10 1272 15*. 14V: 14% —I 'A 
6.1 57 28% 27V. 28% -% 

_ 93 2% 1% 2% 

_ 7348 15 14% 14% - 

_ »11 10 10 — % 

AO 3156 22% 22 22% 

_ 5880 9% SV. 8% 

_ 3702 3Y: 3 3V+ —’A 

_ 73 7 6% 7 -V, 

.9 100211% 10% 11 *'■-. 

-10824 15 12% TX% *2 

_ 107 TV 4 1% lft’,, 

4d 361 7'A 8V» 9'+ -% 

-11322 t«k 5% 61k +ft/u 

- 56 5 4’A 4% — % 

- 2646 3%. 3 3V„ ftJr« 

-.128880 47% 35% 38% —8 

- T8S2 13% 12% 13% -1% 
_ 2585 3% 2'Vu 3?„ - % 

778 4'A 3V. TA — 

- 5226 12% 11% 12 — % 

1960 f 2"u 3 - 'A 

_ 7233 24% 22% 24*4 ftl% 

- 1519 6% 5% 6 _ 

- 5495 1*4 1% 1% -% 

- 68 8% 8% S'A — % 
-276781'%, 1% l"/„ ft% 

- 183 3 2% 2% — % 

_ 199 5% 4% TO 

_ 3889 1146 10% II —1 

- 859 5 . 4% 414 -«u 

1584 22 21 21% — % 

542TO 23*4 24% 

139 3% T% 3% -% 
3412% 12 12% 

- 855 6% 5% 6% ftl 

_ 78 15 14% 15 _ 

_ 978 19% 17*4 19'-. —% 

dll 7d 286 11 10 ITO — % 

- 2*U 7ii 7% 7% - 

857 15’,*! 13 15% » 2% 

444 3 % 2 2% 

1 7% 7% 7% —V, 
388 18% 17% 18'.. - 

_ 6560 74% 23V. 24% T % 
75 6% 5% 5% -% 
36 1% % ?« — % 

154 14 - 

130 1% 

1567 6"-. 

133 1% 

7 IB 
28 3 

S9 10 


CIO l 
DtcMea 

: SSSS* 

i §S3£’ 

issr 

Darkey 




_ 3838 4% 3V„ 4% 
10* 6*4 


_ 1 


_ . 4% 6": *% 

S ?% 9% 9V, 

3 2% 2% *% 

7 7% 4V. 4% — % 
714V, 13% 13% *% 
199 18% 17% 18V: — % 
1961 10% 9«p 9% —1 


.40 


CamOrl 
ComS vs J4 13 
CmtyBS IdO 3.9 
CBft.Pd dO 29 


ComFB pi I J5 
Com mm 
CammSv 
Carrmel 
CnmnBnc .92 
CmprsL 
Cm pan 
Camputtg 
CmeOato .10 
OnpfHs 

CmoWn 

CmpLR 
CpINurfc 
CPlOutS 
CmpPr 
Compuwr 
Comihr 
CmstPs 
Comtch 
Com vers 
CtdCam 
CncEFSs 
ConcHItti 
CbncH wt 
ConcHkl 
ConcCm 
Candor 
Conductu 
Conestaa 
ConfTc 
Conmed 

Com Wt 
Onset, 

ConsSvs 
Cansilm 
CbnsoPd 
CansGati 

ConPd 
Con Stain 
Con Part 
ConsFn 
CnsFnpf 
CbnWat 

Contia 

CflCCree 
CtlCCwt _ 

OIMta .60 4J 
CHSavPt .72 57 A 
OriDt _ 

CnvSol _ 

Conwsl g d4 _ 
COoprD 


- 38 5 


o2S,‘ 

utsnjn 

Datvn 


r Sfl- 

_ 777419 17 18% rii 

'I 5 4% 4% — y. 

M3 11% 13 * l’A 

I 1% lVu Ifw *%. 

Sto % » tfc 

>10% 9% 9% 

19% B 


:« 

87k — Vk 


Daupbn 1.00 4d 231524% 23 23% -% 

Davco - 15514% 14% 14% —V, 

303 14 T3 



!?% *% 


DebSlw dO 4 JO 
Deck Out 
DeepTecn 
Daeraank -68a id 
Defnlrtc — 


DfdbGn dO 23 
DriaOts ,10b 1.0 


14 *1 

21 % *1 


4iu 4% 4% —’A 
13 11% 11%— 1 

19% 16% 17 -TO 
29 27 28% *% 

294 6% 5% TO -’A 


3§S, S £% , S 5 


X60 9% 7% 9% *1 
176 14% 


ITO 16 


«i!sl=a 


ldx 6d 
.12 Id 


J05 2d 
d5 lid 
1.18 6d 




CooprL 

CoonBkS 

ESSt B 

COOlOVFtl 


Cor 

CorGoOF 
Cor com 
Cordis 

CorefCps 

CmrFn 

Corlmoo 

Con, Exp 

CordCP 

Cortedi 

Corvos 
Carvel 
Cos Or A 

casore 
CattCs .10 
CtnSUIn .16 
Ca^er 30 

Covenant 
Cvttrry s 
CrhrBfi Ja 
Crfbnde JU 
CravCm 
CrBtaMol 
CrTritLs 
CredSvs 
CrdAcps 
CreeRsb 
CresAir 
CresAr wt 
Crllicre 
CrooG 
CraoGpr 
CTOPGrw 
CrosCom 
Craumon 
CrwnAn 
CwnBft 
CrwnRs 
Crverv id 
C ryolite 
Crvomod 

CyflnFr 

Culps 
CupNBk 
Cur TOT 
CustOl 
CybrOpI 
Cvaeromc 
CvoneD 
CWXtoS 

Cvrlx Cp 
Cvrk 
Cylet 
cvtRdun 
Cvtocre 
CVtoprt 
Cvtofhr 
cytPv 


14 14 

1% IV. 

6'A 6% 
l'V„ 1"/,. 

17 17 — *. 

3 3 

. 9*+ ID 

_ 59 18% 18% 18V. 

JO 2.9 425518 16% 17V. _?>, 

_. 241218% 17% 18". -1 
... 980 18": 14*4 18% ft 1% 

- 4299 S-„ 4% 5'»u -»u 
_ 3292 14% 12% V3% — % 

- 5194 18% 17% 18% -% 

- , 304 4% 3% 3% -% 
_ 130X4 61% 58% SB%— 1"„ 

- I27DS 16% 14% I5U% * 1 'V„ 

- 251 TO 5% TO — % 

.- 3902 14 14% 15% 

- 5583 33% 23 22% — % 

- 5270 17 16 1 7 - % 

- 37T0 3% 3% 2% — 4, 

- 2227 3V. 1% 2'i - % 

_ 1859 22% W% II — % 

- 17518% 17*4 17% _% 

-.2617% 17 17% — % 

.10 52533 3 l»u 9% 10% — % 
.16 Id 266 9% 8% a*. — % 
30 Id 18 ITO 16V. 16% 

-48852 20% 18% 19% _ 

- 8591 14% 22' i 23'.„— r„. 
.114184 22% 20% 22 Vi *•% 
A 679 10% ID 1 , io% ft% 

_. 2148 1% 1-Vn 1 "b - 

- HS3 3V, 2% 1% — W 

-X23831BV1, >3% 131.— X 

- 6184 34% 22% 24% -IV, 

874 37 34% 36% +2 

8". 8% -l'A 

2% 


86 9% 

- 1572 1*e 

- 318 w„ 

- 623 3%. 

.. _ 2500 l'k 

■95130.x 25 3V. 

-. 2190 19 


da 


*r —jfi, 

' A « — Vu 
2V„ -u- 
I 1 — 

3% 3% — Vk 
. . . 14% ia> j >3>< 

- Kg W* 7% 10% ft 2% 
43 7% TO TO — % 
180 7’A 6% 6*i — % 
8016V, it'.. 16% _. 

83fl TO 5«ru TO — +k 
176 S% 4V« 4% — \k 
7% 8% - *k 

3Vk 3% ft % 
33% 33%— 1% 
8% 7v. r % 
;% io 

3 4% » IV, 

1463 20*4 19% 19% — If, 


- 853 9% 

_ 3283 4 

2d 1621 35 
.10 1.1 830 9V« 
.971 9J 123 10 

- 4603 5 


- 9X0 7% 

- 407 41+ 

- 34526 17 

- 1120 7 

- 171906 41 

- 2804 39 

“ *'3! 3* 

- 40S SVk 
_ 1394 6% 

- 2181 4 

- 2692 

... 2566 r.-u 


6% 7% ft% 
3 4 V. - 1 

10 13 —34k 

6% 6% -% 
38 40% *-% 

33% 38 ■- 2*k 

2% 3% ♦ % 

<sy, 5 

S% TO .% 
3% 3% 

4% 5V f — }<>/- 
2% 2%. — 


DAN Fn 
D&NFwt 
DIY Hme 
DBA 
DEPA 
D6PB 
DFAR 
DH TOT 
DM MW 
DMA PI 
ONApf 
ONXCP 


125 11.1 


860 0% 
787 3% 
384 10V, 
1336 5 
Jt 3% 
xs x 
937 28V. 
1033 25 

103 8 

3873 3% 

173 an, 

529 S'l 


8% 8% 
1% 3V, 
911 9% 
3% 4% 
3% 3% 
3% 3". 
27Vi 

Z7 24% 
7% 7% 
3 3".. 

l+H 70'. 
4% 4>. 


— % 


ft ’i 
»7". 


OetoFte 
Detolnf 
Delrina 
DettPine 16 
DeftNG 1.12 _ 
Denrestv .os© d t6xx 
DepGtV 1.12 3d 

D«Sv» 

DetrxC 


dO 


. lul 
Devon 
DtolPge 
Dteioovc 
Dtenefrc 
Konon 
DlbreU 
DOork 
Dtoilntl 
Dfofdsp 
D-yitBio 
DfHH-nk 
DraMic 
DiriSd 
DiotlSv 
DimeEn 
Dtonex 
DiscZaret 
DixieYr 
DaBrGnl 
Domng 
Donegal 
Donkeny 
DrchHu 

DorsevTr 
Doskd 
Datmix 
DblelTBe 
Dgt sLom 
Duwuti II 
Dr axis a 
DracoE 
DresB 
Drawin 
Dnexir 

Dr evert; 3A 

Drupe 

Drveers 

DucriDri 

DuckwaJl 
DuraPti 
Duracrtt 
Durkn 
Duramad 
Durfrons -42 
DwverGo 
DynRsn 
DytChC 


39% 43% +2% 

251 19% 18% 19% - 

- 2020 l*k 1 1% *% 

_ 236*14% 13% 14% ftl 
9 1013 17 16*k 16% +'A 

6J 8017% 16% 16% — U 
311+ 30% 31 — % 

30*4 39% 29% — 1% 
_ .. 4% 4% 4% _ 

-10734 7*+ 7% 7% 

_ 876 9*k 7*k 9% *1% 

_ 215 12% 12% 13% - 

- 36 81+ B'A 8% — Vk 

_ 4988 1% 1% 1% — % 
_ 1139 25 24 'A 34% —'A 

_. 996 22% 19*4 21% *% 

-10201 19 14% IB'A *1 >/« 

_ 1333 6% 5% 5% — % 
_ 653 4*4 4V4 4% — Vu 

3j6 11191122% 20% 22% +1% 

- 108 7 % 8% 9 +'A 

_ 3022 16% 15 14% *■% 

- 9530 39 23 38% ft-6% 

- 962 8 7V. 8 +V+ 

-1057021% 17% 21% » 3% 
_ 2983 15% 14% IS —Vi 
- 16547 3% 39k 3% ft% 

- 14459 10>V U 8V, 9% ftl*k 

- 1398 9'A 8*k 9% + % 

- 1734 39 37 37 _ 

- 4602 19'’. 181i 19 

do 2d 1684 8 7 7% — 7. 

dO 72928X30 2TO 29% +3 
1.10 6.1 1318% 171+ 18 

M 2d <770 13'+ 17V. 1-+, — V. 

_ 3156 21 20% 21 +'A 

J8 Sd 323 14V. 12% 13% + l 

- 225 15% 14% 14% — ?k 

- 777 9 S’Vp 8*4 — % 

- 982 11k l'A l*k — V u 
-10368 71V. IB'A 20% + 19. 

AO 2 A 8617V: ]<,% 16% —Vi 
„ - 1918 27% 26 27% ftl 

•10e _ 2434 1% 1% IVu — V U 

- 56 9% 8% 8% ft % 
_ 2687 10V* 9% 9V. —'A 

» _ 134 9 8% 8% 

_ 837 5% S’A 5% — % 
.9 4262 26'A 25 25% —'A 

_ 990 4% 4% 4'A 

-. 2661 12 9% 12 ft ' . 

_ 1506 13 12% 12% •% 

_ 3260 9 % 9 »% 

- 16X513 11 12% - Vi 

- 3021 X2% 38% 38%— 3 

_ 16518% 17% 17*6 

_ 16X015% 13% 15'+ * V. 

3 A 3924 17V. 16% I7!A + % 

- 372 X% X'A X% ft V. 

■xotll.4 9 3% 3 3% — 

- 2135 30 28 'A 28'+ — 1 


Slacks 


Hu 


SotoS 

Yld loojrtptv Low Ow Chge 


Emutex* 

Encoa 
Encore 
Enearaw 

Enasonc - 

EngBioxv 

Engyrnh 1.12 6J 
EngyRsh — 

Engwws J8 


651911% IU+ IT* — Vk 
627518% 15% 16% — 1% 


xd 


Erwsrc 

SS5SS 



781 18ft 17 17%— 1% 
799 1 7% 7% +% 

in 8% 7% 7% — % 

IB II 14% 17% —'A 

89 101+ IO 10 — % 

_ „ XI 9'A 8H 9% — % 

30 2.1 22810% 81k 991 — W 

- 555 4 3% 31k 

-. 101 3% 3% 3% 

.16 1.9 360 SIS* 8 8% rkf, 

- 564 x*+ 3*k «*t 

- 8171216 11 % 12% _'A 

- 741 2% 11k 1% — % 

-. 179 2% 10% 2% *Vfc 

- 45B 8% 79k BI*, *: 

- on lVr 1 19* —i 

„. 5696 Vk » B Vn ft' 

- 63 3% 3 JR * .. 

_ 2045 3% 3'A 3VS — % 

- 198713% 13% 12*k — M 

- 170430% 19% 301+ ftl 

- 9768 2% 2 TA — .. 

- 30126 241+ 1»>+ 23 

- 1188 2 11+ 11+ — Va 

_ 193 TO .4% 4% — % 


JttU 


- 541014% 13v u 131V— 1 
Id 846810% 10 — 


dd* Id 

EmsiHm 

Escalde ld6tMJ 
Eskimo do id 



l^ 


*d 


322 $ ft SU 

fa iT 

302 10*. 10 10% —'A 

_ 4525% 24% 24% - 

- 145 7% 7% 7% - 

- 361 12% 11% 12% *% 

- 181 3*i 2% 2tk — Vk 

- 2*6 4% 4% 4% —’A 
-OSe J 865 17% 14*. 15% —HA 

Med - 791018% 15% 18% ft 2% 

' Df 3d0 6d 111644% 41V: 44% ft2% 

- 101 7% 7% 7% —Vk 
-144«32% 20% 21% — V. 
_ 3490 21% 19% 20 -2 
_ 6416 8% 7% 8 Vi *% 

- 1787 TO S". 5% — Vk 

Wt — 274 1% V6t IK* — -V u 

cpt d5eS4 99 7%, 6% 6’.? — V: 

ExrcTl Id2t20d 8336 7% 4*k TO —1 

EXTON _ 5253 y/u 3v u y/ u *Vu 

Exi* _ 821617% 15'u 16V, — 1 

Expin s .10 J 661 21 19% 31 

- 1389 5% 4% x% — Vi 
_ 1589 35% 33% 34V, *1 

- 39704'Vu 4 V m 4% - 

_ 145 41k 3% XVr ftVj- 

_ 1*77 11 10 Iflf. — % 



ExorAm 

Exp5CPt5 


Erconv 

Ezcorp 


EforM 

E&BMar 

EA Eng s 

FCCS 

EOTls 

£FTE1 

E1S Inti 

ELXSI 

EMC In 

EMCON 

EMPI 

EP Tech 

ERLY 

ERO 

ESELCO 

ESSEF 

EZ Com 

EZE MA 

EZEMB 

EasfeBcp 

EalBsn 

EagiFncc 

EolHm 
Earth T 
Eosri 
EstnSc 
EstnEn 
Euslux 
Easlovr 
Eaterio 
EgtnVon 
Fnr y L -1 
Ecagen 
Ecoenwr 
ck 


- 115 4% 

-. 163 6% 
-. 512 9*6 

.. 19 2% 

13, .7 28122 20% 
_. 100 2 
-14508 14 
177 SV, 
668 10*3 
.330 5*k 
2112 B*k 

18+6 11*k 
114 7*i 
1947 9% 
>69 23% 
1013 15'A 
1373 13 
20 TO 


J3 Xd 


1.00b xd 


d0b3J 
dDb3d 
Jaa 2.0 
.« 3.9 


da 


EdcAU 

EbuDv 

Edurins 

EdUMlie 

EOlSOft 

ETtMat 

Eooticcd 

EiOilca 

vSIPosE 

Eton 

BeCos 

EicFuef 

OcRnts 

HcSd 

ElcSen 

Elctrris 

ElurAB 

Elamg 

HeArt 

ElecFab 

BCRCtl 

EiecTM 

EFII 

EtekTOT 

fjlritfir 

ElronEl 

Elrron 

Embren 

Embm wt 

EMCO 

EmisTcn 

EmmisSd 


56 5% 
X36 33 
295 24% 
_ 875 15V, 
.84 4 JO 123 21 
_ 474 2% 

-. 1853311% 

- 383 9% 

- 3134 3% 

.16 .9 1385 19% 

_ 107 1 

_ 300 2% 
84 1 io% 

,, _ 1733 3% 

M 20 *625 32 

- 1612 3% 
_. 9861 d% 

- 722 IV. 

- 5471 13% 

- 10 4% 

- 4833 21% 

- 46810% 

- 567 6% 

= HI* 

- 747 12% 

dieid 


dO 3d 


2916V. 

- 370 2% 

_ 526 7'A 

5715% 

- 731016% 
2J 25 4 

_ 6167 4) 
Id 310 53% 
_ 191810% 
-40535 22% 

- 3461 9 
_ 737 6% 

15 36 S 

-13103 27 
-■ 303 9% 
J 294616 

- 16 911 

.. 3089 23% 

- 3793 7% 
... 1166 1% 

- 528 6*4 
2513 3’-« 

.. 592 ITO 


2% 7% 

18% 19% -% 
H'/ u 1% -i* 
11% 13% +1% 
5% 5W.» » v u 
8% 10% * 1 £ 

7% 8% * 1 
10% lOVj— 1% 
9'A 9'A — % 
8% 9 -'A 

23V. 23% .. l'A 
M'A 14 'A - 

12 12% ft% 
TO TO _ 
5% 5% ♦% 

28 38 — % 

33% 23% 

14 15 V. ft If, 

20% 31 +'A 

2'A 2% — % 
9% tBi —Vk 
9 9% — 1% 

2 % 2 % — % 
17% IB’/.— 1% 
■Vu as, — Vu 
2% 2% ♦% 
10% 10V, — % 
3’A 3% — % 
30 32 >11* 

2% 3% * % 

3% 4% + '/y 
•Vu 1 — % 

12% 13'+ * Vu 
4% 4% 

18V, 21% +2 
9% 10% —'A 
t'+ 6% - 'A 

11%, !»■„ *» u 
8% 9% — Vk 

6"i 6% —Vi 

8% TO ft % 

13 13%. 

■Vu I Vi — V’u 
23 23 'A _ IS 

14 16% — Vk 

■ 2% » '+ 
6% 6% — % 
15% 15% -Vk 
14% lev, .. i% 
3% 4 ♦% 

37 40% ft 3 

51% 51% _% 
8% IO%ftlVh 
20% 27 — % 

7 7% —1% 

TO TO _% 
3% 41. — 'k 
33% 27 *2% 

8% 8% — % 

15 I S'* ‘ % 

« 9 — % 

19% 22% *1% 
8% ? — 

I % IYm - 

S. ft?" — % 
:> sv. -% 

15 ITO ft 


dOo 2.9 <3X6 20*4 191+ 20% +% 

dab 2-7 

AH 2d 


d0b2J 118 30% 29V, 29% ♦% 
' _ 174 23 21% 


F&CBn 
FILM Be 
FSJVVBn 
FSMDis 
FM Nat 
FCBFn 
FCNB 
FDP 
FFBcp 
FFBS 
FFLCBc 
FFVAFh 
FFYFn 
fkp 
FHP ptA 
FUR 
FM Prop 
FNBNC 
FNBRo 
FPAMed 
FRPPr 
FSFFln 
FStlnt 
FTP Sit 

Fcriltr 
FormVln 
EgGrp 

FO iTlSC .■>* ^ H^jNi oayi ig 

FB&TFfl -56 3J X32 17% 16% 16% 

FajrCm „ 1095 & 5'A 5% — % 

FotalPr M 3 TOBlIVi 10% ll -JS 

FrenBc JO 2d 22519% 18% 19% ft% 

FcxnBriA .95 114 770 9% 8% 9% _ 

FomBk _ 569 i¥ n Vu Vw Z 

Farmer 2d0 1J 30131 126 130 — 1% 

96314% 13% 13>A-1% 

IM Kk TO —Ik 

. 53 7% 61i 4% — % 

„ 2176 4% 4 4 — % 

■OX .1 5257 44% 41 44% *3% 

. _ 1«81 7V» 61+7% * % 

A0a2d 10 20 18% 20 ” 

d7e Id 123022% 21*4 22% t% 

- 4648 5% 4% 4>V M — *u 

- 169 6% 5% 6 — H 

. .. 1238 ID’. 10 10% - 

.12 l.i 2012 11 ll” I 

.40 28 479 14V. 13% 14* A *% 

.. -■ 1056 28 27-. 28 ft'ftu 

134 2A 5993 52'+ 5TA 53 V, ft% 


_. - 21 % 

_ 766 3W„ 3% 3% — V„ 

dOb 3d 235 16% 16 16 — % 

AB 3.1 60Z16 15% 15’A - 

■16e J 1133 30 31 'A ftlli 

_ 39 5% 5% 5% ft% 

-56b 4d 64715 14 14% — % 

A0 2d 16 1514 14% 14%— 1 

d4 Id 219 16 IS 15'A *'A 

- 281419% 18% 19% — % 

JO 2.7X7177 19% IB'A 18*4 — % 

-16027 29 28'A 2B% ft Vi 

die 1.1 441 27% 27', 27’A _ 

- 1074 13% 12% 13 *% 

- 1861 3% 2% 3% ft V. 

.72 3.1 6 24% 23% 23% —Vk 

- 498 6% 5% 5% — Ik 

- 4896 12% 10% 12 % 

- . 8518 171+ 18 ft Vu 

- 5055 9Vt 8% 9 — % 

-11918 28V. 23 27% *3 

-15857 25’+ 21% 25>A +3 

- 2310 8 % 7% 8Vu ftVu 

.15 2d 36 6% 6V* *u£ 

- 315 4*. 4% 4IIA ft Vu 

.14 A 42341 36% 40 ft 2% 


FurmMcfl - 

Farr 

Farrri iMe d 
FtdCm 
Fasfanal 
FealhrltB 
Fcrscrw 

FelCor 
Eerofl 
Ftorslrs 
FteBnCh 
FidFdVA 
FWFdBv 

FidC NY 

RfthT 


50-Ofl 

5«gieA 

FterteB 

FHaNri 

FBBsmt 

FfndBcp 


... 3493 4% 4 " 4% —'A 

- 1607 B-,. 7% 7Wu -J/u 

- 218 8% 7V, 8V+ +% 
... 4993 251, 23% !$>, ft Vi 
_ 1176 7% 7*k 7*4 - 

- 2166 9% 9% 9% — % 


FhBOTA .181 6.7 939 2a,, 3"ft M 2>Uu -Yu 
Fnclmss .26 2d 48 121+ 17% 12% _Vy 
FndSkC - 34918% 17% 17% _ % 

RnTrrts .92 33 x272 »% 27Vi M% Za? 
FinancScl - 303 3 % 3% 3'*. - 

- W5 % % 'A ft Vi, 

- son 7% 7% 7% —'A 
~ »9 9% 9% 91i +% 
d 459 32% 31% 32% * *6 


J6 _ _ 

dOb 17 7 7% 7% 7% . i/. 

22V, — 


FflBksh* ,10c J 
FstCsh 
RQX1BK 
FIChri 
FCtzBA 
FSICI2F 
FCOIBll 


-55 2d 
dOa id 


FlnSd wt 

QnLlne 

PmsMit 
Fir-Iter I 

FAlban 

Fit Atari 3 „ 19164 22V, 16% 30% *3% 

g*Tn IdO 3d 242331% 30'+ 31 _% 
FJJJ^C dx 3.0 9823 30 21%ftlVi 
FBcpOH 1^0 4.1 2231 26*k 24% 24V.— 2% 
FstBksgl U25 8d 1136'* 35% 26'+ . % 

142 13 12% 13 2 

908 3'i 3% 3% ft% 

1^ ^ "J 

—’A 

Ecojewt ids sd ^aiw, n>A 3?% t*S 

PComCp d8b 3d B71BV, 17% i«Vj ♦% 
PComC t 1J0 4.5 2582 36% 3S% 36% _% 
FCm^pflJl Sd 7031% 30% 31% +%, 
FCrrUSg, _ 716 2 1% 1% 

FCrricCD* 37 3d 1769 21% 31 31 — % 

FTgsex _ 31 40 1307 8% 7!k 8 — 4k 

. _ 7100 ev, g% Tvu 

J2b 3d 18217V. 16% 16% — U? 

JO 2d 48 31% 30% 30% -1% 

J6 ?J 5053 21% 20% 31 JlZ 

AH 3.1 X73816 15 15% 

dO 3.9 22715% 14% 15% _% 

JO 3d 8 24 % 23% 34*6 

■ - .038 J 342 10% 9V 10 — ih 

FRwOriS JdB 2d 271 38% 37% S'A *£ 
FtFrRki 1.19 3.9 lx 30 97% 9gVk _ 
FJFnCrs 32 A 3 155 13'A 11% 121. , % 

BBSB . M w 2131 15% 14% 14% — % 

pSFri/pt J4 Id 1032% 32 32 — % 

giSyW* -*5 Id 18026 34% 24% *. 

„ -- 4X1 1? is 15% -17% 

79 29% 29'A el 

16 6 6 _ 6 + % 



FsIFtlMd -56 3J 
FtFmk 1J 

FlGdHds 
FHgrfic 

RHow .... 

Fsllndls SI Id 2S316 

FTKnox d8bE|l J5 44 
FtUMY J2 2J 

FMerAcg _ 

PtMcrC 1.12 3d 


..40 1J X92 3I 
1.18 Ad 1SB8R 


RMcflS 
FMjcBC 
FIMOWF 
FstMtOo 
FNtGd 
FNOriOf 
FNmSfl 
FtOrivs 
FIPeNtw 

FstPtUm 
FiPatBn 
FtSBkNJ 
FfSvMro 

FSecCp u.u 

FfShcnga d8 U 


l«5rc 

RSdupst 

FTScBep 

FsiStBOJ 

FISlFln 


M% 30 *1% 

27% J7V4 ~% 
15 15'A — ' % 

41 44 4 31+ 

ft» 13% 13 13% * % 

9X4 IIV, |1 iiS ftJJ 

«B% 31 'A Jl’A-1% 
' MV, 23% — % 

JiSW 15V, 

‘S H fa 19% 

J# JJ 152 33% 32V, 3j% ft 

.52 3.7 157 1 3% 13% 13% , 

dS Id 233 »% 30 20% . % 

-37517 7% 6% fr% — % 
, WtltekU 17% — % 
.131 1.9 9 7 6% 7 * v, 

dib 2d £ 27% 25V, 27Vft . 

,-S? 0 ! 5 ^13* IS’A 11% 18% ftC 

40 803 26*1 25% 2+% 

30 1XJ+ 14% 14,.., Vl 


d8 b 1.9 827 24 
dB 2J 21028 
.08c J 


m id mnvt 24V, 2x% —5 
35 Id 398 14% 13% 14 7l2 

.* IJ 128 27% 26% 77% ftl; 

J 52814 13 14 
JO 2.5 5*7 8 7% 8 


SUM 


DN YU WOlMstl Low Cll» Ql9* 


FUTenn 

FTUMBCP 

Ftu» 

PWWCs 

FstVKtN 

FtWBc 

FtWFn 

RFeflBn 

FtEcTns 

FiMtoG 

FCDAHI 

FstrckBc 

FHOTtm 

Fiiarv 

FkwFBV 

Ftoattor 

FRflrpt 

Flair 

FtamU 

Fteas 

Ftextm 

FlaRt 

FtowMt 

Fbamo 

Fotunark 

FdUaB 

FdUOA 

Foaflnd 

FornSvs 

Far Am 

Farano 

ForsKJwt 

ForsXD of 

F orsch 

For sim 

Fiwynes 

Fossil 

Faster 

40 Sad 

FrttiFn 

FrihFpt 

FrthSMt 

FrwnTc 

FramSv 

FmkBK 

FmfcEl 

Erads 

FneshAm 

FrsbChc 

Erettor 

Fravm 

Friedmn 

stsr 

RkFds 

Fulcrum 

FulrHB 

Fuffons 

Funco 

Rtron 

FMwnSv 

Fvmiritls 

FutNaw 

Futrmria 


- 3712 16 13% 

1J8 4d 6237 47% 45% 

■07* 1.1 1375 6% 4V, 
36 id 133 33 

AO 23 217% 17V, 

300 J 21 DT 1 * 37 
VOX 53 <32 28 27% 

- 3M 9% 9% 
IdO* M 477 19% 18% 

AS 13x110 31% 20% 

- 10SS 9% 8% 
Ida Id 98 38V, 36 

- 1138 M'A 22 

_ 71S 5 4% 

- 2995 23% 22% 
JQ 3d 17 ID 9% 

... 3464 9% 8 
125 lid 9174 20 18", 

J3« 3 69519 17'/, 

.12 10 27 4V„ 4 

AM A3 151 11V, 10% 

- SB 13% 12% 
.. Ml 5% 5% 

22*5 6% 6% 
„ TB7 6% 

Vs 

- 370V 7 
Id 5176 5% 

.. 1.612126 Skk 

dOb 4d 40 8% 
..18159 53% 

IdB 13 243 


d9 

d* 


IS 

S’A 

8„ 


d3r 

J2 

dO 


.12 


32'A 
i*A 

. - 1% 
i 12% 12 
11*6 11% 

- “JBfefi 
a 

1JM 3d 316432% » 
Ids 53 349 59% 28% 

- 2780 4% 3*k 

jVfffc 

Id 51012 11% 

- 380 9% *’* 

- 395310% 18% 

- 174 3% 3% 

- 118 3% 2% 

- 947 16% 15% 

- 61 3 1% 

_ 141140% a 
3 259 1616 16% 

_ 60S 14% 13% 

JB 1 JX1221 34% 33 
d* 3J 705 19*+ 18% 
.. 778 17V, 16% 

d4 1.1 M7Q31% 19% 

- 605635 30>-i 

- 630330 18 

- sao 9% a% 

- 334 3 2 


15% «% 
47 1 1% 

6% — % 
37 xj 
17% * 1% 
37% _% 
ZB ft* 
9% / % 

19% rU 
21 * V, 

ra +. 
a —v. 

24% >1% 
*% — % 
23% *1 
10 •% 
8 —1 
199k ft m 
17%— 1 
4u» — m, 

11% ftl, 
IS** »% 
5% —' % 

6% _ 

7 .* 

3% 

*% »'V„ 
6% /% 
5% ... 

5% _ 

8% +*k 

53% -% 
32% _ 

28% t2% 

& 

3*v -y« 

38% - 

11% _ 

3* *% 

16 

1% — % 
39% — I 
14% /% 
14% ft»u 
33% — % 
19% *% 
17% ♦% 
21 +’k 

34% ft 3% 
ITOftl 
8% 

2 % — 1 » 


m 




'HE TRfB M 

m 


:*r. 

■WOT* 

T zyi 


G&Ks dT A 1629 16 15V, 16 •% 

GAB Bcp .72 23 1 32 32 32 -Vi 

GBCBc J2 2d 1X017% 11% 12% - 

GBCTelt - 5X06 9 7'A 7*u— l'Vu 

GMtS .. 8402 19% ITO ITO *2 

ONI — 109 5 4% 5 r% 

GPFnd dO 3d 16168 22% 21% 22. *»u 

GT1 _ 202517% 16% 16% — % 

GTSDrlk - 64 3% 3% 3'A —'A 

G-lll _ 204 3% 3 3 —«• A 

G2A - 295 4 % 4 4% — %• 

Gotov -1000617% 141k 15% — 1% 

Goffleo . _ 1014 x*k 4 4% ftW 

Comoro 1 .17* Id 32212% 11% I1H — % 

- 3089 3% 2% 2% —4k 

- 2073 4% 4 4% t % 

= iS% ■* »• 



.05 r 


Gomri 
Gartners 
Gasomcs 
Cede 2000 
GtwBa, 

Gtwvtns 
GeeriWd 
GeN 
GnCrtflt 
Goncur 
Genet-Tc 
GeneMed 
GnAIWes 
GnBnd AO 

S£S" 

sasssr 

GnFaro 3A 12d 
GenesCP 1-20 a 3d 

Genrii wt 
GetOTUW 

Gxrkoi, 

Griilyto 
Genome 


1882 IW, 19r> IVu +Vu 
13X317% 15% IT'S *6. 
.. 375 2 % 2% T»h * 9u 
_ 210310% 8*k 10% *1% 

- MS 3% 3 3% ♦% 

- 278X33 281+ 31% +2% 

- 5566 20% 16% 20% -»2*+ 
3379223% 21% 22% — % 

J 1711 10% 11 *'• 

- 201 3% 3% 3% 

- lareiTO 12 13% ftl 

- 3303 8% 7% 7% — % 

- 112746% 46% 46% +% 

2* 13 12% 13 —to 

- 1761 2% 2 2% — % 

- 477 31+ 3'A 3'+ — ' % 
4515% 15'A 15% *% 

38222 19’A 22 ftl 

493 4% 4% 4 V, - 
624 9% 8% 9 +»u 

159 4.. 3% 31+ — % 


Id 


-X4SD7MV* W„ *T »1 


Wt 

Gema 
Garmx 
Genus 
Gwnym 
Gent wt 
Genxvwt 
Tr 


GaBnd 

GaoTk 

gSlmS 1 

GrmSv 

GtertCmt 


109 2 INT 1% ft*.v 

737% 3T,t 37V. — % 

- 3407 7% 4% 9 — % 

- 357134k 13 13 — % 

- 179841*6 40”. 40% — h 

- 689 2t+ 2% 2% 

- 410 4% 4% 4*k 

- .83 2 2'A. Tht 2V U 

-17319 5% ,H 4% ft '.ft 

- 831 'Vu "i„ V. ft'.fc 

- 373 8 7 7 —1% 

- 6253 244+ 22% 24% 4 1 >4 
ft. 5591 614 3% 6% — % 

8609 33% 30% 32% *1% 

- .83614% 11% 14% *3y, 

... _. 1069 7 % 64+ 7% *1 

GenryTr 1848 2 2% 2% _u M 

fieodvn d« 33 217 8% 7% 7% 

GMgun 42 * 2.1 4021 1*4* 20% _* 

-,,100 6% »i 5*A -V, 

- 15177 9% * 9V„ — j|/'m 

- »*J,9% BV. 8% -'Vs 

. - 2895 IVu 2 2Vu + Vu 

■60 Id. 78861% 60% 60% ft W 

►. 12! 00 15 13% 14% _« 

- 2238 81+ 64+ 8% * 1% 

AD 3d 33 li'S 14% 15% 7% 

■ ,a *.**%'£ 'L w :sj 

» MV* ftl 

JO SJ 5815 13% IS ft% 

- 33SMDU. 9% 9% _% 

. j* *59 S’ A, 54+ JU, 

.46a 3.7 01 18% 17% la ..I 

..14446 61% STO +OV, >3% 
T - 5314 34% 31 24% +J% 

- I»l 6 S% &% -% 

.. 1100 IVp % % — V. 

- 2373 9lf •% 9 — % 

. ft- 'fS2 Jkk IWu l'V„ _Vn 

d6 6d ISM 7% 6% 6 V. — *2 

JD4b d 305 7U. TO 7 «Vk 

„ _ 341 11+ 1% 11+ .«/, 

JOD Id 11*40% 40 40lu— <Vu 
-3P912 1 l'k 11'.“ —2 
.. .. via 12% 11 11% 

• ,2 fdBrsSKJtt 

3 3 




\ 


■-ft 


■***rm 


- +*u 

■ft.. 

$ 




I 


'■*8 



OvtTtti 

Gwen 


JU 17 1315394+ 31% 21% -ft*k 

,,, 12 I3iv u ^te, 

l.HeSJ S31* MH _% 

Qn” pp - .657 4 34k 3'i > % 

GrpfTPaY - low 104k 9% lov. — V» 

GranBd _ SJO 7 6% £W »% 

g ranBd pfl.94 5.4 45017% 35% £. ,2 

CriOTC dO .9 92022'A S1V, 37V. +1 
GrOTtS 33 33 6311% 11% IIV, ,1, 

grtCra .. 3901 3% 2% 3% > % 

S2L - — -i S«M 13V, 14 *1'., 

■* 3 . *!* ?. s '‘ 9‘“ TO 


-.-tfe 


■«*■ 


u. 14618 Vu ¥„ v a 
JO 17 *70 16% 16% 18% — Alt . 
M - 1413 3V* +*? 

;®“ ,/utis .a a £:. 1,7, 

1IDI0 9% 9% ftft 4k 

SeS &'l* ****-» 


’4j 






***** 


Mk 6 


Greens J4 
Grertld ,m 
S mnSfn 
Greens wt 
GmwAlr 


- 4314 9Vk 8% BUI- —*u 

1J Tit 17% 18 18*k 12 
d VXfa »% 23% 1% 


.. 1478 5% 51 4 VA — % 

“ an 7% i* 2j* 

GfrxtSu dfi 7d 61+ 31% 30>A3»VL— IVU 

GrovM 3J5 2. U 190 IB 1«%1S4 -J 

_ ra r« a% ■% »*k 

&riStMU .1101 9% 8% 9% — ’ % 

G^nn 119*4 a 2*k 2% — % 

.. 3660 8% I' • IVS 

Grew* , *38 13% 13% IP* - 

Cmtimcd on Page 12 


X 


■T 






-ri'sei 














1 ■Oilj: I 


% j I A European Bond Rally 
; ; li Wo#t Bring in the Bulls 




i* i; | By Carl Gewirtz 

i . International Herald Tnbune 

S ^ ra ARJS — In a fitting end to an extraordinarily gloomy year, 
■ ■ S 5 I^J'bqpd analyse- particularly the technicians who are guided 
\J|3* W* 'gy patterns traced on graph paper, are taBdne: about a 
/iwvery in prices and a decline in yields. But it will only be 

-temporary. The rally will be followed by a renewed relapse, 
E-lSi most ago*. 

£ e f | Technical analysts were impressed by the sell-off. followed by a 
? a ^ 5 price reccrwry in “®i or b°ncl markets last week. That bounce shows 
* 5 5 s that “prices are forming a base” for a rally that could last a number 
r, S 5 ? of said Kalpana Pale! at Swiss Bank C-orp. in London. 

? « £ ? She iinidB 10-year German government bonds, which ended the 
f* \ 3 5 week atT7i9 percent, could retrace back to 6.75 percent. But then 
X a gs she seesVrcnewed decline in prices that could push yields out to 
»: 8 g J just ovff-8;percent later nett year. 

'! 5^0 RobertThomas at NatWest — 

! ' # Markets fii London agreed, say- Arallvwinhp 
i3gi now “a better tone A rally Will De 


!%?' K gi 
: Z?'« ?5 

> • «t 


£££ S?g! in Europe® bond markets, but followed by a renewed 
*'?£■& be was doubtful about how far it J 

l:: « ‘ could ga ^rem a trading relapse. 

SS £1 range, mid nght now we’re close * 

3:SS; %pgj| tome W m yields” so it would 

£ J $, l no t be.smprismg to now move in the opposite direction. 

* § I Bntri^'Sspected improvement cannot be labeled a bull market, 
1, j a? ! Mr. Thom^ said. “We’re in the wrong stage of the business cycle in 
5 g»! EurOTeJost this to be called a bull market. Rather, we’re likely to 
* * & S experience a correction in a bear market that might carry yields on 
* u ~ * 1 0 -year.Gennau bonds to around 7 percenL" 

BobTyley at Banque Paribas said: “There is good value in 
Europranlionds” with real yields —or whal’s left after subtracting 
for expected inflation — ranging from 4.7 percent in Germany to 
" — ' 8.4 percent in Italy. This compares with an estimated real yield of 
fa’faumi only 4.6 percent in the U.S. market. 

“iJaratak, “BmfSce nothing to change the view that markets are in a 
. neutral tb negative trend,” Mr. Tyley said. If European bond 

“* v " A - i ®or markets so far have been unable to respond to favorable f undamen- 
Jadw “j see no reason for a rally now than at any other point this 
year." he said. 

' But optimists have their sights set on early December. “That’s 

when allocations of new risk capital are made to the proprietary 
trading desks of banks,” one analyst said. “These guys have ran out 
w i.- yjt.g?* of moneyvthey lost it all this year.” 

* :? l 1 J The uv y«ar allocations will pul these operators who trade on 
behalf of itieir banks back in business, 
jp, v.'i' Noting that liquidity in most bond markets has contracted mark- 
edly, the analyst sakh “A renewed flow of funds back into the market 
and bingo —it could bejust the catalyst needed to get prices rising.” 


mfa «W « 
-r-w ‘ 


)i '\ tft 

... 


o-i^SS; 2- edty, the anal) 
; ■: 8‘ '• ana bingo— i 

‘i A C 


:« i*. | * I 1 . . 

■ * ir. r. 

■'5: : t , s ;. 

<: - •'•. •!<, t 

a ; 2V)3,t 
. - • • Si 5. 
- 1 1 '. t> 

• m : 
Mr. ;,a 
»; ii 
* 1 

* 5i* 

t Fr I Fi 

' :. VI r.s 
.n.-: :.T,k 
■i >h -i ^ 

1 : itt::.; r- 

t: • ft ». 

-r •: «*ijnr.O 

-a i-i j 

. -.i f. 

v : :uz r :■ 

■ ■ x U.v-Jil- 

■ t . jii a 

n 1 }• 

It h ty 
. r- 5V 
Ihf 

»• I- • 

^5 . 
•. . 1 - 
i 

1 '. -h* ’* ■ 

t . 11 »■ 

•i r.S £■ 

• 



THE TRIB INDEX 


" " h@Bmafionat Herald TrBjune 127 
IVorid Sfock Index, composed 120 
of 280 intemationalty investable 

stacks from 25 countries, 110 
compiled by Bloomberg iib 
Business News. 

Weekending October 28, ti6 
dafly dosings. 

Jan 1992=100. 115 

„ c A«»a/PacHlc BBBB ,«« 


World Index 


Europe 



Worth America | 


Latin America 



*f M T^W T F 


135 



F M T W T 



Ennrgy 118.87 115.70 +2.74 Capital Goods 118.79118.12 -0^8 


Utfltties 12a97 129.47 -039 Raw Material 1383713737 +1.02 


Finance 116.13117.18 -030 Consumer Goods 105.43 10838 -0.80 


Santcas 119.42 120.86 -1.19 Mlscrttewous 125.48125.15 +036 


He Max tracks U.S. CtoKar vabj*S ct stocks Tokyo, Now Yorit London, and 
Argentina, AmtraRa, Austria, Btfglum, Brazil. Canada, Chile, Danmark. 
FWmuI. Franca. Germany, Hong Kong, Italy, MaxJeo, Nattwriand*. Nan 
Zealand, Norway, Slnsapora, Spam, Swadon, Switzerland and Ven ezu ela. For 
To/fye, fiew Yoot md London, the Mur is composed of tho SO top issues In terms 
o( market capflalttawn, otfwTwise me ton top stocks ^ro tracked. 


© International Herald Tnbune 




U:-i‘ CroasKntM ocl 28 

.. .» l DJA. FJ. Uni D.FI B.F. SJ=. Yen CS Pesilo 

-j ; . •» ; . kawerdm uns pus i.tns uw iiw — sur* ue \.w iras ijms* 

I w— « e an sloe t&a um 10152 * ius — »«s ow 22 .W au? 

> ■ knaddart; ‘ wen Km — ■ 02 « «.w»* LKi u« 2 * 1 .W 2 IJU4* 1 .W 

Iiaiten {B> uhj - 1451 a LOT ■>-«*» ww 2JW S6J17 2JMc I5LH li»» znn 

- r h ?-‘. Mberw him mac n» sum LDJ* axs mm ma nun* nn — 

r'."- - -l, *«* . LSI J0 lm.TO U2LU SLS0 TOM ^ ™ 

• - r . NnrYorttb).— UMo Ul iW5 LSCM 1017 JW 1JSH naa use nszs 

• 1 , • i’-.' Parti . yps ujj ice — u» a use ilm on* sa»« inaa tin* 

, ■ • • ; n i 1 Tokyo . . PJ5 UU9 MJJ 1U0 US S7J4 1MB1 WJI *** 

Toronto ' ' USB ZIM UMS UBS 11*77* 0W2 UW* 'ffTa 1JB* — - IJ<7 

*' yf:; roricb ustj ms tna ism b*t 7* curst noli* — ij«s* um '-W 53 * 

■*■ 1 ecu • uaa urn ijii urn unu* net wmi ijut num 15,571 

c:“ law - unr ora u» uts mea ims n«t i4»a wjit mu* _ IK g3 
■' A”*** In Amsterdam, London. New York. Toronto end Zurich. Halms in other etftten. 
“-i. »■' TO buy ona pcvneb To Bov one dollar; •; Utrits tHran N.O.; not tuotee; NA.: net 

■"**** , . 

'• ^>tt»rDpBw Vedues 

to*™*: fin CarreacT Fwl Cwreney Fer^ 

«>«Uim..um Greek droc WHO MettPMO 1« 

AndraLt . 1J«| HenoKenoS 7.72d K. Zealand S 14279 s -|^- won 

11X54 Heno-toriBl I04J1 Norw.kreM 4^3 

• BrazHnaL tadtanwee 31JS FWLaese “? 

5 “2"*WMail3 ntdo,rupiati 2171JU Pl«*tr »» ™2f!re w£ 

0 : ' ^ 1 Cmk kereae — poa 1^1,1 043 FortescuBto m05 TariuriiHra 

F9wtarantfi.5j«2 Kowam dinar 03943 SawBrtwi US» Vutez-baFv. W47 

f- W i FlAiWrltoHSS • DMay.rin. ZS51 «*•■* um 


Z--M 

1 . I Z ' \ 


f 

'• - 1 l’l >1 . 

■ -R j ' 


Cwraacy^; mu imbv »Moy corroncr *^“7 *???[* 

**~ — TrirQgf ~ r ‘ uXN 14333 Canwflen dotor 14581 IJ50I U»4 

Otwniea y maj k; . »^S79 Win japmaae ren 9440 9M7 «A2i 

Swe»w**5i.-i: i jya usn lasw 

SwrwsTi^ga,* tAimnrfami: /rtabeuar Sank tBneMVi fw*» Comnwrctoto mttan o 
(MOatH; 'Agaric*- Franc* pnm-tearMi Bank a! Tokya (Takyet/ tmyai Bank of Canaoo 
( Toronto f/iMtt (SOW. OBnrtMatram Routtn ondAP. 


Mhdoy tMn lOdox 
U531 IJSOi L3504 
MJD 9M7 9A31 


Bears Keep 
Doubting 
The Dollar, 
Rally or Not 

By Carl Gewirtz 

International Herald Tnbune 

PARIS — “Don’t quote me.” 
the analyst pleaded, “but I 
haven’t got a beU of an idea why 
markets are rallying.” 

He wasn't the only analyst left 
agape by the rise in bonds, 
stocks and the dollar after the 
UJS. gross domestic product re- 
port estimated third-quarter 
growth at a 3.4 percent annual 
rale. 

The figure was lower than the 
4. 1 percent recorded in the previ- 
ous quarter but still well ahead 
of the 2.5 percent rate that is 
considered to be sustainable 
without rekindling inflation. 

The surprise in the latest data 
was the modest level of infla- 
tion, which slowed to 1.6 per- 
cent by one measure and was 
unchanged at 3.2 percent by a 
wider measure. 

But analysis agreed that the 
price report did not alter the 
need for the Federal Reserve 
Board to dampen growth by 
raising interest rates. 

In fact, J. P. Morgan last 
week raised its forecast on how 
high rates need to go — to 7.5 
percent on overnight money, 
which is currently pegged by 
the Fed at 4.75 percent. 

Analysts at the New York 
bank, who predict that growth in 
the current quarter will acceler- 
ate to an annual rate of 43 per- 
cent, had previously expected 
the short-term rate increases to 
top out next year at 7 percent. 

The cash market also was un- 
moved by Friday’s third-quar- 
ter data. Three-month Eurodol- 
lar interest rates ended the week 
offered at 5 11/16 percent, up 
1/16 from the previous week. 
Allowing for a normal quarter- 
point difference between over- 
night and three-month rates, 
the cash market is saying that in 
three months, interest rates will 
be 1 1 / 16 percentage point high- 
er than they are now. 

Groping for explanations, 
analysts said that the U.S. bond . 
market was driven higher by 
short-covering. Speculators 
who had earlier sola bonds on 
the expectation that prices 
would drop, which they did 
during the week, took profits 
Friday and closed positions by 
repurchasing die paper they 
had sold. This pushed up bond 
prices, equities and the dollar. 

Early last week, the dollar 
traded at a two-year low of 
1.4845 Deutsche marks, and it 
ended trading in what analysts 
said was a very thin market at 
1 jl DM in New York After 
touching a record low of 96.35 
yen. the dollar ended at 97-28 
yen. 

“The dollar remains in a 
bearish mode,” said Paul Cben- 
kow, London -based analyst at 
Union Bank of Switzerland. 
For the mood to change, be 
added, the dollar needs to move 
above 1.5310 DM. Traders re- 

See DOLLAR, Page 11 


U.S. Phone Bids Are In I Fed Official Sees 

Telecoms Reveal Alliances for Licenses No Slowdown 


By Mike Mills 

Washington Past Service 

WASHINGTON — The largest U.S. com- 
munica lions companies have formally dis- 
closed the alliances they have formed to bid 
for the right to offer wireless personal com- 
munications services, or PCS. 

Almost every big name has said it will try' 
for at least a piece of the action, and so have a 
number of smaller ones. 

AT&T-McCaw promises to be the 800- 
pound gorilla, having the financial strength to 
locate wherever it wants. When AT&T Corp. 
purchased McCaw Cellular Communications 
Inc. for $11.5 billion this summer, it bought 
Macaw’s cellular systems in more than 100 
U.S. cities. 

That means AT&T-McCaw likely will fo- 
cus its bids for the new technology on the lop 
markets it does not serve, including Washing- 
ton- Baltimore, Chicago, Boston and Atlanta. 

While a handful of the joint ventures said 
they hoped to create nationwide wireless 
phone companies, three of the regional BeU 
operating companies unveiled more conserva- 
tive expansion plans. 

Bell Atlantic Corp., Nynex Corp. and US 
West Inc., along with Airtouch Communica- 
tions Inc., combined forces, agreeing to joint- 
ly bid for and market their wireless services. 
Those companies will focus on the Midwest 
and Southeast, as well as Texas. 

On Dec. 5 the Federal Communications 
Commission will hold the first auctions of 
licenses for the new breed of lightweight, 
more-powerful pocket phones that some day 
may provide an alternative to today's wired 
phone systems. A total of 99 licenses in 47 
regional markets will be sold, with hundreds 
of smaller-market licenses to follow next year. 

The winners will be able to use the new 
technology to compete against the two cellu- 
lar-telephone providers already doing busi- 
ness in each market Those cellular incum- 


bents will also be able to use the PCS 
technology. When larger and smaller licenses 
are granted, there could be as many as eight 
competitors in each market 

PCS differs from cellular technology by 
using smaller antenna “cells" that allow for 
more powerful and compact pocket phones, 
it also uses digital technology that provides a 
dearer signal and higher security. 

The auctions, ordered by Congress, are 


instead would form minority-share allian ces 
with other bidders. 

Companies had until late Friday to disclose 
their partners and the markets in which they 
intended to bid. After applicants (old the 
FCC what markets they were seeking, they 
were forbidden from discussing the auctions 
with other bidders in those markets. 

Other potential bidders that disclosed their 
intentions included: 

• BeU South, which said it would limit its 
bidding to two market areas within its current 
service region, in the Carolinas and Eastern 
Tennessee. The Bell company formed a bid- 
ding group that includes the Washington 
Post Co., American Personal Communica- 
tions (which is 70 percent owned by the Post 
Co.), a subsidiary of the utility Duke Power 
and 35 other small telecommunications com- 
panies. The Washington Post's stake and 
American Personal Communications’ sepa- 
rate involvement amount to less than 10 per- 
cent each, according to company officials. 

• SBC Communications Inc. (formerly 
Southwestern BeU) and GTE Corp. said ihey 
would join to market PCS service in Texas.' 

• Amen tech, the BeU company serving the 
Midwest, will bid for licenses in Indianapolis 
and Cleveland. 

• Pacific Telesis Group, the BeU company 
of California and Nevada, wiU focus on the 
license for the market that contains Southern 
California. 


Bloomberg Business Set « 

DETROIT — There are no 
signs that the U.S. economy is 
decelerating from on un sustain- 
ably rapid growth rate. Federal 
Reserve Board Governor Law- 
rence Lindsey said. 

Assessing a Commerce De- 
partment report that showed 
the U.S. output or goods and 
services expanded at a 3.4 per- 
cent yearly rate after inflation 
during July through September, 
Mr. Lindsey said, “ft’s just 
more evidence of solid econom- 
ic growth,” at a rate that was “a 
bit stronger than expected." 

His weekend comments fol- 
low Federal Reserve efforts to 
slow the economy to a sustain- 
able rate that would not create 
rapid inflation. The central 
bank moved to push short-term 
interesi rates higher five times 
this year, nudging the federal 
funds rate on loans among 
banks to 4.75 percent, from 3 
percent, it also acted twice to 
raise the interest rate it charges 
on direct loans to banks, to 4 
percent from 3 percenL 

The Fed still has not seen 
much cooling of the economy, 
Mr. Lindsey said. “I don’t see 
anything in the crystal ball that 
would suggest a slowdown." he 
said. 

His remarks seemed to imply 
that the Fed considers the econ- 
omy easily able to withstand the 
drag of further interest rate in- 
creases as pan of the central 
bank’s war on inflation. Many 
analysts expect the Fed to raise 
interest rates at a Nov. 15 meet- 
ing of its policy-setting Open 
Market Committee. 

Asked whether the 3.4 per- 


cent growth rate is sustainable* 
without generating faster infla- 
tion, Mr. Lindsey said, “Proba- 
bly not forever. Whether it can 
go on for a few more quarters is 
on open question.” 

While many lawmakers if* 
Congress have strongly criti- 
cized the Fed for raising inter- 
est rates this year when infla- 
tion was well contained, the 
governor said prices might well 
be soaring by now if the Fed 
had not made its preemptive 

strike against inflation. 

“The actions of ihc Federal 
Reserve are clearly appropri- 
ate," he said. “We could be hav- 
ing serious problems now if we 
had not done the tightening ac- 
tion we did." 

■ Worn 1 Over 5&L Insurer 

Representative Henry B. 
Gonzalez, the powerful chair- 
man of the House Banking 
Committee, has warned of a 
possible collapse of the federal 
fund that insures deposits at 
savings institutions. The New 
York Times reported from 
Washington. 

In a memo to colleagues on 
the committee, the Texas Dem- 
ocrat said. 'There is a signifi- 
cant risk that the Savings Asso- 
ciation Insurance Fund may 
not be able to meet its obliga- 
tions unless changes are made.” 

He called Tor hearings on the' 
issue soon. 

Hie savings fund is separate 
from the Bank Insurance Fund, 
which insures banks deposits. - 
The Federal Deposit Insurance 
Corp. runs both funds. 

Congress set up the savings 
fund in 1989. 


Airlines Head for Profit 
After 4 Years of Losses 


China’s Economic Catch-22 


Compiled by Our Staff From Dupaicka 

MEXICO CITY — World 
airlines are emerging from four 
years of big losses, but profits 
are still low and must improve if 
the industry is to stay alive and 
not become dependent on sub- 
sidies, the International Air 
Transport Association said. 

In its annual report on the 
state of the industry, released in 
Mexico City on Saturday, the 
International Air Transport As- 
sociation said airlines were cut- 
ting the overcapacity that has 
crippled them in recent years. 
They also appear to have 
moved back into profit as pas- 
senger and freight traffic grows. 

“If the airlines do show a net 
profit in 1994 — a modest fig- 
ure of $1 billion is not impossi- 
ble — it will be the first since 
1989," said LATA's director 
general, Pierre Jeanniot. 

Mr. Jeanniot said that LA- 
TA's 222 member airlines lost a 
total of $15.6 billion between 
1990 and the end of last year 
and that this year's profits 
would give the industry “a 
breathing space as the painful 
process of restructuring contin- 
ues." 


He said even $1 billion profits 
would represent less than 1 per- 
cent of revenue, while a steady 5 
percent or 6 percent is needed, 
and he warned that the future 
depended on greater returns. 

. But industry leaders said the 
recovery was under way. 

IATA said air passengers 
numbers would grow an aver- 
age 6.6 percent for the years 
from 1994 to 1998 and would 
probably double over the next 
10 years. Freight traffic is ex- 
pected to grow an average 9 
percent in Lhe next four years. 

IATA officials said the indus- 
try’s so-called load factor had 
also moderately improved, with 
airlines filling more seats. Last 
year, when lATA’s members lost 
$4.1 billion, more than 35 per- 
cent of seats were flown empty. 

(Reuters, AP) 

■ New Airline To Take Off 
Edward Beauvais, the former 
chairman and co-founder of 
America West Airlines, will un- 
veil plans on Tuesday for his 
new low-cost carrier. Western 
Pacific Airlines, Bloomberg 
Business News reported from i 
Colorado Springs, Colorado. 


By Steven Mufson 

Washington Post Service 

BEIJING — Trouble is brewing within Asia’s 
economic miracle. 

A senior Chinese official involved in the re- 
form of state industry said last week that a fifth 
of people employed at state enterprises are not 
needed. His estimate means that more than 25 
million people could lose their jobs if Beijing 
cracks down on money-losing enterprises. 

And another official predicted that China’s 
inflation would peak at around 20 percent this 
year, roughly twice the government's target level. 

The solution to these two grove problems — 
galloping inflation and surplus labor — are at 
odds. To stop inflation requires cooling down the 
overheated economy. But that’s precisely what 
government officials who are worried about 
widespread unemployment want to avoid. 

“The government is torn between the aims of 

both urban industrial and rural agricultural sec- 
tors," said Huan Guocang, senior economist 
with J. P. Morgan & Co. in Hong Kong. “To bail 
out state-owned firms, credit restrictions are reg- 
ularly eased, only to be reimposed again when 
concerns about inflation regain the upper hand." 

The challenge is especially delicate as China's 
senior leader, Deng Xiaoping, 90, fades from the 
scene. Hxs designated successors are worried 
about maintaining stability once he dies. But 
which course of action is worse? On the one hand 
they fear unemployment could create an unsta- 
ble army of jobless people. On the other hand. 


sustaining money-losing state industries bv 
pumping money into them feeds inflation. 

Some policy-makers favor letting the state 
enterprises go bankrupt. That would put the 
economy on a sounder, market-based footing ; 
and would slow the economic growth rate, which 
hit 12.4 percent during the first half of this year. . 

The government has stated that it will force" 
100 state-owned enterprises in 18 cities into" 
bankruptcy next year. Bui the State Council has : 
given approval “in principal’’ to only one of the 
10 bankruptcy regulations needed to do so. 

22m Rongji, vice prime minister in charge of 
the economy is a leading voice in favor of moder- . 
ating growth. At a meeting of the International , 
Monetary Fund and World Bank in Spain early . 
this month, he said that China hopes to lower its ! 
growth rate to under 10 percent. 

Mr. Zhu’s efforts have largely failed this year. ■ 
As a result, many officials have talked about 
rolling back market reforms to stop inflation. 1 
They have slapped price controls on certain 
commodities, like cotton and grain, and threat- 
ened people who make “excessive profits.” 

But that isn’t likely to help. Too much of. 
China’s economy has been turned over to the free 
market for the government to regain control 
easily. J3eijing has also lost much of its ability to . 
impose its will on provincial and local govern- . 
merits that are busy malting money. 

Much of the inflation is driven by increases in 
the prices of housing and food, particularly pork 
and grain. The introduction of a value-added tax 
has boosted the year-to-year inflation rates. 


Nostalgia Value and Price 
Keep the Trahant on Track 


SMALL! 

BUSINESS 


By Brandon Mitchener 

International Herald Tribune 

DAUERNHEIM, Germany — When Ger- 
mans crack jokes about the sputtering, toy- 
tike cars named Trahan ts that were once the 
pride of East Germany, Rainer SchwitzgObel 
and his son Frank usually have the last laugh. 

Before the Wall fell in 198 9. the elder Mr. 
SchwitzgObel enjoyed ex- 
clusive West German 
rights to sell the Trabant’s 
bigger cousin, the Wart- 
burg, as well as the Barkas, 
a minivan, and the spare 
parts that kept them run- 
ning. After the Wall fell, 
he started selling Tra- 
bants, too. 

Unification sent demand for East Ger man 
car parts to new records as East Germans 
exercised their right to travel to the WesL 
"My entire stock was gone within three 
weeks," the elder Mr. SchwitzgObel said. 

Five years later, while most East Germans 
have ditched their Trahan is for Volkswagens, 
Porsches and Audis, business at the Schwitz- 
g&bels’ little East-West Store 60 kilometers 
(37 miles) northwest of Frankfurt continues 
to boom as West Germans snap up Trabis for 
their novelty value, cheap price at 850 Deut- 
sche marks to 2,000 Deutsche marks ($568 to 
$1,335) and ease of repair. 

“The Trabant is the only individual car that 
you can find these days,” the elder Mr. 
SchwiczgSbel said “There’s somethin® about 
it." 

The younger Mr. SchwitzgfibeL who re- 
cently assumed responsibility for the family 
business, faces increasing competition from 
other vendors, which have sprung up in East- 
ern and Western Germany, but still manages 
to sell five to six cars a month, while accesso- 
ries sales are booming. 

In the third quarter this year, business was 
up 35 percent from the same period last year, 
the younger Mr, SchwitzgObel said. 


Although he has started using a computer 
to keep track of orders, he said he may need to 
hire an assistant to keep up with rising de- 
mand. 

Most of his overall sales of more than 
250,000 DM a year come from the sale of 
spare parts. 

But besides selling the plastic pa ns that 
made the first Trabant famous, the Schwiiz- 
gObels have carved themselves a niche by 
selling sporty automotive accessories. 

How about a molded mahogany gearshift 
to put your two-stroke Trabi in motion? The 
ScnwitzgObels sell it, along with sporty Italian 
steering wheels covered in brightly colored 
leather, aluminum hubcaps in a variety of 
snazzy designs and front and rear spoilers in 
shiny black plastic. “We’re the only one sell- 
ing the sporty spoilers," Frank SchwitzgObel 
said. “I had them made myself." 

They have even custom-made Trabant con- 
vertibles, pickup trucks and a cement truck. 
“We have fun with the business," the elder 
Mr. SchwitzgObel said. 

What’s more significant, every car they ever 
tinkered with has passed the rigorous emissions 
inspection at the local motor vehicle office, 
according to the elder Mr. SchwitzgdbeL 

A lot of new business involves upgrading 
older-model Trabants with catalytic convert- 
ers, new shock absorbers and four-cylinder 
Volkswagen motors. 

In addition to selling locally, the Schwitzgb- 
bels export Trabants and Wartburgs — and 
parts — as far away as New Zealand and 
Argentina. 

The elder Mr. SchwitzgObel who has been 
driving a yellow 1984 Trabant for more than 
10 years, recently collaborated on a calendar 
featuring Trabis, Wartburgs and motorcycles 
made by MZ, a Saxon company that, unlike 
the automakers, has resumed production un- 
der new management 

For the future, the Scbwitzgdbels see noth- 
ing but good news as a wave of nostalgia 
sweeps the East. 



ThC Sign Vi CXLCUCHLC 


'M 


1 









r t^i 


ftg«10 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31. 1994 


MUTUAL FUNDS 


I Grp Nome WMy ( Grp Nome Wklr Grt>N«ne Wldy GniNome Wkhr GjpNome _ WUy Cm Nam* WMy GrpNome WWr 6n»WP"W ,-^^ae 
I FdNome Loa 0496 Fd Nome Last dig*, FdNome Laddm FuNome Lew Chf e PC Nome Lea aw* Pa Nome Ln« Oise P:N=me Lest Oi« -- Ncm - Lsit ense 


GvNfllM .WWY W WW 
FflNonW Lost Owe MNO"* 


“SKt L«SS 'Si 


#Ur »*«•»■ 



Oom of swfeg Friday, Oct. 28. 


; Grp Nome wldy (GrpNanw way 

1 Fa Nome Lost Owe ; Fa Name Lost Oigt 


NjTxFt 9.89 — .17 
NYTxF* 10.12 —.IB 


< HNm> OreMome WWy 

Fa Nome Uw Oreo Fd Nome Lca> dig* 


Fixedlnc 933 -.o? I 


NdtlMun t 9.1B —.15 
NCTxFt 967 -.17 
OHLWt 951 — 38 
QHTxFI 9.75 — .17 
ORTvFt ISO —.17 


Quonr&q 9.9* -.19 1 Derm Witter; 
STRKlnc 964 -.01 | NgllMunl! 




, SCMUPi 1024 —.11 , 
Blanchard Funds; 

I A mere q r> 9 jfl - .19 
FmgGrln n867 —.16 I 
FIxTFBdn *42 -.07 i 
Betlncn A S3 —31 


jljSTSj 
’Si* +5? 


JELW :* 

B§SA8rt^447 -J8 

CaoGrn 32.1s ,J7 


«np94S ,J1 
JCnp967 - jji 
\f> 972 + 34 

10 ?.73 - J03 


PvScfip 9.73 -XQ GKSrnp 1C.17 — 32 
GvStfp 9.h +33 PrcMno 9.15 — Jl 
Wp 1117 +32 STGln 1.74 
GvTpvo 8.11 -jl ST Band n 2.90 
GvTIBp 8.11 -JT Sd&idcw t*« -.05 


KnieMn lias .32 
GfWTncn 3M2 *37 
HQBdn 14.05 +33 
TxFBCn 1453 —72 
ABT Funds: 

Ernerop ix«j +ja 
FLHI 9.81 _.u 
FLTF 1043— .11 

Gwthlnp 1078 *.05 
Ulfllnca 11.14 +.13 
AFLaCaon 979 +.18 


m GvTICp 8.11 -J)l BratnwsflGigj* t ., 

*-2? grtnAP 1270 -.13 BmdvBln 1722 ,61 HjihSc! 

*77 Grincp lisa -.u BntfYWinZL99 — 32 Hiinccpx 

]f*S +33 HflrtjAp 1193 -.12 BrfnHXl Funds: HiYMx 

1053—72 Har&BP 1378 -.13 BrinsnGt HD.63 -72 IntSmCi 
1 — „ HIYkSrtvA p6Q2 —71 BrlnsClB f 978 —72 Inbndt 

12.90 +50 HiYkSBp 4 S3 - WU5EWV 9.93 -.05 LMMirii 

«71 — .13 My BA o 979 —78 Bruce n 92.96*173 MCopGti 

JH-S — “II WunBBo 979-78 BfWMflSl n 1074 — JOl MuAZt 
1078 *75 PoeeAD 1175 -.18 BuHKBwrGp: AAuCAl 

11.14 +.13 PoceBo 1174 -.19 GSxnc npx 875 —78 MUFLt 

I 979 +.18 ReEstAo 870 —75 GflkHnv npl7.7l — A MUNJI 

ReEstflP 8.80 — 05 GatfSec npl*27 - 71 WojOHp 

1171 —.05 RfiEsHTB 8X1 — MS! Afatnco 15.19—16 MuttPAl 
,979 _ TEH1YAB105B — 39 QuGtGthPl431 *.18 NYTxFt 

1002 _ TBHiYB P1D57 —79 SO&5D 1975 -78 NIRsI 

. TajrExIAPlOTB— .10 USOv^ no 835 -.05 PocGrt 

JJS - TxEIBp 10.77 —.10 Burnham p 3025 -.19 PrcMt 

2873 -75 TXMSA D 9.43 —.13 OTRrtvn 3173—71 Premier p 

1576 -.IB UMIAP B77 *.06 GSM Funds SelMUP 

1505 *.18 UTitBp 877 *76 AjiWTF 8.90 —10 Mpnoged 

8.92 +.13 American Funds CapOQvn 23.93 —.10 STBd 

1872 +J» Am Bale 1276 * 78 Fxdlricn 1074 + 72 STUSp 

1014 . Amcpp 12.44 -.12 Muflrtx 2476 —72 Stroll 

9.14 +71 AmMutlp2174 -72 Reaflvrut 9.45 —.13 Tgx&t 

1178 +78 BondFdD 12.91 -01 Cotmosp 12.93 +.13 USGvtt 

11.19 +79 CflplnBI P32J8 +79 C40AapGr K?.07 -.09 Uliln 

9.19—71 CdpWld p 15.40 • — 74 CATFln 9.95 —77 VolAdt 

9.19 CVWGTP1B79 + .10 OiOfornio Trust WWIncx 

773 -72 Euxxtp 2278 +.03 Coilncn 11^4 -.11 WkfWdl 

1377 - 71 Fafrtvp 18L49P -74 CnfUSn 979 + 73 TCBolP 

9.89 . Govtp 1274 _ S&P500n 11J1 +72 TCCort 

774—08 GwrhFd D 27.46 +34 SAPMk)&»7? +74 TCIlKP 
978 +70 HITrsrp 1374 —in Coiverl Crowe _ TCLnll 

1040 —08 IncoFd p 1345 +.11 GtabEq 1876—07 TCNorf uy 


NoflMimi' 

AmVoii 

CalTuFrl 

CopGret 

CorvtT 

DvGtM 

OivGlh I 

□ivln Tx 

Euro I 

GttJll 

GSjDivi 

GtoW/HIl 

^hSci' 
Kilnapx 
HiYMx 
IntSmCi 
Intmd 1 


RATxFI 9.81 —IS 
RiTxFI 160— .14 
gTStrar 872 —72 

TOTvFI 9^—18 
TXTxFT 9.63 —.18 
Totfitni 573 
VATxFt 9.64—17 


+ 73 WVT<F I Op— 16 
+ .10 BdoaVTradarfrtdt.. 


Bckrtn 11JJ -.05 
FuU 979 

Um 1002 

AIM Funds 
AtfGwp 972 


2873 +75 
I5J4 * .IB 
1575 +.18 


GfoAaGr 1014 
G0SC6 9.14 +.01 
GrttlBf 1178 +78 
GrttiP T1.19 +79 

Incop 773 —72 
1rd£p 1377 + 71 
LimMp 9.89 
Mu8 O 776 —08 
Summit 978 + 70 
TWCTp 1040 —08 
TF (rtf 1045—35 
Utflp 1274 +.08 
UWBt 1273 +77 
ValuBI 21.92 +71 
ValUP 2776 +71 

AJS^SdS 17 " *-« 

AffiMtg 9J9 
IntNUan 9J4 
SnUSGn 1045 
USGMtn 1024 +.02 
ARK Funds; 


cmnao is. 
EVSlK 12J 
Growttip 7.' 
Irxios p 7j 
indftjp 10. 
MunBd 9: 
STTsyp 57.1 
SpcBjfp 


MuCAt 

MUFLt 

MUNJI 

YjjOHp 

MuttPAl 

NYTxFt 

NTRSI 

PocGrt 

PrcMt 

Premier p 

SetMuP 


Trpdlnvp 6.71 
TradTollP 7.60 


-.15 EcnnEan 13.10 -79 


-» EdipB^1076 -.13 

^-.17 EmWfflo FUMSi 
— .74 Bdllnen 9.93 -JD 


^pea 


EmEot 1140 +71 
Ealnstn 1144 +71 
H.TXEA 10.15 —16 
FLTxFI n 10.15 —.16 
Mgc®a*n 9.iT +71 
SmCauIn 1017 +.17 
USGovA 971 
USGovl n 9.80 

m* «-=fl 


9.44 —17 ShlTBdn 8.89—73 
012 —IB STVran 9.28—71' 
9.1B— 15 SmoUCoP 1073 -71, 
947 —.17 SEAsIor 1476 —.19 1 
9.51 —78 StKScn 19Jl -79 
9.75—17 StrOppI 19.88 -.16 
470—17 Timn 57.97 -74 
9.81—18 Uffiln 1075 -.01. 

а. eo — .I* umftvn i4.ii -.id 
872 —73 Value n 44.48 +.43 
9M —16 Wridw 1378 -.03 

9.43 —18 FidefliY Selects „ ; 
9.63 —.8 Air r 1X46 —71 1 
STB - AmGaMr2Zgg -.95, 
9.64—17 Autor 21.90 +.10 
Op— 14 SiDledir 2470 -.14 
dilHMdl; Broker r 1579 +74 
574-78 Cfiemr XUS - .07 
279 -.16 Ccmpr 2096 +.71 
7.90 -.10 Con Prd r 14.57 -70. 
774—01 CstHaur 14.87 —.04 
055—71 DtAemr 1873 - 74 
976 —11 DevComr2O50 +74 
?-07 +J15 El ectrr 1054 *72. 
730 T m Enerevr PJ9 +7? • 
045 -71 EngKr 1278 -72; 

б. 71 -J07 Fnvlror 10^8—70, 

7.60 _ FinSvcr 5063 -77 
3.10 -79 Foodr 3279 -.73 
076 -.13 Heaimr 7AB9 

ids HomeF 25.ll —75 . 

9.98 -.10 indEoor 7073 -.17 ; 
1^0 +71 IndMatr 2145 —.01 i 
174 +71 Ma*r 19.95 — 03i 
0.15 —.14 Leisrr 39JJ +^i I 
0.15 —.16 MedOeir 2X47 +.71 

9.61 +71 Muium9dr22IB -73 I 


AfliUSp 919— JC Hauovur In* Fds _ KSlMunLl llj» — 75 
ARS 948 —03 BEhGTI 1034 -.08 Koutmcnp 174 -.36 

ALTFo 18.96 —.15 STGvt 9.54 . Kemper Funds A: 

AZTFp 1072 —.11 SmCPGrl 10.15 -.13 AdiGoi'A 873-01 

Bcllnvo 22 AS -73 USGVl 971 . ejueOlBA 1276 - 19 


17.13 - 77 6AFE 


K5TF 10.19 -C8 UgGprd -gl gJSS'ii? T'#- 

EcJrr.o 1094 +70 _ViW__ .^IJ r.0. . ^.1 


WM'i !-■■« * J££n ;■« - VS Sweep iow, + 70 V^, ^ n '5i 

iafifi S 28 :■ > nfeu - pamv. noWM -7} • II • 


Bcllnvo 32 AS -73 USGvl 9 J 
Cahybu p 949 —12 Harbor Funds 
Collrtto 11.41—14. Bo nfl 104 


Colima 11.41— .14. BanO 1040 
CA lntermH.01 —09 CcpAnpnl778 -37 


CtUTFr p 6.93 —M 
CQTrp 10.97 — 4 
CTTFp 1034 —-.14 
CvtSece 12.33 -.W 
DNTCp 1025 -71 


Grcrwmn 1X83 -J1 
inn n 34.70 -.14 
IntlGrn 11 A3 —.10 
SmDur nx 8.74 —.02 
Vaiuen 1353 -.18. 


DNTCp 1025 -71 Vaiuen 13i2 -.13. WlA 1174 -.02 

Fauitv a 4.BB -.10 HovenFd nriou -.09 MuniA VAt —.14 

Eqirit a U1S -19 HearMand Fds WT*a 1079—;: 

FIST ARS tfl 69 —.02 US Grip 5.93 .. OHTFA 9.10—14 

FedintWTrtO?? — .10: Valuep M.7s —78 Retire 1 li.OS -.12 

F*JTx VM —. 11 VahjrtncB 9.M -75 Retire? 1Z4' +.11 

FLTFInp 083 -71 WITxF 9.30 -.08 Relire3 10.09 -.03 

FLTFp 11.03—11 Hereule* Fund: Reiirei 8.W -.07 

GATFp 1170—13 EuroVln 10 J9 -74 Relire5 E79 -06 
GlGvincp 8.04 —01 : LAmVoinlt.35-.2S; SIGflvA 7.?£ -Jl 
GlbHllhp 11.70 -71 1 NAtnGrlnn9.97 -.03' StrXpEaA 5.W -.1: 
GlUlil p 1234 - 06 ; PdBValniO50 —.05 TechA 1M7 -37 

GoidP 1670 —AS ■ WoriaBdn 9.19 —72 ; TXTFA 974 — .11 

Growth p 1577 -26 HwRaae Funds TotRetA 9ii -09 

HYTFp 10J0 — .11 . COPAOOP1496 -.02' USGovrA 834 -.C 1 
HiMuBdp 9.83 — .18; Sri M» 9A0 -71 USMigA 6 J2 -.01 
in^jfrp 2.22 -01 McGrc 1130 -.07 Kemper Funm B: 
INTFs 11.12—12; LMGavR 977 - . DvincB t 5.77— .05 

ImrAdi 9.15 —73 SmC«PSP1475 -.13 GlobJncB a?S -73 




imTFp 11 A3 —H ; HtatiMarfe Funds 
NYlntmiTHtm —.161 Balance n 9.73 -.09 ■ 
IntlEap 1X75—7?: Honan 972 - 711 


GoriBdn 9 33 -71 


GtobJneB 2.75 -73 
GrrhBt no? - .i*t 

■ GrlhC 1376 -.13 

HiYKlBT 7 68 
- IntIB 1101 -77 


LATFp 10.74—12 Gnwrtnn 1009 -.21 ; SMIntt 7.95 -71 
MOTFp 10^57 —.14 ! IncGrn 1019 -.17, SmCOPB! 577 -.12 


7 NatGasr 9.75 -.42' /AOS^TFpIl 00 — 79 . incoEg 1X11 -.19 1 Tea* II 4j -34 ShcrtG* n 14.99 —.Cl 

_ Paper r 20.70 —33! MicnTF D 11.41 —.11 'HiTOoraGr 16.18-35 TatRtSl 9.10 -.09 ln:.Wgn» 14— — ti 

I PrecMet rl937 —.63 I MNIns 11.53 — .12 :HomeSTPA U31 -.19, TolHlC *H -.09 Si Bona x l3-« -J7 

PeaBnk r 1L62 +37 MOTFp 11.04 —14 iHomridBdn 4.99 -■ USMfgBt 4.72 -05 GIbOcctnlB.7? — ,4 T 

Reftnr 25.1 S — Mi NJTF 1089 — .14 .Homsravi 1532 -.19 'Kent Fundi Inrit Bonaax 19 49 -03 

Soflwrr 2A98 -39 NYInsp 1037 — 14 HorocMnn 2038 -.17 ' ExEqlnst +1X69 - 75 inflEq n 3iii-ir 

Tectir 4131-1.03, NY To. p 1130 — 10 ,H«ct*B4 OTey: < Frdinina nSLJi —.05 Mariner Funds 

Tdecomr3939 +38 NCTFo 1097 —14 1 Balanced moil -77. idxEslnsi 8X31 -.19 Frame 9ji - 31 

Tronsr 31.68 -.09 (ViflJTFpll^9 -.13 Ealnan 15J4 -.07 ' intlEqlrw 64 07 -73 HTTP 10^1-15 

UflPGrr 35.1/ +36 1 ORFFp 10.79 — .if / tnrtn 17.91 —.09 ' LrTEInsf ■ 9 6S — 0? fTFxtne 9S2 

MefitySparidR: I PacGrwtti tf.18 —.021 LOwDurn 9.B8 . LtNunnst iflUU — 75 TP Eo 11+4 +.1 a 

AarMtSr 934 -.14 PATFp 9.ffl -79 iHurianCapl2J9 -.01 I MedTEliWftM -.12 Markerwntdr Fds 

CAHYm 9A5— .16 PremRlp 632 - 74 Hummer ln<4»31 +71s MIMuninsMd —07 Ecjitv I0.ii -.Is 

CTHYnr 1031— 18 ! PR TFp 1093 — 14 HummrG 31.95 -.19 1 VolEalnaift82 -.15 Beaincm 9.7C -7'. 

CAintrm n 9.ia —11 , ReESeco lOJi — 73 HypsO 8.77 — 02 1 Ked Funds Invest irtrFxin 9jj - o, 

R-Mum 10.03 —19 S' Gov 1073 _ HypSD2 7.08 — .04 ExEoms 12A8 -.05 VATAuBU 9 Si — OS 


CopApo 31.74 -A» 
GvSecp 1031 +31 
GwthUP 8.46 +.1? 


rntedo 1X11 
InvCoA 0 18.96 -J6 
LWTEBdPli77— .10 
NwGcon pi 5.00 ,78 
NewPerpl539 +.17 
Srii&Wp2X77 -.15 
TcxEjcPtplUl —.12 
TxE»CApl4A4 — .15 
TxExMD P14J7— .17 
Tx£xVAPl477 —.15 
WshMul P1730 +32 
AmGwth 936 —.1 1 


Social p 2870 +.10 
SDCBdn 1SA0 -78 
SOCEa 20 A3 -33 
StrGwtti 17.18 -35 


4179 +34 TCMCP 
Up: _i TCLOtl 

1876 —07 TCNorf oy 

li.il] -75 TOQit 
9.92 —11 1 Del Grp IrtSTt 
9.84—11 Deal I 1639 +.19 
2870 +.10 Delwrl 1876 +.13 
15.40 —73 1 EHcul 2537 -.16 
20 A3 -33 DIOll 631 —77 
17.18 -35 TsvRsI 9.11 —01 


Gwthnp 8.46 +.19 
Gnncp 1871 -.17 
HYBdp T0.92— 74 
InHGrp 77.44 + 75 
SmCo .5.31 -75 


Wllfll I iu.ru - H r I 

Teair 4131-1.03, 
Telecom rj939 + SB 


Telecom r3939 + AS 
Tronsr 31.68— .09 
UtIPGrr 35.1/ +36 1 


«t ‘IS :JI 

TolHtC 9ll -.09 
.USMigB t 6.72 - 0? 


Eatc* 14.47 - 

Giay • it AO - 01 

Gcvtr 7 69 -33 

Ntf?4Ge,ai:o ’4 — ;; 
T.FBt 9J5 — 1: 

TaPt: 1515 -.14 

Veit 15-94 - 7? 

AAanaeen Funds; 
CanApn 24.31 -32 
$p=qn SSi -.1* 
In+fiort 2730 +J1 
ShcrtGv n 14.99 —.Cl 
IniM'g ni 14A4 — Ti 
c, dmi i » ta « IT 


G-.tlN’ +3e -0. 
rxVuTAr. —10 
Ir'SSiM 12 4? —03 
m:£aTirll6l —.03 
v.sBTAn ?.?i 
MD! 1 s 1C37 —.09 
7.01 TA 10 —7+ 

V£S TA rrt 9JJ? -71 
VjW.TA 1 94 — 16 

VvniAp ??J —16 


DvGrAp 50.11 -AQ 
EurGrA P ,8.90 —75 
GtEnAt ll 40 -.1? 


\\? 9 :s; affSa'. 


+ 31 SmCo 5.31 -75 
_ TEincD 1190— .17 
—11 Rversrwn Fundu 
—77 Evromn 14.46 +71 
+ 35 Rxjndn 1232 +.74 
GiaRen 1144 —.15 
+ .19 Gromcn 1575 +.07 
+ .13 LtdMktn 21 39 —16 
-.16 MunCAn 9.93—74 


SiG+'C r I®’ 
SJG.TAn 197 


£7MuT i np9T? - 02 ■ U3GvAP 'b W - 7] i ^U*nt 1X93 +.M| Cnon 


GIlnAp 9.99—71 . Inver A p 12.$} +.iu 
&G1AP 11.15 -.15 • MultiAp 13JS +32 

GrttiA p 19.77 -7?! Wu+jA JO-® -^10 

HilnA p 7.40 —.02 — 54 

lirvGAO 9.71 CTGIAb , 8A . 

MMinAp 968 — .13; StTglA 1X99 +33 

MTaxAp 10.T7—17- USGCriA 9.16 *71 
NYT.AB 9 77 —14 UlilAP ?.14 +.10 

RegFAp 17.93 +76 AUocSBr A6 -.07 

STGvtAS 12? ..I AKOCCBI 1.06 +74 


USGcNt A 936 :71 ! HYMn' M3 -33! OhngW 

QiiiAp 9.14 +.10 1 tncomn 1731 +.1 B; TbxE* 10 J7 — •+> 

AUocSBr 1IA6 -.07 I Mwitcn 12-52 -30 r ,^ Go ^. B „ m 


AKOCCBI 11.06 +761 NWn _ It 
ColMu 7 10.B6 — 13 Sotomcn Bros 


UtIPGrr 35.1/ 
Rdefity Spartan: 
AarMunn 936 
CAHYm 9 AS 
CTHYnr 1031 


1536 -.071 intlEqlnsi«07 +73 N/Tf 1031—15 
1791 —.09. LrTEInsf ■ 96B — 0.’ £TFy(ne 73? 


CAintrmn 9.ia —.11 1 
R.Mum 10.03 —19 
GtiMAn 9A0 +72 1 
Gorin n 9.71 -71 I 
Hpsninm 11A8 -JN 
iritMun 9J7 —.10 I 
invGrBdn 9 A3 -j>i I 
LIOGv 9.48 -71 I 
LTGn 10.14 -75 


TxFLrnn 10A4 —A3 D#tawure Grourt 
TxFrLtdC10A2 — JI2 TrandAp 1231 +.19 
TeFLna 1533 —33 VaiueA p 19.94 —.10 


MuniFrt 1079 —02 
Muni Nat n 9-ffl —.15 
Retire n 1 1.12 +76 
TafRtn 1411 +.12 
=> cel Mi das X87 —.12 
excelsior Irutt 
Balanced 7.16 -72 
EuGrowlh 7 34 +.03 
Eaindex 7 A3 +.15 


TxFVT 1535 —22 
USGoyx 1X58—73 


Defcapp 2532 +.16 


CapGrn 1036 +.18 AHeritan 175 +71 Cambridge Fds ! 
Gnncon 10.15 +.08 Amer Natl Fundi: CaoGrA 1536 +.16 


DecMAp 1638 +.19 
DecTRADI195 +.16 
Del aw B 1873 +.13 
IntlEcAp 1239 + 72 
D*!c«Ap 63) —31 
DefchB 631 —.01 
USGcrip 7JB +.01 
TreasAp 9.11 —01 
TxUSAP 1170 —.11 
TxInsAp 1071 —.10 
TxlIttA P 1075 —78 


Income 939 +31 Growth 4A3 +.07 

ASM Fd n 934 +79 Income SIM +.17 

AVESTA; Triftex 1X42 ..12 

Balanced 1736 +.13 API Grant 1276 —75 
EqGro 18.94 -35 Am Perform: 

Ecincam 1M1 +.46 AsoGro 1230 +.14 

Income 1539 + 73 Band 9.09 

Accessor Fuad*: Ecu, tv 1174 ,J4 

IntFxInn 1132 +71 Inted 1104 


GvlnA 12AS 
GwtfiA 1475 -.19 
IncGrA 570 + 7J 
MuldCA 475 —32 
CapGrflt 116 +.16 
GlobB 4J4 +.07 
GvlnB 1 1X66 

GwmBf 14A9 +.19 
IncGrBt 1100 +.03 


01 I MarkfriValchFds:* * 


5TIHN: 977 

STI.niCt 9.57 
jC 7A r 9.94 — 08 
Sfl^Ttn 9.41 
TXlTAr. 9.7C —.68 
Vdtuefttr 134a -33- 
VcfuelAol’Sl -33 
Vi'jeTA 1 1 51 -33 I 
VAI TA n 10.14 -09 . 
1.AI lAp 1014 —.09 


Faincnt 14.05 -31 


1874 +.18 

IIB +J1) 


s U ^ 0 #|=|. 

n 872 -06: TxFHB 1 » i.« 


SmCaeGr tost +.18 lAATrCr 
TAGovc 9.77 +71 lAlFUWfe: 


131 *71 ■ NUfc1uMns3bl6 — 07 Ecjilv 10.14 +.15 VAlTAnlO.U 

.95 -.19 1 vnlEalnsroa? -.15 Re>mcm 9.7C -7 '. iwiab 1014 

1 77 — 02 1 Kent Funds Invest inrFxln 935 - 0: Nationwide Fds: 
'.08—01. ExEams 12AS -.05 VAT/ujBO 9 Si — li NlBcrC X46 

LJ9 -J8 ) lOxEqlr 11 33 -.19 Mcrwa PvnOS ."JdlpFo Spl’ 

. I nt Earns 14.01 -.03 GriSecA* 9J6 — 05 MTXwn 11J4 

135 - 78 VnfEqtn 1X78 -.15 Grain* 9.i5 + OS T^Fref 9.41 


LTGn 10.14 -75 VATFp 10.95 -.13 ■ GrincP 
MOMum 9.15 — .16 FnuiltDnModTr r IntFan 
Munln r 9.49 —.16 CarpOual P23A6 + 74 , InsJSd ) 
NJHYr 1035 —.16 InvGrtade P8.79 -71 l Midcap 
NYHYm 9.74— .171 RliDfvp 14A4 -.15 Resdn 
NYlntern 9.17 — .10 .FnmJtSn Tempt Resrvc 

PAHY m 9.91 —.U GermGvt p1117 —.15 Value n 
Shrine n 938—02 ~ 


Exlnvrtp 7.17 —72 ..... 

FAMVaffl 2134 +79 SmnMun 9.71 —04 

^1^1939 +39 

Grawttit 1339 + 76 EuroEa 3135 +35 

HiGrBdl 930 +71 PacBsn 3931 —.18 

WYBdt 932-73 SmCo 1135 +7/ 

Monpdt 1130 +75 TxFSJ 1078 —71 


SlntGvn 931 +.01 I 
SnunMun 9.71 —74 


TxPaA P. 877 —07 FFB Lexicon : 


Gnncp 1X63 +32 
IntFan 1337 — re 
Instsa x ifw —74 
MidCapn 14A2 -37 
Resdn np2038 +37 
Resrvpnx 9.92 —.03 
Vaiuen 1071 -.04 


PUII +.03 IDEX Group; 


A43 + 05 
932 —.09 
734 -.15 
2371 - 48 
935 -.19 

1 % :il 


Bel n 934 - 1? 
Ealnc 9X -.16 
Grilncn< 0.ej — G3 


pi 192 

oil 36 —73 , 


Idex 1837 +A7 
TGtobAp 1639 -.10 


2671 —78 
9.97 —14 


MiQCopn 9.77 -34 
STincn* 9.45—02 


.■JdlpFO ip 12 - 14 

MrGwra 11J4 -39 

TxFreT 0.41 —.14 
USGvln r 9 22 
NeuberoerSBerm Fd 
Genesis ?• 16 - 0» 
Gucrdnn 19 Ci -.j 5 
LtflMCth 9 86 
Manner n I'.M - 35 
Must ’GOA —03 
Pcrnrin 21.10 -39 
SerSetcn 157? -M 
LitrcBdn 5 4? _ . 


OEnBt 1139 -.16! 
GlIrBt 99: —7! . 
GlolB t ia98 - .14 , 

HilnBI 7.29—78* 
imiGST 9 71 
MHInBt 4.47 —13 
NTd»Bt !0.?7 —.17 , 
t4YT»Bt 937 —14 ! 
PeoFBt 17.63 -.06 | 
STGtftS a 237 ■■ 1 


HiYHSm 7.88 NTTTFBn **/ ! 

IntGII 7,65 —02: Mr 1106 +33 

IffiStB 73-72! SJTFBdp *.«^7* 

InVcrBnt 1233 -.10 i SmCoJ*! 10.04 
Mi 1 HI R 1173 +31 SctrwnrtiV 30.11 —75 1 


GtEnoyB 1176 +-3S: Divert n l?« 1: +rt» 

S&SsJiH 

SKX„ tS ::]|l 2b 


MultiB 1X72 +'31 SOwwJrV 30-Tl -75 UjuTTA p 83* *.» SCFja “ 


SmCOoBf y.V7 >.U6 ' MuGor IOd9 — .12 
SUB 876 —02! MuOHYB UQ.40 —.10 


0 17$ +.15 

ap fii — !iS 

? ?S-i8 


„ .. 9.45 —.32 Neube ru erS Berm Tn i AtlDc 
Stock n 9.93 -.18 AfATBoInlAM -31 | uapAD 

Vd&jn ia/5 -.17 GuareTr n 10.99 -.21 | ComTe 

Mass Mutual mst NiCTCnlOJI - 13 , DvGOt 
Balencd4 10.10 -.07 Ne-«*lter 2933 * 19 1 EuGjp 
Ccre&w 9.97 -.01 fiewCirw 1118—75' GlulD 

hitlEQC 4.9+ — . 14 New England Fds: I NTxDf 

PnmeJ lO.W -71 AdiUSAn 7 2S . Grit* 
ShTmBd4 9.79 BatonAo 11.83 -.07 . UlnDt 

SCOPV4 9B3— ,37 flcmcA 11.06 -72. HilncD 

ValueEae 10.17 -.71 CA TFAp7)9— 09- lnvGD 

AVamenn 14*0 — Cfi CasG+Ao 1SJ9 -jsb. KTiT.D 


FmHarGvt 10.11 -71 iFuntfTrust 


Bondn 938 —03 
Global n 1333 + .04 
Growth n 1132 -36 
IrttJGrn 9.72 —78 
CA mt iau —79 


TGJobCc 1630 -.10 Keystone Amer Aj 
2GrowAP17A2 -M\ Aulncof 893 -.06 


AOcMortBIIAV +73 IntmTicF 70.03 —10 MuIfKBt U 77 —M (M-Poofed Trust CaaAOTX 71^2 +.15 FkiHacMur 9M — .17 

ShtlntFx 1170 +.01 AmUtlFd n 3070 -.07 CapMkiaxnll32 +31 DefEo 110/ +.18 Fxdlnx 934 —73 First Amer Fds A , 

xxmln 16J5 — 09 ArnwyMut 7*7 +30 Cw»pi«Hlo Rushmorfc GtoFix 9.79 — 01 Irrhjvx 939—74 AsjAUpx 10_51 +.10 


Acamln 1635—09 ArnwyMut 7*7+30 
AcmFd 1334 + 73 AnaiylShrGv»A6 
AdsnCap 28.16 +.19 Analyticn 1239 +.15 
AdvCgaTp 1021 +.14 AnctvCap 2036 +.16 
AdvfSetP 932 _ Antnn®npHL95 +30 


11A5 +77 InttEq. 1X99 +78 SeTValue PJC.17 +39 BOanp 1160 +J77 
1X33 +37 DimenSonal Fds: | SmCoGrnxll.16 +JD I Equity p t/33 +.10 


Groin of 1576 —76 Bondi 


AdvestAdvont: 

Govt np 837 
Gwrhnp 1671 +.07 
HYBdp 8 A0 —02 
Inconp 1276 +71 
MuBdNat 8.85 —.17 
5odnp 2033 +76 
Stratinc 11.90—03 
Aetna Advisor: 

Aetna 7 1QA3 +.11 
Bondt 979 —03 
Grtncomtll.il +32 


Aouita Funds: 


Bondt 979 —03 EqJncn 9.B3 +.12 GovtObDg 7.90 

Grtnaxntll.11 +32 Fxincn 935 +31 CarJCa 1100 +74 

biOGri 11 A0 —73 Arch Fuads CameoOHTESJO— J75 

Tax Free 931 —.10 Ba 975 +.12 Centura Funds 

wtoa Select EmGrth 1X62 +.13 EqGrwCn 9A5 +.15 

Aetna 71 1077 +.12 GovCorp 978 +.01 FedSInCn 933 

AsianGrn 935 *SO Grolnc 11213 +32 NcTFn 931—3/ 

Bondn 979—02 Mo TF 10A8 — .14 CenhimGo 197 +75 

Govt 9.42 —73 USGov laiO +.01 QUTYShrn 2X69 +.04 

gjssSp :s tis&ssw :s i3 


20J6 +.16 Ctx»ielUt1 878 +.10 InHVal n 1071 +73 FFB Eo 1070 +.15 

31075+30 Capstone Grawc USLrg 1434 * 37 FFBN J iau —.14 

Is Balanced 1703 +A4 USSml 837 +.06 FFTW Funds 

9.91—11 Gcwtti 1332 + 32 US 6-10 n 1136 +3/ US Short 4.91 _ 

977 — .11 Gritnc 4.86 +.D1 Jopann 22.16 —36 wWFxdln 937 —A3 

1039 —.13 MedRs 1836 +37 UK n 267B —15 , WW ShTm 9.93 —71 

10J34 —.11 NZland 1047 — JW Contn 1536 —IS FGICSnS. 9.98 

9.14 —.13 NJopan 7.98—76 DFAR!Estn9.96— 78 PMBRjnds 

10.01 —.10 Cardlnol Famihr: Fixdn 101.00 +.11 DivECS 1 78 +33 

8.99 —.13 AupGm 1DJJ +37 GIBd 77.04 —39 DivEI 1178 +33 

ltd: B^Sced 9.91 +M Gorin 10075 *J>7 IrdGCP 936 —30 

976 +79 Fund 1X74 +79 inlGv 10432 +77 IrrtGl .936 —71 1 

9.B3 +.12 GovtObBfl 7.90 _ IntTHBM 1274 + 73 MiTFp . 

935 + 71 CnraCq 1370 +74 LCdDlrrl 1X89 +76 MiTFT 

Came8OHTE»J0— 75 PacRim 18A3 —.03 FPA Funds; 


Equity p )733 +.10 
Eqldxpx 1034 +30 
Fxdlncpxl039 —74 
IntGvBd px 193 —73 
irthnc px 9M —.04 


imTxpx 10.16 —.12 Funds IV: 


Incopf 978 —71 
MgdTRpt11.13 —31 
fundamental Funds: 
CAMunnp 770 —13 
NYMunnp .95 —72 
US Gov n 139 


1037 -71 
x 933 —04 1 
IPX 9.69 —71 
p 1272 


n 9.96 -78 
934 


2GfOwCt> 1731 +.43 
TTaxEX 10.90 —.11 : 
2KKFIAP 9.66 
Idex3 1X13 -76 1 
2FtxlnAp 836 —72: 

■§uCpP* 672 +.14 1 
Bcrrip A 78 _ I 

CATEP A97— 37: 
DEI p 7 79 -.031 

DBCUVP 1171 +.18 
EouilPlP 10.90 -34 

1-51 I 


CAPIF 979 +.01 
Fr»A 9.83 —.16 

FOAAx 1073 —.05 
GOA 1933 - 37 


. UMBd 935 -.06 MulnsA 1033 —13 

CclTDp 1017—1/ Munlnl 034—12 

USGvBt BAD —01 AViAAdt 10-18 —.15 

i AIIDC 1677 —04 MimMAt 10.90 — .3 

] gBScp'rjl 

i SSBgTiiPfcS 

i fjV G ^p lo37 — 1/ i fa 

GrtttD 1933 + 07; MunOht 1137 —.14 

, GllnOt 9.99 MuPn t 9.97 —.14 

, HilncD p 731 —03' NIMunt 1479—19 

! invGD 9.71 - ; Struct a 11.12 —.0} 


9.19 —.03 SC Op V 4 9 83 — ,37 
22.77 -.90 VdueBot ’0. ’7 -.71 


£Sg p §I tj 

MOT 9^» +J 


AdmLTn 91? -7? 
AdmbTn 9.79 — J>» 
Asset An 13.41 +.|J 
Convtn 1133 + .16 


I Eg men 133+ 


GiSmCo 16.19— 0/1 SlMCbnan made 


GoWn 123B 
GrwIncnxlJM 
Income twl270 


SSSgfffMI BBffTJS 


ml 778 -.07 
ullAl —.16 
04431 +31 ] 


>{1 20J& +JS „ X. 


DE3p 739 -.031 Ft* A 1QA0 — .19 
DScovd 1171 +.18 SIcAtX T32^07 
EouitPl P 10.90 -34 TvFA fx 4.17—17 


HrlGrA 2147 -33 Mamenn 1470 — CS 
ImdAtX BA2 — .04 3WRV/G 14.10 +33 
Omega 1613 -30 Maxus Fundt 
FtrA 1030 —19 EouitV nrt 14.07 —94 
StcAtX 732 —07 : Income! 433—12 
TvFA lx 4.17—17 Laureat pn!9.9I — .08 


GtoaBdP 535 — 33 KevstoneAmerB: Stocxitn !»-?S *32 


BcincA 11.06 -an, HilncD p 771—32' NIMunt jA49 —.19 

C-iTFAp7)»— 08 ! inwCD 9.71 - , St nxto 11.12 — .01 

CosGta 0 1SJ9 -76 . KTiTiDp 4.77—14 SlruCtB 11.J2 — 

gSg A 011.17 — 3S ' MH1DP 9.67— M 1 . USSrint 9.16 -31 

GrQpA c 1I.9C -30 STGvfOP SS7 - ■ UMBl 9.12 +.10 

GvScAp 1039 . 1 SmCcoD 4.99 + J f ' Pnrdwihcd lnd[ 

GnthAo 1013 - 04 ■ SMDd 8.87—01, ACTBal n 0. 

SJnSSp 4 1- . I USGOP 839 —31 i Bain 1J 

iriEcAp 1632 -.10 ■ UHDp 8.35 +.06 1 GmSlkn IX. 


LatAmr r 2634 —12; 

MATxn 13.65— IB! 
MftJTFn 1076—0? 

M in $3-8 


inwSn l'o.* TsMCApn 10.25 *31 

awBn }.?> ,3) Trlruin 3X39—10 

SSSSmsL -! 


GvSeA p 1059 
GwfhA p 10.13 -04 
HilncAp 9 1? 
irrEcAp 16A2 -.10 


I NYTxn 97S— 12 
I OHTxn 1X16—18 
I PA Tax n 13.4/ —17; 

l PlKOop* B 1 ? A 1 — ■ 


LWMItin 9J4 - i 


[ Growth O 1835 


n 7 ^ 7 

Bondn 9j? 


InlGv 104J2 +J7 Intel 9J6 — Ji 

IntTHBM 1X04 +£3 MiTFp 10.13 — H7 

LCoaTnt 1X89 +-04 MITFI 10.13 —37 

PocRim 1873 —.03 FPA Funds:_ 
USLoVal 1050 +.15 Cnpil 2030 + 79 

USSmVal HAS —34 Newtnc 038 +33 

wcfirtACox: Pantirn 1431 +J» 

Sarah n 46A9 +76. FErert 72M +M 

Income n lOB4 +XO FoJrmtn 25.14 —02 


RepEop 1X62 ..GAM Funds 

px 1633 +30 Europe 9134—12 
First Amer Fds Q GtoM 13836— X26 
AstAOnx 1051 -.10 I nfl 19853 — 234 

Balance nx 1070 +J» Ptx*cs 19435 —96 
Eqldxnx 10.93 +30 GEEHunSai j 

Fxdincnxl039 -34 Dlvenfdnl433 +.12 I 
IrrtGvBd nx832 — 34 Gkttun 1771—33' 


in 10.00 +.08 i HiYdTEB 438 -35 


^-.,6 


IntlGrn 1174 —04 Anhstnan 933 +.09 CHestnr 15ai7+X15 

SmCoGr 1032 - Arrpw Funds ChicMilwn 14734 +.11 

kfierFunds Equity 932 *32 atubbGrin 16.18 +.10 

Growth t 20.94 +53 FwSncm 933 + 31 OtubbTR 14.1 a +37 


Boron n JLSf +76 ^Perert 2238 +34 
inenmen 1034 + 33 FoJrmtn 25.14 —02 
Stock n 5*79 + 32 Fcsoanan 18.12 +.16 
DomSocicl 1X61 -32 Federated Fortress: 
Dremon Funds: AdiRttv 977—32 

Contra 1433 + 32 Bondrx 9.08 —35 


inline nx 979 —34 Inqsihen 1074 
imTxFrnxlO-16-.il SGSLnanlOAl 
Inltlns/rt 1037—311 


.... .... SaSLfignlOAl -31 1 

mttfnsfn 1027— 3? S&5PMn37S3 -59 
uairjcnx 933-34 ToxSx 10.90—13 

sss&jfsas^a ci^ 347 ' -* 

SoecEqn 1733 +.10 I GfcXxUC 1956 —35 
Stock rw 1633 + 31 IncnmeA nl 1 30 


insrTEp 513-391 
IntlP 1033 —31 
MgdRp 1138 +35 
Moss P S.G1 — .07 
MichP 5.16 — 38 
MNTE O 4.99—36 

r lo 1138 +38 
TEP A 96 — .05 
NewOo 1474 +J1 
OntoP 537 -37 
PreoWp 879—37; 


1 TX 10.47 —35 


stock T n 11.96 ~2i 
USGoVTn 9.6? 
USGrilm 9.20 


LfCTVmApi4£ —Jll'FarCicbn 1035 +.10 
V-CSS” A pi 531 —54 Popp Sfk I4.e9 - 31 
StarAQ 13 68 - 16 Pure ion Ph 
TiE»Ap 6.95— .11 GritS 1555 +3? 


Bain 1139 +.05 
GmStkn 1237 +30 
income n 9 33 _ 

mtistkn 15.13 — JW 
Stvidx n 115* +32 


. ... . ChxrtGr n 16-18 +38. 

9 +.05 ST Bond n 1133 —.01 { 
7 « JO l ST GftV n 1038 —32 ! 
S -J TxFHYn 11.11 —18: 
3-JNl Vrtuen l?Jl +.ll-l 


n 132 +31 
n 73? — 31 
835 —05 


TaxEx 10.90—13-. Pros res n 6.M +.04 
Trustsn 3431 -56 Select o *61 -31 
CFu«k: STOCKP 977 +.19 


74 +52 At1antaGrpll37 
31 +31 Altai Funds: 

CAlnsA 935 —37 
96 +32 CaMurUA 1070 —.14 
36 +.16 GriSecA 971 +32 
H +35 GrorncA 14.08 +36 
S —.12 NaMuniA 1075 —.12 


977 — 10 Clipper n 5039+158 


I +35 GrorncA U 
I — .12 NaMuniA 1C 
+34 BBAT Funds 

I "+71 ratGcrvTn” 


SonS^Undv- 
CalTEA 635—10 
ConTEA 6.93 —.12 
FedSec 9.95 +31 
FL TEA AW -.15 
Fund* 8. BS +38 


HiRtn 1433 +30 EqincFStxll39*.QS Fr^t AmerMuflA: Inqynecn1i30 

SmCpVaj nll72 — .17 GISIm 8*5+32 DrvrGrp 971 +.18 ItlhEoDn 1571 — .11 

□reriust Munlnct 1039—11 Eqincnpxiaia +.10 StrroC 15.90 +.14 

A Bond n 1371 +31 NYMuni t _»76 — 1? _Manolncpx979— 35 US&jO n 1674 +36 

EqA 1639 - 35 


ExchFd n 73L86 + 1.45 
GnmotS n HESS \ 


938 + 35 
nll72 -39 
n 937 
in 9^ —.07 


ThAp 1338 +35 
HlYldA 671 —31 
incomeA p 5.99 +31 
IntGrA 1036 —36 
MATxA 734 —12 
Ml TEA 652— 11 
MNTE A 6.74 —.10 

»?gs 'ja^? 

OhTEA .630—12 


til B f^2456 -32 
35 +34 tea* 

3:3 SSSSM^, 

19 +35 StaFxlnp 15.67 — 11 
34 +34 USCFx/71 143? 

80 +.15 BFMShOu n 977 
69 +35 BJBGIAP 11.13 —07 
97—19 BJeiEqABn.19 —02 

V/ —19 B Eqlnc ma, ?UM +.14 
1=1^ 930 —37 

19 - CapAppnlX20 +38 


= A 655 —11 

,SJ5Ti? 


SlrttncA 676 —02 
TxExA p 1254 —IB I 


A Bondn 1371 +31 NYMuni t 
Aprecnp 1534 + 37 OHFortp 1 
AssetAlIn 13.10 +.17 _U]H rx ..1 

SSSSSUmIM ^ 'fe d,n 9j6 

CnfTxn 13.91—18 ArmSSon 9J6 
Cdlntn 127 9 —13 ExcfiFOnT 
CTInfn 1X55—13 GnmotS nl 
Corevins riit.94 +33 GnmaSP 1 
CareVlnv 0X94 +34 GovBdn 
DiscpR 18.61 +30 Growth Tri 
Dreyfus 1250 +30 Hi Hid 
EdEllnd 1130 +.15 IneoTrSn 
FLlnfn 1X70 —.15 IncoTrlp 
GNMA np 1X98 +32 IntGovSp H 

e^tp m. i: 

GNY P 1834 —34 MgdAgrS n 
Grlncn 1679 +.11 MqdGroSn 
Gwthopn 1050 +.1* ModGWSn 
Ui5A6unnp i&^—39 ModincSn 
infermn 1X34—14 MaxCaci 1 
Intern p 1372—01 MJdCap 1 
imerEo p 1S79 —.18 MiriCap nl 
InvGNn 1433 — 31 S-IGorinll 
MA im n 1272— .15 5-IGavSpll 
MA Tax n 1537 —.19 Shilndn 
MunBcn 1151 —17 ShtlncSp I 
NJtnrn 1X69 —13 SMMunl V 
NJMunn 1X50 — .16 ShtMynSpf 


GISIm 875 + 32 DrvrGrp 971 +.18 

Munlnct 1039 — .11 Eqlnco PXl0.03 +.18 

UtBrjc 1236 +JN DivrGwthn973 ,.19 , 

Federated Imtk Emvlncarte33 +.18 

Trim I n 956 - LWTerm nx9.92 —54 


14*5 *33 
972 -.07 
55J 
.98 
532 


GtOoSI 19-50 -36 • VAMuT n 10 01 — 12 
GvSE rv 9.19 —32 ■ VaMunl I 10.01 —.12 
ImdBrx 873 —M 'HAeniGIh 1379 - .12 
OmeqpB IT 53 5 -78 '/AeraSrrn H50 -39 
RTxFB: laej — .18 MernerFdDtass — 3 -i 
S icfii 7.15—36 Aterid.cn n 2537 - 2- 
T.FBrx 9.12 —.18 Memo Lmeh A: 
TatRetB 1X38 -32 AmerincA 8.92 
<eysfwteAmerC AZA6A 9*0—15 
GfOoCt 1956 -37. Bel At 1131 - CS 
KiARF 958 -31 SasvlA 235? -J* 
FhcCt 9 78 —17 CAl.VA i 9.il — 1 3 
FOACtv 1048— D5 GMf.lnA 1077—1? 
GvSCra 9.19—33 1 CCpFdA T2i -.11 
ImOCry 8.63—03 Consult p 12 . J — .01 
PTvFCt 10-4S —.19 i cphla :j* -o: 


vaiueA p ?,9? - .09 1 


GritS 1575 - 32 'Putnam Funds A: 
IniBd 9*3 —31 ' AdiAP 10.17 -.01 


Zemuoon 1135 
1X74 


ass c? »-s * 9 i 

TcnRetn 25.72 + 19 IdxITBn 9.2* ... 

i + ?i sea. 


BSS3> jil: :g- tfE H=»i 

-S.. ms mi rlf 1 rs wj 1 ? 


lo.S? 


SICO 7.14 —37 
TxFCrv 9.12 —.16 
TotRetC 1X39 -33 


TE Bnd p 374 —.07 Kidder Group: 
Utmncp 633 -.04 A PM Gv A 11 74 —51 


Lftftertn nx9.92 —34 
Mngdlncn r0«49 —35 


32 FrstFdE 1053 +.17 

GOtfiBdn 9JI +JJ2 FrstFdTot 936 +.01 

Growth Tr 8131 *36 FtHwMu 

Hi Hid 871 _ Fin) investors: 

InooTrSn 9.74 +31 BiChipp 1550 + 36 


9.03 ,.02 1 T<FrVAnl042 -.12 
alnr 1574 -34 GTGtobft 


Muni pn 
NoAmp 
TrstP 


Amer □ 1933 -38 

AmerE 1954 -.08 
Efl-lMkt 1835 —18 


IndCneGT 

Independen 


IncoTrlp 9j4 +31 
IntGovSp 10.16 


JntGovI 10.16 - Grolncp *79 +.Q0 

InwSunl 1030—57 HlgtiYap 494 


ModABrSnlO.19 +.09 Income P 356 — 31 
MgdGroS nlQ.10 +.07 invGrdP 931 
MadGSflS nl$33 +36 USArp 1138 +.1? 


BcdtsonGm 
Bond L n 



953 -.1 

! .41 — 0 
.99 +.0 

M 


+.19 raieTEq p 1579 —.18 
+ 51 InvGNn 433 — 31 
+ .11 MAIrrtn X42 — . 
—10 MA Tax n 537 — 
-.12 MunBan 151 — 
+.01 NJtnrn 279 — 
—15 NJMunn 250 — . 

+ 58 NwLOr 3430 +. 
+53 NYlTkno 077 — 

KWe%" ^ 5- 


ModGJrlS nil 
Modifies n 9. 
Maxcapi ix 
MJdCap ll.i 




S-iGorin 1 
S-IGOVSpl 
Shilndn 

SSSSP'S 

! 


hint p 1X86 —53 


SB 1047 -56 

hPiiSzJ] 

FAlg :fl 


^^^Brtl35 —M 



-32 PA TF | 
— 52 SnecBa 

^31 ^ 

—33 TcitRet 
—33 UWlncC 
+51 VATFi 
-.14 RrUMut 


USAm 1.78 +.12 
AAATfp 159—12 
MiTFp 152 —15 
NJ TFp 117 —15 

g#?SE:ii 

&Sitp 183? -37 
TaxExpt p 977 -.10 

m'M 


rr rivsh Muni pn 951 —.12 

EqSccn 1952 + 34 NoAmp 9.12 -31 I 
TFNafln 9.63—13 TrsIP 931 -32 

r^nvus-is Jgggg^^n , 

Amerp 1933 -38 OPPOrtP 1035 
AmerE 1954 -.08 SlntGrio 957 —31 
EmMJrt 1835 —.18 TH Bd p 932 —04 : 
EmMkTB 1 872 — .19 TP Grp 1176+30 
Europe p 1076 +.02 InvResh 468 +.05 
EurnB 1055 +31 InvSer Optiftt I 

GrincA 8.61—051 CapGrt 1131 +.11 I 
GvIncS 8.61 —35 Inventor Funds: | 

GrlncAp 6.17 +.oi I EaGrthA pia.15 +.14 
GrtncB 6.17 -511 GNMA A p 932 -31 
HlthCr p 1751 -3D IntGovAp 975 

UUTVtl lO -n _ IB IU I 


ARMInsTA 1179 
ARMInstE1139 
AstAHB 1331 -36 

S NrtA 11.93 — Jl 
UifS H56 — Jl 
aBn 1654 —.04 
aCn 1651 —04' 
^ 16.75 -.04 
vB 1X05 — 07 
*A 1105 —.07 


anvGdA lO.s? 
CPITA 1083 —01 
DevCdP o fo5J —.Ti 
EurjAf lsJl -06 
FLMA 933 —IS 


NiCfttikn Grcutr 

FEnUri si.18 -4i 

Nd-Iin 7:05 - 36 
.kbsnlho n 339 
NcfH.Cn 1337 - C9 
Nicholas AppLc-jctK 
BalGfhB 13 4. -.la 
CsreGthAljrS - .26 
CcreGrthBlI 1J -5s 


. valEa 1117 -.14 I AABofAP 871 * -g* I SMUljY FuhdK 

Int^qBt U59 -.TO I ValGr 14 62 -.16 , AACaAp 8J7 +.OT| Bondpx 47? —5^ 

Ills - .18 ' Parkstone Inst: ,, AAGltlAP 8.53 +.08 Eghtv 570 

ValL+B r 94 -.091 BoIpnconlUO -.11 BKWAp 465 - EaGlA 10.98 — .U 

NewUSAc 1251 - 29 Bond n 9.11 +31; AZTE 87, —.12 GrWC 6.94 +33 
NiChckn Greup: I EQU'tv n 14.42 “59 CATvAp ?.W — -11 9 T»6xx 9.10 — ]9 

rocm«n uipup: i|(k c ? ?0 . 0 , | Ccnvert p 19.11 + .11 ; UBra _ ft 8 + 37 

H.VEqn 1173 +.o;i COAT 40J9 — .13 iStfBCM Finds 


ftVH :H 1 | 

ID 1435 +.25 
3 9.70 +31 1 


uSTtain it 30 +.18 

KtxGfDfl IDJS +.11 


dK LMGovA n 955 

479 —S3 ' Vc4Morrwn 13L71 +.15 
570 + 38 i Stratton FundK 


HJxGron 1045 +.1B 
KtxViMn 11.70 +35 

SSCE .JS VS 




10.98 —03 
^ 6.94 +33 

TxExx 9.10 —7? 

Ultra 638 +37 

Hected Funak _ 
AmShsnpl431 *37 
SptSnsnp 974 +.12 


JdxInslO 4516 +36 
MriHiYdn.934 — U 


intIDiS 1352 —a? 
intGvtn 9.49 +31 
LtdMtC 9.47 +31 
MlMnC 1039 —.06 
MuSdC 10.10 —.06 
SraCaoC 2173 -54 


CcreGrir.sri: 72 -34 . Porksttute Inv A: 


1033 —01 EmsGr* 1751 -.29 

Ib 54 — r. ! EmflGrB C44 -2? 

1551 -0* EmcGriialtSl -37 

4J3 — 5} IncGrA 1351 - 04 

w3» - I . inOB 13 6? -.04 

13.0' . W.VGre 15.28 —01 

9.1* —ST VA'.flr 15.43 

10 ?5 - .06 Ncmurcn 18.08—16 
13 4? -,C5 Norm Am Funds: 

1617 -Jl ASIAUCPO 11.14 -.06 


DivGr p 973 +.10 J 
DvrEaAp 192 +35 
DvrlnAp 11.55 —31 
EqinA P 831 + 38 
EuGrAp 1X76 +31 
Fealno 9J2 -34 
FLTxA 851 —.12 
GeoAp 1358 +.10 
GIGvAp 1232— SB 


1250 -.13 
19.15 - 63 
150 — .01 

UM . 


C-iGro 1477 — 01 i PpmBd n 15.80 +.03 i 
GrwlnCpnU54 -.10 Parnassus 3135 -JBi 
■JriricC pnl3.it -.15 ; Pasadena Group: 


tv A: , FLTxA 851 —.12 

1150 -.11 GeoAp 1358 +.10 
9.12 -31, GIGvAp 1132—3? 
1670 +.29 1 GlGrAp 932 +.02 
9.20 +32; GrlnAP 1379 +.18 
1373 +07; HltnAp 3058 +30 
9.* +.02! HiYdAp 1136 +3? 
13.25 —.a/ I HYAdAo 9J3 +32 
9.47 -.01 I lncmAp 652 +31 
1079 — .081 invAp 8J0 +.17 
23 82+54 MnlnAp 858 +35 
1180 +.0?) MaTxll 876—13 


ss^ii 

COTxA 632 —09 
CmStkA 1X34 +.18 
CmStckD 1330 +.18 
ComunA 17.95 +33 
CommunD1774 + 32 I 



n iao2 . 
in 9X7 +41 1 


MuHiYdn 934 —14 
Mriblntn 1?60 —.11 
MuLran luTS —.03 


9.47 -.01 
1079 —.08 
2382 +54 


8J0 +.17 
868 +35 
876 —13 1 


Ptscavn 16.96 + 13 
GowScn 9JU +31 1 
Growth n 1174 +37 
HiYIMu *76 —12 

lncon 9.34 — 3i 

IniAbtn 1319— .19 
Inttn 1428 —31 
Invstn 1877 +72! 
MuntBdn .93* —.1* 


MULonsnl032 —17 

CAinsJTn 9J1 —37 
CAtmLTnlo M—16 
FLimn 933—1* 


■3rincCpnl3.lt -.15 i Pasadena Group: Mun'iAP 858 —12 

US'jvTAp 9.45 — 0) 1 BaIRmA 2171 -73 j MnTxll P 8.43 — .10 


MITxllD 053 —.10 incomeD 1X51 +.06 


SwEnvoAIJW +.12 omntvn297a +.27 

GIErnsO 1176 +.11 STBoridn 9.61 +31 

Gk)bTecriA8J5 +.10 STMynn 937 —39 

G rwSS ,D IS! +.13 Summ flHY +34 

incomeA 1355 +36 SupAinerlGBfn 


+.14 CAInsITn —07 
+ 13 CAtmLTnlo M—16 
♦ 31 i FLimn 933—1* 
+ 77 Njmsn loS— 6 

—12' NYtfUn 9.94—16 
-ill OH ins n 1054 II 
—.19 PAmsn jbjO — I* 
j spgjiy r ,79 
— !*; sPHBhr o/S'+ia* 
♦.a? * Snia law +.99 
+ 31 USGron 1579 + 77 
++39 irfiSr 1418 
+77 wwivn 1754 +.13 
+ 34 weomn 2030 +.>? 


GrincA X6i 
GvlncS 4.61 
GrincA p 6.17 
GrtncB 6.17 
HlthCr p 1951 
HHOB 1977 


ITd US 

LATxA 7Jt —09 | 

as®? ?^^r? 


mm, 




0.1/ -.wi 
6.17 -in 

«S:fl 


1252 —70 
1251 —71 
1X45 +36 

iSfliS 

T073 —.10 


Japan n 1X75 —.13 


PA MunlAp932— 36 
Invesca; 

Dvntn p 1058 +.14 1 
EmorthpnllJI +.08 
Enemy n 1059 -78 1 
Envirn n 655 - .03 ! 
Europe n 1X98 +.10! 
Finsvcn 1558 - 38; 


1177 -77 MunLIdA 9.82 -31 GrEan 1050 -.16 I PecchTBd 9 JO 

■ MrinTrA 9.42 — aa irc&anx 10.CS - .05 , PeaOiTEu 10 03 

11.98 MNatlA 9 73 — 1? IntTeiEx n9.?3 — JJs Pd+ran 12J1 


Eauhvn 1 


. tUVA 1070 — >4 

—31 NYMnA 10 a: — 14 

PocA r*1 —C9 

-31 PAf.lA 1053-15 


lntrc»Ex n9. ?3 —J)e 1 Pd+ran 1271 - 
lntiFvm n |<1 05 — 0? ' PenCoo A 
intGrEan 107? —.06 ; Perform once Fds: 
irrJSelEc n 1 17? —35 foOmp 11.45 - 
SelEcn 10:’ -31! EQinsn 11.45 + 


-fooanGrB 1273 — il3 1 Goidn Stfi —.25 
LatAtnG 2633 —36 1 Growth np 533 +38 
^ * L “ 


First OrrxHxt: Strut A p 1056 —.13 

Sr 'm 

Rror Priority:. _ GobeS Funds:.. 


POdtp 1473 -36 HiYIdnp 671—02 InflEq 
PodfB 1478—36 lrubnco npl 1 51 -.12 1 lnttSC 
strutA p 1036 —.13 1 infGav n 11.95 —31 \ SmCa 


f 14 M -36 Memo Lynch 
1 13.19 -.03 AdiPB . i 


C 11 1177— 35' EaCono 11.45 *70) 
10:’ -71 1 Eamsn 11.45 -70 1 
rn 9.85 -.021 InFICp 955 

uslcrin 0.73— ot MCpGrin 9.W -.16, 

Wtli 

lg-3 

S-.tincTr 8.63 —01 ; TBrlln 6*J3 +36' 


nj n hum _ 




san 11.96 +334 
in 6.17-32 


; m- ft * i 


9T9 —37 




PX 19.19 —.17 
VPHJ2 — X3 
itnZJ.ll +39 



Grolnc 15+ 
Growth 15? 
GrUAp ll.i 
GrllBp 113 
Mona 1X1 


9.99 +3? 
1578 +70 
15J3 +75 
11.92 +.19 
1178 +.19 
1XW— 13 



y Incox 12-7 5 +35 
flnx 977 —04 I 


CTMuBt 11J6 —14 
FLMUfiA 1377 —16 
Gfl3lnvAnl578 —32 
GitlnvSt 1579 —02 
GnmoA 1X66 —31 
GnmaBt 1377 —.02 
LtdGvAp 1X06 
LtdlncR 1072 
UdMuA pll.44 —10 
MAMunAH.lB —13 
MDMUHA1X04 —.14 
MIMurM 1479 —72, 
MN Mu nA 1479 —70 
McpllrtAplOJ* —34 
MDMuBtl2J)4 —14 




FW-* 

liC 879 —15 

L IS :5! 


ASCo 10J7— 32 

Assdnp 2376 -75 i 
—31 j 

Growth rw22JB +7Q L 


uren 2258 + 75 ^ 

ten 1677 — 04'Leso 




1X19 -.03 

n.02 —o: 

r » ,2'j* “;]§ 


AdiPS r 45 — x: 
azmbi 9.?o _ is 


Jt 117} -34 

J! 


n 16X9 -3 
66J3 +.0 


NYOpAp BJ6— 09 
-.17. OTCEp 1U3 +J3 
-381 OnTxll P 876—11 
.. ! OvSoAp 1X24 —312 
_ PATE 868—11 
-70 TxExAp 8.31 —13 
-70 1 TFlnAD 1A03 — 70; 
- TFHYA 1X66 —18 
USGvAd 1X26 +.03 ! 
+ .16, Util A p 9.07 +37 | 
-31 I VstaA P 7.44 +.15 i 
-01 VovA p 1X27 +71 
, Putnam Funds B: _ I 


MITxA 8.07 —111 m 
MinnTxA 758 —.08 l Hit 
AAOTxA 776 —319 | M* 

a b 

mSt 738— Ui S 


■ Uz 

lApixn* 



NLIU /.UB — IJ 

ONoTxA 772 —10 , 
ORTxA 775 — .12 | 


ORTxA 775 —.12 

CAQTxA 671 —10 
SCTxA 7.43 —.11 
USGVTAp 657 .. 

HiYBdAp 6.42 — 3> 




&=& 




-d P/9.93 -.08 
rip 9.99 -36 
1 np 9.81 


SSB 9.64 — 1 5 
=SBt 26*7 - 11 

ib t ? r —o: 


VcluGrT 17 ?S -7B 


Bahmcedpl 

ComSflcp29 


in law —.0* 
l 1433— 131 
Srnl&f! +.11 
/ ig> +.M 
In +31 1 


GavSd 9.17 +.01 

m% iiS-x*. 

attCyin ti ||9J14| .. 


1177 +.06 j Growth 10.27 +31 
1172-14 hitmtnc 9 75 +31 


f \iS :fi 

1077 +31 


—.16 1 Gritnanp 9.81 . OnvGdB 106? 

+ 70 - KiYIdD 1196 -32 ColTBt 107P-P1 
-.13, invGrnp 9.44 -.07 DvCasSt <6.46 


USGriBp 9.13 


M G»lungJW° 
oi AsseiAnmoM +.14, 

“ g» n iH-rit 



:%i Its? —if 


ilnvno 20.06 - to 

jtf5etnpyUJ5 _ ^ 
afTrnp* 1955 -76 


cbb: i7l? — |o 


CA im? f 9.66 — M : Growth 21 29 +74 
CA V1R n 9.69— .1?. HlYKHd B.l I — 04 , 
FL ValP. n 9 43 — 14 JnGrA d 9,?6 ♦ .01 

MDV1RH 9 43 —.1 2 I inGrfil 97* -31 


EqtvOPD 7.41 + 12 
Growth 2129 +74 


'h n l?gzf 2 ct 5 Sb, 1L36 -m ^P p ]^;s &H3,.i-o 

S-IHtJ SUX] 18 =dl e«p p ^+ 5 i 

on Serose: GitlnvSt 1559 — 02 HLMuApllj] -.18 __Volue Tn 17.9 5 +J0I IntEatn 1336 + 31 

2AP1X25 +35 GnmoA 1356 — 31 MYMApnlfTj +32 Rob Investoij: j UrwConl5.06 +.04 

®npl271 +35 GnmaBt 1X67 —02 I ncGtp 1470 —.05 EmGlhp 1X86 +30 MA Mu n 9.12—13 

9.99 +3? LtriGvAplXOfi _ LMTSIAd 935— 13 Intlnp 931 +31 MuniBd 957 —11 


Values p 17.95 
ValuecSi 1735 
VqJueTn 17.95 


LKTTEI 1 
1 


IndFl 10X8 —.05 


™9 Investors: 
EmGlhp 1X86 +30 
Intlnp 931 +31 

IfltTrp 1339 _JJ9 
MMunlP 931 —.12 
Qua/Grp 1X63 +.15 
THineSh P1137 +39 
TotRTsyO 931 +37 

Valuep. llrii +.13 


J0 1 IntEatn 1336 + 01 

jo | fcsrfSdsi 

31 MuniBd 957 —11 


MAMun 9.12—13 
MuniBd 957 —11 
NY Mu n 9.91 —.14 
ST Bd n 9.73 
SmoDCp n 1779 —02 


B ?^™ ! +31 
933 +.15 Bondn 958-31 
9.15 Equity n 1039 +.19 


IntlFl 1038 —35 
MunBdx 1035 —.14 
N-l Mun X 10JE1 —.16 
ShrttirtX taOV —34 
SmCapVcni71— 11 


EqPlln 14 
IShlGv 5 
UBln 10 


QuolGrp 1X63 +.15 SmaHConl779 —I 
TellneSh P13JJ7 +39 SmCoEQnlX33 +J 
TotRTsyO 931 +37 TE Bond nlOMO — 
Vdue P llril +.13 USTreasn939 +4 
FlaSOT Group; utility 9.76—4 

AATCap 10.11 —16 Gciaxy Funds Trust 
AATECp 10.10 —.16 AstAln 1059 +.' 
AZTEAO 9.98 —13 EqGro n 1472 +J 


Bond PC 970 —35 
ConoOoo 9.88 +.19 
Ch'noA D 9.79 —32 
ChinaBp 9.79 —.02 
■vvEgA 1879 +55 
GWbalP 1277 - 31 , 
GrttlAP 1574 +73 
GrinAp 952 - 39 I 
IMAP 2935 +38 
IntlBp 2955 -38 
^ - 

Bondn 973 
Divers, fdn 10.04 



^17°? 


It 953 - i; 
3: 14.15 - 13 

ir z® . 


MDriRn 9 43 — 21 fnGrSl 97* -31 
MA (nsP n 9 &? — . I • inti 15 JJ —.04 . 
MA VIRn 9.14 — 0- MMFIA B 11 96 — 07 , 
7.51 VclR n *55 — S I MulFIBD 11.94 -37 


I ’ 958 +.10 


5r6d 951 _ | 

0^^9.75-31; 

oMct 1074 —08 : 




7.51 VclR n 
.MuniBd 
in7.utnP n 


fin 953 — is: 

d 3.70 —.08 
P n 9.73 - 14 : 


NJ VaR n 958 —.11 To 
NYinsRn 9.67 -.13 , US 


3: MB, 


rrr 1X93 +34 
xx 1548 —59 
lerp 1*82 +33 1 
px 9J4 — SO! 
na lu.4l _ | 
Bp 1357 —job 



NY msRr 

NYMRfi 

OH V a IR i 


. 877 - 


UB :* 


”6? -51 


It 325 — W 
* I’-S -05 
. J3-1I *3# 


Jesssmw-^. 

InflEqtyn 10.72 —32 ■ 


NYMUPA1X45 —19 
NYMuBflX46 —.19 
OHMuA 1277 —13 


1X31 +36 
1 14.03 +73 


^CoGrn L» +J7 
Grwihn lx?4 +ao 
I ncoBd n 978 + 321 
IntSandn +.01 

$rriSGrnl*00 ~72 
TFBdn 9.M —39 
■ TFlnlBd In 9.99 -36 
Ambassador Re# A: , 

ISSbr & +J? 


9.15 .. Eauityn 1039 +.19 BdStkAp 1153 +39 

^■nl6^0 +J7 BMC Hill 2970 +39 GwthAp 1274 +.17 

in 1377 +31 BSEmoDW 8.78 —20 InFdAD BJS +32 

n 1731 -2i I Benchmark Funds: NVTSOAp 1-U1 —.11 

Balanced n9.88 +.16 TxExAp 7.14 —.10 

BondArtxiaAl —16 USGvAp 957 +31 

DivGrAn 1033 +77 Conestoga Funds 
EakfxAn lTTT -71 Equity 15.06 +78 

FocGrAn 1078 + 75 lncm 930 +31 

lntlBdAn 2062 — .13 LtdMat 1076 

intlGrA n IDab —.08 Conn Mriuat 
ShtDurn 9.98—31 Garix 931 —.IN 

SiBdA rut 1955 —.05 Grwth 1572 + 71 

SmCoiA J1J2 +.09 jncornex 979—05 
USGyAnxl972 — 36 TtrtRM 1*10 +.11 


latanced n9.88 +.16 
londA rtx 18A1 —16 
JivGrAn 10.43 +77 
ialdxAn 1L3T -71 
:ocGrAn 1078 +75 


OHMuBt 1277 —Id 
PA MunA 1536 —72 
PAMuBt 1535 —72 
TX Mu A I960 —78 
VAMuA 1529 — 72 
VAMuBt 1579 —22 

°SSS 5 ‘"£5?-.« 


AorTFm 1X9? —.14 
AMtrn 1*66 +37 
AMgrGrnlXW +37 
AMgrln n 1067 +33 
BaJanc 1X59 —34 
Blued VA0 +73 
CAInsn 9.38—17 


M CATFn 1071—18 ^ 

VAMuA 1529—22 Canada n 1730 +.12 LfrfTEo 1039 —MS 

VAMuBt 1579 —72 CapApo 1*99 +36 MIT^AplOJg —.14 

irevtus Strategic . CapInconrCw _ MOTEApltun —14 
G/Grp 34^2—35 CongrStrl56.92 +X16 MITECpl034 — .14 
Growth p 3858—1.04 Contra 3150 + 67 NCTEAp 9.64 _1 3 

Income p 1X94 —31 CrtvSecn 1635 + 38 NMTEP 9.18—14 


1124 +.J0 
974 +31 
1378 +36 


SmCoGr 1*00 +77 
TFlnlBd t 9.99 —36 


Amor* rintogc 
Equity n 1058 +.13 
Fxlnco 952 —.04 
IntdtTF nx 959 —.13 
Amer AAdvanl Inslt 
Baton n 1X37 +.12 
Grincon 1472 +21 
InfJEqtV I* 1275 —03 
LtdTrmn 968 
AmerCapJat 
CnWAp 15.93 +76 
CmstBo 1594 +76 
CpBdBp 664+31 
CorpGdA p 6.44 +31 

EmGrCP 2*63 +63 


Beaham Group: 
Afl^rn 963 +31 
C MTFIn 10S5 —.07 
CaTFinn 975 —.13 
CaTFSn 10.01 —.02 
CalTFH n 573 —10 
CofTFLn 10 J9 —14 
EoGron 1X16 +72 
EurBdn 1035 —.10 
GNMAn 9.95 
Goldin n 1265—79 


3G capMki Fds 
EmWNrtn 974 —.19 
intrFx nx 7.75 —.03 
IrdlEqn 1058 
IntlFy nx BJ8 —09 


lntlBdAn 2062 —.13 LtdMat 1076 _ Inv A 1938—70 

IntlGrA n 10 a 8 —.08 CMUiMutuab InvBt 1962 —70 

ShtDur n 9.98 —31 Gari x 931 —.04 OuffPEnR n 9.98 

Si BOA nx 1965 —.05 Grwth 15^ +71 Dupree Mutual: 

SmCoiA J1J3 +.09 Uimrnex 979— 05 IntGovrt 963 —01 

USGvAnxl972 — 36 TotRet 1*10 +.11 KYTFn 73/ — 36 

USTIdxArt089 —37 CGCapMktPds KYSMfn 514—01 

leahani Group: Emavuct n 974 —.19 EBI Funds: 

AdiGavn 963 +31 Inhfxnx 7.75 —.03 Equifvn 6X12 +.98 

CaTFIn IDJS -37 InttEqn 1068 .. FJexp 54J0 +J8 

CoTFlnn 975 —.13 IntlF/n/ BJ8 —39 Income p» 4561 —13 

CaTFSn 10.01 —.02 LgGrwn 1038 + 71 Multtfxp 3961 +.16 

CarrEHn.S-S — ' ,0 LoValn Jl* +.n ESCStrlnA 965—02 

CalTFLn 10 J9 — .14 MtgBkd nx 7.48 — 02 EaoteGrth 11.08—36 

EoGron 1ZI6 +72 Mur In 7.61—14 Eaton V Oosstc 

EurBdn 1035—10 SmGrwn 1357 +54 Chmop 080—35 

GNMAn 9.95 . 5m Vain 856 — 31 FL Ltd D 930 —.08 

Goidln n 1265—79 ^rrtRmnx 766 —.as Gavtp 9.11 +31 

IncGrort 1*96 +79 Qwlwn 19.90 +.12 NatlLMp 9J3 — 38 

LTreasn .863 + 33 CoreFunde: NotlMuno B 76 —.14 

NTTFin lpi -38 BokmAn 10.11 +.13 Eaton VMaratheB 
NfTFLn 1079 —15 Eqldx 2131 +61 CALtdt 9.76—09 

STTreas n 969 -.01 GiBdAn 594 —.04 China 1 1X85—36 

Tarl995 n9575 +.12 GrEqAn 935 +72 imSat 1054 — 71 

Tor20COn*65) +.03 intBdAn 956 _ FLLfdf 936—08 

Tor7005fi4466 +37 IntlGrA n 11B1 —.06 MALtdl 9.74—38 

Tar2010n31-J9 +.15 ValEq8pn73J9 +74 MJLtdt 961 — 39 

Tart01Sn2X69 +3* CowenOpA 1367 -SB NahLtdt 9.92—08 

Tar2020nlM5 +71 CowenlGrAll30 +.15 NJLtot 9.79 —39 

TNaten 9.88 - OabafHum: NYLfdt 930 —39 

Uhltncan 9.12 +37 AST All P 1X92 +.05 PALtdl 7.H7 —3* 


COTEp 973 —11 
FLTEd 933 —14 
GATEA p 977 —14 
GkJRbp 16.91 +71 
IntTEp 9.77—11 
KYTEA P 1X17 — .14 
K5TEp 9J3— .15 
LATHAp 1030 —.14 
LWTEP 1039 —35 
MITE A p 10.86 —14 
MOTEAP1033 —.14 


it Ain 1039 +.14 
'qGron 14^ +78 
qlncn 1X79 +71 
qVtin 1X34 +75 



’•jJ ; aSmS® ’Jj? i^ii 

478—17 ‘ 


X59— 15! MNI 


9.92 -.08 
1330 —.16 1 


1.06 ,.17 InsMuni 10.03—12, NJA1BI 1070 — 14 'CWlntt 1076 —34 

ienat TF Bond 9.91—11 NYAriB t 1033 — 13 . OldDomm <1978 -36 

161 +72 USGov 859+33 NCMBl 912 —.18 i One Group: 

954 * 31 Util _ 1X62 - 36 OHMBt 9.93—16 AsetAJ[p 9.89 -.06 
9.91 —39 Undner Funds: ORMunBtSJA — . IB 1 BlueCEq ll?® -.17 

075 + 37 Bulwark n 734 — .04 Pocflt 2158 —.09 1 DscVoi 1X6? +.10 


957 -J6 Oak 
97/ —17 Cte. 
9.83— 16,Ock 

9^ —18 low 


_ ihA nX/1 + 75 
GovtSecA n?.C5 — 3 1 ! NrTolRBd ABS —36 
W'/aTxAn973 —.10 PttorimGrp: 
akHdlln 1X07—31 ARS III 635 — 36 


innEon 11J9 -31 1 
NrTolRBd AB3 -.06 1 


T J^t 3] 

nit 14 43 —.11 


mnit 1443 —.11 
rweisn 71.9B +51 
anTEp 10.1Z —.07 
©TtW 09.73 -M7 
nvn 963 —.01 
Inti 1076 —04 
2omm <1938 —36 


672 —37 
6J9 —03 


AdiUSTV 653 -.03 
ARS I 651 -36 


(IS +33 

*04 —70 
273 +33 
9.04 +.08 
7J6 +.14 
X01 +71 



1258 — 31 
1377 +32 


1-ffTiS 

:s 


^duSn F- S*?32 


si :fii 


1X48 +.13 
27 X 6 +66 

3071 +T.11 

1X35 — 58 


IrUBan 9.67 —.01 
imiEqn 133> +.01 
NYMuni n 951 -.14 
SMTron 9.73 
SmCoEanlX34 -76 
TxEBdn 1030—13 


^ . . GhyvihtDcRiajy +.17 „ r _.. 

= Apl056 — .14 GtwvSIndx 01035 +.10 Merur 
EAP1033 —14 GtSecn 1X93 +.11 Owra; 
= Cpl054 —.14 GinM Group: SVTmB 

■-AP 9.64—13 Erttanc 2466 -39 TWCftn 
EP 9.18—14 GintlFdn 13.16— .13 Ventrn 
ED ,?5S -14 Gtenmede FUnds: WIMW 

SAP 10.7*— 13 Ecjity ne 1X61 —72 JoparFd 
EC P 1076 —13 InfGovn 959 +31 JPCqpA| 
lap 9.67— .11 mine 1X&— 171 JP1G6 

■Ap 1054 —.13 Mwlntn 973 — .10 John Han 
p 9.60 +.05 SmCo neI195 —22 CATE 
sAp 959—14 OtrejMrtA 953 _ DiscvB 

rids: GoldenoakCOdO. t.,11 Growth 

np 1537 +.01 Gobbnan SaCts Fnihr: IIAcare 
pn PJ5 -31 AMGrih 15X0 —id LTGvA 

mnpllia +.05 CodGt 1577 +.14 MATE 

dpnf 5JB +31 Gtotncx 1X43—37 MqTEB 

ten 1133 —.10 Grinc 1673 +.17 NYTEl 

-and* . InflEq 1660 —.10 STStrati 


Desflnrin 18.15 +J7 
De^invll n.2936 +60 




1753 +J4 GWftpn 935 -Ml 
nl ITS — 32 Growth 1*13.13 -.05 
2133 *m (VLrtrtdprrf 5J8 +31 
106.15 + 158 Fcntpinen 1133—10 
1932 +JO FortHFand* 


dvant Instt NITFLn 1079—15 
1X37 +.12 STTreas n 1 959 +31 
1 14.22 +71 Tarl99Sn9575 +.12 
71)275 —03 Td/2000 It 6651 +.03 

n 958 - Tar2005 n 4456 +37 

dot TarSOlOn 31 J9 +.15 

1 15.93 +76 TortOlSn 2269 +36 

» 1X94 +76 Tar2020n 15.15 +71 

3 664 +31 TNaten 9.88 

AP664 + 31 Uhlhican 9.12 +37 

p 2453 + 53 Berber Grout* 

7*fi*» +.64 TOOprt 16M -39 

P 24J4 +52 >01 pn 1158 +.03 

1X49 +30 _ SmCoGr nDXfli +36 


1051 —31 
9X6 —MB , 
9.74 —38 
9.41 -39 , 


EmgGrorl/72 +52 
EmrMkt 1955 —15 
Eotfnc 3356 ,60 
Fail n 1963 * 78 
EqldX J753 +J4 
ErCapAc nil 75 —32 

rio* - ^ +*1^ 
FldelFdn 1932 + JO 
Fifty I1J2 +.19 
GNMn 1034 + 32 
GfoBd 1058 —38 
GiaSatn 123/— 11 
GriSecn 934 
GroCo 2955 +54 

K21?* 

tnsMimn 1075 — ib 
IntBd n 9.89 —01 
JnterGrin 974 


NYTEP 935 —14 
OHTEAp 1X76 —13 
QHTECp 1076 — .13 
PATEAP 9.67—11 
TnTEAp 1054 —13 
UtllAp 9.60 +35 
VATEAn 939 —.14 


TofRtn 1075 +37 Butwarkn 734 —.04 
amaFund: Divn 25.16 

Bckriced nlX18 ♦ .12 Fundn 21.96 -.11 
Emerpr n 24J? +J5 Utfln 1078 -.10 
FedTx<=xn665 —11 LonglfPFn 1950 +30 
Fbdncn L98 LongKCn 1456 + 79 
Fundn 1951 +J9 Loomrs Saytefi 
Grlhlnc 1470 +J4 Bondn 1066 + 31 
IntGri 431 - G bOdn 973 

Mercury U B7 +.16 Growth n 13.11 +60 
Oversew nl053 + 35 Grilnn 1254 -.10 
ShTmBdn X88 _ IntlEan 1231 — 39 

Twenn 2478 +52 SmCopn 1X29 +.08 
Ventrn 5274 +37 Lard AU ; Coonset 
WrldW 2650 +.14 Bt CebT r 454 
oporFd n 1X34 —37 NotTFTr 450 —37 
PCtroApprl659 - 78 USGovtp 461 
P 1GB *80 -.02 Lord Abbrih 


Eaindx 1X38 
GvArtn n 931 
GvBdp 9. 17 


StrDvBT 1X02 
Tect«t 5.61 
TX MB f 1033 
unma f 875 
wtdincBr 1 S62 
Merrill Lynch D: 


13.11 +60 : WWIncSr 862 
1234 -.10 IMerrfll Lynch D: 1 

1231 —39 AdiRD p 9.44 —32 . 
1279 +.08 AmerinDI 8.92 — .16 

V .. §3328 


14.98 —381 ineEq 1334 +.14 
1X02 +.ie 1 incomeBd 9 02 
551 —14 1 miFxr 953 — 31 1 

1033 — .13- intTF 1077—11 
875 -Ml ftrtfEqn 1XE9 -.04 
862 _ 1 LcCoGr 1X13 -.19 ! 

*D: 1 LgCflVd 11.77 +.13 1 

9.44 —32 . LtVol 1073 —31 , 
1, 8.92 —.16 1 OH Mu 1072 — .12 r 
1734 —.19 ShTmGl n 858 
>9.16 _■ SmCoGr 17.1? +.17I 

1033 + 04 i TFBd 939 —08 ■ 


APS I- A 653—04 LmiHJT 9.04 +.08 
ARS II 636-3* ViStaBI 756 +.14 
Ad^US 6JB-02 VcryBt 1231 +31 
AdiUSIl 669 — MlQuaiveslFd*: 

AUSIII 669 — 32; inTBdYn 931 +31 

GNMA 1X40 +.03 LgValYn 1052 +.15 
«YldP 5.95 _ SmValYnlDJ7 — 06 

MpBCop 1256 -58 1 QoartJaflve Grows 
STMMII 761 - Grinc 1471 +72 

Jhrt Trp, 673 - InHEq 1032 +31 

PiBaT Funds: „ Numeric 16.17 +62 

BotGrAn 10.16 +38 BasNum01656 +63 
EqAgAn 1148 +39 Quest Far VOkje: 
EqGrAn lQjJ -ilB CATE 1036 —15 


e^j r n J?.1 ? :% 

tmovinn 9J6 
LTfien 965 +31 


u§ 85 a a TO ^ 


: jl 

Grtnc 3035 » Jl 
GwWshp U75 +.25 
GrinBr 30.13 +.30 
InttEaA 12.17 -34 
NYJF 10. BA —.14 
STBdp 9.95 +31 
TFtncm 11.15 —.18 
Volumet 1496 - .09 
VsypoevrFds: 

AZIns 1001 —13 


1264 +.13 
t 7231 +64 


959 —14 
9.52 —.17 
955 -.15 


SmSpETT 1135 

» ,Qi ’ +J4 
CAlnsMA P9.90 —18 
CalM47ApT034 — .15 


ItKomeBt 7JB — 04 Gf^lKP 1850 +.27 
mtBt jig —36 IATT 8 M —.15 

jSorflt 2953 +1.08 MNIns 9.74 —.14 


CC0MUAP1D34 — ,15 
CnlncAp 9J3 +31 
&nGrADl530 +.14 


*81277 —ST 
953 

It 10.92 —17 


TarjwJB 1374 +JJ4 NatlTF 9.61 —.15 
USGovBt 856 _ 1 NMTFA 978 —15 


Minn lot 1DJB —05 
MUHlTF 11 50 —.13 
MOIns 9J8 —.15 
NatlTF 9.61 —.15 


FLInsAp 9JB —TO 


Thornburg FdK 


GnncAp 1LTO +72 LtdTin 1173 _ USGovYn 93 -31 

Growth* P.12.19 +.14 LWCa 1X32 —06 WoddeB AReed: 


CATE 1X92—14 
DiscyBI 9 JO +60 
Growth 0 1653 +J8 
IIAcare 1X83 +73 
LTGvA 0 863 
MATE 1135—15 


NotTFTr 00—37 FflGrOp 1033 +.04 1 TFBd 969 —.00 
USGovtp 461 - GtoSmD 976 —.06 One Group A: 

ord Abbrih ImtEoOt 1168—35 DscValA 1X71 +.10 

AffDtdp 1136 +.12 LmAmD 1 1758 —54 lnc£qA 1X82 +.15 
BondD®p9.0S +33 ST GDI 8.11 »l SmCoOrA 17.09 +.|7 
Devet&lh pi 056 -75 MentmonFds: jlUCorro 931 —.01 


Eq 1990 p 1457 +.11 
FqVahiP 1261 +.08 
fflEqp 1255 
GllnCP 8.16 —.02 

tS^^P° 1§J4 — .16 ‘ 
TF FL p 469 —87 


MbTEB 1080—15 ^ 

NYTEP 11,19—16 TaxFrp 
STStrafB 866 —33 TF CT D 
SPdEAD 15.98 ‘JO TxFrCal 
SpdEBn 1585 +50 TF FL p 
SpOpsA 759 +.13 TFMOP 
SpcOpsa 754 +.13 TFNJ 0 
SlrlncAp 694 —82 TaxNYc 

? rlncS 694 —82 TFTX 0 
axExp 1031 —.14 TFPAp 
UlitsB . 601. +32 TF HI p 


AstAflP 1464 +.18 M»pilnc 1X08—18 
CapApp 2330 ‘61 , SeiEq 1564 + 76 I 


NahLtd t 9.92 —.08 ! 
NJUO.f 9.79 —39 


EmGrBp 24J4 +62 >01 pn 1158 +.03 Specialn l*in ■ +34 

EntAp 1269 - 50 SmCoGr nDZSi +36 OwtFunds Trust: 
EntB p 1X36 + 79 Bernstein Fdv Bond n 972 

EntCP 1261 -39 GigCunlUl _ SIBdn 955 

BSOftTO ®n n TO +3T TO 


Equity p 1*37 +.07 ALTxFt 9.69—17 
OR Mun n 1 1.96 —89 AJTeFf 9.79—16 
Specialn 1*02 +34 ARTuFt 9.60—17 


ARTxFt 9.60 —17 
CfVMunit 9.03—14 
COTkF t 964 —.16 
CTTxFt 9.43 —18 
Faint iai2 — 31 
FtOTxF t 975 —.18 


IntgGvtn 974 _ USGvt R7D 

InhGrtn 1767 +31 44 Wall Eq 5.96 +37 
InvGfin 6.96—01 Forum Foods: 

S on nr 14.10—10 invBrej 958 

Amr 16J3 —34 ME Bnd 1081 -.12 

LKJMun 9.08 —.10 TaxSvr 1034 —36 

LowPrr 1*60 +.03 Founders Funds: 

Ml TF n 1089 —16 Balrtp 854 +38 

MNTFn 1033 — .14 SiueOri np*72 +.10 

Magellan 6967 ♦ 175 Ctecvp 1X57 +jo 

Mial^ nr 3574 +68 Fmfrnp 2767 +J2 

MATFn 1074 —.18 GovSeC 0X7 

MtdCapnll.18 ,.13 Grwth np 1X44 +.16 


^ p p^;.ffo S^saSte- 

GibGritip 1476 +.11 AtfiGv 976 , SlrlncAp 

GcvTRp 7.74 +31 G avAg 977 . StrlncB 

Gnrihp 2668 + 34 9ytTF 950—33 TaxExp 

HTYldp 7.90 +31 ST Gov 9.64 _ LllilsB 

TFMN *58— 13 Go^rBnd 20.18 +32 J Hancock 
TF Nat 1X12—15 GvtEqtvn 2358 +61 AvTech 
USGvt 8.7D _ GaveB Funds: EnvmAt 

4 Wall Eq 5.96 +37 DripBd BJ1 —39 GlobAp 

arum Foods: EmgMk 1731 —76 Gta&Bf 

IhvBnd 958 . GJGwIn 867 —32 GlInA 

ME Bnd 10.01 -.12 LrrttEq 1X50 — ]4 GUnBI 

TcdSvt 1084 —36 PfgtB 959 — .18 GlobR* 

waders Funds __ _SmCos 1766 +77 GtTecll 


EamA 10.77 +.16 
FxdlaA 9S2 
lnfmGvAn962 —.01 
NJMuAn 1031 —10 
STInvA n 977 
’rtottntEB 1555 + 39, 
5tahnlEAnlt91 +.10 
■’foneer Fund: 
AmlncoTrp952 . t 
Bond P 8. S3 ... 


1259 +73 
M70 +.12 
10.14 +72 
967 +32 

!!-! 
19J1 +55 
1961 +55 
16J4 +.10 
1050 +31 


IntlGrA p 1131 —05 UdGvtp 11.96— 31 TotRet 12 .O +.23 

NWMUAP 1 ^ —.If LWN^t p 1335 —.04 Growth 1565 +J 6 

ST&M D 250 —01 NMW 1256 — 38 LMTerm 957 

STHOlApS _ Tocauev 1374 +.08 Mutli 9.70—16 

USGovA p 972 +31 TawerPundta Gtopai 9.41—31 

M ptPApp 1369 +37 Wnfisr 767 +.14 
1030 + 33 LA Manx 1034 17 Warburg Pina/K 

? TO eS X 961 -32 CopApd n 1*34 + 73 

I 1078—08 USGvx, >64 —34 EmGlhn 22 J* +.50 
tey3r Trademark FUndi: Fatdlncn 9.62 

]4J* *A2 Equity n 1074 +.15 GtoMFxdn?Q64— 8" 


LtdGvtp 11.96—31 
I LWMun piles —.06 
' IWW 1256 — 38 
Tocauev 1374 +.08 


AstAIInt 11.14 —.10 111 ICorNC 968 —.12 i 
UjpAppf 1050 -.031 Oppenhelmer Fct ! 
FlexBdnt 9.94 —M3 1 Asset* p (X 86 +.07: 


CapAoA 9.93 -.14 - 
CopAdB 955 +.131 
QroAcC 1031 +.14 
EalncA 1078 —36 : 


y 1275 —m 
El 1274 —32 I 
IP 35.78 -78 | 
■9 t 35.40 -37 


Eqincp 16.18 +.14 RBBGriPX 962 —06 
CopGt p 1775 -32 RSI Trust 
gofd . 7.99 -J5 AdBd 2630 +35 

Growth p 1X23 , .72 Core 3658 +69 

Income p 904 + 33 EmGr 34.97 +.70 

Europe P 1*70 - IntBd 2SJ4 +.01 

P,onrFdp2307 +76 IntlEq 38.44 —.02 

PinMBdp 9.72 — 12 5T1F 1862 +31 

IntlGr 2267 —24 Value W09 +31 

Pionrilp 1967 +.1? Raintxjwn 572 +32 


Europe 1030 + 33 
SpEqufl n 1778 
SOEauini 1078 —08 


CapApA 1438 +62 
CSGvfA 1151 —02 
lncGroAp!255 + 37 


lncGroApl255 + 3/ 
IncRetA 962 + 31 
lntlA 1865 —87 
MoGovfA 1134 +32 
MuCalA 1151 —13 
MuFLA 1202— .16 
MuUdA 661 —04 


^ n 9.01 +.02 | 

KYiWUxin 961 — ll 
. SI Gorin 9.19 +31 


n 10.44 — K 

Grlncn 1*51 —02 
hltEgun 2009 —JO 
!nsl Eq n 16.25—24 
IntGvtn 9 a 7 +3] 
NYMurtnlOOO-35 

Divtnc 11.43—31 

^ 

Gwlh._ 10561 +1.36 


PtoThree p 1984 — 85 
ST Irw 3.79 —31 


= EalncA p 9.74 +.081 TaxFree pll03 — .15 

TFMOp 474 —.07 EnlncB 1077 —36 EalncB t 969 -37 WhthRE/ )8.98 — 03 

li-S -■?? |0 "CC -95 gGrp 1574 —02 Ptoer Jaffttnr: 

TaxNYD 1072 — .17 EalnygA 1269 -30 Glab£nvplQ34 .1 Balance 11.95 ,.1S 

STBi B « Sssesf l 3« :-Sl S5£® r 'Hi 

O—ll *6/1 


rap 1118 +jD 7 I 

FHiod; 

Bal 1IJ9 +.10 


MunNtA 1X76—16 
MuNJA 1X70 —18 
M yNV A 1X29 —.17 

^riA 1X60 +.IB 


AvTech 10.15 +.15 
EnymAp 830 —34 


TFTXP 905—13 
TFPAp 463 —.07 
TF HI p 457 —.08 
TF Ml *51 —87 
TF WA P *40—87 
ValuApooUM -.09 


ig -*11 

KEIncB 5.95 —31 
InflEoA p 1088 -83 * 
IntlEaB 10.83 —09 ! 
InttEaCP 10 91 — .08 ; 


GlobAp 1433 +88 Lutheran BTO-. 
GtaUBf 1331 +38 1 BroHJYd 8 


EstVrfpn2278 +J9 
GorincpxlX12 +31 
QH TFpx 1X05 -71 
OaoVtxo 1881 +3* 


EalneCP 562 + 05 CoMun 1X«0 -09 VAMun 9.46 -.12 GATxFl 900 -.17 

ExaiFO 1162H +27S DtvMun n 1X83 — .10 CuFdAdln 93S — 04 GoriOblt 9.11 *81 

- ■ ■" NYMun n 1230 — .10 CuRETn 953—01 "" ' 


1X01 + '!Il intivcn 1,647 —31 I Cutler trust: 
GC4AP 1167 +.02 BerwvnFanlB69— 83 ApvEqn 1 


SJra=n nl 7 fl 3^4 SS8A" 

NYHYn 1131—19 WkfwGrpl867 +37 


497 —01 
9JQ —18 
9A5 —17 


GiEaB on 1164 +.02 BerwvnlncnlU7-36 EqfylncO n9.M +.13 MDTxFl 950 —IB 


GIEoCnp 1175 + 32 BhirudMCG10-59 —31 
GIGvAp 804 - BMmare Funds: 

Q&vBpn 8)0 - Bakin cea 10.13 +.08 

GiGvCp 834 Equity 1067 +.16 

GIMadAp 965 *31 Eaindex 1069 + 70 


GovtSecn 9.73 


Equity 10.95 +73 
Goriinco 973 +32 
LTGovt 958 + 3) 


MATxFr 9.68 —17 
MITyF t 9.4B —.16 
MNTxF 1 968—1/ 


MSTxFl 8.85 —.15 1 
MOTxFf 957— 18 1 


NYtnsn 1871 —.18 Fountain 
NewA6ktnlOJ73 —33 Batana 
New MSI 1X80 ,77 GavtSet 
QTC 3*10 +09 IntlEatN 
Oh TF n 1072 —.16 tAidCoj 
Qvraean 28.90 +35 OhloTF 
PacBasn 1976 —17 OoatBd 
Puritan 1£52 ,OS Quaffir 
Rea^Stfl 1279 —36 FrijBkfin 
RetGrn 1851 -31 AGE ft 


Square Fds: 
d 9.67 +.11 
X 9.46 -34 
971 +83 
1057 +.11 


GHNctTE 933 —.10 
.GnMrspmgWUt +.01 
iGriffiijjSrln 1161 +72 

AsiAHa:^ 1 !^ +.18 
GBGlnfl 1165 +39 

PWv TO :s 
^ TO IS 


Gtobfil 1181 +38 
GlInA 835 —84 
GllnB I 835 —.04 
GlobRx 1636 +.14, 
GtTeai 1957 + 68 
GoidA 1*44—62 
Gokffl 1 1*4 2 —.42 

PocBas 1X60 
PacBcsB 1554 
RoBkA, 2153 -84 
RgBkBt 7164— 34 


BroHIYd 8.87 +321 
Fund 1770 - 36' 
Income x 831 — .04 
Mum 739 —.13 1 

^ndS= , °^ *”1 


E IA 0 3887 —.03 
St 37.71 —.03 
f>Grpt869 —.14 
n 14J6 —45 


CABEq 1178 +77 IMMp 11X3 + 
DS IDv 11.15 +37 Smbh Bonier B*C 
DSILM 9J1 +32 CooApB 1*17 + 


K , .971 _ NY Ml. 

» 1133 +.16 Wasatch 
p 950 —.18 WeissPi 
950 —18 Divine 
> 2630 +56 Govt 
' 2*03 +54 Grtnc 
t 1563 +33 Gwth 
1108 + 30 QumK 
entisr 1131 +.w Tudon 


, ,, ™ QuantEqni/S +.11 

1J1 +.19 Tudor n 2165 +65 
8.76—0 1 WeifzPVUI n 967 +.14 
756 +31 W«2Valn 1538 + 33 
765 _ Wetihehn Fuads: 

704 — 31 Eqvatue 967 +.12 

K^1BSp ir '* M " 

950 -J9) Mgl 1*01 Tj! 

sdlM: „ , LTBd 8.85 +.02 
973 +31 MariVpl 1105 +30 
953 _ ORTE 1*S— .23 

951 - Bannvln 1/34 +.15 

ijatitt fe n, 5 S:S 


inttFxln f 837 — 37 1 HrriQBr liro 


MaCAstB 869 » 33 * InsTEAp 15.76 —32 

H:*i lrtT - TEB UM 


Bcktaoednll.l2-J2 iMidwest 
EmerGrn 16.76 + 62 ' AdiUSGri 9.75 —31 , 

!M n nTOi£ E& p . loos -°!i 


MgdAstC 8.73 -34 
T-jxEitA 754 —.09 
TxExB 754 — JJ9 


!!•.? t -15 »oi +32 CooApB 1*17 +61 

EmerGr 1961 +351 FA/lAspc IQOO — 03 IncGrB 1X85 +37 
' Govtn ,301 -31; ICMSC 17^ Tj4 fnro I860 — 37 

I ' 0A , 2 -'15' McKhttEq nlOOO _ MulOdB 661 Hj04 

-- — , nFGv 769 — 35 SAMJ Pfd n938 — 01 SmfthBmyShrsB A: 

p??32 - 66 { InstGvAQ, 93b SU5pEqnl636 + 30 AOGVAD 977 

red '8™ -K STOwfftn 966 +.10 ASwAp2467 +64 

1336 —.05 , NQTITE 9.95 — .13 SvSTR n 10.02 _ AgGrAp 2732 +61 

PacEurG 559-39 SrBrirt »J5 +37 ApprAp 1131 +05 

Sector d 16,90 —.08 SterSTF n 9.75 - EurpA 1*63 +.11 

Bss ®8 9 %-n 


+.16 HTlnsEqp 1303 +.14 


973 +31 J&VBal 
937 . IKS Mun 


Ach A 1X06 +.11 
AchB t 1 1,99 -.17 
BalAp 1035 + 36 
BciBp 1034 + 35 
BondAp 1338 +31 
BondB 1198 +31 
InvAp 1450 +74 
InvQp 1469 +.13 
USGvAp 934 + 31 
USGvBt 923 *M1 
SVBol 1119 —31 
5 Mun 1167 —38 


WS^rjH : Wfflg 

MnStCA I I 60 — .1 + Portico Fds: 
f-JS ncGrAJlJ/ -.11 Bal K n 2X09 +34 
MSInGiCr2I.J7 +.10 ! Bdldx 2564 -36 
MraincA ixa — oi i Eainm m_si - 65 


AdvsrAp S447 +64 
AgGrAp 2732 +61 
ApprAp 1131 +.15 
EurpA 1*63 +.11 
TeiGAp 1X96 +31 
Teon 10377+163 


t SSWK lr”! 
+ji : 

TMPJ996 951 _ 

_TA^^7 979 —31 


R ch Tang n 1831. +79 1 ConvAx 1*24—05 
34 R w rdrmidt Funds: j DrvsSllnCp7A4 _3l 
36 ASrflTT 1054 +.03 ftJValAp 831 +36 


3 


IrriEqn 454 — 39 AJOrwtla 1566 +35 j 
brngxln 1017 -32 ManehMC 1267 - 31 
UdDjjiFlnlDHi Momtar Funds: 
Mta^Fc 973 —34 FjclnT 1965 - 31 

MunFxl 977 —14 GrwmT 2679 , 37 

PAFxfnn 979 —.14 inEaT 2274 +3? 

SeiEq n 1762 -SB MfaBX 6.83 —J2 1 
5«Fln 964— .03 OhTFT SOM— .11,' 

SmCpVlnl762 -.06 SIBdT 19J7 -3J 

SuFIn 11J8-3S MontrGWP 6.95— JO; 


SlrlncAp 471 —32 
^a ; p 

I'rOvCt *77 —31 
StlnGrAp *95 +32 
SfnrrvA p 4.69 
Torpeto 1633 - JO 
7<FrB t 9. CO —.15 

TxFrAp 9.01 —.15 


Grlncn 23.13 +31 i 
1 IntBdM 967 . i 

MiOGfL 0 2168 -39 

st Bontfn 103? 

ScGrn 33.13 +57 ! 

_T< E mBan 9.78 —36 
Pr^temed Groim 

Asset A n 1051 r.ll ' 
Fxdlnn 9.65 _ R 

Growth n 14.11 +33 Ri 
Jntln 1X83 —09 l 
ST Gov n 970 —.01 I 
Vaiuen 1231 +.19 i 


ASrflTT 1054 +.03 
BalTr n 964 + 34 
GIFxInTrnlQJS — 38 
GwthTrn 10.17 +36 

ISBSff n TO :SJ 

^ T n!iS=^ 

Tax RTr n 962 * 32 
VahjeTr nlt).41 +39 
ReynBtOi Xl*82 +.11 


Best* TOifi 

GX3pA p 3053 —01 
GvS&i 9.16 +.01 
GrtnA P 9.90 +.15 
HilDCATX 1073 —09 
UltCAA 7.94 —08 
iniNYA 756 —08 
IrtvGdA 1039 +33 
LWMun 830—03 
LMTTP 7.16 +31 
MoGvAp 1X08 


irvBd! n 964 +.OT 
MIDCqi n 17.D8 +53 

Brthhrn JJ-94 +.15 BallnvR p 1732 +75 
g*Hn 2069 +67 GNMARP146I +.01 
Growt h n 2332 +69 MJdCORp 17.08 +52 

®3nj:g-” SSS IJS: 

3730 +68 IntBcB 9,41 — 

Ti^sTn 9.95— .02 Bars vc 7.15 + 

Wu Wl 


S«n TOTsi aaaay^ fTfls t» p to 

iH-irliWi : 2 MM$ 8 Ftf 3 ®HS- 
BkS ^£^ 39=3 er-ai:iAl? TOTii wP* 

BSCi ,als SSl^iJKJaa gg:'«a ismti SBf-jl^lWSa 

*PBSa R ! li EP ftH3 

HBfearii JaES ai BaJgif 


• H I 4 .ua „ 

It® 

3 +31 NtMuAp 1X08 —19 


ntfcqn 7.80 —33 Bdlnst 7.18 +.11 

LTBondn J.JI _ Ecrtnst 556 +.11 

Mean 3730 +68 intBdl 9.41 —.01 

,9.95 — .05 Bars VC 7.15 +.11 

TxEhdn 1031 —07 EqSvc S_<4 . .11 

Wg "' n 21 -W "+J9 IW fcm BMft -4 * ~'° l 

-.os £S"TO;:5? 

VbTQn.,. 1054 * 54 1 mnGtnn list —.10 


ESCORTS £ GUIDES 


INTERNATIONAL CLASSIFIED 


BELGRAVIA 

ORCHIDS 


(Continued From Page 19) 


LONDON MBS G8CVA ZUOCH 
Esrort Agncy CrwSt Cords Waken* 


UK 071 589 5237 


O&SEA ESCORT SBMCE. 

51 Bwudictia Place, London SW1 
Tet 071-584 6513 


TOKYO ••■BOTRTSBIVia 
Mceor owbl cardt acaptad. 
T«fe !035 343M59& 


FRANKFURT A A 

Mora s Escort Agency. 

Plane Ctf QeFTy? 66 66. 
TOKYO EXECUTIVE 
Escort Servics. Qetft cords. 

Tct 0336797170 

*ea«VA * GWGW * PARS' 
Esccri Suvice 
Tat 022/731 90 81 


JS'ZSS* >747—11 USGvIA 9 
AstaiOB 17.47— .ID; VRG A 9 
OcDEa* 1768 -.12 IpbhGFutxJs: 


’ + 01 ; CAIMn 8.90 - OJ EmGr o 19X6 +58 
9.44 — 32 GATFn V.43 — .13 VDlPlUS 1653 +64 


TOKYO - TOP fu TOP ■■ wimw/x lurgitifinniiii ■" 

ncerl fitridt ogancy Til 35 89 IS 90 ®*®"i* ,ra9,ATK » UL 


INT91NAWNAL ESCORTS 

5en*CB ■ HWAnrfl 
ret 2W6S-7196 Now Y*k.VSA 
Mapr Oetft Csnb Ae&pied 


** ZUMCH “ VJOET ” 
Escori Savicn. Credt cords accepted, 
Tet 077 7 63 S3 32. 


UWTON WAIHROW GATWKX 
iAPANBE GOLS SCOfcT SERVICE 
m 0956 401 16« or 0956 5725*3 


MUNICH* WELCOME 

ESCORT A GUHJEAGBVCY 
PLEASE CALL 089 - 91 23 I* 


■'•‘A TOUCH OF CLASS '* •• 
• m LAD 15 ESCORT SBYKI • 
London Heathrow Gctfvvid • Rea* 


SgaTjgi {3 52 • 077/2S9280 
ZURICH - PAHS 
Ziridi 380 15 86 Escort Service. 
Other dry dd inti 19-32-2-2D1Q7D0 


'ML *17lPBt«FundS: ' " | QtX* 950 -35 ^ 

' : ri«S£?iiS ‘-^1 SAJI’S ?J-2i S^wdiTm — 33 


CoMuBt 1476 —25 
CQrtvB tx 1*24 —35 
Dvs/nBf 7.64 —jii 
I grpBt 1467 +.11 
HJAl/Bt 975 —17 


Corastn 2X1/ ! ' 

g^A 964 +31 WfinFIln 9.64 -01 
SB" _ ** Wxferjn 10,84 +35 

fifWnen 10LH +39 WillMTp VJI —37 
Grathn >£B +37 winGf fn 13*3 + .11 


cJ 0956 <21739 craft cards wrtconw VB04A* "ZURICH* “PRAGlK*** 
Escort Servxe WWA'S BEST 


SSK3, _ ItS ■+* BoiWic* v./j > 37 


. .ggffi* • WAMOU R* MB OBBfTAl 6CORT SSWKI 

| BA5EL •Escort Agency* 022/34$ 00 89 LONDON 

PLEAS PHOPC 071 225 3314 

■ LONDON * **• ■••• ———————— 

BCarrSBMCE psaiwwtkocnoossbdorf 

Tel: 071 370 2096 * * * • • d arect Escort Sennet. 

1 • Heathrow • Gatwxt •* 0<!ft473294 


'UNIQUE* 


'ENGLISH* 

ESCORT AGENCY ■ TB. 071 289 2399 


BLONDES ••• 

MULTILNGUAL ESCORT SBMCE 
CB^UM. LONDON & V€ATHROW 
Please Coi 071 7300*05. 


071 370 2096 *"*' 

** London * Heathrow • GtJwich ** 


I ZURK»/ UKBME/ ZUG 
MONAEwxiSbtwct 
T r± m 1 41 16 13 


— ZURICH — GWEVA — 

Escort Service - Credt Gads 
01/ 252 73 59 or 022 / 797 40 00 


AMSTERDAM "DREAMS ’ESCORT * P A R I 


Dmnw drdes & 1 

Tet +31 pati 


srsxni guide serves. 
Q2J1J7 64 02 6U 


LONDON BRAZEIAN Escort 

Servw 071 724 5S97/91 - credit card* 


"ELEGANCE* 

&aw Servwe Iflrrtxi 3W 5745 


AMBBS 

London 0956 431364 Escort Sernce 


LONDON’S NOJ ESCORT 
AGBKYOT 2580090 


DUSSEUX3RF - KOCN - BONN 
Ruhr -Area. Escort Senteowt cords. 
,M 0221510 6145. + Q1ZLM04MX 


TO OUR READERS IN LUXEMBOURG 

It's never been easier to subscribe 
and save. Just call toll-free: 

0 800 2703 


CM Venno 163 1]532 H 32. 

MHAN -ROME-HJTE*’"*" 

Exert Serei n & Travel m Mdde Ear 
Tab 39-2 4Q7 78 72 
•** IOND0N ”• BOW ••* 
London & Heathrow bad Service 
cn 435 1002 Credt Cords Welcome 
H6CHAN1E ESCORT SBMCE. 

Mot*. Bopcf, OKnga 

Tet 305-9633524 

ZURIOi ' SS» * UZBLN 

NATHALIE Escort Service 

Tet 01 / 46323 34 

■CHIOE - LONDON* 
*- ** * ESCORT SBMCE " " 

* 1 E L : 0 7 1 - * 8 6 - 4 5 1 5 * 
KBBNGTW E5C0RT AGB4CY 


WaAstAIM 1 J55 + 05 
WtSaAB 1667 +.05 
WoGvAp 11.47 -.03 
WoGrA 17 JJ *33 
WbTciAp <Lw +31 
MuBdA 5027 —.15 
MuHiA 855 —.12 
MVLfA 739 -JO 

Mt^Ap 9^0 -ill 
MuCAAp 52D —3? 
MuFLA p 9.12 ^19 
MbGAAP 9.98 -.171 
MuMAA Pi 0.45 —.IS 
MuMDAp10J4 -.16 
MuMSAP 8.79 —.16 ' 
MuNCAp 10.9e — .17 
MutiYApl058 —.13 
MUSCAP 1139 —16 
MuTNAp 9.97 —.13 
MuVAAP 1055 —.17 
MUWVAPI062 — .15 


.l5;® n ISSr:S| 


MrgKaSo p 1X92 -,0S 

More 5tcn Insft 

Acrenvn 12.00 -38 
A*ianEqn23.90 —15 
I 01 - W +52 


ConApn I3J7 
DivLow n 1 164 


Gwlhlnn 1654 +.19 
W>ldn 809—04 
Income n 8.43 
Intifid n 9.91 —36 
InRD&n 1751 —30 
IntStkn 1X71 +32 


FdVoffit 8.17 +34 

GBdBfX 15J4-H 


EmergMJct 1655 — .23 i Jaeann 1168 
&ih 6 an 1238 - Jl , Lot Am n 1063 — 34 


Ealncn 11.90 +.17 
Inti n 936 —31 
MgdBdl n 9J7 „ 


f.vacapmsjo ,.17 


EuroEqt nl*53 
F/dlnc 9.W 


-■S! LPwOurn 9.79 — '01 ! ST§L n 


intlSCn 1604 — ji 


9*3 —31 > 

J: H; asTSi Kil^I &?%:* 


4.73 . 

4.46 —31 
14.93 -37 
1X40 +.14 


LtdNYp 118—33 GtOpBt 3035—02 

^odoevfiiuaje: GvS3» 9.16 *31 

DJvIrtp 1X42 GrlnBt 9.9! +.14 

Growth p 1656 +34 tflneStx 10.73 —39 
inflEqp 1131 —14 InvGdBt 1039 +33 
wWonPuttd*: MgGvBtnlXOS 

GvS«C n 9.02 MgMuBT 1*81 —27 

S B» H-70 +.12 MaMuB 11 JO —.19 
, y«W Grl2J7 +.19 hUMufit 1238 —19 
iPyccFupds: NvMuBl ISM —24 

ftmMu 8J6 +37 PrtMBt 2ljS-ffl! 

Bate 5J8 +32 PrraTRB 12563 +S 

PTC 1 ? 675 +34 ScCifit 19J7 +.97 

SS" 1 * n *-52 “rmfit 16JQ +.!4i 
Vntuepn 9JJ +38 TtfGBr 1178 +ji 
usbnweGfouft TxExSt 1650—33 
AmCten 10^ + .18 UtiiBf 1X7 J +,m , 
USGLon 6.58 ,.03 SmBhBrnyShnn H e 
USI ntn 851 ~ PmRetn 957 + jrt I 

MpTFn 1QJ1 —.11 Prinllp 7.9J ■+ j» 1 
VATFb .’064 —12 Prinlllp 8J* +J9| 


NYBdn 10J9 -.14 1 
gttjfireln *54 —3t 
TxRn 851 —.17 

TxeiTn 1X16—12 

TxEJJn 1560 -JO 

!L2=H 

Asia 9 JS —.04 i 

gusfcma ioj4 *351 
coment 958 +.10 i 
EMU* 960 +.14; 

incGro 1MD +.10 [ 


HOhdX 9.19 —as 
CaoCrwthlifi +.19 

Egkhc 1O1 1.21 

GrVal Hj7 ,.io 


GrVoi 1 1 J7 +.10 
WBdx 964 —35 
Intms 1X91 
MfMjrix 954 -.16 
hhriBdx 951—18 
OgMrt 14.31 +.13 

f ShortBdx 9.96 —35 
Auetii 
iau -34 

115/ +.15 

MUjfCATffTO — W 


f^?«n 656 ' . World Fundt: 
jntJFd 10/4 —51 NwpfTjo 113J 1 31 
nKE. — -M VoroEP 17.43 —0; 

BJ7 +33 


VoretogyniLn 


MUWVAP.DI2-15 SCValn ldlf + 3 S 1 )A« -4B 

Hlli S-n» + S! «Wumenhmplnri7 —37: pCffjLP 'JHS 

CMGBt 1*12 , Jl iMunMJGB 1555 ..16 9 -2S 

BhtrtB, JXI6 -32 iMuflBntt 1859 iPNCFutte: 

EjwMf 19J3 +J4 Myhral Series: gOWnceS >2-07 -.13, 

GortBt 6.65 — J2 Beacon n - is I Batanc 1237 +.11 ' 


Chox* S. London V78 
Trt 071 937 9T3&79I33 mrft rank 


*ZUR1CH*SUSAN 
EiCOrt Service 
7et 01 /38i99*8 



V e*«J5»CH*PA , U5*MUWOt 
MGH SOCETf Intei nutuU bean 
CaB Vema + 43-1-535 41 04. 
BCOKT-AOENCY Penelope 

WB WO 

TtL 0222/676 96 63 


HflrtB t 4.92 —.01 1 Share s n i$ 9 i . so 

IntmB t 8 07 -.01 NCCFwte: 

MAITB 1153 +.19 Ertimat 103J - 0 , 
OTCB 853 *1)6: Snljrwp 1389 . , 
oiShti fnra T ‘!+ ! F*<Tr>Cl D 9.97—31 

®..S8 XI. 

KS BrRTOr'Tff-J 

V??® Mn ‘-12 1 HiYlaB 462 —01 
wS«illR?i n '■?? I 10-W - .04 

5£Sni IB iI^ 1 *5! ■ n 10 04 -.04 

* JAJl - 05 , Mull, A ijs - Ci 

WOGvB 11.41 —33 • NYL Instil Fds: 


TFinsm 10.11 — 07 1 ShrtUSGv 9 As 

TxFrSn 5J1 -.01! JURgi* 1 SoG«iF«rtfc 

us Ml 5.01 -31 - ?! pow 1X24 — J3 

USLM79 9J8 Scc V o?£* lM3 tJi7 kP" 1 24.W -J9 
V* TF n 10.ID — 1 J I SMFHind*: Ovsefes 1239 — ffi 

rimrvTn 11.19 +.07 I Cap Gr n 7.81 *39 SounaSnn 14.82 +J6 


SoTrVfcnfld 9X9 +32 
ScTrVknSl 10 JO +.19 
SpPISIK 33.98 -65 
SoPtCash. 964 +31 
ShtetcEocfe 


"SSrRS..»!SSi.BS^ 


7.90 -38 BetaCWI n 10 J2 -.24 , 
8J7 +33 Dutch n 11.17 —39 ( 
*56 > HgngKonpM.98 —08 

t92 —32 Jopann w.19 —.17 
_ Meucon 1053 — 37 
*5? 5 , ‘> rd «n lO.ia — w 
5.71 +31 1 SPOftMln 6J4 -35 
21.10 +.181 Swmn 9.75—23 
WriMil Fundt 

5-2 -2 Curtai 9.7} +32 

iS"- 0 ’ g&sr TOi? 

^-vM| WwBflnlOfld 
4.72 -m .10 QiBCor 1254 *.17 
,5-32 ■-*“ SW^in 1456 * 11 


+.S7 . or 
U61 

I3J8 —.01 


Pretax Funds; 


Mcnaneal 9.n -'n? 
Managers ?.7i - 02 
PATFp 9 59-14 
STBdl 9.S6 
SmCapfasf 10.73 - 67 


BOW 12.5! +.1S' 

Bond 1027 - D3 ' 

LOPACC 20.89 +23 
EmaGr 2508 + .21 

uavt 10.18 + 02 

Growth 31 16 -.48 
ManoaM t; 44 « .os 

TE Bd 10.94— .17 ; 


CeroDtnonl.97 
GNMA p 9.Q4 + Jll 
UirrrndBC P9 J7 +j» 

SWGv np 974 
mttFvin pnlD59— .07 
■ntMnp 1038 —.58 
tWGvt np 9.35 
■ntlp 1051 +36 
Ealnc no id 13 +.32 
EqincU np)633 . ji 


AsetAlc 175S +J0 
CATFln 9.92 — 33 


J.9—IS UBMris 

SS :fl BS! 

>023 + 01 ! gS»jj 

1*74 +.17 1 SESi 

+ jjs 1 SSrt 

| rsj 
iTO sll 


*59 +32 : 

&zSL\ 

iTO ;#■ 


tfl 9J3 —.08 ; 
In 964 — OI 
in 860 —02 . 


B- iH 

iSApfiC I* 


Wliiw* I 


• ••*. » 

- ^ 

V. 




|| 


*<** 


40L_e I 






INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31, 1994 


Page if 


■; liitem ofional Bond Issues 

0 ,'- CompSad by Paul Floren “ — 


fri;’ 

tosuM’ 


Amount ... Coup, Wce 

(millions) ** Price 80,1 

week 


Terms 


i S'wnKr Podfic 


Rato Notea 


'*! J “ 




?r ^ Ok: Pacife finance ^00 1997 *5 99.905 — Over 6-man+ Libw NoncaUable. Peei D-30%. Dertoninction, 

•• 4* l SSP.OQO. jHSBC Capital Morketsj 

Compagne 

;? Rnandfae de QC 


£|| Manhattan Card Co. 


$200 2000 'A 100 


DM500 2004 Lfear 1 00.06 — lnTef«W will be rhe 3-mon* Libor. Nenidlobta. hte 0.20%- 

(DG Bank.) 


-** * 




Trif?.' 1 Rheinscha 
■ S&f& Hypotheben Bank 

* _____ ■ ■ 

J-CarS Corp. f 15,000 1998 0.20 100 — Over I-momh Libor. NoixaBable. Foes 0.40V (Goldman 

•' {rfjj k Sachs Ira!) 

v „■ Fbwd-Coupona 


■'X-Tsf ' . 


* K 'C« C 


y'luaci 

re*«s : : 

• V: •.: « 




«ri 

; • _ • _ • . 
•• it.-'. ' 


; ' •! - 

-w 

t . 


} BedrioM de France 

i. 

$200 

1996 

7 

100735 

100.19 

RaoFerec! ot 9976. Noncalldble. Fom 1H%. (Paribas Capital 
Marketiu] 

| Johnson! Johnson 

$200 

1997 

7% 

101.052 

101.14 

feaffereri or 99£6S. NanwAabte. F«a IJWt. (Morgan Storjtey 
IntL] 

t Johnson & Johnson 

$200 

2004 

8 a 

100.841 

100.32 

Ro offered at 99.16b. Nonasloble. Foes 2%. (Morgan Stanley 
IffllJ 

f; Morgan Guaranty 
? Trust 

$100 

1996 

7 

100.95 

100 70 

Reaffered at 79.95. Noncattable. Fungible with outatondng 
ewe, raising Total onourn ro 5300 rnilBon. Foes 116%. (J.P. 
Morgan.) 

j Rabobank Nederland 

I. 

$250 

1998 

7fc 

101.45 

— 

Reoffered w 100.05 htoncatiable. Fees IWK. [Swiss Bank 
Corp) 

? Sodafi Nafionaie des 
\ Chemms de Per 
ir^ Frangss 

$200 

1998 

716 

100.97 

100.19 

Reotfered o> 99 £7. NoncndnUe. Fees 1 ?»%. (Paribos Capital 
Mar Ire is.) 

L Swe&h Export Credit 

$150 

1996 

7 

101.035 

101.57 

Reoffered or Will. NoncaltaWe. Fees ltt% (BJ Im lJ 

? SwecSsh Export CretSt 

$100 

1996 

Zero 

87.33 

— 

Beoffered at S731. Yield 7.021%. NoncoUabla Proceeds $7J 
millicn. Fees nar asdosed. [Daiwa Europe.) 

l Trans-Tokyo Bay 
! Highway 

$200 

2004 

Bh 

99.662 

99.38 

NoncaUable. Fees 0725%. (Bank erf Tokyo Capital Markers.) 

| DSL finance 

i _ 

DM300 

1998 

m 

101.425 

— 

Reoffered at 99.90 Noncollable. Fees 1K% (CSFB, Effecten- 
bank.] 

Export Development 

1 Corp. 

DM200 

1998 

7 

101^7 

— 

Noncatlable. Fees 114% (Merrfl lynch.] 

1 J F. Morgen & Cb. 

DM250. 

1998 

n \ 

102JJ5 

— 

Rrotfered at lOOti. Noncaflable. Fees 2.15%. {17. Morgan) 

Austria 

m. 200,000 

1997 

n 

101315 

100.10 

Noncallqbie. Fees 1H% (Deutsche Bank.) 

Bayerisdie 

Veransbank 

m. 150,000 

1996 

ii 

101 

100.40 

Noncattoi*. Fees IMA. (Cr«fco IroSana.) 

Nordkieutsche 

Landesbank 

m 150,000 

1996 

ii 

100.975 

— 

Nonarflotote. Fees 1 M% (Banco Naffoncrfe del laworoj 

Rabobank Nederiand m 150,000 

1997 

11.05 

101.23 

— 

NoncafcWe. Fees 11*%. (Banco Commerctole llafiana.) 

Dresdner inti finance 

DF250 

1999 

716 

101^25 

99.W 

Reoffered at 99.80. NoncaBable. Fees 151%. (AbrvArobro 
Bank./ 

DSL finance 

ECU 100 

1999 

8% 

101.443 

99W 

Reoffered at 99818. Nowahfaie. Fees 154% (Bodays de 
Zoete Wedd.] 

European Investment 
Bonk 

C$165 

2001 

9 

101.345 

— 

Reoffered as 9977. Noncatlable. Fees 154%. {Wood Grundy^ 

General Electric 
Capital Carp. 

C$125 

1999 

8V 

101 602 

— 

Reoffered at 99.977. Nonealable. Fees 1 ML (ScotioMcLeod.) 

Bayerisdie 

Hypotheksn Und 
WechisdBank 

aub$75 

1997 

9M 

101 .15 

" 

NoncaUable. Fees 1H%. (HambrM Bank.) 

Bayerisdie 

Veremsbank 

AusSlOO 

1999 

10 

100.97 

— 

Nonealable. Fees 2%. (Hambras Hank.) 

73 New South Wales 
Treasury Corp. 

Am$ 100 

1997 

416 

88.961 

— 

Semiannually. Nancallable. Fees 1%%. OenominaliotM 
AusS 10,000. (Nomura Int L) 

Queerakni Treasury 
Corp. 

aus$250 

1996 

m 

99766 

9970 

SetruannuaBy. Noncolofaie. Foes not dhsdased. (Memfl Lynch 
Inti.] 

Landesbank 

Rhemland-Pfaiz 

y 15,000 

1997 

Zero 

8965 

— 

Yield 3709%. NoncaUabla. Proceedi 114 billon yen. Fees not 
cfadosed. [Norinchukm Int’L) 

Equity •Unkwd 

Hutchison Delia 
finance 

$250 

2001 

7 

100 


Semannuclly. Nonealable. AtondatorBy convenible mto corn- 
pony's shares upon frrsl onniverscry of miticrf pubCe offering. 
Terms to be set at a later date. Denominations 510,000. 
[Peregrine Capital) 

Samancor Overseas 
financing Co. 

$100 

2004 

open 

100 

— 

Coupon indicated at 6% la 754%. Callable at par in 1998. 
Convertible at an 1072% premium. Fees 214%. (Swiss Bank 
Corp.) 


r 

v» 

•tv 

u. 

>• T « 


Debunking a Fear for Mutuals 


.v 


’.n. • . 

pit. r iSV" 


By Leslie Eaton 

Mew Tor* Tima Service 

NEW YORK — There are ghoulies and ghos- 
ties and things that gp bump in the night. And 
then there is the most frightening specter of them 
all (at least on Wall Street): the Mutual Fund 
Death Spiral. 

This is the fear that a decline in the stock 
market will cause investors to bail out of equity 
mutual funds. 

That would force fund manager? to sell stocks, 
driving prices down. That would spook more 
- fund investors into fleeing into money markets, 

• •- >; f H^^ordn£ fund managers to sell more stocks, driv- 
^ ■ l '\ T ~Tng prices down still more, spooking more fund 

• • investors and — well, you get the picture. 

The companies that sell funds argue that such 

fears are overblown and that fund investors are 
in for the long haul Now these would-be ghost- 
busters have some new ammunition in the form 
of a statistical study done by Zwen Gov. 

Looking at data from 1987 through mid- 1994, 
the CS First Boston economist found that mutu- 
al fund flows do not cause changes in the market. 

True, the market has been rising since 1987, 
and so have sales of mutual funds. Bui statistical- 
ly, Ms. Goy could not find a cause- and -eff ect 
relationship. “lt*s not that mutual fund flows 
have no consequence,” she said. “But they are 
not the most important thing. It*s a very minor 
effect” 

The Death Spiral is haunting the Street this 
Halloween season because investors seem finally 
Sjf? to have cooled a bit on stock funds. Money is still 
flowing in, to be sure, but at a slower pace. 

In September, the most recent month for 
which complete data are available, Americans 
put $8.1 Union into stock funds, a huge stun but 
st£D less than the record $14.1 billion they invest- 
ed in August, according to the Investment Com- 
pany Institute, the mutual fund industry’s trade 
and lobbying association. 

A lot of that money is not even going into the 
domestic stock market. Last month, 35 percent 
of the inflows went to funds specializing in 
foreign securities; in August, it was closer to 40 
percent. Furthermore, many funds categorized 


v- ft 
:’V-- a 

-■? n. 
.. u 

£**£- 
. :■ s 

• .\,a-- 




i 1 


..-.V-'S 








-» I'W» I 1 ■ 


. as domestic stock funds increasingly hold big 
chunks of foreign slocks. 

This month, investors cooled still further on 
stock funds, according to figures compiled by 
AMG Data Services of Areata, California. 

Investors put an average of $1.4 billion a week 
into the stock funds AMG tracks, down sharply 
from an average of $2.1 billion a week in August. 

The sharpest cutbacks appeared in the more 
aggressive U.S. stock funds; investors actually 
took money out of aggressive growth funds in the 
week that ended OcL 26. 

Investors may have been reacting to lackluster 
market performance — but maybe not. Ms. Goy 
found that not only do fund investors not cause 
stock market changes, they also do not react 
much to the market after it moves. 

In fact, investors pul about the same amount 
of money into funds no matter how the market is 
doing. The reason, sbe said, is that most house- 
holds are saving for long-term goals and do not 
generally play die market with mutual funds. 

Admittedly, fund investors do take money out 
if the stock market is falling, or if they suspect it 
may soon do so. Even so, Ms. Goy noted, “We 
hnH huge redemptions in 1988, yet the market 
went up 15 percent that year." 

At first blush, the findings seem to fly in the 
face of the laws of supply and demand, which 
many people assume to mean that if demand for 
stocks plunges because people stop investing in 
mutual funds, stock prices should fall loo. 

“If nothing else changes, that may be true, but 
so many other factors are involved," Ms. Goy 
said. Corporate earnings, inflation, overall eco- 
nomic growth and, primarily, interest rales all 
have more effect on stock prices than fund flows. 

Bui Charles Biderm an, editor of the newsletter 
Liquidity Trim Tabs, says that fund flows are 
very si gnifi cant. “In every market there's a dif- 
ferent key component to liquidity, and funds are 
probably key in this market,” he said. “If there’s 
an outflow from stock funds, it would be very 
important regardless of anything else that is 
going on; psychologically, fund flows are under- 
lying everybody’s bullishness.” 


Tehran Attacks Inflation 


i~«. 


,i#r‘ 

l«.l 


•• i*l 






/ i ,.< 

' ■ 

’■ - .. J'j 

■ ; i. 

.-.*«• V' 


Reuters 

TEHRAN — In its battle 
against steep price rises for con- 
sumer goods, Iran says it will 
a use punishments up to the 
’death penalty to control profi- 
teering and boarding. 

Tehran Radio reported over 
the weekend that more than 
1,000 state courts were ready to 
handle violators of the new pol- 
icy. 

“There is no reason for peo- 
. pie to worry about any shortage 
of the announced goods,” it 
said. “The government has in- 
creased the supply of the neces- 
sary goods. Rial and hard cur- 
rency credits have been 
provided for to enhance domes- 
tic production or to import” 


The cam paign was launched 
after sharp rises in prices, in- 
cluding those of items con- 
trolled by the government, trig- 
gering a flood of complaints in 
the press and Parliament 

President Hashemi Rafsan- 
jani, announcing the anti-profi- 
teering drive earlier this month, 
said it was aimed at profiteers 
and hoarders “who were not 
satisfied with reasonable prof- 
its.” 

Justice Minister Esmail 
Shoushtari said “profiteers, 
hoarders and saboteurs” could 
be punished under laws which 
can result in execution of con- 
victs. 


China Faces Rise 
In Grain Imports 

Compiled by Our Staff From Dapaicha 

BEIJING — China will be 
forced to import nearly 50 mil- 
lion tons of grain a year by the 
year 2000 to kero pace with 
rising demand, the Beijing Agri- 
cultural University predicted. 

A university report published 
Sunday said China's annual de- 
mand for grain will reach 547 
milli on tons, while output will 
hit only about 500 million tons. 
That means 47 milli on tons will 
have to be imported, the official 
Business Weekly said, quoting 
experts at the university. 

The report was based on a 
conservative annual growth es- 
timate Of 7.5 percent over the 
next six years. (A P. A FP ) 


$100 2001 3/16 100 — Over 3-rnontfi Lrbor. Kedeemoble at par m 1999. Fungible with 

outstanding issue, raising total amount to £230 million. Fm 
0.25%. Denomwnriof* $10,000. fSanwa hot) 


Over 1 -month Liter. Average He 4.91 years. Fees not 
dadoed (Chose Securities.) 


The Week Ahead: World Economic Calendar, Oct. 31 - Nov. 4 


A schedule of that week's economic mm 
ttrmnoalevmx comptba fertfw warn*- 

Hoard Henkl Tribune by Bloomberg Sua/- 
nessNews. 


AatoJtocttic 

• Dot. xi Cambodia King Siha- 
nouk's birthday holiday. 

Tokyo September housing starts and 
construction nflm 

Taiwan Cmang Kaksnek's ttrtnday holi- 
day- 

a Hair. 1 Canberra September Def- 
ence of trade. 

Tokyo October new vehicle sales and 
torolgn currency reserves. 

Eernlnge ee p e rt e d Cosmo OU, Japan 
Energy, Sumitomo Mam Wrung. Toyote 
Auk Body, Toyoda Machine Works, 
s Mew. X Singapore Deepavall holi- 
day. 

Sri Lenka DoepaveH hoSday. 

Eernlnge eocpected Komeau, Mtsubteht 
Materials, Mtzuno. 

• How. a FIJI Demi holiday. 

India DfcraK hotiday. 

Japan Culture Day MOday. 

Malaysia Deepavall holiday. 

Sydney September mta> itmaa 


Union; balance ot payments and official 
reserves. oeiOMr QfficW CPt. 

Zurich October CPI. 

Frankfurt September industrial produc- 
tion. manufacturmfl output and orders. 
Bfueeaie October unamptoyment rate 
kmetenla i u September CPI. 

■ Nov, 1 Copen ha gen July and Au- 
guat currant accounts. 

Europe Markets mBolgtuin, Franco. Ita- 
ly. Spam and Portugal dosed for nouaay. 
London Bank oi England bulletin and 
inflation report 

Earning! rape c ied Briton Petroleum. 
Thames Water. 

oNev.a C op en ha gen September un- 
employment. 


AmerfcM 



Europe 


• Oct si Parte Markets dosed for 
holiday. 

Rome Kalian banking sector strikes 
scheduled. 

Expected any tbee this week 

Rome September hourly earnings; trade 

balance, excluding trade with European 


Madrid Iberia’s two principal unions 
scheduled to hoH a one-day strike. 
Earnings expe cl sd Boots. Euro Disney. 
KLM Royal Dutch Alrtinos, Pumps Elec- 
tronics. 

a Nov. 4 London September housing 


■ Oat. 31 Washington September 
personal income and spending October 
agncubural cnees. 

Ottawa August gross domestic product 
Caracas Financial markers dosed lor 
Ail Hallows ’ Eve. 

Earnings expected Adolph Coors. 
American Barrtch Resouttwa. Ogna, Ho- 
meetahe Mining, hrax, Spartan Motors, 
Sue Electronics. Sue Ele cu om cs . Uno- 
cal. Wisconsin Central Transportation 

• Kow.1 Washington September con- 
struction spending. 

MeafooCtty Financial markets and gov- 
emmem oflteoa dosed. 

San tiago Financial markets dosed tor 
All Saints Day ration* hobday 
Earnings expected Borg-Wamer Secu- 
rity, Beneficial. Cabot Emerson Deane, 
First Brands, Depend Nutrition. General 
Re. Hannon industries, Hong Kong Tele- 
communications, [HOP, MB1A, Olsten. 

• New. 2 Washington September fac- 
tory orders and leading economic indica- 
tors. Federal Reserve Board releases re- 
port on economic conditions. 

Ottawa Business cond i tions survey of 
manufacturing Industries tor Oaooer. 
Sao Paulo Banks, stock exchanges and 
teoeral offices dosed for as Souls' Day. 
Mexico City Financial markets and ton- 
er* offices dosed for Day ot tm Dead. 
Eambiga e xp e viad Borg-Wamer Auto- 
motive. CNA Financial. Cofumbin Hospi- 
tal. Outboard Manna, Snappki Beverage. 

■ Nov. 3 Washington September new 
home sales. October chain store sales. 
Dettott October auto aaiea. 


Lost Week’s Markets 


AM tlwrcs ore & Of ciose cl trotting 

Stock IihIwxm 


Money Rates 


, DJ Indus, 
j Djum. 
i DJ Trpny. 
! Si P 100 
5 & P 500 
SiPtnd 
NYSE Cp 
smote 
FTSE100 
FT 30 


OcL 29 

3.93066 
181 45 
W3i?7 
CMS 
47172 
551.K 
29M3 

108180 

2J4S.10 


Oct. 31 
159 U0 
17147 
1JVU7 
430.12 
4501 
twin 
25551 


+ LOt % 
+ 1 . 10 % 
+ 241% 
+ IM% 
+ 1^1% 
+ US% 
+ 1JD% 


103280 +188% 
233170 +049% 


I 

j Nikkei 225 1U0S.H 1WP9JN -(U7% 


DAX 2040J2 202222 +110% 

HeweKewe 

Hens Seng M7147 M3B89 +084% 


united States 

Oct 78 

OCL 71 

Discount rote 

4.00 

400 

t*'imerat* 


7V 

Fn^nd MM rata 
Jam. 

4% 

4 11/16 

DJscoutt 

14* 


Coll momy 

222 

25b 

3- month Interbank 
Oermoity 

3 5/16 

35/16 

Lambara 

6.00 

600 

Coll manor 

485 

490 

3-montti Hiterbonk 
iritoto 

5'i* 

570 

Bonk basa rote 

5A. 

5* 

Call money 

6^1 

Sto 

3-month interbank 

600 

5 15/16 


MSCIP 




537 JO —085% 


Orw Oct.il Oct.si cave 

London djti. flxJS 387 JO 39095 —083% 


i World IndOM From /Moraan Stanley CMM Inti 


INTFRNATtONAL||| ■ 

BusinessWeek 


Bonds Confront New Hurdles 

Krug/u-RitMcr But the market’s firmer tone wOJ he tested 

NEW YORK — The U.S. bond market could when “ deals with somt potentially strong re- 
extend a rally in the early part of the week, but ports on how the economy started off the fourth 


eventually prices are expected to retreat in the quarter, 
face of fresh economic reports and additional 
supplies of new government securities. 

The market bounced up on Friday when the 
gross domestic product report indicated that 
even though the economy grew at a healthy 3.4 
percent annual rate in the third quarter, inflation 
remained low. Traders said some of the gains 
reflected short-covering, as well as the assistance 
provided by the dollar’s gains and lower precious 
metals prices. 


especially the October payrolls data. 

“1 would expect some carry-over in the early 


part of next week, then perhaps the market will 
sell off ahead of the employment report” to be 
released Friday, said Arthur Michelet u. chief 
economist arid investment strategist at Bailard, 
Biehl & Kaiser Inc. 

“Until we’re past this period where pteople are 
worried about Fed rates hikes, it’s going to be 
difficult for the market to sustain a rally,” Mr. 
Michdetti said. 

But Michael Strauss, chief economist at Ya- 


Ted Reed, chief investment officer for Back Bay mnirhi Securities, expects the mar ket to be hit 
Advisers in Boston, said the Friday report was just “rounds of sellme” when the week’s data 

i * j a _ ' f_ - t. ?- - ® 


the kind of data Fed officials were hoping to see. 

Despite aH the bond market's concerns in 
recent weeks that Fed moneiaty policy has not 
been sufficiently aggressive, the report’s figures 
“suggest their preemptive strikes since February 
were the right medicine,” Mr. Reed said. 


start to arrive. 

The approach of the 3- and 10-year sales the 
following week may prove another stumbling 
block for the bond market. 

But traders say a genuine rally could cany the 
market through the refunding supply. 


DOLLAR: 

Still Pressured 

Coutimied from Page 9 

port a a backlog of European 
exporters waiting to sell dollars 
when it tops 1 .5200 DM. 

John Lipsky at Salomon 
Brothers in New York said that 
“until convincing signs of a de- 
celeration in demand growth 
are evident, the U.S. market will 
remain vulnerable to indicators 
of higher inflation. Until the 
risks of higher U.S. yields re- 
cede; the dollar also likely will 
remain under pressure." 

This week, markets will get 
their first measure of fourth- 
quarter activity when purchas- 
ing managers announce their 
October orders and when last 
month's employment data are 
released Friday. 

The following week brings 
congressional elections, whidi 
could signal two years of policy 
paralysis if the Republicans win 
both houses, and the next week 
is the Fed’s policy-making 
meeting on Nov. 15. 

Until then, “the dollar should 
trade in a range of between 1.48 
DM and 1.50 DM,” said Ron 
Leven at Morgan in New York. 

With the Fed having only 
once moved rates more than half 
a point — when it lowered rates 
75 basis points after the October 
1987 crash — Mr. Leven said the 
Fed was unlikely to raise rates 
by more than half a point 

Noting the dollar’s propensity 
to rise at year-end and into the 
early months of the new year, 
Mr. Leven does not rule out a 
short-term rally. But he said the 
dollar would remain in a down- 
trend until the Fed completes its 
tightening late next year. 

By next autumn, the dollar 
could be trading in the upper 80 
yen range and and rebound to 
the lower 90 yen range. 


MAILED FROM AMERICA 



Od.se on. 7i 

Yrtitab 

Yr lew 

us. s, len term 

442 

B2f 

8X2 

621 

U£.S.mdm term 

7J9 

7J4 

7J9 

5X5 

UAL short term 

7J3 

7J4 

7J8 

4J8 

PmaOs itcmiB 

9 JO 

929 

7X1 

626 

Rwcbtnna 

416 

414 

824 

SX7 

itpflminn 

11.13 

11.14 

1138 

721 

OmHsli Krona 

4S6 

4SS 

474 

420 

SyrndUlawH 

ms 

HU4 

1123 

704 

ECU, long term 

us 

US 

484 

418 

ECU. aidai term 

444 

43t 

49 

481 

Cans 

9.12 

9.17 

7X4 

638 

tos 

HUB 

9.95 

HUB 

457 

Ul 

9JJ6 

9.1S 

9X1 

559 

Yta 

462 

449 

484 

287 


Euromarls 
At a Glance 


Eurobond Yields 


Source.' Luxembourg Stock Exchange. 

Weekly Sates oe.27 

Prima-v Mortlrf 

ChM Eurodaor 

s Horn s Man* 
StntiaMs 4350 <3851 45180 180450 

Convert. — - HI780 5480 

FRM 2400 2780 m00 173J0 

ECP 4*49,10 5,12380 1207480 48*150 

Total 4717.00 5 3»M MB* L0748S 

5tcwidBrv_MartM 

Cedd Etradaor 



S 

Hoot t 

Had 

Sraighis 

11X2780 17362X0 26X5360 3U8UI 

Cwverl 


40238 136570 

137730 

Flirts 

7X3460 

LMS60 2537418 

584660 

ECP 

4*5810 1105780 1BJ4780 2231060 

TaW 

2534530 1416730 63X4330 8784630 

Source: Eurodaor. CedeL 


Ubor Ratos 


Oct. 28 


Hasan 

Seoento 

4-fMnia 

UAl 

5 

511/M 

6 

Devtidu mart 41S/16 

53/16 

5to 

oerad sMrtlM 59/16 

6 

6 Vi 

Freer* tre»c 

57/16 

m 

Sto 

ecu 

511/16 

6 

63/16 

Ye- 

25/16 

m 

27/16 

Sources; 4 fords Sank, Reuters. 



USA TO— YOU! 

We buy A ship ebnoet anything 
direct xo you— or to loved ones 
in USA. Free brochure. 

A TOUCH OF HOME 
7522 FM I960 Wwt. Sto 343 
Houston. TX 77070 u» 

Tol:7 13-320-9100 us* 

FAX; 713-320-0014 u» 


International 
Herald Tribune 
ads work 


This week’s topics: 

o Centra! Europe: Big Push East 
o Europe's Wireless Frenzy 
o China Joins WaJ! Street 
o How U.S. Economic Numbers Mislead 
o South Africans Plunge Offshore 

Now available at your newsstand! 


BusinessWeek International 

14, BV d'Ouchy. CH-1006 Launnne Tel. 41-21-617-4411 

For subscriptions call UK 44-628-23431 Hong Kong B52-523-2S39 




CONFERENCES, COURSES AND EXHIBITIONS 

NOV. 2b & 27 (8-30 ajn. to 1230 pjn.) 

FEB. lb-18 

WORLD ENERGIE INDEX 

General Iraetcst huiative 
tote hdd a the Mrs Aaopdis. Frana' 

Em ranee lie indude: the program. 

: served sea. badge and ikibsequcnt repot 
Lmited number d plans 
Mantedelnbune 1800 F Learners 1.700 F 
Conpessmen 1/00 F General puMc 250 F 

tescatons. IMF Siudems BOF 

Reservations by (*x 03.) 83 27 09 31 
and by malt 

Secrcurtat EVALORATECSCH Quwrttow 
BP 55. 54602 VfflervLes-Nancy Cedex 
FRANCE Tet 33) 83 28 3108. 

Societies In Crisis 
and Mental Health 

laxLnc Euri'pan pjvtfluinss pswJwi^gss 
awiomsu and raciolosi .« »;l. tum/v Ac 
mcindl Iralrh illeos cc. stadv rf 
Unempkvrett Innucrad.'n and Vi jience 
Sponsued bv Eurrpcjn Socul Mimsncs and 
Imemitiaul BcculCrsaniuirJivi CeMetena; 
ofcamws mi. SMaliv-jtv jre Cffipan.a tc 
{tamc-psvmpjwa iliusrralm^ :hur eftorts ur heir 
sohelheseisraiteTO 

CwiKl Mercure Communication 
InremationaL 

Tel.: (33-1144 0123 20 

Fax: (33-1) 4703 52 78 

NICE 

PARIS 

TO ADVERTISE PLEASE CONTACT PARIS 

ON FAX; (33-1)46379370 



1 You will find below a listing erf employment offers published in Iasi Thursday's International Herald Tribune j 

POSmOH/LOCATlOH 

COMMNY 

CONTACT 

FINANCIAL ADVISOR 

PubRc Enterprise Reform 
& Divestiture Seaetaria 

Public Enterprise Reform G Divestiture Secretariat 
Ministry of Finance & Economic Planning 

P.0. Box 10944 -Kampala. 

SENIOR PROGRAM OFFICER 

WWF 

World Wildlife Fund Human Resources, 

Dept. 416-fHT 125024th Street, NW 
Washington, DC 20037 

INDEPENDANT SALES 
REPRESENTATIVES 

ABC Diversified Advertising 

GmbH 

Kevin R. Hoskins European Sales Director 
European Sales Director.ChiUan Publications 
kurt - Schumacher - Str. 43, 

D-603J 3 Frankfurt, Germany 

DEAN 

Amos Tuck School of 

Business 

Professor Robert G. Hansen Chair. 

Dean Search Committee 

6004 Parfchurst Hall Room 204 

Dartmouth College Hanover, NH 03755-3 l >2 , J 

FINANCIAL NEWS REPORTERS 

Knight Ridder Financial News 

Brian Childs • Knight Ridder Financial News 

14. rue Lafayette - 7500^ Paris 

PERSONAL ASSISTANT 

Federal Express 

Nadine Guvony-Orsor 

123, av. Louis Roche 92235 Gennevilliers Cedex 

SECRETAIRE DE DIRECTION 

- 

Box D 434 IHT - 92521 Neuilly Cedex 

| V ; :.v^ VvEXECjmVES AVAILABLE j 

1 GENERAL MANAGER 


Fax-. (33-1130 43 22 02 | 



CURRENCY AND CAPITAL MARKET SERVICES 


FUTUR 


Futures, Options 
FX 3k Derivatives 


|Forelgn Exchange direct dealing 24/24H 
BID* aHng rooms: Slngapore-London-Ntw-Yorit 
m 10 yttars »xpar1*nca . advanced technology 
El 6% Margin deposit - USS / DEM Spipa 
IS Free dally fax analysis - strategies 
CALL BRUSSELS (322) 512 0121 
CALL PARIS (331) 4622 1920 



ECU Futures PLC 
29 Chesham Place 
Belgravia 

London SW1X8HL 
TeL* +71 245 0088 
Fax; +71 235 6599. 
Member SFA. 


FUTURES & OPTIONS 3R0KERS 


$32 


I y ROUND 
TURN 

EXECUTION ONLY 


USD/DEM 3-5 pips DEM/JPY 2-3 pips 


Competitive FX spreads with no further costs 
Experience - Security - Analysis - Strategies 
Trading facilities based on margin or company balance sheet 
Direct Dealing 24 Hours - London - Berlin - Copenhagen 
RUBICON +49 30 TeL: 885 9330 / Fax: 882 4266. 



Xrwrfutul Con Ini droop 

Keystone 

■' T|MI1( Dl.llMI 

Werner Mandti. Manager 
Bl ItraakRui Cko^SnUti 
MattaW* 


Everyday Offer To Professional Traders 

US c ow moaty Exchangee 

800 - 967-4879 
312 - 207-0117 


© Signal Realtime! USA© 

O Slock & Futures Quota* ihm CONNECT to I Q0+ applications O 
O Now in Europe O 65.000 QUOTES from just S3 day! O 
J O Call NOW for YOUR free Signal Investment Software Guide & price list O 
«■ Call London 44 + (0) 171 231 3556* 


\QQ 0 j 


Currency Management Corporation Plc 
11 Old Jewry - London EC2R SOU 
TeL: 071-865 0800 Fax: 071-972 0970 


MARGIN FOREIGN EXCHANGE 


24 Hour London Dealing Desk 
Competitive Rates & Daily Fax Sheet 
Call for further information & brochure 



’ C9KRHICY tt FVTVIKES TRADERS 

1 HAM CUBKBKS w* spnfc ndn horn BM COfiWUlHt FS0GRAM ttf* . . 
i to 400% praam eajjnp*ryeor»r 17 yean, R«no»wU5585flB;or lean tor USS1 
J mirtn. Tanra ara cnalDM. J Ajraoyo4±leoa tw wmco'-ilfiND&inCALbtdB; 2ra>dti 
* M»M FAX SERVICE far 38 hdurei ■ ftaiion rode wdi jpeerfc ec*W«to/itoi* 
ftsft in pati 6 montia mceadi 5100,000, Iraang one ankga lor aoch agnel 
Sutwiba fw 2rnonG ler U55 2^00; V 6 mootiatrUSS 6^00, ex 1 yttr tor 51 2,000 
’ NOIR EACH HASrUUMOWY-MatGlMIAKIS. WtanMCTAVdera 
I ACCOUNTS [nsmwiUSS3S,Q00L od> sbotfCUSIOM 
OJ 305-251-6762 or 800-392-2664 - Fmc305-254-3272 
— UMUED AVA8ABUTY. ACT NCKVJI 


TW-1 REE SPEAT E ATION IN El TERES 


Tfi ublwa your fiw Gunk (a ho» your Kmuicia! 

SnakaubT can help jvu. all Htclud Murray 
nr Lmiroliiv. dou7I icu 71M or ww w at. 

1C iKkx Pk.4-11 Caumh CariW.. 

Uuhkai SWI W 0BD -to*— P 


FDR TRADERS ON THE MOVE 

Watch the markets move with the screen hi your pocket 
that receives Currency, Futures, Indices and News updates 
24 hours a day. For your 7 day free trial, call Futures Pager Ltd 
on 071-895 9400 now. 


FUTURES PAGERI 



LllflTtO 


SitphaM 


S9A32B4 

393077 


Capital Jtlowjlsaet Memogenient 

$32,691.77 

NET REALIZED MOOTS 
FER S10OW UNDER MANAGEMENT 
June 27 , 1994 through October 2l, 2994 


Catch The Big Moves 

DID YOU SELL DEC DAX AT 2142? 

DID YOU SELL DEC S+P 500 AT 472. 55? 

DID YOU BUY COFFEE IN MARCH? OUR CLIENTS DID 
C^«mlrsc,m8COTpu»risedir»6rgsvfi»mi£n{»3vailab!8Bytoanda7vareovar75 
coniriiodrttes'linancjal ItfwB&'rKfcias with specific “Buy - . "SeT or "Neuter nsamnwntltittjns 
Request your S^tay tree trial by sending a fax 
to Carol on 0824 6S2272M *44024 082272 


For further details 
on how to place your listing contact: 
WILL NICHOLSON in London 
TeL- (44)71836 48 02 
Fax: (44) 71 240 2254 

H craibl^glSribnnc. 


K 





;e 12 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31, 1994 


PRICE PLUMMETS 

BUT NO/FOR LONG 


A years subscription lu the Herald Tribune 
gels you to 50*4 off lh«> <-u\ er price. 

Equally exciting >horl-lemi offers. 

The world's m»i*t p «w^riu! 
new.s-galhering network is making a deal with you. 
But only if you act now. 

To start your subscription ju»i fax u>: 

In Eurripe - Paris i +X\- 1 1 ffi Ikj 5 1 

In Asia -Hong Kong |-riJ52t 9222 1 1 99 
Or refer to thr subsi-ri[ition advcrti-emml in this edition. 

IcraibSSnbunc 


PVLNkiD «iiii :m ■ 


mi ITUtN HD i 


frl 


r- licralbSfecribunc — , 

a 4. ji.. v* v»i l ix^. *f*\ iva^L^ niu 

LIVING IN THE U.S.? 

NOW PRINTED IN 
New York 
For Same day 

DELIVERY IN KEY CITIES 

TO SUBSCRIBE, CALL 

1 - 800-882 2884 

(IN NEW YORK. CALL 212-752-3890! 


Rate Swap Suits: 
The Plot Thickens 


NASDAQ NATIONAL MARKET 


Consolidated trading for week 
ended Friday. Oct. 28. 
(Continued) 


By Floyd Norris 

Nfw York Times Service 

NEW YORK — The won- 
derful world of interest rate 
swaps has largely been hidden 
from public view. Now, as some 
big losers in die game cry foul 
and sue, more is coming to 
light. 

Last week, Procter & Gamble 
became the second Cincinnati 
company to sue Bankers Trust. 
Like Gibson Greeting Cards a 
few weeks earlier, P&G sees it- 
self as a swindled innocent that 
relied on the advice of a slick 
New York hustler and lost mil- 
lions. 

Bankers Trust, in its response 
to the Gibson suit, paints a far 
different picture. It was no 
trusted adviser, it says, just a 
trader. 


ijlfrr.f* 

Quote 

Gwiiun i 

Gvmbre 5 


c 


ADVERTISEMEiYr 


GRAND METROPOLITAN p.l.c. 

(CPUs ) 

The undersigned announces dial the 
Cnmnanv has decided to terminate 
the Deposit Agreement. Holders n f 
LDRs of your Company are request- 
ed to deliver their CDRs cum cpn. 
no. 51 s.cjl to the office of the 
undersigned and give instructions 
for the delivery of the underlying 
shares to a ruatndian in the United 
Kingdom. The withdrawal rharge? of 
A.D.C. are for the Company hut 
costs of the deposit of tne shares 
with the custodian have to he borne 
bv the CDR-hnlder. 

AMSTERDAM DEPOSITARY 
COMPANY Nl. V. 
Amsterdam, 28 October 1994. 


1 Okiup< 

. ooaTeer. 

It is loo early to judge ihei 
merits of the claims, but it is! oCmts" 
clear that Gibson and P&G| &#££? 
ended up taking amazing risks. 

Gibson savs ii took the riski- 
est of those chances only under 
duress, when losses were piling 
up from other beis whose de- 
tails it will not disclose. P&G 
says it relied on promises from 
Bankers Trust that it could get 
out before the losses mounted. 

Behind both cases is a trend 
that grew in the WSOs: the cor- 
porate treasurer as a profit cen-j 
ter, able to use sophisticated i 
means to make money on idle j 
cash while saving money onj 
borrowing. 

More and more they turned ! 

to banks for clever ideas and, if ■ 

these cases are any example, ac- ESSa? 
cep led risks ihai' they did not I 
understand. 

In a simple interest rate 
swap, a company paying a fixed 
rate on a bond issue agrees to 
instead pay a floating rate. 

That was what happened to 
P&G and Gibson, but in their 
cases they agreed to complex 
formulas that meant the rates 
they paid could soar. Under 
P&G’s main formula, the com- , HJi 
pany stood to save a little if j mRSt 
rates fell or rose just a bit. but to i 
lose big if rates jumped. Given 


>*. 


- •» 
H’l “w 


;3C o . 

«82 a<< 

?.i 3 m 7 :*> 

3SI8 II II’ 

_ 1179 Id* a U'l Id' 

. 94:4:0 ;vi :r 
- ?7II ? : r 3 3'/ 

_ :i?rar. »>. k 
. • S'-, i6'. -’ 

...16234 Wi lflSIl I 

! i ti: :a ir*, m, 

_ is.79 ji r * :3'a 3" ; -r 


i . 


MA-LO 
HBOC 
HCCIns 
HD Vest 
HO VS AtB 
HEiMf* 
HFFnc 
HMG Wd 
hw Fn 
HP1C 
Hueco 
hubcobt 

Hecnj 

Mecca 

Hoot or 

HannAiji 

HallmkCo 

HoiwsCr 

HTOHm 

HomlinEc 

HemiFfi 

HamoGo 

HrmcHS 

Hanae« 

HasoinfK 

Harare 

Horoftia 


S J97T3 31 J 

OTilC’a 
... S) 3’r 

. H3 . 

35C 5—w 

l? i25 :?>. 

:« 4 


3' i 


60 2.7 
i!e ? 

it i.i 


■1653 15»* 10 # s m.- 
'-.I 3-. 3V. 1-. 
4iiir. ir, 
t \n ■. n 
7 14'. 13' 

150 2' i 3 
.1587 14 

56 m 1$ 

3AK M 


93 IT 


MCTlySC 

Harmoo 

Hos-dGp 

HarisHa 

HorraCS 

HCTiSSOT 

HaryFar 

Hcrvina 

Horvl of 

Hotnwv 

Hausen 

HavenB 

Hovrfla 

Hovertv 

Havrl.l 

Hc-fB 

HaavkC 

HawtFo 

HltnCStf 

HltMSv* 

HltnPwr 


SMI, 

■06 Si, 

Wl IT*', 

147 5'. 

M 6-'. 

au*. 

- 324 e . 

.. i-'i l&l. 14 
.. iie 3 'j 3 1 ! 
_ 987 11:.. ir. 

J4C2.3 x:««ie"4 i7 
.. 68 7’.a 7'i 

69 ?T ir»25 r>>. 

9SZ»- 


3 

4' i 
24’. 
S'-, 
6^. 
33 > 


64.2 2 3 
48 7.3 
.38o A 
.30 IS 


36 3t 
SB IS 
.34 

s: — 1 

.14 0 3.C 


K9 3J 1 * 

6314 )}'. 
aCC S', 
5110 IS 
8J7 i e -. 
581 7 s * 

25*1 17>. 

3C4 O’, 
14C3 6'a 
S5C8 U" s 
4S 1(>, 
2IJ7 12'-: 

If 13 . 

1 1001 31 


i-ngfKI* 
)r*lun* wi 
ifiwnrnd 
ImoCfSv 


imoCrc 
mFocv 
innonw 
iru xc m 
utorcndc 
lncOHm 
liSCWffOl 
iRcooHia 
indSKMA 
inoBt-.-u 
Jnainv 
uiaTeiM 
inaiFdi i 

nevu 
injigorjv 
InACQVS 
ineuSHId 
inCH wtA 

ir.cso 
inarm 

IrtfnBfd 1 

— I , infoScfi 

- • ir.fsArtt 
, • (nfainti 

. • inffisc 
_ *. infeBes 
• mfcmin 
i ■ : infrocnc 
— ’i infuTscn 

- ■ infllCJMit 
innaiTh 
In m o c 

- I inroro 
i ’ InncrtJytl 

1 ! Innueccr 
innoocro 
inoara wl 
tnovGmc 

innovtx 
InofOM 
lnon»nel 
Incuts 
InsflFn 

Indies 
InSifnViS 
- 1 ’i InslIE 

3,:;i insiiTc 
V. . insAur 

j, . j IrfwroCr 

13'-. - 


Sows 




lOOtHfltl 

LOW 

Oic Ow 

4736 U 

tl 1 ', 

13 

— 


13'. 4 

I3'> 


177fc 4*4 

34. 

4'u 


uoa 7 

I^i 

IT* 


417 16'.. 

IS’: 

14 


563 ll'-4 

ID' 4 

10*4 

,u 

7244J*'', 


26 ,- 4 


1844 IM, 

2 

2*4 





— '-i 

3499 Id', 

13'! 

14 

-’* 

999 V't 


I', 


540 12 

II'., 

II': 



fr. A...-.;- 

!7' : 19J. _i 
3', — 


. '2fi 3 a 3 

3)46 ,7 7110 5’ l S S' i 

« 3.4 75 ZJ'.i 33W 231 1 — 

.34 2.0 119 13^ 13 13 — « 

1X4 21-u IU.» 1'Vi, — 
138 16^ 14 14'.. 

T 34'li 34' . 24' '• * 
723 1/V. 14', 16*i - 
13 IS*. 1S J « IPu 

681 J'<< r*<> 3'W 

_ 141 ’’’u ’■! 

_. 27 23’'. 22 23 -f 

34 BVj I'-i BV, 

- 13087 XVj 37*. M'» 

.. 2308 33'.. X 33’.. 

435 5*V', i'» 5*Vn 
_ 218 7',* 8 Vj 9 


D3v 


M 3.7 
64b 3 6 


X 1.9 


Swdtf 


Da Vie 5 ?MsHron LO* Csc 


Kimurd 

Klrsctir 
KWfirt . 
KnweV 
KmotitTr 

KnwIW 

KotM 
KoflOAS 
KOKRE 
KCflftlDf 
Kwnoo 
Konn 
KMS 

Kronos 
Krug 
Krvstal 
KulCKC 
. icwweii 
•2 1 KusnLii 


? r . r*« — ’ 

IC»s 10 . 1 - • 


If! 

W : 19' 

13' 1 16- 


l‘S 


.10 18 317 JS 
9S31D* i 
I .. ISW. 

661) 3 j 762 30 

. 24924 »S‘. . 

- 1434 4. {’ 

. 335 7 t . ' 

. JR 4 151, I) . 

.1159627 24». 29 • — *» 

„ jus 15 13' : U‘ 

.. C13V It'. ’I 111 
4JIJ23' i 3* 1 . 37 ■ 

• m 1 & is 

_ 13364 I9*» P 
4357 6 3>» 

...15394 V S 


>. 


)<•■ .• - »’ 



-H 


14'. 

e-< 

?5 

ns 


34 

17 

II 

11 

^*a 

73635 

14*4 

13 

Id*! 


50639 

2754 

261* 

J7'e 

^ ,J /f+ 

720 

4 

1"! 

3>- 

_ 

ale 

7 

1H 

IV. 

— '.g 

486 

11 

101* 

!D v a 


136 

9'A 

6*4 

0 'k 

_* g 

1(83 

6 

4Vj 

5*4 


4 

25 

T4Vi 

25 



4'..- —1 

|V;- T : 

- 

7B-: —'7 






3350 3S 3S 3S 

... 4Z26 9S 9 V n 

Jit 5.5 9S3 5S SS 5*k 

.. 407 '*.» >. >% 

„ 496 fi'.'j 5*. 6 

XI 2.0 410HSWt.il 
_ 382 *« 1 

... runs n ip., 

_ 12620 22*. 20'.. 2S 

_ 251 20 19' i X 


— '.1 


if.— r 


» ■» 
— s 

- H 


3*3 

SS 

13 

15 : 


a», 
1J-.— T-. 
ie-.-.— r. ; 
9 — 

26 


iniecCirc 

InroDv 

:nT*ultC 

InKiJSv 

ItaSira 
imo-Vct 
irreMua 
inr«H 


3^' "'..’J inn 1 Ml 

ij'- - ' issa* 


n*-s — 


irteia 
inrrTd 
innwSvs 
InTNIwK 
m.TUBO 
, Inicrcd 

: 

mum 


HirC-no 

Htnovn 

what actually "happened to \ MESHni 
rates, it could have been forced | 
to pay over 30 percent a year, j hS 3P 
The company says Bankers j ESS* 
Trust promised it could get out , 
well before that happened, un- 
der a complicated option that 
Bankers Trust did not explain. 

Bankers Trust says there was 
no option deal at all, just a 
promise to quote a price. 



Tne Lebanese Company for the Development and Reconstruction 
of the Beirut Central District , S.AL 

Prequalification of contractors to design and build 
sea-front defenses in the Beirut Central District 


Established on May 5, 1994, the 
Lebanese Company for the Development and 
Reconstruction of the Beirut Central District, 
SOLIDERE, is in charge of financing and 
executing infrastructure and marine works 
within the city center of Beirut and of 
developing this area, spreading out over 1.8 
million square meters. 

SOLIDERE will also treat a dumping 
site of 250,000 square meters, created on the 
waterfront during the war in the absence of 
an alternative site for refuse. Disfiguring the 
coastal facade of the city, this major local and 
regional environmental problem, will be 
treated, transformed, and expanded into 
development and public lands of 
approximately 600,000 square meters to 
include a vast green park, a seaside boulevard, 
tree-lined promenades, and residential, 
commercial and office spaces. 

The reclaimed land will be protected 
against storms by sea-front defense 
structures extending over a distance of more 
than 1 000 meters.The structures form part of 
a double line of defense, comprising a row of 
submerged caissons, some reaching 19000 
tons each, a lagoon and a series of quays and 
promenades. The caissons will be in water 
depths of about 20 meters with a crest level 
at - 0.5 meters so that they will 
remain invisible from the shoreline, 



providing an unobstructed view of the sea. 
A marina will be constructed at each end of 
the sea-defense structures. 

SOUDERE wishes to develop a 
bidders' list for the Design and Construction 
of the sea-protection works highlighted 
above. International contractors who have 
already executed similar works, and who have 
access to the appropriate type of equipment, 
are invited to submit a pre-qualification 
document to the address below, to be 
received not later than November 1 5, 1 994. 

Contractors who have already 
submitted an Expression of Interest 
document for these works do not need to 
take further action, unless they wish to add to 
the information already provided. 

Based on the information received 
from contractors, SOLIDERE will establish a 
short list for invitation to tender. 


Address : 

The Lebanese Company for 
the Development and Reconstruction 
of Beirut Central District, SA.L 
Development Division 
Riyadh ei Soih Street 

Industry and Labor Bank Building 
P.O.Box 1 19493 . Beirut - Lebanon 


SOLIDERE 

For necessary documents and further information, please contact I mad DANA, 
m 646 1 28/ Cellular I (2 1 2) 478 39 1 S . Fax. 646133/ Cellular 1 (21 2) 444 8 1 65 


HelenTr 

Heticn 
HcU*Tc i 
Hemasurc' 
Hrtrvjv s 
Herulfe 
HerrfpFC 
, HcrtflFS 
I Heriev 
I HTTcPfl-'i 
HibCrtw 

• HiFlar. 1 
H JvrrMQ 4 
Hi lire 

I HinornS 
HinuSe 
Hirscn 
I Hirer 
HOLC'FoV 
j HC*n.g 

■ HOTS') 

I HIBvFV 
I Hlywec= 

I HlVrtici 
I MiwSPi 
, HI wePp* 
Ho lOT'C 
; Hoioc'ine 

. Holine 

I HomB*" 

1 HmFftf'l 
! HF.V.D 
' HFaS.F 
: HfnFFLs 

. HmPn 

I HmeSl=! 

I Hmerv-a 

. Mftirertt 

! Hnwc-p 

. Ho’viee.: 

, HitoaO 

Hiti-aE.; 

I HST.-TB1 
Hnnlr-S 

HanBc? 

• H<rri2K 

• Her-ik 

. Hofjr.a 

HtiWKi 

Hi^jnCa 
I Hul-TB 
Hu*K.a? 

‘ Hir»ien 

. MumGen 
. Humr.ra 

■ Hun! JB 

• H.,mlco 

H u n!Bn6 

Hu-'ca 

H'jinT 

H.C'Phr 

H/cor 

HVC2K w»1 

• Hvdc— ii) 

• h»c«a:b 

• H, CrTcl 


2tJ *3 
_ I75> 8'. 9=i Si 
.. US 4': 4', 4'. 
.. 541 J- . r-» I-i 

_ 

..26044 a IX s 275 
_ 4113 S'-« 7-, fc. 
... 2347 ii w, to 5 j '.O' 
_ 297; 36 32 ? 24 

_ius3a'« n-. S' 

_ losrs'i 27't 28'- 

. 14:. 13' 2 14' 

■C4 S *'9 M's Ti II 
.16 1 4.22625 l"-» 11 
36 4 : 6' ! 

_ TSU-5W T3"i 
JI2e 2.4 490 10 ' m B'-. 

3653 19 17 

_ ISJl 4'* 5's 
.38 ’.6 X332 31 29 7 

... 1032 J- , I'i 
20 2.3 598 ’ a>* 

es 5 3 12581 16*i 16' i 
J? I.S 24 23 s 21'9 
J6 2.0 *2i IS 17 i 
.. 544 4 , 3 , 

. I»3 e 3 . 

. 39 1" ; 16 

4544 s'* 


10a 24 

.I’d" 


.. jsm 27',« ja'.-s 

_ 43B 6 S'-'. 5'.J 

JH 70 223 2*4 2»» 2'/j 

.14 1.4 USA 1*3 Vs Id 10 

_ 3470 13*6 13'i 135a 

_ 709 34'. X*'. 32' .—2". 

_ 688 8'.. 7 >2 B 

.. 147310 W 9W — *» 

.. 53027 2S'a 25** 27*'. - 1 
.. 66 9'i **.1 9' i 

_. 3589 25 24'. 24*. *'i 
_ 1480 14' > 13' . IJ' i *"j 

.. 1063 Ji/I, 2 1 * r * 

... 2003 11'. IQ’. 10‘ .—1 

04a^«177845 67V u S8’. S3". • 1’. 

„ 16470 14'-* 12 ■ 13 'a - 9'i 

_. 5292 2*6 2’i 7*c — 

2.6 8375 16 15'.* 15'* — 

2938 9"» B BV. - "i, 

23 56013*. 13 13'i -** 

_ 6095 4 3' i 3'i — 

3 Z M 9 8 8 —'5 

_ 4501 13'. 10*i 13 -2*i 

I.B 197 70 s I9>. 20 — ' » 

2.1 6536 13 10 f a II**— I** 

a - w 


LATSPt 
l-Cimii 
LCiintpf 1.35 


4' . d* 


.40 


- ] Hi 


l'*r 

4'.- 

1£ 


14H — I ' i 


ZIj4 !4 t1 

i^2 
3*1: 19 
:3i > : 
S"i • 

7 

13 15 


32u: I 

3 S :sa-": :r : 

,-.)0 4» 

. ;5‘. '4 1 
ir??J V: 
. up;-’, 
■ }• •: 
4675 56 

2C.3J 3«r. 

. 1 


•3 s ->* 

r-. 

i» . - • , 

6 - ' I 

W: — 


5: ^ 

t: i: _ 

y;. is*. -1 


irlerflm 

inrOTi 

in-BHIl 

!nirleoi 

intetlina 

in-rOn 

in tmeiC 

inti n in 

■nCooi 

l.itZSIO 

inDairA 

inDoirB 

lnllmc9 

iruien 

intPtr 

Ir.rFos! 

:mOs™ 

lnlToilr 

InllTllJ 

littm «i1B 

I realise 

rrrsni 

inrsoro 

InrscCrl 

IrrfCel 

fn l-' r '4T I6 

inlui^B 

rntnijice 

imuii 

lrr«-:are 

rnvTcO 

invBnir 5 

irruTitl 

Icrmc 

lOwcHat 

IPW» 

IrccuO* 

irm.nRn 

r«u 

i*t 

ISClvMI 

isone. 

I1MLD 

unacBc 

uevaka 

itron 

imvHcs 


- ' 1 


2.0 2124 

„ 657 J'-* 

_ 1086 7’^ 

„ 17215 01* 

_ 3M4 AS 
_ 3520 36'. 

_ 3789 4'.* 

_ 4233 S'* 

_ 2935 17 
_ 1088 *' . 

10 7»2 5’. 

... 6B80 I** 

3778 H*. 

_ 698 17 

6 16' . 16' 

_ 3630 25'* 22 
-. 74 8’. 1 7* 

_. 3X8 «** 

38 9 

B 107 7'* 

_ 3775 «'i 

.. 2078 5*-. 

_ 354 1** 

„ 5373 12'i 

_ 70S 9 

_ 3612 »'-j 

. 163 5*3 

_. 760 l'» 

_ S7909 17’a 

16 1084 13'. 

^ I8« 25* _ 

.. 19ia 16** 13** 16 

_ 1833869*. 66*. 68** 

J 2759 31’. 27'. » 31 

_ 2480 lO* . 10 10* i 

3.1 417 24' 4 23' '. 34’.. 

10 165 S'. 7"] 71. 

... 6990 4W 3's 41* 

17 *120 23' s 23 23 

24 19'. 19'« 19*.. 

113 18 17 IS 

399 77'. 26*.« 36": 

1.2 40 9'i 9 9 1 -. 

1454 4-1 j:< J 

. . 35230 20 18 70 

1400 19'.. 18 

4 14'^j 14'.j 14"* - I’.* 
45 1B"> IBi* 18", ■ >. u 
6 232)4 213 215 —3 

„ 1584 231* 20 27", • 

.. 2271 6W 4*. 5‘n —I 


6'. 7', 

9 8‘ 

63’, 44 
25 35 1 .. — •* 

31* 4V, _ 

J", S'. 

10'., | Oli. 

6"s 6** 

5'« 5'. — 

2 2 "* — 
X"> 31=* — *» 
14'. 17 -*. 

16'.. 1*’. 

PS''* -3'. 
8'. • »» 
l», . 

8' 1 

21* —la 
4". -1". 
$■/. 

1": I'* — 

o'.. ir. rIV . 

8*. — l'a 

li.'X 


8’1 

2*» 

3 

S’* 


8 

7*i 

5*i 

l*a 


IV « 1» 

12*. I2'a 
2 *» 2*6 


LCS 
LC3D5S 
LOICP 
LFSBCO 
LSBNC3 
LSI Ind 
LTX 
LVMH 6 
LXE 
LoJooPn 
LoXIPwt 
La Craw 
LObOiw 
LaeMoSI 
LOrtdFr 
LadyLuck 
LCrtAB 1 

LcktflF! 
Lakclrtd 
LOhevwF 

LomftiCh 

Lflncstrs 

Lanco 
Loner 
Lonooir 
LamkBc 
Concern; 
LdmkGoti 
Landry* 

Loncsir 
La rural 

LanopOc 

LdwrPr 

LosnnTc 
Loir 5£» 
LOTACOS 
Lattice 
LaunHfic 
LOwriB 
LOWS" 
LwvrTill 
lot no 

Loner I'm 
LcadrFfi 
LrnaCo 
Leavewav 
LsaSolu 

Lectec 
Lcchwrs 
LcCCKFlO 
LCflant 
LWlCn 
LCQGrp 
Lnca 
Lev Pol 

Lcvcton v 
, Lc*ina5 
1 LCMvBC 
LOBCOK 
UWVHA 

Li&rtyTc 

Lida 

Lidak 
Lusak wiC 

L'fc Ba> 
Lie Ten 
LfnUSA 

Ltccore 
LicOst 
LftSnoS 
LWoon * 

; Liaand 
I Liiivinav 
I L.nBfd 
Lincore v 

: Unrtfl 
LincIIS 
.. i LlndlH 
• J LkTObro 
. Lindsy 


10 


32 ’ 1 

6 *. 


II** 
4' 1 


11 


,r. 


4’a 


. 342 y 

. 733 0 24 Is' • 

3JI 1190 33** 3)' I 

I. 5 IS”: *’» 

_.:WI5 22' s 21 '4 

.16 3 8 304 6 5 

20 IJ 26714': ’S i 
J4 2 4 17 201-1 18' 7 

IAb 1.4 WS 12 11' 1 

..11740 4>> 4'. 

.41 r 1.9 77 32 41**32 

404 IJ** IJ*. IJ': 

.. 24C0 2'i l ; i t •» 

_. 371 "a ' 

_ 426 14 

.72 42 355 IB 1 . 

.. IOSir-4 
.12 1.9 9568 6' 1 

.. J529 2'* r t 2'*. • 

_ JIO 6*b 4 A*., — I'I 

400 28 2S7JI*. W 1 , 21 ; * —>* 
.. :i: 3‘i 3 -j 3'. -i 

25 1.4 752 18 I4 1 . Irt — « 

J . 7J&94 46' 1 4T'-, 451 1 -3*. 
M 1 4 3490 35*8 H M 1 .. 

.96 5J «959 IV -i 1*5, 18 

_ 43916*1 IS", Ii * — ■*» 

. 1667 *2'. W‘.* 71‘. 

1 137 9 4' i 8"i ~"l 

Me 5.5 1577 11’ • *0". II 

K78H’: 18 !"• I 

. B7A5 Mi. 25 ?*>u • 3'i ) 

.. 1706 33' 1 3T7. 32*. — >* | 

ra 9 a 5 * »** - 1 

. 1*7/ ('. 6"'i — ** • 

... 16422 1 7' a IJ', 18'4 • 7** ' 

. 3903 4'» 4'« 41« — 1 


■■j V:iW-« 

ns ^ 

*.w:.-*P'ii 

i-' J -. 

' . .ucrattn 
— 1 ■ McrPKI 

J. Wrft.fip 1 

-Z4b - J 

■vcrial 

- 

!. .TU7.H7I 


"I . .Wl’.'.Vt 



ir * 

' .VUSULP 
» •, 1 .VCMlAr 

. m'cJ 

- 

• MCKTUX 
i i i .vetnana 

.lu > 

1* j Ma'ltl.nB 

, : MptftOA 
; e,4«(rrm 

S3 6 

ij • Atctroft* 
,*. ‘ vcftJcaQ 

TTn it 

v . SSetrSto 1.3715.13 

', ; MtlPORIt 

- 



11 - -*• 


,M<11lF 
: WLliSIr 
1 MaflFd* 
1 MiCfllWf 
. ,Vl»3BnC 

I .Wrfjcu 
: McroHH 
. MLooLm 
tMcWors 

j MriTApt 
; TTLcr.-fso » 
I -ViCtuoti 

! M>cmv 

1 SIiCTPl-*. 

1 iwortlo 
M'L-rof. 
Mjc-otOT 
wwrrurs 
NSa^OP 
»ier« 


JO 


19 6V15 )';•* 
TJ41 41*'. 3 
J T 60 19 )1' 

7J*jlM> »’/ - 
ro'*: id-., i’ - 
;; is.* n< « 

. .u r- 14 
5'i 1 

. .ini « 
..ljui-u a.; 
.. iv -a.* ;7 it ■ 
7[URJ1', .)!• 
i7i n hl, 

.. «MI «** 

9i.* 5 

111 4" 


ilt'-B-l' 


.1 1 


o.V* 


j — ; 

■.w . 


. 1411 6 . 

. UW Ala 6*. y* — 

. Jtu S' . 4 J —I;* 

6548 #** U'm - • 

16*9 JJ 1 * 34!. v.' . ' . 
777 5** 4*, I'. - - 

.. »B1|*7(JH w* 1 " 6-"« 

ItSJ 1 6', o » 5 -•* 

618MB 16' . !!• 



.28 


02r 


31 


LimrorTc 
LiMKrn 
Ll aim Of 1.94 
LTI 

LrfRABax 

LiicnFm 
L'lelfw^ 

. unsewt 

- ‘m | Lt&WR 

- '•) ! Liuski 
— ' * I LoJocfc 

• ■'* LadoEni 

— *■ 1 Locwnrg 

- ■« Loewn^Jn 

- L0WCC 

' LomoK 

• ' LondOvr 
18'-— 1** J Landlnl 

Lire 551*. 


.. 515 . 

.09 .6 TJHS 16' . 

571 S.0 17)7 14' 7 : 

.. (WIC: « 

43 2.9 410 17'. • 

too 2A 359 27 
600 1 « *264 21*, 

J8 30 10 9:, 

_ 671 A'. 

647 3 
4147 2li. 

41 1 - 
.. 14517 1H. 

.70 I.I 6ft .9 
. 225* 9 
. 1899 4' ■ 

809 4*. 

_ IW 5 
.. 3348 !?'. 

_ 294 »?'•■ 

JS 2.1 B95M 

. 33581361.134 
.. 5864 26' 1 54- 
1.60 2 8 7* 67 56' 

52 II 1396 17* . 16' 

*9 a 3' . 4 

10 15 «1 B't ft 9 

.. lUK'i S'r V-i 
.6.112)749 46 48 


)»'.- 18' 


3"* 

3 : » 

ir*. 

»pj. 

O'. 


— >• . 
— Hi 


. _ vrl 
UWmEdU 
ALnmc 
MinvIKU 
MKiCnm 

, ALuWlv 

4*a ) MiiAlr 

17'» ■ *a MJVL'IO 
10*. -I*. 1 MuM36 

13' , I MUTol 

»J6'l !•» 1 Wocoev 
26' , . 3 > AAXMlma 

56 1- ■ "I i MOCN 

'r 

8 —It, .VKKniWfc 
MatoCEK 
AAakn 


9W — 1 Afc*xA 

73 — r 1 Monnu 

ft • ■ IV, , AftOnoaoC 

34 — I*. ; WWVHxml 1 

■r. — l* (IMOlAiH 


.... 14' 

■ — 32 ' : 7: 


■■if: 


«“ 4 IS 

ill S'; 


t: 


J&jSn 

JEHU 

jcmd 

jMCCa 
JPE 
J5B Fn 
JCO.I 
JediHwT 

jocoEIcc 

Jaasn 

jcccrOn 


_ 2742 12>: 

515 5'. 
. 142 l'V„ 

J 417 40' J 

. 1661 21. 


II** 11'.,— l'a 
4'. S — <• 
1V> l’a 

38*., X*. -<» u 

— ' 1 i. 


21c 19 ; 18 : — JrxxsH^n 

2 : 1 . IJ* , ;a-, . jomeviin 

49". 7 - ?•, -'.J .'osminc 

iS4i it . :o'-a ro* . — ' : • Jasons 

jii.S'. : i''- — 1 viJovJac 

' 


B? 11’, 10*. 10* 

12 1038 25 73** 744.,. 

512 5*. 

.. »7 10*. 

746 8 
39 13 




'.0 .4 :;ii:6 23 73't— 2 .• ; JeWBcLA .. 

?3 as JTA6 16 . 15". ... , Jcmsn 68 3J 


Joan Phi 
1 JerfrOp 
JcffficLA 


148 14 1 '. 
X65 8'h 
5)8 2>J 
468 9' m 
664 2** 
45S.8V. 


_ 113 4' 

. ~r:a:. 

.. 2564 r- , 

. 1994 i'a 

5 1 

I4j 1 « 

_ 362 S' : 

. 5353 i'-T 


: /a f 
f * f-~ -f 

5 : i'~ 


Ju-ttSwLn 

janSvo 

JefSmri 

JentCv 

JetFrms 

Jmor 


| l-STAT 

| 

icSlT- 

1 1COS 
lOJ.Mec 
1DB LRl s 
IDEC 
iae..<Lca 
iDAAEnv 
IDM w: 
iECE)c 
iFR 
iGLob 
1GBN 
IHOPC0 
ll-Vl 
III 

!«5> TC 

IftAPS 
IPC Inlo 
IPLEno 
IPL Sv 
ICScft 
I5G Inti 
ISO Teen 
iVF Am 
rvFpr 
IVI PuD 
IWC 
ICOl 

WtniSun 

imoaEn 

Im ogel nd 

Ii I KJli 1 1 

lma<Cp 

Imcfrie 

Imucof 

imuLoo 

Imunon 

imunRjB 


_ itt; 13' . 

in': 3' • 
...17221 10’. 

.. 5T» S' : 

S.9 19321*'-. 
... 22*0 4-y 
_ 1813 12’. 
..19613 9 


1?). 

S\=' 
4., t; 
iV* 


insmA 

I Jonlcbl 
; Jcnc'A 
I JanesM 
' JasBanK 
' Jcstyn 
JunoLi 
JusIFIFeel 
JustTavs 
Justin 


.M 6 I3l .. __ . 

765 14',. 13'. 

*9919'. 19*. 

290 164* 16V* 

281 16 15 

_ 1616017'. IS** 

456 7*i 6' 

_ SJ1 7"*> 7 
_ 2611 .-Vo " 

1939 — 

_ 2081 
.. 319 

„ 60* 144. 13*. 14'* — ** 
IJ 2185 9 7** 8** 


5". 5'- 
» 10 
6V. 7', * ». 

12', 124, — 

S r- r;;: 

i** ii* ... 
7 * 7*’i, —5. 
33', X*. _*. 
4V. _ 

9»* — *. 
6»* 

6 * 
6*9—1 
7''. —4* 
7V. 


v* v _r; 
Sw IK 

14'/, 134. 14 — ** 


.10 


4J '^5 374. . . 

“ TCS&JlSu 

IJ 3^ 13V. ITU 13% 


% -14* 


* 


.lOe .7 
,39c 5-6 


. I717J1S 
B J 1864 244* 71 
. 1437) 6'.^ r 
IJ 25341* jj. 

7 65 17 II 1 

- 2U9 25' : 24': 24’’. ! WonCOM 

ID IB*. MV. ISM —4* : Wdndavt 

_ 310 5'., «>. SM • '* WorrevS* 

_ 961 AS «'• 6 -Si ManRC. 

. 4206 6% fa 64* . , MoomM 

... *617 >'< f. 7*a VMn 

_ 50o9 J4 1 , 7 j>« 24'* — S IWMiiFW 

33 9 8", 8'^ • MoovrP 

.. SI )'i 2S 1 .. jM4orar«p 

644 .'S Itt Mft ■ a J.MornOo 

1 14 U 14 —4, I .Vtascom 

. I A6aMi.ua 


’.14 fi‘i ."a *W'W 
Lia 7'* 8'-, I MmPKFn 

■a OS 6S — .'MMUUOE 


2 t 

_ 1959 ) 354* 23 

Lone sir .. 4590 6' a S 

Li Ben _ 15292 IVa 

LnoSi* 290 0V. 

Loronui .. 23a 6S 

LotlWvE Jit ?B 1091 7"f 6"i 

Lotus . 5671RXS 35'. 3»' 

Lowronc X2 4", .1’. 6'. 

Lovrtfa .40 2.0 BOOTO 1 :-.. 19S 19=.— IS 

LulVm .60 3 7 19 la 16*. 16'. I6S — 

Lunar _ 1998 19', ir la*. 

LuncHnt 497 19', IB-, 19*. -A. 


7 > 4k ' Motor* 

JSS - S 1 MamrWL 
A*. — *a j IjMCh. 


_ .'M ID): 

.. M3 7S I'i 7T* 

.. W 4 IS JS 
.. 101*15 US l4" » -9* 

10 40«* 26 ‘a 74- » 36 S *7*5 

JW MS 2*H 271* —4a 
.. 1266 IIS »l“.- 4M* 

_ )5i « IS 316 
a* 11 lot 1 , lav*. 

21 7146V* 46 MM 

12 2 26 76 ?* 

. 3M)3JJa IS JMV. 

<87 »* M AT' 

- STB IVA 14S 111% 

994 IJV, 14 15 

* > M": 1 

1*6 1/S I 

S 17V, | 

I9S 

tlM 9S 8M 
4.1 Jin* 21V. 

108S3 31 19S 

raas IS ■ i'i 

.. TO 6'* 4S 

36 IM Is ’ft. 

'* 7*. 

5608 181% 14'. 

_ J4M 8M *' , 

.1 6391 ««t «3>, . 

.1 9B6>rOS 39S 4 
_ tfieisiA I9-* ■ 

... pATSS US l 
.' ftl4 7 ■ 6V, 

1» 7S 2*. 

. 3926 7'* 51, 546 —I 

. 9 a 

J/l ajt l£t 194* m- 5 A r s 

.. 36 31* 3*a XV — *k 

... MD US 12 I1&-1.S 

0. ,, 

.n ii ra 7>,v as .r — » 

M % 3«4 BV* 7S «W —U 

36 I 3 03* 79m 26' i 364* — lid 

69 13*6 114* II* _ Vt 

• fe »'=3S 

16ft 15S 1546 


10* 


.1* 



-u 

I*.-, 


M 


MOv«G<* 

.VenrteFn 
WwHrrP 2 00 
aiuhCtt 
Mutter* 

Mu n man _ . 

MuitAv i.o)r 1* 

MuflSvO 

1 * M*voon 
, MvM» 


Szioift ■#>.*' je" -s 

aw 

*14a r 


33** 
XU 
!9Sr 
78S 

mi 

IMS IDS »*i 

0057 IDS 9*. 




2B«1» 

92 7* . _ 

'Wr* 3» 


U'-i I5S — ** ;| 

f'l »•., - 1 1 — : — 

*" * iJs — u ‘ N-Virelrd 


JOe 1.4 14 15 144* US — '.* 1 MADAM 

- 05 

Z' ™ia*. 12s 17‘\ - s j mo r bcp 
- WWTS 44a W) -IS j NCIBIda 

-"ii j 

r« — »» 1 


. 71, 44. 4' 
3244 374. J4>, 3? 

as 


_ 1933 4S -V. 
IJ 3231 !’/•* I.S 


I 


- «65 S». 5 S'. -*. j K-lel 


.08 


37CS I'. IS 2>, 

9«9 1SS lO"-* 10».— 4", 

490 3': ti. B'.j .1, 

73 4 4 4 — *. 

1174 7 6'i 6*. -S 

1643 39*. IB 78 —IS 
14S3 3S 7*. 3': -H 
4465 3S 2 "a K*i. — 9r. 
810 10’. 9S 10' a -I 
36031 S'. I’i I'-.'i, —i„ 
34'. 39 -34. 

14* 

21 

3'., 

11 ’ 

2 

*'i 


4239 39*. 
2769 IS 
21 21 
1574 3S 
2646 14’ 

7 AS 24, 
151 6-*S 
413 l»r 
2112 3S 


21 - *'. 
3S — V, 
13*. -IS 
24* - *• 

4 *‘ii ^ Via 

1*B — ’ i 

3*7 


3** , . 

976 IS*, 14*. IS*: - 
332 19*: I8S 19S -V* 


397 IVia •>>. 1' 
253 BS 3', 8 U 
2594 r* rr, 

1788 14*-. 13S 14 

1S«8 L"-'« 1v u 


_ 957 9V, 

.. 2271 !** 

- 379 6V1 

.. 2870 7V, 

_ 1690 3S 

- 2660 as 


S"« 

l Vi. 

5*. 

6S 

3’. 

8 


9 

»■* 


-’* 
— '* 
- 1 ', 
-S 


— V. 

-Du 


8'* — as 


-SVi 


KBK Cod 
KLA 
KLLM 
KTron 

Ko«er JMi 
KoitRlC 
Komon .44 

Kammpf 3JS 
KankatcB 
KelyOil 

KeTvCH of 262 I0 j0 565 MV. 231, 26S * I'/. 

KefflvSA .72 24 7739 30S 27 30 *2V. 

Kernel _ BS26 21U 21 ZT Ir, *S 

Kenan J5 IJ 219 19 19 -M 

Kenetedi _ MMI3 13 12V, — *, 

K Witch Df 167 1032x3300 17** 164* 164* —'A 
610 14* IV* IV* +'.» 
121 I (HA IQi* 1IT« ~Vl 
223 244* 23V. Z44i +1 
64 6Vu 6 6V* ♦ W 

494 1 8 1 74* 174* t V, 

153 2V, 2Vu 24S —4* 
27 75* 2*4 Jl* +>a 
825 41* 34* 4 — Vu 

1434 6 SI* 6 

158311 10 11 -W 

956 28", 27Vh27«)7» 


MOrmd 
, MBs 

MaeeSec 

1 | M oor— l. 
— ■ Moanonvl 

IttSEk 


!»** 

. NFr 

41. 4 -1», NSBCP 

13 IS'j -»■* 7156 Jn» 

B lOVk .J", I MSDBc 

JiKi 1 3:? ??;■' -> * ^vfe w 

28 21S 21”. 21’ . *1, 

!;■ T:' u *•"« 

f’ ir 

Si* »>■« -T : 


De . — ... ... 

... 2JS4S V 4 
.16 16142W10": »V. 
_ 3829 14*. 13V, 
_ 230 S». 5»a 

l4o4 _° 9 aft 5 . 

. 5859 7 4;. 

-'"BWJ 

- —71 

?l(j 

'2 loss 104* 

-29! 


S'"J 

.331 8.4 4588 2 6. 2** 24* - 4* 

&1I 

- 797 5s I* I* -1 

.. 215 1 "ft, I'., t» - *S 

JO* * ' 


57 


Jl 


1.68 


KntcIryEI 

KentEltf 

KyMed 

Keotei 

Keviin 

KmnSc 

KevPrd 

KavTedi 

KeyTm 

K*yFn 

KevsHrt 

KbrexA 

KndrLrvt 

Kndrur 

Kinetic 


1JB 46 
68 76 
64 14 


International 

Classified 

Marketplace 

■ Monday 

International Conferences and Seminars 

■ Tuesday 
Education Directory 

■ Wednesday 

Business Message Center 

■ Thursday 

International Recruitment 

I Friday 

Real Estate Marketplace, Holidays and Travel 
I Saturday 
Arts and Antiques 

Plus over 300 headings in International Classified 
Monday through Saturday 

For further information, contact Philip Oma in Paris: 
Tel: (33- 1) 46 3794 74- Fax: (33-1) 46 37 52 12 


A 4841 244. 21*2 21 Vj 
_ 25 4 3*u 4 

- 112 644 5", fr**. 

- 32562 53*. 46V« S3 

.. 1441 16V, 1 4 V« IS 
_ 1912V. 11 Vj 11** - I MooitaB a 

J 449 1 2' i ID*. II -1 mSEST 

_ 1182 BV. 7[* 7V« - MooTdlS 

46 1183 94. 91* 94i +'.* fttahaika 

7.6 X34 44 42*1 42*1 - AACdBx 

_ 401 IB IAV, 16**— IV* ftftSJS) 

- M04*^ S» «'• *> MoinStCB J4 

. MakBa 

M otion 
Mantm 
MonnLfe 
Monuortf 
MopMo 
M art*Fn 

Marcorn 
MorcNG 
Manet 
Moron 
MarlnerH 
MorCnp 
MnrtsaC 
MleTWran 
Mart Vll 
Martcel 
Aftartert 
MktFa 
MgrqB 

MorKXti 

MrstiSB 
MrshSu 
nnarshiis 
MnlAi 
Momk 
Merten 
MartCol 
MdPdBc 

MaMand 


'30.0-', — °>u 

XB 34 V* 311* 37t* _ 

103 24V, 23*4 34V* — V. 
_ 1792 6V* 5U t f V: 
-10818 13V. 1146 13 — V* 

26 2712 6V. S46 5*4 - 



tier am ita nun ua nu ..warm mar 


68 
64 2.® 


MtnonOlx 166 
MoxibKs .64 
Moartec 
iWlcMwon J8 
WMtssft 
AtatrxPh 
McerxSv 
Matlhwlnt -06 e 
MannwSr 
Maitsan 
MavTube 
MaxEr 
Mtmco 
MaxCTHB 
McndmGp 
Maxim 
Maxtor 
Maxwet 
MaxavllSh 
MoyllCo 
McvflGtP 
MovnOI 
Movsj 
McAtee 
Mean 
McCor 
McFarl 
McGfttl 
MCMORn 
MdbrtRe 
Medbnun 
MedaW 
MeoAUia 
Medaah 
Medar 
Madarex 
Medortwt 
Meow 
AMdSvs 
MetSaArt 
AtoJCiriP 
MnnAa 
Menctn 
MdCIrwl 
Mbodv 
M edDkw 
ftftodGr 
MedTavt 

MAtfTech 
MedSh 
McdidQ 
Modlcwtc 
McKcuS 
MwflSertt 
AAodrod 
Modstut 
Mwateirtz 


25801144 lftr, IP* »*M 
-331* 33 3J 

3 24* 2Hi —4* 

_ . - 5 41, 4Vj — V* 

_ 1066 4 1 ', 6 6*»— ')<> 

.. 12403 UU 36 1 * 364. —’A 
64 16 14322 I*!, 21 —1 

.76 36 1567 21V. 204s 20 — '* 

- 125 5’., 41* 54* — 

_ 14115 14'* 14*1' _ 

M1 540 IflV* 9<fc 9:*u — /.u 

.. 1688 3'« 2‘Vi, 3*u . V> 

16 156 15V. I4»t. 14'Vi: — »u 

,18e 1.0 42018V, IB IBVi +*» 

_ 374 3*.» 7 'A 31* - »* 

.171 46 13 3<* 3V, 3V. _ 

- 10 4V. 4V, 4'<. +'/. 

- 1390 BV. 6V. BV. -2 
, 2152 30 I7v« 194. 

62 26 54213 11U IP* — *i 

- 2640 10*. 84* 9' 1 

_ 735 4'* 3J. 4V* — l'i» 

- 180 84* 84* BV* -Vu 

-164I8 4 V* 34* 4>.S, *91, 
_ 8889 22V. 22v* MV, _ 

60 36 325)746 164. lAVi — 

- 658 15*6 15 15V* _i* 

M 36 197 774* 264* 274. *<• 

_ 91 1044 104* 104, _V, 

_. 471414k 4M. 4P* — •* 

_ 320 75* 7 7’M - ’.* 

62 4.0 3B 8 7U B 

_ 466 19V* 18% 19V, —V. 
_ 4X9 I3W 1246 1241 — ■* 
64 46 219104* 1(7 10'i 

64 A0 41 12 II 11 — I* 

60 U 5995 20V, 20 20'. — "a 

267 104* ID'* ID** -1* 

_ 525 9V. 09, S'.', —V, 

_ 1319 18 19 tl 

- 3120 6V* 4 6 — ", 
66 1.7 109 27 26»i 27 -V, 
.150 .9 5TU 164* 15*6 16 


„ W53’* 50 SlV, 

2 J 189 234.23**234. ♦ y, 

- 637 74* 74* 74, 

16 13 20*-. 20V, 20V; . 

2197 3", 7'.* 3'* — 

- 2816 14V: 13", 14 V. 

2008 7 V, 6<* 7". 

6 9315 14V, 144* — <* 

_ 642 34* 3”* 34i. _ 

._ 4487 21 ’m 17* m 21', -3’ « 

_ 731 I0'<* 9'* 101.4 ♦ '. 

- 45 84* BV, B’-'a — ’/« 
_ 1308 8", /tor 8'/. 

.. 25618 15 ft « 13** 15'. ^ IV. 
_ 1421 17 IS}, 16*. - 
_. 3403 67V, 63V, 66V. -2 
-12416 3** 3>* 3*, 

69) 66 51 74. 7 74, 

734 10V, 9*. 91, —5, 

4 10V, 91, 91 ■- _L. 

_ 568 17** II'.* 11',-l>: 

1 41. 4'i 4'. _ 

- 3 64, AS 6*. w 

-13145 15"! 14 IS', -vT? 

.. 74 11^11 1) -1,] 

26 8065 20 19'» |9". 

63 8': 7,-. 

311 16', IS'.. 

1481 34* 3V. 

... 866 I*. P* 

_ 1213 S'.* 4 
... 227 7'* 6 
619 2Vi. 2 

- 2JMUK, 124* 1JI* 

- 1204 4 U 4 J', 

- BOO IV, V . 1*„ _a 

.16 IJ 1002 13V. 17'. 13*. -1 
64 JJ 848 17 144. ]4,*_7' 

- 1735 8 74, 7". ,1 

- 5M523W II’. 13'. -2 

_ 731 19u IV, I'., 

_ 768 94* B', 9 .» 

- 1610 TV, | l’a a'* ,f 

... 909 74. 2'.", 31 , ; 

... Ml 34l 3'.. Vlu —i 

... 819 4*.. S’.'j e 

- 56 2 l'V„ 3 

„ ... M9 7V« 4", 7 

68 11 1848 234* 23*. J3'-i 

_. 5913 4b Vi. «.»b _i 
■M0 V* 1, 


IP'S < ' 

J** -■ 

I 1 * 

4»« — 1 
6 —1 
7", - v. 
M's 



26 5B12I 19V, iO -V. 

,66 ■•• , 3S5& 1% & 

ly? »4!. 

1 l'| UJ6M' , *'S6 'j 2^ "1 

59 5' » 4'r P . * Vi 

* -V. 

'Sft ^ Sfe ft 

.01* .1 65512'/, I Hu 17 

- 316114 13 134% >>, . 

- Jg £ Vv 

32 46 13816V. IV. 16 'a --** ' 

- 1179 6'/. 5'a —I 

_ 5647 12", 11'.. 12- „ * 

li)0a 2-0 I17B4: SO*-: SP%~r. • 

_ 279 35V. 3ih , 15", . j,, 

- 3786 1". — V M 

' — ‘ 1« IS*. 15", I5& _ 


NTCmBci 60 2.6 


60 


.16 


NftVCnv 
NtDentex 

1 3^ 
SS8^ 

NrOHime 
N1HHU 
NtUnco 
NlUns 
NtMerc 
NtPerm 
KHPiCt 
NoflRV 
NoiRecd 
NTeom 
NTech 
NatVisn 
WWnLf 
Ntwda 

NaWWx 
Narwndr 
NatrBty 
NafrSun 
NauTVcas 
Navarre 

NavoGs 
Nefcor 
NelyiT 
Neon, l 
N eacwn 
Neoorobe 
■Neow *vt 
Need un 
Net triune 
Netmna 5 
Netrix 
NwKCim? 
MTvrtC. 
NavHmg 
NwKIm wt 
NwklmBf 1.00 
Nlwd.Peri 
NrwkSix 
MWKSV 
Nofivorih 
Neure/ 
NeuniTc 
Neuron 
N BrunS 
NE Bui 60 
NHmpTh SO 

NtwHr: .16 

Nvalmcm 
I4J5I1 
NMilBc 
NwV*lan 
NVis 99aaT 
NewvWria 
NWWPWr 
Ncwcw 
Nwrt 


V-, 

8^ 8'. ’4, 
175 7V« 7* , 
569 4 1 . : 37 , 


W 

M* 

SV. 


•-5 


&&&& ^ 

.. 514 20’ . T9 1 .20 _1 

_ 300 i'. 4* ■ 4V, — 

.. 711 ?*'. 7": ?»'. 

68b S.r 24 !2*y ll*n 17 .1% 

.16 26 532 Vi 4», S’* - ». 

... 53 4’.: 4'. 3', - 

80b 18 45 IS' : 28' . IP's - 1* * 

r 390 1“ *4 vi ‘ ir — j* 

Z.MU s 1 ; ' •'* 

.030 .8 I3M 3". 3', 

... 2W7 V* 5 

.. SJMl* 33’i 


33 V, 

... BSOlT'u 16'. la!- 
_. 996 17 ip 
.. 692 5'.: J 
...11533 7’ a 6', 

1.4 944 14'. IT’ 

- 4822 JO", 2* 

SJ7 5'» 4 


Pi —14* 
31* * '.* 
i — ** 


16 Vj 

5’.': 

6>* — '. 
14'/* a | . 
18%.— 1A 
5V. HV*. 


..64 12 15'; 

- 8104 30 ' , 29 30 ' a -1 ^ 

8 733TO n>, 19 . —v* - 

_. 7T7J 6*i 5’ j +** 

578 *V, 9 gij 
1175 2', I* ,, ja* — Va 
994 4* 1* a 

£7 33'. 32 32 —4. 

-.16757 6*. 7-„ B'% — 

35 28** * 24* 

S', p-u *Wi 
3* , yj, —•* . 


1B’» M - 


5’.i —V* 

20 v* *»% 
75", 

17 , th 


■0?e 


m .b 

IV., 

ft'* 

13*. 

3’: 

4 

4»„ 

5', 

18", 

9', 

IP, 


— ~OU »* "1. 1* 

JMe .4x4213 15V.. 13>, IS", 

-.16169 21 18 jfj-, 

... 307 134* 13 ,3, 

4711 17'. 14 12 

- M25flire ID'. 11%. 


r3". 


- 56*619 
9470 *1* 

1309 J'. : 

. 16491 20*1 
_ 42M B'.a 
_ ?6J 5'a 

9.8 791 TP*. 

.11226 27 
105417 
J79J 

.. 10509 !5', 

3 ’* 

- 733 4*. 

1572 6*. 

-. 652 6 L : 

4.3 II 24 19' i 

5.4 |14 9' d 

IJ 143 IJ'i 
-. 1241 6'. 

*-■ 16*. 1«-. 

4 474 5 J'. 

.. 4833 4 

- 3111 l>* |', 

.. 1473' 13’,. 13*„ 

516 ID" , 9* 1 . 

‘J 4 Si 7’u 

9 4ft IT 10 
-. 4478 33", 19., 

5 746 7>, 2>. 

. 625 Bla :• , 

83*48 21 *V t-J 

__ _ 419 11", 

20 7 4 115 a i. 

*7112.5 107 S’* 

..42156 7'. 

3 9 1449 39 
67 490 24'. 

971 ft"; ‘ft. 

.. HOW l*a li 
U 769 19'* — I * 

B.O 14 6 ft 
, . 1765 J0V. J7 
1 0 1259 57 5, 

J 7*749 4*> , 1] 

3 37641(1', |r 

- ,^8 » IV 

08 * ' 3>lV. |»'“ 

.. 114 U' 4 17'. 

13r .7 K77 70’ , 19 

89 I'.ii 520? >4, 35.', ^ 

50 


04 


2 25 


24 

48 

S 6 

40 

o*e 


15", 


6*« — 

5"k —1* , 
187. — * 

«*’. —5. 

I.’’. ■'.* 
5. —5* 
16". — V* I 
4' — V'u . 

S'. — H 
l*„ - ", 
IV. -*% t 

-Vj — . 

105. 

73", -3 i 


10 / , 


35' 


ncwjvu 

NaauKRs. 

Nevvol 
N6MB.11 
N**iL'Kjn 
IShChRi 
NoM 
NoCallyH 
NblcDr 

NtsIDr pf 

NblO wpf 1 «l 
NotHGO 
NoiseCT 

Noland 
Noonev 
Norond 

ivordiin 
Noras 
Narreil 
Noman 
NABto 
NAWahSl 
NoBnc&n* 

NaSCuSv 
NSMrU 
Nor Trot — . 

NorT'jpf it; 

NmocLD i,;;. x: • ■ ••* 

N^ncr , M ,> S. ftt K,*, Zfi 

— Jr?*, O', ft-. 


6*9 


I *>\ 
18" . 
1 5* 


1*' 


6.1 a.'Iil 


» "1 , 
— ’» 
— *1 * 
♦ »» • 

‘Ill 


klV. . 
-Sfta.. 

■I »* 

■ 




Northi im 


Continued <« Page 17 


COUNTRIES 


ACCESS NUMBERS COUNTRIES 


ACCES5 NUMBERS COUNTRIES 


TO CUT THROUGH 


THE HASSLES OF USING 


'A FOREIGN PHONE, 


CUT ALONG THE DOTTED LINE. 


ACCESS NUMBERS COUNTRIES 



American Samoa 
Antigua (dedicated phdnn) 

Antigua (pay piKnnl 
Argentina 

Armaalu 

AMMlia (Opftn) + 

Ainh^ilra (Telstra) + 

AiuUh ■ 

Bahanuij 
Brnhadei A 
Belgium * 

Beii:o {hanrhl 
BelLe v 
Bernajda 3 

Ba* via 

BmB 

Brttiih Virgin 1*1. J 
Bulgaria A 
Canada “ 

Chile 

China (Englbh) +/ 

China (Mandarin) +/ 
Colombia (EngKch) 

Colombia (Spaniah) 

Onto (Oca * 

Oaallat 


633.1000 

*0 

I 800- 366.4063 

00- 1-000 797-1111 
8-10-155 
008-551 1-10 

1 • HOO-85 1-977 
02^903-014 
1400-389-21 1 1 

1- 800-877-8000 
0800-10014 
556 

*4 

1 -900- 67 3 -0877 
OSOO-33J3 
000-8016 
1-8004177-8000 
00-000*1010 
1-900-877-8000 
0000317 
10B-13 
108-16 
980-1300 ID 
980-IJO.II0 
>43 

*9-3-800-13 


Cypivs / ■ 

Csrch Bppabllc t/ 
Denmork + 

Dominican Republic A 
Ecuador/ 

Egypl ICabel + 

Egypt (all other] + 

0 Selvadw + 

Fiji Id ends 
Finland + 

Franca * 

G ami any * 

GaOaCe + 

Guam 

Guatemala * 

Hondurur A 
Hang Kang 
Hang Kong j 
Hungary +/ 
ketarat +■ 

India + 

IndeiuHia 
Ireland + 
bMetv- 

Italy + 

Jcnaka - 


000-900-01 

0042-087-187 

000- 1-0877 

1- 800-751-7877 
171 

HIM 777 

02- 356-4777 

191 

004.890-100-3 

9800-1-0284 

19+008/ 

01100013 

008001-411 

950-1366 

195 

001-000-1212000 
S 00-1877 
Oil 

00+800-01-877 

999.003 

000- 137 

001- Bfll-IS 
1-800-95-2001 
177.102-2727 
172-1877 

I -800-877-0000 


Japan [it/C] (Engfthl ^ 

Japan (KDD) (Engliih] *■ 

Jcpcr (Japanasal * 

Kenya / 

KcNc (Datum) + 

Kama 1KT1 ♦♦ 

Kuarah 

Lieditennein + 

Lithuania / 

Lvaembaurg 
Macao o 
Malay via 
Mexico * 

Monaco -v 
Ntih. AnriUm 

| Curat QJ 6 Bonaire) t 
N ettierlandi + 

New Zealand 3 
(Tivcounhy Mill) 

%• Zealand 

Nicaragua iManapa rnglMii o 
Nicaragua EMmpw< tcunllN a 

Nicaragua 1016.14. u.nag.ai 

Norway + 

Pga^na 
Pcrogyaj A 


0066-55-877 

0034-131 

0066-55-888 

0800-13 

0039-13 

009-16 

000-777 

155-4777 

8+197 

0800-0115 

0800-121 

80041016 

05-800-077-0000 

19*0097 

*001-600-745-1 1 1 1 
06+022-9119 
012 - 0-1 


ACCESS NUMBERS COUNTED 


Atni/ 

FhltippiiMK (EIH Oarions only)-. 
Philippine, (PhiJCent) A 
Fbilrpptnci (PU1Y) 

Poland + 

Portugal + 

Poorta Hico - 
Romuniu +■ 

SujfJo (Motcowl + 

Radio (all other} *■ 

Saipan 

Uniun and Rola +N 
San Merino + 

Saudi Arabia 

Snooper* * 

South Africa + 

Spain 


rO-.OPJi^ cjimfr i fo c-junfi ■ udll'np '•# 3bU»k!fck“ liSlmQ vitR»*cr to cIukiq* 1 fit j 
"T.*- 1 & IfHlI'VSWO 1 Mj-.iUi'li: jimjn Calf*— ' 1 I ah'- VDuN ♦ ‘-"itlir »WI 

+♦ "> pa , ol-T'W p^-h .ftj C-in.M nu.r I.-,. ■...., n ll.m .*01 “ 0 T+ • /;> : 


eod.-shcn* no. St. L»c V 
St. Lucia A 

000-999 Sweden + 

171 SwJtxertadj + 

Syria t 

02 + Cnglbh a. Symiih no. Taiwan o 

B0M9B77 n. oHavt/ 

113 rrmldad 4 Teboge 

|p9niof onn, only) 


00 B- 1 1-800 


..ri«r.r «.«*»».• rt.-.r-mni y. .yi- c mld-riuixU m/macis tti'l tiw iehirr Atve-.r •■lutw o’ lh. e:iua'r t , ._ 

V wnl ly-n-- - ray'-y w"-‘ — - rt^, •■■S' 1 '*, ro. co. J 3 5 O' mm pti"tn*.-i 
>■ silrtN— .*..1 ; n c*.o.v— — ' vVt . ploainr a loco" c. —1 .. oy— ! 1 - Icon 


190 

<105-01 

I024M 

105.16 

00104.000-115 

05017-1-877 

1-4004! 77.0 D00 

01^00-0077 

155^133 

W95-I55^i 1 33 

235-0333 

1-235-0333 

172-1877 

1 800 15 

M0O.1TT.t77 

0- 800-99-0001 
900-99-0013 

1- W0-J77.7.«Mj 
187 

020799-01 1 
155-9777 
0088 

0080-144J877 

C0I -099-1 3.B" 


23 


Turkey + 

Ui. Vagin tilandl - 
U.SJL - 
Uluaina 

LLiiled Arab Eeiiom * 
United Ktagdom (8T) 
United Kingdom (Mercury) 

U'VSIM; — 

Vatican City * 

Smwsu'Ui lEiyl. j.; 

VMrmria iStxrtitn) 


. ACCESS NUMRFor 


00- 800.1 -44 X." 

1- 800077^000 
1-800-877-8000 
8.100.15 
000-13* 

O0OO- 09 -00/7 

050M94J877 

00041’ 

172-1877 

«jc 1 : : 1 -o 

ftOO-l ill.) 



Sprint, 


„ - I 40.’ S’ 4.-u,. a,.. 

*'*» P»- fs*'- ’ fOfeCAiC iu- 

l"fr ..ttagr... m-i. ,^1, y, l0lllU , t 


h'ild dengim OXinry i 


i, .... ,.. ;■ ■ 

■ 1 s ^ ^ ■ 

■ Sali„H, cneK-aidlii. I 


d 


I 


'•"V -j 





X 


International Herald Tribune 



A Special Report 


Monday , October 31, 1994 
Page 13 




Private Banking 


Channel Islands 
Increase Their Draw 

Even Banks from Offshore Rivals 
Set Up Shop in Jersey and Guernsey 




v, • .V'- fy m “ 


By Erik Ipsen 

L ONDON — In the most rarefied 
strata of the private banking 
world — where the accounts are 
hefty, the desire for secrecy high 
and the distaste for taxes even higher — a 
major battle is quietly raging. 

The established titans of that business, 
Switzerland, Luxembourg and tiny Liech- 
tenstein, are under siege. 

In Liechtenstein and Luxembourg, 
there is fear that taxes will rise. In Switzer- 
land, there is that plus a suspicion that 
Swiss secrecy is not what it once was. 

And nowhere is all this news being more 
joyously received than in the Channel Is- 
lands of Jersey and Guernsey. 

In Guernsey as recently as 1986, there 
were no Swiss banks. Today there are 14, 
accounting for 40 percent of the assets of 
the island’s 68 banks — assets that have 
quadrupled in the last half-dozen years. In 
Jersey, the number of banks now stands at 
78 — roughly one for every 1 ,000 residents 
and a 10 percent increase in the past vear. 

“Customers are keen to do business 
here,” said Peter Crook, superintendent of 
banks for the Jersey Financial Services 
Commission. For the banks, he lists the 
island’s attractions as “cheaper costs and 
no EC red tape.*' For their customers, he 
concedes, “our taxes are an advantage.” 

Jersey and Guernsey impose a maxi- 
mum tax of 20 percent, and only on resi- 
dents. Nonresidents pay no taxes. At pre- 
sent, that puts them just even with the 
likes of Liechtenstein, Luxembourg and 
Switzerland - — but only at present. 

To the delight of its rivals, Luxembourg 
)jt under pressure to join its fellow Europe- 
an Union members in imposing a with- 
holding tax on various bank accounts. 
German authorities from Chancellor Hel- 
mut Kohl on down have recently criticized 
Luxembourg for allowing Germans to 
cross the border to avoid paying taxes. 
Many bankers say that those criticisms 
alone have caused considerable sums of 
money to leave that country. 

“If the European Community decided 
drat Luxembourg was a big enough thorn 
in their flesh and forced them to levy 
withholding taxes, I do not think we 
would be able to cope with all the business 
we would get,” said Charles Tracy, man- 
aging director of NhL Rothschild & 
Funds (Cl.) Ltd. in Guernsey. 

Both Switzerland and Liechtenstein, 
meanwhile, will collect a 6.5 percent val- 
ue-added tax on fees charged by their 
banks beginning next year. Some Swiss 
bankers fear that even that small levy may 
sit poorly with some of their customers. 

For Liechtenstein the VAT provoked a 
near-crisis this autumn when it appeared 
the tax would be collected, as most taxes 
in Liechtenstein are, by Swiss authorities. 
That would have forced local banks to do 
something they were not at all happy 
about dong — show their client lists to 
Swiss tax officials. In the end the need to 


preserve confidentiality carried the day, 
with Liechtenstein agreeing to collect its 
own VAT. 

Liechtenstein faces other problems, 
however. In a country that recognizes 
trusts, Liechtenstein's five banks have 
long benefited from huge flows of busi- 
ness from Switzerland, where trusts are 
barred. Typically, private-banking clients 
went to their Swiss banks, which would do 
the paperwork to set up a trust and then 
turn the account over to a Liechtenstein 
bank. 

“Now we don’t have to,” says a delight- 
ed senior Swiss banker, now that the 
banks have moved much of that business 
to their own branches in the Channel 
Islands. 

Guernsey and Jersey also increasingly 
appeal to Swiss banks trying to cut costs. 
“Switzerland has the highest banking 
costs in the world” complains a senior 
manager in Guernsey for Crfedii Suisse, 
now the largest bank on the island 
To make that cost case even more com- 
pelling, many of the Swiss and other for- 
eign tranks do much of the work of manag- 
ing their private accounts in their offices 
in London. The business is booked in the 
Channel Islands only for purposes of tax 
and secrecy — although in the latter case. 

‘ the preferred word in the Channel Islands 
is “confidentiality." 

Of all aspects of private banking, secre- 
cy — or confidentiality, as the industry 
calls h — remains one of the most impor- 
tant and perhaps the most con traversal. 

“The majority of the business on the 
islands does not depend on a neurotic 
obsession with secrecy,” insists David 
Henshaw, chief executive of Kleinwort 
Benson’s two Channel Islands banks. 

Secrecy nonetheless remains important. 
Noting tiie recent move by many Swiss 
banks to the Channel Islands, Jochen 
Hadde rmann, manag in g director of Cen- 
trum Bank in Liechtenstein, attributes it 
in part to “recent changes in Swiss law.” 

Specifically, Swiss authorities now re- 
quire their banks to know the beneficial 
owner of their accounts, a requirement 
that does not hold in either the Channel 
Islands or liechtenstoru 
These days, bankers universally insist 
that confidentiality has its limits, no mat- 
ter what clients may choose to believe. Mr. 
Haddermann, for instance, says that al- 
though his bank is willing to accept blind 
accounts, the lawyers making those refer- 
rals have to be able to attest that, as he 
puts it, “It is not dirty money, that it is 
clean money and that it stays that way.” 

Other bankers point out that, if for 
example a major crime had been commit- 
ted in a powerful country, chances are the 
authorities of that country will be able to 
force banks in any offshore financial cen- 
ter to divulge information on accounts 
connected with the crime, regardless of 
local laws on disclosure. 

The key to preserving at least the all- 
important image of confidentiality is to 



Luxembourg 

Confounds 

Doomsayers 

Business Growing 
Despite Warnings 
Over Haven Status 


The town of Saint Peter Port, in Guernsey. 

Growth in Chamiel Island Banking 


Pundi FrilrUSqn 


Number of Banks 



Number of Deposits 
mbffions of pounds 


-r - 


*84 *85 /88 *«7 '08 

Soarcte Jersey Ficoociat Advisee Jer 


m *90 BJ *92 B3- '*94 *84 '85 *86- '07 

>fmmc^G»mm$er&wtcl^S6Kvkxa Coomssm. 


*80 *89 *90 W *92 “93 '94 


IntcmuUoiuJ HtraU Trttane 


keep nefarious elements out — something 
not all banking authorities have always 
succeeded aL Liechtenstein's reputation, 
for instance, was sullied after the death of 
Robert Maxwell, when it was alleged that 
he had parked some of the money looted 
from funds under his control there. 

“Liechtenstein has become a provoca- 
tive place," said a London banker who has 
worked there. “Tax authorities see a 
Liechtenstein structure on your accounts, 
and they will likdy go after it.” 

Switzerland, too, in recent years has had 
its confidentiality laws tested and, some 
say, found wanting. Run-ins with UJS. 
authorities over the fugitive financier 
Mark Rich, among others, have dented its 
reputation for vault-safe secrecy. 

In contrast, the Channel Islands have 
had the good fortune to avoid major scan- 
dals. Authorities there, for instance, 
proudly point out that they balked at 
granting a banking license to the now- 
infamous Bank of Credit & Commerce 
International, or BCCL 

With stria limits imposed by their tiny 
labor pools, both Jersey and Guernsey 
have been able to be selective about their 
banks. “Ninety percent of our banks are 
in the top 500 banks in the world in terms 
of size,” says Roger VigneH deputy direc- 


tor of the Jersey Financial Services De- 
partment. 

What is more, most of the regulation of 
those banks is done in their home coun- 
tries, an idea that has gained force since 
the 1991 collapse of BCCl amid massive 
fraud and other criminal activities. 

As merely the host country regulator. 


Mr. VignelTs responsibilities are far more 
limited. That may be just as well, given the 
fact that, as he says, the Jersey Financial 
Services Department has a staff of “three 
and a half people.” 


ERSK IPSEN is the London correspondent 
<4 the International Herald Tribune. 


By Martin Baker 

L uxembourg — su«e*& may 

have a thousand fathers, but in 
the international banking indus- 
try it also generates a fair number 
of detractors. A classic example of this 
syndrome is afforded by Luxembourg's his- 
tory as a financial center and by some of 
the predictions about its future' made by 
competitors in the private hanking indus- 
try. 

To judge by the figures alone, Luxem- 
bourg's growth as a financial center over 
the past decade has been remarkable. Sta- 
tistics provided by the Association des- 
Banques et Banquiers Luxembourg, the 
country's banking industry representative 
body, show the number of banks resident 
in Luxembourg roughly doubling between 
the end of 1983 and the end of last year, to 
218 from 114. Assets under management 
in the country almost tripled over this 
period from 6. 592 trillion Luxembourg 
francs (S214.24 billion) to 16.021 trillion 
francs. 

The figures lumped together all types of 
banking assets — thus failing to proride a 
precise track of the growth of private 
banking. But the private banking sector 
itself appears to fit easily into an overall 
picture of success. 

But there are those who say that the 
statistics represent only the most partial ol 
truths. Those who favor other traditional 
private banking locations, such as the 
Channel Islands, Switzerland and the Ba- 
hamas, allude to the aggressive noises 
coming out of Germany, and in particular 
the oft-repeated statement by the German 
finance minister, Thee Weigel, of his in- 
tention to introduce withholding tax on 
bank deposits across Europe. This would 
hit Luxembourg directly, since a major 
part of its attraction to international in- 

Continued on Page 16 < 


Trust, discretion, understanding, dialogue. 

In fact, what you need is a hank that isn't like yours. 


^Promise and Peril Ahead for Hong Kong 


By Kevin Mrnphy 

H ONG KONG — Deepening 
pools of wealth have lured in- 
ternational private bankers to 
Asia in waves. But bankers and 
financial advisers say turbulent waters lie 
ahead as a market in flux adapts itself to 
local needs and increased competition. 

“That Chinese and Western individuals 
ol wealth out here want more private 
banking is indisputable,” said Nick Bent- 
ley of the financial advisers Bentley Reid 
& Thomas (HK) Ltd. “There is an enor- 
mous need for such services.” 

“The problem is that the individual’s 
perspective on what they need is totally 
different than what private banks pro- 
vide,” Mr. Bentley added, noting that 
many of Asia's fortunes had been made in 
as short a period as the past 10 to 15 years. 

Long the crossroads of Asia, Hong 
Kong remains a resting place for highly 
mobile cash from elsewhere in the region. 
Economic success — ■ or strife — in other 
Asian countries is often measured anecdo- 
tally, but accurately, by flows of capital to 
and from accoun ts managed in the British 
colony. 

While some bankers see customers from 
the Philippines repatriating more money 
to take advantage of an economic boom 
there, others report a steady stream of 
wealth flowing out of China- 
Entrepreneurs and politicians who have 
already profited from China’s dramatic 
rtforms appear eager to hedge against risk 
to their personal fortunes now that infla- 


temational approaches to private bank- 
ing. 

For every Swiss-style bank discreetly 
providing long-term relationships and 
cautious advice on fixed-term bank depos- 
its and capital transfers, an American in- 
vestment bank's private client department 
is offering risky derivatives to deep-pock- 
eted punters who want to dabble m the 
latest instruments available in world fi- 
nancial markets. 

“Many of our clients give us money just 
because they don’t want to worry about 
it," said the Swiss banker. “We’re expect- 
ed to safely generate 10 to 15 percent 
returns. They make the 20 to 50 or 100 
percent return in their own businesses.” 

At their extremes, wealthy customers 
want impeccable investment advice from 

'I think this is going to 
be a private bankers’ 

A W A? TT 1 AI 1 AT 7 


UWAW ig V T VLLVWUA 

somewhere else. 


ftoflin 

rMy. 


has topped 27 percent annu- 


Hofig Kong, which is due to revert to 
Quaere control in 1997, is also registering 
4u outflow of funds, according to one 
Swiss banker « — who, typically, was un- 
w ’Uing to be quoted by name. 

“Wheat I first arrived here one year ago. 
People were quite bullish,” the Swiss 
tanker said. “But now I think this is going 
to be a private bankers' paradise. A lot of 
money Sere is eventually going somewhere 
ebe.” 

With, more foreign banks chasing a 
high-net-worth clientele, Hong Kong has 
become increasingly a melting pot of in- 


friendly bankers of longstanding and low- 
risk, high-yield returns — all for minus- 
cule fees. 

Meanwhile, private banking operations 
at their worst seek only to develop a trust- 
ing, captive source of funds to be tapped 
for deals dreamed up by the merchant- 
banking and syndication arms of their 
parent companies. 

“Some very important houses are not 
behaving responsibly in this market at 
all,” said one senior executive of a Europe- 
an private bank with offices in Hong 
Kong, referring to a string of derivative 
investments gone badly wrong. “And 
many customers want higher returns than 
time deposits, but they don’t want to take 
much risk." 

In between are clients who want a little 
of both and banks trying to decide how far 
to move toward becoming a “one-stop 
shop” for an their clients’ finau dal -man- 
agement needs. 

“Jn a European environment one tends 
to find that private- banking customers 


seek much more substantial planning for 
all their investments,” said Richard Har- 
ris, chief executive of Jar dine Fleming 
Investment Services. 

“In Asia, that’s nor the case. A lot of 
millionaires are recently created, and they 
are most likely to say This is a pool of 
money I want invested now,’” said Mr. 
Harris — whose firm, through its links 
with other units of Jar dine Malheson 
Holdings Ltd. and its co-parent, the Brit- 
ish investment bank Robert Fleming Sc 
Co., comes close to offering one-stop fi- 
nandal services shopping. 

Jardine Fleming, which has bad a low- 
profile private banking operation for 
about 20 years, has devised a “wealth 
management” system that it says can han- 
dle almost any financial legal, property, 
insurance or accounting task, either on an 
in-house basis or bv referral to long-estab- 
lished contacts at faw firms. 

“The things we do wefl, we work on; 
those with which we don’t have expertise, 
we pass on to someone we crust." Mr. 
Harris said. “But while we deal primarily 
with family companies, there are no for- 
mal in-house arrangements. Otherwise 
one can be open to criticism about fees 
and rebates.” 

There is broad agreement in the indus- 
try that convenience and comprehensive- 
ness in personal financial management 
and planning will become increasingly im- 
portant to customers. But should any one 
group be trusted entirely with a person's 
assets? 

“There is a dangerous trend developing 
in private banking in the Far East,” said 
Nick Bentley. “Once banks develop the 
client base, some just flog new products at 
it It’s a risky move away from conven- 
tional investment; it’s not the private 
banking clients think they understand.” 

Mr. Bentley, as a financial planner, nat- 
urally favors a role for intermediaries in 
the process, arguing that a split in roles 
between advisers and the sprawling banks 
is more likely to result in objectivity about 
a particular investment. 

“Thirty to 40 percent of our business is 
now introduced from private banks them- 
selves," said Mr. Bentley. “We’ve moved 

Continued on Page 16 




In a highly volatile financial environment, where change is the order of the day. Union Bancaire Privee 
offers its clients a unique approach to international asset management, 

Blending Swiss tradition and innovation. Union Bancaire Privee allies prudence and imagination 
in meeting its commitment to protect and enhance your assets. 

By becoming a client of Union Bancaire PrivSe, you too will discover the privileges of a very private bank. 


UNION BANCAIRE PRIVEE 

— GENfeVE 

TRfeS PRIVfiE 


H«d Office; W-9B. rue du Rhine - I2D4 GENEVE 


OENfcVE . ZORICH • LUCIANO • LONDON * NASSAU - NEW YORK . TOKYO . HONG KONG - ISTANBUL . AMERICA LATINA 




Page 14 


INTERNATIONAL HERALD TRIBUNE, MONDAY. OCTOBER 31, 1994 


Private Banking! A Special Report 


Perfon 


Getting Easier to Judge Lean Times for Lending on Artworks 


By Martin Baker 


T HE management performance of 
aprivate banker has traditionally 
been one of the profession's best- 
kepi secrets. The banking profes- 
sion can and does provide a host of rea- 
sons for its failure to publicize its success 
(or otherwise) in managing its clients' 
ntoney. Words such as “discretion” and 
confidentiality” abound. 

But the private banking industry is 
changing: The pressure of increased com- 
petition is beginning to force this niche of 
the financial industry to throw some tiaju 
on investment performance. 

Instrumental in the slow lifting of the 
veil has been investors' increasing use of 
financial advisers, says Ambooy Yadgar- 
off. managing director of Aiienbridge 
Group, a London-based performance 
monitoring firm. “In the last few years 
there has been huge growl h among profes- 
sional evaluators of those who manage 
money on a discretionary basis and of 
fund managers.” he said. 

But Mr. Yadgaroff counsels against us- 
ing advisers who are “just performance 
chasers,” saying that investors should 
gather and evaluate their own information 
and turn to “specialist advisers who will 
understand the investors' risk tolerances 
and find the appropriate discretionary 
manager.” 

Not long ago, gleaning information on 
how a private bank had performed with its 
clients’ money was almost impossible. In- 
vestors were often reduced to word-of- 
mouth methods. 

“You would have to ask friends how 
their money had fared at such-and-such a 
bank.” said one New York-based private 
banker who spoke on condition of ano- 
nymity. “Now things are different. Discre- 
tionary managers are publishing model 
portfolios, and it's possible to see how the 
hypothetical client would have fared and 
make a more or less even comparison.” 

Christopher Kwiecinski. Paris- based di- 
rector of investment management at the 
private banking arm of Paribas, concurs: 
“There has been a shift to openness and 
more transparency. Banks are publishing 
model portfolios and tend to provide more 
information on a regular basis.” 

Model portfolios may be a step in the 
right direction, but investors should be 
careful about making comparisons, warns 
Angus Cruickshank. a director of Guin- 
ness Mahon private bank in London: “It 
really depends on what a client wants, on 
what level of ri sk he is prepared to take. A 
lot turns on how sophisticated the individ- 
ual is, what levels of risk he can under- 
stand, what losses he can tolerate. A com- 
parison between lots of figures that only 
tell you about performance may change 
dramatically depending on what time pe- 
riod you take. Statistics can be read al- 
most in any way you like.” 


Robert Brown, deputy managing direc- 
tor of Can trade, a Zurich-based private 
bank owned by Union Bank of Switzer- 
land. agrees. Mr. Brown identifies three 
potential benchmarks against which 
banks may be judged, according to the 
degree of risk an investor is prepared to 
accepL 

“The first benchmark is the deposit 
rate. It might seem obvious to everybody, 
but if a client isn't getting a return above 
the deposit rate for extra risk taken, then 
the risk isn’t worth taking.” 

The second criterion of good perfor- 
mance is similarly universal: “The inves- 
tor has to ask himself whether he is beat- 
ing Inflation over the long term. It is in the 
nature of risk-oriented investment that an 
investment may underperform in the short 
term, but if the portfolio is not beating 
inflation over five years, something is bad- 
ly wrong.” 

Finally, the more ambitious, growth- 
oriented investor will be looking to have 
investments in a mix of assets, argues Mr. 
Brown. He says Can trade has developed a 
benchmark that is “sensitive to the cir- 
cumstances of this kind of client” The 
principle, he says, is “What is the natural 
long-term balance of investment for 
growth?” The Can trade index is designed 
for the British investor and is composed of 
50 percent U.K. shares. 20 percent over- 
seas securities and 50 percent a “cocktail 
of index-linked and other defensive secu- 
rities.” 

Can trade measures the performance of 
model portfolios against its composite 
benchmark. Mr. Brown concedes tint the 
index is far from perfect but says it pro- 
vides a rough guide to what individual 
investors should expect from private 
bankers who manage their money on a 
discretionary basis. He argues that this 
kind of performance measurement pro- 
motes greater openness in the industry. 


“Partly because of the cloak of discre- 
tion. partly because of tax reasons.” he 
says, “the private client can fail to get the 
benefit of disclosed performance, unlike 
some others. We are trying to help along 
the movement for more disclosure in in- 
vestment management.” 

But, disclosure or not, there are those 
who reaffirm the point that privaie bank- 
ing is a personal service, and the individ- 
ual needs of each client do not necessarily 
lend themselves to measurement against a 
general benchmark. 

Ian Partridge, marketing director of 
Chase Manhattan's private bank in Gene- 
va, suggests that in evaluating a bank's 
performance, an investor should look at 
the track record of its funds, or those 
portfolios whose performance is a matter 
of public record. 

But then, he says, the investor should 
ask: “What sort of smart investment ideas 
does the bank have that fit into the indi- 
vidual's own circumstances? Has the bank 
thought through the individual's own 
needs and made a proposal which is smart 
for that investor?” 

Eric Lafeuille. head of Paribas Asset 
Management in Paris, sums up the mar- 
riage between individual need and go-go 
performance as being “relative to the cli- 
ent's own personal benchmark, which 
must be decided on carefully.” 

He adds: “The ultimate measure of suc- 
cess is where we match those require- 
ments, of which performance is an impor- 
tant, but oot the only, pan. You have to 
look at the fiscal advice, the quality of 
reporting and the overall quality of the 
personal service we deliver in determining 
how successful we are.” 


MARTIN BAKER is editor of the Interna- 
tional Herald Tribune's Money Report. 


By .Aline Sullivan 

L ENDING agains-i works of art 
was a big business in the lute 
1980'. But today, only a handful 
of financial institutions will ar- 
range such loans for privaie clients. And 
they hold oui little hope of a return to the 
boom times. 

Demand is still there. Borrowers willing 
to put up works of art as collateral gener- 
ally fall into one o? two groups; dealers or 
collectors who w uni to leverage their exist- 
ing collections to finance 'further pur- 
chases, or those needing to pay off busi- 
ness or other debts. Not surprisingly, 
lenders say, more applications have come 
from the second group in recent years, 
although in smaller numbers than they 
had expected. 

As investments, works of art have one 
big drawback. Although they may offer 
impressive capital appreciation, they com- 
monly earn no return for their owner be- 
tween one sale and the next. Instead they 
cost money, especially to insure and main- 
tain. For private collectors this can be 
irksome. For an dealers whose livelihoods 
depend on rapid turnover of stock, it can 
be disastrous. 

But only the most desperate are willing 
to sell in today's market. Values for most 
categories of art plummeted in the early 
1990s after reaching record highs in the 
1980s. Prices are now creeping back in 
some areas, but few market authorities 
expect significant gains. Borrowing is of- 
ten a more palatable, although expensive, 
solution. 

For lenders, the problems posed by 
works of art as security are legion. Values 
are often volatile, and valuations some- 
times prove unreliable. .Although many 
h anks will make loans with artworks as 
collateral, most insist on taking posses- 
sion. Consignment to the bank's vaults. 


while it provides no protection against a 
decline in value, at least provides a degree 
of comfort to the lender. 

Bui some banks are willing to go fur- 
ther. Take the case of a client of 20 years 
standing who approaches his bank wish- 
ing to borrow a third of the value of his 
collection of Matisse drawings, yet keep 
the drawings in his own home. This is 
“relationship banking” at perhaps its 
most advanced stage. 

“Making loans against works of art is 
part of our overall relationship with our 
private banking clients.” said Cathy 
BouckJey. director of Citibank's Art Advi- 
sory Service in New York. “Art is like land 
in that it is not an income-producing asset. 
We are able to provide some liquidity 
without taking possession." 

Ms. Bouckley said that this art lending 
service was only part of the bank's overall 
“wealth management” service for its pri- 
vate clients. Decisions about loan applica- 
tions are made on the basis of the client's 
ability to pay as well as the value of the 
work offered as collateral. 

The Citibank Art Advisory Service has 
been making loans against works of art for 
15 years. 

“It is a major part of our private bank- 
ing business.” Ms. Bouckley said. “We 
have stayed in place during the lean years 
as well as the boom years. We know the 
market because we are constantly in the 
market.” 

Chase Manhattan Bank, which has a 
large department devoted to its own art 
collection, also makes loans to its .Ameri- 
can private-banking clients using works of 
art as collateral. Others still in this market 
include Sotheby’s Financial Services in 
New York, a division of the Sotheby's 
auction house, and Rosenthal &. Rosen- 
thal. also in New York. 

But recession and dec linin g art values 
have made even the most dedicated lend* 


maott 


about 51. W nui: u *n 

«cfl J* nwc 


vlll 


to 3 decline in demand J* 

strins«-*nt lending policies. 

“It is surprising that we did:’. ‘ ^ 

•‘But loans are up a bit trom ” 

Wc are seeing a sUw hut stead' rtuneft . - 

Other lenders m ** 
the drop in demand has been tiu expense 
of borrowing against works o. art. 

F OR example. Sothri»> > vlw£p> 
interest of three lo lour pciucm* 
ace points above the prune lend- 
ing rate, and Rosenthal £ Rosen- 
thal charge' still more. When art 
stagnant, bornming to JmaniA rimlu.r 
purchases loses much of its appeaL 
Art-based loans are also expensive for 
the lenders, who haw to arrange or the 
works to be valued. Consequent l>. the 
minimum amounts required are relatively j 
hi"h: Citibank won’t consider a loan apjg _ 
plication for less than S2 million, t he both - 4 
ebv's minimum is SI million, and Rosen- 
thal & Rosenthal's is $250,000. Lxecunves 
of Chase Manhattan declined to comment • 
on the bank's lending policies. 

Borrowing against works of art is more 
popular in the United Stales than else-. , 
where because lenders in America can. 
have legal control, or a lien, on the work, . 

If the artwork is subsequently sold with- . 
out the lender's knowledge, the buyer v> ill 
not obtain title to it. In Britain and most 
other European countries, lenders making 
these loans cover this risk through inMtr- 
ance policies. 

ALINE Sl'LLIVAN is a journalist in Lctt*- 

don h 'ho specializes in financial topics. 


Answers May Be Elusive, but Here, at Least, Are Some Questions 


A SK not for whom the bank 
works; it works for thee. In 
other words, the business of 
assessing a private bank's per- 
formance is up to you. the client. 

Many private bankers argue that the 
service they provide is personal so the 
marks they score will depend on the 
requirements of each client. Neverthe- 
less. once the client has defined his ex- 
pectations, there are a few matters that 
can always be put to a private bank. 

• What do I want? 

It is vital to establish clearly in your 
mind what you want to do with your 


money. The oldest saw of finance — that 
there is no profit without risk — is ines- 
capable here. The fundamental choice is 
between safe investments that provide 
some income yet still avoid erosion of 
capital value, and riskier investments 
that may produce capital growth in the 
longer term but may also fall in value. 

• Is the bank a good money manager? 

There are two ways of answering this 
question. One is relatively easy, the other 
difficult. 

The first is to judge the bank against a 
relevant benchmark. If. for example, you 
have specified that you want income’yet 


receive less than the return available for 
leaving your money on deposit the bank 
is clearly not doing its job well. 

The difficult wayTs to try to compare 
your bank with the competition. Thanks 
io the secrecy that still surrounds private 
banking, reliable information can be dif- 
ficult to find. 

• Is the bank taking risks with my 
money? 

You shouid insist on regular state- 
ments if you have chosen a strategy that 
subjects your investments to changes in 
value. If the degree of fluctuation makes 
you uncomfortable, invest in less volatile 
assets such as deposit accounts. 


• Is the bank safe? 

There is no such thing as a guarantee 
of safety. Sometimes it is difficult to tell 
just how safe a private bank is. 

Some private banks are relatively easy 
to evaluate, especially the private-bank- 
ing aims of huge international banks 
such as Chase Manhattan or Paribas, 
which have risk assessments published 
by international credit rating agencies. 
In other cases, the investor has to make a 
decision based on reputation, longevity 
and the bank's standing in the eyes of 
informed professionals. 

• Is the bank expensive? 

The usual rule — that the more money 


you have, the less you pay — does not 
apply in private banking. The hankers 
say this is because of the personal nature 
of the service. Skeptics say bankers 
charge fat fees because clients hungry for 
confidentiality will be unlikely to com- 
plain too loudly. 

If you have a friend who uses u private 
bank and is willing to talk freely about 
fee levels, this may offer a useful guide 
As one possible {guideline, some say 
that charging anything more than 03 
percent of the assets under management 
is exorbitant 

Martin Baker 




-** 
•’ -Jr-. 




at 


.. . ^ j? 


- -* 


:-y 


. ' 

-.T 

•=* 


Discreet, quality 
private 
banking 
sendees for 
discriminating people 
around the world. 


The Private Bank of Bank of America offers investment, trust, treasury and banking 
services around ihe world. To find out how a private banker can assist you. call one 
of the offices below. 


Geneva Grand Cayman Hong Kong 

(41 ) (22) 3! 1-8933 (S09) 049-7888 (85) (2) S47- 6770 

London San Francisco 

1 44 m 7 i ) 634-4787 (41 5) 622-2547 


Jersey. Channel Islands 

(441(5)347-4431 

Singapore 
(65 ) 320-3340 


The Private Bank of Bank of America 


Bank of America 



• 1994 Ben kAm erica Cofporaiion 


International private banking 
a strategic activity for BNP 


Reaching across the world with a presence in 77 countries, Banque 
Nationale de Paris has been developing International Private Banking as one 
of its strategic activities in more than 41 locations worldwide. 

As a trusted financial advisor of wealthy individuals and their families, BNP 
has earned their recognition in terms of its record of protecting, preserving 
and enhancing the value of their assets. With over $28 billion of 
international private assets, BNP is continuously seeking to create added 
value for managed funds. It has developed a broad range of services and 
products that covers the wide spectrum of individual requirements, which 
includes not only traditional banking services but advanced cash 
management products tailored to individuals, portfolio management, trust 
services and specialized lending. 

For the future, BNP is looking forward to further growth in 
this field, which has averaged at least 15% on an annual 
basis over the last several years, and it will continue to be 
in the forefront of new developments in the ^ 
creation of private wealth all over the world, f % 

Banque Nationale de Paris 


THE 


REPORT 


every Saturday in the IHT, 




'*■ “I* ' Ni 


lui 

s f 


-- -**** 

: -*i 

7' U* 

: -.*** 


\ ’ J 


i IV 

VIM) 








■ 

: ' ‘V 
■»'. 1? 


^ Her 







INTERNATIONAL HERALD TRIBUNE. MONDAY, OCTOBER 31, 1994 


Page 15 



Private Banking I A Special Report 


'•ins 




How to Make 
Retirement 


I? Less of a Job 

■ Wealthy Expatriates 
May Need to Consider 
Establishing a Trust 


•‘■''if 


•jr L 


■ v.::^k\ 
, ■ 

r. .- :i ' tyti 
i\" C 'P«v 

( ‘ J ' T JDS(i 
i ‘"■'irctf 


Ry Barbara WaD 


T 


HROUGHOUT their lives, most 
expatriates have accumulated a 
range of investments on an ad 
hoc basis. But as retirement 
beckons, the need for a more structured 
approach may become presang, particu- 
larly if assets are scattered across the 
globe. 

*The financial planning needs of retired 
expatriates are too diverse for any one 

— ■; ‘ -- - - - 


J 1,1 ^ 

''fai s 

ilt 

" .-nife 

“■•‘‘CSSj ^ 

1 die 
•ffliat 

' h >■ ihr.q^. 


J/e- 


3 ilS 




F-' — ifcu 
TV* bjL- 
KyrAc. 
' s » be 
*.*”> Mine: 

‘lifcC- l.\ 


...... u.c. roduct or service to be targeted at this 

jfljrT^rticular market,” said Peter Stradling, 
• 11 """ t- chief operating officer at Courts Interna- 
tional Bank in Zurich. “Consequently, 
well-heeled individuals tend to look to 
private banks for a bespoke service.” 

- The banking services required and the 
suitability of any one particular bank will 
ultimately depend on your domicile and 
tax position. The needs of, say, a British 
national resident in Hong Kong but domi- 
ciled in the United Kingdom will be far 
different from those of an American expa- 
triate in Europe who has cut all ties with 
the United States. 

If there are continuing finan cial obliga- 

l > : N . tions in the base country, such as credit 

card bills or mortgage payments, it may 
make sense to keep an a account with a 
local bank. However, as an expatriate’s 
needs tend to go beyond simple day-to- 
day transactions, a bank with overseas 
operations would probably be more ap- 
propriate for most. 

; Asset protection is a primary concern of 
many retired or soon-to- retire expatriates. 
Having amassed wealth over the years, the 
last thing anyone wants is for this wealth 
to be whittled away by taxes, or worse, to 
be distributed after his or her death ac- 
cording to the laws of the host country 
rather than the wishes of the deceased. 
Many major international merchant 
• *• w- ip hanks, such as Chase Manhattan Corp. or 
• ' -a ::reh ; Kirin wort Benson Group PLC, have aster 
?. -operations that serialize in the setting up ' 
. . .. r.- wofi,— Ja a dminis tration of trusts for estate- 
; - :t 4s. planning purposes. Most of these trust 
-Jr-jue. corporations are based in offshore tax 
havens such as the Channel Islands or 
Bermuda. 

! “If you have property or investments in 
various different jurisdictions, it makes 
.sense to shelter them all under the trust 
ambrella,” said Julian Bub, managing di- 
rector of Chase M anha ttan Bank & Trust 
Cos. in the Channel Islands. “The altema- 
fve is to take out probate in each country 
where the assets are located; as well as 
rang messy, this may not always be feasi- 
ble.” 

‘ Trusts arc not suitable for everyone, 
oowever. Few banks will manage a trust 
’.br assets under SI million, and some 
jurisdictions, such as France, do not rec- 
ognize the trust structure. Moreover, 
Americans overseas may have difficulty 
persuading a banker that a trust structure 
■is really in their interest. 
i Christopher Rebtndaine, manager of 
private banking for the Guernsey subsdd- 
iiryof the Australian banking company 
WZ Grindlays Bank PLC, said that, be- 
muse the Internal Revenue Service is less 
' than fond of trusts, many American banks 
ajre reluctant to offer this service to U.S. 
citizens. “They want to be seen to be 
paying by the rules,” be said. 

-! Where trusts arc concerned, profession- 



Matin B£ 


nking 

BNP 


al advice should always be sought from a 
tax lawyer or accountant ANZ Grindlays, 
for example, would not recommend the 
trust structure to American or British ex- 
patriates who intend to move back home. 

“Americans are unlikely to benefit from 
a trust because of the constraints imposed 
by the IRS,” Mr. Rebindaine said. “Brit- 
ish foreign nationals, on the other hand, 
may gain some advantage from a trust 
structure, but they would have to ensure 
that they had lost their U.K. domicile 
status first and this is very difficult to 
achieve.” 

John Rhodes, a tax and trust lawyer 
with the law firm of Macfarlanes in Lon- 
don agrees that American expatriates have 
to be careful when considering a trust 
structure. Nonetheless, he says, trusts can 
be used both as a shield against taxes and 
for estate planning in certain circum- 
stances, provided the client is not obvious- 
ly trying to avoid taxes. 

Once estate planning has been taken 
care of, the bank can get down to the task 
of managing the investments. “Retire- 
ment doesn't automatically mean that 
walls have to be built around invest- 
ments.” said Geoff Roberts, manager for 
business development at Lloyds Bank in 
the Channel Islands. 

But if the client is reluming home from 
a long spell overseas, some precautions 
will have to be taken in relation to curren- 
cy exposure, he said. 

“A British foreign national returning to 
the UJC, for example, will want to ensure 
that the majority of the investment portfo- 
lio is denominated in sterling at least a 
year before the repatriation. As the client 
may also be exposed to capital gains tax 
on returning home, we would advise that 
capital gain* accruals are *bed and break- 
fasted’ before the U.K. tax authorities get 
wind of them.” 


ing” 

ich 


?njU ( 


L- ■ *■* r ,\i QGf e 


plex procedure in which an asset is sold 
and then quickly reacquired before its 
owner returns to the United Kingdom, as 
a means of avoiding liability for capital 
gains tax. 

In addition, the investment portfolio 
may have to be re-worked to provide addi- 
tional income if the expatriate is returning 
to a country where the cost of living is 
higher. 

“Depending on the extent of the client's 
needs and if the investment returns are 


latcraatnMi HmiU Tribute 

significantly higher than curreat inflation, 
we may counsel the client to use a propor- 
tion of the surplus capital profits for in- 
come,” said Nicolas Bow a ter. head of pri- 
vate banking in London for Credit Suisse. 

Although most overseas employees re- 
turn to their base countries before retire- 
ment, there are those who, because they 
own properties in several places, move 
around the globe on a regular basis and 
have no strong ties to any single location. 

“This group will probably gain some 
advantage from holding their investments 
in one of the recognized tax havens such as 
the Channel Islands, Bermuda or the Cay- 
man Islands,” Mr. Roberts said. “As well 
as having the full range of multicurrency 
investment facilities on tap, there is the 
obvious tax advantage associated with off- 
shore banking.” 

Even for those globe-trotting expatri- 
ates who have rejected the idea of return- 
ing to their original domicile, a certain 
amount of flexibility should be written 
into the financial plan. 

“It is often the case that dyed-in-the- 
wool expatriates return home when their 
partner dies or illness strikes,” Mr. Rob- 
erts said. “These eventualities must be 
catered for, otherwise, the consequences 
can be disastrous from a tax standpoint.” 

For those who can afford it, a private 
bank is the ideal mechanism for pre- and 
post-retirement planning. As well as offer- 
ing a personally tailored sendee, private 
banks can deal with all of a client's plan- 
ning needs under one roof. To get the 
most out of the services available, howev- 
er, clients should start the job at least five 
years before retirement 

Finally, while the essence of private 
banking" is personalized service, this can 
mean different things to different people. 

“If investors want the bank to purchase 
paintings and property on their behalf, for 
example, they may be better off seeking 
advice from one of the small Swiss banks 
which are known to specialize in these 
matters,” said Philip Hooper, manager of 
business development for Hambros Bank 
in Jersey. “The international merchant 
banks tend to provide a more focused 
service, dealing principally with trust ad- 
ministration and investment manage- 
ment” 

BARBARA WALL is a journalist based in 
Paris who specializes in financial topics. 


Is a Trust the Solution? 


nNT 


;ii :c 

oi :ri 

. .. ’fltf 


T RUS 
obje 

heirs 


RUSTS can fulfill a number of financial-planning 
objectives. These include'. 

Overcoming rules of inheritance and forced 
heirship; 

’ • Mitigating tax; 

‘ • Fnhflnring protection against the implementation of ex- 
change controls or nati onaliza tion: 

’ • Bringing assets under one management umbrella. 

But look, too, at the consequences of setting up the trusL 
$ome jurisdictions do not recognize the trust concept. Choose 
a reputable trustee. Lawyers and accountants can provide just 
as good a service as major international banks. 

; Trusts are expensive to set up. Professional advisers rarely 
jecommend a trust structure for assets under $500,000. 

Barbara Wall 



AN OFF-SHORE TRADING 
CORPORATION 

ran enhance your profit by reducing: your tax burden? 

- The off-shore trading corporation can build up an ofT-stwrc profit 

- in your Impori-etpon business, trade-mark protection and 
commercial enmmissinn activity. 

- The off-shore trading corporation can ensure an advantageous 
emptojmeni comraci for yourself wfih flexibility and tax savings. 

Mc9.sc lolk with us 

ORION INVESTMENTS & TRUST LTD. 

25. rue de ChnntrpoulcL 1201 Gcnrva. Switzerland 
Tel.: +41-22-732 48 tin - Fax: +4 1-22-731 44 91 

Wo haio 25 >cars experience In wcallb naiwgrBCOl 




IFI Autumn issue now available. 
Please call (33-1) 46 37 94 70 
or fex (33-1) 46 37 21 33 




1 1 al I HcralbSSSribunc 


Introductory Trial 


Value 

Only 


Line 




I f no member of your household has subscribed to Value 
Line in the past three years, you can now receive full- 
page analyses of about 130 American and Foreign stocks 
each week for the next 10 weeks for $95". As a double 
bonus at no additional charge, you will also receive the 
2,000-page Investors Reference Library (covering 1,700 
American & Foreign stocks! and the How to fnuest in 
Common Stock s booklet, which explains how even inexperi- 
enced Investors can apply thousands of hours of profes- 
sional research to their own portfolios by focusing on only 
two unequivocal ratings, one for Timeliness™ i Performance 
in the next 6 to 12 months! . the other for Safety™. 

With your subscription you also will receive a copy 
of WALL STREET WORDS, an accessible dictionary of over. 
3.500 terms (retail price $8.95). In addition to clear 
definitions, this convenient guide features special explana- 
tions. helpful hints, and case histories on 87 topics of 
special interest, contributed by 32 industry professionals — 
plus 48 case-example paragraphs by the author. (Available 
while supplies last.) 

We make this special offer because we have found 
that a high percentage of those who try Value Line for a 
short period stay with It on a long-term basis. The In- 
creased circulation enables us lo provide this service for far 
less than would have to be charged our long-term 
subscriber’s were their number smaller. Send payment 
along with name and address, together with this ad to 
Department 413F31 

The Value Line Investment Survey® 

220 East 42nd Street. New York. NY 10017-5891 
U.SA. 

*U-S. Dollars only. Alt Inquiries shotd be directed io: Value Line PiAfehiog. Inc.. 220 
East 42 nd Sireei. New York. NY 10017-5891 U.SJk 

□istnbided by KLM Royal Duafi Airlines PuWicanon Distributors Service . Hoand. 
Allow 4 weeks tor delivery. 



Task in Japan: Keeping It in the Family 


By Stereo Brail 


T OKYO — In theory, a country 
where millions of citizens own 
properties worth millions of dol- 
lars ought to be a paradise for 
private bankers. 

In practice, most wealth owned by indi- 
viduals in Japan is stored in highly illiquid 
assets, mostly property and slocks that 
have soared in value. 

Moreover, the Ministry of Finance — 
arguably the most powerful institution in 
Japan — has set up elaborate restrictions 
that make it difficult to liquefy assets to 
transfer wealth to offspring. 

The result is that most private banking 
in Japan is concerned with inheritance, 
but playing the game is so intricate and 
fraught with risk that few individuals are 
willing to engage in aggressive strategies. 

“In Japan so many individuals are so 
very wealthy that as a private banker you 
can start salivating,” said Deborah Wet- 
more, a Canadian who advises Japanese 
and foieigners on investing and tax plan- 
ning. “But the tax laws are so restrictive 
and complicated that it’s just mind-bog- 
gling.” 

Still, for those willing to undertake 
long-term planning and make sacrifices, 
strategies exist that can enable wealthy 
individuals to pass on their riches to an- 
other generation. 

Al the same time, slowly improving 
property and stock prices, as well as a 
growing population of aging patriarchs, 
are likely to lead to an increase in the 
number of individuals prepared to execute 
strategies that bypass the taxman and pre- 
serve significant amounts of wealth. 

“Very few Japanese have been willing to 
bother with all the pl annin g,” Ms. Wet- 
more said. “But because of changed atti- 
tudes, well see more people liquefying 
wealth if slock and property prices rise.” 

The difficulties facing wealthy Japanese 
are typified by the case of Hiroshi Kan- 
eko, a 50-year-old father of two whose 
parents died when he was young. Mr. 
Kaneko (not his real name) inherited rural 
and urban land valued at $30 million. The 
large and profitable retail business he in- 
herited is valued at $20 million. He owns 
about 80 percent of the shares in the 
unlisted company. Along with his collec- 
tion of Japanese artifacts, these holdings 
give Mr. Kaneko a net worth of about S50 
million. 

Having had a stressful life, Mr. Kaneko 
is worried about bis health. To be sure, 
there would be no immediate problems for 
his wife. She is entitled to receive half his 
estate tax-free. 

The other half, however, is split be- 


tween his children. The problem is that 
unlike the United States and many other 
countries. Japan levies inheritance taxes 
not on the estate but on the recipient of 
the inheritance; and the inheritance tax 
funs as high as 70 percent. 

‘So manv individuals are 
so very wealthy that as a 
private banker vou can 
start salivating. But the tax 
laws are so restrictive and 
complicated that it‘s just 
mind-boggling/ 

In Mr. Kaneko’s case, the children 
would receive about $12 million — and 
face an inheritance-tax bill of about S5 
million. When their mother dies, they will 
have to pay an equal or higher amount. 

The real problem ties in getting the cash 
to pay the taxes. In the late 1980s, when 
Japan's property and stock prices were 
booming, it was relatively easy and sensi- 
ble to borrow 1 the money. To generate the 
cash to pay off the loan, one could develop 
some urban property into high-rent apart- 
ments for well-heeled foreigners. The 
property thus remained in the family, even 
if it took many years to cover the tax bill. 

But with banks now reluctant to lend, 
and property values and rents fur below 
their “bubble economy” peaks, this strate- 
gy no longer works. Often the only choice 
is to liquidate assets. 

“The Japanese tax system is clearly de- 
signed to redistribute wealth," Ms. Wet- 
more said. “It's virtually impossible to 
legally keep wealth bevond three genera- 
tions." 


Still, there are strategies for the deter- 
mined. The major ones involve exploiting 
a big loophole resulting from the differ- 
ence between Japanese laws, which tax the 
receiver of the inheritance, and those o) 
most other countries, where the estate is 
liable. 

With long-term planning, for example. 
Mr. Kaneko could slowly transfer many of 
his assets abroad. Then, upon his death, he 
could pass these along to an offspring who 
is a long-term foreign resident i though he 
or she may remain a Japanese national). 

Mr. Kaneko' s foreign assets thus would 
not be taxed by Japan. AaJ lus son's tav 
obligations would he covered by the es- 
tate. which is based abroad. 

“If you work it out right, it’s perfect.” 
Ms. Wet more said. 

Still, there is a natural reluctance 
among Japanese to use such sirategics. 

An obvious Jifficuhv is that its execu- 
tion takes years of planning, di ring u filch 
the patriarch must be able Fo liquidate and 
transfer his assets overseas. And it re- 
quires one member of the family to estab- 
lish foreign residency' for an undetermined 
period. This individual, moreover, vu” 
lend to receive the lion’s -iure of the 
inheritance. 

Another problem is simply die thin le- 
galistic tradition (hat makes Japanese un- 
comfortable with using the law actively to 
preserve wealth. That tendency is rein- 
forced by the government's broad power* 
to interpret vaguely worded law?,. 

"People are terrified of the fact that a 
bureaucrat is going to check into things." 
Ms. Wetmore said. "The bureaucratic 
forces do not want Japan to be investing 
internationally in a free wav or to be 
saving taxes." 


STEt'ES BRl'LL is 7idn> corrcspcnJcm 
for the International HcrjiJ Tribune 


Deductions on the Far Horizon 


T OKYO — For weltipaid for- 
eigners in Japan, who face a 
marginal income tax rate as 
high as 65 percent on annual 
compensation above 20 milli on yen 
(about $200,000), international real es- 
tate investments can offer big tax reduc- 
tions. 

Japanese tax laws allow investors to 
depredate the value of buildings, but not 
property. The depreciated loss then is 
deducted from compensation income. 

Because land is so expensive in Japan, 
the cost of a residential property in To- 
kyo is usually about two-thirds land, 
one-third the cost of the structure built 
on iL As a result, investments aimed at 


achieving depreciation losses arc far 
more efficient with properties outside 
Japan, where land costs generally remain 
a small fraction of the purchase price. 

The depredation schedule depends on 
the type of structure, with more modem 
steel and concrete edifices offering the 
slowest depreciation and buildings of 
wood offering the fastest. With wood 
building, the predse schedule is open to 
negotiation, but it can lie as short a* 
three years. 

Thus, a $100,000 investment could, in 
theory, slice as much as $33,000 off one’s 
gross taxable income. 

Steven Brul! 


Banks Were Established to Protect 
Depositors’ Funds. It’s Still 
Our Most Important Mission. 



T hroughout history, man 
has sought to safeguard 
the things he values. 

It was true in the Middle Ages, 
when banking institutions 
emerged to shelter the wealth 
created by an expanding market 
economy. Its equally crue now. 

Today, however, safety isn’t 
a matter of having the biggest 
strongbox or the heaviest 
padlock. In today’s fluid world, 
safety is tied to prudent poli- 
cies, a strong balance sheet and 


a conservative hanking 
philosophy. 

Those are the very qualities 
that have made Republic 
National Bank one of die safest 
institutions in the world. Our 
asset quality and capital ratios 
are among the strongest in the 
industry. And our dedication to 
protecting depositors’ funds is 
unmatched anywhere. 

As a Nubsidiary of Saira 
Republic Holdings S.A- and an 
affiliate of Republic New York 


Corporation, we’re parr «■: a 
global group with more tii in 
USS5 billion in capital arid 
more than US?V billion in 
assets. These a^ers continue i> * 
grow substantial I v. a nMameiu 
to the group’s risk-awr>e vt.ctv 
ration and cen ru tv-old heritage 
So, while much h.i- changed 
since the Middle Ages, >aictv 
is still a depositor’s ino>r 
important concern. And it’s 
still our most important 
mission. 


REPUBLIC NATIONAL BANK 
OF NEW YORK (SUISSE) SA 



Timeless Values. Traditional Strength. 


HEAD OFFICE GENEVA 1204-2, PLACE OU LAC - TEL. <02? • 70S 55 E5 ■ FOREX: ,0’2 > 705 55 50 AND GENEVA 1201 * 2, RUE PR. ALPREP-VINCENT i CORNER 
OUAI DU MONT-BLANCi BRANCHES: LUGANO 6901 - I. VIA CANOLA ■ TEL. ,091, 23 85 32 ■ ZURICH 8039 ■ STOCKERSTKASSE 37 • TEL ,01 , 288 18 IS ■ 
GUERHSET - HUE DU PRE - ST PETER PORT * TEL l6B1» Til 7b1 AFFILIATE; REPUBLIC NATIONAL BANK OF NEW TORfc, IN NEW TORK OTHER LOCATIONS- 
GIBRALTAR - GUERNSEY • LONDON - LUXEMBOURG - MILAN - MONTE CARLO ■ PARIS - BEVERLY HILLS - CAYMAN ISLANDS - LOS ANGELES • MEXICO CID - MIAMI • 
MONTREAL ‘ NASSAU - NEW TORN ■ BUENOS AIRES - CARACAS ■ MONTEVIDEO ■ PUNTA DEL ESTE ■ RIO DE JANEIRO ■ SANTIAGO - BEIRUT ■ BE I J ING ■ HONG KCiNG - 

JAKARTA - SINGAPORE ■ TAIPEI - TOKYO 




Page 16 


INTERNATIONAL. HERALD TRIBUNE. MONDAY. OCTOBER 31, 1994 


Private Banking! A Special Report 



Sweden 5 s Barriers to Wealth 


By Conrad de Aenile 


TOCKHOLM — It may be nice being 
rich anywhere, but it's’ more difficult 
being rich in Sweden. Although the top 
income tax rate has fallen, it is still 50 
percert. and the recently elected Social Demo- 
crats have proposed raising it to 55 percent. 

Beyond that, interest income is taxed at 25 
percent. And when an individual accumulates 
a modest degree of wealth in spite of those 
taxes, he faces a wealth tax of as much as 1 
percent of the value of his assets every year. 

Sweden's major exporting companies said 
recently they feared that marginal taxes of 
more than 50 percent would severely decrease 
their attractiveness to potential employees 
and executives and make it difficult to “retain 
necessary expertise" in Sweden. 

Top officials of Volvo AB. LM Ericsson 
AB. aBB Asea Brown Boveri Ltd. and Stora 
K op par bergs Bergslags AB, which account 
for a third of the country’s exports, said in 
September that they would consider a foreign 
alternative if government policies threatened 
business conditions. 

As a result of all this, bankers say. Swedes 
have seL up their financial affairs abroad to a 
greater extent than citizens of many other 
countries, despite government obstacles to 
such moves. 

“There have been very lough restrictions 
on taking money out of the country.” said 
Patrik Tillman.” a banking analyst at the 
Stockholm brokerage concern Alfred Berg. 

But somehow. Swedes still manage to do iL 
As pan of a deregulation of the banking 
system that began in 19S5. the government 
relaxed currency controls. .And if Swedes vote 
on Nov. !3 to join the European Union as of 
Jan. 1, it should soon become easier for indi- 
viduals to conduct their financial affairs 
abroad, as most controls on the flow of capi- 
tal and wealth would have to be scrapped in 
the name of the single European market. 

If EU membership is rejected in that refer- 
endum. the question for wealthy Swedes will 
become whether the Social Democrats can 
raise taxes again and re impose some of the 
old barriers to keep wealth from escaping, or 


whether they might fall from power them- 
selves soon, victims of the same tough eco- 
nomic problems that undid Prime Minister 
Carl Bildl's conservative coalition. 

In any case, Sweden's two largest banks now 
have established mechanisms to help wealthy 
clients who prefer to keep their money in 
Britain or Switzerland or Luxembourg. For a 
while, the flow was in the opposite direction. 
Despite facing the highest tax rates in Europe, 
some Swedes did bring their money home after 
the reduction in tax rates in the mid-1980s and 
the election in 1991 of Mr. Bildt. 

"There have been notable cases of wealthy 
individuals returning to Sweden," said Bengt 
Bersk, a spokesman for Svenska Handelsban- 
ken, the country’s largest bank. “They had 
been in the Benelux countries, Switzerland, or 
the U.K." 

But with Mr. Bildt having been voted out of 
office in September, that trend could come to 
a halt or even turn around. 

It is difficult to measure movements of 
private wealth into and out of a country. But 
one clue is net savings. When a nation's citi- 
zens save more, it could be because they have 
more to squirrel away or because some money 
is coming back into the country from abroad. 

Net savings fell sharply in Sweden through 
the early 1980s, then picked up briefly in the 
middle of the decade after tax rates were cut, 
according to figures compiled by the Organi- 
zation for Economic Cooperation and Devel- 
opment. 

Net savings then resumed its slide until 
1989, when it reached a negative 27.9 billion 
kronor (S3.9 billion). Since then, though, it 
has picked up dramatically, rising to a posi- 
tive 24.4 billion kronor in 1991 and 61.1 
billion in 1992. 

But, Lars Isacsson, chief financial officer of 
Skandinaviska Enskilda Banken, said, even 
though wealthy Swedes were now being taxed 
less than before, “It’s still much more profit- 
able to keep your money in Luxembourg if 
you don’t want to pay tax on it. There's still a 
significant difference.” 


CONRAD DE AENLLE is an editor for Bloom- 
berg Business News in London. 


California Is New Frontier for Private Bankers 



By Philip Crawford 

S home of the Ameri- 
can film, television 
and music industries, 
.the State of Califor- 
nia has been associated with 
wealth for decades. 

Today, the continuing 
growth of these sectors — in 
addition to the California- 
based expansion of high-tech- 
nology industries such as com- 
puter software and biomedical 
research — has created a new 
generation of high-net-worth 
individuals, spawning a bur- 
geoning need for private bank- 
ing services that the state’s 
commercial banks, indepen- 
dent investment advisers and 
brokerage firms are scrambling 
to meet. 

What sets California apart 
from the rest of the United 
States, perhaps from the rest of 
the world, say analysts, is both 
the degree of individual wealth 
being amassed and the speed at 
which it is being accumulated. 

“Silicon Valley is a truly re- 
markable situation.” said Per- 
ry Olson, a director of The Por- 
tola Group, an investment 
consulting firm in Menlo Park, 
referring to the region near San 
Francisco that is home to nu- 
merous high-technology indus- 
tries. “You're talking about 
personal balance sheets that 
are going from zero to 55 mil- 
lion or 510 million within 10 
years, and there are thousands 
and thousands of people for 
whom that is true. 

“First it was the engineers 
and the technicians,” contin- 
ued Mr. Olson. “Now. it's all 
of the professions that support 
them, such as lawyers and ac- 
countants. Factor 'in the aging 
of the wealth that was already 


here in California and you 
have a very dynamic market. 
Private banking is growing 
faster here than anywhere else 
in the States and probabN in 
ihe world, outside of China 
and Hong Kong." 

Mr. Olson said that The Por- 
to!a Group currently manages 
about S325 million in assets for 
about 160 clients or families, 
whereas five years ago the firm 
was managing about SI 75 mil- 
lion. Ponola's average client 
has about $2 million in invest- 
able assets. 

According to PSI Inc., a 
Florida-based research firm 
that evaluates private-banking 
markets state by state, the 
□umber of affluent households 
in California (those with annu- 
al incomes of STS .000 or net 
worths of 5500,000. excluding 
the value of a principal resi- 
dence). rose by about 338,000 
in the two-year span that end- 
ed Dec. 31, 1993. At that time, 
PSI estimated that about 
304.000 California households 
had investable assets of over S 1 
million and that 94,000 house- 
holds had over S2 million to 
invest. Nearly 18,000 house- 
holds were fo'und to have net 
worths of over S5 million. 

While this year’s research 
has yet to be completed, Cali- 
fornia’s affluence is expected 
to continue its expansion. 
Some forecasts say that the 
state's private b anking market 
will increase by 20 percent an- 
nually through the end of the 
decade. 

Traditionally, the heart of 
personal banking services for 
the affluent has been advice 
regarding asset allocation, or 
how much money to put into 
which investment' markets. But 
in California, the nature of that 



: 33 


Monll'ldnc 

Meiiter- 

stack 144. 1949 


Parker Streamlined 
Senior Duo fold. 
1944' 


Waterman 20. 
1904 


Blue Diamond Waterman 

Duofold Vacumauc, 0502 * Colpb " 
1941 1909 


Parker Streamlined 
Senior Duofold. 
1929 


Montblane 25, 
1934 


Parker 
Streamlined 
Duofold, 1 929 


Wjzvm 
W.H.S. SeJ, 
1933 



l From 101. 
' 1948 


Bunham/Cav't, 

1935 


Parker 28. 

1916 


Woven IOI. 
’ 1948 


Soenneeken Lady, 
1954 


Convert Slevart 58, 
1950 


Waterman 524 
" Pineapple 1 1910 


Montblauc 25. 
1948 


Sbtaffa. 

1917 


You can tell the worth of a “Pineapple” or a “Golph”, but you 
might wonder about the value of a Flag or a Saucer. 

To build a worthwhile collection you have to be able to spot op- involvement you desire and, most important of all, the degree 


portunities. The same applies when building a reward- 
ing investment portfolio. In both cases, experience and 
specialist knowledge are needed. At UBS Private 
Banking all asset management involves a partnership 


UBS Private Banking 


Ex perlite in managing your aurti 


of risk you are willing to accept. We act only when 
you are confident that our experience is directed to 
achieving your goals in the most appropriate way for 
you. It’s a policy that has attracted clients worldwide 


where we take great care to understand your aims, the level of and led us to becoming a global force with a coveted AAA rating. 



Zurich, Geneva, Lugano, Luxembourg, London. New York, Hong Kong, S i n g a p o 


advice is changing due to the 
evolution of a new breed of 
private banking client — a 
globally oriented person who 
already has a substantial de- 
gree of investment knowledge. 

“Around 20 or 25 years ago. 
a lot more people wanted full, 
discretionary investment man- 
agement." said Vem Kozlen, 
manager of First Interstate 
Bank of California's private 
client services division, which 
was launched 20 years ago. 
“More clients are now interest- 
ed in participating in the in- 
vestment management deci- 
sions. They’ll come in with a 
set of objectives, risk parame- 
ters and guidelines, and look to 
us to find solutions. .And since 
many of diem do business 
globally, they’re not afraid to 
invest globally." 

Mr. Kozlen said that the age 
of his typical client, who on 
average has between $2 million 
and 55 million to invest, has 
fallen considerably, due to the 
new business climate in which 
large sums can be made in rela- 
tively short periods of time. 
“The average client used to be 
in his late 50s or 60s,” he said. 

“But now we’re also working 
with people who are in their 
40s and even in their 30s. More 
of them are also looking for 
shorter-term strategies with 
minimum risk to principal, 
since they may be needing the 
principal within a few years to 
stan or to expand a business." 

Where huge sums of money 
and tight client confidentiality 


are concerned — two basic ele- 
ments of the private banking 
industry — questions about il- 
licit fund* and money launder- 
ing are bound to come up. In- 
deed, the decision of whether 
to accept large cash deposits 
has long been a dilenuna for 
banks serving the high-end 
customer. 

.Amanda Wallis, an execu- 
tive vice president for San 
Francisco-based Bank of 
America’s private-client 
branch — which is referred to 
as The Private Bank — said the 
approach in California was 
identical to that in offshore do- 
miciles such as the Channel Is- 
lands, where The Private Bank 
has an affiliate. 

“The key is to know your 
customer,” she said. “If some- 
one walked in with a suitcase 
full of cash, whether we knew 
the person would certainly in- 
fluence how we would re- 
spond. Of course, if the 
amount were over SI 0,000. 
we’d have to report it.” Unlike 
offshore domiciles, the U.S. 
government requires banks to 
report any cash transaction of 
$10,000 or over. 

Miss Wallis said that The 
Private Bank manages about 
519 billion in California for 
around 10,000 clients, and that 
its business is growing at a rate 
of 15 percent per year. 

Contributing to California’s 
private-banking boom, others 
note, is the fundamental shift 
in the global banking land- 


scape iow.su! con - 
trend i hut ha> ew* 
stimuli' where -■ 
highly person J;^-' 

tion-Jo-gciiuruiioi* 


.! hujHflu 
i. - idea, vt 
„ yenera- 
wvnwifcf- 

lion — the’ haters oi Lraih- 


tionu! private 
count ledgers. 

•‘Automated leuuing 

ictBS and the sort <’i .\mkiUg 
where no one knows anyone 
works for the vast majority ^ 
the population, ” saru Jc.tr, 
Blombcrg. a senior yies presi- 
dent and manager ol executive 
banking at Silicon vjtey Bau 
in Palo Alto. “But :hc small 
percentage of people w-so warit 
a personal banker v.he knows 
their family, know 1 ; their tax 
returns and their special seeds 
has found themselves lef-^our 
and seeking such services.” 

Miss Blomberg s.ud a fiiii 
number of her clients were 
venture capitalists, another 
profession that h is come to 0 ( 
identified with California. 
“Say you’ve got a venture capi- 
talist^ who spends 20 days a 
month on an airplane tUing 
around the world," she said.. 
“He wonts to be able to call in. 
and say ‘Hey, I just found a 
great investment — can you. 
take S25.00Q from ni> line of 
credit and put it in my check-, 
ing account?" " > 

PHILIP CRA WFORO is a jour- 
nalist specializing in business 
and financial topics. 


Trouble Ahead for Hong Kong 


Continued from Page 13 


s | 


from being seen as competitors to contributors.” 

For those private bankers and financial advis- 
ers who are expanding their businesses in rapidly 
growing Asia, personnel difficulties dog their 
progress. 

“The big problem is. not enough real profes- 
sionals in the market,” said Patricia Lawson 
Lim, head of institutional private banking for 
Banque Indosuez. “There are so many private 
bankers here who have never been through a bear 
market.” 

The growing market has created great oppor- 


tunities for experienced private bankers and 
newcomers alike, but at the cost of increased job - 
sing. Many customers leave when their 
cer goes, but not necessarily to their banker's 
new home. 

“The more aggressive bunks appear to have 
the highest staff turnover.” said the Swiss bank- 
er. “But staff turnover is the worst thing that can 
happen to you. A client hates a change in faces; 
He wants stability. When you can't provide it, 
you lose all credibility." 

■' ~~ 7* 

KEVIN MURPHY writes from Hong Kong for th » 
International Herald Tribune. 


Luxembourg Keeps Growing 


Continued from Page 13 

vestors and the banks who de- 
cide to open offices there is the 
ability to pay income on in- 
vestments gross — free of with- 
holding tax. 

Germany suffered badly 
when it increased its own with- 
holding tax on bank deposits 
last year. A great wave of mon- 
ey — estimated at more than 
200 billion Deutsche marks 
(5134 billion) by Luxembourg 
bankers — flowed across the 
border into Luxembourg in a 
matter of months. Germany 
took up its turn for its six 
months presidency of the EU 
in July and made mutterings 
that the withholding tax issue 
would be high on its action list. 
But as yet, a pan-European 
withholding tax seems as re- 
mote a possibility as ever. 

“1 don’t see it happening 
while, for example, Britain 
continues to agree with Lux- 
embourg on this point, ” said 
Hans Rosteck. managing di- 
rector of Trinkaus & Burk- 
hardt, a Luxembourg-based 



argued 

that- the- situation might 
change, but only if the imposi- 
tion of withholding tax were to 
become the standard across 
OECD countries — in other 
words, only if the Channel Is- 
lands, Gibraltar and Malta, 
among other domiciles, decid- 
ed to adopt it 

The Luxembourg private 
banking community is m gen- 
eral dismissive of the idea that 
it will lose its fiscal privileges. 
Talk of strong-arm tactics 
from Germany is seen as scare- 
mongering, and private bank- 
ers like to accentuate the posi- 
tive aspects of a financial 
environment that has generat- 
ed such healthy-looking figures 
over the past ten years. 

“Luxembourg has consis- 
tently shown the capacity to 
adapt itself and its legal envi- 
ronment to changing circum- 
stances, " said Olivier d' Auriol, 
head of the Banque Privte Ed- 
mond de Rothschild in Luxem- 
bourg. “Luxembourg was, for 
example, the first to react to 


AN ANGLO-SAXON TRUST 

can be the solution of your financing plans? 

The Trust is an Ideal vehicle for: 

- Insuring a lire pension for retired businessmen 
ami professionals 

- Avoiding inheritance tax and troubles 

- Insuring a safe planning or the management or 
(llsirllimlnn of your wealth after your death. 

I’h'itsr m Ik *Hh us 

ORION INVESTMENTS & TRUST LTD. 

2;". rue de Chant cpaulci. 1201 Grnrvn. Swlizrrlaml 
Td.: +4 1 -22-TJ2 4fl 0.1 - [•'a* +4 1-22-73 1 44 fl I 

Ur hair 25 years experience In nrallii manaftrmcm 


the 1988 directive allowing for 
a standard form of mutual 
fund to be sold across Europe. 
-That kind of flexibility gives 
banks based here a (rig advan- 
tage in terms of marketing.” 

Mr. d' Auriol said that there 
had been particularly impres- 
sive growth in the private 
banking sector over ihe pu>t. 
three years, and that there was 
no way this would disappear 
overnight. 

Lloyds' Bank International 
Private Banking, which has 19! 
branches worldwide, opened 
its Luxembourg office in the 
wake of the country's signature, 
to the Pan- European fund di- 
rective, but was attracted by 
the Grand Duchy's other vir- 
tues. 

“We identified a strong 
banking presence, a cosmopol- 
itan business structure and ad- 
vantageous fiscal policy. ” said 
a spokesman for the bank. 

Austin O'Connor, managi;* ^ ' 
director of Bank of Bermudf. 5 " ‘ 
Luxembourg operation, agreed 
that the advantages of the do- 
micile were a “unique with- 
holding tax structure and 
strong secrecy laws.” 

A third advantage for Lux- 
embourg, according to Mr. 
Rosteck, is its multi-cultural 
environment. Mr. Rosteck ar- 
gued that not only were Lux- 
embourg's banks drawn from 
many countries, but business 
was done in several languages 
(principally English, French, 
and German). Furthermore, 
methods of doing husineis 
v?7 according to banking tr;- 
dition, allowing bankers b 
cherry-pick the best ideas fron 
other business cultures. 

Olivier d’Auriol said tha 
Luxembourg is obtainin} 
much of its new intemationp 
private banking business fron 
South America. 



HIRSCH & CIE 

FINANCIAL ADVISERS 
SPECIALIZED IN PRIVATE BANKING 
with offices in 


\ 


gglTZEHLaND 
100 rue du Rhone 
1204 Geneva 
Tel.: (4122) 310 48 00 
Fax: (4122)310 48 78 

united kingdom 

12 Old Bond Street 
London W1 x 3 DB 
Tel.: (4471) 499 9944 
Fax: (4471) 499 95 57 


LUXEMBOURG 
23 rue Aldringen 
1 1 18 Luxembourg 
Tel.: (352) 46 67 74 
Fax: (352) 46 67 76 

MONACO 

Parc St. Roman. 2108 

98000 Monte Carlo 
Tel.: (3393) 25 10 91 
Fax:(3393)25 67 64 




ii 


* 



-~reum 


. . : . ■ 1 » 


*-• 















\ MONDAY 

SPORTS 

,,l| t 

II 1 World Basketball Fowls 
Set for Greece in 1998 


. k W;; 

.-Til 
*-i*i if. 

::y<. 

r ' * i*, 

*■ 


ft* • 

‘•4 
-- X 


■ lisa t 
■' 1 k 
w 

• * r.' 


The Ssstxiated Press 

BONN — Yugoslavia has 
lost out to Greece as the host 
country for the 1998 men's 
World Basketball Champion- 
ships, the sport’s international 
.governing body, FI BA, an- 
nounced Sunday. 

The organization’s executive 
board, after a meeting in Mu- 
nich, also said it had chosen 
Germany over Poland to host 
the 1998 women's world cham- 
pionships. 

■ Yugoslavia bad been chosen 
to host the men’s 1994 world 
championships. But when the 
Balkan wars erupted and inter- 
national sanctions were slapped 
on Serbia and Montenegro, 
..hich make up Yugoslavia, 
z’'_BA moved this year’s cham- 
pionship to Toronto. 

Hie United States' Dream 
Team II won the world title this 
year. 

- The 15-member board did 
not mention the bloodshed in 
the Balkans as a reason for its 
decision. Georee Killian, the 
president of FIBA, said Greece 


was chosen because it is “expe- 
rienced in organizing interna- 
tional basketball events. They 
are also one of the leading bas- 
ketball forces in Europe.” 

The men's finals in August 
1 998 will be played in the new 
Olympic haO in Athens, which 
has a seating capacity of 20 , 000 , 
and in the Peace and Friend- 
ship Arena in Piraeus. 

George Vassilakopoulos, 
who represents Greece on the 
FIBA board, said Ins country 
was “happy and proud to host 
the FIBA championship." 

1 taly , Japan and Mexico were 
early bidders for the champion- 
ship but all withdrew. 

Plans call for the women's 
world championship in July 
1998 to be played in Berlin and 
in the southern German cities 
of Wurzburg and Karlsruhe. All 
three cities have arenas that can 
seat up to 10 , 000 . 

Germany was the she of the 
European Championship for 
Men in 1993, which it won. 




‘ -.Mi*; 




owing 



SIDELINES 


Noah Returning to Captain France 

PARIS (APj — Yannick Noah, who captained the French team 
to its Davis Cup title against the United States in 1991. is 
returning to that post, the French Federation announced Sunday. 

He replaces Georges Goven, who became the non-playing 
captain two years ago, when Noah quit following a quarterfinal 
loss to Switzerland. France will play in the United States in the 
first round of the 199S Davis Cup competition. 

• Boris Becker beat Goran Ivanisevic, 4-6, 6-4, 6-3, 7-6 (7-4), in 
a serve- and- volley final of the Stockholm Open to gain next 
month’s ATP finals in Frankfurt Becker, having beaten the 
world's top three players in as many days, said, “I can’t remember 
playing as good tennis three days in a row." 

• Venus Williams, the 14-year-old tennis prodigy, will make her 
professional debut Monday night in Oakland, California, against 
fellow American Shaun Stafford, ranked 59th in the world. The 
winner will face Arantxa Sdnchez Vicario, winner of this year's 
French and U.S. Opens. 

Japan Gains Third Rugby World Cup 

$KUALA LUMPUR (AP) — Japan booked its place in a third 
^successive Rugby World Cup when it defeated South Korea, 26- 
1 1, to win the 14th Asian Rugby Championship on Saturday. 

Japan, which represented Asia at the first two World Cups, in 
1987 and 1991, got two tries from winger Yoshihito Yoshida. In 
the tournament next May and June in South Africa, Japan will 
play in Pool C with New Zealand, the 1987 world champion; 
Wales, the 1994 Five Nations winner, and Ireland. 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31, 1994 


Page 17 



Enrique Stare Rouen 

Bernhard Laager’s one-under-par 70 was enough to win the Volvo Masters on Sunday. 


Australian Yacht Sails Away With Opener 


The Associated Press 

SAN DIEGO — John Ber- 
trand of Australia had little 
trouble winning the opening 
race of the second International 
America’s Cup Gass World 
Championship, and the second 
race had to be abandoned. 

Bertrand turned back 3 n ear- 
ly challenge by America3’s his- 
toric women's team and sailed 
oneAustralia to a runaway vic- 
tory in the opener. Nobody 
sailed Saturday, when winds 
did not rise above 3 to 4 knots. 
Officials said a makeup race 
wfll be held Thursday. 


Bertrand and Kevin Ma- 
li aney, aboard PACT 95’s Spirit 
of Unum, were the only drip- 
pers in the six-yacht fleet who 
did not cross the starting line 
early in the first race. America^ 
and Age of Russia turned back 
for the mandatory restart, but 
Dennis Conner's Stars & 
Stripes and Nippon 92 and did 
not and were disqualified. 

America3. sailing Us name- 
sake yacht that defended the 
America’s Cup in 3992 with a 
male crew, overcame its poor 
start and crossed in front of 
oneAustralia halfway up the 


first windward leg. But oneAus- 
tralia. showing its superior boat 
speed, led by 1 minute. 13 sec- 
onds at the first turning mark. 

OneAustralia and America3 
remained 1-2 the remainder of 
the six-leg, 18.55-mile race. The 
Australians’ biggest lead was 
4:27 at the fifth mark, and the 
final margin was 3:20. 

“It’s great for oneAustralia to 
come halfway around the world 
and win this first race," Ber- 
trand said. “We learned a lot. 
We’re delighted with todav’s re- 
sults." 


Tree Stymies Ballesteros, 
Langer Wins Volvo Masters 


The AssocuaeJ Press 

SOTOGRANDE, Spain — 
Bernhard Langer struggled to a 
one-under-par 70 Sunday, but 
won the rich Volvo Masters by 
one shot when Seve Ballesteros 
bogeyed the last hole. 

Langer collected the first 
prize of S2Q4.000 with a 72-hde 
total of right-undcr-par 276. 
And with the victory he leaped- 
frogged Ballesteros into second 
place on the final European 
money list, which was worth a 
bonus of $135,500. 

Ballesteros, after a 73, fin- 
ished in a second-place tie with 
Vijay Singh of Fiji at 277. 
Singh’s 66 was the low round of 
the day. 

Defending champion Colin 
Montgomerie carded a 72 and 
Miguel Angel Jimenez a 71 to 
tie for fourth place at 278. 

Langer, who began the round 
two shots behind overnight 
leader Ballesteros, pulled even 
with the Spaniard by dropping 
a 2.5-meter putt for a birdie at 
the par-5 17th hole. 

Langer got up and down 
from a bunker to save par on 
the 18th, then Ballesteros, play- 
ing last and just behind Langer. 
hit a drive that came to rest 
almost against the base of a 
double-trunked tree that 
blocked his path to the 18th 
green. 

After pleading for a free drop 
because, be rlmmp-J, his ball 
was positioned in a sandy area 
near an animnt burrowing hole. 
Ballesteros was forced to chip 
sideways to the fairway. His 
third snot ran across the green 
and into a bunker; his sand shot 
landed about a meter left of the 
pin. 

“I saw that Seve hadn’t bird- 
ied 17 so 1 knew I had a chance 
to win if I could par the 18ih," 
Langer said. 

“And the 18th was difficult 
to par because the pin position 
was on the far right. I was lucky 
to get my approach in a bunker 
because I clipped a couple of 
tree leaves. 

“Even when Seve was lying 
three in the bunker. I was men- 
tally prepared for a playoff." 
Langer said, “because I’ve seen 


Seve hole bunker shots all over 
the world.” 

Langer's 70 was a far cry 
from his nine-birdie 62 in the 
second round that required 
only 22 putts and broke the 
course record by three shots. 

He got only three birdies 
Sunday, but the one on the 10th 
gave him a one-shot lead before 
Ballesteros followed with bird- 
ies at 10 and 11 to go back in 
front until the finish. 

Montgomerie had clinched 
his second straight European 
money title before the tourna- 
ment started and collected a 
S 204, 000 bonus. 

The first 15 finishers on the 
final money list split 5815.000 
from the bonus pool. The 
SI, 222,500 in prize money 
made the of $2,038,000 a Euro- 
pean record. 

• Bill Glasson had retained 
the lead but lost the momentum 
going into Sunday's final round 
of the season-ending, S3 million 
Tour Championship in San 
Francisco. 

His hard-fought par round of 
71 kept him in front of the elite 
30-man field at 8 -undcr 205. 


But chief among his challengers 
were veterans Fuzzy Zoeller 
and Mark McCumber, one 
stroke back after 54 holes. 

And Greg Norman, bolstered 
by a hole-m-one, insisted his 
210 total was not too far back to 
catch up. 

“I knew I had to shoot in the 
mid-60's to get back in iL I did 
that,” said Norman, who shot 
66 . 

U.S. Open champion Ernie 
Els of South Africa, Steve Low- 
ery and career non-winner Brad 
Bryant finished three rounds at 
207. Bryant moved up with a 
67, while Els and Lowery each 
lost a shot to par with 72s. 

The group at 208 included 
Corey Pavin, John Huston and 
Jeff Maggert. Huston closed up 
with a 66 , while Maggert and 
Pavin each shot 70. 

• Michelle McGann and 
Donna Andrews both shot 66 
Sunday as the U.S. team won 11 
of 18 individual matches in 
Ami, Japan, and took the Ni- 
chirri International LPGA title 
for the 10 th consecutive time. 
The final score was 22.3 points 
to 13.5. 


European Tour Growing in ’95 

Reuters 

SOTOGRANDE Spain — Prize money on the European golf 
tour will rise to almost 544 million in 1995, according to the tour’s 
executive director, Ken Schofield. 

In comparison, the figure for 37 Tour events and the five 
sanctioned special tournament in 1994, including the Dunhill Cup 
and World Match Play events, totaled S40 million, Schofield said 
Saturday. 

Much of the increase will come from a new match play event 
that will involve players from all five world tours and will offer 
total prize money of 53.7 million through regional qualifying 
events and a four-man finaL 

The winner of the final, in Arizona at the end of the year, will 
lake home SI million. 

The Czech Open, which made a chilly debut this year, will 
increase its prize money from $800,000 to S1J2 million. ‘Schofield 
said, and wfll be moved from October to Aug. 17-20, 1995. 

The Belgian Open, played for the last three years at the Royal 
Zoute Golf Cub, will not be held next year because the sponsors 
have transferred their backing to the South African PGA. 

The South African tournament wfll become a European Tour 
event in 1995, with half the field comprising Europeans, under an 
arrangement announced last week. 

Schofield said negotiations were continuing on filling two blank 
weeks, in late March and early April, on the Tour schedule. 


NASDAQ NATIONAL MARKET 


‘Consolidated trading for week 
ended Friday, Oct 28. 

(Confirmed) 


Soles 

Dtw YU IDKHril Low Che OnU 


MMtHI 

NwriAM 

.NMIBJ 

NwNGI 




-MagHWr 

NortMc 

XorwfcSv 

••asaa 


_ MM 5V. Sto + % 

-iwjmi »% aw* +vu 

_ JO It XII 17V 17 17*1 _ 

— : >taNG 1.74 5.9 X20S »to 30 30 _ 

,*■ tfruptf _ JSSv; 3% 3V, _ 

. 2334 6V, 6 6 — % 

_ I0W 18ft 17% IB - 
„ 482 1246 llto 11% - _ 

„ 312 39 V. 37V, 3ato *m 

J 93? 10% 10 10* — * 

- 133 11 '4 in 11'* — % 

- 1007 6* 5% 5% —ft 
-MlS13l7Hte 15% 17ft -♦ 1ft 

-21597 55V, 501% 54V, +4'* 
mm 8441 14% 12V, 14Q U *4 
_ 745 6ft 5* 6V. 4-4 
... 1122 14V, 12ft 141%. ♦ *» 
_ 2275 74% 7 TV* — 1. 

- 250 4 3}4 3% — V% 

_ 534 IK Tft 

_ 6114 114 114 —1 

316406% 15ft - 
13B 4V% 3*4 314 
30919 lift 18V, —i* 
1249101% 10 10ft — W 
34510'/. 9V, 9ft 
41 15V, 14ft 14ft __ 

212 24% 2ft 2ft — V% 

.16 4.9 1391 2ft 2 W* 9Vu 


DW YU lOIbHtah Low cm Ctae 




Pomrapj JO 27 


-24 


Panwi 

PaneMx 

PopqJoh n 

£ or "TC° n 

r 1 LR I J 

ParmTcn 


-33047 M . 

_ 690 8 ft Bft 8 % —ft 
530 18ft 17 18ft + ft 
341 4ft 3ft 4V), 

_ 102 2 ft 1 ft 1 ft _ 
2.6 256 9ft 9ft 9ft —ft 



Mitrmex 

■HYCRol 

Nyeor 

NvcorA 


JO u 


170 11J 


_ 283011 10ft 10ft —ft 
_ 8 1ft Ift 1ft 

_ 74 4ft 4ft 4ft ♦ ft 

IJ 4049 20ft 19ft 19ft 

_ 551814ft 13 I4ft ♦ ' 

~ 37626 24ft 2L —1 
14 28823ft 2? 23ft *1% 
_ 233 2ft 2ft 2ft 

- 735 9 8ft 8ft —ft 

_ 138 2ft 2ft 2ft -ft 

_ 3» 5ft 41% 5ft 

2.B 15044ft 43 V, 44ft *ft 

_ 4077 6ft 6% 6ft -ft 
_ 1296 2ft 2 2 —ft 

_ 604S21W 2tH4 21ft -ft 
_ 10 6ft 6ft 6ft —ft 

_ 1258 6ft 5ft 6ft *V U 
_ 2472 13 12V, 13 

‘ 111 31ft 30 30ft »ft 

+ ft 

.... ♦ % 

„ 689 lift 10ft ll 

- 612 18% 18 lBft —9% 

19 2907 33ft 31ft 32 —1ft 
L0 BOIO'A 10% 10ft _ 
2J 14835ft 36ft 36W _ 

24) 81 41 37 41 ♦ * 

>.11285 12ft lift “ 


24)0 



157 77ft 25ft 26ft —ft 
83514ft 13ft 14ft — ft 
378 14ft 14ft 14ft _ 
3626 6 V» Sft 6 -ft 
J* 27 9226ft 24V, 25ft —ft 

.. 24 Bft 7ft 7ft —ft 

_ 5133 14ft lift 13ft ♦ !% 
14)0 18 2270 27ft 26ft 26ft— 1 
1 & 74) 509 24ft Oft 34ft —ft 

_ 1631 3ft 2ft 3ft + ft 
„ 4338 5ft 4V. SV H — Wi, 
_ 122111V* Wto 10ft - 
T4» SJ 71 7 30 to “ 

_ 2389 22ft 1 

“ 5*9 5ft 4ft 5ft - ft 

■* «iS¥&U tar* 

_ 893 4ft 4 4ft * ft 
_ 172 2ft ?ft »» -V„ 

- 12 1 ft ft —to 

-6146045ft 43ft 45ft *ft 

- 278 3V* Wi( 2ft — to 

- 5677 20'!. l7to 20 »1VS» 

_ n w IV ft 

_ 7343 10 9.. ?ft -ft 

- S87 6 ft 6 ft - '* 

_ 1769 5 4ft 4ft —ft 

- 17IS4 16V% 14ft 16 .to 

_ <06 7Vl 6 ft • Vu 

-31696 29ft 22ft 28 *31% 


iu-m in — ^ 

29to 30to *Vu 


SS3K 


... 1878 12 

- 952 3ft 

- 151011 



9ft T1V. —ft 

3ft Mi —ft 

.C 

Z 1692 4ft 6 61% —to 

-4102J 1252 15V. 13ft ljft *lft 
-36a 24 6015 IS.. 15. 

JO 4J 14211ft llto lift ift 

- 3) 9 Sft Sft —ft 

_ 1731 4tt 4.. »ft —to 

- 1151 12 lift lift —ft 

172 SJ 315 34Y, 32 32ft— 1ft 

- 2065532 25ft 31ft -2ft 

- 3712 15ft 14ft 15 

- 24911ft 11 11.. —ft 

- 218512V. 17 12to .. 

- 1535581ft 73ft 30ft *i 

- 1577 ISto 12 17ft * to 


Porttt 
P aifci w m 
pMiu 

gag; 

PulDriH 5 
Paten . 


_ I486 5V% 4>Vu 4ft 

_ 1173141% 13(6 13>% —ft 

; l 5^-5* 

M lwiito 10 10 'A — v, 

JOetfu^oftiTto^g 


PouiSon 

Paycnex 

Payee 

PortCTctl 

fftdiatrtc 


J 6 


- 11S ft 

- 1932 4ft 
_ 781 14to 




PeerM 


PenNGm 

PenTr, 

PmnVa 

PonnBc 

PonoF cd 

Pwrfl 


fftrtcft 


PooPst* M 


- 127 Sft 7ft 8ft lift 

_ 690 14to 13« 14ft +1ft 

- 82Uft 13 13 —to 

- 290 3ft 21% 21% 

JO 3.1 333016ft 12ft15ȴi.-*3fy 

_ 851 7ft 7 7 

- 429 7ft 6ft 7 i to 

- 524 t 7ft 7ft i ft 

- 233 T6to ISto UVk +*« 

JO a 5.1 107 35 . 33 35 - 

M 2J 41 lStA 14to 14ft ito 

- 629511 10 10ft 

Me A 3*53 3H «6 VU *ft 

72 1.7 5708** 41 Vi 42to— Ito 

- Sft 
.20 S 1365 Zlto 21 21ft — 

27 X97 21VV 20ft 21ft +1 

... 23 IS 20 Vi 19V, 20 ift 
^0 16 9 25ft 23V, 3ft 

POOpCT J6 43x3348 13 ft 12ft 13 
PeopCT F44J5 5J X271 83ft 76to 76ft— <ft 
PeopBX ^8b 2.1 9 22ft 22ft 27to 

PeoflfcIN M 13 12722 21 21 

PmChc _ _ 1382 20ft 19 20ft +1 

PtopHrt M 23 2945 Mft 14 14 —ft 

Fftoe+fid S*b2J 7 38 35 35 —2 

P5BBTC _ 2S2 6to 5ft Sft — to 

PtaSvPh J8 5J» 250 17ft 17 17ft ito 

- - _ 4585 5 4ft 4ft —to 

—30844 66ft S2V*65ft*11 
_ 1682314ft 11 12to — 2 
_ 3026 19 to 17ft, 19ft 1 ft 
_ 357 15ft 15 15 

- 130 3 21% 3ft 

- 119 11V, 10ft lift 

_ 150 12ft 12 12ft i ft 

-51516 15ft 12ft 13Vu — 1 ft 

- 1407 12 10 11% *1 

_ 1I71B 6 5ft 5ft —V* 

_ 1651 17ft 16to 17 

- V3S Bft BH m, - 

_ 147811V. 10ft 10ft ♦ V, 

353 lvh, l’ft, IWu - 

153 24ft 20ft 24ft i3ft 

78 9to 8ft 9ft ift 

«2 30V, 29 29Vu 
106 6ft Sft SV a iW6 

931638 36ft 37 ift 

608 10ft 10 10ft ift, 

3356 11ft 10ft 10H —ft 

979 18ft 18V6 18ft ift 

417716ft 13ft 16 

2135 into Ift |ft —Vu 

644 3 K I *to 

911 14 13W 13ft 

10 Ww 5ft 5ft —to 

W7H M% 7ft 

_ 7 6ft 6to 6ft 

- 1901 





JO 


ParSotv 

PBrfixn 

PermBep 

PerAAdw 


QtxfcOf 

Oueenos 

OucstM 


KWwt 

qopcsiv 
OinSva 
QuMBes 
oubde .. 
QuorunH 


- 14627 43ft 
_ 3651 6ft 
_ 3517 Uto 
_ 525 6ft 

X5 9318 

_ 41 TV 

- 12513 

=”BB5S 

- 1258 Jto 

JO JX2921 26V, 
■15r 10 312 5ft 

- 3010 16to 

_ 5672 11ft 
_ 1907 3’A 

Z 58^ 17ft 

■* ; iSift 


47ft 43 — Vl, 

5ft 6ft —ft 
13ft 14to * 1 
61% 

17ft . 
yft *ft —ft 
12 ft M, 

27to 2£4 1ft 
13ft ITft 
SVu 2W ito 

’ift 4 ift! 
14 15ft *1% 
35to 36ft— 1ft 
18%, 7ft i 
25ft I6to —ft 
4ft 5 - 

•S’* I 6 to ift 
9ft lift Uto, 
Ift 28ft -V* 
Ito Ito —to 
16ft )7ft —to 
24to 25 lift 
26 27 —ft 

I5M 16to i ft 
19ft 22 Vi i2to 



PelsMort 

Petslufl 

PnmVMKf 

Pnorm AB 

RuniMu 

PTXXTTWM 

PharLb 

PhilCon 

PtlBErw 

PftnxTc 

PhnUC 



-116 


joni 

I, ,JM »a ** 



6ft 

I 'ft 

3ft 
51% 

12 

6 

7 4 428313ft 13 
... 1287 6ft 4ft - 

150010ft 10ft — V, 
- 567417 I3»* ISto 'to 

J4« 1 5 167 16ft 15 Vi 15> —ft 
* , 693 TO 9W. 9ft -1% 

. 30 1J 7123 25 73Ji Ml/ —ft 

i 2*0 39 75 51 SOto SW6— 31% 

I S%C«ini _ 335 2ft 21% 2> * <% 

” * 

***' ig 1^-ito 

_ 1361 ift 5%. 59* —ft 

4273 lift 14* 16 1 1 

Ci 1067 36ft 73 74 —Ito 

„ 3087 75 V. 71 to 74* -ft 
.. 5167 77'% 67« Tito ■ 1ft 
o 7W4 9ft Bft 9ft • v, 
„ S? 7 6ft *'1r —ft 



Z 73616 IS* ISto -to 
?! 3ft 5ft 5ft 


Pnrrln 

PtwCar 

PnyCSn 

SSSSor 

Prngin 

PicTel 

P»ec*nBn 

PiedWIs 

Piomnt 

PiercPaa 

ftnvtat 

Pffikfn 

PmdPn 

PTndMlc 

PionSis 


PioinsSP 

PkmarSy 

Pk*s«-n 

PWtSafl 

Pla*Tc 

Plovers 

PteHme 

Plenum 


in* Tito sm + 4 ft 

-iig^ §to -Ti* 

— 932 171% 171% 17ft -ft 
_ 1*7 1 Ito lift llto — ft 

T Iisiw ml U* 19ft *2ft 
M 2.9 46824ft 23V, TSUs —ft 

— 57 12to 12V U lJVu *«l|. 
^4t 6J 2 6to 6ft 6to —ft 

_ 133911 9ft ID — W 
*0 U 232 25 20 Vi 25 14 

_ 339 20ft 19 19ft —to 
M IB 35 17ft T6V% 16ft —ft 
_ 2747 15ft 14% 15ft 
J4 1 J 2870 47ft 44% 47% 

M 2JJ23971 34ft 30% 34V* 

.12 .7 7163 1096 17 1BV% ift| 

— 3070 9ft Bto Bft 
13 183824ft Z& 24ft 


_ 2«W 7 61% 6ft 

_ 3070 10% 8% 9ft 

w, M ’g- 

J 6 23 744919 TTft 19 

JO BJgT^ft^^ 

Z&&K 1 ft 

- 7016 Sft 5ft Sft 
-13397 10ft Bft 9%. 

_ no Jft 2 % 7to 

_ 205 20ft 20 20 

-10442 17ft 15% 15ft 
_ ml « 4 4V* 

-14910 7% Wj, TVn 

= « 2 B ssrito 

m 2 J 'S 18 % ini wv4 

3919 49% 39* Oft 
6757 71%, 2ft 2V» 


j42 2J 


J6 


-1392914% 1296 1296 —ft 


._ 19V, ISto 19% 
1561 12V. lift 12ft 
L2 »0 M% 19ft 20% 
L6 123711ft 12% 17% 
_ 1943 24 23ft 23V* 

- 47444 18% 16ft 18Vu 
_ 72411V. 11 lift 
_ 2471 19% 17% 19 

- 2567 20ft 19 20 

_ 73ZJ 5ft Sft, sv. 
_ 77110% 10 10ft 

- 459717% 17 17 

L9 1011% 10% 11% 

- 3 . 7 , 

_. 3385 36 33ft 35% 

- IS % w % 

- 2450 4to 3ft 4ft, 

_ 1074 13% 13 13 

LS 798®% 31% 31to 
_ 160615% 15% I6to 

- 701 17ft 119k 12ft 

_ 2984 7 6% 7 

1630 3% 2to 7% 


1 % 
ito 
♦ Ito 
— % 

is 
— % 

— V* 

+ V 6 


♦ 1 ft 

♦ to 

♦ to 
—to 
—ft 

♦w„ 


Salts 

pi* YU 100s High LOW Ox Owe I 
_ *5 8 ito rto — »%' 

140 2 J 734B57 5*9* 57 ♦! 

48C3.1 65 16% 15% ljft —1* 

JO 1.7 4 18 17% 18 —IV. 

„ 25 1% Ito Ito *%, 

79111ft 10 J i 10ft — % 

- 351879 26 26V. ♦% 

.12 1J 1754 Bto 69* 0 ♦1% 

RaaotVS .. 1949 7 6% 7 

Rxx^CS .me J 5425 19% is'* IB’* • 1 

Reties rt 1-75 SJ 544 37 30to 3 1 to -ft 
“ ,. 23*5 IS 1 * 14 ISto ♦ Ito 

JO 1J 271 17to 16to 17 .9. 

- 30 12ft 12 Uto .to 


Soles 

Dnr YU 100s KCon Low Che Cho* 



- 7133 309, . 

Z» 17357 16% 15 15 

SJ 86864 8*% *0. 

_ 1604 10% 10 10'* — % 

.8 2683 26 27ft 24to ♦ 1ft . 

- Bfl to %. -'a — v c 
_. 6379 '> Uj to. — '/■ 

1 J 4223 14ft 74 14'* —to 

- 6457 4% 3> « 4ft. — * u 

_ 410026ft 24 25H— IV* 

2J 36 75 23 '4 24 ♦ to 

.. SB 7<« 6% 6% _ 

3 J 1884 19 18% IS'* —to 

6J 1837 50Vi 49% 49". — J 
JSI 7J 139 8ft 8 8 —1 

- 578 7ft •>« 6% — ' 

RovOTC _. 985 7 69* 6'ft. .'ft 

Rmeind - 799 Uto 15 >6 — % 

RuroiMel - 164670ft 189, 19ft r to 

RvtffiBck. J0O 2J *160 7" * 7V» 7'4 —to 
RvonF ..10253 6 % 6 6* u 




IFfl S A* 

RsvttFoC 125 

§SS? e JO 

ROUST JO 

Ras^y 

RofecJl 

RatoRrr M 

Rcmlimd 

Rouse M 
Rouse P* 125 

RyBPA 
RoytGrio 


_ *832 B i% T —ft 
.9 70B4 35 ft 3* 35% 1 ft 

- 1257 9% Bto 8% —ft 
_ 617 1% 1ft, 1% 

iftlF i% 

mjTS 4 ifc 

10 ft jo% —v, 
A0 3.7 913 I3to 1*2% iv?, 

- .mi.tS U ijv. - 
F thm— iy* 

. 7. 

is Ito 6 % _v, ■ 

MV. M% 79ft .to 
UT. mVu 





-192116 16 13!* 14V. ♦%, 

i^iWfWYSr-as 


SK 

SiTBcs 
S3 Inc s 


JO 


seSEn 

mgr -it 

SFXBrt 
SHL 5v 
SI Honfl 
SJMB 
51CF 
SKI 
SUMS 
SPS5 
STV 

1.96 


SdMkill 
Stlylsf 
5HvCmo 
Sattylx 
SiFronds 
Snues .is 

SUlltlo M 

Sir. 


- 675 ?to 9 ?»'. _ 

19 527 20ft 19ft 20% . V, 

-2131313% irto I3'« ♦*» 
_ 123 7 V, IPs 7V, + to 

- 2540 6% 5 5% —I 

.. 42103 20to 17 lift— IV* 

4 4>. 3ft 3ft — % 
J 170021 19ft 21 ♦-* 

1.6 105418% 17'.* I7to— 1% 
_ 148217% 1o% 17 .% 

. 26074 Sft ito 5*'„ — 

.10 1J 94 Bto 7% Bto *' • 
J20 2.7 95 Bto S'.'. 8% —ft 

... 1068199* 18 If —1ft 
J 741 14'* 12'. > 13 —Hi 
- 12707 7 S% *to —to 

- 3184 12ft 7ft lift >3 
13 4% 4% 4V, 

- 194 B 7to t ♦ % i 
3.977598 50V. 48% 5W, — I 

_ 1371 9to 9 *9* ♦ % I 

_ 6788 17ft ISto 16>* *to 
_ 1258 29% 2B 29to .to 
_ 3I0S 19% 17to lift -2'/. 
_ 1J»J 9ft Bto 9 - to 

_ 187817% 16% 17 ♦% 



10e J 


J6 2.51 
'Bl 2JS 4J 1, 


.11 


5dM.ta< _ 

5<xnl-bv _ 

SondTc - 

SandFm JO 1J 
S«*x)Rea 20 2 J 
SctxJCoo M 23 
S<fft Hip 10*1.1 
SCTWlOJ 
fion/rwna 
SotiICt* 


, - ST 1 * 

I SpdSig 

S pei*rw n 

S^eoeis 

Sure 

sptenoa 

SprtmrTA 

SPrtmrl 

SportsL 

SponsTn 

5 P«c ke) 

5Puaret 


5a, Teen 

» 

SamOo 

SCtnlftr 

ScnolCo 


PotkAu 
PaJkjTrp 
Po*ym«d 
Pomeroy 
PoncFd 
Ponder 
PoolEii 
PooeRM 6JU8 7J 
- - 48 40 


2SV4 25l4 195 

9ft 10 - 

Mt 12 381 219* 70% 219* * to 

- isioy. VU 9ft — 

_ 1671 12ft 10 12 +« 

JTf 5.7 1869 5 A, 4to —ft 

- 1371094 9% 10ft —Vs 

J3111J 300 fito Bto Bft —ft 

- 592 2 lift 2 _ 

3548 9 Bto 9 *9* 

57B 7S% 75% —8% 

- 17012ft 11% 12 —ft 

_ 1387 19% 17H 19ft *1% 

- 452 6% 6% 6% _ 

_ 961 96 >jto 96 — to, 

_ 1469 5to « 59* ♦« 

_ 9717 5% 4ft 5 +ft 

- 303 6 5% 6 +ft 

-39tBE£%SS <3 +«ft 

- 188 2%. 2Yu 2U 

- 91 1 Bto 16% 17 

_ 6143 2ft 2 2ft —% 

.. 1897 17 16% 16ft —ft 

2J 9 18ft 18ft 18ft * % 

- 2M 8% fi Bft - 

_ 179 9% 9ft 9to —ft 

— SBS9 Bft f Bft — 

IJ 3107 6% Sft 6 —ft 

- 16716*496 35% 39 — 4« 

-39148 16 14ft 15% —ft 

7.1Z2IW35 33% 35 -1% 

U 298 30 2*ft 29V, — % 

U 8570 33% 7996 33ft *3 
... 5938 5to 49* 5 - 

_ 12414 12ft 13 

PrimoOn -6117 25 31ft 319* —ft 

Prmto J0B3J J5«% 1 J£ 16 % -ft 

pyKSnSd .148 .9XWP16 1594 16 ♦« 

prmRen MB 7J) xM5 17% Uto 16to — % 
PrmRlI Pf 2.12 VOxZJAl 23% ZiVs 23ft ♦,* 
Pnnoe* -. 11196 mj, "li >%, — to, 

pTtfrwSrc 45 4 1 miltLlOftll ♦% 
PmcMIS J6 24 *3 15 I4to 15 - 


Posimxi 
RHiirwt 
Posstt 
PogtfiSv 

Powell 
PwnaH 
PrecSta 
Prt&ilr 
PmuuiK 
PrmrBc 
PrmHn 
PrmRod 
PremPw 
Presftvs 
PresLf 
PresrekB 

SSfif 

PrcPEIB 2JD 
PrcTfts 

SSSe 

jTITnQL 


M 


J9 


S3 


RMorm 

RWim 


_ 5168129. 10% 

_ 10145 2Bft 26ft 27 
_ 1977 20% 17to 1996 

- 3SJ7 5to 4% 5ft 
_ 1912 BVh 794 8 
-Z22M Sft *«/« 40A, 
_ 2051 3% 2% 7ft 

- 93510ft 10% 10ft 

_ 3861496 VJ94 149* 

J2b 23 317812% 11 1298 

J8b 7.1 109 3ft 3ft 3ft 

75 7.1 2810% 10% 10% 

_ 652 3% 3% 3% 

- 14317 1614 17 

J2 A2 20 6 5ft 5ft 

- 25B1 129* 119* 12ft 
_ 720611 9to 9% 

413ft 11% lift 
UHf 9J 538 10ft 996 10ft 
_ OS 30ft 19% 70% 

- 8590 8%, TV* 7M6, 
_ 3725 5% S 5ft 

J2I J 11412 47 *3% 46% 

SOU 2J B Ito Ito Ito' 

- 436611 9% 1094 

_ 58 7to 7% 796 

_ iso 5% 4% 5 
_ 110 *to 4 4% 

_ 9 1 % 1% 1% 

- 3402 4% 4 Vi 4% 

.16 2.1 Z7S2 9 7 7ft 

34 7% 6 4 

.10 A 1205 16V* 15ft 16 ft 
_ 2500 3% 3ft 3%. 
_ 4845 *ft 6% 9 
_ 887 23ft 20ft 22 
_ 411 3to 3% 3% 
_ 239 5ft 5 Sft 
_ 2184 2 IV* Ito 
_ 7130 13ft 12% 13 
.14 J 1870 25ft Hto 25% 
JO IJ 58 3* 33ft 33ft 


— % 
— 1% 
♦ 1 % 

♦ to 
—ft 
—ft 
♦ 1 

♦ ft 
.2 

.ft 

♦ to 
.1% 
—ft 
—Vi 
♦ft 

♦ ft 

♦ l“ 
— 1 % 

ft 

♦ % 
*% 
—ft 

♦ to 

♦ 2*4 
-1%, 


_ 350 ' 


Jft 7ft 


-to 

♦ ft 

♦ to 

♦ % 
—ft 


5ST 9", 8% 9 - . 

. , 1.1 19436 37ft 35 37to ♦?% 

.14 1 J SW 139* 12ft 13'* ♦ ft 
JO 1.4x3764 77'-, 19 ft 201. - ft 
_ 1615 23 27', 22ft ,% 

_ 362 2'r. ? JV. ♦% 

_ 403 C. l"„ l"i, 

- 4S4 2W,, 2.„ 2 ,, 

BIS 70' ,19 19V; ♦'* 

317 9% S', 9 

166 16% 14 16V, ♦% 

643 V B' • tft — ft 
_ 37 6’* 6% 6> 

- 7057 75 22% 23 

_ 9511 11 91. 10". -V. 

_ 7773 7% s - , 

_. S3 17ft 111. lift — ft sincEJec 

_. 1541 17'.. 11 lift —ft I 

_ 2167 10'4 8 if, —1ft S/^re/d 

- 4213ft IV: 1.1 

_ 2505 7:. Sft 5ft —1ft 

- 61) 25ft 24'.. 24ft —1 

- 13323 JO''. TO’. - : _ 

JO .9 1171 24'. 22ft 23% —ft 

_ 1331 44'-. 45ft 44' . ♦ •* 

-47S4 17 i5V 1 . 16 —i 1 smm 

J0 1.0 7742 39ft 28% 39 —ft |Sodvn 

J* 1J 5120ft 19% 30 -ft 1 iiSSyriw, 

- «B3 tft 5% 6ft —to hSSm» 
-480 11 II lift, — ft I SStv 
_ 7306 44 % 389, 44ft *7ft rJSrtJCki 
_. 6754 Pm 41* 6»'. —ft I SJcflAu 

jo u 2012*4 r. 11 -ift I snrTci 

-71740 48 45 C-. ' > S«AUJ 

_ 4B60 ,-ft 6ft 7 . ♦% SJOWBVI 

S2 23 13033 Eft SOft Bto - gprya 
IsreAri 


S«M0T 


Sefthnns 
scnvtr* 

SdOone 
Sexier 
sciGme 
scisn 

ScTTCT 

IciosNtov Z~ 4860 .'ft 6ft 7 . -% 

Seila, J3 23 13C33 27'. SO 1 ', Bto 
ScrefidS _ 2415 4% 4ft 4ft , 

semsis jo aj 9311 V 1 11 lift -?■ ■ sfdstajs 

.,oe 2.1 mi wf r- ^ :g \ fe 

J8 2J -,-gft -Bto gv, jgggh J8 

,J0 “80.S* Sto «.-*!» 

SSSir "ISSIRUfK -to 

SrchCoo _ 3168 7ft If. II. — ft 

SeatlePs _ 903 18ft 15% 15 ’t— 7ft 

SeowFd J4 3J *J4 10>, 10 10 -ft 

Secom .. 2SS 2ft 71'.. n., >%, 

5eerxi3 .96 3.0 4 32% 32% HV, -I 

SSsmrt I J0 16 I! 77 77 77 — IV* 

sJcBeP J4 SJ 271 20 19V » -Vi 

SeSS&e J4 2.9 701 15ft 15 15 - 

SecCap — 3399 45V. 47 45ft ♦ 2V* 

.. 19* T% iw„ Mi -V» 

SKurfP IJ 1016% 16 4 -% 

SedoSpC _ 96613 12 13 .1% 

_1MM )V U tv* 1 -'.ft, 

Sj32i 0( -. 4)1 PYu T t 7411 . 

sSctln 1.1J AA 4M2 !4 2**1 »•*-!*! 


. uv 

IV* ) IV* ♦*« 

Jft ‘to. — v» 

5% A*A 5 r ft 

8'4 7% 7V, — V, 

13ft 12% 19ft —ft 

1% 1% Ift *ft 

19% 18ft 19% .ft 

114 lift 13ft ♦% 

Bft 21ft 23ft 

50% 49% 49ft— 1 

_ ^llft 11 11 —ft 

_ 689 6% Sft 4V» —ft 

JOB 44 217 19 lift I Bft , 

lJ9e SJ 435 71 '9 70ft TOto —ft 

- 753 6% 5% 5ft — >S 

-. 1341 15 14ft 14% —ft 

M 44 *0 1ft IV* IV* 

J6 42) X4 14 14 14 —ft 

J8 3J 14173 19% 18% 19% —ft 

346 2% 2% 3ft *- 

130 74% 14 U 

220 73ft 33 23 — 1 

1026!, 26 76 — >4 

191 7ft 6ft 6ft —ft 

74 9% 8V, 9 ♦ ft 

.1001.1X4107 9% 9 9 — V, 

.. 1947 23 21 21ft— 1ft 

.10 1.7 100 Sft 5 5ft ♦% 

•QSe 3 2422 17ft 14ft 179, , % 

- 117 5ft 4 ' .. 41, — V* 

_ 3691 18% Mft 17ft .2% 
-10630 11 8% 10-3 . 1 % 

- 1281 12% lift 12V, .Ito 
_ 3682 Sft 4% 5% 

_ 2274 1ft U* IV* ♦■/„ 

- 5174 22*. 14ft 22%. -1ft 

_ 321 3 2% 714 

- 103S? 13ft 11% 13ft — % 

-12329)1%, 1% 1'Vu —to 
_ 1303 J 4% 4% —V, 
_ ISO 6ft 5*. 6 - 

JO 1.4x22484 16ft J* 1*'«— 1ft 

- 40 2 V 2% 39* —ft 

_ 58 4 3ft 3ft 

- 5621 14ft 13% |3% —ft 

_ 1245 15ft 14% 15ft 
_ 1645 Vu 'Vo *Vs 
_ 423 1ft 1ft 1ft —ft 

- 135 Bto 8ft 8ft ♦ ft 

- 55 3 2ft 2ft — V, 
-19447 9 7ft Bft *9* 

- 9978 ift 6to 4% —ft 
_ 3705 TV* 1ft 1%, —ft 
.. 3009 3%, IV,, 3 V B —ft 
-10369 9% 9ft 9ft ♦% 
_. 7V3 4ft 4ft 4ft —to 

- 10334 23% 21V. 239* ♦ V, 
J8 19 877 lift 9714i 179* —V. 

- 1S58 191* 17ft 19 —ft 

_ 5910ft 10V. 10ft -ft 

M J 3160 14 10% 11 -2% 

_ 594 2 1% 1% —ft 

- 705 ’ i V* * 1 , 
-17764 36% J1% 34 .ft 


Stocks 


SonrTc 
SunMnwt 
Sunsrate _ 

Sunstatof 3-75 106 
supRJe 
SuoTedi 
Supercut 
Suprrtel 
Suprrex 
SupSoa 
Suptntl 
Swrocsr 

ts&l 

SwNlTs 
Swn»Sld 
Swisner 
SvOsJTc 
Sybase s 
Svoron 
Sylvan 
SytvnLm 
Synrnc 
Svn*x 
Svmelric 
Synalay 
Synoto 
Syrcor 
S ynun 
Syncren 

aynBiK 

Smopovs 
SynRd 

Syntro 

svstsnw 

Systmo 
SvSMOiX 
fysQri 
SvsonSft 


Saks 

ay vu IDOsKbH Lew ase Owe 

_ 17m 2ft 1ft 2ft ♦■:* 

— 1127 TV„ T /„ 1„ B .V,, 

- 37 6 to 6% 6 to — V* 


25 27% 37% 27V, 
- 2390 14ft 13V. 14 
_ 1327 7% 6% 7Vm 


- 1 ta / o ’, /.p • m 

- 370 11% 10*. 10ft , - 

- 354513% 12 17% —1 

- 4629 5~« O 5>'ft +■** 

_ 745 2 ’. r«u 2 ft 

- 12012ft 11 % 17 —to 

- 633 3% 3% 3% —ft 

_ 313 4". 4% 4'V* ♦ V* 

- 307 8 to 7% 7% — 

M» 4J X160 24 22ft 23V* — V* 

_ 346 24ft 21ft 24'. .2 

- 258446ft 44ft 45ft .96 

- 14 9ft 9 9ft * ft 

- 345 3% 3 3% *V, 

-2058816ft 14!* 15% ♦ to 
_ 4640 S3 47 ft 52 V. .2% 

- 50121 19% 20%— 19* 

- 267 11 10ft 11 
_ SS 0 ir,. 1496 18ft ♦% 
-55417 16ft 159*17®!,* IV* 

— s% - -- 


Socks 


ScSu 

tty yu lOHMBb Low Om Choe 


J0 


_ 447 8% n> 7ft — 1 - 
_ 3868 12% in* 17% *% 
2J) 307 20' . 19 30% -1 

_ 473 2 1% 194 

_ MS Sft 7% |4* .% 

_ 723 5 1 '. 4’. 5 
- 11743 596 S 5% • ft 

- 411 lift 16 16 

-12*36 48% 42% 47% .3% 
_ 7396 6ft S% 6% - % 

- 781 29* 2% 3 ft — 

.12 141 489712ft lift 129* -ft 

- 2801 4% 7% 79* —to 

- 83 17 15ft 1S% — 1 

_ 454670% ISto 30 .ift 

- 8125 10% 7ft 9ft -1ft 


JO 


SWf'i 
5!riBnc 
SMFrtWA 
sm Fpi ui 

SJWSTv J8 
SlewEns JOA 
ilirnson 
Sioka’v 
SldltCmk 
SB7U 

StrutaT! 


Str«Cp 
StfCPWI 
srrwsa 1.10 


Seffl x. . 
SemJTcf 


Seprocr 

5dC8jn, 

Sequoi 

Scroscr 

SrvTcH _ 

SvFnQuod 

SsvCnv 

7ih Level 

SncxTW 

snrMed 

SfidTecli 

S«n,im 

ShowGs 

ShekU 

SkOttB 

snian 

Sho-Me 

Shoecon, 

Shokx97» 

SwtnPflS 

5hgry«d 

snowtuz 

Shwscn 

SraifMsr 

ShvrfMwt 


SicrSm 

SJerTon 

5UrToC 

SOTO. 


... 50 S 4% 4% —ft 

.Ibe 27 9"„ 9ft »ft — 

_ 12 ?4Vj Bft Wft -ft 

- 2443 Sft Sft Sft 

... 24773 19% 18 19%. Ito 

_ 1997 4 3"* »« — V* 

«6l Sft 5% 5% * to 

_ 445 9ft 9!i 99* 

_ 6271 IB 14% 18V, — 3% 
,B5o 3 30319to IB ISto — y, 
-10167 11 10 ID -ft 

- 1554 6 5 59* -rfa 

84 2J 15500 30% 27ft 3DVu- 29* 

- 285 81* 3ft 4 -V* 

... 655 7% 7 74* —ft 

* 261 Uto 11 11.. -% 

_ SOS 11% 10% igft —ft 
J0 12 *95167. If ISto -Ito 
_ 284 7ft 7% 71. - 

- 218911ft 10% 11 -ft, 

_ 444 6*. Sft *ft *% 

- 44531ft »% 21 to -to 

54 14 54 18% 17 17ft -to 

- 23MWY* 19% M% ♦% 

- 5357 8 % 7ft Bto ♦ %, 

- 110 1% L% 6% —J* 
_ 2631 13% lift 13. —% 

„ 429 3 2.V* 2‘U* ‘ V* 

38c 2.7 1045 72 21% Jl> "ft 

_ 3718 94% 22 V, 24% -ft 
-12670 14'.. 151. 14V* ♦% 
... 343 11 10ft 10% — to 

... 94 1% 3 3% ♦ % 

„ 31C 4* . 4 4 _ 


- 1690 >V r %, y M 

_ 18004 M 23ft 38 ,2^U 
431 I T. 79* —ft 

- 157512 10ft 109.— 1% 
JO IJ 171 14ft 13ft Uto 

JO 2.1 210 18ft 1BV. 18ft +9* 

J4 2J 14 15% 14V* 15% 4 1% 
_ 401 7to 4ft Aft 

U 25793 38 31% 33ft ♦»■'/* 

_ 375814% 12VS 123.— IV* 
_ 337 7V, 6V, 7 — % 

A 1871 14 12% 13 —1 

_ 145313% lift 12 — V* 

-14991 18 lift 18 ♦% 

_ 9921 27ft 25ft 3/ft ♦ IV* 
JO 13 *94 17ft 191* 179* _ 

_ 9351196 11 11% — % 

70 743 26V. 25 75ft -ft 

.7*17723384* 3Jft 38% -244 
J 342934% 22ft 24%. .«%, 
_ 1378 13ft 11% 179* —ft 
_ 633 99* 9ft 9ft . % 

- 73710ft 91* 10to ♦% 

- 2297 20ft l»ft 19% —ft 
-3449359 0ft 56ft -3ft 

- 1935 Sft 3ft 3ft — 
_ 1002 3% 3% Jft ♦%, 
_ 1U3 ft ft 9* — V* 

S.1 266 22% 21% 21% -to 

- 146 4% 4 4 —ft 

-16511 14 

- 23187 4ft 
J 566034 
_ 632 SV, 

• 270 to 

- 7147 6ft ... 

14 X239 16% 15% 

- 1022 7 6ft 


J7e 


JO 


lift 13ft 
4 4 ft 

34 359* -rto 

4ft Sft .ft 

4ft 


Stroud) 

StrticD 

I s®. 

SfurtDS 
SuoMkr 
SubSncp 

Sudbury _ . _ _ ^ 

SuffBnc 72 2 A 20 28ft 26% 27% ♦% 
SUCEN - 645 7ft 7% 7ft —ft 

SollOn* - 20014% 13?, 13ft — V. 

SumiJo JO 3 A 4525ft 23ft Bft _ 
Sumtfopt 333 9.1 470 Eft 27 , Bft — V, 

SudUnoP - 705420% 18% 70 *lft 

Surnma 5 — 66 5ft 5% Sft 

Symopf ^ T970 9% 7ft 8 % ♦! 

itxaBWA .14 IJ *233119* 11% 11% _ 

SwOflB J4b40 411021% 20ft 21% ♦% 
SunaBTX J 6 17 *28 TTft 21 V. 71% —ft 

fssfi? :, 2 S^riS= 15 S 

SonDncp 1 J» 37 3^ Bft 

-73158 34ft 30 34 -1ft 

... 440 5 4% 4% —V. 

A 804510% 9 9Vu — 'V* 

- 77 6 ft 6 % 6 ft —ft 

- 389 ift 6 . 4 —ft 

97 *13 13 17ft 13 ♦ ft 

- 181 2ft 3ft 3ft *ft 

_. 315538ft 37 38% —Vs 

-116110% 36 41 to ♦ 4% 

SJ 125 2 Ift Ift — 
.. 51218% 17 17V, —ft 

- 749 ift Sto 5 to — V* 


M 


Sunion 
SwnMiC 
Sun Set 
Sun TV 
Surtutt 
SunSov 
SunSv sA MO 
Sv»Hm 6 
SunGrd 

Sunoiens 

SunBCA .151 

SunSeNY 

5UlLsa 


T..OOG4V 

TrlodSy 

Tricxac 

Tr^ocf 

TrCaBO 

TriCDPd 

Tricon* 

Tncord 

TrxtMiC 

TrimorK 

TrlmWe 

Trimea 

Trlniic 

Tnon 

TVWrt 

Tripos 

Triquinr 

Trism 

Tnsror 
TroyKni 
True* Crr, 
Trust NJ 


- 1U IS 14V. 14% — 


W 

_ 720 5V. 4ft SV* 

JMe J 47 17 % 11% 17ft 

- 137013ft 13ft 13ft — V* 
JO 2.5 I* 16 15ft 15ft —ft 

_ 585 45 99 63ft +59* 

- 388 15ft 14ft 149* —ft 
.. 7735 6ft Sft 6ft ♦** 

- 5610 8% 7 79* - 

- 219 7% 6ft 7ft — V* 

- 651515% 14 14ft— 1 

- 4062 3ft 7ft Sft —ft 

- 4V » •fi? — ^ * 

- 1« 5ft 9% 5ft 

_ 158 17V* 11% 12% ♦% 

_ 101 4ft 4ft 4ft ♦% 

_ 16» 6% 5ft 6ft 
_ 38415% 14% 14% ♦% 

- 1 1*0 4ft 4 4% 

•OS* J 16511% lift lift 

- 486317% lift 17 —ft 

,J7 2.1 443 15% 14% 15 +V« 

TrsINYS 1J00OSJ 7H>20 19% 19V* — % 

TrustrnK JO 3J 313 IB 17% 18 

Tseng JO 23 3493 7 6 % Wh ♦ V* 

TutKco ._ M32 ift ift 6 ft ♦% 

TuCKDr _ 85 4V. 6 6 % ♦ % 

TuetM _ 827 6 % 5ft 4 —ft 

Tufa, _ _ 416 4ft 5ft 4% ♦ ft 

Tusclfl JO IJ 9517ft 14 16% —1 

Tyson M 3 5812 74 23V. 24 *%, 


UFfleo 

UMBFn 
UNR 
UNR w» 
UNS. 

US Can 

USXprcs 

USAMW 


TATTCB 
TAT wl 
TBC 
TCA 
ramt 

TCc# 

TESSCO 

TFRnd 

TPCEnl 

Tjmii 

lin^n 

TPIEn 

TR Fnc 
TRASQry 
TRO Lm 
TSIlrcs 
73R 

TocoCab 

Tonayfir 

?ssbs; 

TargTcfl 

eJT 

TorsCene 

TaroPh 

Toinam 

Ten Dal » 

Tchnol 

tedwie 

TcnCnm 

TediSoi 

Teajowj 

TecumB 

TecumA 


TeeCmn 

Tekeiec 

Teknkm 

Telco 

Trivia 

TetCmA 

Triadio 

Tries 

Trilao** 

TrirOoh 

Triukv 

T etxon 

T emtex 


- 107B 7% 3 3% — V. 

- 351 >jx % V* — 

_ 2078 9' ■ 9ft 9ft ♦ ft 

M 1.9 6fiOZ3ft 23to 23H —to 

- 386 4'.* 4 4 ft _ 

- 4345 3% 2Vi 3ft ♦ % 
_ ZW»l«Vil8 19W B yllV* 
_ 3023 11ft lOtolO'Vu— ' »ii 

- 95311ft 10ft lift - 
_ 13648 *'n *«e ft -V* 

- 410 5Vj 5ft 5% — 

32 1 J 4M7 I8ft 17% 18 ♦ % 

_ 1034 ift 4% 4ft, — % 

J7 1J 4028 25ft 25’i 24% ♦»* 

- 9845 Sto 4Wi, 5ft —to 

J5e J 4688 15 13V, lift ♦% 

- 425 5% 5 5ft —Vi 

_ 411 7ft 7 7 —to 

.12 l-S 144 8% 7ft 8 —% 

_ III 4to A 41* — % 
-11113 1ft 7% 7W, -to 

- 468 13ft 13'A 13to _ 
_ 939 2?* 2% 7% —to 
_ 808 * 3to 39* —ft 

- 3736 9 . 7ft 9 ♦ 9* 

4379 32ft 29ft 39% *1% 

- 50 4 '.*■ 4% 4% —V, 

_ 828 6ft 5to 6ft -ft 

_ 7884 13% 11% lift— 1% 
_ 76811ft 11 111* —to 

-13054 19% 17% 19ft rift 

34 SJ) 10411% Tbft llto - 
_ 530 lift WV< 11 

_ 238 8 , 7% 7% — % 

- 189 69* 4% 6% — % 

- 2479 16ft ISft 16 

- 491 6 59* 6 

S o 1.7 79948% 46 46 —1 

0 1.7 7098 49 479* 47ft— 1% 


J»1 


- 815 

.. 4205 .. 

... 6040 lift 10to 119* —ft 
-1113218% 16ft 17V, ♦% 

- 708 V- V. to _ 

-97743 23ft 21% *2% -ft 
_ 27 34ft 23 33 — 1. 

- 54*9 5 4to 4ft —V* 

- 1539 6% Sft 6 ♦% 

- 4058 W 11 to '%» _ 

_ 18048 Sift 44% 48ft ♦ZVw 
_ 103 4ft 4ft 4ft —ft 

- 2390 IDto Bto 10 .ft 
.1 9181 T3*« 1J14 lift,.— Jv„ 

- 40511V, 11 11% .to 

-24234 44% 39% 44% ,4ft 

Termonl 1.2B 29 44 46% 44ft 44ft , to 

TrireTcs - J94 2a 18% 19% .to 

T«ro _ 1SW 81* Jft BVu — Uu 

TOVO j&e .9 785327’.'* 25to 37% — V, 

Tax Real 32 2J, 3*1 13 17V. 17 % —ft 

_ 1443 12’;. 10ft 10ft— Ito 

_ 734 I8to 17ft into ♦U 

_ 3296 3ft 2ft 3% +% 

_ 171 i* 9u S* _ 

- 1612ft 12'* 12V* ♦<£ 

- 10» 9ft 8V, Bft — % 

1.9 3 lift 14ft lift — J* 

1 J 71 15ft 15ft ISto — to 

_ 161 271.. 26% 77 ♦ % 

IX) 3508 29ft 76 79 ♦S 

-79833 47ft 39 40V,— 1% 

- 9882 4% 3ft 3% ♦»* 
-1238319ft 13ft 15V, —5 
_ 97412ft 12 17ft ♦'* 

- 360 Sft 4% rv, 

- 1161 Yu V, T>>_ 

3 519 10% 8 10 ft -Ito 

_ 381217ft 16 17% *tt 

IjO 9 ift 5% 6 Vi - 

- 547 16 14ft 14ft —ft 
JOB J 129581* 579* 58% -rl 

_ 4479 7% ito 7% 

-57 • 4.1 11413% 13ft 13ft -to 

Ttmokn VJXIbU 1 36 9» 39 *4. 

Toops J8 4J B2B3 49a 59* 4 ♦'.* 

TopsAfll - 22 S TV* 7ft ♦ ft 

Tor Roy _ 234 Sft 3% 39* ♦% 

TotCort _ 233310 Bft 9 ♦ft 

TodTri 1J7II1.1 a 17 16 1* — % 

YowrAfr .16 1.9 163 Sft Bft 8% —ft 

TwrAulo - 3702114* 9’A 10 —1ft 

Towers -4395015 13ft 14ft _ 

Trocorwt - 923 7ft 7 TOft ♦%, 

Trocor _lliniD<«9Vh 10 4-ft 

Trocsuo _ 387326ft 23ft 26% ♦** 

TrokAu _ 545 181* I7J* 1BV, .. 

TmsPln JL 3.9 20315ft 14% 14% —ft 

TmLlg _ 36 3 3 3 

_ 276 179* 12ft 12ft ,ft 

_ 133 1ft 1ft 1ft 
_ 1549 Ito Ift 1ft —to 
3340 14% 17% 12% —ft 


JO 11 41829V* 97V* 29ft * Ift 

J0bZ5 537 32ft 31ft 32 —ft 
JOo 13 Ills ift 5% 6 - 

_ 511 5 4*9, 4iVu 

1J» 2J 334 34 36, —ft 

.. 1134 16% 15ft 16 ft ♦% 

- 3494 15% 149* 14V* —ft 

- IB29 9 8>Vu Bft ♦% 

- 0 18 17 13ft —ft 

U4MX - 389 3to Sto 3ft — 

USTCD - 148611ft 10ft lift ♦% 

UB6IC, - 1444 \lft 10ft 11. — ”u 

UltPOc _ 784 79* 6% 4% — % 

Uifroks _ 405 7 ft 6% 7% — % 

UBroUto - 3045 17ft 16 14% —ft 

L«raSW -iri40 41to 37% 40% 92ft 

UnieaA X>7 1J 31 4ft 4ft 4 ft —ft 

IMfrce .13 18 80312 11 % 11 % — 

unison - 7711 3”» TYu 3V5, *V* 

Unikto — 3Q*1 Sto «% 5% — 

Urtmed - 594 39* 3ft 3ft, —ft, 

UnBnk . 14) 4 3 244431% 29% 29%— ift 
UnBnkpf 2JN 9.1 43623% 23 23. - 

UnBJcCo JO 1.9 9 28 26 26% - 

UnianBrix IjOO 13.1 47 7to 7to 79* *to 

UPlmofE 2X10 6J x211 31% 30 30 —1ft 

UnSwIch - 1088 14ft 15% 15% — % 

Uniphase _ 6398 13% 17 13ft -ft 

UnrylTc - 477 3% 3ft 3ft —ft 

UBWV 1X18 4J 35 Uto 34 24ft ♦% 

UCorBk J8 3J *74(76% 25to 2 Sft —ft 

UCBG5 1.00 6.1 177 16% 14 169* +ft 

UtdCOsF JOblJ 273533ft 31% 33% -11%, 
unmet .16 12 55 1 sft u% 15 ft ^ft 

URreC 1.08 2J 108*3 40 419* +1% 

UGceng _ 1368 6ft 5% 6ft - 

UlcOns — 29 31 30% 30% - 

UKOnrs _ 1443 15ft u 14% —9* 

UNBNJ IXBblO 204 36ft 3Sft 36ft - to 

UtdNwse J6* 5J 14 16% 14% 16% —to 

WRetau - 2** 8ft 7ft 79* ♦ % 

USvB* .74 4.1 265 19% 18 18 —1 

USBcOR 1X10 4.128973 25 239* 74ft— 

7X0 SJ 973 24 73to 23% —ft 

10 3% 2% 2% — 1% 



xoe 


_ 676 49 


TrawSit 

Yrwvta 

TrraWW 
Tkimw 
Tmsis n 

Tmfe^ O ** Z 179719ft 19“ 19% ♦ I* 

Tmsn, — 51a 2Yu 1% 2 -Vu 

Trons&cGs - 778913 11% 17!. ♦% 

TrVriBc J9f 4J I ISft _ 

TwJdHH _ 1905 Oft 89* Bft — V* 

TwIdH wt - 789 4ft 4ft 49* —Mi 

Trovprl 307 2 % 2 7ft, ♦Vu 

Treodeo .16 1 x 1 2221 *% ISto 14 .ft 
TrendUn - 1292 » 12% 12 % .to 

TmtvCK 1XX1 33 654 37ft 34% 37ft 
T,IPo*Ylq _ 3*8330 29V» 79ft 

Trtare .. 707 2to 2% 7ft. — Vu 


U5Bnpf 
US Cap 
us em- 
us Fact 
us Him s 
USHmcr 
USUme 
US Lang 
USPoglrK, 

US Rod, 
USTrfl 2.00 
LKWIra 
us tom jo 

UnTeiev 
utdVUeo 
UtdWs^ 
UrVcoi 
Unarm l.W 
Urn wax 
UnvEIc 
UnlvFcr 
UnvHhf 
Urrvi-bp 
Unwin, 
UnwSris 


- SSO 4ft 3% 3Wu — (ft 
43a7 lift 10 lift ♦% 

J4 1345313 *7% 45to 44ft ^1 

- 706 3 2% 2% - 

- 7 5% SV* 5% —to 
364310V. 9% 9% — to 

- 230 89* 79* 7ft — % 

- 14131 39% 35% 39to ♦ 3% 
3Jxl6»« B% 41 -fft 

AJJ 2934 loft ^to* 10 — 

- 31853% Sift S3 — % 

_ 769 23V, 21ft 22 —ft 

_ 255624ft 22% 24 . ♦% 
-18ft 17ft lBft tY, 


Stack* 


!d« 

tty YM lOOfMoti Low cue Om 


VUdaFr 

view *0 

VHUnot 

VitSAM 

vaeefi 

VaFH 

fto&P 

VbianSd 

VIM 

ynp S an 

vmnk 

Vlbat 

VMS 

Vmark 

Vailbif 

Volvo* 

VW 


:!S 9 


- 321 4V* 3ft 4% •% 

-1041423% 20ft 71ft *ft 
-10M1 30ft 28ft 309* ♦!»* 

95 799 79* 79* ,9* 

372 8% 8V* 8% -ft 
41 15ft 15 15 

394 1% 1ft 1% -ft 

- IS 7to 69* 7ft - to 

_ 5896 14% 17 IT**— 1 

Mm 3. 1831 lift 10’* 10ft— Ift 

- 14714ft 13% 13% —to 
_. 4614 4ft 4ft 4ft ♦ % 

- 13013% 13 13to -ft 
— 19081 20% 14% lift— 4ft 

- 3*4 26to 23% Tito • 2ft 

_ 172920% 19% 19% —to 
-11283 7ft 4 79* •!% 


W 


WCTQn 

WO. 40 2J0 S3 

.10* J 
33 - 


WRTEn 

WRTpt 

WSFS 

WoekCor 

WdfciBk 

» 

WrilDota 

Wail sol 

Wabhr^ 

WcmOGd 

WangLab 

WanaLwt 

Wcnttc 

Warren 

WFSL 

WUiTOC 


J720 4%. 

” 43to 41 ft 43’A ♦!'.* 


5ft 4 

291 43ft 41 to A 1 .^ . .. 

_ 341 ISto 14 to I4ft -ft 

1J 5227 27U. 75 75V, 

710S 2ft 3to 2ft - 


Mm l!T 2776 3*% 3V„ Wu • *» 


- 341610 Bto 10 
2J5 9XJ 1544 25% 27', M ♦! 

468 4 3ft 3ft ♦ ft 

- 891 29* 2 7V U — Ift 

XU* 3 1116 15 16 -to 

- 23*6 15V. 12 l*to ♦J". , u 

- 90 S 4% S ♦ ■., 

JO 2J 1707 l«ft 17V. llto —to 

- 1849 8 % 7 7ft —1 

- 7441 37 32% 36% -2ft 

- 6*6 13% 12 13 —to 

■24 2.1 8011% llto llto —V. 

_ 146214% 13'/, 13% —to 

_ 3880 14ft 13ft 139* -to 
1523 69* 4% 6** • ft 

_ 2228 ST, 5ft 5ft ♦«■„ 

- 3*D 1% I Jft . to 

J4 4J 5431 lift 17ft 18% — % 

- 3374 5 4% 49i . ft 

J4 4JX390S* lift I7to IB —ft 

PJC2J4 93 X205 25% 24ft 23ft —V. 
pfDiXM 6.9 Xl40B9ft 86% 87 —ft 
PE 1.90 8.9 *10 22% 219* 719*— 1% 

_ 72 9ft 9Vi 99* ♦ ft 

„ 3621 TTIm 25% 24% —to 

.9 2397 34ft 23ft 24to «l 
IX) 4919 25 23 23ft— 1ft 

„ 500 49* 4ft 4% -ft 

_..«*6% 6% 4% 
-1130511ft 9to 9ft —Ift 
waveftm _ 100 * 12 % lift 12 — % 

Waver At 3.1 719 21 ft 199 * 20 to -ft 

Waboolnd _ 3542 7Y, *ft 7 

WtelFfl JD 2J 150423 20% 71% —to 

WedCO 1 J0M6J .1 9V, 9% 9% — % 

- 1415 4% 3% 3% — % 

- 887 27 2496 2* to— 19* 

_ 1820 10 * 9% —to 

- 169934% 25 25% - 'to 

J 24602594 74 % 25% .9* 

12 178 27% 27 779* — % 

_ S971 11% 11 11 

- 158 Wu Ift Vu - 

JO IJ 90 12% llto llto 
.14 IJ 1307 9ft Bto 1% —9* 

- 111 2799 2lto 27to -ft 

WestOne 33 2 A 9916 28 269* 28 ♦% 

WAmBC. J8 11 327 32ft 31% Uto ♦% 

weetaank - 13 6 5% 5% —9* 

WMTCOB SO 14 3120% 20V, 20% —ft 

WSIOOtl -23334 13% 12 13% — <>• 

Wasmfaa .lieu 951 139 * irv* i»« *iv„ 
WlnBM JOb 19 X219 IS 13% 14 —1 

_ 140 8 74* • « % 

JO* 14 13 n U% 33 

- 3039 894 6 8 * 1ft 

J 678 17% 16% 1644 —to 

_ 2374 13ft 129* 12% —to 

- 951 39V, 21V, 28ft —to 






5^? 


. 13 * 


x» 


3J 2503 47% 44% 45 

- 185V 6% 5ft 6% 


1743 


—Ito 
+ % 


— % 


6ft 6ft . 

299 1ft 29* 

_ 3% 3% 3% 

UnvStdM - 482 7 4ft 7 ♦ % 

UrrvBAT IJO 11 174TV«43%45H'u * l«to 

UPenEn 1J0 73 220 16% 15 15% —to 

JJrenfft* _ 1331 S% Sft 4% *% 

UrbnOuf _ 5547 30ft 28ft 30 ♦ 1 % 

uromeo - 849 3% 3 3% -Wu 

USBPa 1X» 4J 93 739* 23ft 23% —ft 

UtrilMed _ 1197 Vft Bft 8ft —ft 

UI** _ (ft* 4V. 4 4to —ft 


VBand 

VLSI 

VSE 

W9R 

vacOry 

yorreai 

Vrikn 

vavSv 

VofUCor 

VMmnt 

VolAdCm 

van_n 

Varva A 

VaiuJri 

VgrdQ 6 

VOB 

Vipifte 

Vorttm 

Vorien 

V arson 

Vaughn 

VeOSk 

vedroTc 

Vriiggld 

VemrBx 

v*nCTy 

Vartfne 

Verhov 

VIFln 

VTTeddv 

Versa 

Vestar 

VartMC 

VertxPh 

V eici Am 
VetAm wl 
Vlooene 
vital 
Wear 
viewp 
Victfin 
V«3Rn) 
VIODSII 
VkUOL 




-2908313ft 1199 12% 9ft 
32 2 A xB 13% 12ft 13% +to 

JD 19 14311% »ft 10% —ft 

.10*1X1 5510% 9% 10 _ 

- 3119 3ft 3 3ft —ft 

- 124311ft 11 lift - 

- 47 2ft 1ft 1ft —ft 

■32 2,1x2445 16 14% 15% * 1 

JO IJ 138517% 14 17% * I 

- 4639 2ft 1ft 2ft ♦% 

JO 32 155714*31 311%, 

- 1545 i 4ft 5 

_ 2420 21% 20 30 

- 497027ft 76% 27ft —ft 

_ USA ift 6% ift —ft 

- 1377 22ft 20% 21ft —ft 

_ 151 Bft Ift Bft ♦% 

JO IJ 25523% 22to 22ft _ 

- 8714ft 16 lift ♦% 

- 1017 7ft 7ft 74* —ft 

- 13813 lift 11% —ft 

- 949 3 ft 39* 39* 

_ 59CJto 2ft Wu -ft 

-4034129ft 21 to 27ft -5% 

_ 3« ift 2to 7to 

- 8630 22ft 1 

- 2391 Uto 

JS 33 x477 22'V _ . .. 

„ - 336 7% 6ft 7% ♦■% 

J4Q 22 *727 149* 14 14ft ♦% 

- 1330 Sft 4ft 5% ♦% 

- 158317ft 11 - 

- &84 13to 13 
389 7*. 7ft 


i* za — 

19ft 27V, — Vu 

lift 14% «7to 
21ft 71ft —ft 


“i’aSf 1VS 


lift 9ft 
13ft *ft 
7ft ♦% 

1 yu 

49J 3ft 3ft 39 * ~ 

- 179710 BVi 9 —Ito 
_ 5131 27iA 23ft 77 ft *2ft 

m _ 731917% lift 169* - 

SI 2X) X244 26V* 25ft 25ft —ft 

- 73 4% 6% 6% _ 

- 5S 3to 2 % 2% —ft 

- 2493 9ft Sto 9 _V» 


WSWatr 

WMen 

WUptSIV 

wstpec 

WltaOn 

WefSriH 


_ 2255 15 13% 1*% •% 

_ _ a 3 % 3 3% -ft 

- 3*9110 9ft 9*4 _ 

- 1525 3% 3 Oft *' u 
JO 2J 28 33ft 30ft 33ft ♦ 2ft 

- 11*33% 31 to OS’* ♦ 1ft 
J8 2J 1141 26% 23to 2*%— 1ft 

- 793314ft 14*. 14% —IV, 

- 550* BW,, 8% 8% —ft 

_ 2271 15% 14% IS 1 * - ft 
_ 670 16 V. 15ft 15ft 

J2 1.4 300 43% 43ft 43% • ft 

,96 2.0 525948% 46V, 4Ta —ft 
WmSont _ 816133% 31% 33% ♦% 

WnmTr IXM 4Jx1910 2S% 25 75ft ♦% 

7to »% *1% 


WhdHtv 

S5KW- 

wata-m 


- 2*77 9W 7to 9% 

-23784 r;„ 4% 7 *v, 

- 24 Sft 7to 7to — '1 


wndRhrr 
WiraWr 

wmuFu, - 
WbllWnH J4 BJ 1543 10 9ft 9% 

WWittoRl ” " 

WtoeCT* 

Wotohfl 
Wondwrv 
Wooriid 
WkMi 
WUACD 
WorlFdS 
wormpm 
Wyman 


J 9411 10% 11 -ft 

3588 44% 43 45% *2ft 

JS 1 J 777 17% left 169* —ft 

- 264525ft 23ft 24ft -ft 

JS 25 2815. 14 15 *1 

JB 10 32 14ft 14% 14V. ♦*,. 

- 951 23 22 22V, - 

.12 IJ 53* «% Ift 9% —ft 

JO 1.7 10976 23 22V. 23 • to 

„ 476 6% 5ft 6 


3 


XOMA 

XRhe 

XariNri 

% 

xiroom 

XPMM 

Xplor 

xvuoie 


_ 2975 3% 2ft 3% ♦% 
A 762737 33 36to 

_ 405 15 % m, is ♦% 

- 2811 2ft 2ft Ift 

- 1994J 5794 54% »l* *7% 
-2078318% lift 17V, -to 

- 1*08 20ft 19% 19% —to 

3 1ft 1ft 1ft —ft 

- 253631% 26V. 21 •*% 


3 


YeUowCp .94 4,9x6374 VPVul Ufa 1W, .If, 
Yesom - 31 3 2ft 7ft —to 

VorbFn J00 3J 10517% 17 17to *V. 

YorkRj _ 271 B 3ft 314 3ft ♦% 

Vatxiker -3565519% 13V. 19 .4 


Ztavn 

ZaUCp 

gorlno 

ZaBfo 

ZM1LC89S 

&05 

ZBag 

ang 

ZUnBcy 

ziioi 

ZMMed 

ZOBrit 

ZoamTl 

Zvoxl 

ZVBO 

Zvnaxu 

Zvlee 



MT7ft 

17 

17 

—to 

— 

039713ft 

lift 

12U 

—"'u 

- 

574 7% 
3685 39% 

6 

35% 


♦ to 
♦ 3 

“ 

7059 26V* 
16606 Sft 

24ft 

3ft 


♦ 1 
♦ | 

- 

252329% 
149 3ft 

28 

2ft 

78to 

21. 

—V, 

u 

TSBteYi 

V 


— »i 


824310 

8% 

8ft. 

—Ito 


1100119* 

10% 

lift 

— V* 

•to 

28312% 

19 

12% 

—V* 


1402 8% 

7% 

7% 

—ft 


7038 TVu 

1ft, 

1?" 

—"{u 

z 

ini ift 

7 V, 

1ft 

7ft 

1ft 

— *'r 

*- 

1179 11 V, 

9V'u 

9ft 

—2% 


J 





Page 18 


INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31, 1994 


Hi? 


"■on day 

SP ORTS 

Surprise: MIL Cuts Off Insurance 


The Associated Press 

TORONTO — If the Nation- 
al Hockey League’s owners are 
seeking empathy from the play- 
ers’ ranks, they needn’t bother 
seeking it from Tom Kurvers. 

Not after the league didn't 
tell him that his group health 
insurance had been canceled — 
which he found out about after 
he and his wife, Suzy, seven and 
a half months pregnant with 
their first child, were involved 
in an auto accident. 

Neither was seriously hurt, 
but Suzy Kurvers had to remain 
in the hospital overnight and 
Kurvers, a defenseman for the 
Anaheim Mighty Ducks, who 
thought hospital charges would 
be covered by the NHL’s group 
health insurance plan, found 
that his coverage had been cut 
off Ocl 1 5. The action was taken 
without his knowledge or that of 
the NHL Players’ Association. 

Medical insurance was one of 
19 items that NHL Commis- 
sioner Gary Bellman an- 
nounced in August would be 
rolled back, with players earn- 
ing more than $350,000 forced 
to pick up tbeir own premiums 
to maintain coverage. 

The NHL then decided to pay 
the premiums through Dec. 15 
— but changed its mind when 
collective bargaining talks broke 
down. Neither players nor the 
union were notified of when that 
coverage would end 


Talks Scheduled This Week 

Compiled by Our Staff From Dispatches 

NEW YORK — National Hockey League officials said 
that talks will be resumed this week but the league's director 
of operations, Brian Burke, said the site, date and time of the 
talks might not be disclosed until after they were held. 

In Moscow, Russia's Foreign Ministry ordered new pass- 
ports issued to Alexander Mogilny and Sergei Fedorov, who 
left the Soviet Union illegally to play in the NHL. 

The move effectively pardons the two and clears the way 
for them to take part m a charity tournament in Russia next 
month with other Russians playing for NHL teams. 

Authorities also said they had dropped criminal charges 
filed against Mogilny when he left die Soviet Union in 1989 
while serving in uie army and playing on an army team. 

Mogilny emigrated to the United Stales to join the Buffalo 
Sabres, and Fedorov left in 1990 to join the Detroit Red 
Wings. Both are now among the highest-paid players in the 
NHL. (AP, Reuters) 


The insurance carrier, BWD 
Group Ltd. of Long Island, 
New York, sent out notification 
letters — by regular mail — to 
each player three days after the 
Ocl 15 cancellation date. 

“This notice is to advise you 
that even though you are no 
longer eligible to be covered . . . 
as of 12:01 A.M. Ocl 15. 1994 
. . . you have the option, at your 
expense, to continue the bene- 
fits under the Plan that were in 
effect on that date, for up to IS 
months,’’ said the letter, a copy 


of which was obtained by The 
Canadian Press. 

The letter said the player had 
60 days from the date of the 
notification to let the “Plan 
COBRA Administrator” know 
whether he had decided to pay 
for his own insurance. 

Essentially, COBRA is a U.S. 
insurance law that states that 
when employees’ coverage is ter- 
minated. they can have access to 
the plan for 18 months provided 
they pay the premium, plus an 
administrative fee, retroactive to 
the termination date. 


Kurvers said the hospital ad- 
ministrator told him that since 
his COBRA fees had not been 
paid, he had no coverage. 

“You’d think the NHL 
would have made the effort to 
let us know,” said Kurvers, a 
former player representative for 
the New York Islanders. 

He was on his way to the 
airport to pick up a friend when 
the accident occurred. 

“We weren’t drilled hard 
enough to send us face-first into 
the dashboards, but the air bags 
inflated and that prevented a 
lot of damage.” Kurvers said. 
“At this point my wife is doing 
fine and the baby is fine.” 

He spent the night in the hos- 
pital at his wife's side and went 
home Friday morning to find 
the letter from the insurance 
company in that day’s mail. 

“I wish there would have 
been a better way to find out." 
Kurvers said. “That is not the 
way.” 

The NHL vice president, Jeff 
Pash, contended that “no one's 
coverage has been taken away 
from them. Everyone has exact- 
ly the same coverage today as 
they did 10 days ago." 

However, he didn't dispute 
that a player had to pick up the 
premium for the coverage to 
remain in force — and that a 
player had to know his previous 
coverage had been canceled. 



+ ■ * V 


mm 




Will Fkiifrn Reuters 

BEIJING VICTORY — Wang Junxia, who is the 3,000- and 10,000-meter world 
champion, winning the women's tide Sunday in die Beijing International Marathon Hu 
Gangjun of China retained the men's title, with Abebe Mekonnen of Ethiopia second. 





New Leagu$ 
In Baseball 
Possible? 


&•: 


/.ii* iwifain.' '■" u ' 

NEW YORK — The Ameri- 
can and National U-.iawcs may. 
be getting some competition, 
for Sic first lime in W >'«*«* : - 

Organizers of the new United 
League have called u news con- 
ference for Tuesday to. an-. . 
nounce plans for the hrrt-ncw 
circuit since the Federal u»gue • 
in 1914-15. 

Agent Dick Moss, the former 
general counsel of the Major 
League Baseball Pljvcts Asso- 
ciation, has been organizing the 
league as an alternative, to the - 
existing major leagues, which 
have been shut down bv a plav-^ 
ers’ strike since Aug. 12. • • 

A Continental League 
planned in the late 1950s after 
the Brooklyn Dodgers and New 
York Giants moved to Califor- 
nia and left an NL void in New 
York, but those plans were 
dropped after the N L expanded 
and created the New York Meis 
and the Houston Astros. 

Moss, who left the union in 
1977 to become an agent, has 
declined to give an> -details 
about the league and was am- 
biguous during a presentation 
last week to other top baseball 
agents, according lo one partic- 
ipant in the meeting. 


f . ...pM 

w f { ; 


LH- ; L-I-LV. • 


Top 25 College Results 

How tbe top 25 teem* in Hie Associated 
Press' college football poll hired this week: I. 
Penn Slate (7-0) beat No. 21 Ohio Stole *1-14 
Next: at Indiana Saturday; X Colorado (7-1) 
last to No. 3 Nebraska 24-7. Next: vs. Oklaho- 
ma State, Saturday; 3. Nebraska (9-0J beat 
No. 2 Colorado 24-7. Next: vs. Kansas. Satur- 
day; 4. Auburn (B-C) beat Arkansas 31-14 
Next: vs. East Carolina Saturday; S. Florida 
16-11 beat Georgia 52-14. Next: vs. Southern 
Mississippi. Saturday. 

4 Miami (6-1 ) beat No. 13 Virginia Tech. 24-x 
Next; at No. 14 Syracuse, Saturday; 7. Texas 
AAM (7-0-11 tied Southern Memodist 21-21. 
Next: at No. 19 Texas. Saturday; L Alabama 
(8-01 did not ptev. Next: at Louisiana Slate: 9. 
Florida State (4-1) beat No. 16 Duke 59-20. 
Next: at Georgia Teen. Saturday; 10. MhAJ- 
oaa (5-3) lost to Wisconsin 31-ie. Next; at 
Purdue. Saturday. 

II. Arizona (6-2) last to Oregon 10-9. Next: 
vs. California, Saturday; 12. Utah IB-0) beat 
Texas-EI Paso 52-7. Next; at New Mexico. 
Saturday; 13. Virginia Tech (7-2) lost to No. 6 
Miami 24-3. Next: vs. Rutgers. Saturday, Nov. 
12; 14 Syracuse (6-1) did not otav. Next; vs. 
No. 7 Miami; is. Washington (6-2) boat Ore- 
gon State 24- KL Next: at Stanford. Saturday. 

14. Duke (7-1 ) last to No. 9 Flcrlda Slate59-2X 
Next: vs. No. 18 Virginia. Saturday; 17. Colo- 
rado State (7-1) did nal play. Next: vs. Wyo- 
ming; is. Virginia (6-1) did not Play. Next: at 
Mai 6 Duke; 19. Texas (5-3) last loTexas Tech. 
33-9. Next: vs. Na 7 Texas AAM. Saturday; 2a 
Brtahara Young (7-2) lost to Arizona State 36- 
15. Next: vs. Nort h ea s t Louisiana, Saturday. 

11 -Ohio State 16-3) lost ta No. lPem State 63- 
14. Next: vs. Wisconsin, Saturday; 22. Wash- 
ington Slate (6-2) beat Catttarnla 26-23. Next: 
vs. Na 25 Southern Cal. Saturday; 21 Kansas 
State (5-2) beat Oklahoma 17-20. Next; vs. 
Iowa 5 tote, Saturday; 24 North Carolina (6-2) 
beat North Carolina Stare 31-17. Next: vs. 
Clemson, Saturday; 25. Southern Cal (52) did 
not Ploy. Next; at Na 22 Washington State. 

Other Major College Scores 

EAST 

Boston College 3a Army 3 
Boston U. 28. Massachusetts 24 
Brown 16. Cornell 3 
Buffalo 24. Maine 21 
Conlilus 36. St. Peter’s 15 
Columbia 17. Prlncntan 10 
Delaware 42, Northeastern 20 
Georgetown. DC 35, Marts! 12 
Harvard 3S. Dartmouth 12 
Holy Cross 31. Fontham 21 


Lafayette 56. Bueknell 14 
Lehigh 25. Colgate 22 
Monmouth, N_|. 32, Sacred Heart 13 
New Hampshire 13, Rhode Island 7 
Penn 14 Yale 6 
Pittsburgh 45, Temple 19 
Robert Morris 14 51. Fronds. Pa 14 
51. John's. NY 24 Siena 8 
Wagner 23. Cent. Connecticut 51. 21 
Wesl Virginia 52. Louisiana Tech 16 
William A Mary 53. Vllianova 28 
SOUTH 

Ala- Birmingham 36. Merehead SI. 15 
Alabama St. 26. Alabama ASM 0 
Alcorn SI. 45, Somtard 45 
Appalachian St. 30. Tn.-Chattonooga 16 
Bclhune-Cookman 28. N. Carolina A&T 24 
Cent. Florida 49. Liberty 24 
Clemson 24 Wake Forest 8 
E. Kentucky X Term. -Mart In 14 
East Carolina 35. CTndnnali 21 
Furman 33, E. Tennessee St. 21 
Hampden-Svdnev 12. Davidson 7 
James Madison 29. Richmond 16 
Louisville 10. Memphis 6 
Mara Hill 45, Charleston Southern 28 
Maranaii 42. atodei 30 
Maryland 38, Tutane Id 
JMcNeese St. IX Stephen F .Austin 9 
Middle Tena 45. Jacksonville St. 37 
Miss. Volley St. 21. Prairie view » 
Mississippi X L3U 21 
Mississippi St. 47, Kentucky 7 
Morehouse X Howard U. 22 
Morgan St. X Florida a&m 20 
Nlcholls ST. 20. Southern U. 14 
s. Carolina st. «. Delaware SI. 38 
Southern Miss. 47, Tulsa 29 
Tennessee 3), South Carolina 22 
Tennessee Tech X Murray St. 21 
Troy St. X W. Kentucky 16 
Vanderbilt 17. N. Illinois 16 
w. Carolina 31 VMf 7 

SOUTHWEST 
Baylor 52, Houston 13 
Grumbling SL 51. Texas Southern 20 
NW Louisiana «1, SW Texas St. 17 
North Texas 21. Sam Houston St. 16 
Texas Christian 27, Rice 25 
FAR WEST 

Air Force X Wyoming 17 
Cal Pol V-5LQ X SL Mary's. Cal. 20 
E. Washington X Montana 51. XI, 3 OT 
Montana 45, laano 21 
N. Arizona X Weber St. 20 
New Mexico 49, Fresno SL 32 
Pacific 28. Utah St. 6 
Portland St. X Idaho St. 21 
Sacramento SI. 27, S. Utah 16 
Son Diego SL X Hawaii 23 
UCLA 31, Stanford 30 
UNLV 23, San Jose Si. 10 
MIDWEST 

Bowling Green 27. Miami, Ohio 16 


Butler 49, Evansville 14 
Cent. Michigan 22. onio u. 10 
Davton 30, Valparaiso 13 
E. mmols 30, Indiana 5t. 21 
E. Michigan 41. Ball Si. 20 
Illinois 28. Northwestern 7 
Illinois St. X S. Illinois 17 
Kansas X Oklahoma SI. 14 
Michigan St. 27, Indiana 21 
Missouri X Iowa 51. 20 
N. Iowa 34 W. Illinois 27 
Nebraska- Kearney 17, Drake 14 
Notre Dame 5X Now 21 
Purdue 21. Iowa 21 
SE Missouri 31. Austin Peav 10 
SW Missouri SI. 22. Cenl. St. Ohio U 
Toledo 48. Kent 14 
Vounostown st. 41, Akron 7 

CFL Standings 

Eastern Division 



w 

L 

T 

PF 

PAPtS 

x-Baltlmore 

12 

5 

0 

561 

413 24 

x-winnlpeg 

12 

5 

0 

614 

534 24 

x-Toronio 

7 

10 

0 

476 

543 14 

Ottawa 

4 

13 

0 

456 

619 8 

Hamilton 

4 

12 

0 

411 

508 8 

Shreveport 

2 

15 

0 

302 

637 4 

- Western Division 



x-Caigarv 

13 

3 

0 

626 

312 26 

x- Edmonton 

12 

5 

0 

4rf6 

3T1 34 

x-Brlt.Caiumbta 

11 

5 

1 

J8J 

432 23 

Saskatchewan 

10 

7 

o 

496 

■M0 20 

Sacramento 

B 

8 

1 

418 436 17 

Los Vegas 

5 

12 

0 

437 

571 10 


x-dhtched playoff berth. 

Friday's Game 
Shreveport 29, Toronto 27 
Sat ur day's Gomes 
Saskatchewan 44 Ottawa 29 
Baltimore 57, Winnipeg 10 
Edmonton 22, Sacramento 16 
Brtttsh Columbia 45, L09 Vegas 7 


F'rVTT: fc-» ^«v=ra»— - - - 


Friday's Games 
Boston 129. New Jersey 117 
Chicago 112. Sacramento 101 
Washlnatan 103. New York 102 
San Antonia 121. Houston 112 
Minnesota 107, Philadelphia 104 
Denver 107, Detroit 87 
Indiana 98, Portland 91 
Phoenix 122. Atlanta 105 
Seattle 133. la. amours 10s 
S a t u rd a y's Games 
Houston 111, LA. Clippers 103 
Chicago 108. Washington to 
New Jersey 101. Atlanta 89 


Utah 108. Cleveland 107 
Orlando 117. Miami 108 
Portland 101. Golden State 97 
Seattle IX San Antonie 95 


INTERNATIONAL FRIENDLY 
Wales 4. Australia 46 


INDIA TRIANGULAR SERIES 
India vs. West Indies 
Sunday, In Kanpur, Indie 
Wesl indies: 257-4 (50 oversi 
India: 211-5 ISO oversi j 

Result: West Indies wan bv 46 runs 
PAKISTAN TRIANGULAR SERIES 
Pakistan vs. Australia 
Sunday, In Lahore 
Pakistan: 205 (all outl 
Australia: 269 (50 overs) 

Result: Australia won by 64 runs. 

THIRD TEST 

Zimbabwe vs. Sri Lanka, fourth day 

Sunder, in Harare ; 

Sri Lanka first Innings: <02 [ 

Zimbabwe 1st Innings: (overnight 276-4): 375 
Sr) Lanka second Innings; 20-1 ] 

(Bad light stooped atari 


Japan Series 


GAME 6 

[Yomlwi wins series 4-2) 

Sdba ON 000 018-1 7 0 

YamJuri 811 000 61x— J 10 0 

Kudoh. Shlozakl (6), istsll (7) and ttah; Ma- 
klhara and Murota. W—Mak Inara. 2-0. L—Ku- 
doh. 0-1 HR— YomlurL Cotta (2). 


v i •- -rr.sifx " • 

_ . ■ — - • *rifi ~- 

..Ti, • LvU: x=L'-j..ts2.A.-_L". 


STOCKHOLM OPEN 
SI Dales. Qu a rter fin als 
Goran Ivanisevic (2), Croatia del Andre 
Aaassi 19), Los Vegas. 6-1. S4 7-6110-8); Yev- 
geny Kafelnikov (ID. Russia del. Serai Brv- 
guera (4), Spain, 6-7 (4-7), 6-4, 6-2. 

Semmnab 

Boris Becker (6). Germany, def. Pete Som- 
pras(l), Tampa Fla. 64, 6-4; Ivanisevic del. 
Kafelnikov 7-5, 6-4 


Final 

Becker del. lvcnijevic.4-6.6-4. *■;. 7-4(7-4t. 
NOKIA GRAND PRtX 
In Essen, Germany 
Singles. Semifinals 

1 vc Maloil. Creatia. del. Natalie Medve- 
deva. Ukraine. 1-6, a- 2. 7-6 17-51; Jana Novoma 
(2;. Czech Republic, del Karine Hawuaeva, 
Slovakia 6-1. 7-5J. 

Final 

Novolne act. McloJi. 6-2 6-4 
HELLMAtTS CUP 
In San II ago, Chile 
Singles. Quarterfinals 
Alberto Berasategui ill. Spam. set. Javier 
Frana Argentina. 6-1. 7-5; Slave Dasedei [J;. 


Arabella 

Grand Hotel 

Frwsp.rt \m \l*J> 

The 

Grand Hotel 
of our Time 

Downtown location, 
complete health club 
with indoor pool 

Speciality restaurants: 
Japanese & Chinese cuisine. 
Sushi-bar 
Bar with live music. 

1 3 banquet & meeting rooms 

Konrad-Adenauer-Str. 7 
D-603I3 Frankfort 
Telephone.; ++69 - 29 8 1 0 1 
_ Fax: ++69 -29 81 810 J 


Czech ReoUMIcdel.JordlArrese.Spaln.74<7- 
3I.+1; Francisco Oavet, Spam, del. Fe/nondo 
MeilgenL Brazil. M. 6-4; Alex Corretfa (2), 
Soaln.deL Franco Davin(7>, Argentina. 7-x 6-4. 
Singles, Semifinals 

Berasaieguidef. Dosedei.6-4.3-6.6-1 ; Clavct 
aet. Cor ret | a 2-4. 7-5. 6+ 

Final 

Berasategui def. Clavet, 6-1 6-4. 


GERMAN FIRST DIVISION 
Dynamo Dresden a Borussta Dortmund 1 
Bayern Munich 2, VIB Stuttgart 2 
Moonchenolodbocn 2. 1860 Munich 0 
SC Freiburg 4 FC Cologne 2 
Werder Bremen 2. Ehilracht Fronklurt 0 
1 Bayer Leverkusen 2. Scnalkc 2 
Karlsruhe SC 2, Bayer llefdlnaen 1 
1 V(L Bochum Ob FC Kolseralaulern 2 
I Standings: Borussla Dortmund 16 points. 
; Wenfer Bremen 1 7, Moettcnefigladbarti 14SC 
Freiburg 14. FC Kaiserslautern 14, Bovor Le- 
' verkusmlXBayemMunlch IX vtB Stuttgart 
I 11 Karlsruhe SC IX Hamburg Sv li Sdtaike 
10, Elntracht Frankfurt 10. Dvnama Dresden 
8. FC Cologne B. Bayer Uerdlngen 7. 1060 
Munich X VtL Bochum X M5V Duisburg X 
SPANISH FIRST DIVISION 
Real Sodedad 1, Barcelona i 
Tenwite 1. Deoortlva de La Coruna I 
Zaragoza X Real Madrid 2 
Racing de Santander a Athletic de Bilbao 2 
Valencia 1, cm to de Vtoo 0 

FRENCH FIRST OtVISION 
Paris 51. Gefinoln X Montpellier l 
Lille 1. Mart Kmes 0 
Caen X Rennes 1 
Auxorre X Nice 0 
Nantes X Strasboura 0 
/Monaco X Sachaux 1 
Metz 1, Satnt-Ettenne 0 
Cannes X Le Havre 2 
Bastla 1, Lens 3 

Standings: Nan lea 33 paints, Parts SL Ger- 
main 27, Lyon 27, Lens X Auxcrre 25, Cannes 
X Strasbourg X Bordeaux 2X Mart tarn 22. 
Sctat-Etlenne 20, Rennes 20, Monaco If. Metz 
17. Bostla IX Ulle IX Sochaux IX Le Havre X 
Caen IX Nice IX Montpellier 10 l 

ITALIAN FIRST DIVISION 
Bari 4. Genoa 1 
Brescia 1 Florentine 4 
Cagliari 1, Torino 0 
tfiteraazianale I, Regglana 0 
J oven tin 1, AC Milan 0 
Lazio at Rome I, Cremo n a— 0 
Padova a Foggla 0 
Sampdorta 0. Napoli 0 

Standings: Lazio 17, Juventus 17. Parma IX 
Roma IX Ftorenttna IX Foggla IX Bari IX 


Sampdorta IX Inter IX Cagliari IX Milan IT, 
Torino 10. Napoli 9. Genoa X Cramane— X 
Padova 5. Brescia X Reggtano 1. 

DUTCH FIRST DIVISION 
DardrecMYO L Go Ahead E Bales Deventer I 
PSV Eindhoven X FC Groningen 0 
Fevenoard Rotterdam X FC Volcndam 2 
(Other Sunday m atche s poslponed due to 
ratal 

siaadtaas: Aia» IS points. Rada JC IX 
Fevenoard IX FC Twanto IX PSV 12. FC 
Utrecht IX MWf IX Willem II IX MAC X 
Vlfes—XSoartaX Heeeenveen X FC Groning- 
en 7. FCVoiendam 7, NEC XGACoatesd RKC 
X Oordrecnr 90 5 

ENGLISH PREMIER LEAGUE 
Wimbledon I, Norwich 0 
Coventry I. Manchester City 0 
Evert on t. Arsenal 1 
Ipswich t. Liverpool 3 
Leicester X Crystal Palace 1 
Moncneslcr united X Newcastle 0 
Nottingham Forest a Blackburn 2 
Queens Park Rangers X Aston Villa 0 
Sheffield Wed n e s day I, Cholsea 1 
Southampton 1. Leeds 1 
Tottenham X West Ham l 
Standings: Newcastle 29 pointx Notting- 
ham Forest 27. Manchester United ZX Black- 
bunt 24. Liverpool 2X Leeds 21. Owl— a IX 
Norwich 19, Manchester City 18, Arsenal IX 
Tottenham 17. Southampton IX Coventry IX 
West Ham IX Sheffield Wednesday 13, Crystal 
Pa Fare 11 wimbiedcn iroueon-x Park Rang- 
ers IX Aston Vitta ix Leicester 9, ipswtch 7, 
Evert on x 

- nr-'-r v r nr 

i ' vv.y.'a • jca- ■-£-}:• \*-s '--'—ZM Mffi XoJBt. 

BASEBALL 
Amertcaa League 

CLEVELAND— Exercised their 1995 opt tan 
an awrtes Nagy, pitcher. 

KANSAS CITY— Announced they will not 
exercise their 1995 option on Gary Gaettl, 
third ha— man. 

NEW YORK— Agreed to terms with Pawl 
O'Neill, outfielder, on 4- year contract. 

TEXAS— Named Rudv Jaramlito batting 
coach and Jerry Narron third ba— coach. Pre- 
mo red Omar Mktava ta dt rector at profession- 
al and international scouting. Announced they 
will not exerd— their TOTS options on Tom 
Henke, pitcher, and Manuel Lee, shortstop. 
Named BueJnr Dent dugout coach and tafMd 
instructor and Ed Napoleon hrst base coach. 
National League 

ATLANTA— Agreed to terms with Rafael 
Belllord, InflMder, an 2-year controct and 
Steve Bedroslon. pitcher, on T-vear contract. 

CHICAGO— Named Dave Biotas bullpen 
coach and Dan Radlson coach. Announced 


(hat Brett Fischer, asststanl iraMr, *01 DM 
D* ottered a contract tar I99X - . 

CINCINNATI— Aareed In terms wRh Jc/I 
Brantlev, pitcher, on 2-year contract. 

LOS ANGELES— Agreea ta tarrm with 
Shawn Holman, pitcher, on ml nar-ieoeue con- 
tract. ■' v 

MONTREAL— Ag read ta terms wilb-Tem- 
mv Han—r. batting ooadi. on 1 -vear cetMtocL 
NEW YORK— Named Fred Ktm trainer. 
ST. LOUIS— Signed Gary Buckets Wltfior/ 
to l-vear minor league cont ra ct 
BASKETBALL ' 

National Basketball As-cton— 
NBA— Fined Vernon MavweM, Houston 
Rockets auarU S1SOO tor throwing a torwrni 
at Chris Mills. Cleveland Cavaliers forward, 
daring an exhibition game on Oct. H 
DALLAS— Walvad Dolman Jnwl and Orgy 
Sutton, guards. 

DENVER— waived Abdul Fax and RiL 
Ybder.guards. Stoned Brian wiBlams. forwent. 

GOLDEN ST ATE— Stoned CUftard Rmler. 
forward, ta 4-year contract. 

PORTLAND— Stoned Negate KntoM. 

guard, to T-vear contract. 

SEATTLE— Waived Note Higgs, forward 
UTAH— Signed Antoine Carr, torwara. 
FOOTBALL 

Noftopal FootbaH Leapaa 
CHICAGO— Stoned Darwin ireiona Itae- 
bockar. (ram practice satkid. Waived Keshan 
Johnson, co r nerboc k . 

- GREEN BAY— Awtaunfiad reHrement ot 
Ron Lewis, wide receiver. Signed KeHtr Craw- 
ford. wide racelvar. 

INDIANAPOLIS— WDtvea ai Naga.oefen- 
sive lineman. 

LOS ANGELES— waived Jarred Bunch, 
hiPbocfc. Activated Wes Bender, running 
back, from practice sound. 

N EW ORLEANS— Waived Los Miller, no* 
tackle. 

PHILADELPHIA— Extended contract U 
will tarn Thomas. Ilnebocker, tnrousb 1996 
season. 

PITTSBURGH — Signed Anthony Daigle. 
rvnnina bock, ta practice suuoa » 

COLLEGE 

N.C CHARLOTTE— Announced mar Andre 
DavIxiuntreauarUhra wtttidrownfrom sctnol. 

STONY BROOK— Announced tt wUI be- 
come a member at New England Couagtafc 
Conference, effective at start of the tOTS-K 
academic year. • 

TENNESSEE— Declared George Kidd, 
linebacker. Ineligible far vtalalfng an NCAA 
rate against wiling campilmenlary tickets. 


To subscribe in France 
|ust cedi, tod free, 
05 437437 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


, X 


r LOVE HALLOWEEN ..Vi CAN 1 
WITH THESE 0fNOCULAR5/ 5EE 
WEU EE ABLE TO 5EE THE BIS 
THE"6REAT PUMPKIN 1 * DIPPER.- 
CO ME 


I HOPE YOU'RE 
NOT LUA5TJNS 
YOUR TIME 


YI CAN „ 
/5EETHE % 
CRATERS | 




PI 


LOOKING AT THE ON THE 
BIS DIPPER.. AM00N.. 


I HOPE YOU'RE 
NOT WASTING, 
YOUR TIME 
LOOKING AT 1 
THE MOON., 


fl CAN SEE 
STUPID KID 
SITTING IN A 
. PUMPKIN PATCH.. 


ASDWEa GORGEOUS . } 
BRISK. FMi. DM - y 





wn N NfcSTE 
TO BE GOING 
TO SWOOLCM. 
A MORNING 
LIKE THIS 1 




^ « I 3* 


vWAT WWLD ^0'i DO IF 
tOj COULD STM HOME 
TW3 WBBMIIM6* 





% 

V- 


GARFIELD 


sieep right | 1 _ 

■TSJ ft 


y-.'i 


WIZARD of ID 


•No.De.NN15, Idcnt think the\ 
HAVE ANN ATnWUEON CD&TiMES." 


n took you 

WN£> ENcUibH To 
TH&.M 


/ to You KMOIV \ 

/ WfHT A \)0b IT 19 \ 

( om?&A& 

\ Pm® thoi&am? I 

\ /rr 













INTERNATIONAL HERALD TRIBUNE, MONDAY, OCTOBER 31, 1994 


Page 19 


** 


M O 


A Y 



SPORTS 


^Nebraska Dashes 
Colorado’s Hopes 


. Hr- 

' ll V 

. - J n .Si i, 

- * l . tal 

I- 

' " ? ‘W 


,4 ^m. 


'•lie 


By Jere Longman 
ifcw York Tuna Service 
LINCOLN, Nebraska — What Ne- 
braska (fid to Colorado was not particu- 
larly attractive, or even imag inative but 

it was devastating to the Buffaloes’ na- 
tional tide hopes, not to mention the 
-Heisman Trophy candidacies of the 
quarter bade Kordell Stewart and die 
Tunning back Rashaan Salaam. 
Nebraska (9-0) beat Colorado (7-1) 


Through 
for 


^ the old-fashioned way Saturday, rum- 
">• >•[., _ 3 >e bling to a 24-7 victory behind a domi- 
■ • ir. m ' naut line, a punishing fullback and tight 

; • .» .; rrn4R :. -ends who found enough time between 

. ! ■.<, .! l ' Tj ?U{! blocks to catch nine passes and score a 

■ ■ ; i '•' A nb touchdown. 

v \ ... **•?. 1 ; The Cornhuskers overwhelmed Colo- 

> Lev ratio’s backpedaling defense with an of- 

■ 5r - ~ i. \ 7 ‘■■'f n5 * ve Mn® that averages 6 feet, 4 inches 

: * x ... m height and 295 pounds in weight and 

opens holes wide enough for a home- 
coming float to be driven through. The 
Buffaloes’ arm-tackling was so half- 
hearted that, at tunes, it might have been 
mistaken for square dancing. 

. Nebraska’s defensive line was equally 
voracious. The Cornhuskers had jumped 
ahead, 24-0, before Colorado crossed 
midfield for the second time. 

• Trailing from late in the first quarter 
and facing long, protracted drives all 
game, Colorado was doomed. In the 
end, the nation’s second-leading offense 
had failed on all 15 of its conversion 
attempts on third and fourth downs. 

Inviting Colorado to pass, Nebraska 
stacked its def ensi ve front with eight 
and nine players, taking away the option 
pitch to Salaam, the country’s leading 
rasher, and forcing Stewart to keep the 
bafl. When he went to pass, the blitzes 
came from the middle and the wings. 

Tl seemed like he was getting scared 
back there," said Christian Peter, defen- 
sive tackle for Nebraska. 


. Vi kl - 

•- 1 ' 

X ij.v, , 

• ‘.lutr* ^ 

■ • I’d t- 
. to: 

. a - ! ^toiv 

:rilps. 

i • • ■ l -- ,, C in 

" ■’-"Jnt. 




■•it 


'f \W m 

^ renv 
■ ■ n a-. 

«■ ■»!«:> 

• 1 ! i-— i'-TCVHn-, 



■■■■•• asc 
P»WETS*U 
» B:sifBcu Am: 

" - - r •’ Vim. 

' • •• ■ 1 i-'.V l 


persistence, Salaam, still 

rushed for 134 yards and a six-yard 
touchdown. But Stewart managed only 
24 yards on 14 carries and completed 
only 12 of 28 passes w hil e being sacked 
three times. He has failed to defeat Ne- 
braska in three seasons as Colorado's 
starting quarterback. 

For a day, or until another habitual 
defeat in the Orange BowL, Nebraska 
showed a legion of doubters that it could 
win a big game — after having lost its 
last 12 against opponents ranked in the 
top five. 

The Cornhuskers have noticeable 
flaws — the forward pass is still more a 
concept than a reality unless used in 
surprise — but they are atop the Big 
Eight and will now make a claim to the 
Orange Bowl and a shot at an elusive 
national championship. 

"A lot of people put us down, didn't 
think we could do it,” Peter said. “I 
think there are a few great teams out 
there. I definitely think we rank up 
there.” 

Bill McCartney, Colorado's coach, 
said, “Nebraska is the best team we’ve 
played to date, and I don’t see any 
reason they shouldn’t be No. 1.” 

If it doesn’t have the best team in the 
country, Nebraska surely must have the 
most ravenous offensive line, which in- 
cludes the Outland Trophy candidate 
Zach Wiegert at right tackle. 

The Cornhuskers used two tight ends 
while Colorado put up feeble resistance 
with only three defensive linemen. Full- 
back Cory Schlesmger ran 14 yards un- 
touched for Nebraska’s first touchdown, 
then lumbered for 29 yards to kickstart 
the next drive, which gave the Com- 
huskers a 10-0 lead on a 24-yard field 
goal by Tom Sieler nine minutes into the 
second quarter. 



Montana’s Turnovers 
Cost Chiefs in Buffalo 


C(S| Hcutt/The Auoaaicd Press 

Penn State tailback Ki-Jana Carter, racing for a 37-yard touchdown, 
sewed four times and rushed for 137 yards against Ohio State. 


The Associated Press 

Bruce Smith still knows how 
to give Joe Montana headaches. 
And the Buffalo Bills still know- 
how to win big games. 

Smith forced an interception 
and recovered one of Mon- 
tana’s two fumbles Sunday, 
while Jim Kelly threw four 
touchdown passes to lead the 
Bills past the Kansas City 
Chiefs, 44-10, in Orchard Park, 
New York. 

It was a replay of last year's 
AFC Championship game, 
when Smith helped knock out 
Montana with a concussion ear- 
ly in the second half and Buffa- 
lo won, 30-13, to earn its fourth 
consecutive Super Bowl berth. 

This time Montana wasn’t in- 
jured, just ineffective. 

* He completed 12 of 21 passes 
for 124 yards and was sacked 
three times before being relieved 
in the third quarter by Sieve 
Bono. Montana had three turn- 
overs that led to 17 Buffalo 
points — including a fumble and 
an interception in the last two 
minutes of the first half to turn a 
21-7 game into a 31-7 rouL 

The Bills (5-3) came out of 
their bye week intent on malting 
amends for an embarrassing 
loss to Indianapolis and prov- 
ing they are still the team to 
bail in' the AFC. Kansas City 
(5-3) hoped a healthy Montana 
would be the difference against 
the team that has knocked them 
out of the playoffs two of the 
past three years. 

Instead, the Chiefs suffered 
their worst loss in years. 

Andre Reed caught five 
passes for 106 yards and two 


touchdowns, and Pete Metze- 
laars also had two touchdowns 
for Buffalo. Kelly completed 14 
of 22 passes for 184 yards and 
the Buis forced five turnovers 

NO FOOTBALL 

while giving away none for the 
first time all year. 

Smith had seven hurries, six 
tackles and one sack in addition 
to the fumble recovery and 
forced fumble. 

Eagles 31, Redskins 29: Phil- 
adelphia forced Washington’s 
Gus Frerotte into three turn- 
overs, convening two into 
scores, and Randall Cunning- 
ham moved Philadelphia 63 
yards to Eddie Murray’s 30- 
yard field goal with 19 seconds 
left, giving the Eagles a come- 
back victory over the Redskins. 

Cunningham completed 9 of 
17 passes for a mere 60 yards in 
the first half, which ended with 
Washington ahead, 17-7. The 
10-year veteran turned it 
around after that, directing 
three long scoring drives to lead 
Philadelphia (6-2) to its fifth 
straight win against the Red- 
skins (2-7). 

Washington is 0-5 at home 
this season and has lost 12 
straight against the NFC East. 

Cowboys 23, Bengals 20: Cin- 
cinnati's Jeff Blake nearly 
turned his first NFL start into 
one of the league's biggest up- 
sets, but the two-time Super 
Bowl champions regrouped be- 
hind Troy Aikman and played 
well enough to grind out a vic- 
tory on the 


Blake stunned Dallas with a 
pair of long touchdown passes 
for a 14-0 lead. But Aikman 
shook off another blow to the 
head just one week after sus- 
taining a concussion and threw 
a pair of first-half touchdown 
passes. Chris fioniol kicked 
three second-half field goals to 
give P allas (7-1) its seventh 
straight road win, matching the 
club record. 

The matchup between the 
NFL’s best and worst wasn't 
the mismatch everyone expect- 
ed, thanks to a surprising debut 
by the Bengals' third-string 
quarterback. 

Blake, a third-year pro forced 
to start because of injuries to 
David Klingter and Don Hol- 
las, threw for 247 yards and 
caught the league’s best defense 
flat-footed twice. 

Aikman completed 20 of 33 
passes for 272 yards and one 
interception. Emmitt Smith 
rushed for 92 yards on 25 car- 
ries behind a banged-up offen- 
sive line missing Fro Bow! tack- 
le Erik Williams. 

Lions 28, Giants 25: In East 
Rutherford, New Jersey, Jason 
Hanson kicked a 24-yard field 
goal with 8:17 left in overtime 
after Barry Sanders made a 
great individual play to keep 
the drive alive and Detroit 
banded the Giants (3-5) their 
fifth straight loss. 

Sanders, who rushed for 146 
yards and became the NFL’s 
first 1,000-yard rusher this sea- 
son, broke two tackles in gain- 
ing 9 yards on a swing pass on a 
third- and-9 from the Lions’ 25. 


Penn St. Convinces Ohio St, 63-14 


; By William C. Rhoden 

imi e-s'-', New York Times Service 

•V STATE COLLEGE, Penn- 

i-- v- i Sjl ^a^foania — In the world of col- 
• : nii rankings, where api 

ances are often everything, 
looks can be deceiving. 

. For Penn State, a decisive 
victory might have assured its 
spot in the weekly football 
and the Nittany Lions 


: rt: Vr- 


•■mu 


It was a pivotal game for Penn 
State (7-0, 4-0), winch is close to 
achieving its goal of winning its 
first Big 10 championship and a 
trip to the Rose Bowl Ohio State 


■ .1 *s?5 

k-c/ 

rsarctu 

f'leiu* 

I rn 

• ■ twcer-ei 


'allowed through by pulveriz- 
ing Ohio State, 63-14, before a 
homecoming-day crowd of 
*.079. 

' r 1 "** But despite the victory, Penn 
State dropped to No. 2 in the 
~J''~ r Associated Press poll. The Nit- 
tany lions remained atop the 
CNN-USA Today coaches' 
poO, the AP reported. 

. The Nittany Lions, led by a 
quarterback who couldn’t be 
stopped and a tailback who 
wouldn't be tackled, handed 
Ohio Stale one of its 


■-.-w -ret 
SAJI'S 


: c:.c< 1 




,-.-..UGC 

• — .v.-J'fflH* 

■ V.r’. 

” losses of the century. Am 

Fletcher’s touchdown with 


-t: 


hmmtes 31 seconds left to play 
vorst 
they 


To n»b*crib« injt® 1 


gave the Buckeyes their worst 
defeat since 1902, when 
lost to Michigan, 86-0. 

Kerry Coflms, the nation’s 




ic tailback, scored 
■^ touchdowns and rushed for 
137 yards on 19 carries. 

The victory extended Penn 
State’s unbeaten streak to 12 
games. 

“Fm as surprised as any- 
body,” Joe Patemo, the coach 
of Penn State, said. “It was just 
one of those days. We had a 
great week of practice and 
played a great game.” 


COLLEGE FOOTBALL 

(6-3, 3-2) may be in second place 
in the conference, but it was as 
far from the Nittany lions as 
Jupiter is from Mars. 

-Carter had the first of his 
three first-half touchdowns in 
the first quarter when he sawed 
on a 20-yard run with 10 minutes 
49 seconds left in the period. 

It became 14-0 in the second 
quarter when Carter circled left 
end far a 1-yard touchdown. 
Then it was 21-0, with Collins 
hitting Bobby Ingram for a 15- 
yard touchdown. 

On Penn State’s next posses- 
sion, Ingram made a one-hand- 
ed catch as he was falling to the 
ground at the Ohio State 36- 
yard line. On the next play. Car- 
ter exploded up the middle for a 
touchdown and it was 28-0. 

On the Buckeyes’ next pos- 
session, quarterback Bobby 
Hoying^ pass was intercepted 
by Brian Miller. Five players 
later, Collins fired a pass to 
Mike Archie, whose diving 
catch for a five-yard touchdown 
put Penn State ahead, 35-0. 

As the Ohio State comerback 
Marion Keraer said later, “It 
was absolutely embarrassing.” 

In other top 25 games. The 
Associated Press reported. : 

No. 4 Auburn 31, Arkansas 
14: At Auburn, Alabama, Stc- 
Davis ran for a career- 
246 yards and scared three 


touchdowns in the fourth quar- 
ter as the Tigers won their 19th 
straight game. 

Auburn trailed, 14-10, enter- 
ing the fourth quarter before 
Davis scored on runs of 1, 24 
and S3 yards. 

No. 5 Florida 52, Georgia 14: 
At Gainesville, Florida, Darren 
Hambrick made a dazzling, 81- 
yard interception return for a 
touchdown on the final play of 
the first half, highlighting Flori- 
da’s victory. 

The Gators’ defense scored 
three times — twice on inter- 
ceptions and once on a fumble 
return. EricZeier was intercept- 
ed a career-high four times for 
Georgia. 

Now 6 Miami 24, No. 13 Vir- 
Tech 3: At Miami, middle 
lebackcx Ray Lewis made 17 
tackles, intercepted a pass and 
broke up four others as the Hur- 
ricanes shut down Virginia Tech. 

Mi ami forced three turn- 
overs, had six sacks and held 
Virginia Tech to minus- 14 
yards rushing. 

No. 7 Texas A&M 21, South- 
ern Methodist 21: At San Anto- 
nio, Texas A&M lost its perfect 
season when Kyle Bryant’s 67- 
yard field goal attempt fell 
short with one second left. 

The Aggies had went 26 in a 
row in the Southwest Confer- 
ence. SMU led, 14-0, at half- 
time, then missed a chance to 
win when Ben Crosland’s 43- 
yard field goal attempt went 
wide in the final 30 seconds. 

No. 9 Florida State 59, No. 16 
Duke 20: At Tallahassee, Flori- 
da, Danny KaneD passed for 
225 yards during a 32-point sec- 
ond quarter as the Semin oles 


routed previously unbeaten 
Duke for their record 22nd 
straight Atlantic Coast Confer- 
ence victory. 

Kez McCorvey caught 10 
passes for 207 yards for the 
Seminoles. Robert Baldwin ran 
for 96 yards and broke the 
1,000-yard mark for Duke. 

Wisconsin 31, No. 10 Michi- 
gan 19: Darrell Bevdl threw 
three touchdown passes and 
Wisconsin won at Ann Arbor, 
Michigan for the first time since 
1962. 

Brent Moss came back from 
a two-game absence and ran for 
106 yards for Wisconsin. Ty- 
rone Wheatley ran for 132 
yards for Michigan. 

Oregon 10, No. 11 Arizona 9: 
At Eugene, Oregon. Danny 
O’Neil threw a 15-yard pass to 
Josh Wilcox early in the fourth 
quarter for the game’s only 
touchdown as Oregon surprised 
Arizona. 

Oregon remained in the pic- 
ture for its first Rose Bowl 
berth since 1957. The Ducks, 
who upset Washington last 
week, overcame a 9-0 halftime 
deficit. 

Texas Tech 33, No. 19 Texas 
9: At Lubbock, Texas, fresh- 
man Zebbie Lethridge threw for 
three touchdowns as the Red 
Raiders preserved their shot at 
the Cotton BowL 

Arizona State 36, No. 20 
Brigham Young 15: At Provo, 
Utah, Jake Plummer threw for a 
career-high 327 yards and three 
touchdowns as the Sun Devils 
spoiled BYU's homecoming. 

Arizona led, 23-0, at half- 
time. BYU hurt itself early with 
an interception and two fum- 
bles by tight end I tula MilL 


INTERNATIONAL CLASSIFIED 


PERSONALS 


THANK YOU ST. JUDE cmd Sewed 
Heart of Jam for prayers arawrred. 
RJE. 


MOVING 


MIT 

M0VMC 




CROSSWORD 


ACROSS 

l Church seat 
A Advantage 


a Ons way to 
enlarge a family 
is Essayist Wiesei 
19 Protecting rock 


i 


ADELELA2RUNES 


y 


* 



ia -Casablanca " 
star, inlormailv 

iTOrg- 

18 HaUoween imps 

20 Retained 

21 Jupiter's mother 

22 Keanu of "Speed" 

23 Map lines: Abbr. 

29 Super joke 
28 Listened 
28 C tuckers 

28 River ofW.W. I 

30 Vampire's tooth 

31 Oxford, e.g. 

38 Halloween 

visitors 
38 Graf 

38 wedding 
shower? 

40 French lopper 

41 Alternative to 

charge 

42 Luges 

43 Freshen, in away 
48 Mimic 

<t Place side by 

side 

4t Evergreen 
« First of all 
Ss Halloween late 

w Stare 

open-mouthed 
se Equestrian 

57 City south of 
Moscow 

58 Gaelic 

58 Gland: Prefix 
go Small whirlpool 
si Court divider 

DOWN 

t High spot 

2 Otherwise 

s Tun 

4 Repeated 
s Throat-soothing 
candies 


6 Chatters 

7 Sunny-side-up 
item 

aTop nun 

8 Measures {out! 

10 Architectural 
arch 

11 Mo per 

12 Hardy girl 
14 Captivate 
is Juice source 

24 Long journey 

25 Style 

28 Complain 

27 Great Lake 

28 Concoct 

28 McKinley and 
others: Abbr. 

30 Wiry rug fabric 

31 Cheapest 
accommoda- 
tions 

32 Roundup group 

33 Raw metals 

34 N Y. winter time 
38 Declaims 

37 Competent 

41 Cuba's Fidel 

42 With 
nimN&ness 

43 Garden insect 

44 Lyric poem 

45 1953 American 
League m v.r 
A! 

4« Broadcast 

47 Taj Mahal 
she 

48 Tennessee 
Ernie — 

so Mend 

St Church recess 
52 Encounter 
M Stocking's end 


1 


3 

■ 

i3“ 



TT 

T7_ 




s 







A.G.S. PACTS 
IA.G.S. BRUS5QS 

ags. genii ■ 
Iags.^m 
AO S-M 

AOS- PRAGUE! 
A.GS. WAtSAl 


0 


INTERDEAN 

KirmAiiaMi 


KX A FME ESTIMATE GUI 

PAHS (11 39201400 


ANNOUNCEMENTS 


Attention visitors 
from the U.S. ! 



If you enjoy reading the IHT 
when you travel, why not 
dso get it ot home ? 
Same-day detvery available 
in key U.S. cities. 

04 m 800 882 2884 

[h ftowYrt ad 212 752 3890) 

RrnUb^SEribuiic 


ALCOHOLICS ANONYMOUS Endish 
spedbng meetnqs daJ». Tel PASS 
HI 46 34 59 £. ROME 678 (Q20. 
FRANKtilRT 5974265. 

FLATOTEL 

BFFB. TOWfit CMT 

EXPO PO«E DE VBSAJUB 

From stuckca ta five-room de km. 
Daly, weekly or monthly. 

TeL- (33-11 45 75 6220 
tac [33-1] 45 79 73 30 

MLASCHON. The oral refined of dl 
ties, n ZURICH exdusvriy ot - 
WBNKSG*! - leackno men's sloe - 
UBdmhoF*. 01-21 50 

REAL ESTATE 
SERVICES 

YOUR HOME IN PARS 

INTER URB5 

Umjry rentals & sdes 

31 rue de Monceou, tarn 751908 

Tefc (1) 45 63 1777 

CORE (Cocdmi Retauwi sB apart- 
merns and has for sde ana rent m 
Mian and suncuuSiig ubute Coma; 
Moma. Arete. Varese, Mono ?. Mi- 
lano 3 We wfl dso assist joo m 
cuttoig iteough red tape to secure 
HoBan feed code, permesso d so- 
gtporno, 'eadence permit, driven S- 
cence conuenion. etc. Tel 39-2 
29512793 

171s. WAORAM - MA1ESHHBE5. 
Superb and very degont 200 wjm, 
laoe fotag. k*ge dang, 4 bedrooms, 
2/3 badiroora. quel & bngte. Peek- 
re F15.D0a Tefc (11 47 23 W 84. 

REAL ESTATE 

FOR SALE 

BOULOGNE 3-roam aputmai: F8400 
+ charges. SEVRB, 5-room house: 
F9.400 + choraeL Owrrer 1-4BZS7714 

PARIS & SUBURBS 

BOULOGNE BOB 

House, eniirety renavend, 6 towns, 

2 bahrooms, fitted basemenf. wmter 
garden, veranda, garage. 2£0 iqjn. 
gordera F7M. Ownet Tefl -46 05 05 4S 

71 CHAMPS B.YSB5 ituko. newly 
fomshed. elegoni, sunny, coke, hah 
cetera F6.wfflrt 140 #0 OB 11 



REAL ESTATE 

TO RENT/SHARE 


PARIS AREA FURNISHED 

AGEhKX CHAMPS BLYSBES 

ipcodfib fl funwhed oporfmente, 
rcsdwtd □real, 3 norths o&d noic. 

Tel: (1) 42 25 32 25 

fa |1) 45 63 37 09 

REAL ESTATE 
WANTED/EXCHANGE 

I’M LOOKING FOR HOUSE 

M BOCA RATON, TO BUY 

2 bedrooms, 2 bahrooms, kitchen with 
fen*(y roam + faun, garage fatle 
gaden. Me pool Nrer cfennel, no 
condo. PonWrty bdk prom Reply Ban 
3746. LHT, 92521 NwSyCedv, France 

DEAL ACCOMODATION 
READY TO MOVE-SI 

From ductoto 5 bedrooms 
- TOP OUMJTY - ersefr earth xerpted 

De Qrcourt Assoaatos 

Td 1-47 53 80 13 Fire 45 51 75 77 

EMPLOYMENT 

DOMESTIC 

POSITIONS AVAILABLE 

CAPITA1E 6 PARTNERS 
Hondpidted queity apartmenti, 
aH sins. Paris and suburbs. 

Td 1-4614 821 1. Fa 1-4772 3096 

UVE-1N NANNY, BI-UNGUAL 
(Engtsh/Frendd for 3 young gnk 
praained foray hi Sana Arabia. 1 
year ram. Send educoMn/work/satary 
fvUory/exreflBn! references la Saua 
Arohra. Fax: 966-1-4654731 or write 
Bax 3763, LHT, 92521 Nealy Cede*, 
France. 


EGYPTIAN FAMILY bcatad n Caro 
urgmfly web ftrom quaffed Hauro 
keepar, fluent Enafah. goad refer- 
ral Send CV: XT B. AbMSojied. 
44 cue SnV Defer, 751 16 Para. 


EDUCATIONAL 
POSmONS AVAILABLE 


ENGLISH 1EAOBS, Mngval. expon- 
•nced, hAtena. Legal or firanod 
knowledge preferred, Ttd Cybeb 
langua - Para [tj 45415151 


AUTO RENTALS 


mr Rom Data auto 

WEBB©: FF 515 
9’EOAL OFFB • 7 DAYSc IF 1500 
PABSTH: (1)45 27 2704 


LEGAL SERVICES 


WOKE BY MAX M TWO WBBB. 

aoonwv megrer wih or wrihwrt con- 
sent Tefc 3&-id5914?. Fax 357-4- 
fflUPfl, FOB 2874 Larnaca, Cyprus, 


DIVOKCE FAST - 

Certified by US. enbaay. 
m «6Mi»S USA 


LOW COST FLIGHTS 


ACCESS VOYAGES 

THE BEST FARES TO 
THE UMTH) STATES 

and aw 500 more demndwni world 
vnde on 40 dWererf xheduW cotnan 

Tefc PAMS 1-40 13 02 02 or 42 31 46 94 
Im 1-42 21 44 20 
MfNfTEL 3615 ACCESSVOYAGE5 
TifclYON 78 63 67 77 or 72 56 15 95 

BOOK NOW by fhooe with ere* card 
Government Licence: 175111 


W0HJ0 AVIATION • SCHBXAfl) 
FUGHli lM. burns, economy at 
kmoa tares, Tel FT Pam 11147551313 


EDUCATION 


RBICH MADE EASY (tan 5»i Snd 
conmuncaftcn ddh, 4J<r /wt 
1-43296106 Id lesan taw. 


groum, con 
Ft .000 Ana. 


*71 4 V wnaraitimiM m* . < 

ilcmlo^s^enbimr. 

PLANNING TO RUN A CLASSIFIED AD? 

Place your Ad quiddy and easily, contact your 
nearest EHT office or representative with your text. 
You wiH be informed of ihe cost immediately, and 
once payment is made your ad will appear wilhin 
48 hours. AH major Credit Cords Accepted. 


EUROPE 


FRANCE hOt fern. 

Tel (1)463793 B5, 
hoc |U 46 37 93 70 

GERMANY, AUSTOA& CENTRAL 
MOf&FiariUjrL 
W.PWI7267 55 
Fa* tm7273 10 

5VMTZE8IAND: Mv. 

7283021 


W.t 

Fro: j 


II 728 i. .. 
Ill 728 30 PI 


IN1EDHNGPOM: landan, 
Tel {071 IB36 4802 
Terex 267009. 

Fac {071} 240 2254. 


NORTH AMERICA 

NEW YORK: 

TJ 12121 752 3890 
Tel fee (SCO) 5727212 
telex 427175 
Fat I2I2J755-B7B5 

ASA/PAanC 

HONGKONG; 

M. |852) <72221188 
Telex 61170 MTHX 
Fra (852)92271190 
SMGAFORE: 

TJ 223 6478 
Fn. 165)2241566 
TJex 28749 JHISN 


BUSINESS MESSAGE CENTER 


Push by Sidney L. Robbing 

© New York Times/Edited by Vffll Shorts. 
Solution to Puzzle erf Oct. 28 


EamnsaiiHa 
n □ hq □ naan sana 
snnnssscaaaaancisi 
Han 0QQSS saa 
□□saia oaaa ansa 
SEES ssnsss 

d □□ 00 n □ aos □ a 
□00 onnscia0 oss 
annaanasanaQ 

□□□□00 S0E2H 

HQOS 0QE3O 0SQ00 

00Q 0Q000 00Q 

HBoaaflaasatanHila 
HaaHanaBQanoa 
HaasaaosM 


HEADERS ARE ADVBB) 

that the fatanwHend 


hmid impontddm for Into or 

d fa mi egu ktconad «■ a ra- 



tth fl ereta 


moJ- 


edthjt 

prophet 

m metm g any money or mo- 


BUSINESS SERVICES 


Save on 
International 
Phone Calls 

Sme 50S mi wra compared 
to lacd pfafle companies. 
Cofl taw home, office, cor- 
twfl hotdt (and ovorci 
jurehorgej). CKeckour roes 
for any counfeMs retd sh how 
you am slot smng today. 

Caff us now and well 
Cal you right bade! 

Td 1-206-284-8600 
Fax 1-206-282-6666 

lutes ogee 24 hoot. 



kallback 


419 Second AMtme Wed 
Scottio, WA 98119 USA 


Inrodudory Offtr 

50 U.S. CENTS 
PER MINUTE 

AT&T Network 
Worldwide • Anytime 

Service fleuweiihiti** Lme* 
gperi24 hre. a doyt 

Ow Customers 

Con6noaRy Enjoy 
Discounts of 15% to 50% 
On AB Caffs 

US TB-- 1407-253-5454 Ext.13! 
Ui. FAX; 1-407-253-6130 

AGENTS WELCOME 

COVOfiATE 

RIANS 

AVAILABLE 


OFFSHORE COMPANB 

• 7S0 READY MADE CGMPANE5 
■ BANK INTRODUOX366 

• ACCOUNTING. LEGAL & ADMN 

• ICi AND TRADE DOCUMS'ITATON 

• TELEPHONE & WUL FORWARDING 

T elep hone ot tax tar nwnettale iernce 
and 100 page oaioiir brochure 

OCRA ASM LIMITS) 

24-02 Bank ot America Tower 
Har court Road, Hang Kong 
Tet +852 S220T72 
Fac +852 5211190 


IRISH NON-RESIDGNT 
COMPANB £195 

Ided Ktr-ovorionce w*id» 

low profiJe, toi hew & European. Sun- 
aWo for iradng, coaohaKy & ether 
adiMitt. For lemdate lervka contact 

rw n PmOR/i uwoofi 
Cernnawy Swvkee, 58 Htprlfax 

[ Jam, Dofafin x Nnd. 

' M +353 T 661 8490 fac 6618493 


FOR SAUL A betted compony xrop 
rated under fte Tta Corportfe Ad, 
mb hundred percent foreign owner- 
ship with a toenu hating unbared 
odMtjes. Pr ewriy eflflpged m mono- 
fodureig or exportng kmoi and dii- 
dreni tashoa wear lor European and 

Nfiddfo Bad markets. Shuceed m lire 

center of Bangkok Gty. No kabSkes. 
Contod a farff P663 8»5 3215. 


OASS A BANK in la free venue with 

adnerestratm services, end esSabkshed 

and Mgjnties occo u ml US 

transfer. Cal 


Co-ado f*M 9494169 or Fax I 

942-3179 or leodan 071 394 515 
FAX 071 231 9m 


OFFSHORE CONPANE5: JPO. 1/5 

Chech StreeADouglas, tie of Me m. 
Tefc W628 62W9 FSbI06M 62966Z 

HONGKONG CO, S5SS. Annual cost 
$429. SR Lid. 701, 35 Oueon'i ' 

ML 


CAPITAL AVAILABLE 


SOON. US. I Mofoourne, FL 32935 


tSUMC MM0NG THAWING 
gromoc cond u cted w M 
6&20? 4340 Fax 603 201 


ft 


BUSINESS TRAVEL 


ld/Bseinen dan Frequent Travellers 
ta Ofeni/Ausnfb/AfnCD/NDL & 5a 
America. Saw up la SOIL No cou- 
pons, no reilnchen}. kronol Canada 
Tet 514-341-7227 Fax 5T4-J41 7998. 


BUSINESS 

OPPORTUNTIIES 


OFFSHORE COMFANKS. For Free 
brodreie or advice Tefc Londcn 
44 81 74| 1224 Few 44 St 748 6SS8 


AVAILABLE CAPITAL 

Sources of ttptef avadabte tar 
u i ve s tmen ts woruwide. Beal owe, 
business start ups or refinance. No front 
fees, Our foes are earned bored jJncHy 
on performance. 

Long terms - bed rates - broker fees 
pod and protected. 

Fro jw proposal wnmoty ta 
F<r Eod fcrv e rtrn ent Group, lac 
Ulm n nerec M D rer ortm u l 
Feoc (507] 63-5005 [Pnane). 


OFFSHORE COMPANB 
■ Free enrauipkanr 

* Wbrlawde Koporatene 

* hniedde owfcMty 

* ft< ccnfide rtd retreeg 

* London represmowe 

* fill adranandion sennees 

ASTON CORPORATE TRUSTEES LTD 


FUNDS AVA0ABIE 

FOR 

ALLSLSIhCSS PROJECTS 

OR FOR 

IfTTSS OFOKDfT 

BANK GUARANTY 
OTHE8 ACOfTABLE COUAIBM. 

Broker's cotnruasion guaranteed 

M e eei eunMJ.PJU.6Ge 

FHANOAI NSTITUnON 

BrareeJe - BBG0JII 

Motmahon by tax 32-2-534 02 77 
or 32-2-538 47 91 
IBEX.- 30277 


FUNDS AVAILABLE 
AGAINST 


' Letters of Oadt 
» Bank OUgahm 
» Othe* AcobokM* GoHeteial 
► Boded b» Prrvote tnvsion 

THRU MAJOR MR BANKS 


C0j» 

UA (714) 757-1070 lire 757-1270, 


FINANCIAL SERVICES 


PRIME BANK 
GUARANTEE 

Vretwe CapU Busnere feunce 
Red Edate long Term Finance 
and FinonewT GuanmOe es 

ufluinum um rynowi 
Broken Prorecied 


. jTATWE 

Needed to act CS Urban form 
in the procesung of those 


Pteare reply « EncMi 
VENTURE CARM OOfBUUANIS 
brveehneat lonigen 
16311 Ventero MM., State 999 

Endno. CdMemie 91436 U6JL 

Tefoec 651355 Venom ISA 
" ' 119W-T6 


Falk ftl <1905-1 M 
Tel: (118] 7R9JM22 


691 


SERVICED OFFICES 


Your Office in Goraxny 

we ae "■ your service' 1 

• CongMo office lavas ai hro 
prestige addresses. 

> Fuljr eguipped offices for dan 
term or long term, 

• tnurncMMurey timed office 

ond prefosreitu) staff ot knit 

depwoL 

i Gan be legriy ured a vout 
corporate doeealo for Gernwiy/ 
□rape. 

' Your bonnes operation eon start 
rnrexfictely. 

1 Snce 1W2 

labn Bestaen Services GmbH 
farero-Hare am Hotehouwnpark 
Tudnastrasu 22. 

60S2 Fioddwt are Main 
Germonr. 

Td:M2455» 
fex-P 595770 


YOUR OfflCE M LONDON 

Bond Street See it ond ypuY take Hf 
Tefc 44 71 499 9192 Fa* 71 49? 7517 






















Page 20 


INTERNATIONAL HERALD TRIBUTE, MONDAY. OCTOBER 31, 1994 


LANGUAGE 


On the Edge Is Where It 9 s At 


By William Safire 
\\7ASHINGT0N — Eliza- 

T V beth Drew’s new, highly in- 
adery book about the Clinton 
presdency is titled “On the 
edge," from a quote attributed 
to a close friend of the Clintons: 

Bill has always been someone 
who has lived on the edge, politi- 
cally and personally ” The re- 
porter treats it to mean “in the 
aura of danger/' 

On the edge is where it's at, 
metaphorically speaking. A 
blurb for Mark Olshaker’s new 
novel, “The Edge,” reads: “a 
thriller that stretches the limits 
of the genre and takes readers 
to the terrifying edge of human 
behavior and medical science.” 

Edge — from the Middle Eng- 
lish egge, based on the Old Eng- 
lish ecg, meaning “comer, point” 
— came to mean “border, mar- 
gin, rim,” a place that lends itself 
to a pyrotechnic display of meta- 
phors. What, for example, does 
on the edge mean? 

One sense is “at the dividing 
line” as on the cutting edge of a 
blade; the lexicographer Anne 
Soukh&nov traces it to the 1718 
Alexander Pope translation of 
Homo's “Iliad,” where each 
Greek “stands on the sharpest 
edge of death or life.” W. Somer- 
set Maugham used this sense in 
his 1944 title “The Razor's 
Edge.” 

Another sense is “poised, 
ready,” as to be on the edge of a 
major decision; an 1884 biogra- 
phy of Francis Bacon recounts: 
“He was now on Lhe very edge 
of losing his office,” a position 
familiar to many current candi- 
dates. This is more frequently 
expressed as on the verge of. 

Yet another sense is “about 
to go crazy” or. in more clinical 
terns, “bordering on mental in- 
stability” or “losing control." 
The King James version of Jere- 
miah says: “The fathers have 
eaten a sour grape, and the chil- 
dren’s teeth are set on edge.” 
Since 1837, edgy has been syn- 
onymous with “testy, ini table"; 
the closer we get to the edge, the 


more nervous the meaning. 
Time magazine last month ti- 
tled an article about cops who 
Committed suicide “Officers on 
the Edge/’ This usage is related 
to over the edge, which since 
1929 has meant “insane/* 

Now we come to the sense of 
on tke edge taking over at the 
moment: “in a precarious posi- 
tion/' calling to mind standing 
on the edge of a precipice. That’s 
Drew's “aura of danger." In a 
1985 novel, Nelson DeMille 
wrote of “lhe excitement of com- 
bat, of living on the edge.” 

To live on the edge, in its latest 
meaning, is to court danger, to 
experience the thrilling state of 
always nearly getting caughL 

□ 

“She glues her swimsuit to 
her butt," Roxanne Roberts 
wrote is The Washington Post 
about a contestant in the Miss 
America pageant 

“Purposeful debasement of 
the language,” a Post reader ob- 
jected. "Buu used this way is 
gutter language,” Thomas 
Parker Jr. continued, “. . . not 
acceptable in polite conversa- 
tion. 

Another reader, Donald F. 
McEwan, countered: “This 
commonplace and inoffensive 
word is not identified as a vul- 
gar usage in Webster’s New 
World,” adding that the dictio- 
nary includes “a synonym for 
butt that I imagine Parker 
would be even less pleased to 
see in print.” 

Butt is a clip of buttock, a 
Standard English word rooted 
in German for the fleshy back 
of the hip on which a person 
sits, as acceptable in polite 
modern discourse as foot or pe- 
nis. The slang expression to kick 
butt is also inoffensive to most 
people, and butt-head long ago 
lost its taboo. 

Bun-head uses the verb butt 
based on a Germanic verb for 
“to thrust or beat,” and the 
noun, with a lowercase h, names 
one of MTYs cartoon charac- 
ters “Beavis and Butt-head.” A 


recent federal district court deci- 
sion in California tossed out a 
libel suit by the astronomer Carl 
Sagan on the use of the word. 
He’d sued Apple Computer after 
insisting that Apple stop using 
Carl Sagan as the code name on 
its persona! computer; the com- 
pany complied, changing the 
code name to Butt-Head Astron- 
omer. In dismissing the case. 
Judge Lourdes G. Baird wrote: 
“One does not seriously attack 
the expertise of a scientist using 
the undefined phrase butt-head ” 

As McEwan suggests, butt is 
a euphemism for ass, a word not 
permitted in The New York 
limes unless referring to a don- 
key. Editors have lifted this re- 
striction when quoting presi- 
dents, as in some usages on the 
Nixon tapes and In George 
Bush's remark (intended to be 
private) after a debate that he 
“really kicked ass." 

Horses are the genus equus: a 
donkey is an equus asinus. 
source of as? and the adjective 
asinine. In “The law is a ass,” 
Charles Dickens was using the 
sense of “donkey,” an animal 
that is thought to be dull-wit- 
ted. 

The other ass, the absence of 
which is not a major loss to any 
medium, is a variant of a differ- 
ent etymon, arse; the r was 
dropped in common usage, just 
as parcel became passel and 
curse became cuss. 

Though the vulgarism is in 
frequent street use, and is over- 
used by screenwriters in a reach 
for realism, it retains some ta- 
boo; hence, the use of a euphe- 
mism by President Reagan in 
“I've had it up to my keister ” 
(reportedly a Yiddistiism for a 
collapsible display case used by 
con men, sometimes sat or fall- 
en upon); the choice of “cover 
your rear eruf' to define C.l’^4. 
by senators; the recent popular- 
ity of the word buns in fashion 
magazines, and the inclination 
of some editors to seize upon 
the word butt. 

New York Tima Service 


Gemologist Focuses 
On the Spiritual 


By Andrew Ranard 

B ANGKOK — The luster in Rich- 
ard Brown's eyes invites compari- 
sons to the flawless rubies, pearls, em- 
eralds and diamonds he deals in at his 
shop in Bangkok, Astral Gemstone 
Talismans. He has a crewcut and car- 
ries himself with military bearing. His 
sport shirt is buttoned at the top, and 
when he stands for a photograph, his 
back is ramrod straight and his hands 
folded in front with Asian propriety. 

Conversation with him enters into 
the perilous realm of conversion. “I 


Tastemakers 


An occasional series 
about people for whom 
style is a way of life 


OJ 


am a humble servant of the Vedas," he 
says, referring to the ancient Sanskrit 
scriptures. 

Brown reads, writes and speaks 
Sanskrit, as well as Hindi, and can 
speak Bengali and Thai He picked up 
his Sanskrit during a seven-year hiatus 
at a monastery in Vrindavan. India. 

So how did this ardent student of 
religious scriptures become a gem 
dealer and jewelry designer in Thai- 
land? 

What's more, he's no ordinary gem- 
ologist. His work has sparked wide 
interest in gem-industry circles, and 
he counts among his clients Thai mov- 
ie stars and the queen of Thailand, 
who accepted a nine-piece set as a 
gift. 

Krit Ratanarak, president of the 
Bank of Ayudhaya, one of the richest 
men in Thailand, is a business partner. 

Brown, a Californian, was raised in 
an army family and was also a minor 
rock star in London with a band 
called The Misunderstood during Lhe 
late '60s. When the other members of 
his American band were drafted, he 
left for the strawberry fields of India 
for religious instruction. 

Through reading the Vedas, where 
it is written that gems have sacred 
powers, he began his 19-year affair 


with gemolcgy, which resulted in ma- 
triculation from the Gemclogical In- 
stitute of America. 

Brown has carved out his niche in 
the gem business by dealing exclusive- 
ly in the 2 percent of gems on the 
market that are flawless, and claims 
thaL he is the only gem dealer in the 
world with this portfolio. 

Bangkok is an appropriate base for 
his business, as the belief that gems 
have spiritual properties is widespread 
throughout .Asia. 

Yet even most .Asian buyers settle 
for less than perfection. Brown says, 
pointing out a framed passage on the 
wall from the Jyotish Vedas, the "Sci- 
ence of Time"; “Pure, flawless gems 
have auspicious qualities which can 
protect one from demons, snake bites, 
poison, diseases, sinful reactions and 
other dangers, while flawed stones are 
evil and inauspicious.” 

Brown's marketing logic is rigorous, 
with sudden leaps. “Would you buy 
eye spectacles or a radio crystal which 
was imperfect? Yet when people buy 
stones they're willing to settle for de- 
fects. When stones have small defects 
in them, the life force in them is gone, 
like the body, when you die or after an 
accident. Flawless stones have souls.” 

When customers enter Brown's 
shop, he chooses stones for them 
based on Vedic astrological readings. 
The readings are done by computer, 
on a program that Brown created, 
according to date, time, place of birth 
and other planetary karma. 

The method is complex, but the 
novice can get a handle on it by refer- 
ring to day of birth. For those bom on 
Sundays, rubies are significant; for 
Mondays, it is pearls; Tuesday, coral; 
and so' on. 

Those who cannot afford precious 
stones can substitute less powerful 
secondary sicne* with their lyrically 
more exotic names — red spineL car- 
nelian. peridot. 

Brown’s religiosity camouflages his 
aesthetic drive/His jewelry designs — 
again done on computer — comprise 
about ISO different patterns, which 
include astrological configurations. 



\n. r-» t* ir-tto.' 


For Richard Brown, “flawless stones have souls. 


And because the stones are flawless 
and not bought in lots, no two stones 
are alike. Thus, the jeweliy must be 
designed around the shape of a stone, 
and each piece becomes unique. 

The pieces are dated and numbered 
(he has passed 1,200) in limited edi- 
tion, which he likens to Faberge’s jew- 
eled eggs. 

The average price of a piece is 
51,200, though some have sold for 
more than 530.000. Last year's sales 
were more than 5500.000. 

Brown's business acumen leads him 
back to the material world: “Mer- 
cedes-Benz didn't steal Toyota’s cus- 


tomers. Thev don’t compete. They 
have different customers. Compared 
to a Benz that will last 100 years, how 
about a gemstone that took millions of 
years to create? 

“I’m creating a whole new crop of 
customers who are interested in higher 
things. In other stores. 98 percent of 
the customers are women In my store 
50 percent are men and 50 percent are 
women." 

The effulgence in Brown's eyes is 
constant. One reaches for “the white 
radiance of eternity." 


Andre * r Ranard writes about culture 
and the arts in Asia 


\ 


WEATHER 


POSTCARD 


Forecast for Tuesday through Thursday, as provided by Accu-Weather. 



North America 

Washington. DC. through 
New York City will have ram 
and maybe wind Tuesday, 
then (fry weatner as Atlantic 
Canada turns stormy. The 
Great Lakes region win be 
chilly and mostly dry. Van- 
couver through Portland win 
have ram: some rain is Wvo- 
ly m San Francisco, 


Europe 

ChUy winds and showers will 
reach from Brussels and 
Amsterdam to Berlin and 
Copenhagen Tuesday fol- 
lowed by settled weather. 
Parts ot Sweden will be 
snowy. Much of Bus bme wil 
be rain -free from London la 
Parts. Windswept rains win 
begin by Thursday in Portu- 
gal end Spain. 


Asia 

Dry weather in Korea and 
western Japan wil be inter- 
rupted by showers Wednes- 
day. In Tokyo there mil be 
clouds and soma rain 
through midweek. In China. 
Bating through Shanghai wU 
be mainly dry. Warm, settled 
weather should hold in Hong 
Kong, Guangzhou. Bangkok 
and Manila. 


Europe 







High 

Low 

W 

High 

Low 

W 


OF 

C1F 


OF 

OF 


Algarvo 

22/71 

10.61 

pe 2271 

18*1 

1 

AiraMiOttm 

14/57 

11.52 

on 

12,53 

6/43 Ml 

Ankara 

19*6 

7/44 

pc 22/71 

7«4 

I 

AOians 

24/75 

14/57 


25/77 

17"52 

a 

Borttfcna 

23.73 

14/57 

s 

21/70 

16*1 

l 

Belgratta 

20/58 

11.52 

PC 24/75 

12. S3 

a 

Uaiun 

15/59 

9'48 


11/52 

6/41 

sn 

Brussels 

15/59 

10/50 

Ml 

1155 

7/44 

Mi 

Budapest 

20*8 

BMB 


22/71 

9/48 s 

Copenhagen 

11/52 

8/46 

Ml 

9/48 

S/41 

r 

Costa Da/ Sol 

23.73 

1U/K4 


2373 

17/62 

i 

Dutsan 

11/52 

4/39 


12/53 

5/41 


F*!UUI£L_ , 

•1/52 

9/48 

r 

11/52 

B-48 

sh 

F'oronce 

22/7n 12/53 


21/70 

13.55 

a 

FfanfcUl 

15/59 

‘-P/48 

ah 

1 3/55 

B/43 

Mi 

Geneva 

1S851 


pc 

14/57 

8/46 

Ml 

HetatnM 

8/43 

5/41 

Ml 

7.44 

4/39 

r 

tstarOxjJ 

21/70 

13/55 


23/73 

14/57 1 

LBS Potman 

23.73 

2D/BB 


24,75 

21-70 

1 

Lisbon 

21/70 

15/59 

PC 

19 m 

14/S7 1 

London 

14/57 

7 u* 

Ml 

14*7 

7/44 


Ma*M 

10/66 

3.-46 


21.70 

1050 


MBon 

33,68 

11.52 

PC 

18-54 

12-53 

Ml 

Moscow 

7/44 

4.39 

sh 

9/48 

4/39 

r 

Mumcn 

15.59 

8/46 

on 

14.57 

8«3 

Ml 

Mice 

2271 

12/53 

B 

20*8 

1356 

Ml 

Oslo 

4/39 

032 

tn 

8/46 

2/36 

r 

Palma 

22/71 

16*1 

B 

19*6 

16*1 

1 

Pans 

ISfli 

10/50 

Ml 

16*1 

8/48 


Prague 

14/57 

8*6 

r 

14.-57 

6<*3 

r 


4/39 

235 

oh 

6.-43 

134 

Ml 

Bon» 

2271 

1050 

6 

2271 

13*5 

8 

SLfWwug 

1 6/43 

4,39 

I 

8-46 

4/33 

r 

SKWkPomi 

7.40 

4/39 

r 

7 «4 

2.35 

r 

Straotwg 

16111 

9/48 

sn 

14,57 

7/44 

ah 

Tafcui 

6/43 

5-41 

in 

7/44 

4/39 

r 

Vnwo 

21/70 

1253 

pc 

20*8 

13.5S 

PC 

Vienna 

19*6 

3.46 


16-59 

8/46 Mi 

Warsaw 

14,57 

9.48 

Ml 

14/57 

6,-43 

f 

Tu/Stl 

16*1 

9/46 

Eh 

14,57 

B-*6 

Ml 


Oceania 


Auettma 

1B-S4 

9 -48 pc 

16/64 7-44 pc 

Sidney 

26.79 

14.-57 pc 

24/75 10*0 Ml 


Middle East 


Today Tomorrow 

High Low W M0i Lo* W 
OF OF OF OF 

BeWJl 27.no 20*6 s 17180 21.70 t 

Cam 26.73 H.-57 pc 24.75 15/59 a 

Damascus 2475 12153 s 25177 11152 s 

JomsaKWi 2*75 16*1 > 25/77 16/59 * 

Luxor Z7.WS 14/57 pc 24/75 12 “53 ah 

FSy*» 30/86 15.59 pc 34*3 15*5 S 


Latin America 


Today Tomorrow 

High Low W High Low W 
OF Clt OF OF 

BiWWAIro 24.75 14/57 I 20«J 12/53 PC 

Caracas 29.B4 17*2 pc 29/8* 17*2 pc 

Una 19/68 10/81 PC 19/68 18*61 pc 

Mouse. C8y 23/73 10.50 Ml 23/73 10/50 pc 

ftodedwwo 31.00 19. OB pc J283 20/68 s 

Santfflgo 19/88 11.52 pc £3/73 11.52 pc 


Asia 


Today 


Tomorrow 



High 

Low 

W 

High 

Low 

W 


OF 

OF 


OF 

OF 


Bangkok 

32*9 

23 -n 


32/89 

24/75 

w 

Beijing 

17*2 

459 

3 

18*1 

2.-35 

PC 

1-ttrqKcrg 

26 / 7-9 

2271 


26/79 

22.71 


LUrua 

32 *9 

24.75 


31.-88 

24.75 


NewEWh, 

23*1 

16,81 

5 

32 .P 9 

14, 57 

a 

Seed 

17 .B 2 

4/33 

a 

13.-66 

7-44 


Snangtiai 

20 /SO 

8 48 

£ 

21 TO 

11.52 

s 

Singapore 

30 -ee 

2271 

PC 

30*6 

23,73 

Mi 

Tope/ 

= 4 .75 

17-62 

c 

2577 

19-66 

m 

Tokyo 

18*4 

n 52 

e 

18*4 

1355 

Mi 

Africa 

Algim 

24.75 

18-64 

s 

24.75 

18*4 

s 

Cape Town 

28 -B 2 

15*1 

s 

31 .BB 

1956 s 

CasatLvKfi 

2271 

18.54 

DC 

33.73 

54/57 

T 

Harare 

19 '86 

7-44 


23/73 

9/48 

s 

Lagoa 

29 , ft 4 

2373 

sh 

29.84 

24.75 

I 

riatrabi 

2577 

1457 


24 75 

13-56 

S.1 

Tuna 

24 .78 

14.57 

s 

2577 

1651 

» 

North America 

Anchorage 

6 43 

• 5-24 

, 

7 '44 

1/34 


Atlanta 

22 71 

1355 

c 

23/73 

9/48 


Bosron 

14*7 

11/52 

Ml 

16*1 

S .-48 

Mi 

Chicago 

11*2 

3/37 

sh 

10.50 

2 / 3 = 

fC 

Denver 

14*7 

■ 1.31 

s 

18*4 

1*4 


Dhudd 

13/55 

5/41 

t 

12.53 

3 W 

Mi 

HtnjlMu 

30*6 

24/75 

PC 

30/86 

24/75 

PC 

Houston 

28*2 

14-57 


20/79 

14/57 

PC 

L 03 Angelas 

28.-82 

14/57 

s 

26.79 

14.-57 


Atari* 

31*8 

23/73 

1 

30/86 

23/73 

PC 

Mkmeapoio, 

10,50 

• 2*9 

PC 

3/43 

- 1/31 


Momrear 

9/48 

- 7/31 


9/48 

■ 1/31 

Ml 

Nassau 

30 / S 3 

24 . 7 S 

PC 

31-88 

24/75 


New 7 lvk 

18*4 

12*3 

r 

17*2 

9 «a 

Ml 

Pnoeeo 

31*8 

16-61 

a 

31*8 

IS , "59 


San Fran 

30*0 

10.-50 

s 

20-58 

12/53 


9 *snm 

1152 

8/48 

r 

9-48 

4/33 

sh 

Torone. 

1050 

1/34 

p 

9/46 

0*2 

Ml 

Wa&Hngion 

18*6 

12/53 

Ml 

20*8 

8/46 

P= 


Legend; i- sunny, pc-panfy cloudy, c-ctoudy, eh-ehowais, t-thwdarwarms. r-ram. st-enow Aimes, 
srvsnow. t4ce. w-wantwr. A0 maps, fore cas ts end data provided by Accu-Wenher. Inc. 1994 


Restored to Its Original Glory, Budapest Theater Reopens* 


By Jane Perlez 

Sew Yo > a Tmua Sen ice 

B UDAPEST — The Vigszinhaz. the the- 
ater where playwright Ferenc Molnar 
rose to fame, has re-opened after a year- 
long, S20-million renovation that restored 
it to its original neo- Baroque glory. 

Gold bas-relief, plush boxes and glisten- 
ing chandeliers greeted the opening night 
audience, which came 10 see a rousing 
performance of a new work called "Let's 
Dance Together." 

During the Communist era, the hall fell 
upon hard times. Officially called the Hun- 
garian Popular .Army Theater, it was for 
decades a beacon of Stalinist social realism, 
with boxes that were far from plush, mili- 
tary motifs on the walls and lighting that 
consisted of bare bulbs, not chandeliers. 

The opening of the restored Vigszinhaz, 
popularly known as the Vig. which can be 
roughly translated as comedy, marked an- 
other step in the rebinh of Budapest Ele- 
gant buildings dating from the last decades 
of the Austro-Hungarian Empire but pock- 


marked by World War Ii bullets and cov- 
ered with black grime from Communist 
neglect, are being gutted and cleaned. 

The catalogue of renovated structures 
says something about the bourgeois society 
of Budapest in the ISSOs and 1890s, when 
building boomed and the arts flourished. 

Among the recently unveiled buildings 
is the central market place, renovated with 
porcelain roof tiles copied from those of 
the 1890s. On Liberty Square, the exterior 
of the stock exchange, formerly the largest 
in Central Europe and now housing the 
national television stations, has been refur- 
bished. 

The renovation and reopening of the 
Vigszinhaz in its original form is particu- 
larly symbolic for the city as it tries to 
escape its Communist past and pushes 
toward a more prosperous future. 

The theater, designed bv two popular 
German architects, Ferdinand Fellner and 
Herman Helmer, and opened in 1896. was 
bombed in 1944, and the auditorium was 
almost entirely ruined. Quickly rebuilt by 


the Communists for Stalin’s birthday in 
1951. the new version was a bure-boncs 
affair. 

“When it opened in 1«96. it «a* cele- 
brated as one of the most beautiful the- 
aters in Europe,” said Laszlo Marion, the 
director of the Vigszinhaz. “My idea was to 
get it back to the original plaits/’ 

But the architects in charge of the renova- 
tion were hampered by a dearth of original 
drawings. Maria Stklos, one of two Hungar- 
ian architects on the project. .said that only 
one photograph of the early interior had 
been found. Ground plans for (Itc building 
were destroyed during World War II. 

With the driving energy of Marion, who 
was determined to be as true to the original 
as possible, guidance from some of Fellner 
ana Helmer’s other theaters in Europe, 
including the Volkstheaicr In Vienna, and 
a little imagination, the past was re-creat- 
ed. Siklos said. 

“It can't be absolutely the original, but 
we wanted to give back the mood," she 
said. 





ASIA /PACIFIC 

IJfY.rEiLiLO 

000-911 

AUSTRIA'*” . 

022-903-011 

HUNGARY' . 

OQC- 800-011 11 

NORWAY 

800-180-11 

MIDDLE EAST 

AMERICAS 

PANAMA. 


AUSTRALIA 

IBflO-381-DII 

PHILIPPINES' 

IBS-11 

BELGIUM' .. 

. .0-800-100-10 

ICELAND"* 

909-001 

POLANDT* 1 . 

03010-480- Bill 

BAHRAIN 

aco-ooi 

ARGENTINA* 

OOl-aoQ-HB-m: 

PERU* 


CHINA. PRC** 

ioaii 

RUSSIA' *| MOSCOW) 1 55- 5042 

BULGARIA. . . . 

oQ-ieoci-ttno 

IRELAND.. . 

.1-800-550-000 

PORTUGAL: 

DG017-1-2B8 

CYPRUS' 

cao -90010 

BOLIVIA' 

. 0-300-1 il’ 

VENEZUELA', 


HONGKONG 

000-1111 

SAIPAN 7 

Z35-2072 

CROATIA** .. . 

90-3B-OB11 

ITALY’ 

172-1011 

ROMANIA... 

. 111-800-4288 

EGYPT (CAIRO) 1 

510-8290 

BRAZIL 

080-8018 

AFRICA 

INDIA* 

000-117 

SirJG-iPORE 

KM-lillHIl 

CZECH REPUBLIC 00-420-80101 

LIECHTENSTEIN' 

105-00-11 

SLOVAK REP. 

00-420-80191 

ISRAEL 

177-100-2727 

CAMrt . . .. 

1-300-575-2:2? 

GABON' 


INDONESIA* 

om-flin-io 

Sfil’.AflKF 

430-430 

DENMARK' . 

8001-0010 

LITHUANIA* 

BC1B8 

SPAIN. 

900-99-B0-11 

hUWAn 

.800-238 

CHILE 

00-.'- 0312 

GAMBIA’ 


JAPAN'. 

0039-111 

TAIWAN' 

0080-10208.0 

FINLAND' 

. .. 9800-100-10 

LU<EWEOURG 

0-800-0111 

SWEDEN'. ... 

820-795-811 

LEBANON (BBRUTV «8-W1 

COLOMBIA . 

•• 980-11-0010 

IVORY COAST- 


KOREA 

B09-11 

THAILAND* 

MI'3-?9l-t1ll 

FRANCE ..- 

190-0011 

MALTA . 

0880-890410 

SWITZERLAND- 

1BM0-11 

SAijCll ARABIA . 

1 -300-10 

EL SALVADOR". 

190 

KENYM 


u-c-c 

IfclK} III 

EUROPE 

GERMANY 

0130-0010 

MONACO' 

193 - nm 

UKRAINE? 

80180-11 

TURKEY'. 

00-880-12277 

HONDURAS*. 

123 

LIBERIA 


MALAYSIA- 

aoo-ran 

ARMENIA" . 

B'514111 

GREECE' 

00-80B-1311 

NETHERLANDS' 

08-022-9111 

U.K. 

0680-88-0011 

U. ARAB EMIRATES'. 

300-I2T 

MP1C03* 


SOUTH AFRICA 

0-080-99-0123 

l-lil If.. *1114. 4-1 

'l.WU 'll I 

■Miliilt. 7 r*l fi.p» n Jaqil 

-t ,-r.v jIMHl ilrnc 

il. .v.— iiiMidv-r 












i!.M ftntlil 1 iiniuii 

*u i jii. 


i.n. ii, .until.'. :>. ••■■min ailmi: la-lanii mu 

„■ (tail Nl (J.im 1 tv» l nllnfl C-llliHR t* ZiuM’lr ti 

■ its- ii i iriii u\r wiirtt ijjtumr pno* IHUHrm' 

Tallin di* jii .-kUhnriLil dura- Wilmi Hit t>iwrtp.'"i' :»nr ■■'illmp -TTlt I'^UHinr l --n :u 



- mm.- :■ 

- ■*: 1 

.. .. i:..v i>: ...2 • 

Hull.: -'J. i. 

■J !*■ T.utWk- Innn i u-.n 

i Jin • ll/Wic n-qitif |««iwnt HjuubIi d«- nil iluratlim avr MiWifc. Innn |uWfc pin* *♦•%/< m ^.aialili 1 loan jll jira. 

C ball Ntirtl dtil !i«t> 

vi. km'"- ■*" 

«• ■.■iHIli- l-.pr/h- ,tv- 

'»•• 'iiirUJ 7,aa v.i 

vl-lUul,; ,u.i|l |J-|| •„ . 


i 

l i 

■ i 

t'iutl out trlhil you're missing a ffb j 

AW' ISADirecl a ml Work! Con wet \rriee. i 

i 

.last because you re out of the office doe.Mi j mean I 
you re nut ut lmich. Simply dial the \ 1X1' Vo { 
Number below n| the country you're calhm* iron; | 

In a matter nf seconds, you'll he cotuwviul wr.h an 
i'.n^lish-sijeakiiii; Operator or voice prompi for clear 
reliable connections to the l .S. or over ion niiier 
countries. Charging il to ynur AT&T Calling Card c.m 



minimize hotel surcharges and assure tun cci'ikii- 
ical AT&T rates, too. So gu to lhe nearest phi mu- :!Ul f 
check in with those who said. “Han't \v,.. rn 
a thing." After all. that's reason enough ; tl 

TrMVTorkrCoMNtMfow 

AfeT