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INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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No. 34.6% 


Clinton Dispatches Carter 
To Haiti as Pressure Grows 


Perry Foresees 
End to Fighting 
Within Hours 


Mobilized For Haiti 

The initial invasion force win be 

followed by a 24-nation, 

2,Q0CHn ember peacekeeping force. 
Tbe troops, from neighboring and 
faraway rations, have begun training 
in Puerto Rico. ^ ■5\_j 

Cubs < ‘-r^ Turks & 

Caicos Is. 


Dominican Rep. — , 


Guantanamo Bay 
(U.S. Naval Base) 


Cap-Haiieir — 


Haiti > 


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U.S. imposed 
12 -mHe fimtt 

25 miles 


25 km 



Port-au- 

Prince 

Caribbean Sea 


Thonv Bchuart'A^nKr France- h(w 

A mother in Port-au-Prince, Haiti, fearing an invasion, poshed her son into a bus leaving for die countryside on Friday. 


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Markets Slump on U.S. Inflation Fear 


By Erik Ipsen 

International Herald Tribune 

LONDON — World bond and stock 
markets tumbled Friday, displaying their 
visceral fear of solid US. economic 
growth. 

Industrial production surged 0.7 per- 
cent in August for the 15th straight ad- 
vance. and factories were pushed to their 
highest limits in more, than five years, 
both hdping to fan fears of inflation. 

The August increase in industrial pro- 
duction was the largest since March and 
was led by stepped-up automobile as- 
semblies and gams in machinery, includ- 
ing computers, the Federal Reserve 
Beard said. 

Stocks from New York to Paris 
dropped on the news, and the bench- 
mark US. 30-year Treasury bond price 
plunged 1 19/32, to 96 26/32, with the 
yield soaring to 7.77 percent from 7.63 
percent cm Thursday. 

Wall Street all but shrugged off the 
news. The Dow Jones industrial average 
closed 20.53 points lower, at 3,933 35, m 
New York. But by that time, traders in 


Europe were already heading home nurs- 
ing huge losses. 

Paris was the biggest loser among Eu- 
rope’s major exchanges, with a plummet 
of 2.67 percent. London dropped 1.53 
percent to a two-month low. and the 
Frankfurt market, which was closed 
when the U.S. report was issued, was 1.5 
percent lower in post-bourse trading. 

“We should all be saying that it is good 
that the economy is growing — good for 
jobs and good for company earnings,” 
said Marcus Grubb, an equity strategist 
at Salomon Brothers in London. 

But many investors remain convinced 


Dow Jones 


Down 
20.53 

3933.35 

The Dollar 

NewYoric. 



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1.5445 


Trib Index 


Down -.-a 

0 . 20 % ;■* 

* 116-30 

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1.5493 


Pound 


1.579 


1.562 


Yen 


96.95 


99.45 


FF 


5281 


5.2915 


that anything approaching strong eco- 
nomic growth will set inflation afire and 
force the Federal Reserve Board and 
other central banks to brake the econo- 
my by increasing interest rates. 

“There is still a great deal of unreason- 
able. unwarranted fear and paranoia in 
the market regarding inflation.” said 
Andy Hartwill. a strategist at Paribas 
Capital Markets. 

The most startling part of the August 
report for financial markets was the 
surge in the capacity use rate to 84.7 
percent — the highest since April 1989. 
and a level dearly regarded as likely to 
fan inflation. 

Analysis said that fear, plus the fact 
that European stocks are currently trad- 
ing at higher values ihan U.S. shares, 
accounted for the odd dichotomy in mar- 
ket reactions to the stronger- than-ex- 
:ted U.S. capadty utilization num- 


Europe’s vulnerability to rising inter- 
est rates was most in evidence in France. 
Analysts expressed little surprise that the 

See MARKETS, Page 10 


Compiled to Our Staff From Dispatches 

WASHINGTON — The United States 
is poised to use “overwhelming force” in 
Haiti to remove its junta leaders in a mili- 
tary action that could be wrapped up a few 
hours after it begins. Defense Secretary 
William J. Perry said Friday. 

“The military aspect would be over in a 
matter of hours, at most a day or two.” Mr. 

Perry said in a broadcast interview. 

As he spoke, two aircraft carriers pre- 
pared to join a fleet of American warships 
already waiting in the waters off Haiti. 

Although no deadline has been an- 
nounced, military officials said all would 
be ready for an invasion by Saturday or 
Sunday. Mr. PerTy said the U.S. forces 
were on high alert and “could hold that 
edge for some days.” 

Once an attack" started, defense officials 
said, elite special forces would spearhead a 
nighttime invasion, followed closely by he- 
licopter-borne soldiers and Marines, who 
would simultaneously strike several tar- 
gets. 

The officials said that navy and other 
highly trained special forces troops would 
go ashore first in the capital, Port-au- 
Prince, to provide intelligence and help 
prepare for an assault by 2,000 troops of 
the 82d Airborne Division now on the 
aircraft carrier America, who would secure 
the city's civilian and military airports. 

At almost the same lime, the officials 
said, up to 2,000 troops from the army's 
10th Mountain Division would sweep into 
the capital from the aircraft carrier Eisen- 
hower. and up to 1,800 Marines from the 
helicopter assault ship Wasp would likely- 
hit the northern city of Cap-Haitien. 

That would put key communications, 
military, police and other targets in Port- 
au-Prince in U.S. hands within hours of 
the first assault, the officials said. 

Afjfl? “ ! h = sensors to find and dcstrw ground target* 

airports in Port-au-Pn nee were secured. cannon and rapid-fire machine guns 
they said, several thousand more troops ,. c _i a I n « ^rr;^.n 
from the United States would be flown ^ devastaUn S eff,c, ? nc > ,n 



slow circles at night using radar and heal 


into Haiti and begin moving quickly into 
the countryside to lake control of towns 
and villages. 

“People tend to think of Haiti in terms 
of Port-au-Prince,” said an official, adding 
that only about 1.5 million of Haiti's 7 
million people lived in the capital. 

The officials said little major opposition 
was expected from Haiti's ill-trained and 
poorly equipped army of about 7.000 men. 

They said that A- 10 attack jets, slow- 
flying and heavily armored planes de- 
signal to suppress'enemy ground fire and 
armor, would cover the invasion along 
with C-I30 gunships. 

The four-engine C-l 30s, which can fly in 


the U.S. invasion of Panama in 1989. 

The cover aircraft would be flown out of 
the U.S. Navy bases at Roosevelt Roads. 
Puerto Rico, and Guantanamo Bay. Cuba. 

“We have made pretty clear that the 
force used here will be overwhelming in 
order to protect the lives of our people and 
of innocent civilians in Haiti.” an official 
said. “This wifi not be a small operation." 

Mr. Perry conceded that there would 
probably be U.S. casualties, but said that 
the overwhelming size of the force, expect- 
ed to include about 20.000 troops, was 
meant to minimize casualties. 

“There are two reasons for using over- 

See FORCE, Page 8 


Cradle-to-Grave Nostalgia: Left Is Likely to Retake Power in Sweden 


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By william R Schmidt 

Note fork Timex Service 

HALMSTAD, Sweden — As voters in Sweden 
prepare to cast ballots in Sunday’s election, the 
message from every major public opinion survey 
seems clear: Prime Nfinister Carl Bildt's tenure as the 
head of Sweden’s first rightist coalition in decades 
appears to be entering its final days. 

Not only has his four-party governing coalition 
been a casualty of Sweden’s economic problems — 
double-digit interest rates and Europe’s most crip- 


i 


ling budget deficit — but nostalgia among voters 
or the salad days of the nation's cradle-to-grave 
welfare system is strong. Since he took power in 
1991 , Mr. Bildt’s reformist zeal has targeted many of 
those benefits as a way to trim soaring government 
spending. 

In his place, voters are almost certain to install 
Ingvar Carlsson, 59, a former prime minister and 
leader of the rival Social Democrats. They were the 
architects of the state welfare system that was once 
the envy of the world. Yet even if Sweden moves 


back to the left, as expected. Mr. Carlsson and his 
colleagues are unlikely to be the government many 
disgruntled voters are hoping for. 

Even if they do return to power, the Social Demo- 
crats have made it clear they will continue to cut 
spending rather than restore programs dismantled 
by Mr. Bildt, 45, who set out to do in Sweden what 
Margaret Thatcher had done in Britain — slash 
government budgets and privatize government en- 
terprises. 

In recent weeks, Mr. Carlsson has been confronted 


by anxious financial markets, as well as a campaign 
by the executives of Sweden’s largest public corpora- 
tions warning that a return to former spending levels 
would ride the flight of investment capital. 

The country faces economic disaster, said Peter 
Wallenberg, Sweden’s senior industrialist, unless a 
“chainsaw” is taken to the debt and budget deficits. 

For his part, Mr. Carlsson has promised to reduce 
spending by about $8 billion over the next four years 

See SWEDEN, Page 8 




Rebel Gunfire Closes the Long Tea Party in Assam 


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By Molly Moore 

Washington Fait Service 

DARRANG, India — In the verdant 
Assam tea country, planters make the 
rounds of their estates surrounded by 
armed bodyguards. They drive to Sunday 
tennis at the dub escorted by convoys of 
security forces. And in the evenings, they 
sip pink gin on their verandas against a 
backdrop of sandbag bunkers and snarling 
Doberman pinschers. 

For more than a century, India’s elite tea 
growers lived a gen ted life of wbite-Knen 
riinnw parties, raucous nights at the dub 
and spontaneous picnics on the river 

banks. . , 

But they have now become the targets of 
assassinations, kidnappings and extortion 
by local militant groups, who increasingly 
view the tea companies as the most fla- 
grant symbols of the outsiders they con- 
tend have robbed natives of their lands 
and exploited their people. 

M A11 the glamour and charm of die good 
1 old days arc gone," said a planter’s wife, 
whose meticulous garden landscaping now 
includes a sandbag bunker and a big guard 


gate. “The only thing you used to worry 
about were leopards. Today, people are 
scared to come out of their houses.” 

In recent years, four tea plantation own- 
ers or managers have been killed and six 
kidnapped, and virtually every company 
has been blackmailed into paying huge 
extortion fees to the militants. 

■ On a brisk morning in February, as 
Rameswar Sin g h 1 general manager of As- 
sam Frontier Tea Co., stepped off the 
porch of bis bungalow, five men sprang 
from the nearby tea bushes and shot him to 
death. It was widely rumored that his com- 


pany had balked at paying the extortion 
fees demanded by militant leaders. 

“If they don’t pay, someone gets 
bumped off,” said Dhirendra N. Bezbor- 
uah, editor of the Sentinel, one of Assam's 
daily newspapers. 

Assam, a rambling state of more than 20 
million people in India's northeastern arm, 
which is nearly severed from the rest of the 
country by Nepal and Bangladesh, is con- 
sidered so politically volatile by the Indian 
government that outsiders must get special 
permits to enter, and travel is limited. For 
decades, the state has experienced civil 


unrest and violent uprisings by various 
native groups seeking either 'secession 
from India or their own state within it. 

But it has only been in the last four years 
that militant organizations trying to raise 
money to finance their arms purchases and 
gain national, if not international, atten- 
tion have begun targeting the state's eco- 
nomic backbone, the tea plantations. 

“We’re viewed as outsiders who fatten 
ourselves and do nothing for the local 
people," said one veteran Indian tea plant- 

See INDIA, Page 5 


In Virginia, a Low Race for High Office 


By Maureen Dowd 

New York Times Sernee 


Democratic governor, provided the latest twist in the state’s 
volatile race for the U.S. 


Senate. In doing so, he may have 
helped raise the prospects of his longtime rival. Senator 
WASHINGTON — Decorous old Virginia has not been so Charles S. Robb, the incumbent. 


Mi’ 






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WASHINGTON — Decorous old Virginia has not been so 
atwitter since Elizabeth Taylor prowled the 1978 state Repub- 
lican convention wearing a tiger-striped pants suit, wooing 
delegates to back the United States Senate candidacy of John 
W. Warner, her sixth husband (if you don’t count Richard 
Burton twice). 

This seat of American democracy has long had a reputation 
as a state where the dullest candidate was assured victory. No 

more. . , . 

“The political scene here was always so orderly, genteel and 
deferential," marveled Robert D. Holsworth, a political sci- 
ence professor at Virginia Commonwealth University in Rich- 
mond. “Now it has turned into something that resembles 
Wrcstlemania.” 

Dropping out Thursday under pressure from the White 
House and other Democrats. L. Douglas Wilder, the former 


Instead of deciding who has the most sterling qualifications 
for the Senate, voters in the home state of Washington, 
Jefferson, Madison and Monroe are forced to look at the 
contest in negative terms: Which candidate has the least 
objectionable moral flaws? 

Democrats are offering bumper stickers that read. "I Don’t 
Vote for Felons," and the Republicans have ones that boast. 
“We Believe in Marriage." 

In one corner is Mr. Robb’s wife, Lynda Bird Johnson Robb, 
accusing the Republican candidate, Oliver L. North, of trying 
to play God. 

In the other comer is Mr. North’s best friend and wife, Betsy 
North, who also answers to her Iran-contra code name of 

See VIRGINIA, Page 8 


Kiosk 


Pay $5 Billion, 
U.S. Tells Exxon 

ANCHORAGE, Alaska (AP) — A 
federal jury ordered Exxon Corp. on 
Friday to pay S5 billion in punitive 
damages to commercial fishermen. 
Alaska natives, property owners and 
others harmed by the 1989 Exxon Val- 
dez oil spill. The jury also ordered the 
tanker’s captain, Joseph Hazelwood, 
to pay S5.000. 

Exxon has indicated that it will ap- 
peal. The 11 -member jury returned 
the verdict after more than 12 days of 
deliberations. 

The plaintiffs had asked for S15 
billion, based on Exxon annual re- 
ports pegging the company’s average 
yearly profits at S5 billion. 

Exxon lawyers urged the jury not to 
award punitive damages. They said 
that the oil giant had learned its lesson 
in pending S3 billion to dean up the 

White House Alarm 

WASHINGTON (Combined Dis- 
patches) —Three fire trucks rushed to 
the White House on Friday afternoon 
because of a report that someone 
smelled smoke. But aides said there 
had been no fire, just a short-circuit in 
a light fixture. (AP, AFP) 

Books Page 6. 

Crossword Page 19. 


Negotiators 
Include Nunn 
And Powell 


Compiled /»»' Ow Stall to™ Duran be* 

WASHINGTON — In u lost-minute 
effort to avoid invading Haiti. President 
Bill Gin ton is sending former President 
Jimmy Carter, General Colin L. Powell, 
retired, and Senator Sam Nunn of Georgia 
to Port-au-Prince to meet with the coun- 
try’s military rulers, administration offi- 
cials announced Friday. 

The initiative came as thousands of peo- 
ple began fleeing the Haitian capital for 
the countryside as American officials con- 
tinued their military and political buildup 
for an invasion exposed within days, if not 
hours. 

A statement from Mr. Clinton's national 
security adviser. W. Anthony Lake, said 
the three men would “travel to Haiti to 
meet with the de facto Haitian leadership.” 

A White House official, who briefed 
reporters on condition of anonymity, said 
the envoys would be leaving within 24 
hours. He said they would be prepared to 
discuss with Haitian leaders only “the 
means of their departure.” 

The makeup of the mission underscored 
the gravity of the situation, officials said. 
Mr. Nunn, a Democrat, is chairman of the 
Senate Armed Services Committee. Gener- 
al Powell was chairman of the Joint Chiefs 
of Staff under President George Bush. 

Mr. Carter has served the administra- 
tion as an envoy before, most recently 
going to North Korea to arrange talks over 
its suspected attempts to build nuclear 
weapons. He has made frequent informal, 
quasi-diplomatic trips to Africa and Latin 
America. 

Mr. Clinton’s deputy national security 
adviser, Samuel R. Berger, insisted earlier 
Friday that officials would only negotiate 
the departure of the Haitian officials, who 
are accused by the administation of wide- 
spread human rights violations. 

Officials said a 24-nation multinational 
force would land on the island to restore 
democracy and install a civilian adminis- 
tration regardless of what the junta decid- 
ed. 

In Port-au- Prince, bus lines serving the 
main provincial cities were besieged as 
thousands of people began fleeing. The 
refugees spoke of their fear of getting 
caught in the fighting or in reprisals by 
attaches, gunmen used by the regime to 
spread terror. 

Americans in Haiti were being advised 
to remain off the streets between 7 P.M. 
and 6 A.M. and to stock up on food, 
medicine and batteries. The U.S. Embassy 
estimates that at least 3.000 .Americans are 
in Haiti, including missionaries and diplo- 
mats. 

The United States was expected to in- 
vade unless the military’ leaders ceded 
power to President Jean -Ben rand .Aris- 
tide. the man thev overthrew on Sept. 30. 
1991. 

“It’s a matter of days.” said Secretary of 

See HAITI, Page 8 


British Pledge 
Referendum on 
Any Ulster Shift 

By John Damton 

Nt*' York Times Service 

LONDON — In a move meant to calm 
the fears of Protestants in Northern Ire- 
land, the government promised Friday 
that it would hold a referendum in the 
province on any proposals to change its 
constitutional status as part of Britain. 

At the same time, in a careful balancing 
act, Prime Minister John Major an- 
nounced that he was immediately lifting a 
six-year-old ban that prevented the voices 
of representatives of Sinn Fein, the politi- 
cal wing of the Irish Republican Army, 
and of other prescribed organizations from 
being broadcast inside Britain. 

Ending the broadcasting ban, which was 
largely symbolic and which many people 
felt backfired by generating bad publicity,, 
was a concession to the IRA for declaring 
an unconditional cease-fire on Sept. 1 and 
sticking to it. 

But Mr. Major went out of his way to 
say that he was still not absolutely con- 
vinced that the IRA had decided to call off 
violence permanently. 

Insisting that his government could not 
"negotiate under even the possibility of 
threat," he said: “They have made state- 
ments which point in the right direction. 
We need to know from their words and 
their actions that this is a firm and un- 
equivocal derision. They are nearly there." 

In a third sign of easing tension, the 
Northern Ireland secretary of state. Sir 
Patrick Mayhew, who is the top British 
official there, ordered the reopening of 10 
minor road crossings into the Irish Repub- 
lic. Over 200 crossings remain dosed. 

In the last week, Roman Catholic repub- 
licans who favor uniting Ulster with Ire- 

See ULSTER. Page 2 




Pi 


■» 




Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 17-18, 1994 


Corruption, the French Way 

Business Leaders See Bribery Becoming Institutionalized 


By Alan Riding 

fiev> York Times Soviet 

PARIS — Hie mayors of Lyon and Greno- 
ble are under investigation for possible cor- 



. expected 

to be extradited from Uruguay soon to face 
embezzlement charges here. 

In private business, the list of top execu- 
tives accused of illegal acts is no less impres- 
sive. On Sept 7, Jean-Louis Bella, the chair- 
man of Saint-Gobain, a giant glass and 
building-materials group, became the latest 
big name to be indicted on bribery charges. 

Before the long summer break of August 
corruption had become the talk of France. 
Now, with the return to work, scandals old 
and new have revived the question of whether 
France can be compared to Italy, not only in 
entrenched corruption, but also in uncovering 
shady practices. 

True, Italy is usually mentioned here as a 


way of demonstrating that corruption is far 


less institutionalized in France. But a poll 
published in Paris this month said 56 percent 


of top executives believed that France was 
ripefoi 


ripe for an Italian-style crackdown. 

The poll, carried out by Louis Harris for 


the business monthly Enjeux-les Echos, also 
found that 50 percent of 


top executives be- 
lieved corruption had increased in France 
over the last 10 years. The main reason cited 
was the growth of regional and local govern- 
ments. 

Thanks to a decentralization program insti- 
tuted in the early 1980s, these governments 
have larger budgets and new powers to grant 
public works contracts. Building-industry ex- 
ecutives say competition for contracts fre- 
quently involves payment of kickbacks or 
illicit donations to political parties. 

The Saint-Gobain case is seen as fairly 
typical. According to a judicial inquiry still 
under way, a Saint-Gobain subsidiary paid 
$800,000 into the Swiss bank account of a 
middleman, who then paid a bribe to obtain a 


water contract awarded by the Gty Council 
of Nantes. 

What made headlines in this case was that 
it involved a prestigious company that has 
92,000 employees and had 1993 revenues of 
$13 billion. But even this new scandal ap- 
peared to cause little surprise here. 

Until recently, corruption seemed largely 
associated with illegal payments made to the 
campaigns of France’s main political parties 
as well as of leading politicians. For example, 
such payments are behind the charges against 
Lyon’s mayor, Michel Noir, and Grenoble’s 
mayor, Alain Carignon, who was forced to 
resign as co mmuni cations minister in July. 
(The industry minister, Gerard Longuet, is 
also under investigation for dubious financ- 
ing of his small Republican Party.) 

But only recently have top executives be- 
come the targets of investigating magistrates. 

The first shock came in May when Didier 
Pmeau-Valendenne, chairman of Groupe 
Schneider, an electrical products conglomer- 
ate, was arrested in Brussels on fraud charges 
related to the takeover of a Belgian company. 

Since then, formal investigations have also 
been opened against Pierre Berg6, the Yves 
Saint Laurent head, for insider trading and 
against Pierre Suard, the head of Akatel- 
Als thorn, for illegal use of corporate funds. 

■ Lyon Mayor b Ordered to Trial 

Mr. Noir and a TF1 newscaster, Patrick 
Potvre d’Arvor, were ordered to stand trial on 
fraud charges Friday in connection with the 
bankruptcy of Mr. Noil's son-in-law, Pierre 
Botton, Agence France-Presse reported from 
Lyon. 

Magistrate Philippe Courroye also commit- 
ted Mr. Botton for trial along with nine other 
people, including the mayor of Cannes, Mi- 
chel Moufllot, and Charles Giscard d’Estaing, 
a nephew of the former president, Valery 
Giscard d’Estaing. 

Mr. Poivre d’Arvor will be questioned 
about 949,000 francs ($189,200) worth of 
plane and helicopter trips, meals and holds 
paid for by Mr. Botton’s companies. 



Rfinhjr rl Krause/ Ranen 

HANDLE WITH CARE — Chancellor Hehnnt Kohl of 
Germany putting his glass down on a parcel Friday in 
Haldensfeben as he arrived to formally open the distribu- 
tion and logistics center of a large mail-order boose. 


NATO, Pressed, Is Extending Its Air Cover in Bosnia 


Reuters 


SARAJEVO, Bosnia-Herze- 
govina — NATO has agreed to 
extend the scope of its air cover 
for United Nations peacekeep- 
ers in Bosnia and is underpres- 
sure to take tougher action 


against Bosnian Serbs, sources 
said Friday. 

The moves followed attacks 
on the northwest Muslim en- 
clave of Bihac and increasing 
violations of weapons exclusion 
zones by Serbs opposed to an 
international peace plan. 


The United Nations said the 
North Atlantic Treaty Organi- 
zation had agreed to give air 
support to UN peacekeepers in 
Bihac if they were attacked 
again from rebel Serbian terri- 


expected from the United 
States at a NATO ambassado- 
rial meeting in Brussels, diplo- 
mats said. 


tory in neighboring Croatia. 


Beijing's finest point 



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in its centre. 



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THE PALACE HOTEL 

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Shari Thc Experience 


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The Peninsula Hone Kong ■ Manila • Nc* York ■ Beverly HUIs 
Die Palace Hotel Belling • The Kowloon Hotel Hong Kong. 


‘reach UN troops are de- 
ployed in the enclave where the 
town of Bihac has beat de- 
clared a safe haven by the Unit- 
ed Nations. 

UN commanders can already 
call up NATO support when 
their men are endangered in 
Bosnia, but the rules of engage- 
ment have not previously in- 
cluded Croatia. 

Bosnian and Croatian Serbi- 
an forces who surround the Bi- 


NATO hawks wony that the 
alliance’s credibility is suffering 
from the lack of reaction to Ser- 
bian violations of weapons ex- 
clusions zone that have in- 
creased since the peace plan 
was expected. 

UN peacekeepers have the 
power to call for retaliatory 
NATO air strikes but have not 
done so for fear of inciting Bos- 
nian Serb retaliation against 
their forces on the ground. 

Diplomats said NATO coun- 
tries were divided on how to 


hac pocket have fought its Mus— react to the Serbian challenge, 
lim defenders this month. The rift reflected wider divi- 
al though NATO has not so far sions between the United States 
been asked to intervene. and its allies over how to deal 

Pressure for a tougher line with the Serbs rejection of the 
against the Bosnian Serbs was peace plan to divide Bosnia be- 


tween Serbs and a federation of 
Muslims and Croats. 

Washington will press the 
United Nations to lift its arms 
embargo on the Muslim-led 
Bosnian government unless the 
Serbs accept the plan by Ocl 
15. But it has failed to gain the 
support of other authors of the 
peace plan, including Russia. 
Britain and France, which have 
threatened to withdraw their 
peacekeeping troops from Bos- 
nia if the embargo is lifted. 

Sarajevo, meanwhile, began 
the weekend without water, 
electricity and gas and without 
any definite prospect that utili- 
ties would be restored- 

UN spokesmen were diplo- 
matic in their public statements 
about the cause for the cuts, but 
UN officials in private blamed 
rebel Serbs. “The Serbs are 


squeezing Sarajevo just as they 
used to,” a UN official said. 


ULSTER: British Pledge Referendum on Any Shift 


Continued from Page 1 

land have removed barriers at 
certain crossings by night, and 
the British Army has rebuilt 
them next morning. 

Much of the tension comes 
from fear on the part of Protes- 
tant unionists, who want to re- 
main tied to Britain, that the 
IRA cease-fire is either a hoax 
or the product of a secret deal 
between London and the un- 
derground guerrilla organiza- 
tion that has been fighting for 
25 years to oust the British. 

For this reason, Mr. Major’s 
commitment to hold a referen- 
dum, should the government sit 
down and reach an agreement 
with Sinn Fein and other 
groups, bad special signifi- 
cance. Although ref eread urns 
have been talked about in the 
past, the assurance on Friday 
was a high water mark in the 
government’s campaign to con- 
vince the Protestant majority 
that it would not reach a final 
settlement without its approval 


“Let me say to all the people 
of Northern Ireland, The refer- 
endum means that it will be 
your choice whether to accept 
the outcome,” he said at a news 
conference at Stormont Castle, 
the seat of British rule. “My 
commitment means that no one 
can go behind your backs — not 
today, not tomorrow, not at any 
time. You can forget this talk of 
secret deals." 

Reaction to the measures was 
largely positive. Unionist politi- 
cians, who might have decried 
the end of the broadcasting 
ban, instead found themselves 
praising the referendum. 

“It’s a major step forward," 
said the former Belfast lord 
mayor, Reg Empey. “It means 
the ordinary people in the street 
will have a say. For the first 
time there is the possibility of 
the people themselves deliber- 
ating in their future.” 

But politicians from the more 
extreme Democratic Unionist 
Party, led by the Reverend Ian 


Paisley, were more guarded in 
their approach. The party 
spokesman. Sammy Wilson, 
said it would be important to 
know if the referendum com- 
mitment meant that "‘all 
changes at each stage would be 


put to the people of Northern 


UNIVERSITY DEGREE 


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Tgr 129-131 Bd. Haussmonn 
*** 7500S PARIS 
Tel.: 01 S3 77 0707 Fax: Cl) 4563 4664 

Ask c&out our special reduction 
for Herald Tribune readers 


land.’ 

Most public-opinion polls in- 
dicate what many politicians 
accept a s a matter of faith: that 
baring some major changes in 
demography or outlook, a refer- 
endum held today would opt 
for continued union with Brit- 
ain. Of Northern Ireland's 1.6 
million people, about 950,000 
are Protestants. 

Sinn Fein greeted the widely 
predicted ending of the broad- 
casting restriction somewhat te- 
pidly. For the first time, at 6 
P.M., British radio listeners 
could bear the actual voice of 
Mitchel McLaughlin, the par- 
ty’s six county chairman. 

In a statement, he said that 
while ending the ban was wel- 
come, it “should never have 
been imposed in the first 
place." 

As to the proposed referen- 
dum, be indicated opposition 
by saying: “Partition nas clear- 
ly failed. There has to be funda- 
mental constitutional and polit- 
ical change. What shape that 
change takes will be a matter 
for inclusive negotiations be- 
tween all parties and both gov- 
ernments. No party can have a 
veto over the outcome or be 
allowed to set preconditions.” 


A German 
Is Suspended 
For Remark 
On Africans 


Herbert Schnoor, the interior 
minister of Noih-Rhine- West- 
phalia state, said the most dan- 
gerous of the rightist organiza- 
tions was the Republican Party, 
led by Franz ScbOnhuber, a for- 
mer Waffen SS officer. 


Liberians Beat 
Disguised Leader 
Of Failed Coup 


Reuters 

MONROVIA, Liberia --Li- 
berian civilians on Friday cap- 
tured and beat the disguised 
leader of a failed coup attempt 
and handed him over to African 
intervention troops. 

Charles Julue, the former 
Armed Forces of Liberia chief, 
led about 100 disgruntled 
Armed Forces of Liberia fight- 
ers who briefly seized the coun- 
try’ s administrative center 
Thursday. They were forced out 
in an assault by the intervention 
force monitoring group of the 
Economic Community of West 
African States. 

Mr. Julue, hated for his bru- 
tal suppression of unrest under 
the former president, Samuel K. 
Doe, escaped a land and sea 
bombardment of the executive 
mansion and slipped through a 
cordon of 1,000 intervention 
troops, relief sources said. 

But witnesses said he was rec- 
ognized by civilians near the 
IIS. Embassy in Monrovia on 
Friday morning, though he was 
disguised in Arab robes and 
head-dress. Passers-by beat him 
and stripped him before hand- 
ing him over to a patrol of inter- 
vention troops. His fighters axe 
believed to have made their way 
back to their barracks, not far 
from the mansion that was once 
the seat of Liberia’s presidents 
but now houses administrative 
offices. 


The Armed Forces of Libe- 
ria, once Liberia’s national 
army but now little more than a 
tribal militia, is divided over 
Liberia's latest peace treaty, 
signed on Monday in Ghana, 
although Mr. Julue’s attempt to 


WORLD BRIEFS 



idstiia to Join NATO 'Partnership' 

VIENNA (Reuters) — Chancellor Franz Vramtzky said Friday Mr - 

at Austria would apply to join the 


The Associated Press 

BONN — The government 
on Friday suspended the leader 
of a population institute who 
had defended the right of scien- 
tists to question whether Afri- 
cans were as intelligent as other 
people. 

Charlotte Hfihn was “re- 
lieved of her duties” while the 
government pursued disciplin- 
ary action against her, the Inte- 
rior Ministry said. It was also 
considering whether to dissolve 
her Population Studies Institute 
as an independent agency. 

Ms. HOhn’s comments were 
published in the Berlin newspa- 
per tageszeitung while she was 
attending the Cairo population 
conference as an official gov- 
ernment delegate. 

She has said she will sue 
those responsible for misrepre- 
senting her views. 

In an interview published 
Sept. 3, Ms. Hahn complained 
of taboos against population re- 
search because the field’s repu- 
tation had been damaged in 
Germany by its association 
with Nazi ideology.. 

Ms. Hahn said there were 
differences in intelligence 
among different population 
groups, but scientists woe not 
allowed to talk about them. 
Asked for an example of the 
forbidden, sbe said, “For exam- 
ple, to say that the average in- 
telligence of Africans is lower 
than others.” 

In interviews in Cairo, she 
said she did not personally hold 
that view about Africans, but 
had given it as an example of 
views scientists should be free 
to express. 

■ Fascists Called Resurgent 

German neo-Nazi groups are 
reforming and making renewed 
attempts to set up countrywide 
alliances, Reuters reported a 
top official as saying Friday in 
Dflsseldorf. 


that Austria would apply to join . 

Peace" program next year, according to comments m Der 
dard, the Austrian daily. 

The partnership scheme, open to all states of the former 
Warsaw Pact and other European countries, provides for joint 
exercises and defense pl annin g. . 

His comments reopened a debate m Austria over me country s 
neutral status, three weeks before a general election on Oct, 9. Mr. 
Vramtzky and Foreign Minister Alois Mock have insisted that 
joining the program and becoming an observer state of the 
Western European Union will not prejudice Austria's neutrality. 


§ 


0 




** i 


10 Tamils Killed in Sri Lanka Battle 


COLOMBO (AP) — Security forces killed 10 Tamil rebels 
Friday in eastern Sn Lanka in the 


rnuaj in «« — - — second mgjor dash since the 
rebels agreed to unconditional peace talks, a military spokesman , 
said. 

Two soldiers also were wounded in the gun battle In Batticaioa, 

220 kilometers (135 miles) east of Colombo, the spokesman said. . 
Government troops were conducting a routine search operation 
when they encountered the group of heavily aimed rebels. A; week 
ago. 35 rebels and two soldiers were killea in a dash. 

Last month, Sri Lanka’s new socialist government promised to 
end th e 11 -year ethnic war by holding unconditional talks with the 
Tamil rebels, who are fi g h ting for a homeland in .the north and , 
easL 

Albania tn Require Visas of Greeks 

TIRANA, Albania (AP) — Greek citizens will need visas to^ f 
enter Albania starting Sept. 21 under a decree issued by President 
Safi Berisha, state-run television reported Friday. 

The announcement gave no reason for the m e asure, but the 
move followed sharp Greek criticism of the court conviction on - 
Sept. 7 of five ethnic Greek Albanians accused of espionage and -■ 
illegal possession of arms. 

The guilty verdict, which entailed prison sentences of six to r 
eight years, inflamed lingering Albanian-Greek tensions over 
alleged persecution of Albania’s sizeable Greek minority. It led to / 
the expulsion of tens of thousands of Albanians, most of them i 
staying illegally in Greece, and to recent Greek curbs on travel 
from Albania. Athens has also blocked about $25 million in EU 
aid to Albania. 


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Moscow Sends Mediator to Abkhazia 


MOSCOW (AFP) — Russia’s defense minister headed for the 
separatist republic of Abkhazia on Friday to mediate the return of 
refugees who fled there during fighting last year with Georgian 
government troops, Russian officials said. 

The missinn by the minister, General Pavel S. Grachev, was 
ordered by President Boris N. Yeltsin. The return of the refugees, 
negotiated in a Moscow-brokered peace accord signed in May by 
Georgian and Abkhazian authorities, has suddenly stalled. 

The first of the 250,000 Georgian refugees who fled Abkhazia 
during the fighting between August 1992 and September 1993 
were due to return to the town of Gafi on Wednesday, but 
were stopped when armed troops appeared on the Abkharii 
of the Inguri River, which Abkhazia from Georgia. 




i an 


Hanoi Minister to Meet Quistopher 

HANOI (Reuters) — Foreign Minister Nguyen Manh Cam said .- . 
Friday that he would meet with Secretary of State Warren M. 
Christopher next month for talks on relations between the two ^ . 
countries. Mr. Cam is to head Vietnam's delegation at the United.# 7 ’ . 
Nations General Assembly session in New York in early October. ' .7 _ 
Mr. Cam spoke to reporters after a one-hour meeting with Peter 
Tomscn, U.S. deputy assistant secretary of state for East Asian 
and Pacific affairs. 

Mr. Tomsen, on a three-day visit to Hanoi, said there had been . 
progress on the issue of U.S. servicemen missing in action since 
the Vietnam War but gave no details. " ‘ 


miJt\ 


Free-Flying Astronaut Tests Jet Pack 

HOUSTON (AP) — Marie Lee floated outside the shuttle 
Discovery on Friday and tested a new jet pack without a safety 
line in the first untethercd spacewalk in a decade. 

Mr. Lee unbooked his lifeline about half an hour after he and a 
fellow astronaut, Carl Meade, left the shuttle’s crew cabin, Mr. — ■ ■ 1 
Lee emerging first with the jet pack on the back of his bulky white IClft: State# ¥ # i 

spacesuiL The free-flying astronaut then fired jets on the pack to 7 
propel himself at just half a foot a second above the shuttle's open 
cargo bay. ■ : 

The only apparent snag was in recharging the jet pack with -. - : . - . , . 

nitrogen gas, a task that took longer than expected because a 
connecting hose had to be emptied. The pack’s tanks were refilled \ 

several times as part of the test The $7 million jet pack was • 
designed as a rescue device or life preserver should future astro- -: 
nan is become untethercd while constructing a space station. The 
last time space-walking astronauts unhooked their safety lines was 
in 1984. 




Correction >■- 

The name of the Republican National Committee chairman in 
the United States was misspelled in the Political Notes column in ^ L , 
Friday’s issue. He is Haley Barbour. , 

i '"I 


TRAVEL UPDATE 


Continental Cuts Atlantic Air Fares 


seize power was probably 
planned earlier. 


LONDON (Bloomberg) — Continental Airlines said Friday 
t hat it was cutting fares across the Atlantic by more than 40 
percent as part of an effort to attract business travelers. The 
airline said the new fares would be marketed as “corporate 
economy fares." 

Though Continental described the move as radical, thc cuts 
apply only to its fuU economy fares, which are purchased by a 
small percentage of fliers. Many business fliers still manage to fly 
on restricted fares, which are considerably lower. 

Continental said a new corporate economy fare between Lon- 
don and New York would be £249, or $388, each way. The fares, 
which are subject to British government approval, wifi be avail- 
able to at least 24 U.S. destinations, the airline said. 

Only three of Taiwan’s 16 airfines have passed checks of aircraft 
maintenance facilities, and most failed because of understaffing 
and a lack of equipment, according to a government report 
released Friday in Taipei. (Reuters) 

Morocco has increased maximum traffic fines from $5.80 to 
5697 to try to reduce road accidents, L’Economiste, the Casablan- 
ca weekly, said Friday. (Reuters) 

Tourists short of cash Ened up outsid e currency g yr-han g*- 
in Italy on Friday as a strike shut down banks nationwide. (AP) 


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By Helen Dewar 
and Kevin Merida 

Washin gton Fat Service 

WASHINGTON — Presi- 
dent B21 .Gmton’s address to 
the nation on Haiti appears to 
have done | little to alter the 
widespread opposition on Cap- 
itol Hull to his threatened inva- 
sion of the Caribbean nation. 

In their initial reactions to 

the speech,^ many Democrats 
praised it as forceful, while Re- 
publicans denounced it as inad- 
equate in making the case for an 
invasion. But legislators of both 
parties tended to agree that 
most members of Co ng ress had 
already made up their minds 
and were unlikely to be swayed 
by the president's appeal on 
Thursday night. 

Senator Christopher J. Dodd, 
Democrat of Connecticut, who 
Jed the fight against a Republi- 
can resolution on the 
floor earher this week 
the invasion, said he beh 
that Mr. Clinton had “soft- 
ened” opposition to his postion 
among the American people 
but had probably changed few 
votes in Congress. 

Senator Patrick J. Leahy, 
Democrat of Vermont, the 
chairman of the Senate Appro- 
priations subcommittee on for- 
eign operations, said: “I think 
the speech improved his posi- 
tion with Congress. Without it, 
it had been almost an indefensi- 
ble poation.*' 

But he added that Mr. Clin- 
ton had to build cm whatever 
gams he had made by reaching 
out broadly to lawmakers from 
both parties. 

Many Republicans were as 
strong in their denunciation of 
the president's position — if not 
even stronger — than they had 
been before the speech. 

“I think this policy is a dis- 
grace, and ] will do everything 
in my power to fight it,” said 
the House Republican whip, 
Newt Gingrich of Georgia. He 
said he. considered Mr. Clin- 
ton’s comparison of Haiti’s 
Democratic leaders with 
George Washington to be “dis- 
gusting.” 

■ ‘The president did not make 
a convincing case that an invar 
sion to return Aristide to power 


is worth the risk of any Ameri- 
can lives,” said the Senate mi- 
nority leader. Bob Dole, Re- 
publican of Kansas, in urging, 
that Mr. Clinton “continue to 
search for a peaceful solution.” 

The address was billed in ad- 
vance by many legislators as 
critical to Mr. Clinton on Capi- 
tol Hill, because he faces the 
possibility of votes in both 
houses early next week that are 
aimed at forcing him to aban- 
don his invasion plans or, fad- 
ing that, at undermining their 
legitimacy. 

The House could be forced to 
vote as early as Monday after- 
noon on a proposal to block any 
invasion that is not authorized 
in advance by Congress. 

The Senate is scheduled to 
resume debate Monday after- 
noon on rival proposals. 



Betrayed by a Fellow Resister? 

Vietnam War Objectors Plan Protests on Haiti 


J Da'cJ Uc kcr&c Fraar Pmc 

President Bill Clinton in the Oval Office after he addressed the nation about Haiti. 


19 Clinton’s Case: Swimming Against Tide 


By R. W. Apple Jr. 

New York Tunes Soviet 

WASHINGTON — President Bill Clin- 
ton spoke into the teeth of a howling politi- 
cal gale. 

As the Pentagon mobilized reserve units 
and U.S. warships steamed toward Haiti, 
the president belatedly set his full rationale 
for an invasion before the nation in a 
televised attempt to rally public support 
for imminent military action. But he ad- 
dressed a nation of skeptics. 

Mr. Clinton is one of the most skillf ul of 
modem presidents in slating his case, and 
he did so effectively Thursday nighL 
Nonetheless, his speech came after months 
of notably unsteady policy-making on 
Haiti, and some wondered' whether the 
president’s underlying motive was the 
preservation of his own credibility after 
threatening action so often. 

Blending dements of the Monroe Doc- 
trine and the Tr uman Doctrine, Mr. Clin- 
ton argued that if lieutenant General 
Raoul C£dras refuses to yidd power, the 
United States would have no choice but to 
invade to “protect its interests — to stop 
the brutal atrocities that threaten tens of 
thousands of Haitians; to secure our bor- 
ders and preserve stability in our hemi- 
sphere, and to promote democracy and 
uphold the reliability of our commitment 
around the world.” " 

In fact, most Americans doubt that Hai- 
ti is a real test case of their national re- 


solve. The questions spring readily to peo- 
ple’s lips: why invade Haiti in an effort to 
implant democracy in soil where it has 
never flourished, any more than invade 
Cuba in an attempt to cultivate democracv 
there? 

More may be swayed by Mr. Clinton's 
blunt appeal to economic self-interest and 
fears of uncontrolled immigration. 

Unless the United States acts, he said, 
the 300,000 Haitians now in hiding “will 


NEWS ANALYSIS 

be the next wave of refugees at our door,” 
with attendant high costs. 

But there is a certain grim spirit within 
the administration, as if it has set itself 
upon a course that it does not know how to 
abandon, however perilous the waters 
ahead look. 

Many Democrats who are seeking re- 
election this fall have called the White 
House this week to say that an invasion 
would further damage already slim 
chances. 

Three Democratic senators said in floor 
speeches this week that they thought Mr. 
Clinton was making a big mistake,, The 
three — - Pan] Sarbanes of Maryland, Jim 
Sasser of Tennessee and Sam Nunn of 
Georgia — represent the liberal, main- 
stream and conservative strains in their 
party, and all suggested that Mr. Clinton 


By William Claiborne 

H 'ashngton Post Sen-ice 

WASHINGTON — President Bill Clinton's 
allies in the Vietnam -era anti-war movement, 
saying they feel betrayed by the onetime peace 
marcher and draft resister, are preparing demon- 
strations against a United States military inva- 
sion of Haiti. 

Despite their desire to see the democratically 
elected government of the deposed president, the 

Reverend Jean -Bertrand Aristide, installed in 
Haiti, the anti-war activists said they would 
schedule vigils, marches and other protests be- 
cause the same principles that guided their — 
and Mr. Clinton’s — opposition to the Vietnam 
War applied in Haiti. 

“President Ginton and I grew up in the same 
political climate, learning the lessons of govern- 
ment abuse of power in Vietnam." said Leslie 
Wi titers, acting director of the Atlanta- based 
anti-war group Gergy and Laity Concerned. T 
am very disappointed that Clinton hasn't seemed 
to learn that lesson. 

“The Vietnam War was not a simple one-time 
error," she said. “It was an opportunity to think 
about the United States' power and how that 
power is used. He should still be thinking about 
that/' 

The anti -war group leader said the 35 chapters 
of the group, which during the Vietnam era was 
known as Clergy and Laymen Concerned About 
Vietnam, planned prayer vigils, demonstrations 
and letter-writing campaigns before the expected 
invasion and for the SepL 30 anniversary of the 


military coup that deposed Father Aristide if the 
invasion had not been launched by then. 

Ruth Benn. of the New York-based War Re- 
sisters League, said that the group planned a 
demonstration in Times Square the day of the 
invasion and that leaders would meet Saturday 
to schedule other protests. 

“Obviously, what Clinton is doing is totally 
politically motivated." she said. "Many of us 
were always hoping that maybe a president of m> 
generation would act differently, but we always 
kept a certain amount of skepticism open." 

She and other peace activists said they favored 
tighter economic sanctions and other nonviolent 
-measures to remove Haiti’s military dictators. 

The league's leader said veterans of the anti* 
war movement of the late 1960s and early i9Tti.«. 
had begun to lose faith in Mr. Clinton before an 
invasion of Haiti appeared inevitable. 

“He always seemed to be bending over back- 
ward to apprise those who criticized him for his 
resistance to the draft," she said. 

Mr. Clinton's efforts to avoid the draft during 
the Vietnam War and his participation in peace 
demonstrations while attending Oxford Univer- 
sity in England were persistent issues during his 
1992 presidential campaign. 

James Matlack. Washington director of the 
American Friends Service Committee, said. "The 
notion of sending a military force with the poten- 
tial for hostilities to oust a' bunch of thugs is not 
something that we can approve.” 


had failed to convince the nation of the 
need to invade. 

Leon E. Panetta. the While House chief 

of staff, has sought to calm their fears and i f rrer-e*? - — ■ -^ gF35:asg .y gr . T . — . 
those of other Democrats by telling them j J 

that once combat is joined the nation will | v— ,,g — — - ■ ' - - .- w i. - . - . : . n - ferfr . . - - T 

rally behind the president. That 


is no 

doubt true. 

It has happened again and again in re- 
cent years, notably durine, the war in the 
Gulf in 1991. 

But as Defense Secretary' Dick Cheney- 
conceded at the time, a more prolonged 
conflict or heavy American casualties, 
which never materialized, would probably i 
have seriously weakened public support. 

Thai happened in Somalia, when tele- 
vised pictures of a dead American soldier 
bong dragged through the streets of Mog- j 
adishu at the end of a rope brought a 
national outcry. 

Former Vice President Dan Quayle and 
a few other Republicans have suggested j 
that the White House is hoping to get a j 
bounce in the polls if the invasion is a 
success. That seems unlikely, because the 
administration’s strategists live seen too 
much evidence to the contrary in the recent 
past. 

And besides, as Representative Porter 
Johnston Goss, Republican of Florida, re- I 
marked acidly, “You can't really claim a 
great national victory by saying we over- 
came that vicious foreign enemy, the Hai- 
tian Army.” 




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POLITICAL SOTES 


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H—Hh Cart States Take Over 

WASHINGTON — Efforts by the states to 
provide health care and health insurance for 
their residents have taken on sew importance 
now that the most ambitious federal plans to 
remake the nation's health-care system have 
fizzled- 

The states have been a source of innovation 
in health policy for nearly a decade. While 
their interest in the issue never waned, some 
held back this year, waiting for Congress to 
define a standard package of health benefits 
that would be guaranteed to all Americans 
under federal law. 

“The failure of federal health-care reform 
will place new pressures on states because the 
promems are not going away,” said Ronald 
M. Hollander, executive vice president of the 
Massachusetts Hospital Association. “We 
still have the problems of the uninsured and 
rising health costs.” 

Indeed, many state officials suspected all 
along that they could not count on washing- 
ion to solve their problems, and moved ahead 
on their own with innovations that are just 
n o^psying’ dendsL. : r 

California, Florida and Texas, for instance, 
have enrolled thousands of people in health 
insurance alliances that pool the purchasing 
power of small businesses, enabling them to 
get coverage at prices far lower than what 
they would othenvise pay. 

President Bill Ctinion and Congress are 
s till bickering over the details and merits of 
such alliances, but more than 20 states have 
begun experimenting with them. (NYT) 

Christian Coalition Rebounds 

WASHINGTON- — The Christian Coali- 
tion opened its two-day national conference 
having rebounded from accusations that it 


fatally wounded the presidential campaign of 
George Bush, and now it is operating in a 
political climate highly receptive to explicitly 
moral messages. 

“They are the most enthusiastic pan of the 
party tight now, out in the hustings and 
getting people out to vole,” said Michael 
Dubke, executive director of the Ripon Soci- 
ety, a lonely bastion of moderate Republican- 
ism. In those states where control of the 
Republican Party is governed by open rules 
ana regulations, “religious activists are beat- 
ing the pants off other people.” 

But, Mr. Dubke argued, citing the loss on 
Tuesday in the Minnesota Republican prima- 
ry of a gubernatorial candidate backed by the 
religious right, “They can win at conventions, 
as we have seen in Virginia and Minnesota, 
but the Christian Coalition has difficulty win- 
ning those elections." 

Evidence that the public has become more 
concerned about the moral values long cited 
by the Christian Coalition came most recently 
from a Peter D. Hart Research poll issued by 
People for the American Way, the organiza- 
tion that has led the fight against the Chris- 
tian righL 

The poll showed that 51 percent of the 
electorate agreed that the most serious social 
problems “stem mainly from a decline in 
moral values,” as opposed to 34 percent 
agreeing that they “stem mainly from eco- 
nomic and financial pressures on the family ” 

fW7»; 


Quote / Unquote 

Former President George Bush on the Hai- 
ti crisis: “If one soldier goes ashore — and I 
hope they don’t — I would immediately do 
what all Americans will do and that is to 
support cur forces and support our presi- 
dent” (AP) 


Pentagon Plans 
f Danger 9 Pay for 
Invading Force 

Reuters 

WASHINGTON —The De- 
fense Department is preparing 
to provide S150 a month in “im- 
minent danger” combat pay 
and hazardous duty pay to 
troops that take part in any in- 
vasion of Haiti. 

Imminent danger pay is a flat 
S150 a month to all ranks who 
qualify for being sent into 
harm’s way in combat areas, a 
Pentagon official said. 

Hazardous duty pay is for 
dangerous work such as loading 
bombs, and it varies according 
to danger and the job at hand, 
the official said. 


The IHT Pocket Diary 
Puts 1995 

Right Into Your Pocket 


I f 


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Away From Politics 


• A m convicted of shorting a woman to death during a half- 
mfllion-doDar holdup of a jewelry stmts five years ago was 
executed by lethal injection in Huntsville, Texas, authorities 
said. Jessie Gutierrez's last words: “I just love everybody. 
That’s it.” 

• A iadge in Florida refused to dismiss fs&ral charges against 
an anti-abortion extremist accused of killing an abortion 
doctor and his escort. Paul EBU's lawyer claimed Congress 
lacked authority to pass the Freedom of Access to Clime 
Entrances Act because abortion violence cannot be consid- 
ered interstate commerce. The judge disagreed. 

• Lbs Angeles teachers orerwbelmmgly approved a contract 
and avoideda strike, but warned that then salary dtmands 
would continue Teachers took a 10-percent pay cut in 1992 to 
help the district balance its budget. 

• A federal judge struck down parts of Pennsylvania's abortion 
jfanr, saying poor women seeking taxpayer-funded abortion 
shcmkl not have to provide police reports proving they were 
rape or incest wetims- The judge dso ruled that the stale 
cannot require thai two doctors certify an abortion is neces- 
sary to save a woman's life before it can be paid for with 
federal funds. 

• A deputy sheriff, who had just mbd fab wife in Alexandria, 

T ^ngjgnfl, wwirnd with a priest for two and a half hours, 
that put the muzzle of his -45 to his head and killed himself as 
a television station broadcast it live. (AP, AFP) 


On October 11th, the IHT will publish a Special 
Report on 

International 



Among the topics to be covered are: 

■ How U.S. degrees from universities abroad 
are viewed on the international job market. 

■ The option of home education in the U.S. 
and Europe. 

■ A boom in correspondence and part-time 
business courses. 

■ The effect of German unification on school 
curricula. 

■ Developments in education in Europe and 
Asia. 

fa further informa tkm, please c&Tta&Biti Mah^ 

in Paris at (33-1) 46 37 93 78, fax: (33-1) 46375044. 
IMEBAUIONAL i 


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SATURDAY-SUNDAY, SEPTEMBER 17-18, 1994 


f Page 4 


Pi 


OPINION 


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INTERNATIONAL 



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FVttl.lMIKD WITH THK NVft YORK TlMh \Nlt THK VittHlNOON POST 


An Illegitimate Mission 


President Bill Clinton is preparing to 
. send American troops to Haiti to end 
human rights abuses, secure U.S. bor- 
ders and uphold Washington's credibil- 
. ity. His address from the Oval Office on 
■ Thursday night was designed as an at- 
tempt to convince Americans (hat the 
- nation has a legitimate national interest 
in Haiti worth the risking of American 
. lives. Indeed, Haiti does raise troubling 
concerns. But concerns and security in- 
terests are not the same thing, no matter 
how hard a president argues. The fact 
remains that a Haiti Invasion is a mis- 
sion the country does not believe in. 
Congress has not approved and Mr. 
. Clinton himself tried to avotd- 

The military victory, if it can be called 
that, will come quickly and perhaps not 
loo messily in the first days. But as time 
drags on, this diplomacy by intrusion 
will feed domestic divisiveness, set an 
unhealthy foreign policy precedent and 
possibly compromise the cause the ad- 
ministration means to advance: Haiti’s 
democratic development. 

Mr. Clinton apparently calculates that 
he can rally public and congressional 
support after an invasion. Perhaps he 
can. But that support would be perilously 
thin for a commitment that is likely, giv- 
en the gory history of Haiti, to go on for 
years with a constant risk of clashes. 

Even if the initial, mainly U.S., inva- 
sion force ousts the military leadership, 
restores President Jean-Bertrand Aristide 
and re-establishes order as quickly as Mr. 


Clinton expects, it will have to be re- 
placed by a longer-term international 
force with a substantial U.S. component. 

The weakness of Haiti’s economy, the 
gap between its peasants and its oligarchi- 
cal ruling class and the deeply imbedded 
corruption of its army all argue that visit- 
ing reformers cannot breeze out easily. 

Mr. Clinton rightly characterized the 
Haitian regime as the hemisphere’s most 
horrific human rights violator. But the 
administration has long tolerated even 
grimmer human rights violations in Bos- 
nia. If the difference is that Haiti is “in 
our back yard,” so is Cuba. Arguments of 
this nature mark a disturbing return to 
the old UJS. pattern of treating Western 
Hemisphere neighbors as something less 
than sovereign states. 

The United States does have an inter- 
est in defending democracy and human 
rights in this hemisphere and beyond. 
But that confers no right or duty to 
invade countries whose governments 
have been overthrown and replaced by 
ones Washington does not like. Last 
time it was Grenada. This time it is 
Haiti. What about next time? Would 
those now urging action against the Hai- 
tian junta support the same principle if 
it were applied somewhere else? 

No U.S. interests are at stake in Haiti 
that would justify risking lives, and no 
urgency exists that could justify short- 
circuiting congressional approval and ig- 
noring public opinion. 

— THE NEW YORK TIMES. 


Poland Shows the Way 


Poland has lifted a great burden from 
its economy with the debt relief agree- 
ment that it has negotiated with the 
Western banks. It owed them. $14 billion, 
casting a heavy shadow over all its finan- 
cial relationships as it worked to rebuild 
(he country. This deal with the banks will 
reduce Poland's obligations to them by 
half, in turn greatly helping the Poles 
attract the foreign investment they need 
Poland is emerging as the most successful 
of the East European economies and an 
important example to the region. 

These h ank debts are an inheritance 
from a bad time: the 1970s, when the 
Communist regime was desperately bor- 
rowing abroad in an effort to raise the 
standard of living and dispel an air of 
failure that was beginning to be perva- 
sive. Five years ago, elected leadership 
began the arduous work of structural 
reform, and successive governments 
have pursued it with great consistency. 
That has not been easy. 

But they have stuck with the refonns, 
and the results axe increasingly visible. 
The economy is now expanding at 4 per- 
cent to 5 percent a year, faster than any of 
the others east of what used to be the Iron 


Curtain, and Relish factories are export- 
ing profitably to Western markets. The 
contrast with Poland’s neighbors to the 
east is sharp and instructive. 

Ukraine has yet to begin the fundamen- 
tal reforms that Poland first undertook in 
1989. As a result, Ukraine's economy con- 
tinues to spiral dismally downward, and 
the evidence of distress is accumulating. 
Russia has apparently ended its long de- 
cline, but it is not yet dear that a recovery 
has begun. Poland passed through the 
trough of the curve nearly three years ago. 
around the end of 1991. 

For many of its people. Poland is not 
yet a comfortable place to live. Inflation 
and unemployment are both high, al- 
though they are at least not rising. Some 
miss the stodgy security of the Commu- 
nist social system. Living standards are 
around onerfourth the level in Western 
Germany or France — not high even by 
East European standards. But there is a 
sense of momentum and of being on the 
right track. The Poles are demonstrating 
that hard work, courage and good policy 
can transform a severely damaged econo- 
my into one capable of vigorous growth. 

— THE WASHINGTON POST. 


And the Fans? Yer Out! 


So much for the baseball season in 
which Matt Williams and Frank Thomas 
could have hit 62 homers, Tony Gwynn 
could have batted .400 and Cal Ripken 
Jr. could have moved within sight of one 
of the game's most sacrosanct records, 
for consecutive games played. For the 
first time in 90 years, there will be no 
World Series. The owners have called it 
off because of a player strike triggered by 
their own intention to impose a salary 
ceiling. Bud Selig, owner of the Milwau- 
kee Brewers and the game’s commission- 
er by default since it pushed out the last 
real one, says baseball has long-term 
problems that had to be dealt with now, 
and sorry about the Series. 

They’re long-term indeed. For the bet- 
ter part of this century, a ballplayer 
worked under a system that tied him to 
one dub, which paid as little as it could 
get away with until it had no further use 
for him. With free agency, starting in the 
1 970s, the players were suddenly able to 
bargain with the owners for big salaries. 
Since then the game has seen an era of 
high pay, surprisingly intense competi- 
tion and soaring attendance. 

For most people, this would not be a 
problem, but for Mr. Selig and a number 
of his colleagues in the “small markets” 
(they’re a minority of the owners, but 
enough to block any settlement with the 
players) there are constant worries about 
keeping up with the more prosperous 
teams (in New York, Los Angeles, Chica- 
go, Baltimore and elsewhere) in the bid- 
ding for player talent. They want the big 
boys to share their revenues with them; 
the big boys, in return, want future sala- 
ries limited to SO percent of revenues. 

The players, with their SI.2 million 
average salary, are always an easy target 
for the fans, many of whom once played a 
little second-base themselves and don’t 
see why somebody should get $2 million 
for doing it Their union chid is no sweet- 


heart cither. The other day, though, we 
came across a long list of the highest paid 
entertainers in America — it included such 
worthies as Roseanne Arnold, Oprah Win- 
frey and Michael Jackson — and noted 
that even the least of them made a great 
deal more last year than a Ripken or a 
Bobby Bonds. Whether they were more 
dili gent or talented than the ballplayers 
doesn’t matter much; people in both cate- 
gories get about what they’re worth to 
those who employ and promote them. 

The players could probably make 
some concessions here and there; but on 
the issue of limiting the salary pot 
they’re not likely to yield, especially giv- 
en the fact of a century of distrust be- 
tween them and management. This is 
the oddest of labor disputes: The "work- 
ers" are on the side of growth, change 
and risk-taking, while the owners seek a 
Static situation. Mr. Selig is cast in 
the role of Commissioner Canute, com- 
manding the economic tides to reverse 
themselves and please let Milwaukee, 
San Diego. Pittsburgh and the other 
cities that cannot quite support teams 
keep them anyway. 

It really is time for Congress to consid- 
er doing away with baseball's antitrust 
exemption, as President Bill Clinton sug- 
gested on Wednesday — and not just m 
the area of labor relations, either. The 
other pro sports are doing fine without 
such an exemption; the main effect of 
removing it for baseball would be to 
allow more movement of franchises and 
break the hold of the major leagues on the 
minors, many of which are booming these 
days and could, perhaps, take new and 
exciting forms in a freer climate. The 
game’s executives are given to dire warn- 
ings about doing this; they warn that it 
would be the end of baseball as we have 
known it. Gee, does that mean we 
wouldn’t have a World Series? 

— THE WASHINGTON POST. 



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Here Goes the Haitian Adventure, but Then What? 


W ASHINGTON — Critics of Presi- 
dent Bill Clinton's liberal imperi- 
alism — the colonialism of compassion 
— miss the point when they say Haiti 
involves no vital U.S, interest. The pris- 
tine absence of anything as coarse as a 
vital U.S. interest is what recommends 
this adventure to its enthusiasts. Just as 
in domestic policy the proof of liberal 
virtue is generosity with other peoples' 
money, the proof in foreign policy is 
willingness to spend the nation's blood, 
treasure and prestige for abstractions 
rather than concrete national gain. 

There is a simil ar aspect to Mr. Clin- 
ton's simultaneous solicitousness toward 
the United Nations and his disregard of a 
Democratic-con trolled Congress, and 
the constitution. Madeleine Albright, 
U.S. ambassador to the United Nations, 
breezily dismissed any constitutional ob- 
ligation to consult Congress before invad- 
ing Haiti, saying this was a “police ac- 
tion,” not an act of war. James Madison 
did not anticipate such labeling of a full- 
scale premeditated assault on a nation 
with which America is at peace and which 
poses no threat to the United States. 

Mrs. Albright evidently regards the 
English language the way Mr. Clinton 
regards the health care system: as prop- 
erly government property. But her se- 
mantic sleight-of-hand is too intellec- 


By George F. Will 

tually feeble to be as dangerous as Sec- 
retary of State Warren Christophers 
notion that Congress is implicit in any 
coming invasion because Congress has 
not acted to stop it The idea is that 
congressional approval for any presiden- 
tial use of military force can be inferred 
from the absence of congressional action 
to prevent iL The implication — that no 
president is obligated to respect any con- 
stitutional restraint, only a leash imposed 
by Congress for each particular occasion 
— is, in a word, Nixonian. 

Reasons so far offered for an invasion 

include: 

The United States must invade be- 
cause it said it would. 

U.S. credibility (with North Korea; or 
something) is at stake. 

President Clinton's credibility is at 
stake. 

The United Nations’ credibility is at 
slake. 

America (this from “Blame America 
First Democrats”) is to blame for Haiti's 
condition (because America trained the 
Haitian military, or something). 

America is duty-bound to do all h can 
for democracy everywhere (or in tins hemi- 
spbere, or at least “in our back yard”). 


Terrible things are happening in Haiti 
and the United States must stop terrible 
things “in our own bade yard.” (The south 

Bronx is another matter.) 

And so on. 

A proliferation of rationalizations for a 
government action often betokens reti- 
cence about the real reason. Accordingly, 
consider the words of Representative 
Charles Rangel, Democrat of New York 
and a leader of the Congressional Black 
spoken angrily on CNN’s “Cross- 
fire” this past week: “And of course when 
you say. Ts this little black president (the 
Reverend Jean-Bertrand Aristide) worth 
the loss of rate American white life? 5 the 
(answer) — hey, it has to be no” 

Domestic racial politics has spilled 
over into Haitian policy. It is impossible 
to prove, but plausible: There would be 
no movement toward invasion if there 
were no Black Caucus, or if the caucus 
shared the priorities of the vast majority 
of black Americans. 

Perhaps planners of the invasion have 
adequately considered all the “then 
what?” questions. When Japanese lead- 
ers asked Admiral Isoroku Y amamoto if 
he could conduct an attack on Pearl 
Harbor, he said: With shallow-nuinmg 
torpedoes, and luck, yes. And I will run 
wild in the Pacific for perhaps a year. 
Bnt then what? 


After U.S. forces have subdued their 
adversaries in Haiti, then what? - _• 
What if General Raoul Cidras and 
his henchmen step across the border 
into the Dominican Republic, from 
there to foment such trouble as Haiti 
does not spontaneously generate? What 
if refugees in flight from Haitian score- 
settling anarchy destabilize the Domini- 
can Republic? (The administration that 
produced the Clinton health care bill 
obviously is not impressed by the prob- 
lem of the unin tended consequences of 
government actions, but still 
What if efforts to prevent the assassi- 
nation of President Aristide (surely pre- 
vention becomes America’s responsibil- 
ity) fail? If he survives until the next 
election, is the United States, having 
committed itself to the “restoration, ol 
democracy,” responsible for guarantee- 
ing dectoral proprieties?^ 

These interesting questions arise at a 
propitious moment. The coll a ps e of Mr. 
Qinton’s health care overreaching coin- 
cides with his flipg at colonialism, and 
both come eight weeks before elections. 
Do Americans want government hubris in 
domestic policy, and overreaching (“na^ 
non-budding”) combined with obeisance 
to the United Nations in foreign policy? 
Let's put it to a vote on Nov. 8. 

Washington Post Writers Group. 


Does Clinton Mean to Turn His Back on the Promise of Asylum? 


N EW YORK — Three years 
after World War U, most 
governments of the world had re- 
alized that the issues of refugees 
and asylum were critical to the 
safety of nations, the purposes of 
the war and to what had come to 
be called human rights. 

In Europe camps were still 
filled with persons “displaced” 
by German devastation or fear 
of falling into the hands of the 
Soviet Army. In Asia millions of 
Hindus and Muslims were kill- 
ing and being killed crossing 
through India and Pakistan, 
sliced apart by partition. 

On Dec 10, 1948. the 56 mem- 
bers of the United Nations met 
in the Queens borough of New 
York, shivering in a mangy for- 
mer skating rink while the orga- 
nization hunted frantically for a 
permanent U.S. headquarters. 

In those days, presidents and 
kings picked important fruit to 
represent them at the UN Gen- 
eral Assembly. Secretary of State 
George Marshall headed the 
UJ>. delegation; near him was 
John Foster Dulles. The delegate 


By A. M. Rosenthal 


who spoke to the issue was Mrs. 
Fr anklin D. RoosevelL 

Stalin sent Andrei Vyshinsky, 
his personal people-scythe. 
Jawaharlal Nehru sent his aster, 
Vijaya fjikshmi Pandit, graceful 
as bamboo, twice as strong. 

The document before them was 
the Universal Declaration of Hu- 
man Rights, /til who voted for it 
said that to violate it would forever 
be like violating the UN Charter. 

After Article 13 was passed, de- 
claring everyone’s right to leave his 
country al will. Article 14 was ap- 
proved: “Everyone has the right to 
seek and enjoy in other countries 
asylum from persecution.” 

The article excepted those 
who committed nonpolitical 
crimes. For the overall declara- 
tion all members voted aye ex- 
cept eight abstainers — the Sovi- 
et bloc and South Africa. 

For tile United States, it was 
not a problem. Separated from 
refugees by oceans and disinter- 
est, Washington scanned the lists, 
reaching in for a few with world- 


class achievements in physics. 

Later, U.S. administrations did 
show attention, political and 
compassionate. They gave asy- 
lum to Soviet Jews, other Soviet 
dissidents and some a Hies from 
South Vietnam. 

But asylum was still some- 

The president is no 
xenophobe, but he has a 
problem about refugees. 

thing remote. We never really 
understood that most asylum- 
seekers could not show up 
equipped with passports, visas 
or affidavits by the police back 
home that said yes, they were 
indeed persecuting the refugees. 

Annoying, paperless people like 
that still arrive from far away. In- 
scrutable Chinese prefer sickening 
for months, even dying, in filthy 
cargo boats to staying home hav- 
ing fun in the new Chinese Com- 


munist wonderland. Instead of us- 
ing them as TV commercials for 
America, we slam them into jaiL 

And now, drenched, starving 
Caribbean refugees impolitely try 
to leap into America’s own sunny 
neighborhoods — right where 
Americans once loved to conga 
around carrying signs saying: 
“Love you, Latin neighbor.” 

Fidel Castro taught us that 
over there is now over here. 
America stood straight: Cubans 
who could get here were taken in. 
Look around: Cuban refugees, 
like so many others, not only got 
jobs but created others. 

But now there is a growing 
American antagonism toward im- 
migrants, including refugees: 
hordes of them wfl] take our jobs. 
Refugees, of specified colors, al- 
ways are counted by the horde. 
Mr. Qin ton played into that. He 
is no xenophobe or racist But he 
has a problem about refugees, as 
about some other human rights 
matters: constancy deficiency. 

This trait made for the weird 
performance in the Caribbean. 
When Castro tested him by let- 


ting Cubans set out in rafts, Mr. 
Clinton “forced” the Cuban 
leader to keep them home — 
thus riving Fidel a terrific 
chuckle and simultaneously 
tearing up Articles 13 arid 14. 

On Haitian refugees, erne day t 
Mr. Clinton said let them in, the « 
next sent orders to pick them up, 
send them back, or to Panama, or 
Guantanamo, just away. 

If Mr. Clinton had remained 
constant on refugees, the Haitian 
“generals” might have believed 
long ago that when be said some- 
thing he meant that specific 
something. And with a better 
Clinton constancy record more 
Americans might understand that 
he has a good case for invasion as 
a last resort. 

But no protests grip America 
about Washington’s strange fear 
and min gin ess toward “boat 
le.” Articles 13 and 14 are 
by that grand old slo- 
gan: Pull up the gangplank, ^ 
Jack. I*m aboard. Is that the sig- - 
nal flag the president wants 
America to fly on his tour? - 
The New York Times. 


Behold the Democrats Waving the Republicans 9 Budget Banner 


W ASHINGTON — The other day. 

Senator Charles Robb of Virginia, 
pressed by his three challengers during a 
televised debate to explain what he 
would do about the federal deficit, blurt- 
ed out these epic words. “I would take 
food from the mouths of widows and 
orphans, if necessary, to begin to solve 
the problem of the defidL” 

One of Mr. Robb’s rivals, forma Gov- 
ernor Douglas Wilder, who is running as 
an independent, termed it “a stupid line.” 
Mr. Robb's main Republican challenger. 
Oliva North, responded by organizing 
“Widows and Orphans for North.” 

If the gaffe by Mr. Robb just reflected 
a harried candidate momentarily losing 
bis judgment under pressure, it would be 
bad enough. But his hapless statement is 
just the logical conclusion of Democrats 
hying to play a Republican game: Rural- 
ly proposing to starve widows and or- 
phans m order to demonstrate fiscal rec- 
titude to satisfy bond traders. 

Unfortunately, a more subtle version 
of this myopia afflicts not just Mr. 
Robb, but much of the Democratic Par- 
ty. In Congress, dozens of Democrats 
Have embraced budget-balance fever, to 
the exclusion of themes that have tradi- 
tionally rallied voters. 


By Robert Kuttner 

At the White House, Alice Rhiin. direc- 
tor of the Office of Management and 
Budget, is pushing President Clinton to 
press for deeper budget cuts. The White 
House staff is also divided on whether to 
revive the idea of a middle-class tax cut. a 
proposal said to have the sympathy of Mr. 
Clinton’s chief of staff, Leon Panetta. 

This grecn-eyeshade, bond-trader 
mentality is both u nn ecessa r y and self- 
defeating. It is unnecessary because the 
federal deficit crisis is effectively ova. 

According to the latest calculations by 
the Congressional Budget Office, the def- 
icit is now just 23 percent of total nation- 
al output. It is Iowa than any of George 
Bush's or Ronald Reagan's deficits, in 
fact the lowest ratio since the late 1970s. 

The national debt, relative to the gross 
domestic product, is projected to be vir- 
tually flat for the next three years, at 
about 51 percent of one year's gross do- 
mestic product That is half the debl-to- 
GDP ratio of the late 1 940s. The debt ratio 
may rise very slightly beginning in 1998, 
but if the growth rate improves even a bit 
the ratio will remain steady at falL 

Politically, embracing greater fiscal 


conservatism also deprives the Demo- 
crats of the one thing that differentiates 
them from Republicans: the wise use of 
the public sector to give economic help 
to ordinary people. Deeper budget cuts, 
or a token middle-class tax cut, would 
deprive the budget of the last remaining 
discretionary funds available for badly 
needed public programs. 

For example, the Federal Reserve 
Board takes die position that unemploy- 
ment cannot be allowed to go below 6 
percent because shortages of qualified 
workers would generate inflationary wage 
lakes. If America cannot cut unemploy- 
ment below 6 percent, it wOl not get eco- 
nomic growth above 3 percent And if that 
persists, living standards will continue to 
stagnate for most people. 

One obvious remedy is job training. If 
there were more qualified workers, 
America could have a Iowa rate of job- 
lessness without the threat of (real or 
imagined) inflation. But a billion-doll ar 
youth jobs program was excised from the 
crime bill as “pork.” And what is left of 
the administration's education and train- 
ing initiatives would be flattened if Mr. 
Clinton took the advice to ax the deficit 
and hand out tax cats. 

On Sept 27, the Republican leader in 


the House, Newt Gingrich, will lead a 
huge rally at the Capitol, featuring more 
than 100 Republican challengers to in- 
cumbent House Democrats. A key theme 
will be Republican fiscal demands: a 
constitutional amendment to require bal- 
ancing the federal budget, more deficit 
reduction, tax cuts. 

President Clinton should resist the 
counsels urging him to pander to these 
demands. There is no way for Demo- 
crats to beat Republicans at this game; 
if Mr. Clinton offers a small tax cut. 
Republicans will just demand a bigger 
one. If he offers a bit more deficit reduc- 
tion, Republicans will simply insist on 
greater deficit reduction. 

And the voters, who are not fools, will 
notice who is setting the agenda. Instead 
of emulating the Republican game, the 
Democrats need to offer a different game 

E lan of their own — or else why bother to 
avc a second party? 

Offering a more timid version of the 
other party’s themes is the most lame 
game of all. Harry Truman said it best: 
When the voters are faced with a choice 
between a Republican and a Republi- 
can, they’ll vote for the Republican 
every time. 

The Washington Post 


China’s Reformist Road Looks Safe From a Soviet-Style Breakup 


W ASHINGTON — Current 
opinion on China has an 
end-of-an-era tone, a sense of 
coming dynastic change. Deng 
Xiaoping has turned 90. In recent 
years, as Mr. Deng has retired 
from his official posts. China- 
walchers have maintained a death 
watch, exp ec tin g his imminent de- 
mise to set in motion political 
transition and perhaps disorder. 

Some expect the sort of vicious 
factional conflict ova succession 
that is typical of communist states, 
leading quickly this time to the 
collapse of the Communist Party. 
In its place, some see the outbreak 
of democracy, others the imposi- 
tion Of militar y authoritari anism 
in the name of maintaining order. 
For yet others, there is a prospect 
of the breakup of China, following 
the example of the Soviet Union. 

This is probably a mistake. 
China is different from the Soviet 
Union, and our view of it should 
not be colored too much by what 
happened there. Remember, it 
was only a few years ago that 
China was seen not as the repres- 
sive, reactionary communist po- 
litical fossil it seems today but 
rather as the front-running re- 
formist communist state. U 
seemed at least possible that Chi- 
na might succeed in building a 
new, market-driven economy out 
of its falling S talinis t p lannin g 
system. China, not the Soviet 
Union and Eastern Europe, 
seemed ripe for liberalizing evolu- 
tion, perhaps even revolution. 

This overnight shift in perspec- 
tive suggests caution against ex- 
treme predictions. For the fore- 


By Lyman Miller 


seeable future, the continuities in 
China before and after 1989 and 
Tiananmen may turn out to be as 
important as the undeniably im- 
pressive changes. 

One of the key continuities is 
communist political leadership. 
The leadership, headed by Mr- 
Deng, was the critical ingredient 
in the changes in China after 
1 978. It r emains an important en- 
gine of change today. 

There are several reasons to 
suspect that China's present par- 
ty leadership, headed by party 
chief Jiang Zemin, will prevail in 
a post-Deng era. First, it has pur- 
sued an aggressive program of 
economic reform despite signifi- 
cant risk to social and political 
stability. The economic boom in 
China is often associated with 
Mr. Deng's tour of South China 
in early 1992, but it draws on a 
surge of reform that began in 
1990, when party conservatives 
were forced to acknowledge that 
their policies had led the econo- 
my into a severe downturn. 

Since then, resurgent party re- 
formers have steadily pressed 
ahead, placing on the agenda key 
institutional changes. These in- 
clude banking and fiscal reform, 
revamping China’s foreign trade 
system to conform to interna- 
tional standards, and corporatiz- 
ing the money-losing state enter- 
prise system. They were ratified 
at the hig hest party levels last 
October. Their endorsement 
shows that the party leadership 
is not paralyzed and without a 


dear sense of policy direction. 

Second, the resurgence of eco- 
nomic reform ova the past four 
years suggests an unusual degree 
of leadership consensus. This im- 
pression is borne out by a dose 
analysis of the political predilec- 
tions erf the seven-member Polit- 
buro Standing Committee, Chi- 
na’s most powerful political body. 
Six erf the seven are reformist m 
orientation; the seventh — Prime 
Minister Li Feng — has conserva- 
tive credentials bat since the fall of 
1991 has been working hard to 
sound Hke an activist reforma. 

There are undoubtedly divi- 
sions and conflicts among these 
men, but to an unusual degree 
they have not crept into public 
view. Instead, public leadership 
activities show a rigorous effort 
to project a clear division of la- 
bor and observance of routine. 

Third, with the exception of Mr. 
Deng, the party elders whose dis- 
agreements dominated politics in 
the 1980s are a declining force. 
Death has already thinned their 
ranks. Four of the eight key elders 
died in the past two years, all from 
the conservative wing. The re- 
maining elders are rarely heard on 
any issue. The key elder, of course, 
remains Mr. Deng. Attention in 
China’s media to his rare public 
appearances and views seems or- 
chestrated to reinforce present re- 
form policies and to spotlight the 
roles of front-line leaders in prepa- 
ration for his passing. 

Last, the central leadership has 
not lost the means to control the 


provinces. Assertions of provincial 
autonomy, in which the provinces 
ignore Beijing and mar own 
way, rest on economic trends and 
are exaggerated. 

In short, China’s present top 
leaders c omp rise an activist lead- 
ership that is not weak, fragment- 
ed and waiting passively for Mr. 
Deng’s passing or its own demise. 
The communist regime indeed 
faces daunting problems of trans- 
forming Pima's economic system 
and governing a rapidly changing 


society. These tasks entail unpre- 
dictable challenges that may well 
overturn .the regime in the end. Bui 
leadership paralysis, inflexibility, 
passivity and divisivaiess are not 
likely to contribute to that out- 
come if present trends continue. 

The writer is a professor of Chi- 
na studies at the Paul H. Nitze 
School of Advanced International 
Studies at Johns Hopkins Univer- 
sity. He contributed this comment 
to The Washington Post 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894; Invasion Fears 

SHANGHAI — News has 
readied Tientsin that a few days 
ago a fleet of twenty-one Japanese 
transports sailed for some destina- 
tion at present unknown. There 
were about 10,000 troops on 
board. So laige a force, it is feared, 
can only be intended for landing 
on the Chinese coast. Urgent ex- 
hortations to watchfulness have 
therefore beet sent to all the ports 
and Admiral Ting, whose fleet is 
now a very formidable one, has 
started south to meet the enemy. 
The invasion scare, however, has 
become chronic with the Chinese. 

1919: A World Vision 

NEW YORK — In both his ad- 
dresses at Portland, President 
Woodrow Wilson declared that 
he intended to see the League of 
Nations through "whatever evil 
resists.” He asserted that his op- 


ponents were either lacking 
knowledge and imagination 
“just plain quitters.” The fc 
tunes of the United States, j 
insisted, were now tied up wi 
those of the rest of the world. 

1944 : Soviets in Sofia 

LONDON — (From our Nt 
York edition:] Red Army uoo 
yesterday [Sept. 16] rollt 
through the capitulated Bulgaj 
an capital of Sofia in their an 
toward Yugoslavia, only thir 
miles beyond, while other Sovi 
forces she&ed bunting Wi 


— aooss the Vistula R 
from the captured suburban 
of Praga. A communique f 
General Pot, Polish undergo 
leader at Warsaw, said his (J 
had frustrated Goman effofi 
establish strong points on the 
tula's western banks with wi 
to meet the Soviet onslaug ht. 





EYTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 17-18, 1994 


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American Rebukes 
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SEOUL — The senior Unit- 
ed States envoy dealing with 
North Korea in a dispute over 
that country's nuclear program 
derided on Friday Pyongyang’s 
attempt to dictate the terms of 
an agreement under which it 
would acquire safer reactors. 

“It is ludicrous for the DPRK 
10 suggest they will decide the 
architecture of the reactor and 
that the U.S. will pav,” Assis- 
tant Secretary of State Robert 
L. Gallucd said, referring to the 
Democratic People’s Republic 
of Korea, He was speaking at a 
news conference at the end of a 
three-day visit to South Korea. 

“It’s almost too much to take 
seriously,” he added. “I don't 
take it seriously." 

North Korea agreed last 
month in talks with the United 
States to convert from graphite- 
moderated reactors, which pro- 
duce plutonium that can be 
used for nuclear weapons, to 
light-water technology, which 
produces very little plutonium. 

On Thursday, the North said 
after expert-level talks with the 
United Staves in Berlin that it 
should have the right to select 
the type of light-water reactor. 
It has said it is interested in 
technology from Russia or the 
German company Siemens. 

Mr. Gallucci said the United 
States, Japan and South Korea 
had agreed that “the only viable 


project concept that we can 
identify is one in which South 
Korea will play a cen tral role in 
the construction and financ- 
ing*” ' 

He added: “We therefore 
consider the project to consist 
of two 1,000- mega watt reactors 
of a design like that of those 
reactors currently under con- 
struction in South Korea." 

He said it was the role of the 
United States to pick the type 
of reactor and arrange the pro- 
cess of transition to light-water 
technology. 

“The role of the DPRK is to 
take the steps we and they have 
agreed on and cooperate in the 
revision of the reactor project,” 
he said. 

Mr. Gallucci promised South 
Korea that the United States 
would not try to improve its 
relations with the North at the 
expense of the South and said 
Pyongyang had to move ahead 
in its dialogue with Seoul. 

He said that Washington was 
aiming for normal relations 
with North Korea and that 
“preliminary discussions” on 
the opening of liaison offices in 
the respective capitals were a 
step in this direction. 

but such offices will be set up 
only in the context of an overall 
settlement of the nuclear dis- 
pute, he said, and it would be 
“extremely premature" to see 
them as a reality anytime soon. 


Malaysia Leader Accuses West 
Of Colonial Policies in Disguise 


The Associated Press 

JAKARTA — Prime Minis- 
ter Mahathir bin Mohamad of 
Malaysia accused Western na- 
tions on Friday of wanting to 
perpetuate colonialism and fail- 
ing to help poorer nations de- 
velop. 

Mr. Mahathir was addressing 
the International Conference 
on Human Resources, attended 
by ISO experts and officials 
from 37 countries including the 
United States and other west- 
ern nations. 

“The strong and the rich are 
not willing to change their atti- 
tude.*' Mr. Mahathir said. 

He accused Western coun- 
tries of using human rights and 
environmental issues to block 


products from the poorer South 
from entering their markets. 

“All these cares and concerns 
for human rights and democra- 
cy are laudable, except that the 
obvious results of applying 
Western standards would be to 
knock out the competitiveness 
of the manufactured products 
of these countries,” he said. 

Earlier in the day. Mr. Ma- 
hathir met with President Su- 
harto of Indonesia and agreed 
to settle a territorial dispute 
over two islands through bilat- 
eral negotiations. 

Malaysia had earlier pro- 
posed that the International 
Court of Justice consider the 
dispute over the islands of Sipa- 
dan and Ligitan, which both 
Malaysia and Indonesia claim. 


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Douglas Hurd and Chris Patten, in hard hats at right, being briefed Friday at the site of Hong Kong's new airport 

Hurd Fails to Allay Hong Kong Lawmakers’ Fears 


The Associated Press 

HONG KONG —Hong Kong legisla- 
tors voiced their concerns about the 1997 
takeover of the British colony by China 
at a sometimes stormy meeting Friday 
with Foreign Secretary Douglas Hurd, 
and said they came away disappointed. 

Mr. Hurd countered with an upbeat 
appraisal, saying he found Hong Kong 
calm and confident about its future un- 
der China. 

Among points raised by legislators 


were Britain’s reluctance to set up a com- 
mission to protect human rights after the 
sovereignty change, its refusal to grant 
full British citizenship to three and a half 
million Hong Kong nationals, and the 
lack of cooperation by China on assuring 
a smooth transition. 

“I'm not satisfied, but I never expect- 
ed much would come out of this meet- 
ing,’' said a legislator. Martin Lee. 

Mr. Hurd "did not give us any satis- 
factory solution to our many concerns.” 


Mr. Lee said on Hong Kong radio. 

Another legislator. Emily Lau, said 
she reminded Mr. Hurd that he has said 
he does not want this final chapter of the 
British Empire to end “in a shabby way." 

“I said. Tf you abandon several mil- 
lion citizens, it's bound to end in a shab- 
by and horrific way. As the foreign secre- 
taty, what can you do for usT and vhe 
answer was. nothing.” 

She accused Mr. Hurd of not taking 
seriously enough the problems ahead 


In Colony , Small Election but Big Issues 


The Associated Press 

HONG KONG — On the face of it, 
the election here on Sunday does not 
amount to much: It is about who will do 
a better job of advising the governor on 
garbage collection, typhoon shelters and 
the like. 

But beneath the surface is a struggle 
over who will command the high ground 
in the final critical years before China 
takes over in 1997. 

Although the elections are strictly lo- 
cal, they will be closely watched for signs 
of whether Hong Kong's democrats — at 
last count the most popular party in the 
colony — can hold their ground against 
the rising pro-China forces. 

Many votes are likely to go to indepen- 
dents, so the election is not a wholly 
reliable guide to the big picture. 

But even the turnout will have political 
meaning. A high turnout will suggest 
that despite China's hostility to the 
changes Introduced by Governor Chris 
Patten, voters still believe In the system. 


The elections for Hong Kong's IS Dis- 
trict Boards are being held under rules 
devised by Mr. Patten in defiance of 
China's wishes. These have lowered the 
voting age from 21 to 18 and scrapped 
appointed seats on the boards, and have 
given the boards the right to elect a sixth 
of the legislature. 

But although the boards have no pow- 
ers except to “advise,” China has vowed 
to disband them along with Hong 
Kong’s other elected bodies in 1997, in 
retaliation for Mr. Patten’s reforms. 

Yet China is encouraging its support- 
ers to contest Sunday's elections. Why? 

According to Tsang Yok-sing, head of 
the pro-China Democratic Alliance for 
the Betterment of Hong Kong, it is be- 
cause China fears Mr. Patten's reforms 
will favor democrats who are “hostile to 
Beijing." 

“That is why China wants to see us 
take an active part,” he said. Boycotting 
the election would only ensure “we 
wouldn't get anybody in.” 


Ironically, one of Mr. Tsang’s argu- 
ments for backing the pro-China ticket is 
that if it does well, China will realize that 
it. too, can win dividends in a fair elec- 
tion. 

A record 757 candidates are contest- 
ing 364 seats. The battle is expected to be 
fiercest between the alliance and the 
Democratic Party, the two factions Chi- 
na considers most hostile and pro-Brit- 
ish. 

In Hong Kong’s last election, for the 
legislature in 1991, the democrats won 
by a landslide. But no pro-China party 
ran is that election. 

Mr. Tseng's alliance was formed in 
1992 — “a very late and poor start," he 
said. But the pro-Beijing press provides 
friendly coverage, and pro-Beijing orga- 
nizations and businesses give money. 

The alliance's biggest strength is its 
networks in Chinese-aligned banks, 
companies and trade unions. 

*'We are the leftists, so we have to 
support each other," Mr. Tsang said. 


INDIA; Militants Shake Up Assam 


Continued from Page 1 
er. who said he sympathized 
with the complainis of the local 
militant organizations even 
though his company had been 
victimized by the terrorism and 
extortion. 

In fact, many native Assam- 
ese and tribal groups say the tea 
companies represent the stark- 
est examples of economic dis- 
parity in the state. They com- 
pare the lavish way of life of the 
tea growers — most from out- 
side the state — with the tea 
pluckers who work for them at 
an average daily wage of about 
60 cents. 

Even though the last British 
tea planters left In the mid- 
1970s, the Indian growers who 
replaced them have maintained 
much the same lifestyle. 

Assam's 848 tea plantations 
export an 433.000 tons of tea 
out of the suite each year. 54 
percent of India’s entire tea 
production. 

Soon after the first tea com- 
pany executive was assassinat- 
ed in 1 990 by United Liberation 
Front militants, whose goal is to 

secede from India, the tea grow- 
ers put into effect new “social 
welfare programs as an attempt 
to reach out to the local popula- 
tion," according to a document 
published by the Assam Branch 
or the Indian Tea Association, 
an organization of tea growers. 

In the past, tea companies 
also frequently provided 
schools and medical centers for 
workers and their families when 
the government failed to do so. 

Still, (he United Liberation 
From militants — and, in the 
last two years, Lhe tribal Bodos. 
who want their own state within 
India — began extorting tens of 
thousands of dollars a year 
from tea plantations and con- 
tinued killing and kidnapping 
executives and growers front 
companies that did not comply 
with their demands. The Assam 
government has accused many 
tea companies of abetting the 
militant groups by caving in to 
their threats. 

The attacks on the tea plant- 
ers are beginning to have a chill- 
ing effect on the tea industry in 
Assam. Fewer buyers are show- 
ing up at the tea auction center 
in Assam commercial center, 
Guwahati, which is clinging to 


Malaysiam Kill 3 Suspects 

The Associated Press 

KUALA LUMPUR — The 
police shot and killed three peo- 
ple on Friday suspected of rob- 
bing 10 goldsmiths of jewelry 
worth $1.5 million since early 
last year. 


its title as the world’s largest tea 
auction house. 

“People don’t come because 
of the situation here." said a 
business executive who works 
with several tea companies. 
“It’s not worth the money.” 

The combination Of terror- 
ism and the aftereffects of the 
collapse of the Soviet Union, 
which was India's biggest tea 
customer, has driven prices this 
season to the lowest levels in 
years. 

But tea executives are also 
worried about the loss of bright 
young managers who are turn- 
ing down assignments in As- 
sam. 

“The tea companies are los- 
ing the cream of the crop," a 
Calcutta business executive 
said. “Now going to Assam is 
like a suicide mission — you 
know you'll be targeted.” 


Soyinka Is Said 
To Be Detained 
By Nigerians 

The AsswitueJ Prrti 

WASHINGTON — 
Wole Soyinka of Nigeria, a 
Nobel laureate, is under 
house arrest and has been 
prevented from leaving his 
homeland, the audience 
was told at a Washington 
conference on Nigeria's 
“crisis of democracy” 

"The reality is that Pro- 
fessor Soyinka is under 
house arrest in Nigeria." 
said Adonis Hoffman of 
the Carnegie Endowment 
(or International Peace, 
where the author and poet 
was scheduled to appear. 

Mr. Hoffooan said be had 
no other information ex- 
cept that Mr. Soyinka was 
unable to make his planned 
departure flight from La- 
gos. Others said there were 
unconfirmed reports that 
Mr. Soyinka, 60, was no 
longer reachable and either 
under detention or in hid- 
ing 

Nigeria's military dicta- 
torship has begun restrict- 
ing foreign travel, said a 
former Nigerian foreign 
minister, Bobji Akinyemi, 
who lives in London. 

Mr. Aldnyemi and other 
speakers described the situ- 
ation in Nigeria as a deep- 
ening reign of terror, with 
increasingly frequent ran- 
dom arrests and abuses un- 
der the regime of General 
Sani Abacha. 




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INTERNATIONAL HERALD TRIBUNE 


ART 

Saturday-Sunday, 
September 17-18, 1994 
Page 6 


More Realist Than Impressionist 


. By Michael Gibson 

Tm ematiml Herald Tribune 

P ARIS — Why did Gus- 
tave Caillebotte fail to 
achieve the same de- 
gree of fame as most of 
his fellow Impressionists? As 
the exhibition at the Grand Pa- 
lais amply demonstrates, his 
work is always engaging and 
often excellent. But he was 
probably not at his best in his 
i most characteristically Impres- 
sionist work, being by tempera- 
ment more of a realist and an 
observer and chronicler of 
modem times. 

Caillebotte’s father made a 
considerable fortune selling 
beds and blankets to the French 
Anny. In 1860 he acquired a 
large property outside Paris (at 
Yerres) and purchased ground 
in Pans in 1866 on which he 
built a town house. 

The father died in 1874. when 
Gustave was 26, leaving an es- 
tate valued at several million 
francs. Thanks to this inheri- 
tance, Gustave was in a position 
to collect pictures (by his Im- 
pressionist friends), help his 
needy colleagues, and build 
sailing beats, which he regularly 
entered in regattas. 

As a patron of the arts he 
assembled an important collec- 
tion and had the wisdom to 
leave it to the state under strict 
conditions that ensured that the 
donation would be taken seri- 
ously. He was also an active 
organizer of the Impressionist 
exhibitions and his death in 
■1894 at the age of 46 was a real 
loss to his fellow artists. 

He attracted critical attention 
by his unusual choice of subject 
matter and he was in many ways 
more interesting when he most 
definitely departed from the 
kind of subject and style favored 
by Renoir or Monet 
'One is struck by the “real- 
ism” of much of the wotk in (he 
exhibition, but also led to won- 
der what prompted this artist’s 
observant eye to click like a 
shutter. 

. Two of his earlier works show 
bare-chested workmen planing 
and scraping the floorboards of 
a . bourgeois residence (“Les ra- 
boteurs de parquet,” 1875) an 
unusual subject. 

Several paintings are devoted 
to the brutal diagonal structure 
of the bridge on Rue de l’Eur- 
djpe, which crosses over the 
tracks leading to Gare Saint- 
Lazare — also an innovative 
theme. The stiff, heavy form of 
the bridge runs diagonally all 
the way across the first of these 
paintings (1876), dwarfing the 
working man wearing a loose 
blouse who stands staring down 
at the trains. A dog. nicely ob- 
served. trots off up the street, a 


P;. ; .2gr 



Mil- ■. 4- 

. j & 

'i 




Caillebotte’s “Paris Street; Rainy Day” (detail). 


bourgeois couple (man in top 
hat, woman with parasol) stroll 
down toward the viewer. 

In another painting done the 
following year the bridge is 
frontally presented and two 
men stand looking down at the 
trains. The posture of the man 
in the top hat is remarkable. 
While he is seen from behind, 
we nevertheless read his state of 
mind — a state of reverie — 
from the position of his head, 
shoulders and aims. 

Unlike the Impressionists 
who focused mainly on light 
and natural features. Caine- 


bo tie is at his sharpest when he 
is observing people in action. 
His landscapes are pleasant 
enough, but not at all outstand- 
ing, his atmospheric street 
scenes can sometimes be a bit 
flabby, but put him in front of a 
bourgeois interior (lunch being 
served by the butler, a young 
man at a piano, a woman look- 
ing out the window) and you 
sense his interest focusing. 

But the most remarkable 
work in the exhibition is per- 
haps the very large composition 
(212 by 276 centimeters, or 83 
by 108 inches) entitled “Rue de 


Paris; temps de pluie" (Paris 
Street; Rainy Day), 1877. Its 
importance to the artist is ap- 
parent in the number of prepa- 
ratory studies he undertook, 
both in pencil and in oiL 

The idiom is apparently that 
of Realism, but the painting has 
□one of the heaviness associat- 
ed with RealisnL For a subject 
as complex in its organization 
of space and diversity of mate- 
rials, it is extraordinarily airy 
and the various areas of color _ . 
are applied with the kind of 
simplicity generally associated 
with Puvis de Chavannes. 

Broad areas of the umbrellas 
are painted off-white because 
black silk does shine white un- 
der the rain and, by a s imilar 
process applied to a wide range 
of materials (including pav ing 
stones), the entire street is magi- 
cally transmogrified, lifted into 
timeiessness. It becomes memo- 
rably monumental and earns 
the painter a good place in the 
artistic pantheon of his century. 

As a portraitist, Caillebotte 
leaves us a gallery of people — 
hardly the keen-minded type 
immortalized by Ingres’s Mon- 
sieur Bertin, but average people 
who might have been anyone's 
aunt or unde, people of set 
principles, limited sensibility 
and moderate generosity. 

One of Cafllebotte’ s favorite 
subjects is a man or woman 
looking out a window or down 
from a balcony. The person is 
shown from behind, in a posi- 
tion that suggests being lost in 
thought (“Jeune Homme & sa 
fenfttre,” 1875. or “Intirieur," 

1880). He or she looks out at a 
world that is at some distance 
even when the window is open, 
and is perhaps a matter of be- 
mused observation. Intriguing- 
ly, Caillebotte’s subjects seem 
to look out at the dty in much 
the same attitude as Caspar Da- 
vid Friedrich’s wanderer lost in 
contemplation before the maj- 
esty of the sea or the mountains. 

One senses in all this that 
Cafllebotte has been neglected 
precisely because he does notfit 
into the thematic mold of the 
Impressionist movement with 
which he is usually associated. 

He is neither a true Impression- 
ist nor a true Realist 

He has points in common 
with Degas, but not his scope, 
and while Ins work has obvious 
merits as painting, it is also in- 
teresting as a sort of peephole 
into the past an insightful view 
of the sort of bourgeoisie of the 
end of the last century who 
made their fortune selling blan- 
kets to the anny and spent it 
judiciously on land and on art 

Gustave Caillebotte, Grand 
Palais to Jan. 9; Art Institute of 
Chicago, Feb. 15-May 28 



Antonio Guardi's “Madonna of the Rosary” (detail) In die Royal Academy’s exhibition of 18th century Venetian art 

Venice’s Closely Watched Decline 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL CHUR- 
CH kttnlanoininilionri & Evangefca! Suv 
dgy Service 1000 am & 1130 am/ Kids 
Welcome. De Cus&sbaal 3. $. Amsterdam 
Into. 0ZW0-15316 or 0250341399. 
HANNOVER 

INTERNATIONAL FELLOWSHIP meets al 
LKG, Pfrtestr. 7. Fret and tit) Sundays at 
l(K» am. N dentations. T«L 051 1-551846 

KIEV 

INTERNATIONAL CRISTIAN ASSEMBLY 
(AOQ) Brangetal Rakmahfe Sundays, Kiev 
Qud Trade Uhlan. 16 Kfrgsetatk Street, 
c»S Pastor Brown (7044)244-3376. 

LYON 

Lyon Christen Fetowstip. 1 1MS roe Pi. Ber- 
nrt*. 881 00 VlHtm. Sundays fcOOpjn. 
Tel: 72 36 3S 52. 

MUNICH 

WTERNATTONAL COMMUNITY CHURCH. 
Evanqefcat, Bfcte Bafavtog. services in Enqfi- 
sh 4:15 pin. Sundew H &rxjber Str. 10 (02 
Thewien*.) (063) 504574. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH. 56 Rue 
des Bons-Raisfctt. RueO-Matmaison. An 
Evargefcal ctanJi for lha English speaking 
community located in tne western 
subute-Six 945; Wbrehfc: 104& Chfldnsn’s 
Chuch and Nnenr. Youto rtaones Dr. BO. 
Thomas, pastor. Call 47.51.29.63 or 
47.48.1S29 tor WomaUon. 

HOPE WTERNATONAL CHURCH (Evan- 
gsicsQ- Sun. 930 am Hotel Orion. Metro 1 : 
Esplanade de La Ddfa-oa. TeL 47.7S53J54 
or 4775.1 427, 

THE SCOTS KIRK (PRESBYTERIAN) 17, 
rue Bayard, 75006 Paris. Metro FD Roose- 
^•4 Farniy services Sunday School an 030 
am. every Sunday. AU welcome. 
For toksmtiton 48 78 4794. 

SAINT JOSEPH’S CHURCH (Roman 
Cethofc). Masses Sunday: 9:45 am, lire 
am, 12:15 pm, and 630 pm. Saturday: 
lire am. and £30 pm. Monday-Friday: 
830 am. 50, auanue Hodw. Paris Bth TeL 
4ZZ72656. Mew. Charts de Gat* ■ Bote. 

SALZBURG 

BEREAN BIBLE CHURCH In Berea. They 
searched Via scriptures daBy r Ads 17m. 
Evangefcd Bigish senrice at 1030 am. Mti 
Pastor David Bbotson. Franz Josef Strasse 
23. Fbr Mo caR 43 (0) 662 456583 
TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near KdabaShi Sin. TeL: 3261- 
3740. Worship Sendee 930 am. Sundays. 
TOKYO UNJON CHURCH, near Omotesan- 
do subway aa. Tel. 34004)047, Worship 
services Sunday 830 A lire am, SS at 

9*5 am. 

USA 

If you w«Jtf Re a free Stole euusa 
phase contact L*EGUS£ de CHRIST. PjO. 
00*513, Stanton, todana 47881 USA 

VIENNA 

VfcNNA CHRISTIAN CENTER; A CHARIS- 
MATIC FELLOWSHIP FOR VCNNAS IN- 
TERNATONAL COMMUNITY, * EnQftsh 
Language * Trans-denomnaSonaf, meets a( 

1 17, 1070 Vlema, fire pm Eway 
y. EVERYONE IS WELCOME. For 
i cat 43-1-318-7410. 
ZURKH-$W!TZ£RLAND 
ENGLS+SPEAKBMG CATHOUC MISSION 
St Anton KrypL Mbemastrasn 63, Suiday 
Mass: 1 130 am. Located near Kreuzpttz. 
Tran No ISorll. 


MUMCf* (49)821-47-24 86 masts 4ft Sm- 
day each mo. at 2 p.m.. Peace Church, 
Frauer**^. 5, Munich. 

NURENBBMfc (49) 911-48-7307. 
NEnnUMtt (31)71-140988. 

PJUVSe (33) 1-406096-19. 

IHb (44)611-71-94-61. 

WIESBADEN: (49) 611 71-94 61. 
Next conference: Oct. 14-16. 
For Ha (33) 1-470539-77. 


THE EPISCOPAL CHURCHES 
OF EUROPE (AngGam) 


BREMEN 

NTEFWATTONAL BAPTIST CHURCH (En- 
ghh language) meals si EvEngefch-Frekr- 

chfieh Kreuzgemetode, Hohentohestrasse 
Heimann-Bose-Str (anxnd the comer from 
tha Bahnfcf) Sunday worship 1730 Ernest 
D. Water, pastor. Ta 04791-12877. 

BUCHAREST 

INTERNATIONAL BAPTIST CHURCH, 
Strada Papa Rusu 22. are pm CoNact Pas- 
tor Mie Kenmr.Td. 312 3660 
BUDAPEST 

to. tl Btotoo u. 56 


WUPPERTAL 

International Bapfel Church. Engfeh, Ger- 
man. Persian. Worshto 1030 am, Sefcrstr. 
21. Wuppertal - BbarfeU. Al denartoafon s 
welcome. Hans-Dieier Freund, pastor. 
TeL 020214696364. 

ZURICH - SWITZERLAND 

INTERNATIONAL BAPTIST CHURCH Of 
WBdenswfl (ZDrich). WorsHp Services Suv 
*gsiire.~ ‘ 


day mornings’ 


.TeL 1-7242062. 


PARIS and SUBURBS 

THE AHEFSCAN CATHEDRAL OFTHE HO- 
LY TRMTY, Sun. 9 511 cm, 10*5 am 
Sunday School tor chUen and Ninsery cae. 
Third Sunday 5 pm Evensong. 23, avenue 
Georgs V. Parts 75008. TeL 33n 47201792. 
Metro: George Vor Alma Mocesu. 
FLORENCE 

ST. JAMES’ CHURCH Sm. 9 am. Ris I & 
11 am. Rite II. Via Bernardo RuceOai 9, 
50123. Florence. My. TeL 3965294417. 

FRANKFURT 

CHURCH OF CHRET THE KING (Epteco- 
patWngfiran) Sun. Holy Conrmricn 9 & 11 
am Suiday Schod and Itasay 10*5 am 
Sebastan Rnz St 22. 60323 Franldurt. Ger- 
many. U1. 2. 3 Miquet-AJtee. Tel: 49169 
550184. 

GENEVA 

EMMANUB. CHURCH lat 3id * 5Ri Sun 
10 un Eucharist & 2nd & am Sin. Marring 
Prayer. 3 rue de Morhouc, 1201 Geneva, 
Swoeriand. TeL 41/227328078. 

MUNICH 

THE CHURCH OF THE ASCENSON, Sin. 


TeL 4989 648185. 

ROME 

ST. PAUL’S WITHIN-THE-WALLS. Sun. 
830 am. Holy Eucharist Rrie 1: 1030 am 
Chord Eucharist FOte (I; 1030 am Church 
School farrhflden 6 Nursery care iprovidedti 1 
pm. Spanish EucharisL Ve Napo* 58, 00184 
Roma. TeL 398488 3339 or 396 474 3589 
BRUSSELS/WATER LOO 
ALL SANTS' CHURCH 1st Sun 9 & 11:15 
am Holy Eucharisi wVi ChUenTs Chepd at 
1 in 5. AfloherScndays: 11 M5 am Hdy Eu- 
charist and Sunday School. 563 Chauamde 
Louvain, Ohoh, Belgium Td. 32(2 364-3556. 
WIESBADEN 

THE CHURCH OF ST. AUGUSTINE OF 
CANTH1BURY, Sen. 10am RwriyBcha- 
risL Franldirter Soassa 3, Wtoabactert, Gee- 
many. TeL 4981 1 30.6874, 



UMTAHAN UMVaSAUSK 


BARCfijONIb 041 3314-9154. 
BRUSSELS] Tel.: (32) 2-260 0226. 
or (32) 2- 76242 93 meets 9d Sh- of monih. 
QENBWBBM (41) 31-352 3721. 

! (46)6221472116 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets d9fl0 am. Bona Nova BeptatChur^ 
ch Caner de ta CUd de Balaguer 40 Pastor 
Lance Bonden Ph. 4395059. 

BERLIN 

INTERNATIONAL BAPTIST CHURCH. 
BeUN. Ftofenbug Sir. 13. StegRz). Bfcto 
study 1045. woraHp d 12.00 aah Suxtey. 
Charles A. Wartoro. Pastor. TeL- 030-774- 
4670. 

BONN/KOLN 

THE WTBVW10NN. BAPTIST CHURCH 
OF BONNKOLN, Rheinau SUasaa 9, KCto. 
Worship 1^0 pm. CaMn Hogue, Pastor. 
TeL (02236) 47021. 

BRATISLAVA 

BUe Study in Entfsh. Pafeady Baptist Chur 
ch Zrinstefw 2 1S30-1745. Ccrtafl Pastor 
JozfipKulacfi.Tet31 6779 . 


nm Paste 
Reachedb/busll. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 
World Trade Center. 36, Drahan Tzankov 
Bfcrd. Worship lire. James CX*e, Pastor. 
ToL 704367. 

CEUE/HANNOVER 
INTERNATIONAL BAPTIST CHURCH. 
Wndmuten Strasse 45, Cefe 1300 WotsHb. 
1400 Bfcte Study, Pastor Wart Campbefl, Ph! 
(05141)46416. 

DARMSTADT 

DARMSTADT7EBERSTADT BAPTIST MIS- 
SION. Btte Btody & Worship Sunday 1030 
am Stadmi ssi o n DeEberetadt. Buaschefctr. 
22, Btote study 930. vrorahea 10:45. Pastor 
An WbUl TeL 061 556009216. 

DUSSHDORF 

WTERNAT10NAL BAPTIST CHURCH En- 
gEsh. Worship and Chfcfren’s Church Sun- 
days at 1230 pm Meefrrg temporaiiy at he 
Evaigafach - Fre fci ttfche Gemahde in Ra- 
Ongen, Germany (Kaisertoern 11). FrtenOy 
Foonship. AJ danom i nationB weteoma. For 

further rtbnrt a fan cal the pastor. Dr. WJ. De 
Lay, Td: 0211 -4001 57. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP Evangato e h-FragdrcWche Gemoindo, 
Sodmustr. 11-18 6380 Bad Hontug. pho- 
ne/ Fax: 0617382728 serving the Fianldurt 
and Taurus areas, Germany. Suiday wer- 
shp 09:45. nursery + Smday«hool 1000, 
women's bfcte stuefies. Housagroups - Sun- 
day + Wednesday 1930. Paswr M. Levey, 
marts' European Baptot Conversion. "De- 
clare Malory amongst he ndions.' 

BETHEL INTERNATIONAL BAPTIST 
CHURCH Am Dachsberg 92, Frarfdun a M. 
Sunday worsKp 1 1 30 am and 630 pm. Dr. 
Thomas W. M. pastor. TeL 069449559. 
HEIDELBERG 

GRACE INTERNATIONAL BAPTIST 
CHURCH Industrie Str 11, 6902 Sorahau- 
een Btote study C9>*5. Watfryj 1 1 SXX Pastor 
Pai Hsrrtttu TeL 06224-52295. 

HOLLAND 

7RNTY BAPTIST SB. 930. Wortfrip 1030. 
nursery, warm feflowshlp. Meets al 
BtoemOTTipIaan 54 in Wassenaar. 
TeL 01751-78024. 

MADRID 

DMMANUEL BAPTIST. MADRID. HERNAN- 
DEZ DE TEJADA. 4. ENGLISH S&MCES 
11 am, 7pm. TeL 407-4347 or 3020017. 

MOSCOW 

INTERNATIONAL BAPTIST FBJ.OWSHP 
Metfhg 1100; Kilo CerterBiAfing 15 Druz- 
OuzhrstooMteya UL 5Br Fbor, Hafl 6, Metro 
StafanB a ii a d nav a Pastor Brad SttneyPh. 
(095)1303233. ’ 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MUNICH. Hotzstr. 9 En^tsh Language Sen 
vices. Btote study 1030. Worship Sen rice 
17:00. Raetortsphom: 6906534. 

PRAGUE 

HameSonef BapOsl Felowshto meets at fre 
Czech Baptest Chureh Vmohmdska P 66. 
Prague a Al metra stop Jirihoz Podebrad 
Sunday a.m. 11.00 Pastor Bob Ford 
(02) 311083a 


ASSOC OF 1NTL CHURCHES 
N EUROPE & MIDEAST 


BERUN 

AMERICAN CHURCH IN BERLIN, cor. of 
Clay Alee & PHsdamer Str, SB. 930 am, 
Wor^p 11 am TeL 0308132021. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BWJSSaS, Sinday School 

930 am and Churh 10:46 am Katlenberg. 
19 (at the InL. School). TeL: 673.3581. 
Bus 95. Tom 94. 

COPENHAGEN 

INTERNATIONAL CHURCH of C ^enha- 
oen, 27 Fanretgede. Vertov, near .ttchus. 
Study 10:15 & Worship 11:30. Tel.: 
31624795. 

FRANKFURT 

TRNTTY IUIWW CHURCH Nhdungen 
Alee54(AooGB from ftiger Hospdrf), «ir>- 
day Schod 930. worship 11 am TeL (069) 


GENEVA 

EV. LUTHERAN CHURCH of Geneva. 20 
rue Verdana Sustey worsfto 930. h Ger- 
men 11 05 in En5M^Tcfc(tE2) 3105089. 

JERUSALEM 

LUTHERAN CHE1CH of he Radaamer, Otd 
C#y. Muristvi Fid. English worship Sim. 9 
am Al ae wricoma TeL (02) 281 -049L 

LONDON 

AMERICAN CHURCH to Londcn 79 Tot- 
tenham CL Rd. Wl. SS at 10.00 a.m., 
Wtorettp ft lire am Goodge SL tuba Tet 
071-5902791. 

PARIS 

AMERICAN CHUFTCH IN PARIS. 

1130 am 85. Oiai (TOraay. Paris 7. Bus 
at doer, Metro Atna Mm c oo u or tovaldes. 

STOCKHOLM 

IMMANUEL CHURCH, Worship Christ to 
Swedish. EnEfrh. or Korean, lire am 
Sunday. Birger Jartea. at Kungslenag. 
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42372 or 


VIENNA 


Iraemanonal Herald Tribune 

L ONDON — Is artistic schizo- 
phrenia the prologue to deca- 
dence for great cultures? The case 
of 18th-century Venice would 
seem to suggest so. The evidence is admira- 
bly laid out at the Royal Academy untfl 
Dec. 14 for the European jury to make up 
its mind. 

Seldom was an artistic pageant so full of 
contradictions, with ambitious paintings 
done as sometimes brilliant, but almost 
invariably shallow decorations. The blas£ 
Venetians may have felt that they were 
waging a losing battle in keeping up the 
pretenses of the old heritage as if it were 
still alive. 

Sebastiano Ricci’s “Harpagus Bringing 
Cyrus to the Shepherds" sums up the farci- 
cal lack of conviction with which themes 
drawn from antiquity were handled. Har- 
pagus, wearing a fancy ancient Greek hel- 

SOUREN MEUKIAN 

met, appears outside a farmhouse, striding 
into a scene of Italian domesticity. He 
carries baby Cyrus, blond and perky, to- 
ward a bald, bearded grandfather gesticu- 
lating at him with southern exuberance. A 
Roman matron stands behind, skein in 
hand, while a shouting exchange goes on in 
the background between another matron 
and a man looking out a first-floor win- 
dow. It is as if the artist had decided 
halfway through that antiquity was no 
longer relevant, and tried to fifl his scene 
with random motifs of daily life. 

Even consistency, as in “Susannah and 
the Elders,” a brilliant painterly exercise, 
does not remove the feeling of artificiality 
conveyed by the theatrical exaggeration of 
the gestures. In Ricci's best paintings, an 
invasion of inessential detail overshadows 
the central motif. “The Flight Into Egypt,” 
is admirably composed, bat the boatmen, 
handled in a manner reminiscent of Bas- 
sano, and a little boy leading the ass take 
up more space than Mary damtily treading 
on a plank. Joseph looks like an elderly 
man who happens to be standing there. 

Daily life was taking over. This was not 
the northern brand of 17th-century realism 
with carefully composed scenes rich in 
qrmbols. The Venetian artists were the 
first in Europe to go out on the streets or 
the canals to jot down in relentless detail 
everything that came to their attention. 

This gave rise to the an of the vedure, the 
urban views of Venice that became the 
rage in Europe. The Dutch artist Gaspar 
van Wiltel (Vanvitelli to the Italians) start- 
ed it, contrary to what is argued in the 
book that accompanies the show. His 1697 
view of “The Piazzetta and the Doge's 
Palace,” reproduced for comparison, is 
earlier than anything in the show. 


But it was left to Luca Carlevaiis to give 
the Venetian views the fed of a day out in 
town. The “Bucintoro Departing From 
San Marco.” painted in 1710, with its mul- 
titude of tiny figures in (he boats, all paint- 
ed with obsessive care, represents new art 
in Europe — it describes all that the eye 
sees for the pure sake of describing. 

For almost a century, Venetian land- 
scape painters embarked on a kind of all- 
embracing visual reportage. They made a 
unique record of cityscapes in Venice and 
elsewhere, for they were soon in great 
de man d in England and northern Europe- 
an courts. 

Canaletto led the band in the first gener- 
ation. Because much of Venice stands as it 
did 250 years ago, we can measure the 
impeccable accuracy for which he was 
praised to high heaven by some contempo- 
rary Italian writers. English lords, unable 
to resist the lure of his large picture post- 
cards, persuaded him to come to Britain. 
To them we owe the views of London as it 
once looked with the beautiful Westmin- 
ster Bridge and myriad harmonious houses 
now gone. It is not great art, but as a 
travelogue it is unforgettable. 

To Canaletto’s nephew, Bernardo Bel- 
lotto, we are indebted for a record of 
landscapes now altered beyond recogni- 
tion or of cities wiped out by World War 
II, like Dresden and Warsaw. In a more 
somber vein, Bellotto has a feeling for 
immensity and light that resulted in occa- 
sional masterpieces, such as “The Fortress 
of Kflnigstein.” 

He also brought greater attention to 
architectural precision than anyone else. 
Coupled with a news writer's sense of im- 
mediacy, this sometimes led to gripping 
sights. The final demolition of the Kreuz- 
Irirche in Dresden in 1765 is one of them. 
Only the tower stands after the Prussian 
bombardment It still rises well above the 
stem facades of early 18th-century Saxon 
buildings. 

Along with topographical observation 
came a kaleidoscope of life and events. It 
starts with Manx) Ricci’s “Die Opera Re- 
hearsal” and its fatoous bewigged maestro 
pointing a finger at musicians glazed with 
boredom or trying hard to look eager. A 
touch of the cartoon with ambitions to 
disconcert creep into Pietro Longhi’s “The 
Rhinoceros,” combined with a concern for 
the close rendition of things as they are. 
The women’s faces could be those of paint- 
ed dolls but one can almost hear the 
munching of the rhinoceros — stalks of 
fodder stick out of its mouth. 

There was another side to Venetian art 
cultivated in private by some painters. 
This too was based on acute observation, 
but the target was the human face. A new 
alertness to feelings crops up that had not 
registered with previous artists or had left 


no trace in their work. Drawings reveal it 
more often than paintings. The profile of a 
bald man with a high forehead by Jacopo 
Amigoni is an extraordinary psychological 
study. The flesh is sagging slightly, al- 
though the facial muscles are contracted. 
The lips are pressed in mute wistfulness 
with the merest soupgon of bitterness. This 
is a man reflecting about life and the on- 
slaughts of age. 

Giambattista Piazzetta, heavily under 
the spell of Caravagesque ideas in his 
p ainting , as in “The Supper at Emmaus,” 
discloses an unexpected strain in a draw- 
ing from the Curtis O. Baer collection that 
ranks among the most astonishing in the 
18th century. An adolescent embraces a 
girl around the shoulders in a timid yet 
protective gesture. Her eyes are cast down, 
perhaps dosed under her long eyelashes in 
the intensity of feeling. Yet, she nervoasly 
tightens her fingers on the lapel of his 
jacket. This is probably the earliest Euro- 
pean record of the first emotions of youth. 

T HE same introspective quality 
comes out in a rare painting done 
about 1712-14, the portrait of 
Giulia Lama. A woman, still 
young, is seen sideways with a marked 
stoop, as if dragged down by suffering or 
exhaustion, her Ups half open. Three de- 
cades later, Piazzetta painted yet another 
portrait, “Boy in a Polish Costume,” catch- 
ing a mix of subtle feelings on the face — 
surprised, sad, slightly scared. 

This was the private poetical escape of 
the artist, away from the theatrical or the 
trite. There was a more public escape into 
sheer fantasy. Some of it is disturbing and 
surreal. Giovanni Battista Piranesi had 
Kafkaesque visions of architecture unfold- 
ing itself endlessly, as in the “Arcaded 
Portico Seen From an Angle.” His capno- 
cios can have a mad touch to them. A 
Morgan Library caprictio with part of an 
arched terrace here, a sarcophagus there, 
sections of ancient Roman columns else- 
where, feds like a dream in which things 
are caught sight of and vanish. The dream 
can turn into nightmare, of which the 
“Prisons” series offers the quintessence — 
puny humans climbing the stairs of gigan- 
tic structures, prisoners crushed in c hains 
Francesco Guardi’s escape was in the 
opposite perspective. There is an irrepress- 
ibly chirpy hum to the best of his imagi- 
nary landscapes, done in impressionistic 
shreds, as in his stunning drawing of a 
“Concert for the Conti dei Nord.” That 
mirth was not to last As the visitor leaves, 
he bids farewell to the sleek milky statues 
of Antonio Canova. They look like spoofs 
of Classical sculpture in a Hollywood film. 
Napoleon’s Europe admired it, friends and 
foes alike. The glory of Venice was gone 
for good. 


BOOKS 


THE LADIES’ LUNCH 

By Patricia O’Brien. 284 pages 
$22. Simon and Schuster. 

Reviewed by 
Susan Douglas 

T\7HAT if Vincent Foster 
W had been a woman? And 
what if the various suicide 
warning signs — depression, 
desperate phone messages — 
had been ignored by all of her 
dose female friends, who were 


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far too busy with their own ca- 
reers to pencil her into their 
Fflofaxes? And. finally, what if 
one of these self-absorbed 
friends were a Zo5 Baird type, 
eagerly eyeing a vacant slot on 
the Supreme Court? This is the 
premise of Patricia O'Brien’s 
new novel, set in a Washington 
of the not-too-distant future. 

In this Washington, elderly 
demonstrators have replaced 
anti-abortion activists as the 
most vociferous protesters be- 
cause under health-care reform, 
medical care to seniors is now 
rationed, and the seniors are 
not amused. Euthanasia has 
eclipsed abortion as the na- 
tion’s most controversial issue, 
and the fate of Supreme Court 
nominees rests, in part, on their 
stand on the issue. 

It is within this milieu that one 
member of “The Ladies’ 
Lunch,” Judge Sara Marino, 
freshly nominated to the court, 
struggles to survive the confir- 


mation process while trying to 
figure out why ha friend Faith 
Paige, press secretary to the pres- 
ident, committed suicide. The 
book seeks to explore how power 
is used and misused in Washing- 
ton by asking two questions: 
Why did Paige die, and 


will Marino be confirmed? 
Both questions take us to the 
White House, where a greedy, 
Machiavellian chief of staff and 
a Feckless president hold court. 
The same questions also take us 
to the heart of female friend- 
ships as they are managed by 
high-profile, powerful women in 
the U. S. capital. 

The other members of the 
Lunch, a monthly gathering of 
old friends, are Maryland Rep- 
resentative Card Lundeen, ex- 
Washington Post reporter and 
current free-lancer Maggie Sted- 
man, and caterer to the stars 
Leona Maccoby. All of these 
characters have the depth of a 
cookie sheet. We are rarely ex- 
posed to thdr inner fives. 

Introspection here lasts a 
nanosecond, and for the first 
part of tiw hook I had to use 
mnemonic devices to remember 
which character was which, since 
they are distinguished primarily 
by their hair color and occupa- 
tion (the fact that “Carol” and 
“Congress” both start with C 
was especially helpful). The plot, 
despite some resemblances to 
real life, strains one’s credulity. 

Nonetheless, O’Brien is on to 
something — the toll that pro- 
fessional achievement for wom- 


en has taken on thdr friend- 
ships. In the workaholic culture 
of the professional classes/ 
where leisure time continues to 
s hrink, it is no surprise that 
women trying to succeed at 
their jobs while also nosing 
their kids and maintaining rela- 
tionships have to give short 
shrift to their frienus. This is 
especially true in Washington, 
where working less than 12 
hours a day is a sign of profes- - 
sional and moral sloth. 

What the reader would 10uC 
tod doesn’t get, from “The L*r ' 
dies’ Lunch” is an exploration 
of the deep ambivalence many 
women fed when thjy acquire 
power and when they have to — 
or want to — place work ahead 
of family and friends. Truly ex- 
ploring the inner lives and 
thought processes of ambitious, 
successful women who also 
cherish their friends not only 
would have made this a meatier 
book, it would have countered 
the persistent stereotype that 
women in power are sd 
perfidal and heartless. 


su- 


V. 


Susan Douglas, who is theau- 
toor of - Where the Girls Are: 
Growing Up Female With the 
Mass Media," wrote this for The 
Washington Post. 




i 





MKT 


An Unflinching Focus 
f On W asteland of Drugs 




'COBOOW! 


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EW YORK— What 
happens when a 
skinny, balding, 
harmless-looking 
photcgoumalist has the skill, te- 
nacity and physical courage to 
capture in black-and-white im- 
ages the brutality and waste of 
drug addiction in three of 
America’s most burned-out 
neighborhoods? He is de- 
nounced in the black media, 
picketed as a racist in front of 
The New York Times and is 
gublidy accused of being 

Eugene Richards, SO, is white, 
more precisely Irish- Aioerican 
from the Dorchester section of 
Boston. In addition to bis re- 
markable photographic eye, an 
intuitive ability to create imag es 
that capture intimate, secretive 
moments, he has an instinct for 
controversy. After refusing to 
serve in the Vietnam War, for 
alternative service he was or- 
dered to Arkansas as a Vista 
volunteer. There he ran afoul of 
the Ku Klux Klan, which ex- 
pressed disapproval of his work 
on a s mall newspaper by beating 
him so severely that he devel- 
oped amnesia. 

“I guess I was hit with a base- 
ball baL They say they found a 
dent of that kind,” was the only 
information Richards could of- 
fer on the incident. 

But his five years in A rkans as 
also led to bis first photography 
book, “Few Comforts or Sur- 
prises: The Arkansas Delta.” 
He has done six books since 
then, preserving in sometimes 
harrowing black-and-white a 
close-up, relentlessly unglossy 
portrait of some of the more 
troubling aspects of American 
society. His most commercially 
successful book was ‘The Knife 
and Gun Club: Scenes From an 
Emergency Room.” 

This year his portrait of drug 
addiction in urban ghettos, 
“Cocaine True Cocaine Blue,” 
was published. 

Richards denies that he is a 
crusader, saying, “Honest to 
God. I’ve been around too long 
to believe that photography is 
going to change things, I appre- 
ciate the people who believe it 
and I wish it did, because if it 
did it would have ended wars a 
long time ago with some of the 
barror to, be. show#,. All we 
would' have lo 'do is look’ at 
some of the Rwanda pictures 
and we would not allow there to 
be such carnage. But it doesn’t 
work that way.” 

He did do his latest book in 
the hope that society wonld re- 
act T did the drug book as. 
stimulus,” he said. To get dia- 
logue going That’s the most 
you can hope for from photo- 
graphs.” 


alY*- 








fi*:* ■» 


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UT the dialogue has 
not been entirely 
pleasant for him. The 
first reactions were 
from the neighborhoods where 
he had worked: East New York, 
the Red Hook section of Brook- 
lyn and North Philadelphia. 

The neighborhoods got cra- 
zy,” be said. “North Philadel- 
phia said it was too hard on 
them. Red Hook has families, 
it’s got good people and it’s got 
churches, but we did the drug 
problem. That’s what it was 
about: the drug problem. 1 
worked really hard to make sure 
the drug book was about drugs. 
It’s about hard-core drug use. 
It’s not about the neighbor- 
hood.” 


From Richards’s *’ Co- 
caine True Cocaine Blue . " 

. In the cover photo a woman 
is holding a syringe in her teeth. 
The picture is shot from close 
enough to see the details of her 
teeth. Inride the book, are a lot 
of drugs, and alot of guns and a 
lot of blank, worn-out faces. 
Richards captures them shoot- 
ing, smoking, nodding. The 
most talked about picture in the 
book is shot in a crack bouse in 
North Philadelphia. A black 
woman is on her knees opening 
the fly of a man with his hands 
on his hips. In the background 
on the wall are pictures of the 
icons of black America includ- 
ing Malcolm X and Martin Lu- 
ther King. Clingin g to the pros- 
titute’s back is a small child 
with a plastic pacifier in his 
mouth. 

When The New York Times 
Magazine ran the photo in De- 
cember, the newspaper was pick- 
eted by activists who called 
Richards and The Times “rac- 
ist.” He was accused of denigrat- 
ing African Americans. But 
what angered the photographer 
was that although many people 
commented on this picture, no 
one seemed interested in' the 
subject “Nobody ever asked me 
the p fl TTM * - of the woman, the a gft 
of the child, bow she got to be 





A..- 


PORTHERCULE - MONACO 

SEPTEMBER 14 - 18 1994 - 11:00 - 19:30 


In-Water Show 
Equipment and 
Service Exhibition 


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Organisation: HR MONACO 
Tef. (33) 93 10 41 70 - Fax (33) 93 10 41 71 


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what she is. All anybody cares 
about is their color. Who’s the 
racist here?" 

“Cocaine True Cocaine 
Blue” has raised many ques- 
tions about what a journalist 
should and should not be doing. 
Some criticized Richards for 
not calling in public services lo 
help addicts. Others attacked 
him for being too involved. He 
admits supplying needles to a 
woman whom he could not bear 
watching using old bent needles 
that were likely to transmit 
AIDS. And he did turn in a 
drug counselor who was prosti- 
tuting 12-year-old girls. And he 
also paid people money. Rich- 
ards argues, “I t’s the real world, 
and you do become involved 
with people.” 

What no one doubts is the 
amount of physical courage it 
look to do this book. He and the 
reporter Edward Barnes spent 
what Richards called “a boring- 
ly long time” in each communi- 
ty before he dared to even take 
a single frame. “They think 
you’re a cop. They get past 
thinking you’re a cop for some 
reason, then you’re in danger. 
You think this is really great. 
They believe you. If they be- 
lieve you, then they are going to 
shoot you." 

What is most remarkable 
about his work is the private 
moments he manages to photo- 
graph without a perceivable 
sense that a photographer was in 
the room. According to him, his 
secret is, “Even if they don’t like 
it, if you get dose to people, 
really get close ... the closer 
you are, the easier it is to take 
pictures of them. . . . Someone 
said I look like a minister, which 
is the most boring person on 
earth. I think that’s part of it. 
too” 

But the public doesn't get 
bored when the pictures are 
published. He thinks his next 
book will be less controversial. 
Titled “Americans We,” it is 
100 pictures from around the 
country. But somehow this one 
won't be free of controversy ei- 
ther. It opens with a series of 
baby pictures. One of the ba- 
bies has been adopted by gay 
parents — two gay men on a 
bed with their baby. 

“You can’t help it," says 
Richards. “Somebody is always 
going to get pissed off." 

Mark Kurlansky s most recent 
book, on European Jewry, will be 
published this year. 



Howard Finsier’s 1983 “ Delta Painting . one of the more recent pieces in an exhibition at the Museum of American Folk Art in .Wir York. 

Telling the Story With More Than Words 


By Lanford Wilson 


N: 


EW YORK — The written 
word in the visual arts, the 
combination of text and im- 
age, has been with us since 
writing was invented and has taken 
countless forms: the illustrated narra- 
tive. a work that serves a ceremonial 
function, a forum for conveying an art- 
ist’s opinions or a means of recording 
specific events. 

The first settlers in America inscribed 
gravestones with sweet pieties, stylized 
angels and startling death skulls. Up 
and down the Eastern seaboard, careful- 
ly penned family records recall the 
births and deaths, triumphs and failures 
of generations. 

Birth, baptismal and marriage certifi- 
cates (sometimes created by a member 
of the family: sometimes, as in the frak- 
turs of the Pennsylvanian Germans, by 
ministers and schoolteachers to supple- 
ment their thin incomes) were adorned 
with vividly colored, stylized scenes and 
objects from everyday life. Some works 
fulfill a specific purpose (trade signs and 


such), but others have a more rhetorical 
agenda: religious, political or didactic. 

The Museum of American Folk An is 
presenting 75 examples of these words 
and images in the exhibition “Every Pic- 
ture Tells a Story: Word and Image in 
American Folk Art." The show, which 
runs through Jan. 15. includes selections 
from the earliest colonies to the present, 
from birth certificates to walking sticks. 

The exhibition is so inclusive, in fact, 
that it defies theory or summation. But ii 
offers a telling history of the United 
States and a striking record of the hu- 
man experience. 

We have seen these objects; we collect 
them for their strong graphic appeal: we 
have learned to appreciate their charm. 
But set against contemporary self- 
taught painters, those impassioned lay 
preachers and obsessed men and women 
whose work is beginning to make such 
an impact on the art world, they take on 
a dramatic new reality, a new depth and 
urgency. They become autobiographi- 
cal, passionately emphatic, more than 
merely decorative; they become an. 


As John Sloan wrote in his 1939 book 
“The Gist of Art": “The real creative 
artist doesn't care whether his work is an 
or not. He has his work to do. is driven by 
creative fire. He can't concern himself 
with whether what he is doing is art.” 


I 


N the work of many of the self- 
taught artists of the 19th and 2Qih 
centuries that “creative fire" is al- 
most palpable. The gift-drawings 
of the 19th-century Shaker artist Han- 
nah Cohoon were inspired by visions 
that she relates, in beautiful penman- 
ship. as part of an overall design. 

But even when the painting. loaded 
with text, remains a locked-door mys- 

thewnHen word ptod.Su. .mag* is 

is so stSTiho mbmS iS £ 

never doubt that the artist was com- worwfwe Sve^if Pnm jdS ‘ ^ * lhe 


Howard Finsier and in the apocalyptic . 
visions of the Reverend William A. 
Blayney. 

Biayney tags almost evervthing in his 
pictures, sometimes with a biblical refer- 
ence. chapter and verse, like a child’s 
drawing with every object labeled: "Sun; 
tree, house, mother, dog. me." This isn’t 
to imply any naivete — the work reveals 
amazing sophistication — only that the 
artist wanted to be sure you got it right. 

And it shouldn't be surprising that so 
many self-taught artists use the written ‘ 
word in their work. Though thev mav 
not be familiar with the art world, thev 
are veiy present in the real world, open 
to the influences of ordinary life. And 
ith 


pletely present, uyiug to tell us some- 
thing. 

We can see this in the work — sam- 
ples of which are on view at the museum 
— of such 20th-cenluiy artists as Peter 
(Charlie) Bensharo. with his spacemen 
visitations, in the crabbed sermons of 


Lanford Wilson, whose most recent. 
play 1 was “Redwood Curtain." collects - 
h vrks by JOth-centurv self-taught Ameri- 
can artists. He wrote this for The /Ven- • 
York Times. 



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Page 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 17-18, 1994 


’66 Accident at Israel Atom Site 


Details Emerge of Explosion That Killed One 


WosJintgtcm Post Service 


JERUSALEM — Details 
have emerged here of a long- 
undisclosed accident nearly 30 
years ago at Israel’s secret nu- 
clear-research site in which one 
worker was killed and at least 
one injured. 


The Israeli newspaper 
Ma’ariv reported that the acci- 


dent. which occurred on Dec. 
14, 1966, in a laboratory at the 
plant, required an emergency 
cleanup that took two months. 

Ma’ariv s account, which was 
submitted to Israeli military 
censors before publication, did 
not say the cleanup was to re- 
move radioactive materials or 
that the accident involved an 
explosion. But Environment 


Israel Opposes Arafat 
On Electing New Council 


By Caryle Murphy 

Washington Post Serna 

JERUSALEM — Faced with growing criticism that his Pales- 
tinian National Authority does not have a popular mandate to 
administer self-rule, Yasser Arafat is pushing hard for elections by 
the end of the year for a new governing body of at least 100 
members. 

Bui Israel, which wants the Palestinians to elect a much smaller 
council, of about 25 members, says many details must be negotiat- 
ed first. It also wants to see the Palestinians successfully run 
departments already transferred to them in the Gaza Strip and 
Jericho, such as health and education, before proceeding to the 
next stage of self-rule, which includes elections. 

The disagreement underscores the Palestinians' desire for a 
faster implementation than Israel wants for the self-rule agree- 
ment signed in Washington a year ago by Mr. Arafat, the leader of 
the Palestine Liberation Organization. 

Elections are a pivotal issue because the Israeli Army is required 
by the accord to move out of populated areas in the West Bank by 
the eve of Pales tinian voting. That departure wOl be a major event 
for both sides, politically and psychologically. 

When Mr. Arafat unilaterally announced a few days ago that 
elections would be held Nov. 1 and ordered voter registration 
offices set up. Israeli officials promptly said they would not permit 
the offices to open. 

Any date “is completely without basis,” said Joel Singer, the 
Israeli Foreign Ministry's legal adviser. “We haven’t started the 
negotiations yet. We are in the process of solidifying our posi- 
tions” on elections. 

Under the self-rule agreement, elections were to take place last 
July 13. But the implementation of the first stage of the agree- 
ment, which gave Palestinians self-rule in Gaza and Jericho, took 
much longer than expected. 

To the Palestinians, a Western diplomat said, the “elections are 
very important because there is an erosion of credibility" of the 
self-rule authority. “They are bong attacked for having no man- 
date.” 

The Israelis may be reluctant about elections, he added, because 
they are likely to be seen as a step "toward the constitution of a 
Palestinian state.” 

“We want to see free, democratic elections taking place for a 
100-member council,” said Saeb Erekat, the Palestinians’ minister 
for local government. 

He accused the Israelis of s talling because they have not 
responded to detailed proposals he submitted in mid-August 
under which the 100-person assembly would elect an executive 
council or 20 or so members. 

Mr. Erekat also complained that the Israelis have blocked 
preparatory work for an election by failing to band over popula- 
tion records for the West Bank and by ordering a halt to a 
Palestinian community survey aimed at determining where to put 
polling stations. 


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Minister Yossi Sand said in an 
interview that “there was a 
blowup within the laboratory,” 
which was housed separately 
from the facility’s nuclear reac- 
tor at Dimona in the Negev. 

Mr. Sarid also said that 
“there was a certain degree of 
radiation” inside the Iaborato- 




ry, “but outside there was no 
radiation.” 


He added: “It was cleaned 
up. It was 28 years ago.” 

This is the first detailed infor- 
mation that has surfaced about 
an accident in Israel’s nuclear 
program, which began in great 
secrecy in the 1960s. For 20 
years, U.S. and other analysts 
have said Israel has developed 
nuclear weapons, but Israel has 
never acknowledged this. 

Through censorship. Israeli 
authorities have prevented the 
press here from reporting about 
the facility's work. 

The Israeli Atomic Energy 
Commission admitted for the 
first time in July that a "work 
accident" at Dimona bad oc- 
curred after Israel's Channel 
One broadcast an interview 
with an employee of the site 
who said that an accident more 
than two decades ago had left 
one person dead. 

In its brief statement two 
days after the program, the 
commission said the death of 
the employee, whom it did not 
identify, was not "connected di- 
rectly or indirectly to radioac- 
tivity,” but was a result of a 
blow to Ins head. It said the 
incident had caused no environ- 
mental contamination. 

Alex Doron, the Ma’ariv re- 
porter who wrote the article 
with Leat Ron, said that after 
the commission's admission of 
an accident, his paper tried to 
get more details. 

Ma’ariv found a notice in Is- 
raeli papers about the death of 
Abraham Gofer, 22, on Dec. 15, 
1966. The notice lacked the usu- 
al information about where, 
how and when he died. The pa- 
per found the brother and 
mother of Mr. Gofer, a lab tech- 
nician. and interviewed them. 

Ma’anVs article said that in 
the accident, Mr. Gofer was 
killed on the spot and three oth- 
er employees were injured. 

Mr. Sarid said only one per- 
son was injured, and he said 
Mr. Gofer died after the explo- 
sion when “something was fall- 
ing down and he fell down and 
died.” 

Asked if the lab had col- 
lapsed, Mr. Sarid said he did 
not know, but he added that it 
“was harmed.” 

— CARYLE MURPHY 



The GI s May Run 

Haiti Government 



By Joseph Fitchett 

haemaaond Herald Tribune 

PARIS — By normal standards, militaiy experts say, the 
scale of the United States task force being assembled around 
Haiti appears to be extravagantly outsaed, perhaps even 
dangerously so since sheer numbers of troops could cause 
casualties by friendly fire. , 

The explanation for the scale of the U.S, force ties m s 
no n militar y factor: fears in the Pentagon that troops would 
be needed to run a civilian administration in Haiti for weeks 
after they landed. . . 

American militar y planners said Friday that the mission 
would be completely different from recent interventions, 
including those in Somalia and Rwanda, because U.S. sol- 
diers might be required to provide humanitarian _ relief _ ser- 
vices th»t volunteer organizations have run in similar crises. 

Because of the political overtones surrounding the situation 
in Haiti, “the nongovernmental relief organizations may 
boycott the country as a protest.” a U.S. military officer said. • 
Haiti does not have even the minimal physical and social 
infrastructure that existed in Somalia and Rwanda once the 
shooting stopped. “It win almost be a question of nation 
building, even though Washington has not publicly acknowl- 
edged it,” a U.S. military officer said. 








Djniel Portnoy Tbc AMoccued Pros 

A Haitian woman in Miami clapping in appreciation of President Clinton’s Haiti speech. 


FORCE: U.S. Is Prepared for a Massive Attack on Haiti 


Continued horn Page 1 

whelming force,” he said. "One 
is so that you can conduct the 
operation very quickly, and the 
second is so you can minimize 
casualties.” 


Haitian militar y rn mmnn d- 
ers have said that soldiers have 


Mr. Perry said that the inva- 
sion would not turn into a man- 
hunt for Lieutenant General 
Raoul C6dras and the other 
military leaders, as happened in 
P anama when Manuel Antonio 
Noriega was taken prisoner 
only after he disappeared for 
several days and then holed up 
in a church residence surround- 
ed by U.S. soldiers. 


been ordered to change into ci- 
vilian garb, a maneuver that 
military sources have said 
would allow soldiers to “evapo- 
rate” into the populace to wage 
a guerrilla war. 

The last time the United 
States invaded Haiti was in 
1915, when 330 Marines land- 
ed. They set in motion a 19-year 
occupation widely viewed as a 
brutal, racist operation that vir- 
tually restored slavery and set 
the stage for the ascension of 


leaders like those now challeng- 
ing the United States. 

Although the 1915 invasion 
initially met no mass, organized 
resistance, by 1920 dissent over 
U.S. control of the nation had 
boiled over into full-scale riots. 


in reconstructing the country. But American military plan- 
ners, who saw french and U.S. troops saddled with relief 
work for many days to aid Rwandan refugees in neighboring. 
Zaire, fear that the political sensitivities could cause embar- 
rassing delays in Haiti. 

Although a relatively easy military operation is expected in 
Haiti, a post-invasion vacuum of administrative power — 
with a breakdown of law and order, food distribution, sanita- 
tion and health — would be a serious embarrassment for the 
Qinton adminis tration. Such a h umanitarian crisis would 




immediately become the focus of intense news coverage. 

Fjirnnean military medalists have been DUZZled bv the sis 


More than 2,000 peasants 
ire massacred by the Marines 


were massacred by the Marines 
and the Haitian Army, and the 
uprising's leader was execu t ed. 
The Marines, suffering about 
100 casualties, were left to 
maintain an uneasy peace until 
they withdrew in 1934. 

(AP, Reuters) 


European militaiy specialists have been puzzled by the size 
of the U.S. force, reportedly 20,000 soldiers. 

A British officer said it was a case of “the Powell doctrine 
run amok,” referring to the insistence of General Colin L. 
Powell, when he headed the Joint Chiefs of Staff, on always 
using overwhelming force in order to minimize U.S. casual- 
ties. 

The risk, other European specialists agreed, is that confu- 
sion, including clashing commands, can damage operational 
efficiency. 

“In Grenada, a lot of American casualties involved Ameri- 
cans shooting one another because there were simply too 
many of them in too small a place,” an official of the North 
Atlantic Treaty Organization said. 


“Our military task is simply 
to separate the leadership from 
the military forces,” Mr. Perry 
said. “We do not have any or- 
ders or directions to track down 
those leaders.” 


HAITI: Carter Sent to Meet Leaders in Last-DitchEffort to Avoid Invasion 


Continued from Page 1 

State Warren M. Christopher. “It’s a very 
short time." 


But. he added, “If, in the 
course of our military opera- 
tions we come across them, we 
will anest them.” 


Although the invasion force 
is overwhelmingly American, 
officials say that 24 nations 
have pledged 2.000 troops to a 
force designed to provide tran- 
sitional stability in Haiti. 

U.S. firepower is far superior 
to that of the Haitian Army and 
volunteer paramilitary groups, 
but Haitians loyal to the junta 
could mount a guerrilla war. 


Military and other government sources 
said the invasion force was expected to be 
in place by the end of the weekend. 

Mr. Clinton made a televised speech 
Thursday night intended to sell Americans 
on the idea of an invasion and told the 
military rulers to “leave now or we will 
force you from power ” 

But in a broadcast interview after Mr. 
Clinton's speech. Lieutenant General 
Raoul Cedras, the Haitian military leader, 
said he was “prepared to fight with my 
people." 

An last-minute attempt at diplomacy by 
a former Jamaican prime minister, Edward 
Seaga, was reported to have failed. Diplo- 


mats said Mr. Seaga was acting as a go- 
between for General Cedras, but the Hai- 
tian commander in chief's right-hand man. 
Brigadier General Phillipe Biamby, said 
there was no deaL 

Nevertheless, he and his colleagues were 
putting out feelers for a way out of their 
situation, according to Mr. Seaga* who 
said that he had been contacted by a Hai- 
tian intermediary close to General C&dras. 

The intermediary said the junta leaders 
were offering to step down and allow the 
return of Father Aristide “if there was an 
agreement not to proceed with the inva- 
sion” and a pledge of no retribution 
against about 600 people associated with 
the Haitian regime, Mr. Seaga said. 

The junta also sought to retain the de 
facto government they support, but Mr. 


Seaga told them that would not be accept- 
ed and they dropped the condition. 

Mr. Clinton sought Friday to demon- 
strate international support by inviting to 
the White House representatives of the 24 
countries that have pledged assistance to 
the U.S. military effort 
Father Aristide appeared with Mr. Clin- 
ton and told the officials, “We say no to 
vengeance, we say no to retaliation, again 
and day after day.” 

He added, “Let us embrace peace.” 

Mr. Clinton, flanked by flags of the 
countries represented in the formal setting 
of the White House East room, told Father 
Aristide, “The hand which you have 
reached out even in this hour to those who 
have taken democracy away is critical to 
your success.” (AP. Reuters, AFP) 


SONOMlC SCIM 


VIRGINIA: Voters in Decorous State Are Forced to Look at Senate Race in Negative Terms SWEDEN: nfl'ltioil* V 


C ontin ued from Page 1 
‘Mrs. Belly Button.” Mr. North 


has no previous political experi- 
ence, if you do not count a lead- 


ence, if you do not count a lead- 
ership position in the Boy 
Scouts or secretly ta Icing con- 
trol of U.S. foreign policy, but 
he is a fast learner. 

Instead of running away 
from the character issue, he is 
running on it. He boomerangs 
Mr. Robb's attacks back at him, 
asserting that it is the Demo- 
cratic senator who lacks moral 
force, because he has admitted 
to “socializing in situations not 
appropriate for a married 
man.” 

The mud wrestling over mo- 
rality has not been limited to 
the two main competitors. In- 
spired by his bitter 15-year feud 
with Mr. Robb. Mr. Wilder ran 
as an independent to make the 
case that both Mr. Robb and 
Mr. North were morally unfit 
for the Senate. 

Dropping out was difficult 
for him because he knows that 
his departure from the race may 
save his rival's seat. 

J. Marshall Coleman, the for- 


mer Republican attorney gener- 
al, is sttil in the race as an inde- 


pendent to try to prove that 
neither party nominee has the 
right character to hold high of- 
fice. 

And the senior senator from 
Virginia, Mr. Warner, appalled 
at the thought of teaming up 
with “Senator Ollie.” is going 
on a campaign swing this week 
with Mr. Coleman; he has made 
an acrimonious split from the 
Republican Party to portray 
Mr. North as a man who es- 
caped jail for his Iran-contTa 
exploits on a legal technicality. 

Mr. North’s strategy has 
been to try to put his violations 
of the public trust on the same 
level as Mr. Robb’s lapses in his 
private life. 

“Obviously, somebody who 
abuses his official position and 
violates laws and hides infor- 
mation is certainly of more con- 
cern than somebody who has 
personal indiscretions that he 
and his wife have sorted out,” 
said John McGlennon, a pro- 
fessor of government at the Col- 
lege of William and Mary in 
Williamsburg, Virginia. 

Mr. Robb has confessed that 
he received a nude massage 
from a former Miss Vi rginia in 


a New York hotel room and 
that he attended parties in Vir- 
ginia Beach where cocaine was 
used (although he claims he did 
not know it at the time). 

Mr. Robb got off to a slow 
start in his campaign. He was 
stuck in Congress for most of 
the summer, he has not yet 
started running television ad- 
vertisements, and at a recent 
debate he said he was so eager 
to cut the budget deficit that he 
would be willing to "take food 
from the mouths of widows and 
orphans.” 

Sitting on a deck the other 
night at a Democratic crab fest 
in Falls Church, a Virginia sub- 
urb of Washington, he spoke 
with some awe about Mr. 
North's slick political organiza- 
tion and his way with a crowd. 


I can very easily see why so 
ay people would find him 


AMSIBIDAM 


BRASSERIE DE ROODE LBUW 


PARIS 6d r 

YUGARAJ 

Ho3«d 08 4w W kxt«i iwtarort in Fiwkb 
by rtta leotfciq guides (dr corcttoned). I 4. 
■uaPauph^T^.26.44.91. 

PARE 7th 


many people would find him 
appealing,” he said. “It’s a qual- 
ity, that little ca tc h in the voice, 
that look of sincerity.” 

He said he thought that Mr. 
North believed everything he 
says, which is what gives him 
his power. Referring to Presi- 
dent Ronald Reagan, Mr. Robb 
said, “Reagan was like that, and 
I used to equate it to the view of 
a tank commander, looking 
through a relatively narrow 
sliL” 

Mr. Robb is swathed in do- 
mesticity. His wife puts her 
arms around his neck and kisses 
him, and his mother-in-law, the 
former first lady, hugs him. 

Lady Bird Johnson, looking 


smart at 81 in a red suit, agreed 
that the North phenomenon 
was new even to her. “We're in 
the midst of a strange sort of a 
feeling in this country,” she 
said, “and there's a lot of heal 
and a lot of anger.” 

Her daughter, wearing a 
blinking red button that, she 
said, stands for “My Heart 
Throbs for Robb,” was more 
direct: 

“He likes to talk about the 
Bible,” she said. “Well, I know 
about the Old and New Testa- 
ment. Jesus talked about love 
and forgiveness, he talked to the 
Pharisees and the Sadducees. 
North cannot say, T am God’s 
chosen person on earth, and I 
am going to tell you who will go 
tohelL’" 

The next day, at a barbecue 
with goats and roosters in Oak- 
ton, Mr. North, 50, made fun of 
his opponent with “the famous 
liberal father-in-law with a lot 
of Texas money.” 

The crowd was conservative. 
A woman wore a pin of tiny 
gold feet, which she said was a 
mold of an embryo’s feet at 10 
weeks. Two tall, heavy set, bald 
identical twins in their 50s, 
wearing stickers that said 
“Twins for North, Bob” and 
“Twins for North, Bill,” shook 
hands with Betsy North. 

Mr. North, late for his next 
event, flashed his temper when 
a press aide tried to get him to 
do a short interview. Finally, he 
succumbed, barking at a report- 
er, “Fire!” 


Asked about the morality 
bickering, he snapped; “The 


Vote on Sunday 


first thing he does is fire a per- 
sonal shot at me. I was a Ma- 
rine. I don’t know what Chuck 
Robb did in the war, but 1 
learned one thing: You don’t sit 
under enemy incoming. I’ll 
match my character and integri- 
ty against anyone up there and 
anybody running in this race. 
End of statement Next?” 

Asked about Mrs. Robb’s 
comment that he cannot play 
God, he said: “Tin not playing 
God. Then you would nave to 
ask Mr. Robb what great moral 
principle he was upholding in a 
hotel room in New York or par- 
ties on the beach. I was trying to 
save the lives of Americans too 
were bring tortured to death in 
the dungeons in Beirut” 

He looked disgusted when he 


was asked if he found anything 
likable in Mr. Robb: “I find 
very little about Chuck Robb 
that I could admire.” 

As for President Bill Clin- 
ton’s speech on morality and 
family values, Mr. North pro- 
nounced himself “flabbeigast- 


“This man has obviously no 
depths to which he will not 
fall,” he said. 

He called Mr. Clinton the 
worst president the country V»«$ 
ever had. asserting that even 
other mediocre ones “wouldn’t 
think of sending soldiers, sail- 
ors, airmen and Marines to tnir* 
an island called Haiti just to 
improve their poll n umb ers.” 


Osndc 9394 Anatodom 
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Spacndifles of ih# SotiiK-We*1. Conlil de 
ccrad & az&xla au ctxrt de canard. Air 


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fadBonal coddng in auAenric 1900 


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wflb asfee and browiw* 

FF 150 (Vcdi& dimer) 


OFFICE OF ISSUE: 


Directorate of Lotteries 


Amar Building. SCO 10-11-12, 

Sector 1 7- A. CHANDIGARH- 160 017. 


fVxisKkn l&o*. Sdnen TaL: 
4273.92.00 


DUE DATE : October 20, 1994 TIME : 1700 HRS 

OPENING DATE : October 21. 1994 TIME : 1500 HRS 


decor. E«ce?cnt wines & mineral wo Pen 
32, n* Si Mac. Td: 1 1) 42 96 65 04. 


NEW FURSTEN BERG 

American restaurant of The 3<7 f 

Taw. Guoeemole, TBone. Efe*. bncti mem 
68 FF 7 days and weelt from 8 am. i? 2 
am Facing Sl CJennoirvdBvPr fe 22, run 
Gufcuno Apdbora Td.- (I) 42.86.00 88 


AL GOLDEN BERG 

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and ku h omemade - Ocm enlce & dfine 
sod. Jewish spec. 69 Av. da Woagn. 
TA4 2J27 id 7?b*ry day upte 

CHEZ FRED 

One al he ddetfhjtos of ftjrh. 

French Irudrfonj cooUri IPObfcbd 
Photo, fewwton. Td. P ) 4574.20.4fl 


The Dir ectora te of Lotteries. Government of Punjab proposes to Introduce ON i twit 
LOTTERV SYOTSM In Ihe Stale of Punjab. Sealed lenders anfSStod 
companles/ftrms for setting up, Installation, commissioning, running. operatih£ 
maintaining, starting and promoting an On Une Lottery System th rouSiout mdlaSMlS 
under^gped onbehalf of The Governor of Punjab, on exclusive basis for which a licence wffl 
be provided by The Government of Punjab for a period of ten years. 


The licensee selected will have to set up. Install, commission, run. operate manape 
maintain, start and promote ON LINE LOTTERY SERVICE ON TURNKEY BASUSaStmwfn 
Punjab™ 55 and 0011(1111005 ,aid down ^ Department of Lotteries. The Government of 


IE PETIT ZINC 

Ite toom gqrfumun 

Facing Egjto SGcnnamdesAfa. Tnarfriond 
illume Good vdfoa far mqnmr. Mentored 
in evqiv guide. 11. rue Somi-Benoll 
T .42 6T 1? 70. Open twery day uroV 2am 


HERVAN5ARAY 


i Int 5" din £ tenderer shall obtain copy of the lender documents containing conditions 
alongwilh specifications from THE DEPARTMENT OF LOTTERIES. AMAR BUILDING* 

IO- II- J 2. SECTOR 17 - A. CHANDIGARH - 160 017 on payment of Rs. 5 000/- in " m?: 2 
draft In favour of Director. Punjab Stale Lotteries. Chandigarh. ' 535X1 


TurtrA & tnfl spocolbes. lotnier bra, bed 
mood rwourom Iji floor. 6tehfors».9. 
Tol.: 5128843. Air conditioned. 80m. 
Op*® htooo-3 pjn. & 6 aJit.-Ta.in, acepi 
Sunday Openhctdayi. 


DIRECTOR, PUNJAB STATE LOTTERIES 
FOR AND ON BEHALF OF GOVERNOR OF PUNJAB 


Co nti nued from Page 1 
as a way to offset spending cuts, 
although critics have attacked 
his plans to increase some tax 
rates. 

But if the industrialists’ 
counsel has tempered some of 
Mr. Carlsson’s views, it has not 
set well with many voters. 

“There are a lot of people 
who want to go back to what we 
had before, and they are disap- 
pointed the Social Democrats 
are not promising to do that,” 
said Olof Santesson, an editor 
of Dagens Nyhetcr, one of 
Stockholm’s main newspapers. 

A month ago, ports showed 
voters prepared to give the So- 
.rial Democrats at least half the 
ballots cast, suggesting that Mr. 
Carlsson might win a parlia- 
mentary majority outright for 
the first time in three decades. 
Today, polls give them 44 per- 
cent of the vote, still the largest 
bloc among Sweden’s seven 
parties, but not enough to gov- 
on without the help of a coali- 
tion partner. 

To secure control of more 
than half the votes in Sweden’s 
349-seat Riksdag, or Parlia- 
ment, Mr. Carlsson is most like- 
ly to seek a partner near the 
middle of the political spectrum 
— like the centrist Liberal Par- 
ty, which is currently a member 
of Mr. Bildt’s government — 
rather than among Ins more tra- 
ditional allies on the left. 

It is not only economic im- 
perative pushing the Social 
Democrats toward the center, 
but also European politics. 
Swedish voters are scheduled to 
go to the polls again in Novem- 
ber to decide whether to en- 
dorse Sweden’s candidacy for 
the European Union. 

Mr. Carlsson and Mr. Bildt 
both endorse membership. But 
tite Green Party and the Left 
Party are opposed, which 
m e ans that Mr, Carlsson can- 
not reatisticaRy ask them to join 
a coalition should they earn 
enough seats to get into Parlia- 
ment 

Public opinion surveys sug- 
gest that the Greens are under- . 
going a political resurgence, Ju- 
ried in pan by voters who have 
deserted toe Social Democrats, 
either because of their cautious 
approach to welfare, or their 
endorsement of the European 
Union. 

Meanwhile, pre-election sur- 
veys suggest that Mr. Bildfs 
former coalition, which took 
more than half the votes in the 
last Parliament, is likely to win 
just more than 40 percent of the 
seats. 


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Page 9 



THE TRIB INDEX: 116.30B 

International Herald Tribune World Stock Index <&, composed ol 
Z80 internationally inves table stocks from 25 countries, compiled 
by Bloomberg Business News. Jan. 1, 1992 = 1Q0 
120 * ‘ 



100 " ■■■ Vft ■' i - . '- J. "■ J ' I. . 


■ Asta/Pacitlc 


Approx, weighting: 73% 
Close: 12902 Prev- 128.42 


Approx, we^htrng; 37% 

Close: 116.49 Prev - 117.24 El 


Recovery 
At Italian 
Leader 

Debt Reduction 
Aids Montedison 


Compiled by Our Swff From Dispatches 

MILAN — Montedison 
SpA, the Italian industrial giant 
brought close to bankruptcy 
last year, announced Friday it 
had a pretax profit in the first 
half of 1993 and cut its debt 
nearly 30 percent. 

The food-to-chemicals com- 
pany said it earned 289 billion 
lire (SI 84 million) before taxes, 
compared with a 369 billion lire 
loss in the same period last year. 
Its debts fell to 1 1 .43 trillion lire 
from 15.84 trillion. Revenue 
were little changed at 10.25 tril- 
lion lire. 

The company said a buoyant 
performance by its chemicals 


Captains of the Airwaves? 

2 Modem Media Barons Courting NBC 


10 

■' ' "•%■%•••_ V s 




business was behind the better 
industrial result, while the drop 
in the debt was due to capital 

” A M J J 

A S 
1994 

A M J J 

A S 
1994 

increases called late last year 
and some asset sales. 

| N<7rtb America 


Latin America 

mmz 

It said the performance La 

Approx, weigraing: 26% 
Close: 97.13 Prev, - 97.62 

50 


Approx, weighting: 5% 
Close- 14 821 Prev.: 147.71 

E9 

July and August suggested the 
second half of the year would 
be better than the first. 



. t r- ; 


* „ World Index 

77» inter trades U S. dollar vatuas of stocks in: Tokyo, New York, London, 
Argentina. Australia, Austria, Belgium, Brad, Canada. Chile, Denmark, Finland, 
Franco, Germany, Hong Kong, Italy, Mexico, Netherlands, Now Zealand. Norway, 
Sin ga pore. Spain, Sweden, Switzerland and Venezuela. For Tokyo. New York and 
London, tha mdax is composed of the 20 top issues in ts/ms of market capdaEcation. 
otherwise the ten top stocks am tracked. 


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ii-V. 


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Prev. 

* 


fit 

Prev. 

* 


dots 

don 

dbrep 


dote 

dOM 

ctaige 


Energy 

115.28 

115459 

-0.35 

Capital Goods 

11921 

119.32 

-0.09 

U . v ,. T 

Utilities 

130.48 

130.03 

+035 

Raw Materials 

136.40 

135.84 

+0.41 

_ 

finance 

115.43 

115.50 

-0.06 

Consumer Goods 

103.49 

104 35 

-0.82 

. V. 

Services 

122.13 

12227 

-0.07 

Mtoettaneous 

13625 

135.49 

+0.63 


For mote information about the Index, a booklet is available free of charge. 

Write to Trrb Index. 181 Avenue Chartes de Gaulle. 92521 NeulBy Cede* France. 

C bitematfonal Herald Trfsuno 


The stock market reacted 
bullishly to the numbers, driv- 
ing the company’s stock to 
1 ,420 lire, up from 1,380 lire on 
Thursday. 

Most analysts see the compa- 
ny breaking even in 1994 after 
losing a combined 3.05 trillion 
lire in the previous two years. 

Montedison, the industrial 
aim of the Ferrara Fmanriar a 
SpA, had to turn to its bankers 
for help in mid-1993 when Fer- 
ruzzi said it could not keep up 
debt payments. Both compa- 
nies taken over by creditor 
banks, which replaced the Fer- 
ruzzi family. 

Montedison controls Eri- 
dania-Beghin-Say SA. a Paris- 
based sugar company, and Edi- 
son SpA, Italy’s largest private 
electricity generator, as well as 
a variety of chemical operations 
in Italy and abroad. 

(Reuters. Bloomberg I 


Los Angeles Tima Sentce 

LOS ANGELES — When the government 
forced the major studios out of the movie- 
theater business in the 1940s and the major 
television networks out of the program-pro- 
duction business in the 1970s. who would 
have guessed that media moguls would wind 
up consolidating more power than ever? 

Gerald M. Levin of Tune Warner Inc. and 
Michael D. Eisner of Walt Disney Co. already 
rule over kingdoms bigger than their prede- 
cessors could have imagined. Now. with talk 
that one of the two companies may acquire 
NBC, there is ihe chance to add the penetrat- 
ing reach of a broadcast television network to 
a collection of assets that includes film, cable 
television, music, theme parks, exhibition, 
publishing and video. 

It is a measure of changing attitudes that no 
one is screaming bloody murder over their 
latest skyscraper- sized vertical integration 
moves. Most people assume that Time 
Warner, as a cable operator, can clear the 
regulatory hurdles in the way of an NBC deal. 
Disney's path is even less cluttered, since it is 
not in the cable-system business. In light of 
their discussions with NBC s parent. General 
Electric Co., the definition of a media mogul 
is being redefined. 

At the height of his power, Louis B. Mayer 
of Metro-Gold wyn- Mayer dominated only 
one medium — movies. Tune Inc.’s Henry 
Luce had only publishing. Others added a few 
pieces. The former CBS chairman. William 
Paley, ran CBS TV, Radio and Records, and 
David Sarnoff linked NBCs programming to 
the manufacture of radios and televisions 
through RCA Corp. 

Those titans exercised power visibly and 


forcefully, often because they wen; owners. 
They also operated in an uncrowded media 
environment, at the dawn of the modem 
communications era. But in today's fragment- 
ed world — where movies compete with net- 
work television, which competes with cable, 
which competes with video games, which 
compete with music — Mr. Levin and Mr. 
Eisner are among the rare breed of executives 
with full reach. 

As a music manufacturer. Time Warner 
sold a staggering 300 million compact disks 
and cassettes worldwide last year by artists as 
varied as Eric Clapton, Naughty by Nature. 
Enya and George Gershwin. 

On top of that. Mr. Levin’s Time Warner 
controls 20 percent of U.S. magazine adver- 
lising revenue with such perennials as Time. 
People and Sports Illustrated. 14.6 percent of 
the domestic box office with such movies as 
“Natural Bom Killers,” eight-and-a-half 
hours of prime-time network programming 
with such shows as “Full House.” the pay 
channel HBO. Six Flags amusement parks 
and part of CNN. It also has 9 million cable 
subscribers. 

Mr. Eisner's business is more entertain- 
ment-based but no less visible. It is possible 
for a child to go to bed in Disney's “Aladdin” 
pajamas, wake up and watch the Disney 
Channel’s “Gummi Bears." pack a Mickey 
Mouse lunch box for school, dress in a Disney 
Mighty Ducks T-shirt, spend the afternoon 
watching Disney cartoons or listening to the 
best-sellmg “Lion King” sound trackTind go 
to sleep with a Disney bedtime story such as 
“Pinocchio.” 

Mr. Eisner has a higher profile than Mr. 

See MEDIA, Page 10 


IBM to Delay 
PowerPC Units 
Until Next Year 


Compiled by Our Staff From Pispcidies 

NEW YORK — Internation- 
al Business Machines Corp. 
said Friday that it was delaying 
the launch of personal comput- 
ers based on the PowerPC chip, 
until sometime next year. 

The delay points up prob- 
lems in IBM’s alliance with Ap- 
ple Computer Inc. and Motor- 
ola Inc. for a computer 
standard based on the new chip. 

The two deskiop and one lap- 
top machines, which were to 
have been released next month, 
are the first from IBM to use a 
new- internal design since the 
company’s origin aj PC in I9SI. 

“we’ve decided to take a 
phased rollout approach." Peter 
Thonis. a company spokesman, 
said. “We will introduce the 
systems gradually and make a 
genera] availability announce- 
ment when the timing is right.” 
he said, adding. “We expect an- 
nouncement of general avail- 
ability will be made in 1995.” 

The delay, while praised by 
analysts us economically smart, 
is embarrassing because Apple 
Computer has been selling ma- 
chines based on the PowerPC 
chip since March. 

Some analysts attributed the 


Electronics Outlook Brightens in Japan 


By Steven Brull 

International Herald Tribune 

TOKYO — In the latest sign that Ja- 
pan’s economy is slowly on the mend. 
Japan’s electronics industry association 
said Friday that its members would pro- 
duce 2.2 percent more goods this year than 
last a growth rate three limes that antici- 
pated just nine months ago. 

But the new estimate, which takes annu- 
al production to 21.5 trillion yen t $2 16.2 
billion), has more to do with overseas de- 
mand for personal computers and comput- 
er-related products overseas than growth 
at home. 

Production of consumer electronics. 


meanwhile, is expected to contract by 8.9 
percent this year. That is nearly three times 
the decline foreseen earlier, and largely 
reflects the yen’s 1 3 percent rise against the 
dollar so far this year. 

“These numbers say more about the 
recovery of demand in Lhc United States 
and Europe and the short-term impact of 
tax cuts in Japan." said Steven Myers, an 
electronics analyst at Jardine Fleming Se- 
curities. “This economy hasn't really*’ got- 
ten into gear yet. and most companies 
depend on domestic sales for the majority 
of their sales." 

Still, the growth is being reflected in 
increased earnings projections for Japan's 


big electronics companies, albeit from low 
levels last year. NEC Corp.. Japan’s top 
maker of semiconductors and personal 
computers, has raised its profit forecast by 
20 percent, to 60 billion yen. for the year 
through March. 

■ U.S.-Japan Flash-Chip Plant Opens 

Fujitsu and Advanced Micro Devices 
Inc. said Friday they had opened the 
world’s largest factory for flash-memory 
chips, the Associated Press reported from 
Tokyo. 

Unlike other kinds of memory chips, 
flash chips main Lain data without power. 


postponement to a lack of soft- 
ware for the new computers. 
IBM itself does not have its OS- 
2 operating system ready for the 
PowerPC chip. 

The chip was designed jointly 
by IBM, Apple and Motorola. 
It is meant to challenge the in- 
dustry dominance of Intel 
Corp. and Microsoft Corp. 

IBM said that it is shipping 
and will continue to ship mod- 
els of the PowerPC systems to 
corporate developers and inde- 
pendent software developers. 

I Reuters, API 

■ Apple Opens Mac System 

In a major departure from 
past policy. Apple said Friday 
that it would license its Macin- 
tosh operating system to other 
personal computer-makers. 
Reuters reported from Cuperti- 
no. California. 

Apple said it would first li- 
cense its core Macintosh oper- 
ating system and elements of its 
PowerPC reduccd-instruction- 
set computer hardware archi- 
tecture. 

Analysts have said Apple 
should end its proprietary poli- 
cies, arguing that it would be 
better-off with a smaller share 
of a much-larger market- 


China Sees 
Price Danger 

The Associated Press 

BEIJING — The State 
Statistical Bureau said Fri- 
day that fast-rising indus- 
trial output, retail sales and 
inflation had put China’s 
economy on the verge of a 
danger zone. 

The bureau said the con- 
sumer price index rose 25.S 
percent in August on the 
year, up slightly from the 
242 percent in July. 

Prices rose on farm- 
product shortages, strong 
income and adjustments in 
grain and oil prices, it said. 



Inflation: When You Should Worry 


High Noon in Sky: United vs. Southwest 


By Peter PasseU 

New York Tima Service 

N EW YORK — “Stock up on 
canned sardines and ammo for 
the deer rifle, mama, and 
mend those greenbacks while 
you can.” Inflation hysteria has not yet 
brought survivalists oat of the woodwork, 
and news this week that consumer prices 
rose at a rate of less than 4 percent a year 
in August may keep them there a while. 

But as Van Doom Ooms, chief econo- 
mist for the Committee for Economic 
Development, said, “there’s an edginess 
out there" that is rubbed rawer by every 
ambiguous government inflation reporL 

The most sensible view, many econo- 
mists have said, is that while the U.S. 
economy is operating near the limits of 
noninflationary growth, price changes to 
date reflect little more than the recovery 
of profitability in, commodities and other 
cyclical industries. The tricky moment 
will come if and when wages begin to 
catch up: Tm amazed it has taken so 
long.” Robert J. Gordon of Northwest- 
ern University said. 

The inflation scare of the month was 
the unexpected jump by 0.6 percent in 
August of producer, or wholesale, prices. 
That followed a 0.5 percent increase in 
July, implying that the annual rate was 
approaching 7 percent. 

A closer look reveals that much of the 
infla tion has been in raw materials, 
whose prices have been depressed for 
much of the last decade. “It’s classic,” 
said David Hale, an economist at 


Kemper Financial Group. ’’First com- 
modity prices rise, then intermediate 
goods, then finished products." 

That is not only classic but desirable. 
Richard Cooper of Harvard University 
said. Producers of everything from alu- 
minum Logo's to paper have to be highly 
profitable on the up side of the business 


Once unemployment is 
below the natural rate, the 
inflation tiger is fated to 
chase its tail at ever- 
increasing speed. 


cycle to compensate for anemic margins 
or losses on the down side. 

By the same token, if demand does not 
continue to grow faster than the capaci- 
ty. producer prices should level off. 

So why is everyone so touchy? Re- 
member, for starters, dial bond dealers 
are obsessed with price indexes because 
inflation puts downward pressure on 
bond prices. 

While cyclical prices increases do not 
bother economists, the prospect of an 
inflationary spiral — one that is self- 
reinforemg and independent of actual 
shortages — surely does. 

According to the so-called natural- 
rate hypothesis, competition ordinarily 
prevents workers from making wage de- 
mands in excess of productivity gains. 


But once markets become overheated, 
producers pass rising costs on to buyers. 
Disturbingly, this process is not self- 
limiting: once unemployment is below 
the natural rate, the inflation tiger is 
fated to chase its tail at ever-increasing 
speed. 

Alan S. Blinder, the new vice chairman 
of the Federal Reserve Board, said earli- 
er this month that no one really knows 
what the natural employment rate is. 
Hence the Fed must make trade-offs 
between the risk of embedding expecta- 
tions of inflation and the risk of accept- 
ing unnecessarily high unemployment. 

That restatement of what most econo- 
mists consider obvious apparently did 
not win Mr. Blinder any friends among 
those accustomed to Fed governors who 
talk about inflation as if it were a mortal 
sin. But that trade-off truly is the prima- 
ry task of the Fed — and one that could 
become increasingly difficult in coming 
months. 

As Mr. Hale of Kemper said, world 
markets for commodities are likely to 
continue to tighten because of the Euro- 
pean economic recovery and boom in 
East Asia. What is more, labor may be- 
gin to flex its atrophied muscles.’ 

Most business cycles, it seems, end in a 
fluny of shortages and a screech of the 
monetary brakes. If history is any judge, 
said Charles Schultze. an economist at 
the Brookings Institution, “we’ll proba- 
bly do it again.” 

That is a long way from saying, 
though, that inflation is a clear and pre- 
sent danger. 


By Adam Bryant 

New lift Times Service 

NEW YORK — In a high- 
stakes confrontation that could 
shape the future of the U.S. 
domestic airline industry. Unit- 
ed Airlines is about to battle 
Southwest Airlines for the skies 
of the West. 

While carriers such as Ameri- 
ca West and Alaska Airlines 
will be caught up in the battle, it 
is the contest starting Oct. I 
between the new Shuttle by 
United, and Southwest, a small- 
er but perennially profitable 
and influential carrier, that will 
be watched by other airlines 
and the travel industry. 

United and other big carriers 
such as USAir and Continental 
have decided that they can re- 
duce their costs by creating air- 
lines within their airlines that 
offers low fares, few frills and 
frequent service. 

It is unabashedly modeled af- 
ter Southwest, the pioneer of 
this strategy and keeper of the 
healthiest balance sheet in the 


industry. Until now. no major 
carrier has confronted South- 
west at its own game as directly 
as United. 

The outcome will affect how 
quickly low-fare service spreads 
to other routes. 

United has spent months pre- 
paring for this battle, and has 
added its own refinements: 

• It has decided to offer as- 
signed seating in contrast to 
Southwest's open seating. 

• United will become the 
first airline to board passengers 
holding window seats first, a 
move it says will help get its 
planes off the ground quickly. 

• When a plane arrives at its 
gate, baggage will come off at 
the same time new baggage is 
loaded. 

United employees will spend 
most of this month on Los .An- 
geles- to- Sacra memo flights, 
boarding and loading a Boeing 
737-300 over and over again to 
fine tune the procedures, which 
the airline says wiil shave about 
15 minutes from the average 35 


minutes the planes are on the 
ground. 

Over the years. Southwest 
has made profit rather than 
market share its primary goal. 
The carrier will presumably de- 
fend its California turf, which 
makes up 14 percent of its sys- 
tem. 

United has drastically simpli- 
fied its air-fare structure for the 
Shuttle, offering one fare for 
each coach seat on every flight 
on the eight routes on which it 
will begin the service. By De- 
cember, it will add six more 
routes. 

The price of a one-way, walk- 
up coach fare from San Francis- 
co to Los Angeles is dropping 


from $138 to $89; from San 
Francisco to Seattle, down from 
S21S to SI 39, and from San 
Diego to San Francisco, down 
from S128 to $69. 

Southwest’s current one-way. 
walk-up fare between San Die- 
go and San Francisco is S69, 
from Los Angeles to Oakland is 
$69 and from Oakland to Seat- 
tle is $89. 

This is not the first time that 
airlines have fought over Cali- 
fornia. In ihe 1960s through the 
1980s, regional carriers such as 
AirCal and PSA touched off 
fare wars by selling some tickets 
as low as $19. In 1987 American 

See AIR, Page 1 1 


CURRENCY & INTEREST RATES 


Cron Ratos 

f t DM. 
Amsterdam IJtt 172tf lUtt 

Bnmh 31115 AMS 

PmMurt UM UW 

LonAMlQ) 'SW MO 

Madrid aw was tasn 

MfloB 1JO0 u*5t IMA 

Maw York (b) U»o Li«S 

Porte 5L201 U» «WI 

Tokn NJO BSJ1 MU 

Toronto USB 

Zartdi . iM M17» UW 

I ECU 13U trot UK7 

I SDR MfiM UU 2203 

Ctosrnsrs In Amsterdam. London, f 
o: To buy one peundi b: To bur 
ovallaefo. 


Sept 16 

Fj:. Lira DJ=I ELF. 5J=. Yeti CS Peseta 

u m imr — w us iw* tiw us* 

me ups* ism — sons uz» zur au&* 

UtB OLJtM- am *117?- 1-200 IMS* IHB ins- 
ure 1X0.11 vm «3D 1006 13*305 IIK 362.15 

2*20 M2* MOM <«in 95J99 lJM?** 95.14 ■ 

39SJ4 mM Mil 12143! 11732 US720 12.1t* 

iai i&uos ust n» im w use rais 

U*7- 10W awi *12*7 SJBJ- M213 *12* 

Wff (L4H 57JS 11117 7725 7X3» 031* 

02557 UM* LYE M2»* UE» UtS4* W 

UOl U822* 07412 *IDfl* I2M* 1 50* 1JM> 

4S22 133*7* ZM87 **5)3 UIO KSJ28 U7I3 15905 

7JCt 22BU8 U3H 4UW IBS 1*420 1JO 10222 

New York. Toron to ontt Zurich, fixlnos In other canters, 
r one dollar; ■; units at 100: NO.: not avoted; HA,; not 


Eurocurrency Deposits 

SWISS 

Dollar D-Mark Franc 

ster litre 

French 

Franc 

Yen 

Sept. 16 

ECU 

1 raentb 

MrAfo 

4=*-5 


5*v5\ 

2 v r 5 ", 

2 ' «-2 ’ - 


3 months 

4-fcrSt. 



J r-5 «■. 

P-.-SPs 

2U-2* 

5 ‘--5 

4 months 

5Wr5Jfc 

SVk-5«i 

4 M *. 

6 ’A* 

5 “v5 ■», 


i *4 : 

1 year 


5Kf-5M> 


7V*-V/k 

t -*6 « 

VsrVi, 

6 ' «•# 


Sources: Rovtn Lknds Bank. 

Rates aPPtatete to Intertan* Aobs/ts at Si mitten minimum (or eoviwfcnt.'. 


* ra !j 

I ■ s ' ; j fi* 

#Icd I 1 ’ S.*- ‘ 

•VV’ V-* 


Othar Dollar 

Currency wrj 
uttntm 
Austral I U«4» 
Aintr.icMl 1MW 
Brazil real Ml 
aunese yuan BJZM 
Cndi kerano 27.«1 
DaaHItkraM MWtt 

emmtpwa ^jox 

FbLinorktei mss 


Valuta 

Currency Per* 
Greek aroc. 23US 
HM0 Koras 7J2S8 

Huns, forint loom 

indkm nwet 3US 
indo-repkrt J174J* 
Irtiftc OASri 

Israeli Shck. 3.032 
KUwaiH dinar (US0> 
Metov.rinw 1S577 


Currency 
Met. poo 
N. Zealand S 
Norw. krone 
PM1.KH 
PofobUoty 
port escudo 
Rm. ruble 
Saudi rival 
Slow* 


Currency Perl 
S, Ah', rand 15548 
S. Kar. nan tvpjo 
S teed, krona 7 M 

T Dittos J 2422 

TtsilbaM 2194 

TurUM Uni 33889. 
UAEAHam 14727 
Vena. bone. 19&00 


Forward Rato* 

3MBV 4 May 9Ma» Cinrency lOdav «frday 9Mar 

Cwrrw cy^— ^ cmidlon dollar urn ij*jb 12502 

r^rtjemar* X5*42 15*U 15*S* Joaanwven «i» WJl W2* 

Mgirffi 12851 1200 72880 

, N a Bank (Amsterdam): maasuer Bon* (Brussels): Banco Commerctote muono 
rMmStAeencs France Pnsst (Parts). Bon* of Tokro ITokvof; Rmat Bank or Canada 
(Toronto): IMF (SDR): Other data from Reunn andAP. 


Kay Money Rates 

United States Close 

Obawaf rate *m 

Prime rote 7*, 

Federal fundi 4 " J . 

UnonttiCDs *.44 

Comm, nonr 180 days 5.10 

Imonfb Traesory bin *41 

]-year Treasury bill 529 

2-vear Treasury note 427 

5-vaar Treasury oote 7.11 

7-iw Treasury Date 7.14 

18-year Treasury note 7-Sfl 

30-year Treasury bead 7.77 

Merrill Lyicnaoday Reodvwei *JXJ 


Discount rate !*• Ifc 

Coil money Z09 Z2S 

1 -month wteroauk 2 % 2V: 

3-r»mb interbank 2 *. 

fmean interbank 71* F* 

10-rear Government band 457 <54 

Canaan 

Lambert rate 6 . 00 400 

Cali money 4.95 <95 

T-nwcUn interbank 505 100 

3-mantti kHerbaalc 5.10 5.10 

6-raontfi Interbank SU 5U 

Ifrvcar Bund 740 753 


Britain 

Bank base rate ». 

Call money 5 1. 5*v 

1 -re Bulb interbank 5 K 5 

J-roontfi Interbank 5 v. S*< 

4-mantt Interbank o4» 41. 

18-year Gilt 849 851 j 

France 

Intervention rale SOO 520 

Con money 5 v « 5 •• 

l-reuntb Intertank 5 ** S'. 

J- monte interbank 592 $Vt 

Foreatb interbank 5 S “v, 

IIWearOAT B.17 807 

Sources: Reiners, Bloomberg, Merrill 
lynch. Bonk at Tokyo Commerzbank. 
Gr ee n w e ll Montagu. Credit L rowofs. 


04e 4'u 

8-89 881 

5 BO 580 
5 v. 5 •. 
5 *. S-. 

592 512 

S*. S 
817 807 


Gold 

am. PM. Cti'te 
Zurich 388.15 3*124 +325 

London w« 39000 +100 

New York 39100 3V3.eO + 1.70 

US. dehors per ounce. London official he- 
Mas; Zurich aid Nett York opening and dair 
Uvortcm: New York Comet (December. I 
Source: Reuters. 


\ ISLAMIC REPUBLIC OF MAURITANIA 

Honor-Frate rn ity-J ustice 

| MINISTRY OF FISHERIES 
AND MARITIME ECONOMY 

PUBLIC OFFER 

1. Object: 

The Ministry of Fisheries and Maritime Economy is 
offering quantities of pelagic fisheries through free 
licenses for one year renewable. 

2. Participation: 

This oiler is made within the context of the 
reorganization of the fisheries activities, and is open to 
all investors without distinction of nationality who can 
meet this offer's requirements. Bidders may bib for a 
general license of a license for a particular species. In 
tho last case, bidders should demonstrate that the 
vessels and the frsching techniques they will be using, 
will mainly serve to catch the specified species. 

3. Withdrawal of the bid's documents: 

The bid's documents may be withdrawn from the 
Ministry of Fisheries and Maritime Economy (Industrial 
Fisheries Department) or from Mauritanian Diplomatic 
and Consular Representations Abroad starting 
September 5 1994 upon payment of Mauritanian 
Ouguiya (UM) 25,00 or USD 200.00 to the Treasury of 
the Islamic Republic of Mauritania. 

4. Closing date: 

The bid closing date is October 15, 1994 at 3:00 PM 
(Universal Time). For any further information, please 
contact the Industrial Fisheries Department, BP 137: 
Telephone number: Fax (222-2) 531-46 Nouakchott. 
Mauritania. 


IF1 

Istituto Finan&ario Industriale 

Socicta per Azioni 

Corporate Offices: 25, via Manned, Turin, Iialv 
Capital Stock Lire 125,500,000,000 fully paid’ 

Turin. Registry of the Companies no. 327, File 2370/27 

Notice of shareholder's 
ordinary and extraordinary general meeting 

Notice is hereby given that shareholder’s annua! general meeting 
will be held in Turin, at ihe offices of SAI - Sociei.i Asmcii rat rice 
Industriale S.p A. enrsu Galileo 12. on Friday Sepiember 30, I99J 
a 1 1 00 a.m jnd in case ol a second call on Wednesday October 
5. 1994 at the same place and time, tnr consideration oi the 
toIloM'ing agenda: 


I. Report nf the hoard ol directors and of the board of suiutnry 
audiior* for the vear ended March 31, |994 ; financial 
statements as ot M,mh 31, 1W ; related resolutions 

2 Resolutions in accordance with art. 2357 and 2? 5 7 ter ol the 
Italian Civil Code. 

3. Dcicmim.n ion of the number and election of the direcrors 

4. Election of the statutory auditors and determination of the 
Ices. 

5. Appointment of the independent auditors for the fiscal years 
igy4.QS- 1905-06 _ 1995.07 

Extraordinary general meeting; 

1- Elimination of art. no. 20 and modification of an no. 21 of 
the articles of association and modification o! the number ot 
the subsequent articles 

In order in participate to the general meeting, holders ol ordinary 
(voting) shares and holders of preferred (non voting in the 
ordinary meeting) shares ate required to deposit their certificates, 
at least live days prior to the meeting, at tlie uirpnr.ne offices in 
Turin - 25, via Marenco, or at any of the lullowing hanks. 

Authorized banks: 

lu the Netherlands: Amsterdam Rotterdam Rank N.V. 

In the Federal Republic of Germany: Commerzbank. 

In Switzerland: Banc a Com m ere i ale Itahana (Suisscl, Credit 
Suisse and Snciete dc Bnnque Suisse. 

Id France: Lizard Frcres et Cie. 

In Great Britain: Lazard Brothers & Co. and S.G. Warburg 
and Co. Ltd. 

In Italy: all the leading hanks. 

The Board of Directors 


i 





Page 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 17-18, 1994 


** 


market diary 


Dollar Breaks Free 
Of Swooning Bonds 


Bloomberg Btainess News 

NEW YORK — The dollar 
fell against major currencies 
here Friday — following bonds 
lower — but came off the floor 
late in the trading day with a 
_ show of strength, 
s suffered their biggest 
one-day loss in almost five 
months after the Federal Re- 
serve Board said U.S. factories. 

Foreign Exchange 

mines and utilities operated at 
84.7 percent of capacity in Au- 
gust, the highest level since 
1989. The Fed said plant use 
has risen for IS months, spur- 
ring fears of inflation. 

Late in the day, he dollar re- 
bounded amid speculation — 
apparently unfounded — that 
the Fed was moving in to sup- 
port it However, banks that do 
business with the Fed said the 
central bank made no pur- 
chases Friday. 

The dollar touched a low of 
98.56 yen, but closed at 98.95, 
down from Thursday’s dosing 
price of 99.45 yen. 

The U.S. currency fell as low 


as 1.5315 Deutsche marks be- 
fore closing at 1-5445 DM. It 
dosed Thursday at 15493 DM. 

“If the dollar hasn’t bot- 
tomed yet, it’s dose,” said Marc 
Chandler, director of research 
at Ezra Zask Associates. 

“A lot of people are shocked 
at the strength of the economy 
and the inflation that goes 
along with it,” said David 
Durst, a currency-options trad- 
er at Bear Steams & Co. 

For many traders and ana- 
lysts, Friday’s report confirmed 
the notion that the Fed has not 
raised interest rates far or fast 
enough to control inflation, 
which erodes the value of U.S. 
fixed-income investments, such 
as bonds. 

“Strange though it seems, 
what the dollar needs is weaker 
figures,” said Nick Parsons of 
Canadian Imperial Bank of 
Commerce in London. 

The British pound rose to 
SI. 5790, from S1.5620. The 
U.S. currency fell to 5.281 
French francs, from 5.2915, and 
slipped to 1.2820 Swiss francs, 
from 1.2860. 


KiIhMMPiH 


Sep). 16 


The Dow 


■:Da3y dasaigs of the . . 

■'Dow Jonfes industrial average 

4008'. " 



3500 


« A M J 
1994 


J A S 


MARKETS: Worldwide Slump 


Continoed from Page 1 

Paris market turned in the 
worst performance. They said 
that among the major European 
economies, France’s remains 
the weakest 

“The perception in the mar- 
ket is that France needs an in- 

U.S. Stocks 

terest rate cut not a rise,” said 
Mr. Hartwill. He and others 
now see hope of any further 
cuts in French interest rates as 
remote, at best 

In Britain and in the United 
States, where the economic up- 
swing started earlier, the pros- 
pect of rising interest rates to 
choke off inflation is disappoint- 
ing but not necessarily disas- 
trous. On the Continent and in 
Japan, the prospect of tighter 
money poses a far greater threat. 

Mr. Grubb said, “In Europe 
and Japan these economies have 
just limped out of their worst 
recession in decades and already 
same people are looking for the 
peak m the economic cycle.” 

In spite of turmoil Friday in 
the markets, most economists 
remain convinced that moder- 
ate economic growth with low 
inflation remains likely for Eu- 
rope and even for faster-grow- 
ing America. Investors, howev- 
er, do not share that optimism. 

U.S. stocks followed a plunge 


in bonds as the factory use re- 
port reignited concern the econ- 
omy may be growing too fast 
and might sparke another U.S. 
rate rise. 

Friday was also the so-called 
triple-witching day, when op- 
tions and futures on stocks and 
stock indexes expired concur- 
rently. Trading was active, with 
410.6 million shares changing 
hands, the second most active 
day this year. Decliners led ad- 
vancers 2 to 1. 

Wal-Mart Stores, which 
closed down %, at 24%, was the 
most-active U.S. issue. The 
company on Friday announced 
expansion p lans . 

General Motors, which fell 
1 %, to 50%, was the biggest los- 
er among die Dow stocks dur- 
in g mi 

company announc ed it was 
seeking Offers for its ITT Finan- 
cial Corp. subsidiary. 

Intel fell ft, to '66%. VLSI 
Technology fell 13/16, to 11% 
after the semiconductor mak- 
er’s earnings projections were 
cut by Bear Steams. 

IBM closed 1% higher, at 71, 
after an analyst at Goldman 
Sachs raised his rating. 

Microsoft slipped 1%, to 56% 
on news that Apple Computer 
would license the Macintosh 
software operating system. Ap- 
ple rose %, to 36%. 

(AP, Bloomberg) 


much of the day. 

rose 1%, to 82, after the 


Dow Jones Averages 


Open Mali Low Lot On. 

Indus 391S 86 395X88 3912J3 393X35— 20X3 
irons 1571.16 15746B 156X80 1566J3— 10.12 
Ut> 17X22 179.74 177.23 177.23 — XS1 
Como 1317.70 1327J9 1314.34 131X69 —8.90 


Standard ft Poor's indexes 


HW Law dost CD'S* 
industrial* 56083 55X21 £57,02— Ml 

T reran. 37X75 37120 374.03 — 267 

Utilities 15325 151.40 151*0 -1J6 

Finance 45X5 4538 4X42— 043 

SPS0Q 474X1 47X06 471.19 — 3X2 

SP 180 44103 434J2 43X21 -3X2 


NYSE Indexes 


H>gh Lew Loti Chs. 

Composite 261X2 359,89 259.77 -1X5 
inautirtcK 327.18 324.19 325.33 —1.16 

Tronic. 24X02 20X93 241X7 —1X4 

Utility 204 04 203.97 204.16 —1.90 

Finance 215-54 21X96 214 JJ9 —1X7 


EUROPEAN FUTURES 


NASDAQ Indexes 


IHT 

NYSE Most Actives 


VaL Wafa 

Law 

Last 

Chg. 


53849 2 S* 

24+6 

241* 

— »» 


48432 71ta 

iO’n 

71 

+ IV. 

Fores 

48030 28te 

28 V* 

2BH 

— ta 





_ t.i 




34'/. 

_ 


40525 51% 

SOW 

51 

— 96 


31954 19W 

18+6 

19 

•96 


37575 SI 

SOW 

50V* 

— H* 


37115 48 

47Vi 

4796 

—v. 


33598 37+4 

37 

37*4 

•H 


32072 1SH 

14’6 

1SV. 

• 1 





H 


28800 39 

589* 

5896 

— ta 


27085 3QH 

30».+ 

30Vi 


Qwvslr 

27084 47*b 

47 

47 

—1 

NASDAQ Most ActSves 


VaL Wgh 

LOW 

Last 

are- 


52676 6719 

66 

669* 

—Vk 


50936 1 2V* 

11 '6 

UV* 




34773 27 

2516 

26Vt 

— Vj 


331 BI 543* 

54+* 

54+6 



32783 58V. 

56+6 

561* 

—IV* 

AMeC 

32423 37 Wr 

35+6 

36+6 

-V* 

31682 369* 

XT* 

36V.. 

+ !■*« 


31568 6+6 

6’6 

6+* 

—94 

MO 

28196 25 

24 Mi 

24+4 



27395 58V. 

35 V* 

37+* 

• IV. 


24534 2344 

7P-t 

73V. 



23748 1546 

15+4 

15Ui» 

— *6 


21424 22% 

239* 

22+6 

—64 


20822 1896 

18V* 

18V. 


SlrucO 


4’ri 

46, 

—66 

AMEX Most Actives 


VoL Htah 

Low 

Last 

Chg. 


16225 6W 

596 

6+6 

+ V* 


7075 S'* 

9 

9V* 

— 96 


6327 13 

12V* 

12+4 

• V. 

IntorDta 

5799 4 

». 

A 

+ 94. 

SPDR 

5713 47Vp 

■Wp 



StiPhib 

4353 4V U 

4i/„ 

4V,, 



3356 8<A 

7V6 

8V. 

+ V. 


3159 1'A 

w» 

IV« 

—Vi, 


3115 16+9 

15V> 

16V* 

+ »* 

TooSroo 

3077 7V* 

796 

796 



Composite 

Industrie*! 

Bantu 


Hlo* Law Last dm. 

776.93 77427 776.93 —1.73 
784X2 781.07 783X9 —1.16 
788.76 78643 786X5 —1X6 
949 JO 946X8 944X8 — 1J5 
967.64 96X91 964,70 —1.18 
734.110 731.17 733.43 


AMEX Stock Index 


High Low Last Cha. 
460X7 458.18 -0.12 


Dow Jones Bond Averages 


Market Sales 


Today 


NYSE 41069 

Amex 1061 

Nasdaq 301X8 

In mPllans. 


34007 

20.16 

29023 


20 Bonas 
10 UttlttfW 
10 Industrials 


Clast Ctroe 

97X8 —049 

9273 —0.48 

101X3 —0J1 


NYSE Diary 


Advanced 
Declined 
Unchanged 
Totoi issues 
New HWo 
Now Lows 


dose Prev. 

738 1529 

1413 625 

778 no 
2879 2864 

50 <6 

84 40 


AMEX Diary 


Advuieea 
Declined 
Unchanged 
Total Vuuos 
NewHigtis 
New Laws 


Close Prev. 

25S 328 

318 233 

250 232 

823 793 

15 17 

14 5 


NASDAQ Diary 


Advanced 
Declined 
Unchanged 
Tore* issues 
New Highs 
New Lows 


1654 

1506 

1905 

5065 

U} 

54 


169? 

1339 

2036 

5074 

155 


Spot Commodities 


Commodity Today Prev. 

Aluminum, lb 0J19 3704 

Owner electrolytic, lb 1X4 174 

Iron FOB, tan 21X00 21100 

Lead, id oxa o*o 

Sliver, trey oz 5X9 5*0 

Steal (scrap), ton 110.17 11317 

Tin. lb 15648 3X992 

Zinc lb 0X882 0X882 


High low Last Seme di'ge 

Metals 

Oo» previous 

Bid ASK Md Ask 

ALUMINUM (HM Grade) 

Dollars per metric ton 
Spot 1585X0 1586X0 15S2X0 IS9£ 

Forward 1608X0 1609X0 1576X0 1577X0 
COPPER CATHODES (H Wl Crude) 

Doflors per metric ton „ _ __ ^ 

8P0t 2489X0 2490X0 2471X0 2*72X0 

Forward 2507X0 2508X0 2487X0 2488X0 

LEAD 

Dollars per metric ton „„„„ „ 

Spot 621X0 621X0 619X0 6BXQ 

Forward 634X0 635X0 631X0 633X0 

NICKEL 
Dedans 
Soot 
Forward 
TIN 

Deltar* per metric ton 

SMt 5260X0 5265X0 5240X0 5250 X0 

Forward 5335X0 5J40X0 5315X0 5330X0 

ZINC (Special Htgb Crude) 

Dollar* per metric ton 

Scot 1010X0 1011X0 992X0 993X0 

1032X0 1033X0 1014X0 1014J0 


F 6eSX0 O M30X0 0350X0 6360X0 
*57nnn awm 6450X0 8460X0 


Financial 

HM Lew Close Change 
MONTH STERLING (L1FFE) 

BOMM-ptsermpct 


Sep 

94.19 

94.15 

94.16 

— 0X1 

Dec 

9371 

9X19 

9370 

0X7 

Mar 

92*6 

927S 

9277 

— 0.16 

Jan 

91X9 

91X7 

91 XV 

— 017 

Sep 

910 

9178 

9178 

— 018 

Dec 

91.15 

90X6 

9097 

—ns 

Alar 

9CX7 

9074 

9071 

—on 

Jan 

904A 

9051 

VLSI 

— 015 

Sep 

9073 

90X3 

9042 

— OM 

Dec 

9044 

90*1 

9071 

— 013 

Mar 

9073 

9070 

9070 

— 0.13 

Job 

9073 

9070 

90.10 

—an 


EsJ. volume: 68749. Open Int: 539X61. 
3-MONTH EURODOLLARS TUFFS) 

Si million -ptsof igopd 
IP 94.96 941 

ec 9431 94J 

lor N.T. N." 

W N.T. N.1 

EP N.T. N.1 

EsL volume: 54. Open Ini.: 7X08 
3-MONTH EUROMARKS (UFFE) 

DMI mdtlan - Pts ef 100 Pd 


Sep 

9096 

9095 

9092 

Dec 

9031 

9479 

9022 

Mar 

N.T. 

N.T. 

K1X2 

JU 

N.T. 

N.T. 

93*7 

Sen 

N.T. 

N.T. 

9117 


Sep 

9095 

94X9 

9090 

— 004 

Dec 

9077 

94X7 

90X7 

— 0X7 

Mar 

9037 

9472 

9024 

— 0.10 

Jan 

9198 

93X0 

93X1 

— o.u 

Sap 

93X7 

93*8 

9X49 

— 017 

Dec 

93*0 

9371 

9322 

— 0.17 

Mar 

9118 

93JJ0 

93X2 

— 0.16 

Jun 

92X7 

9279 

9279 

— 015 

sep 

9273 

92X1 

92X4 

— 0.12 

Dec 

9272 

92*0 

92*1 

— ais 

Mar 

9279 

9277 

9276 

— 0)3 

Jun 

92.19 

92.17 

92.14 

—013 


EsL volume: 135*00. Open InL: 796X15. 


Est. volume: 53X09. Open bit.: 201X24 
LONG GILT (UFFE) 
mm ■ pti A KM* afl(0 pd 
Sep 10009 99-08 99-02 — 1-09 

Dec 79-24 98-02 79-08 —M3 

Mar NT. N.T. 97-20 — 1-13 

Est. volume: 78X28. Open InL: 11A6Z7. 
GERMAN GOVERNMENT BUND (LIFFE) 
DM 250000 - Pit Of NO pd 
Dec B7J3 88X5 88.14 —1.18 

Mar EL20 8762 87X4 —1.19 

Est. volume: 162X74 Open tut: 137X35. 
18-YEAR FRENCH GOV. BONDS CMATTF) 
FFSHXOe-pts at 1H Pd 


Sep 

11236 

111 JO 

111J8 

— 0X4 

Dec 

11131 

11030 

11036 

—0X8 

Mar 

110X6 

11054 

109X6 

—0X8 

Jvn 

11O01 

11006 

109X2 

—088 


Est. volume: 2S8760. Open lnt: 158X74 



High 

LOW 

LOW 

■ante 

are# 

Feb 

154,00 

155X0 

156X0 

154X0 

+075 

Mar 

154X0 

155X0 

14575 

15573 

+050 

Apr 

N.T. 

N.T. 

N.T. 

15475 

+075 

May 

N.T. 

N.T. 

N.T. 

153X0 

uneh. 

Jana 

1527S 

152X0 

15225 

15225 

+025 

July 

N.T. 

9LT. 

N.T. 

IfiJO 

—030 

Est. volume: 

12X29 , 

Open lnt. 101X44 


BRENT CRUDE OIL UPE) 

(LS.dolliin per barrel-lots of 1X00 barrel 1 


Od 

NOV 

Dec 

Jan 

Fob 

Mar 

APT 

May 

Joa 

Jiv 

SM 


159.10 157X0 158.18 157.90 -1-0.13 

16850 158X0 159X0 160X0 +810 

161X0 16800 16890 181.10 +808 

162.10 160*0 161X0 141 A0 +810 

162.10 162.10 162.10 16ZI0 +810 

163X0 16150 163X0 163X0 +810 

N.T. N.T. N.T. 16130 +810 

N.T. N.T. N.T. 16160 +810 

163X0 161X0 163X0 163.90 +810 

N.T. N.T. N.T. 16420 +810 

N.T. NT. NT. 16450 +810 

N.T. N.T. N.T. 16480 +810 


ESL vehtme: 17X99. Open Int. 133X27 


Stock Indexes 


FTSE M9 (UF^H) 
82 S per faaex point 

Low 

Close 

Change 

Sep 31300 

3099X 

310SX 

— 7J 

Dec 31360 

3QSBX 

3058X 

— 67X 

Mar 3111X 

3BB3X 

30810 

— 7X0 


Est. volume: 3O0S1. Open lnt.: 61X86. 
CAC40 CMATIF1 
FF2M per Index paint 

tea 1996X5 1925X0 1926X0 -+MA0 

Nw 
Dec 
Mar 
Jun 


2001X0 1936X0 
N.T. N.T. 

2027 50 1955X0 

TUTOR) 2020X0 
NT. N.T. 


1735X0 -+61X0 
NT. Urretv. 
195450 -+61X0 
1952X0 -+61.00 
1976X0 -+61X0 


Est. volume: 34X38 Open Inf.: 63678 

Sources.* Motif. Associated Press. 
London Inn Financial Futures ExOmnoe, 
inn Petroleum Exchants. 


Dividends 


Company 


Per Amt Roc Pay 
IRREGULAR 


Global Gv Plus 
Prudntl ConsMno 
PrwtnJI Steal Prt 
Tri-Continental 


Manotrantne 
Mid Am Inc 


_ .11 9X0 10-14 

_ X65 9-23 9-3D 
_ J1525 9-23 9-30 
- X0 9-23 10-1 


_ 5% 

- 10 % 


10-14 11-18 
10-20 10X1 


3-MONTH P1BOR (MAT! FI 






FFS mfUtoo 















Q 



Dec 

94X0 

93X3 

9374 

+ 0X1 

nrrJ |. . — 



Mar 

93X2 

93*3 

93*3 

— Am 






Jus 

93.14 

93X5 

93X6 


Ajd Cap Comstock 

O 

X673 

MS 

9-30 

Sep 

92X5 

9275 

9274 

— 004 

Am Cap Equity 

W 

XC 

9-15 

9sln 

Dec 

92X0 

9252 

9252 

— 0X4 

Am Cap Grvrl nco 

O 

X675 

9-15 

9-30 

Mar 

«2*0 

9278 

wre 



Q 

.15 

9-15 

9-30 

Jim 

9272 

9209 

92X9 

—0X8 

Amer Fst REIT 

Q 

775 

+30 1031 


Industrials 

HU Law Lost Settle Ch*ge 
GASOIL OPE) 

IL5. dollars par metric ton-lets of 1 0t teas 
Od 14850 147X0 147X5 147X5 Urich. 

Nov 151X0 150X0 150X5 150X0 UrKh. 

Dec 15175 15275 153X5 153X0 UrKh. 

Jan 156X5 154X0 15L0C 155X0 +0X5 


AmerPrm Undr 
BerktevWR 
CIGNA HI inca 
Camden Prop 
Circa rt City 
Danafier Core 
Df&Ptetp* Ut 
FstCent Fin] 
Frankln Mutt Inca 
Frank In PrtncMatr 
Franklin Univ 
General Electric 
HI rid Plus m 
Uoui Box 
Mocmllhm Bioedel 
Mosatech 
NAC Re Core 
NYMAGIC Inc 
Nall Fuel Gas Co 
Pape&Totbof Inc 
Quaker Chem 
Seltomn QuaLMurd 
Sec omen Set Mini 
Sthn NawfiS Tei 
Sun Dirt A 
SuoDbtB 
TCBY Enterprise 
WestcoBCP 
ZrmataCore 


X2 MO 10-14 
Q .11 7-28 10-11 

M X75 9-28 10- >0 

Q M 9-79 10-17 

Q .035 +30 10-14 

O S3 724 10-28 

M 098 10-17 10-31 

Q X2S 9-28 10-28 

M X64 9-30 10-14 

M .85 9-39 10-14 

M X67 10-14 10-31 

O J6 M0 10-25 

JJT75 7-30 10-14 

Q .10 10-1 10-15 

O .15 11-15 12-15 

Q X3 10-14 11-71 

Q JM 9-28 10-12 

Q .10 9-30 10-11 

+30 10-15 


8 .19 11-7 11-15 
.155 10-14 1030 


M X7B2 
M X7 
Q M 
M -0716 
M X2 
Q XS 
G .125 
. X35 


9-23 9-27 
9-23 9-27 
9-25 10-15 
9-30 1031 
MO 1031 
9-24 10-11 
MO 10-14 
930 10-14 


Mnwl; 9 p ayable ia CaaMtaa fends; m- 
mantblY; 


U.S. /AT THI CLOSE 


Hewlett-Packard to Cut Its PC Prices 

PALO ALTO, California (Reuters) — Hewlett-Packard Cb., ia 
a move that is bound to trigger a computer-price war as the fall 
buy ing season approaches, said Friday it was cutting prices or its 
lin e of de&top rC$ asmuch as 20 peKenL 
afrec - - - ■ 


er system company win ixm, u«‘ ^ ; 

S at the end of 1993 in terms of shipments. Jacques Clay, general 
manager of H-Fs global PC division, said nsing volumes and 
falling prices on parts were behind the aits. • 

Late last month, Compaq Computer Corp« International Busi- 
ness Machines Corp- and other companies slashed personal- 
computer prices, having geared up production to accommodate 
unfilled orders. 

ITT Confirms Sale of Financial Unit 

NEW YORK (AP) — ITT Corp. confirmed Friday that it had 
plans to by to seU its consumer and commercial laiding buaness- 

The operations up for sale, known as ITT Financial Corp« 
accounted for about SI. 44 billion of the conglomerates 5 22.8 
billion in revenue last year. The company is keeping its ITT 
Hartford insurance business, which contributed $10 billion. 

The confirmation came amid speculation that ITT was consid- 
ering making an offer for the NBC television division of General 
Electric Co. 

F. A, O. Schwarz to Emphasize Malls 

WASHINGTON (Bloomberg) — F. A. O. Schwarz, the toy 
store famous for its gigantic Fifth Avenue store in Manhattan, will 
inc rea se th e number of its mall flagship stores to 30 in the nexLtwo^t. 
years, Chief Executive John Eyler said Friday. 

With Saturday’s opening of a 12^00-square-foot ( 1,125-square- 
meter) store in Washington, and a similar one planned for a 
Virginia suburb next month, F. A. O. Schwarz continues its strate- 
gy of focusing on so-called mini-flagships, which are smaller than 
the gian t stores in New York, Boston, Chicago, and San Francisco 
but larger than the company’s 3,000-square-foot retail shops. 

The company will open five new mail flagships by the start of 
the holiday .shopping season, Mr. Eyler said. Meanwhile, it plans 
to cut the number of smaller retail stores to three or four by 1996 
from 12 currently, he said. 

Peru and Argentina Lead in Growth 

SANTIAGO (Reuters) — Pern and Argentina will show the stran- 
gest economic growth in Latin America this year, although the region as 
a whole will fall sBghtiy short of 1993 levels, the UN Econ om ic 
Commission for Latin America and the Caribbean said. 

Total f-afin American economic growth this year is expected to 
reach 32 percent, compared with 3A percent in 1993. 

Inflation in Latin America, excluding high-inflation Brazil, 
should fan to 16 percent from 19 percent in 1993, the report said. 

For the Record 

Ralphs Grocery Co. would enter the tough Southern California 
market undo- a plan of Yucaipa Cos. to buy Ralphs Supermarkets 
Inc. for $500 million in cash plus S 1 billion in debt, and combineit 
with Food 4 Less Supermarkets Inc. 

Media Vision Technology Inc. said G. Bradford Jones 
as rhnirman of the com pan y ( Bi 





acomomeit I «} 
(Bloomberg) cnphKt'H* 
nes resigned - uv 


MEDIA: 2 Modem Moguls Court NBC as They Seek to Rule the Airwaves 


Costiiraed from Page 9 
Levin, so far. because he has 
been on the job longer and has 
taken over Unde Walt's folksy 
role at Disney. They also have 
diametrically different person- 
alities — with Mr. Eisner. 52, 
seeming the polished and un- 
complicated leader of a pop- 
culture kingdom while Mr. Lev- 
in, 55, is so introverted he often 
seems to fade out of group pho- 
tos. But both have pui strong 


personal stamps on their com- 
panies, even if they have done it 
more subtly than former media 
chieftains such as Mr. Mayer, 
and Mr. Luce. 

Mr. Levin is a former biblical 
literature student who came up 
through the cable ranks at Time 
Warner. It was because of his 
civil libertarian stance, however 
short-lived, that the controver- 
sy over the rapper Ice Ts “Cop 
Killer” song raged as long as it 


did last year. Mr. Levin is also 
more attuned to the high-tech 
world of new media than his 
predecessor, Steve Ross. 

Disney, on the other hand, 
reflects Mr. Eisner's coloniza- 
tion mentality, which has the 
company expanding into every- 
thing from new theme parks to 
retail outlets. Much of what it 
produces is the result of the 
middlebrow taste of Mr. Eisner. 

A broadcast network would 


add 


immeasurably to those 
power bases. Even though cable 
has cut into their business, the 
major networks still provide the 
biggest direct line into Ameri- 
can homes. A network can be 
used as a place to run studio- 
produced TV shows, movies 
and cross-promotions too nu- 
merous to imagine. 


does not end at 


empire-t 

NBC 


Alphandery to Visit Wall Street 


Agence France-Pnsse 

PARIS — Economy Mh> 
ister Edmond Alphand6ry 
said Friday he would visit 
New York next week to 
counter negative comments 
on the French economy, as 
figures released Friday 
showed an outflow of long- 
term capi tal 

France's June current ac- 
count showed a seasonally 
adjusted deficit of 417 mil- 
lion francs ($80.2 million) 


i surplus < 
francs in May. 

Foreign investors had 
sold long-term French fi- 
nancial instruments heavily, 
the figures showed. 

Mr. Alphand&y is to at- 
tend a . Harvard Business 
Club luncheon and meet in- 
vestors, bankers and econo- 
mists. He will visit Chicago 
in October and San Francis- 
co later. 




.■M • 


-T ' 


..... i . . 


NYSE 


WORLD STOCK MARKETS 


Agra Fma Pmh Sapt 16 


Amsterdam 


ABN Amro Hid 


..1 

ACF Holding 


■ V'1 

Aegon 

96-50 

I/Jl T 

Ahold 

0X0 

0X0 

Alas Nobel 

206X0 210.90 

AMEV 

73 

73X0 

BotvVVcssonen 

35.10 

34X0 

CSM 

<770 

47X0 

DSM 

153*0 15470 

Elsevier 

16370 

164 

Fokker 

1670 

16X0 




HBG 

302 

30 

Hetaefcen 



14.J 

l-U 

Hunter Oauakn 

P, r . 1 


IHCCatand 

44.10 

44*0 

Inter Mueller 

9 * 

93X0 

Inn Nederland 

7650 

7770 

KLM 

48*0 

0 

KNP8T 

51X0 

50.70 

KPN 

54 

5AM 

Neonavd 

64X0 

64X0 

Oce Grlnttm 

74 

7490 

Pafchoed 

47.90 

48X0 

Philips 

55X0 

V 

Polygram 

7470 

75X0 




S3 

5270 


118X0 118X0 

Rarsnlo 

82X0 

8270 

Royal Dutch 

19270 19420 

Stork 

4520 

45 

Unilever 

196X0 196.90 

VniOminercn 

4650 

46*0 

VNU 



Woltere/Kluwer 11970 

120 

pasarrAO" 


Brussels 



2585 

2615 


7720 

7790 

Arted 

4700 

4700 


2465 

2430 

BBL 

<100 

4090 


25200 2S42S 

CBR 

12200 12275 

CMB 

2500 

24*0 

CNP 

1970 

1980 

Cockerlll 

Cooepo 

200 

5530 

200 

5530 


7530 

7560 


1270 


EtectratMl 

5500 

UIO 




GIB 

1420 

1440 





7550 

9540 

Glawtwl 

4450 

4675 

immoM 



KradJetDonk 

6340 

6350 

Mosone 

1440 140 
10175 10175 


2015 

2800 




Rovale Beta* 

4950 

SOW 

SacGenBanque 8080 
SecGenBetglMie 3230 

■on 

2230 

Soflna 

13825 13900 




10200 1IU50 

Tratiatel 

9700 9170 
23900 24150 

Unlen Mlnltra 

M 'J 

2675 

Wagons Lit* 

K*3 

7040 

fsa 


Frankfurt 

AEG 161X0 165 

Alcatel SEL 303 304 

Allianz Hold 2412 2424 

Altana 663 662 

Ajko 174 920 

BASF 31880317X0 

Barer 3 * 2703 * 1 x 0 

Bov. Hyuo bank 395 396 

BovVirAatik 
BBC 

BHFBonk 


BMW 

Cwnrnaa&aiifc 

Conllmntol 

Daimhraaia 


DtuttdwBenk 
Demotes 


435 <31 

735 710 

38438550 
601 799 

314 311 

23« 237 

013 006 

475X0 481 
147243X0 

703)02X0 

505 500 


Om Prev. 



Helsinki 

Amer-Ytetyma 109 107 

ErkSD-Gutzalt 4840 4190 

HutrtonwKI 154 us 

K-CLP. 10X0 1840 

Kymmene 136 135 

Metro 154 153 

Nokia 551 553 

Pohlota 67 a 

Reoota IDA 104 

Stockmann 235 236 

v&8sr®?sr-"* M 


Hong Kong 


Bk East Asia 
CatteaY Pacific 
CncimoKana 
Chine Light Pwr 
Dairy Farm mil 
Hang Luna Dev 
Hang Sena Bank 
Henderson Land 
HK Air Ena. 

HK Chino Gas 
HK Electric 
HK Land 
HK Realty Truti 
HSBC Hokum 
HK Sham Htls 
HK Telecomm 
HK Ferrv 
Hutch Whampoa 
Hyson Dev 
JanDneMatn. 
JanfimSirHW 
Kowloon Motor 
Mandarin Orient 
Miramar Hotel 

New World Dev 

SHK Proas 
Stehix 
Swire Poc A 
Tal Cheuna Pres 
TVE 

Wharf Hold 
WhntockCo 
Wine On Co Inti 
winsor Ind. 

i tsassfUi 


34X0 34X0 
1895 1865 
39.90 39X0 
4850 4830 
I1A5 18*5 
1445 14X0 
5575 55 

49.10 4740 

35X0 35X0 
1815 13 

25X0 25X5 
2075 2893 
20X0 2880 
9875 90 

12 11X0 
IA 1575 
12X0 1880 
3840 3770 
23X0 23X5 
7*50 7*25 
33X0 3330 
14 16X0 
11X0 1140 
2815 20 

28 27X0 
60 5873 
833 325 
6335 6325 

11.10 11 

4X0 4X3 

33X0 33 

17X0 1745 
1170 11X0 
11X5 HA 
19968X2 


Johannesburg 

AECI 
Atteeh 
Anglo Amrr 
Barlows 
Bivvoor 


BuffttS 
d* Beers 
Drlefonteki 
Gencor 
GFSA 
Harmony 
HJotereld Stew 
Kloof 

Nedbank Gre 
Randtanteln 
Rusal at 
SA Brews 
51 Helena 
Sasol 

Western Dmo 


28X0 28X0 
122 NA 
242X0 265 

3140 31X0 
10X0 1075 
51 51 

W9X5 109X5 
70X0 6973 
14X5 14X0 
129 127 

36X0 36X0 
re pi tix 
6973 6VXD 
31X0 31.75 
56 54X0 
121 121 
87 8650 
NA NA 
34X0 34X5 
215 216 


Index : 9836X1 
: 5841X9 


London 


Dmdner Bank 39150396X0 



298 

303 


y. 1 . l 1 


KD 

343 


583 

585 

Hochtief 

1026 

I0!f 





843 

035 

Horten 

313 

213 

IWKA 

344X0 

345 

Kail Sab 

14970150X0 


418625X0 

Kouffiti 

515 

521 

KHD 

130124X0 

KleeriawrWgtKe 144X0 

144 

Linde 

892 

907 

U*lttma 

199 

199 

MAN 

420 

420 

Atonnenmm 

414X0409X0 

MetangeeHl 

169 

175 


2800 

im 


775 



459X0455X0 

PWA 

255X0 

756 

RWE 

461 

460 

Rhein nrnoii 

303 

296 


AMevNon 
Allied Lyons 
Aria wt&s ins 
AnivU Groan 
Ass Brit Foods 
BAA 
BAt _ 

Bank Scotland 

Barclays 

Bass 

BAT 

BET 

BrueOrde 
BOC Group 
Boots 
Bowow 
BP 

Brit Airways 
Brit Gas 
Brit Sled 
BntTdaeom 
BTR . 

Cable wire 

catBairyScti 

Carodon 

Coats Vlrello 

Comm Union 
CaurtgvldJ 

SSsSSTaii 

Euretuind 

Rsans 

Form 


3X5 
572 
272 
2X9 
5X0 
4X5 
475 
1.95 
5X7 

545 

4.13 4X1 


1X3 

2X8 

S3 

472 

4.14 

3X3 

2X7 

1X2 

377 

3X2 

4X2 

4X2 

177 

2X3 

5X0 

4*1 

9X8 

156 

870 

1X1 

223 


1X3 

197 

7X7 

541 

4X0 

4X0 

190 

3 

1XS 

388 

3X7 

4.14 

445 

292 

113 

SX7 

4X8 

372 

4X6 

176 

1X5 

125 


a os* Prev. 


GEC 
Gent Ace 

Glaxo 

Grand Md 
GRE 
Guinness 
GUS 


Hlllsdown 

HSBCHIdos 

let 

Inchcape 

Kingfisher 


Land Sac 

LaporTe 

Laima 

LeoalGen Grp 
U<mlS Bank 

Marks Sp 

MEPC 

Natl Power 

NatWest 

NtfiWst Water 

Pearson 

P&o 

PllUnston 
PowrrGen 
Prudential 
Rank Ore 
Reckltt Col 
Red land 
Reedintl 
Reuters 
RMC Group 
Rolls Royce 
Rottimn (unit) 
Rnjrpl Scot 

Salnsburv 
Scot Newcas 
Scot Power 
Sears 

Severn Trent 

Snell 

Slabs 

SnHtti Nephew 
Smith Kline B 
Smith fWH) 
Sun Alliance 
Tate & Lyle 
Tesca 
Thorn EMI 
Tomkins 
TSB Group 
Unltever 
Utd Biscuits 
Vodafone 
War Loan 3W 
Wellcome 
Whitbread 
Williams Hews 
Willie COnoan 


2X7 
5X2 
6 
4.18 
1.90 
4X7 
548 
243 
1X1 
749 
842 
*.13 
5 
140 
+10 
742 
1X7 
457 
555 
4X9 
4X7 

474 
4X8 
552 
3L9B 
642 
1X0 
552 
114 
4X8 
5X3 
5lT7 
741 

475 
947 
1X3 
4.10 
4.13 
874 
442 
5X7 

100 
1.17 
540 
7X3 
551 
147 
4X3 
4X4 
3X3 
446 
_ . 2X1 

10.05 KUO 
826 830 

81 B 222 

11X2 11.17 

X15 X19 

1X7 1X0 

*<U1 4050 

656 6X0 

558 546 

3X9 346 

153 155 


2X8 

5X2 

5X4 

4.12 

£ 

140 

242 

1X1 

a 

4.K 

4X6 

159 

6X9 

757 

155 

449 

551 

4X6 

423 

*JO 

4X5 

549 

5X0 

641 

1X9 

SJ7 

3X7 

4X8 

578 

5X4 

746 

472 
9X8 
1X1 
+18 
4X9 
846 
4X8 
499 
377 
1.15 
S46 
7.11 
558 
147 
425 

473 
314 
447 
248 


To Our Readers 
Montreal stock 
prices were not 
available for this 
edition because of 
technical problems. 


Pari* 


Accor 
Air Lkni)de 
Alcotd AMMO! 
AXG 

Banco I re (Cle) 

BIC 

BNP 

Bauygues 

Danone 

Carrefavr 

CCF. 

Ceres 
Chareeurs 
aments Franc 


644 661 

737 757 

534 553 

234 346.10 
467 485X0 
1279 1292 
227 236X0 
607 623 

77? 750 

2120 2169 
214X0 219 

11350 11350 
1442 1460 
300 300 


Madrid 


BBV 3145 3225 

Kco Central Him 2325 2B30 
Banco Santander 5130 5250 


as®? 

ssssr 

Ercros 

Iberdrola 

Rental 

Taboadera 

Telefonica 


£§§ 33 

2000 2045 
5470 SS4» 
155 161 

.828 836 

3785 4030 
3155 3120 
1745 1765 


ItadjRj^bntax:*^ 




BcoAmbresteno 


Milan 

Altoonn 16050 16000 

Asti la I ta 13300 13225 

Autostrodo prhf 1770 T745 
Beg Agrlcoltura 2790 2?50 
“ Commeriial 3865 3810 
12900 12115 
U5Q B20G 

1350 1X1 
21 S50 21*50 
2220 2130 
3100 3090 
1635 1556 
4*1 4 6480 
11475 10795 
1730 1753 
loooo noon 

39300 42250 
5700 5640 
11500 11410 
5350 5210 
1393013910 
1420 1380 
2045 2080 
2500 SOD 
24030 24950 

. 9600 MD 

San Pnolo Torino 9400 9500 

SIP 4«a 4400 

SMC 3805 3780 

Stria bnd 2145 2080 

Standa 32500 32450 

Stef 4670 4650 

Toro AsSlC 27600 20900 

K!&5S7W :W7M 


Benetton 
Crsoite Italia no 
EdcheniAug 
Ferfln 
Flat spa 
FInont Aoralnd 
Finmeccanica 
Fonda r ia spo 
G enerali Asslc 
IFIL 

itateemeflli 
Itataas 
Medotxmca 
Montedison 
Olivetti 
Pirdll spa 
RAS 

Rtnaicente 


Club Med 4X436.1Q 

Eff-Aauttaine 38670 396.10 

Euro Disney BX5 940 

Gen. Eoux 494 517 

Havas 435 452 

1 metal 584 572 

Lafarge Coooee 411X0 421 

Legrand 6710 6740 

LyoaEauX .496 . 503 

Oreal (L'J 1140 1191 

L.VJVLH. 873 080 

Marro-Haehdte 106.10111.90 

MJchalln B 231 234 

Moulinex 122 122.10 

Paribas 33340348X0 

Pech I no v Inti 160 166X0 

Pernod- Ricord 310 32340 

Peugeot 775 aoo 

plncult Print 950 955 

Rodloterimtaue 527 530 

Rh-Poulenc A 127X0 133X0 


Close Prev. 


Stockholm 


AGA 
Asia A 
Astro A 
Atlas Copco 
Electrolux B 
Ericsson 
Esselt+A 
Handdsbanken 
Invatier B 
Norik Hydro 
ProcortOa AF 
Sandvlk B 
SCA-A 
S-E Banker) 

ScandtaF 

Skaraka 

SKF 

Store 

Trelleboro BF 
Volvo BF 


66X0 

53 
182 IBS 
9SX0 98 
377 381 

407 408 

95 93 

98 99 

173 17S 

24925340 
137 137 
117 118 

12D 120 
46.90 4770 
122 122 
153 151 

133 133 

442 441 
100 100 
140 141 

1853.17 


Raft St. LOUIS 

Sonofl 

Saint Gobabi 
i£.B. 

Ste Generate 

Suez 


1491 1515 
964 970 

655 642 

540 549 

536 557 

247.70 23590 


Thomsoo-CSF 1040 14830 


Total 

UJLP. 

Valeo 


33140332X0 

1*5X0 149 JO 

280 281 




Sao Paulo 

SeoLlS 


Banco do Brotil 
B anespa 

Bredesca 

Bran ma 

Cemlg 

Eletrebres 

itaubanca 

Light 

Paronaoonemo 


SaunCriR 
Tetebra* 
Tetesn 
Uti mines 
vole Rio Doce 
Var la 


2070 21.10 

iaio tojo 

7.95 820 
249 33 

92 96 

374X1 388 

26527479 
319 335 

1370 1470 
169X917650 
7000 7150 
49X0 s: 
443 455 

U6 Ml 
149.9915250 
235 248 

3204 


Singapore 

Asia Poc Brew 1*40 1620 
Cerates 8.10 EH) 

City Deveteomnt 7.15 770 
cycj# 6 Carriage 13X0 1250 
OBS 10.90 1070 

DBS Land 4X0 4X2 

FE Lev I nation 650 655 
Fraser BNeavt 1640 iflJO 
G» Eastn Lite .27 27 

Hong Leans Fin 4*2 am 
Inchaapc _ .850 5X5 
Jumna snipvort l+io 14 
KavHtanJCml 178 1.96 
Kami 1170 lixo 

Nctsteel 372 3X0 

dune Orient 276 2X0 
BC foreign 1440 1170 
_ eas union Bk 6X5 655 
DYeas Untac Enf 1X0 820 
Se ma nw qn o 11 Jo lixo 

Slme Slnaapere 1X7 1X8 
Sing Aero sp ace 2*3 2*4 
Sins Airlines fare too 14X0 
Swig Bus Svc 940 940 
5 tag uma 8.95 BXD 

Stag Pfttm 248 249 

Stag Press tom 2S40 2540 
Stna StripfaMg 2 A 2X7 
Stag Tdeeamn) 3X8 3X6 
Straits Steam 444 4X2 
Stretts Trading 340 3X8 
Tat Lee Bank 4X8 4XS 
Utg Industrial l^C 141 
UMOXee Blcfam m* 0 1430 
(ltd DYen Land 242 239 
2297.18 


Sydney 

Amcor 9X6 9.12 

AN2 4X2 379 

BMP 20*4 2028 

Bora I 3X9 375 

Bougainville 1.10 1.14 

Coles Myer 4X2 4X1 

Comolco 540 540 

CRA 19X0 19X0 

C5R 445 449 

FoeieniBrew 1.13 1.13 

Gooaman Field 1X3 1X3 

IO Australia 1044 10*2 

Mosel Ian 1.90 1X0 

MIM 2.97 200 

Not Aral Bank KU4 10 x 0 

Hews Corp Bx5 840 

Nina Network 4X5 4X5 

N Broken Hill 3X0 3X5 

POC Dun lo© 4.16 4.15 

Pioneer lnl*l 3.10 3J37 

Nmndy Poseidon 2X7 2X1 

OCT Resources 1X2 1X3 

Spntos 290 3X3 

TNT 247 245 

western Mining X30 BX3 

W^acBonklng AM NA 

Or dina ries b ides: 2889 
rflfTWOJ 


Tokyo 

AfccI Elec tr 403 410 

Asojil Chemical 785 784 

AsoW Gloss 1210 1210 

Bonk of Tokyo 1550 1530 

Bridgestone 1520 isx 

Canon 1720 1720 

Casio 1200 1220 

Dot Nippon Print 1820 1820 

Da hea House 1480 1510 

Dalna Securities 1470 1*40 


Fonuc . 

Full Bonk 
Pali Photo 
Fujitsu 

Hitachi 
Hitachi Cable 


ltDYokodo 

iTodm 

Japan Airlines 
Kalima 
Korea! Power 
Kawasaki Sted 
Klrta _. . 

Komatsu 
Kubota 

Kyocera 

Matsu Elec Irate 1600 1628 
Matsu BlecWks 1050 1070 
Mitsubishi Bk 2480 2490 
Mitsubishi Kasai S2S 527 


4480 4490 
2070 2080 
2310 2290 
1040 1050 
956 964 

829 835 

1630 1620 
5190 5210 
694 m 
750 748 

980 990 

2570 2560 
426 428 

1190 1188 
902 B9i 
703 712 

7090 7MD 


Close Prev. 


668 <74 
743 753 


760 776 

976 975 
1450 1470 
1170 1200 


Mitsubishi Elec 
Mitsubishi Hev 
Mitsubishi Core 1230 1230 
Mitsui and Co 822 8Z7 

Mitsui Marine ~ ~ ~ 

MJlsufcseht 
Mitsumi 
NBC 

NGK Insulators 1020 1810 
Nlkka Securities 1140 1150 
Nippon Kagofcu 934 950 
Nippon 011 725 725 

NlpoonSfed 376 377 

Nlonon Yusen 626 628 

Nissan 790 78S 

Nomura Sec 2110 2130 
NTT 8950a 8940c 

Olympus Optical 1080 1090 
Pioneer 
PJcoh 
Sanya Elec 
Sharp 
Shimazu 
SMnetsuOiem 
Sony 

Sumitomo Bk 
Sumitomo Chem 
Suml Marine 
Sumitomo Metal 
Talsel Co re 
Tokeda Chem 
TDK 
Ten In 

Totyo Marine 
Tokyo EJecPw 


2740 2730 
921 930 

550 549 

1740 1770 
713 721 

2030 2070 
5880 5730 
1850 1570 
554 555 

882 902 

327 325 

664 670 

1200 1Z» 
4410 4390 
550 551 

1150 1170 
2970 2960 


Toaoon Printing 1410 too 


Toroy Ind. 

Tosh Bia 
Toyota 

YamoJchl Sec 
a.-xIOOL 

SS&iisl 574 


750 751 
744 7S3 

2010 2029 
796 820 


To Our Readers 

Toronto stock 
prices were not 
available for this 
edition because of 
technical problems. 


U.5. FUTURES 


5eo?on Season 
rtgh Low 
Via Asodoted Pren 


Open Mgh Low dose 


Oig OoJnt 
Sept 16 


Grains 

WHEAT non SMornmnun-aenan 
3X2 Sep 94 169 177 3X9 

J.9M4 3X9 Dec 94 3*2 390 3J1V! 

4X5VJ 127 Mar »5 391 198 3J9V. 

19056 3.16ftMcy9S 177 103W 176 Vi 

161 111 MK 3X0 3X5 l*9Vl 

3*355 153 Sep 95 3X1 W 3X6 15116 

372' 5 3X5 DK95 16216 165 I 6 ZV 1 

Est. sate 21 X 00 Th/v sties 22 X 01 
Thu's open W 72X14 up 10 

Xnwn- aaearil 
382 375 

194 186 

199 191 

ISSVj 178V5 
3X1 152L 


Thu's ran Wt 72X16 up 
WHEAT OCBOD untum 
189 aX0V3Sep94 i7| 


3.12 h Dec 94 lfli 
125 Mcr ZJ2 
121)4 MOV 95 181 
' 5JU19S 3X3 


4X2 
4X6% 

192 

164 116)4 Alt 1 

3X9 129 5ep 95 

US 140 '.6 Dec 95 

ESI. sows rLA. TTxTs. sties 6.972 
Ttti*s op en int 1923 OH 25770 
CORN (CBOT1 LOP eunSrarum-dDeart pare 
2.9215 LT4 Sep 94 118 118 ZlMi 

Z77 117 Dec 94 118 UMi Hite 

2X7V5 126 Mcr 95 228 22* Vi 2259k 

265 UMMovTS 135 135 133V. 

U5Vi 2X*<4Jui«S 13* 2J9W 237 

2.7IK4 2X9 S«p95 2*1 W 1*25, 2*1 

2*3 22SV,Der»5 144 1 * 2 AM 2A3V4 

1421» 2X7 Jul« 2239. 2X755 2XSV6 

Est.sotes sxoo m/ 5 . sties 75X38 
Thu'scocnin) 209X53 up 773 


SOYBEANS (CBOI) UnhinWiiwAAnnr 
7XS’n 56055 Sep 94 5X4 16555 5X7 5X1 


177 *0X455 418 

1*9 56 *004 47.187 
19755 *0X616 18X82 
IttW+OXSVk 9X13 
3X454 *00454 3X94 
3X4 *0X1 39 

165 *0(0 83 


361 *0X354 3D 

193 *0X414 25.939 
19854 -0X5 10.757 

36554 *0X554 793 

15B *00* 1*31 

3J» ‘004 15 

165 *0X4 1 


11654-0X014 3.991 
117*6—0X056 131286 
12714—0X056 34X44 
13454 14X19 

22954 14264 

142 *0X054 963 

2*555 .09054 4X03 
1X755 — 0X055 52 


Zurich 

Ada Inti B 236 Z3? 
Aknutose B new 681 673 

BBCBrwnBovB 1160 1190 
ClboGelOVB 770 782 

CS Holdings 8 564 565 

E tefctrow B 344 351 

FltiHfB 1510 1570 

interabcount B 2250 228 C 
Jflmoll B 905 905 

Londte Gyr R 745 750 

MoevwirtcfcB 403 <08 

OeriitoBuehrle R 

SSFZglZ »■ ,sso 

Safra Republic 
Sondoz B 
Schindler B 
Suiza r PC 


6000 6060 
IDS ID 
684 687 

7950 7823 
920 93J 

1930 1940 


Surveillance 8 

Swla BnkCorp B 376 377 
Swiss Rdraur R 529 536 

Swissair R l£ m 

UBS B 1191 !»e 

SS5KS ,g 

1 5&ssi=«gr 


For 

investment 

information 

read 

THE MONEY 
REPORT 
every 
Saturday 
in ibe 
IHT 


SJl r*7vM 5 J*V 3 5J9 9, 54914 

SAO Jan 95 5X7 6f|Vi 5X9 

S*» Mar95 576 3J7V, 569 

i7554AViy9S 564 5X454 571 

5JBVi7ti95 5X0 5909a 362 16 

5J7 Ala 95 5X055 590W 5X6 

577 Sa?9S 572 V, 5729: 5X6 

57TWNCV93 5.9756 5X8 5.92 V4 

6 X 0 Juite 
Ess. sties 42X00 Thu's. sties 30X87 
TlxTsopen lnt 125,128 up 1814 
SOYBEAN MEAL (CBOT) lOOtem-ratolpe 
710X0 16860 See 94 149 JO 16970 168X0 

16570 Oct 94 165X0 166J0 165X0 

145X0Dee9l 166X0 16660 165*0 

167X0 Jtii 95 167X0 lit IQ 166X0 

170J0MOT9S 170X0 171551 170X0 

172X0MOV95 17120 173*0 172J0 

17«J0Ju(9S 175X0 175*0 174X0 

17X70 Aug 93 773L30 176X0 175X0 

175.00 Sep 95 176X0 17L20 176X0 

OCT 95 17630 17470 17670 

174X0 Dec 95 
Eti.seto. 21X00 Thu's, sties 29JS4 
Thu's OPfflifY 86*82 up 2880 
SOYBEAN CXL (CBCm •UHbhOAnn'1 
3034 22*0 Sep 94 34*5 24.45 2565 

29X6 22.1003 94 24X0 26 00 25XS 

23X7 22X0 Dec 94 2530 25J0 24X0 

2LH 2265 Jtil 95 25X0 25X0 2635 

2830 22X3 Mor 95 MJ0 2465 24.12 

23.05 22X3M0V95 2430 2435 2190 

2765 aOOJul9S 24X8 24X6 2375 

2730 2195Auo95 2195 2197 2165 

2675 2195 Sep 93 2190 2190 2165 

2110 2110OCJ9S 2173 2175 23X0 

2175 22X0 Dec 95 2360 2260 23*5 

EsJ. Sties 30X00 Thu's. Sties 29,065 
Thu’S open lnt 82X33 off 1181 


7X7W 
7.M 
7X5 
7XJI', 
7X4Vi 
6.12 
615 
4X0 Vt 
6X1 


207 X0 
509X0 
207X6 
507X0 
207X0 
206X0 
1BZ40 
18230 

182X0 



145.® 
145.90 
167.10 
170 JA 
172.70 
174X0 
175X0 
174X0 
17630 
178X0 


3461 

24*1 

24.10 

2185 

23X0 

2165 

23X8 


-030 2*00 
-0.10 w.173 
*0.10 41343 
+ 0.10 9334 
*030 9X83 
♦060 5382 
*0*0 1329 
+ 0J0 454 
♦ 0.90 379 
* 0*0 1 
*2X0 102 


-AM 2395 
-0*4 18395 
—0*1 39334 
— 038 L463 
—0.19 7,975 
—0X9 4324 
—035 2629 
-0® 504 

—0*0 104 

—037 1 

—032 3 


Livestock 


CATTLE (CMSU tiXOO te- cm aw b 

74.10 653003 94 4960 4930 49*5 

7430 6730 DOC 94 4460 6467 44*2 

7435 6735 Feb 93 676S 47^ 67*5 

7 SLID 68XSAar«5 48X5 66.95 48*2 

5930 45.90 Jun 95 64.10 4437 44X0 

66.10 65X0 Aug 95 65X0 65X7 6560 

67X5 66XOOCT95 4635 6LK 6630 

Bt sties 0,105 Thu's, sties 1LS» 

Thu's ope n trt 75,131 Off W 

FEEDER CATTLB (CMBO MUs-jm. 


72*7 Sep 94 72X2 72X2 7230 

70.95 Oct 94 TIM 7230 7230 

72*0 Nov 94 71*5 7185 73X5 

72.95 Jon 95 73X0 73X5 73*5 

72*2Mti-« 72*8 7175 72*0 

7230 APT 95 7230 72*0 7230 
71X3 May 95 7135 7110 71.95 


76X0 
0135 
BXD 
8055 
8035 
76.90 
7630 

72X5 ._. 

Est. Bates i**4 
Thu's open int 9,153 up 


1X17 


0X7 

48*7 

67X0 

48X5 

66.15 

65X7 

4435 


72.92 

72X0 

73J2 

TUB 

72X5 

7230 

72X0 

72X0 


*0*5 30.945 
+030 70337 
+0J0 12,162 
♦0.10 8,732 
+ 0.15 2X14 
♦ 0X2 954 

— 0X5 98 


+0.10 1*83 
♦0.10 3M2 
+0.15 2*98 
+0:15 799 

*030 280 

♦0.10 241 

+0X5 190 

10 


HOGS 

(CMSU MDOte-cmwa 

37X2 




075 

37X5 OaM 

37X7 

r. n 

3770 

+0LI3 115)2 

5050 

38X5 Dec 94 

3U7 

3870 

3875 

380 


11.775 

RUB 

38X0 Feb 95 

39X0 

2975 

3890 

3970 

+413 

3X79 

48X0 

3875 Apr 95 

38X0 

39.15 

38X0 

39X5 

+078 

2715 

<7X0 

075 Jtil 95 

4*75 

447D 

4*70 

4470 

+ 0.10 

VT7 

4100 

4375 Jti 95 

44X2 

44.15 

44X0 

44.15 

*410 

189 

43*0 

CTO Aug 95 

43.1B 

4L10 

42.90 

<110 


57 

40X0 

0700095 

39X0 

29.90 

39X0 

39X0 

*o.n 

a 

41X0 

tiMDecTS 

«J5 

40X5 

AS 

A75 

+an 

6 

Esr.saes S.T83 riu's.stia 

7.110 






Thu'scoenW 2930 7 up 9 
PORKBELUES (OUBU < 0 X 00 Os- c*rm c 
BBS 
6030 
61.15 
54X0 
MOO 


40.10 Feb 93 4030 
40. 07 MOT 95 4030 
41X0 MOV 9S 4130 
410OJtiH 
41*0 Aug 95 4L» 


Est. sola Mlf'^S’Ltates ifi* 
Thors aeon int 8374 up 118 


4040 

390 

40X2 

*072 

40*0 

39X0 

mo 

*8*7 

4175 

aiai 

4170 

+070 

ttat 

41x0 

42*0 

+0*0 

41X0 

40X0 

41X0 

+ 075 


Food 

a ™ C 48SSj4^-«S% 216.11 

77.1004CH 21150 22335 21150 D1XD 
7190 Mcr 95 21730 222X8 21730 mn 
82JDMay9S 31X75 5x3 21835 223X0 
8U0JU19S 719.00 WA 219X0 24X0 
18530 Sep 95 22335 22175 22175 22SX0 

81X0 Dec 95 22100 Z24JB 22+80 226X0 

Eti. MtaS 8320 TTiu'KjefK 6*61 
Thu'jopenlnt 38.920 Off 399 
SUCAR-W0BLD11 CNCSO lUXOOWjemMwfc 
12X5 439 OOW 1733 1281 12*2 12*5 

12*6 9.17MW95 1155 1230 11B 1186 

12*0 10J7MO99S 1230 17*5 1230 1151 

12*4 10J7Ju195 1232 1232 037 239 

1134 10370095 1118 1237 lilt 1120 


FtiS 

2MB0 

244*0 

24110 

SJ1XB 

342X0 


*9*5 94 

*9*0 22347 
♦6X0 7395 
+ 6X0 U32 
*6X0 004 

+ 6X0 279 
*6X0 40 


—X.17 28.128 
-OBS 88414 
—0X4 T3*63 
— 0.01 7.938 
—0X2 1363 


Season Season 
Wl Low 


Open HWi Low aose Chg Opjnt 


11 JO 10JB Mar 96 11X0 11X2 1139 

1 1*4 17.1SMcy96 

11X8 1130 Jill 94 

fet. sties 21*34 Thu's, sties 18314 
Thu's open W 142X56 Off 3464 


COCOA (NCSE) M meric 

1041 Dec mmm 


1580 
1605 
1(13 
1400 
1540 
1623 

1676 

1642 1225 Mqy 94 

Est. sties 3X21 TtePs. 
Tla/soPtiiM 


•8 1385 
10)7 Mar 95 1385 
1 IPS May 95 M24 
1225 Jti 95 1454 

1447 5ep95 1475 
1290 Dec 93 
1250 Mar 94 


'*S‘ 

IS 


3*42 


1336 

1314 

1414 

1458 

1475 


nj? 


1338 

1306 

1414 

WO 


1512 

1533 


71)15 in Mi 

! (NCDO iSXPOBw^cwatMrAk 


8460 

8775 

&3 

98X0 


8630 

9&10 

9400 

97*0 


34*0 83-lOSecW 84*0 

13400 85X0 Nw 94 57.15 

132X0 89X0J«9S 90*5 

12435 93X0MOT95 9L50 

11435 77X0MOV95 9100 

119X0 10050 Jti 95 101X0 101X0 101X0 
113*0 109X0 Nov 95 
Jon 96 

112*0 KD*a5ep96 
Est. sates NA. Thu's, sales 1X55 
Thu'S open im 23*85 up 344 


B3J9S 

8635 

9075 

94X5 

97*5 

100X5 

105X5 

105X5 

102*5 


+0X2 740 

♦ 0X2 5 

+0X1 5 


—12 42X29 
-11 11915 

=S iSS 

— B 1X97 
—8 4*96 
—8 UN 
-0 194 


-070 

-070 

-070 

-0*5 

-0*5 

—070 


Metals 

WaUVDEOOPPER (NCMX) 2 ueobv-<wn 
121*0 7490 Sep 94 11970 12235 11930 

7535 Dec 94 114*0 11730 714*0 
7650 Jan 95 115*0 114*0 115*0 
73X0 Fob 95 

nxQMti-W 113X0 11SJ0 11170 
76*5 May 95 11330 11425 11330 
7BX0JU195 11230 113.15 11230 

79.105ee95 111X0 111X5 111X0 
75300095 117*0 1IEJ0 1I7J0 
7735NOV95 115*0 1168S 115*0 
88X0 Dec 95 109X0 11075 109*0 
■JO Jan 96 

QTOMa-M 110X0 110X0 110X0 


117X0 
116*0 
11535 
USJ0 
114X0 
11100 
11230 
117X5 
117X0 
11 STS 
10BX0 
109X0 
114*0 
108*0 
113X5 

112X5 


91.10Apr96 114*0 11425 114X5 
K3a30Mov94 

10410 Ji*i N 113*0 113*0 113*0 
Jti 96 

HZXOAuote 111*0 111*0 111*0 
Est. .sales 15X00 Thu's, sties 7X41 
Tti/sopwiin; 55*33 off 450 
SILVER fNCMXJ unnwo.-anripvewo 
61SX 4730 Sep 94 58DX 58BX 540X 

589J 511JOCT94 

Nor 94 

597X 380XDOC94 5440 H7X 5440 

5640 401 X Jan 95 

4040 414* Mar 95 5530 56SX S53X 

H6J 41UMOV95 566* 566* 566* 

410X ^XJtife S69X 574* 567* 

5840 532* Sep 95 

4230 539XDeC93 

*130 5730 Jan 9* 

4180 5540 Mir 9£ 

587X 587XMOV94 

Jul 94 

a. soles 18X00 Tjw-S Jties IMff 
Tte'i«»l , ti 107*OB Off 658 
PLATBAJM CNMERJ anra,ctlnwn 
348X000 94 4n*0 415X0 470X0 
05*0 ^401 Jtii 95 41530 41930 415X0 

439X3 J90X0APT95 411X0 422X0 422X0 
415X0 419*0 Jul 95 

4JI.SI 422X00095 
g-«des NA Thu's. sties 4X9 
TtuYsooenlnl 2 L 0 U up 211 
MIX (NCMX) tei bTjyat-aatarxDerrovuz. 
417X0 344X00094 389.10 391*0 309X0 

Nov 94 

42650 342JK Dec 94 392X0 395X0 392X0 

5 1X0 163*0 Feb 75 395*0 390*0 395J0 

417X0 36450 Apr 95 «530 400X0 40070 

flflJO 341*0 JUD 95 40620 406*0 40420 

£12*5 380*0 Aug 95 

»0X0 390X0 Sep 95 

41330 401X0 Oct 93 

429X0 4X1*0 Dec 95 

C45D 41 2*0 Feb 94 

^X0 41830 Aar 94 

4XX0 413X0 Jtil 74 

Ep.sc6es 35*00 ThtiAsates 18.151 

Thu’s open ht 154X05 up 6644 


112*0 

117X5 

11670 

114.15 

uua 

114*5 

11375 

112X5 

118*5 

11770 

110*3 

110X5 

10975 

115X5 

100*5 

11400 

10753 

112*5 


5817 
son 
543X 
547* 
5 9S 
5557 
561* 
5677 
940 
583* 
587X 
5942 
6012 


413X0 
41730 
470 «1 


390*0 

312.10 

393*0 

39490 

«0J0 

«L7fl 

40720 

3»9J0 

411X0 

414X0 

41170 

m tti 


+3*0 4*97 
+2*5 39,100 
+230 561 

+2.15 

+2X0 3*04 
+1*0 1,134 
+ 170 
+170 

+ 235 1738 

42*0 

+UB 

+1J0 59 

+1.10 151 

+170 
+070 

♦ ITS 
+ 0*0 

♦ 170 


+4.1 385 

+ 40 
+40 

+40 02239 
+4X 

+40 9204 

*41 

+42 

+ 43 1*15 
+4* 2210 


+45 

*47 

+49 


+2X0 13*74 
+ 2X0 0*48 
+270 2X90 
+ 230 

+220 200 


+1*0 7709 
+ 170 

+17019234 
+170 13711 
+ 1X0 6212 
+ 1*0 10*52 
*1X0 

♦ 170 

+ 1X0 1*66 

♦ 1X0 5711 
+2X0 1,944 
+2X0 1700 
+2X0 3710 


Financial 


9636 —0.10 11*09 
9433 -an 5240 
9199 —0.13 «? 


IST.88JJ (OOR) ilmUn-MMW-.. 

94.10 9425 Dec 94 9414 940* 9475 

«X5 9198 NW 95 94*4 96*4 9431 

9424 . 9408 Jun 95 9411 9411 93.95 

»-«•« fLA. Ttjj's. SO« 5,175 
WlOTlW IJ2K Off 3396 
5 YH. TREASURY (CBOT1 1100000 erto. patlMolHOM 
110.ran02-te Sep 94 104-03 104-03 103-12 103-15 — 22 26,146 

104-20 10.-36 Dec« 103-09 103-095 102- 17 102-21— 22 16W85 
10-09 102-0! MarK10S-n KH-20 101-29 101-30 — 22 
§* -sates 7L000 ThtiiTOte 41377 “ 

Thu'scponint 111736 w 3053 
JSJ f R‘E5 E f!? l ^ lY . (a,OTJ ttoBxnerte-HiLamdttiioapti 
JJJ-0J 101-18 State 106-02 MM-03 1C-23 HD-31 —1 05 52*65 

114-21 T 00-25 Dec 94 103-05 103-05 101-24 101-30 —105 214*83 

'11-07 lOO-CB MtaKim-» 101-04 100-31 101*83 —1 06 1390 

IK-22 99-20 Jun 95 100-06— IM 6 

!W-0i 100-01 Sn 95 99-16 —1 U J 

ties 153^; TVi itiw 617B4 * 

jflPW ilt 

US TREASURY 

110-26 90-12 ...-„ 

Jlf-OB 91-1? Dec W 100-27 100-20 90-31 99-« .j £ 

9J-20 WHIM WMB 98-07 98-17 -1 U 
SfcB g-J] JwM W-0d 99-08 97-71 97-2* —1 16 

Jw-14 77-05 DkTS 96nTl ^1 1ft 

14-Oft 9S-71 Mar MM-19 «-lQ 96-07 9M7 —lift 

»i-it v.\i cSwJmb SS rjS 


VBJ 45 DP 5550 


2513*3 

9^7 

765 

ZU 

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07*70 OTERDKM 07305 0J807 07383 03401 

07605 03070 Mar 93 07394 073(7 07280 07392 

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+ 0*5 2.139 
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+035 473 

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+035 2® 


Stock Indexes 

"CQNg.lWBC (OKR) n.Hw 

SjS MXtaHffln ffiS S 1 - 25 —IM 198,931 

S*o iSxojKK? Se* S-2 SMS -“5 5j8i 

Thu's open im 264X57 up \Oa^ 

EMI fniai 

rini’sapanbtf 3X93 up 209 


Moody's 
Reuters 
DJ. Futures 
Com. Reseorefi 


Commodity Indexes 

Close 
1358*2 
W05M 
154*5 
22U6 


Previous 

1,36220 

1091.19 

15179 

73m 


i 




INTERNATIONAL HERALD TRIBUNE. SATURDAY -SUNDAY, SEPTEMBER 17-18. 1994 


Page 11 

EUROPE 


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Yeba Plans Investment 
In Motorola’s Satellites 


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Reuters 

BONN — Veba AG is plan- 
ning a major investment in tele- 
communications by talmjB; a siz- 
able interest in the satellite 
communications group Iridium, 
industry sources said Friday. 

Sources close to the negotia- 
tions between Veba and Iridi- 
um said the German power 
company would take a “sub- 
stantial stake” in the satellite 
network, which was initialed by 
Motorola Inc. 

The sources, who asked not 
to be identified, gave no details, 
but said Iridium and Veba 
would announce the agreement 
in Germany and the Untied 
States next week. 

“We are negotiating about 
this but at the moment we can 
release no details,” a company 
spokesman said. 

Veba’s shares gained 4.10 


Deutsche marks ($165) on the 
news, closing at 541 .50 DM. 

Iridium plans to launch a net- 
work of 66 low-orbiting satel- 
lites to provide global hand- 
held wireless communications 
services. 

Khnmichev, the maker of 
Russia’s Proton rocket, has 
signed with Iridium to launch 21 
of the small sardines on three 
Proton rockets starting in 1995. 

Other investors in Iridium in- 
clude U.S, companies such as 
Raytheon Co.. Lockheed Corp., 
ana Sprint Corp. Others are 
BCE Mobile Communication 
Inc. of Canada, Sodetii Finan- 
ziaria Telefonica of Italy and in- 
dustry consortia in Japan, India 
and Thailand. 

There are five global satellite 
ventures racing to compete in 
the emerging market for per- 
sonal satellite communications. 

One of them, Teledesic 


Corp.. is the 59 billion brain 
child of billionaires Bill Gates 
and Craig 0. McCaw, the chair- 
men of Microsoft Corp. and 
McCaw Cellular Communica- 
tions Inc_ respectively. 

While the $3.4 billion Iridi- 
um project targets globe-trot- 
ting executives who want to be 
reached anywhere at anytime, 
Teledesic is hoping to proride 
wireless telecommunications 
infrastructure for places where 
land-based systems would be 
too expensive. 

Iridium’s deal with Veba gives 
it a powerful partner in Germa- 
ny, which is Europe's biggest 
phone market and is expected to 
have around 10 milli on mobile 
phone users by 2000. 

The move helps Veba in its 
effort to establish itself as a com- 
petitor to state-owned Deutsche 
Telekom and a major player in 
European communications. 


ntina Lead in ( 




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Saint-Gobain 
Is Optimistic 

AFP-Exiet News 

PARIS — Saint-Gobain 
SA said Friday it expected 
rising sales as well as re- 
duced debt and restructur- 
ing charges to contribute to 
improved earnings for 1994. 

The company said a 900 
million-franc ($170 million) 
gain from the sale of its Cel- 
lulose du Pin unit to Jeffer- 
son Smurfi t Group PLC 
would also improve profits. 

Saint Gobam stock rose 2 
percent, to 655 francs, Fri- 
day, a day after it reported 
improved first-half profit. 


Nestle to Gain From Sale 


Compiled by Our Staff From Dispatches 

ZURICH — Nestle SA told 
analysts Friday it expected to 
make a net one-time gain of 320 
million Swiss francs ($249 mil- 
lion) in 1 994 from a transaction 
in which L’Oreal SA will buy 
distribution companies jointly 
owned by Nestle and the Bet- 
tencourt family. 

“This is more than I expected 
and will certainly wipe out the 
currency loss,” James Amoroso 
of Credit Suisse said. 

Nestle said Thursday that its 
first-half net profit rose 1.7 per- 
cent, to 1.27 billion Swiss 
francs, despite sales damaged 


by a strong Swiss franc. The 
company did not give further 
details on the L’Oreal deal. 

Nestle told analysts the nega- 
tive cunency impact should not 
reoccur in the second half. Ana- 
lysts said Nestle made it clear a 
large pan of its first-half cur- 
rency loss was due to a “mone- 
tary imbroglio” in Brazil: a cur- 
rency change earlier this year 
amid hyper-inflation. 

Nestle now expects a further 
improvement in operating mar- 
gins in the second half, analysts 
said. 

The company’s stock fell 12 
francs. (Bloomberg, AFX) 


Swissair Faces Loss 
Of Its Monopoly 
On Domestic Flights 

Rearers 

ZURICH — Swissair AG could soon face competition on 
its home turf as authorities consider whether to liberalize 
Swiss air space. 

The Swiss transport ministry will decide in the next few 
weeks whether to grant a license to a charter company. TEA 
Basel AG, for a daily scheduled flight on the Zurich-6eneva 
route. 

Approval of the project, named Hot Tea. would herald the 
end of Swissair's monopoly and send a signal to the European 
Union of Swiss willingness to open up its markets. 

While other carriers previously have been granted licenses 
to operate in Switzerland, this is the first time that Swissair 
has faced a serious challenge on an important route. 

Alexander Leber, a key figure behind Hot Tea. said he was 
convinced time had run out for Swissair’s monopoly. Begin- 
ning next year, he plans to have his company offering a daily 
shuttle between Zurich and Geneva. 

“If Swissair wants io partake in the liberalized European 
ail space, then it can't argue for monopoly conditions here in 
Switzerland,” Mr. Leber said. 

Approval of Hot Tea involves a fundamental change in the 
country’s airline industry and Swissair is taking the potential 
challenge seriously. It has set up a project under the name of 
Swissair Lighi to consider a new low-cost, no-frill subsidiary 
to service the Zurich-Geneva route. 

Industry sources said Swissair was likely to offer a shuttle 
service run by Crossair AG. its regional airline subsidiary. 

Mr. Leber has already received landing and take-off slots 
for his project, including a morning flight that would leave 
Zurich 45 minutes before the first Swissair flight. 

The cost of a Zurich-Geneva return ticket on Hot Tea 
would be 240 Swiss francs ($ 1 87). 40 percent below Swissair's 
price of 398 francs and only slightly higher than the 194 francs 
it costs for a first-class train ticket. 

“Based on other cost calculations, we realized we could 
offer the same route much cheaper.” Mr. Leber said. 

Swissair said it was not maltin g money on the route, partly 
because it carries many transit passengers from Geneva who 
take long-haul flights from Zurich. 

Mr. Leber admitted that a drawback for Hot Tea is passen- 

f ers would have to wait until their scheduled flight, while on 
wissair there are from 12 to 16 daily flights to choose from if 
for travelers whose schedules change. 

Despite the inconvenience, Mr. Leber said he expected 
business people to represent about 60 percent of his custom- 
ers. 


Metall Sells 

Transport 

Subsidiary 

Compiled fy Oar Staff From Dtsp-rcfces 

FRANKFURT — Metallse- 
sellschaft AG. the German met- 
als and mining company, an- 
nounced its second major asset 
sale in three days, wrapping up 
a planned program of disposals 
just two weeks before the end of 
its financial year. 

MetaUgesellschaft, which was 
near bankruptcy in January, said 
it was selling its 65 percent stake 
of Lehnkehring Montan Trans- 
port AG to VTG Vereinigte 
Tanklager & Transportmmel 
GmbH, a transport unit of 
Preussag AG. 

The sale will take effect Sept. 
30, pending the approval of the 
Federal Cartel Office. 

“The sale of LMT is pan of 
the strategic reorganization of 
MetaJIgesellschaft,” it said. “As 
we're concentrating on our trad- 
ing, plant construction, chemi- 
cals and financial services, trans- 
port services are no longer pan 
of our core activities." 

The news followed the an- 
nouncement Wednesday that 
Metallgesellscbaft had found a 
buyer for its 47 percent stake in 
Kolbenschmidt AG. 

The two deals together will 
bring in around 370 million 
Deutsche marks (S239 million) 
of cash for the German metals 
conglomerate, which ran into 
billions of marks of losses on 
U.S. oil deals late last year and 
is undergoing a restructuring. 

The company has already 
said it will need cash because it 
has eroded all of its reserves 
and part of its capital. 

In a series of deals Metallge- 
sellschaft has also sold its 
downtown Frankfurt site and 
has freed itself of Castle Energy' 
Corp- of the United States. 

{Reuters, AFX) 


Investor’s Europe 


Frankfurt 

DAX 



London 
FTSE 100 Index 

3«0 

3300 
323C 
3100 
m- 
m - 



1994 

J A S m A M j 
1994 

J A S 

«r»i 

1994 

J A s' 

Exchange 

Index 

Fnday 

Close 

Prev. 

Close 

% 

Change 

Amsterdam 

AEX 

40758 

411.61 

-0.98 

Brussels 

Stock Index 

7,395.17 

7,375.55 

+0.27 

Frankfurt 

DAX 

2,118.73 

2,113.93 

t-0.22 

Frankfurt 

FAZ 

805.62 

803.07 

+0 32 

Helsinki 

HEX 

1,908.02 

1,897.43 

+0.56 

London 

Financial Times 30 

2,388.90 

2,426.90 

-157 

London 

FTSE too 

3,065.10 

3.112.70 

-1.53 

Madrid 

General Index 

303.69 

300.98 

+0.90 

Milan 

MIBTEL 

10784 

10651 

+■1.25 

Parte 

CAC 40 

1,924^9 

1,977 30 

-2.67 

Stockholm 

Atfaersvaeriden 

1.853.17 

1.865.03 

-0.64 

Vienna 

Stock index 

447.77 

453.05 

-1.17 

Zurich 

SBS 

926.07 

932 33 

-0.72 

Sources: Reuters, AFP 


llll.-|C,,l.ilul >1. 

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Very briefly: 


• Zurich Insurance Group said first-half gross premiums ro-sc to 
14.2 billion Swiss francs (SI 1.1 million) from 13.0 billion francs a 
year earlier. 

• Renault SA’s chairman. Louis Schweitzer, said he expected 
French new car sales to be up by 13 percent to 14 percent this year. 
He also told the Journal des Finances weekly that Renault’s 1994 
net profit would be significantly higher than in 1993. when it 
earned 1.04 billion francs ($197 million). 

• Geest PLC said a storm in the Windward Islands removed 40 
percent of the country's banana production, wiping out a major 
source of the company’s supplies for this year and next. 

• Akzo Nobel NV announced the sale of its Nobel Pharma 
chemistry unit to the U.S. company Cambrex Corp- Akzo Nobel 
also s aid" its German subsidiary Akzo Nobel Foscr AG would sell 
5 1 percent of its stake in Kuagtextil GmbH to Textilwcrkc Deg- 
gendorf GmbH. 

• Die European Union will deride within the next week whether to 
impose anti-dumping duties on color television sets from China. 
South Korea, Singapore, Thailand. Malaysia and Turkey. 

AFP. Reuters. AP. Bk<crriherg. AFX 


French Researchers Develop Plastic Transistor AIR: Shootout at Cut-Rate Corral as United Offers Challenge to Southwest 


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By Warren E. Leary 

New York Times Service 

French researchers have developed a pa- 
per-thzn plastic transistor that contains no 
metal, which they said may lead to com- 
puter s cr ee n s that roll up like window 
shades. 

In a report Friday in the journal Science, 
the scientists said they had used printing 
techniques to assemble thin layers of mate- 
rials into semiconductors that channel 
electrical charges. In place of metal elec- 
trodes, graphite inks cany electricity. 


NYSE 

Friday 1 * Closing 

Tables Include the nationwide prices up to 
the closing on Wail Street and do not reflect 
late trades elsewhere. Via The Associated Press 


Such techniques might be used to make 
flexible sheets of plastic film embedded 
with transistors that could be the basis of 
computer displays or bendable, credit- 
card sized computers, the scientists said. 

One posable use, they said, would be to 
imbed transistors in the windshields of 
cars and aircraft to display information. 

Large, inexpensive semiconducting pan- 
els could make posable the manufacture of 
cheap solar cells for gathering electricity. 

Scientists around the world are working 
on ways to produce thin films of semicon- 


ducting material, the foundation of the 
transistors and circuits that make up com- 
puter chips. 

Francis Gamier and his colleagues aL 
the French National Center for Scientific 
Research said their polymer transistors 
were so flexible that there was no ill effect 
on electrical characteristics when they 
were repeatedly rolled up. bent and even 
twisted at 90-degree angles. 

“Organic-based devices will not replace 
traditional silicon-based semiconductor 
devices,” Mr. Gamier said. 


Continued from Page 9 

Airlines acquired AirCal and 
USAir bought PSA. 

Roberts, Roach & Asso- 
ciates. a transportation-con- 
sulting firm in Hayward. Cali- 
fornia, said in a recent study 
that Southwest and United 
would share 70 percent or more 
of traffic among cities in Cali- 
fornia, the most heavily trav- 
eled corridor in the country 
with 80 percent more traffic 


than Boston-New York-Wash- 
ington. 

The company also predicted 
that traffic in the California 
corridor would increase by 63 
percent, to 20 million passen- 
gers a year, by 2000. when near- 
ly all passengers would be trav- 
eling on low-fare airlines. 

On United, passengers need 
only ask for a window or aisle 
seat. United also said its inter- 
national route network makes 


its frequent-flier program entic- 
ing to travelers. 

Southwest countered that its 
research suggests that passen- 
gers care less about assigned 
seats than about service, and 
Southwest has consistent good 
rankings among airlines in 
complaint rates, lost baggage 
and ontime performance. 

In the 14 markets where 
United will begin its new ser- 
vice by December, its market 


share fell from 3S percent in 
1991 to 30 percent in 1993. 
Southwest's share increased to 
45 percent from 26 percent. 

United has spent weeks figur- 
ing out ways to cut costs enough 
to get close to its goal of fixing 
one seat one mile for 7.4 cents, 
compared with the cost 
throughout its domestic system 
in the first quarter of 9.28 cents. 

In the first quarter. South- 
west’s costs were 7.19 cents per 
available seat-mile. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY. SEPTEMBER 17-18, 1994 


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Page 13 


ASIA/PACIFIC 


i 2 Jardine Units 
.To Join Exodus 
From Hong Kong 


A Dim View of Huaneng 

Power Company Turns Off Investors 


1 Compiled by Oar Staff From Dispatches 

. HONG KONG — Two units 

of the Jardine Mathesou group 
- said Friday they would delist 
their shares from the Hong 
Kong Stock Exchange, bringing 
1 • to five the number of companies 
" in the conglomerate that plan to 
diminish their exposure to the 
colony before its scheduled 1997 
A return to Chinese control 

Hongkong Land Holdings 
Ltd and Mandarin Oriental Ho- 
I tel Group Ltd, in disclosing 

first-half profit figures, said their 
shares would not be traded in 
: Hong Kong after March 31. 

The companies said that their 
; ; chief listings would continue to 
i be in London and that they 
would also trade in Luxem- 
bourg, Singapore and Australia. 

' f Jardine's Dairy Farm Intema- 
, ■ tional Holdings Ltd. announced 
similar plans Thursday. The par- 
? eat company, Jardine Matheson 
Holdings Ltd., and its affiliate 
: Jardine Strategic Holdings Ltd., 
previously said they would delist 
at the end of the year. 

The various companies 
r blamed the move on the Securi- 
. : ties and Futures Commission's 
refusal to exempt Jardine and its 
units, which are domiciled in 
■ s Bermuda, from Hong Kong 
: takeover regulations. 


But the delistings are widely 
seen as a vote of no-confidence 
in Hong Kong’s future under 
Chinese rule by the territory's 
biggest BritisbiootroUed trad- 
ing and investment house. 

China has attacked the 
founders of Jardine for their in- 
volvement in the opium trade. 
More recently, the company, 
identified with Hong Kong’s 
British heritage, has remained 
independent of China unlike 
many of rivals that have devel- 
oped dose ties to the mainland. 

Hongkong Land is the biggest 
landlord in Hong Kong's Cen- 
tral financial district One of its 
properties houses the Hong 
Kong Stock Exchange. 

Mandarin Oriental runs ho- 
tels in Southeast Asia, the Unit- 
ed Stales and the Caribbean. 

Hongkong Land said it made 
$ 1 8 1.9 milli on in net profit in the 
six months that ended June 30, 
up almost 10 percent from 
$165.9 million in the corre- 
sponding period a year earlier. 

Mandarin Oriental reported 
$22.7 milli on in after-tax profit, 
up almost 16 percent 

The shares of both companies 
fell ahead of the delisting an- 
nouncements, which were made 
after the market dosed. (AFP, 
Knight-Ridder, Bloomberg) 


Bloomberg business Se*rj 

HONG KONG — Investors have given a 
cool response lo China Huaneng Power Inter- 
national, whose imminent U.S. stock listing 
wasdescribed as substantially overpriced by 
analysts. 

“Power can be a profitable investment, but 
not on these terms and not at this price," said 
Lily Wu of Bankers Trust Co. 

Many fund managers are balking at the 
S22.50-to-S27.5Q asking price for each of 
Huaneng Power’s 3 1.25 million American de- 
positary receipts. 

“We’re about 10 percent there,” said Gerrit 
Heyns of Lehman Brothers, which is global 
coordinator for the issue. “People have re- 
sponded by saying that the issue is pricey, but 
I think it’s a bit early to make prognostica- 
tions about how well 'or badly it's doing.** 

Each depositary receipt represents 40 “N" 
shares of Huaneng Power, the second of five 
Chinese state companies selected by the au- 
thorities earlier this year to list in New York. 

Huaneng Power hopes to raise about $800 
million, making it China's largest foreign 
stock offering ever. 

About 15.6 million depositary receipts are 
being earmarked for U.S. and Canadian in- 
vestors, 7.S million for Asia and 7.8 million 
for other investors, including Europe. 

Robert Furdak, senior vice president of 
State Street Global Advisors, said he looked 
at the issue for his 530 milli on emerging- 
market mutual fund, but with a price in the 
mid-S20s, “it is loo expensive. " 

The asking price puts Huaneng Power 
shares at a 1995 price-to-earnings ratio of 
between 17 and 22 against about 12 for Shan- 
dong Huaneng Power Co., which was listed 
on the New York Stock Exchange at 514.25 
last month and closed Thursday at 512.50. 


Trading has all but dried up in Shandong 
Huaneng, which owns and operates four pow- 
er plants in eastern China. “Shandong Huan- 
eng’s downfall was thaL it was the U.S. inves- 
tors who didn’t come out for it.” Ms. Wu said. 

“The lack of trading volume shows there is 
still a lack of interest in China's power indus- 
try on these terms,” she said. 

Both power companies are controlled by 
the Huaneng Internationa] Power Develop- 
ment Corp., which repons directly to the 

government 

Mr. Heyns contended that comparisons 
between the two power companies were inva- 

'Power can be a profitable 
investment, bat 
not at this price. 9 

Lily Wu, Rankers Trust Co. 

lid since Huaneng Power had a nationwide 
mandate and could seek lucrative power pro- 
jects anywhere in China. Huaneng Power 
owns and operates five power plants with a 
capacity of 2,900 megawatts. 

The company is also developing five power 
projects with a planned capacity of 3,900 
megawatts and will acquire three more projects 
this year currently under development, accord- 
ing to a preliminary prospectus. 

Huaneng Power plans to become China’s 
market leader in cod-fired power by expand- 
ing operations in booming coastal provinces 
and the Yangtze River basin. 

The company also offers impeccable politi- 
cal connections, notably in the form of its vice 
president, Li Xiaopeng, son of the Chinese 
prime minister, Li Peng. 


U.S. Sues 
Japanese 
Contractors 

Compiled by Our Staff Fran Dispatches 

TOKYO — The United 
States on Friday sued 53 Japa- 
nese contractors, alleging they 
had rigged bids for projects at a 
U.S. naval air station southwest 
of Tokyo. 

The 'suit, filed by the U.S. 
Justice Department in Tokyo 
District Court, seeks more than 
544 million yen (55 J milli on 1 in 
compensation. 

According to the suit, the 
United States suffered damages 
due to the companies' forma- 
tion of a bid-rigging group for 
projects at the Atsugi naval air 
station between December 1 983 
and 1990. 

The suit alleges the bid-rig- 
ging violated Japan's Anti- Mo- 
nopoly Law and Civil Code and 
resulted in unfairly high prices. 

In August, Washington pro- 
posed a settlement under which 
companies that won Atsugi con- 
tracts would pay back 22.4 per- 
cent of their successful bid price. 
A few companies settled, but 
most rejected the proposal ac- 
cording to reports. A U.S. source 
close to the case said the decision 
to sue followed the failure of the 
companies named in the suit to 
settle out of court. 

The United Slates has repeat- 
edly charged that bid-rigging is a 
long-standing Japanese practice, 
which acts as a trade barrier in 
the construction market. 

(Reuters, AP* 


|| Investor’s Asia | 

Hong Kong 
Hang Seng 

Singapore Tokyo 

Straits Times Nikkei 225 


11995 

2433 - - 

- -- 2MGC - 


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JAS 2033 AM J 

1994 1994 

JAS 1S5S A- M J 

1994 

JAS 

Exchange 

index 

Friday Frev 

Close Close 

°T> 

Change 

Hong Kong 

Hang Seng 

9,968.52 9.862.64 

+1.07 

Singapore 

Straits Times 

2397.18 2.2B0.84 

+0.72 

Sydney 

All Ordinaries 

2,059.00 2.050.80 

+0.40 1 

Tokyo 

Nikkei 225 

19,795 25 19,919.38 

■0.62 

Kuala Lumpur 

Composite 

1,18527 1.176 06 

+0.7S 

Bangkok 

SET 

1,546,24 1.534.04 

+0.60 

Seoul 

Composite Stock 

1,000^0 688.75 

+1.22 

Taipei 

Weighted Price 

6,981 J20 6,989.97 

-0.13 

Manila 

PSE 

2,942.38 2,954.46 

-0.41 

Jakarta 

Stock Index 

525.63 522 03 

+0.69 

New Zealand 

NZSE-40 

2,111.87 2.093.20 

+0 89 

Bombay 

Sources- Reuters. ^ 

National Index 

FP 

2,191.38 2.176.43 

It 

+0.69 j 

(Jlj 1 n^u.l. 


Seoul Lets 2 State Firms 
Apply for NYSE Listings 

SEOUL — South Korea’s finance minis try said Friday Lhat 
it would let Pohang Iron & Steel Co. and Korea Electric 
Power Corp. seek listings on the New York Stock Exchange. 

The two foreign listings would be the first for South Korean 
companies. 

A finance ministry official said the two state-run compa- 
nies likely would issue depositary receipts worth a total of 
$300 milli on each for listing on the New York exchange. They 
are expected to apply next month. 

South Korea's Securities Exchange Commission approved 
a draft of overseas listing regulations Friday, paving the way 
for companies to seek listings in New York, London and 
Tokyo. 

Pohang Iron & Steel reported a profit of 1.32 trillion won 
(SI. 65 billion) on sales of 6.92 trillion won last year. 

Korea Electric Power posted 419.3 billion won in profit on 
sales of 732 trillion won last year. (Reuters, AFX. AFP) 


Malaysian Investment Arm Gets Shares 


Bloomberg Business Neu-j 

KUALA LUMPUR — The government 
said Friday it had transferred stakes in five 
listed companies to Khazanah Holdings, 
its new investment arm. 

Khazanah received the stakes from Min- 
ister of Finance Inc., a legal instrument 
used by the government to administer con- 
trol over its companies. 

Neither Khazanah nor Ministry of Fi- 
nance inc., in statements to the Kuala 
Lumpur Stocks Exchange, disclosed 
whether Khazanah bad paid~for the shares. 

The Malaysian cabinet created Khazanah 
on April 27, saying it intended to model the 
new holding company on Singapore’s state- 
run investment agency. Temasek Holdings. 

Khazanah is itself fully owned and con- 
trolled by the government through Minis- 


CAPITAL AVAILABLE 


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FOB 

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ter of Finance, but unlike lhat concern, it is 
a registered company with a board taken 
largely from private business. 

In j'une, the cabinet appointed Mohamad 
Sheriff Kassim, former secretary-general of 
the Finance Ministry, to chair the company. 

Prime Minister Mahathir bin Mohamad 
drew some criticism in August when stock- 
broker Rashid Hussain was appointed to 
the Khazanah’s board. Other brokerages 
suggested, there was a conflict of interest. 

Khazanah now holds a 40 percent stake 
in Telekom Malaysia Bhd., the former na- 
tional telephone company that was listed 
on the exchange in 1990; 40 percent in 
former utility monopoly Tenaga Nasional 
Bhd., listed in 1992; and 38.6 percent in 
H1COM Holdings Bhd., the heavy indus- 
tries company, listed in 1993. 


Khazanah has also taken over Minis try 1 
of Finance Inc.’s entire 17.8 percent stake 
in the car manufacturer Perusahaan Oto- 
mobil Nasional Bhd. and its entire 16.1 
percent stake in the car distributor Edaran 
Otomobil Nasional Bhd. 

Minister of Finance has retained a 26 
percent stake in Telekom. 23 percent in 
Tenaga, and 10 percent in HICOM. 

■ Malaysian Stocks Rase 

Speculative buying and some institu- 
tional demand in key blue-chip stocks 
pushed Malaysia’s benchmark stock index 
to an eight-month high. The composite 
index rose 921 points on Friday, to close 
at 1,18527. Reuters reported. 


Very briefly: 

• Bridgestone Corp. of Japan, a major tire maker said it would set 
up three companies in Poland, Czech Republic and Hungary with 
Mitsui & Co. to develop sales in Eastern Europe. 

• Japan’s industrial production in July shrank 1.7 percent from 
June and contracted 0.6 percent from a year ago. the Ministry of 
International Trade and Industry said in a revised report. 

• Taiwan is to relax controls on capital flows for outgoing and 
incoming investment applications as part of its economic liberal- 
ization program, the Central Bank of China said. 

• Emperor Internationa) Exchange Co., pan of Hong Kong con- 
glomerate Emperor Group, said it faced an investigation by the 
U.S. Commodity Futures Trading Commission over an alleged sole 
of illegal currency futures in the United Slates. 

• Hughes Aircraft Co„ a unit of General Motors Corp., said it had 
launched plans for several leading-edge technology projects in 

China. A FP, A P. Bloomberg 


Second Java Power Plant Set 

The Associated Pmt erators at Tanjung Jati in cen- 

tral Java bv 1998. 

r ^ g? The company is to provide 20 

s£ pera™ of the investment cqui- 
kM'r™ ^ operate a l. ^ The rest is expected to come 
,n - ^ 3Va ’ f rom U.S. and Japanese banks. 
*!!! n C ° n " A consortium of American, 
cern to do so in Indonesia. Japanese and Indonesian com- 

The Consolidated Electric ponies last week started build- 
Power Asia Ltd. is to build two ing a $2.6 billion coal-fired 
660-megawatt coal-fuelcd gen- plant in eastern Java. 


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Fro li5}2?A156i 

Tele* 767-1? IHTSIN 


FRIENDSHIPS 


.WORLDWIDE EXCLUSIVE MARRIAGE AGENCY, 


EXCLUSIVE IN MUNICH 
gabriele thiers-bense 

Fax: +49 - 39 - 6423455 - TeL: +49 - 89 - 6423451 

THE SUCCESSFUL.. 




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TO THE BEST 

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□47,000 derimg. Tel/Fax » 743 


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In addhen, glamourous pb offered in 
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LH.T, 63 Long Acre, London, WC2t 

m 


INTI UNIONS of am 

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FRANCE MNTTEL II t» 3615 

MADAME DESACHY 

9 ree de Modnd 75006 Fore 


EUROPEAN MARRIAGE BUREAU 

C onfi denticiiy. Brash Mmoymut. 
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28M6 Madrid, fednldt 34-1-556.1427 
For 34-1-5559957 / 361.400. , 
Inforeianon 24 hn, Tek 34-1-355 69 7cc 


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pretmes. 75JXD Fl 2. 24 aoes El.9 kl 
Freehold 44 (0)438 812545 



SOLiND 

INDIVIDUAL 

COMTDENTHL 


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Fahrenkrog 


INTERNATl0NilLP.VRTNERSHlP^\GE>O 
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YOUNG SWGtB WCftlDWBE reek 
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PLEASE CALL: Ob GERMANY + 4*- 17T .24552 52 n* , ». 43^79 


To our roadars in Borlin 

You con now receive the 1HT 
hand delivered to your home or office 
every morning on the day of publication. 
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Page 14 


INTEIINA310NAX 




TJUBUWE, SATURDAY-SUNDAY, SEPTEMBER 17-18, 1994 


NASDAQ 


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23 ft 16%L°r«e -94 

35* 1 . 1 7*6 LdmKGpft 
27to iSWLaiidrvs 
31 MftLorwiltr 
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24% 12ft Lett fee 
!l%lD%LwvrTitl .12 
29% MVS LtOtirPfl 
20%lIftLmsCe 

12 9 LecWer* 
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30 7%LWJSA 

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lift 4V,I^Jaek 
17ft «ftLOdoEnl 
27*6 21%Laewen 6 M 
MftWIUwSSik 

12ft 6ftLnaS«k 
23ft A LonervE -Si r 
86% 29ft Lotus 
29ft 21 ft MCI .05 

57ft 20ft MF5 Cm 
4ft3»bMHM8VBT jne 
as* C'uMKGoM 
28% 17ft MS Coir 
13ft IhlMTCS 

21 7V>Mocnamd 
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18ft 2%MOt|Phr 
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21ft 17%MagGp 76 
17 UVuMalnSTCS 34 
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31 ft 23 ft Ml Twain 76 
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38ft 23ft Medopn 
lift AftMMar 
46ft l-V„viM«JVlrt 
22ft IDftMecCmp 
2A IVftMeeSl JIB 

22 10 MMkM JOe 
19*411 ft Medstot 

17ft jftMeaatviz 
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24ft Aft Mercer 
39%25toMercGn JO 

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31 ft 14ft NE Bus 

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1.16 14 10 440 
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1.00a 2.1 II 1381 


Sis 

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19V, 19V, —ft 
30to 31U 'to 
13V. 13to —to 
14 14to 'to 
8 8 —to 

40to 40ft— 1 
36 to 26% —to 
7% 7ft *to 
14 to 14ft —ft 
7to ■ '-'ft 

12ft 13V, .ft 

29% 29to —ft 
28% 29 'ft 
18to 19% —to 
10% 10% —ft 
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19% 19% _ 

8% Bto —ft 
8ft 8V, - 

35to 35% '% 
17ft IB to 'ft 
lift I2to — 2to 
19V, 19ft _ 
23ft 24 —to 
6% 6to —to 
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60 60 *V, 

44ft 45% —ft 
7ft 7ft —ft 
38% 38 to —to 
19to 19ft —ft 
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20ft 20ft —ft 
15% 15V i* — V u 
47 44 • to 

14 14ft > ft 
7% 7ft * % 
19% I9to — % 
70ft 20ft —to 
14V. 14ft *% 
21ft 22 — % 

13% 14to _ 
31 to 32 ■ % 

33ft 34 _ 

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11 »l -ft 
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28% 28% —to 
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13ft 14% - 

24 24% , ft 

22ft 23% • to 
43ft 44 —ft 
17to 17Vu — »u 

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29to 30% i ft 
73to 74% —ft 
26ft 26ft —ft 
48ft 48ft —ft 


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77 30toPOCi1CA 
74ft 28 PoCitCB 
34 to 30ft Paging s 
33% AftPorTeh 
33%20ftPOMJOM 
76 3toPatanan 
44% 71 V, Perm Ten 
Mto ISftPorcDtar 

22 Vi 18toParrHJd J0< 

74ftisftPaiomi5 
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42ft 30ft Pentair 33 
15ft BtoPSWpCT A8 
43 19toPo«JBQlC 
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15 1 /. Soft PoaaTel 5 
48ft 36 Peeesff 
32%i oft Purs otv 
34% liftPerrtpo 
16% lOftPetqjAn 
19% lOtoPtrtGws 
38 V, 71 to PotsMort 
18% AftPhrmMW 
33*6 llftPhtrtn 
36%22toPhVto- 
30% lAtoPtiVSCBA 
27 Vi \4%PnvSlcHtt 
20ft 10 PICTel 
49ft 21 to PlonrGo Si 
40to 29toPtonHIB M 

19 lJtoPfonSIs .12 

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19 7% PlaTTc 

29% !4%Plavw> 

69 to 24 Pvwwfi 
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32% 6%Pr«5Rvi 
X 14% Prestek i 
21 to 13 PricCMs 
35% 29 PrtREIB 2L60 
3Bft 24to PrcTR s S3 

35% 20 Prtmadn 
17V, BftProcvt 
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60ft 77 ProSoft 
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12 5toPrWSv 
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19% 6 PureTc 
25 7 PureooC 


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43*615 Qucdcmi 
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20*4 9ft Quantum 
40to 22'-,Qu 
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32 VftQiKdcRso 

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19ft 16WRPM J2 

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28V. 9toRalnTc 
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19 StoReadtt 
23ft 10V, Reams 

I 24V, 15 Redman 
I 18% 3toRwenm 
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31 IBftRonCom 
2S%ntoRenamn 
15*4 4 RenaAJr 
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I6V6 12'wRepBcp J2 
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11% 4%RMtx 
48ft33toReurHdS J2i 
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lift 3*6RJtHlm 
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22to 14ft Rival .1* 

74%57toRoadSv 1.40 
42V, 19ft RbtPtir 

21 V, 14*6 RodtCS 
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31ft22%RoaCantl 
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39 IB Ropers .12 

18H13%RossSir JO 

14to TftRossSy 
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9ft SftRvanF 
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21*6 12tosa Svs 
28V, 17 SEICarp .16 
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31 StoSLMl 
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33to lBtoSftylst 
30V, 11 SohTci 
36% 24ft 5tJude A0 

241616% SJPaulB t JO 
31 to 15Vi Sanmina 
28*6 2*6Saaiens 

22 lOtoSovov 
28ft 14ft scndBdc 
33%17toScnna2r JO 
54% 23 ft SchotCn 
30%17%Saiuler 

28ft 21 Scfilmns JO 
27ft 4%Sctaone 
42 ItftSdCme 
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26tol5*ASdteH J2 
19% 3ft Scrvfid » 

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28ft 16% Seagate 
15% 3to Sr chCap 
51% 34 SecCtW 
9to 3*6Sepracr 

20 UftSeaunt 
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32ft 12toSuFnQuad 
29ft70ftShfMea M 
74 to ID ShawGa 

22 ft HtoSnorwa 

lJPto 7%Sho«rt3.l 
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33% 14% ScoraOn 
20 4ftSgmDa 
55% 30 SipmAl J3 

13% 9% SifcnVl 
41 20 ShvWest J5d 
14*6 5 Skybox 
31 ft 14ft SmitiF 
32% 12ftSnopBvs 
39to 10 Sodok 

23 10% Soli desk 
23% 6V,SftElC 

8v> 3 SftwPb 
15 4% Somatgn 

77% ltftSortcCP 
13ft 6toSankSal 
2Sftl«ftSaracx>P S6 
56V, 47 SonocPpf 2J5 
22ft 17% Saulhlrs) .68 
12% BftSovBcP ,10b 
26ft IVftSoooeLb 


Sb 

Via PE HO* Hgh 
_ M 290 15ft 
_ 27 1907 U77V, 
_ 27 416 7396 
_ - 6308 31 to 
. U M 10 
_ 62 1078 2B% 
- 44 4ft 

3911114 31ft 
"an 388 22 
, s 19 225 21% 
„ 21 530 19% 

l'j ?7 7U 

aa 

2J 11 2846 u 15 
_ _ 3147 5*6 

_ S3 741 43*6 
_ - 1738 12 
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September 17-18. 1994 
Page 15 


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FIRST COLUMN = 

Of Money, 
Steel Nerves 
And Genius 

T HE structure of investment catas- 
trophe is as familiar 35 the jour- 
nalistic voice in which it is typical- 
ly reported. The commentaries are 
• usually cruel, cold, anrf imbued with the 
kind of counterfeit wisdom that only 
■■ ■ comes with hindsight. But when one looks 
at the behavior of the investors — foolish 
Vfttims that they are — the light sarcasm 
aid lack of sympathy often seem some- 
how justified. 

First comes the clever marketing (if the 
. product is fraudulent, this will involve 
outright deceit). Then comes the subtle 
conspiracy between marketeer and con- 
■ sumer. The investors actually want to be- 
' lieve the fantastic claims made. They want 
to discover an icon of outstanding fman- 
-■ dal genius, especially if the genius cloaks 
‘ himself in secrecy and refuses to reveal his 
methods. 

How else, for example, can one explain 
: the numbers of Russians who invested in 
. the MMM trading company this year 
without even knowing what assets the 
company was supposedly buying? Swept 
along by television advertising and the 
euphoria created by a share price that 
grew by 5,000 percent in six months, in- 
vestors poured millions into the company. 

Of course, there is another explanation 
for all this: naively. Hie Russians were 
new to the wicked wiles of c apitalism and 
believed where more experienced inves- 
tors would have remained skeptical. 

Maybe. But even the wisest investors 
commit capital to investment companies 
1 whose polides they don’t know or don’t 
understand. This is arguably the case with 
those who invest in hedge funds. Few 
would have the temerity to pretend to 
understand the detail of what many hedge 
fund managers do. They may have an idea 
&out the principles, but then so did 
’’ MMM investors. So too did investors in 
New York real estate in the 1980$, as did 
precrash stock investors. 

■ None of which means that hedge funds 
are a fraud. Far from it These funds are a 
reasonable investment risk for those with 
money and nerve. But, as recent invest- 
■ meat performance underlines, those. who 
invest in them may not be as smart as they 
: think. And, when you look at those fig- 
urcs, maybe the managers aren’t geniuses 
either. ' MJJ. 


e; : ^ o 


How Hedge Funds Measure Up 

¥■$■ versus fmkusl funds in 1994 {% return). 

t ■ J* T~^ " ' : : ; - 1 

4:1' 


U.S. Equity Hedge Funds 
W Upper Growth Fund Index 


'■T otal retu rris .compared 

Hedge Fuode 


S&P5Q8 


U.S. Mutuel Ponds 


1993 

27.26% 

• 10.07% 

14-25% 

,'1992. . 

' 15.83 

• 7.77 

6.80 

1991 

• 25.45 

• 30.48' • 

36.15 

issa ..... 

10.97 

v . r3.14 ■ 

-3.82 

1989 

24.89 

37.58 

' 28.56 

1988 

" 22.59 

' 16-50 

15.74 

1987 

14.49' 

5.24 

1.02 


L rpper Anefyttcei 


A Primer on Market Arcana 


By Martin Baker 


W HATEVER else they are. 

hedge, derivative, guaran- 
teed, swap and futures funds 
are very fashionable. So 
much so that their names have been 
twisted and stretched beyond all recogni- 
tion. This is a phenomenon of the mod- 
em market in financial services and 
lends to occur when marketing execu- 
tives decide they have a “sexy” concept. 
The next step is to stretch that seductive- 
ness to cover some extremely ordinary 
products. 

So what are these funds that made so 
much money last year? 

• Hedge funds — As stated in the 
accompanying article, this term has been 
stretched even further than most. The 
original idea of the hedge fund was to 
offer counter-intuitive investment op- 
portunities. The classic hedge strategy 
was to play against mainstream market 
trends and to use contracts such as fu- 
tures and options to gain maximum re- 
wards for that investment strategy. 
Hedge funds typically — but not neces- 
sarily — invest in derivatives. 

• Derivatives funds — Managed de- 
rivative funds often operate a complex 
portfolio of thirty or more separate con- 
tracts. Some aim to follow market trends 


Derivatives Funds Mull 
New Changes in Strategy 


By Rupert Brace 


ir ’•*- . 

p ‘ ■ 


M ost futures funds 

need trends to trade profit- 
ably, but trends have been 
few and far between in this 
year’s financial markets. 

Those patterns that did appear, more- 
over, have toided to work against traders. 
Hence, the industry has had a bad year 
with many futures funds turning in limp 
ynformances. 

• * Among the few bright spots have been 
the commodity prices that have risen: 
Brent crude od, for example, rose from a 
low of 512.96 in February to 518.81 in 
July, according to the statistics concern 
H at a s tream, lending opportunity to in- 
vestment managers who specialize in oil 
plays. On the other hand, trends in curren- 
cy markets have been hard to identify as 
conditions have been highly volatile. 

“It certainly has not been a particularly 
good year for the industry m terms of 
absolute performance,” said Mark Fox- 
Andrews, managing director of London- 
based Mees Pierson Derivatives, a deriva- 
tives management firm. 

The TASS CTA Index, which tracks the 
performance of 420 commodity-trading 
advisers (CTAs) around the world, was up 
0.9 potent in the six-month period ending 
June 30. But CTAs have had a rough 
August. Nicola Meaden. managing direc- 
tor of the monitoring firm TASS Manage- 
ment, estimates from prel imin ary figures 
that the index has fallen 2 percent this 
year through the end of August. 

The volatility of currency and bond 
markets during the first few months of the 


year hit many investors hard, and trading 
has been nervous and thin ever since. “I 
think they have been funny markets," said 
Mr. Fox- Andrews. “In particular, the last 
few months have been quite illiquid. After 
looking at the upsets in the first part of the 
year, I think people have been doing pret- 
ty little.” 

There have been exceptions, however. 
Local traders on the London Internation- 
al Financial Futures Exchange (LIFFE) 
have tended to perform well this year. One 
well-known trader, David Kyte, runs a 
managed account that is up about 40 per- 
cent this year. 

“Local traders are able to pick up on the 
waves of fear that go around the markets,” 
said Mr. Fox- Andrews. “They see the vol- 
ume of orders coming and see the fear 
coming and ride on the back of iL" 

This year’s troublesome markets have 
led a few futures fund managers to rethink 
their strategies and to hire foreign ex- 
change traders from investment banks. In 
March, Nick Tsappis joined Gaiacorp, a 
Dublin-based futures-fund manager, leav- 
ing First National Bank of Chicago in 
London where he had been head of pro- 
prietary foreign exchange trading. Padraig 
Devlin joined Gaiacorp in July, leaving 
Bankers Trust. And these two. observers 
say. were just the first of a trickle of 
experienced traders leaving investment 
banks and joining fund-management 
companies. 

John Demaine, a director of Sabre 
Fund Management in London, believes 
that the extremely lucrative 1 performance- 
based pay that traders can earn at fund- 
management outfits — plus the advan- 
tages of working for a small firm — have 


and accentuate gains while others seek to 
exploit “inefficiencies'* in market pric- 
ing, claiming to make profits irrespective 
of market Heads. The contracts used will 
be options, futures and (less commonly) 
warrants. 

With options, a trader purchases the 
right to buy (a call option) or sell (a put 
option) a stock, bond, commodity or 
currency at a certain price within a cer- 
tain time period. Futures are contracts to 
buy and sell commodities or financial 
instruments at an agreed price and quan- 
tity at a future date. 

• Guaranteed funds — These normal- 
ly use bond investments to guarantee 
return of capital after a period of years. 
The small percentage of investors' capi- 
tal remaining is often then put into deriv- 
atives contracts with the objective of 
capita] gain. 

• Futures, Swap funds — Futures 
funds are managed derivatives vehicles 
that only invest in futures contracts. 
Swap funds rely on the skills of traders 
who swap one type of exposure (to, say, 
Italian fixed-interest debt) for another 
(say, floating-rate French franc debt). 
Derivatives contracts frequently form 
part of the swap strategy. Pan of the 
swap deal might be a futures contract in 
Italian government bonds, as opposed to 
a holding of the bonds themselves. 


[ jBerivatsves Funds ‘ !■.’ • 

Ftertk&'typetf6tmtwc& ] 

thrpugh Jurie- 1994*. . : . * \ 

'legacy' funtTLE, ! 19&7& 29JQ: ■ 
Grant.Park Futures Fund . : - '437,15 S2J3Q. 
UwrtySobaiFisid- . f35£8 ,14.15 
j tfaseifciehler Gomraod, AG ■ • -117.40 ' 

Grant Pjsfc Futures Fund.IL ■ ■ 4 T0£20 "1 1.76 
■We FuturesBad ” : ■ . 105.52 ; 

GNftXC DfoS^onaf-Fjogrm ; . 8&32 114.65 
Chesapeake Priv.'FttfuraiFund 7&D3 16,07' 
^TheKyteFundlfif. .77.32.; 7.J9 

"Chesafi^'fynd Ltd' , . ’ ' . 75.9T 38.73 
■.ARA Gamma Fund Lft v 72455' '■ 13-25 
JVyaGfolra|S&aLUcl5«sH /6&2V 7.52 
*For bn® wift S5 raffioh or more assets. ' 

.Source; Mar/Hedge. .j 


helped tempt traders out of investment 
banks. 

“I think that the individuals concerned 
have recognized that there are opportuni- 
ties within the fund-management arena 
that they would not be able to exploit in 
the environment that they were in,” he 
said. 

But some futures-fund management 
companies are even questioning whether 
the returns from futures funds wfll ever be 
the same again. A popular theory is that so 
many investors are now playing the fu- 
tures markets that a lot of the inefficien- 
cies that once enabled them to make large 
returns have been ironed out. 

“In terms of managed futures markets, I 
think , frankly, this may be true,” said 
John Andrew, managing director of Man- 
GFA part of ED&F Man's fund division. 
But he added that this was only true of 
some financial markets, making it all the 
more important to invest with firms that 
were constantly researching new ways to 
trade. 


Hedge Fund Universe Is Still Mysterious 


By Philip Crawford 

I T IS A QUESTION posed by many 
would-be investors as well as by 
some experienced ones: What exact- 
ly is a hedge fund? 

Not knowing the answer is no cause for 
embarrassment. Last April, members of 
the U.S. Congress’s House Banking Com- 
mittee found themselves posing the same 
question to hedge-fund guru George 
Soros, whom they had invited to. in es- 
sence, educate them on the nature of this 
exotic investment beast. Mr. Soros re- 
plied. however, that the teim “is applied 
so indiscruninately that it covers a wide 
range of activities.” 

While not precise. Mr. Soros's response 
does represent one key to understanding 
hedge funds: There are many different 
types that engage in a diverse range of 
investment activities. But that being stat- 
ed, as Mr. Soros went on to say. there are 
also some basic similarities. 

Generally speaking, hedge funds are 
investment partnerships of wealthy indi- 
viduals that search the world for attractive 
investments in stocks, bonds and curren- 
cies. Minimum investment is typically SI 
million, but can range from S250.000 to 

S10 milli on. 

In the United 5tate$. hedge funds by 
law are limited to 99 partners — who must 
be “accredited investors” with a net worth 
of SI million or an annual salary of 
S200.000 — and are prohibited from ad- 
vertising. Hedge funds can also use invest- 
ment techniques which are off-limits to 
mutual funds, for which there is no limi t 
on the number of investors. 

Another major difference from mutual 
funds, and perhaps hedge funds' most 
unifying characteristic, is that managers 
are compensated chiefly on the basis of 
performance. A typical yearly compensa- 
tion formula is 2d percent of the fund's 
trading profits along with 1 percent of its 
assets under management. Moreover, 
hedge fund managers often invest large 
amounts of their own cash in the fund. 

Analysts estimate that there are cur- 
rently between 800 and 1,000 hedge funds 
globally with over S75 billion under man- 
agement 

A big misconception, due in part to 
publicity generated by the huge profits 
(and huge losses) experienced by global 
“macro” funds such as Mr. Soros’s Quan- 
tum Fund, is that all hedge funds have a 
similar, macro investment orientation. 
The truth of the matter, say experts, is that 
macro managers, whose premier invest- 
ment aim is to profit from changes in 
global economies — typically, as they are 
reflected by shifts in interest rates — make 
up only about 25 percent of all hedge fund 
managers. 


Psga 17 

Hedge fund performance i 
Will regulation be harmonized? 
Some problems with derivatives 




Another hedge fund orientation, for ex- 
ample, is the “short-only” fund, in which 
the manager solely takes short positions 
on individual securities. To short-sell a 
stock, or bet that it will full in price, the 
manager borrows shares from a brokerage 
house and sells them to the market, receiv- 
ing cash in return. If the share price goes 
down, as the manager hopes it will, he can 
then buy the shares back ai the lower 
price, return them to their owner, and 
keep the remaining cash. 

There are also “growth” hedge funds, 
specializing in growth stocks,*’ “value” 
hedge funds, focusing on high value, out- 
of -favor stocks, and "distressed” hedge 
funds, which specialize in the securities of 
companies that are undergoing reorgani- 
zation or bankruptcy proceedings. 

Other styles include emerging-market 
hedge funds, which typically take “long” 
positions — hoping the share price will go 
up — in developing-country equities, and 
leveraged- bonds hedge funds, which use 
leverage to buy fixed-income securities, 
usually government issues. 

A bit further into the realm of esoierica 
are convertible-arbitrage and risk-arbi- 
trage hedge funds. The convertible-arbi- 
trage style involves making long bets oa 
convertible securities — corporate paper 
that can be converted to common stock — 
while selling short the underlying equities. 
Risk-arbitrage hedge funds buy shares in a 
company being acquired and, at the same 
time, sell shares in the acquiring company. 
If the takeover plan ultimately fails, large 
losses can result for traders. 

Leverage, not permitted in U.S. mutual 
funds but utilized often bv hedge funds, 
can involve investing with borrowed mon- 
ey — called buying on margin — or the 
use of derivative securities, which can of- 
ten be bought with a small upfront pay- 
ment The basic idea is to control a large 
amount of money with a much smaller 
amount, which multiplies the potential for 
gain but, of course, for loss as well. 

Macro hedge funds frequently make 
bets with derivatives — financial instru- 
ments such as futures, options and war- 
rants whose value fluctuates according to 
the price movements of an underlying 
security or commodity — as opposed to 
using them simply as a hedge, as is more 
common with other types of hedge funds. 

In one example of leverage, a fund 
might put up 5100,000 of its own money 


and borrow another 5900,000 to make a S 1 
million “long” bet on a stock. If the shares 
cost 51 apiece and their price goes up 10 
percent, the shares would be worth Sl.l 
million and the fund would double its 
investment — minus the cost of the bor- 
rowed money. Conversely, if the shares 
were to fall 10 percent in value, the entire 
original stake would be lost. Macro hedge 
funds are often highly-leveraged 

An example of leverage with derivatives 
could be the case of a bond “call" option 
that gives the buyer Lhe right to purchase 
bonds with an underlying price of 5100 at 
SI 10. If the bond's price climbs past SI 10. 
a few dollars worth of options would, in a 
sense, control hundreds of dollars worth 
of bonds. 

Furthermore, say the options cost SI 
each and the bond price climbed to SI 15. 
Each SI option contract would then be 
worth 55 — a gain of 400 percent. The 
price of the option itself is typically a 
function of the underlying asset’s volatili- 
ty os well as market sentiment on how it 
will fare over the lime period covered by 
the option. 

Even though hedge funds utilize deriva- 
tives. they should not be confused with 
investment vehicles known as derivauves 
funds. That term typically refers to mutu- 
al funds or other types of collective invest- 
ment vehicles that invest a large portion of 
their assets, usually over 50 percent, in 
derivative securities. 

Clearly, direct investment in hedge 
funds is out of reach for all but the 
wealthy. But investors with significantly 
lower amounts of cash can gain access to 
them through another type of pooled-cap- 
ital vehicle known as a “fund of funds.” A 
fund of funds, also a partnership limited 
to 99 investors, typically accepts a wide 
ranee of stakes — often from 525,000 to 
5500,000 — and then invests the capital 
across several hedge funds. 

The benefits of the fund of funds ap- 
proach are the initial access to hedge 
funds, diversification across several of 
them, and the built-in expertise of the 
fund of funds manager. It is this manag- 
er’s job to pick out the the best hedge 
funds to invest in. 

That expertise, however, comes at a 
price: In addition to the hedge fund's own 
fee structure, fund of funds' investors usu- 
ally pay their own manager an additional 
fee of 1 to 2 percent of their original 
investment. 

Experts add that the “99 investors" rule 
that applies to both hedge funds and 
funds of funds, does not apply to such 
vehicles when they are based in offshore 
domiciles. Minimum investment require- 
ments in offshore funds of funds also tend 
to be lower than those in onshore vehicles. 


'Macro’ Is Losing Favor to Other Styles 

M ACRO hedge funds have fall- r~ — — . — ~r~r- 

en out of favor lately due to Hedge Fund Returns by Category 

their poor overaH perfor- TataJ percentage returns m 1394 * 
mance this year, say analysts. 


M ACRO hedge funds have fall- 
en out of favor lately due to 
their poor overall perfor- 
mance this year, say analysts. 
And a logical question being asked m the 
markets concerns where the capital flow- 
ing out of macro funds is headed. 

The answer, say many observers, is into 
other types of hedge funds. 

Perhaps best-known of the macro funds 
is George Soros's Quantum Fund, which 
racked up big gains betting against the 
British pound in September 1992 and then 
suffered some big losses this year in cur- 
rency markets. However, despite having 
lost 4.S percent this year, according to 
fund- tracking firm Micrcpol it is still one 
cf the lop-performing macro hedge funds. 
The reason is that many others are down 
by as much as 20 percent. 

Pi ckin g up some of the money leaving 
the macros are smaller, more specialized 
funds. Among them are “plain vanilla” 
stock-picking funds that conform to the 
hedge-fund category because they lake 
both long and short positions in the mar- 
kets and compensate their managers chief- 
ly as a function of performance. 

Franqoise Henry, who runs Credit Agri- 
cole's Green way guaranteed funds, which 
invest with a range of hedge managers, 
started to switch out of macro managers in 
February. She has chosen a number of less 
well-known hedge managers who special- 
ize in U.S. distressed securities, risk arbi- 
trage, and equities in Europe and South- 
east Asia. 

“Whai I’ve thought since the beginning 
of the year was lhat, first, the macro man- 
agers were getting too much money,” said 
Miss Henry. “And, the second thing was 
that we were close to an end in the big 
move we had in interest rates going down, 
which had driven the financial markets; 


Hedge Fund Returns by Category 

Total percentage returns m 1994. * 

Hedge Fund Kyle Year to date. istQtr. . 2ndQtr. . 

Hedge Fund Universe* 1.64% • -2.20% -0.22% C 

Growth Hedge Funds -2.97 -1.85 C 

Macro Hedge Funds -16.75 -13.14 -16.69 -1 

Emerging-Mkt. Hedge Funds ' .8.15 6.08 -0.06 3 

Short-Only Hedge Funds 9.36 7.02 23.89 -5 

Funds of Funds -1.13 -4.09 0.81 0 

'Based on gross information supplied by 200 hedge funds. 

Sourcas: £ Lee Henrmsee Grot&Republic W* Yotk Securities Upper Analytical. 


IstQtr. . 

2nd Qtr. 

Juiy 

Aug. 

-2.20% 

-0.22% 

0.87% 

1.79' 

-2.97 

-1.85 

0.85 

3.34 

-13.14 

-16.89 

-1.67 

0.33 

6.08 

-0.06 

3.65 

9.08 

7.02 

23.89 

-5.21 

-11.73 

-4.09 

0.81 

0.81 

0.50 


so, it would be difficult for them to per- 
form so well.” 

Miss Henry said that big macro funds 
need major market movements since they 
have so much money under management. 
In other words, she said, they can only 
earn large returns when there are big 
trends in major, liquid markets. An exam- 
ple of a manager with too much money to 
be able to play smaller markets without 
moving prices against himself, she added, 
might be the high-profile U.S. macro man- 
ager Julian Robertson. 

Investors have also become cautious in 
the more esoteric areas of the hedge-fund 
game after witnessing some spectacular 
losses. Among the latest have come from 
David Weill, the London-based hedge 
manager, who recently wrote to investors 
in his Dorje fund to tell them he was 
liquidating all holdings into cash. The 
Doije fund, one of a stable of three run by 
Mr. Weill, was down 51 percent in the 
eight-month period ending August 31. 

Mr. Weill appears to have company, 
however. The IJ^. -based Argonaut macro 
fund is down by more than 20 percent this 
year, according to a recent letter sent to its 
investors. David Gerstenhaber, the fund's 


general partner, has reportedly been faced 
with a flood of redemptions. ’ 

An executive at a multi-manager fund 
that had exposure to both the Dorje and 
Argonaut funds, said: “It is clear that 
people are favoring managers who stick to 
their knitting. You don’t want to wake up 
one day to find out some guy you hired to 
do U.S. equities has a bought a zillion 
bonds. I would not say that the macro 
game is over, but the fundamentals look 
like they may favor stock pickers.” 

One manager who has benefited from 
the disfavor toward the macro approach is 
Colin McLean, managing director of the 
investment management firm Scottish 
Value Management, based in Edinburgh. 
He uses traditional measures of value to 
find cheap shares and has been entrusted 
with £7 million (510.9 million) by multi- 
manager funds this year. 

Anthony Yadgaroff. managing director 
of the Alienbridge Group, which intro- 
duces clients to top performing British 
money managers, said: “People are pull- 
ing their money away from these fancy 
trades and getting back to basics. ” 

— Rupert Bruce 



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Page 16 


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BANQUE BEIGE ASSET MOMTFUND 
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DIT INVESTMENT FPM _ 

d Concentre + DM 5241 

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DIUtSDHER INTL MOMT SBRVICES 
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DUBIN A SWIBCA ASSET MANAGEMENT 


Tel; (809)945 MOD Fax : (809) 9*5 7» 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 17-18. 1994 


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m Pacific RIM ®»Fd S 1DA43 

UC FUND MANAGERS ucrsnr) LTD 
t-3 Scale Sf. St Hriler j KWflBI 
EBC TRADED CURRENCY FUND LTD 

0 Capital — J MM 

0 Imnrt. * 15247 

INTERNATIONAL INCOME FUND 
tf Lang Irrm , . , * 315779 

0 Long Term-DMK — DM 1052009 

EfUUTAGR LUX KS-®3 39) 
wErmitag# inter Strot-DM 10.13 
w Ermltage Sell Fond— _5 Ml 

w Erml KM Aslan HetfBOFd-S *.« 


w Ermltage Euro Heage Fd— DM 
w Ermltoga CmbrAata Fd— S 
w Ermhaoe Amr Hdg Ftj__s 


W Erml Wk Enter MktB POL— 2 
EURDPA FUNDS LIMITED 
d American Equity Fund — 


0 American Option Fund. 

w Aston Eaulty Fd 

wEurcoewi Faulty 


irEuraoetxi Eaultv Fd— S IJ7JS 

EVEREST CAPITAL (88912922300 

m Everest Cooltnl UtH Lhl S U5J7 

FIDELITY INTL IMV. SERVICES (l4X)__ _ 
0 Discovery Fund .. S 71 J8 

tf Far Cos! Fnnq i 8138 

d Fid. Amr. Assets S .aut 

0 Pld Amir, VDtaes IV— s llOSniM 

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0 Global ind Fund s 1945 

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d New Europe Fund 1 leas 

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0 Spedat Growth Fund .—5 4153 

a World Fund — — S . 12S04 


w Delta Promnnn Cora— S 1212X0 

FORMS BANK Ai 472 428 5SS 
wScortfonds Inti Growth Fd_S UB 

FOREIGN B COLONIAL EMERO MKTS LTD 
Tel : London an 408 1ZM 


d Argentinian Intel Co StcavS 

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FUND MARKETING GROUP (BID) 
P4L Box 2001. Hamilton, Bermuda 
m FMG Global (31 Apg| 5 


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FX CONCEPTS (BERMUDA) LTD 

w Concepts Faros Fund s 940 

GAIA CURRENCY FUNDS 

w Gala Hedge II S 13546 

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Hr GAIA FX— S 12*53 

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GARTMORE INDOSUEZ FUNDS liftf/f* 

Tel : (352) 4654 2* 470 
Fax : (352)46 154! B 
BOND PORTFOLIOS 

0 DEM Bond. JDtaUB DM 6J4 

0 DfveritamL— — D Is 2.6S SF 198 

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EQUITY PORTFOLIOS 

0 ASEAN 1 958 

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tf Germany —DM 557 

0 Intemotfonol S Z4S 

rf Japan Y zmjx) 

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RESERVE FUNDS _ 

tf DEM OBSM DM 4JW 

d Dollar DtaZlll, 5 2.185 

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GEFINOR FUNDS 

London: 71 -49V 41 7LGeneva;41-32 735 5530 

w Scottish world Fund S 4795715 

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GENESEE FUND Ltd 

w IA Geneeee Eagle — S 1H42 

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GEO LOGOS 

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GLOBAL ASSET MANAGEMENT 
OFFSHORE FUNDS 
11 Attxi) stZtouglaiil of Man 4443642M07 


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GLOBAL CAPITAL MANABEM 


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WORLD INCOME PORTFOUO 
0 rtlF * * 

GUMLCURRENCY BOND SERIES 


GUERNSEY CAPITAL MANAGEMENT LTD 

fGCM Global SeLEa- 3 „ 111.19 


AUSTRALI AN DOLLAR PORTF OLIO 


GUINNESS FLIGHT FD MNGRS (OntoylLM 
GUINNESS FLIGHT GLBL STRATEGY FD 
d Managed Currency— ^5 38J» 

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0 GW 4 £ Sand C 

d Eure High Inc. Band— _c 2029 

0 Globcl Equity ■ ■ - — — * 

d American Blue Otto s 28£ 

d Japan anO Poctflr. . . i XiLn. 

0U K— ■ > fig 

GUINNESS FLIGHT INTL ACCUM FD 

d Deutsenemart Money DM 90363 

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HASENBICHLER ASSET MANGT GeutoH. 

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ENTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 17-18, 1994 


Page 1 



THE MONEY REPORT 


'Globalized’ Fund Regulations Debated p 

i Rv Rom EPporc , Mexico, the Ukraine and ocher against the fund operators. The fund must 

* etZ€T COMitnes. also send its partners audited annual re- 

A u tut? invivn-A/'M * Earlier this month, moreover, a meeting pons and a wanting of the risks of futures 

ur.y AN T A( if * * S ^ sponsored by the Swiss Commodities, Fu- trading. 

!?. apa3lI ^* llI1 ^ 10n turcs and Options Association attracted Even under CFTC regulations, hedge 
‘ > ,~\Y 0U cao ,j nves _ l m a 350 attendees, among them 40 regulators funds may qualify for certain exemptions 

hedeefund even .f nm from 27 countries. One of the topics on the J 1 

agenda was a proposed new mvesunent- 
fund law that would aDow hedge funds to 
be launched in Switzerland. Its sponsors 
are hoping the proposal will spar other 
European markets to update their own 


i:-"; 

*»*-■ ' 

i •• 


f By BaieNetzer 

A H, THE ADVANTAGES of be- 
ing rich. With a paltry $1 miTlirm 
in capital, you can invest in a 
hedge fund --even if you're not 
exactly sure what that is. 

And because you’re rich and the part- 
ners you form a hedge fund with are rich 
as well, . the U.S. Securities and Exchange 
CommissiGn, known as the SEC, will not 
burden your busy fund managers with a 
lot of regulation other than some standard 
filings. 

If -you’re lucky, you won’t even have to 
read a prospectus. All the details can be 
work ed out in a confidential memoran- 
dum that your lawyer looks over. 

But there are disadvantages attached to 
all your wealth: If something goes wrong 
in your hedge fund, regulators assume you 
\ knew what you were doing 
; Until recently, regulation of derivatives 
funds or hedge funds basically followed 
the logic that trading in sophisticated a nd 
- risky commodities should be limited to 
i those who had substantial net worth and 
i the supposed market know-how that goes 
•gg along with wealth. 

But the money flowing into derivatives 
“ funds and hedge funds, combined with the 
* emergence of new futures markets around 
: the world, has led authorities in a number 
of countries to think about “globalizing” 
regulation. Last year, the U.S. regulatory 
authority for futures transactions, the 
Commodities and Futures T radin g Com- 
mission, or CFTC, held a training seminar 
with representatives from Malaysia, Sin- 


regulatory laws. 
By most accot 


By most accounts, the American model 
has thus far set the standard for the new 
regulation now developing. On one hand, 
hedge funds formed on the U.S model as 
limited partnerships face fewer regulatory 
requirements than mntnal funds regulated 
by the SEG On the other hand, any hedge 
fund that holds futures must file with the 
CFTC as a commodity-pool operator. 

“In the past there was always a certain 
exemption for funds that only held 1 or 2 
percent of their assets in futures,” said 
Caroline Van, vice president of research at 
International Advisory Group, a deriva- 
tives- and hedge-fund monitoring concern 
in Nashville, Tennessee. “But since limit- 
ed partnershi ps sta rted getting into com- 
modities, the CFTC has gotten more con- 
servative. Now, if you hold any type of 
future at all, you’re going to have to regis- 
ter.” 

If a hedge fond is regist ered as a com- 
modity-pool operator, the CFTC requires 
disclosure of fees and expenses, back- 
ground and past performance of the fund, 
and other information such as whether 
legal proceedings have ever been brought 


r ‘ ist the fund operators. The fund must 
send its partners audited annual re- 
ports and a warning of the risks of futures 
trading 

Even under CFTC regulations, hedge 
funds may qualify for certain exemptions 
if they have partners with especially high 
net worths or if less than 10 percent of the 
portfolio is traded in futures products. In 
gen eral, t he level of disclosure filed with 
the CFTC will vary under these exemp- 
tions. However, partners may provide for 
detailed disclosure in a confidential mem- 
orandum signed in agreement with the 
fund. 

For offshore hedge funds, Lhe level of 
regulation varies depending on the domi- 
cile of the fund and the markets the fund is 
sold into. In general, experts say the Baha- 
mas dictate fewer requirements than the 
Cayman Islands or Bermuda. 

“All things being equal, it’s better to 
invest in a fund where regulation is high- 
er.” said George Van, chairman of Inter- 
national Advisory Group. “But all things 
are never equal.” 

Dublin, for instance, is considered by 
many to be a fairly easy domicile from 
which to launch a fund, although it is 
relatively costly and regulatory require- 
ments are widely considered to be suicter 
than those in the Caymans. In the United 
States, the multiple filing of information 
in each state can rack up fund-launching 
costs of 5250,000, according to Roland 
Jansen, a vice president in the Zurich 
office of Courts & Co., the global private 
banking concern. In the Cayman Islands, 
analysts note, set-up costs for a hedge 
fund can be as little as 525,000. 







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While a number of European govern- 
ments are now interested in mode rnizin g 
their financial markets and stopping the 
flow of money into offshore locales, there 
has been little agreement regarding the 
harmonization of investment laws to date. 
For European governments, say some ob- 
servers. continued reliance on outdated or 
overly-restrictive laws can translate into a 
substantial loss of tax revenues. 


"Germany didn’t even have a licensing 
procedure until recently.” said Mr. Jan- 
sen, referring to hedge funds and deriva- 
tive products. "In Britain, they modern- 
ized their laws a few years ago but they 
made it too restrictive and now it’s a 
horrible place to try and set up a fund." 

Switzerland faces a similar problem: 
Two-thirds of all Swiss funds are managed 
outside of the country. To attract futures 


funds and hedge funds, Mr. Jansen and 
the Swiss Council of the European Man- 
aged Futures Association, or EMFA. have 
been part of a team drafting new invest- 
ment fund legislation. 


The Money Report is edited by 
Martin Baker 


After Stellar Performances in 1993, Hedge Funds Have Plummeted Back to Earth 

T HE exceflent overafl performance colla p sed after his mortgage-backed bond ample, which play markets to fall, have minimum investment levels — which often hedge-fund mimimnm and then invest it appear to have fared quite as well as mu 1 

of hedge funds in 1993 has fallen hedge fond suffered huge losses. gained 9.4 percent through August. And range from 5250,000 to many millions — across a range of hedge funds, are rising in al funds. Their 1.13 percent gain throu 

back to earth this year, in Hne When compared with benchmark index- distressed-securities hedge funds, which access to them is widening through the popularity through making hedge funds August, for example, slightly trails the 1, 

with many dobal markets* ^ invest in comnanies lifiderfyninp renroani- “fund nf fttnHc* 1 annrnnrh m nr* rn nnn-n.Mltkv inujKtnrc nerrent rise in r irwvrV GrAtL'tk Pivn.'t 1 


T HE excellent overall performance 
of hedge funds in 1993 has fallen 
back to earth this year, in line 
with many global markets. 

Macro hedge funds, the headline-mak- 
ers that make bets on shifts in global econ- 
omies and interest rates, have given new 
meaning to the adage that the bigger they 
are, the harder they fall. After posting an 
average gain of 53 percent in 1993. macro 
funds have lost nearly 17 percent this year 
through the end of August, according to 
the E. Lee Hennessee Group, a consultan- 
cy at Republic New York Securities that 
tracks major hedge funds globally. 

Highly-publicized hits have been taken 
by the Quantum Group of investment 
funds, whose Midas-touch manager 
ik George Soros lost 5600 million in one 
currency deal in February, and by David 
Asian, whose capital management firm 


collapsed after his meat gage-backed bond 
hedge fund suffered huge losses. 

When compared with benchmark index- 
es, the performance of hedge funds this 
year is mixed. The “universe” of 200 hedge 
funds tracked by the Hexmessee group 
posted an average gain of 1.64 percent 
through August, beating the NASDAQ 
Composite Index (down 1.46 percent) and 
the Russell 2000 index of small companies 
(up 039 percent), but la gg ing behind the 
S&P 500 (up 3.88 percent) and the Dow 
Jones industrial average (up 6.46 percent). 

The same group of hedge funds edged 
our Upper Analytical's Growth Fund In- 
dex of growth-oriented mutual funds, 
which mined 133 percent through August, 
but trailed Upper’s Low-Priced Value In- 
dex of value equity funds, which gained 
4.17 percent. 

Certain types of hedge funds performed 
extremely well. Short-only funds, for ex- 


ample, which play markets to fall, have 
gained 9.4 percent through August. And 
distressed-securities hedge funds, which 
invest in companies undergoing reorgani- 
zation or bankruptcy, have risen by 9.6 
percent. 

Moreover, certain trends seem to be 
emerging among investors in hedge funds. 
“Essentially, there are two points to be 
made,” said E. Lee Hennessee. who runs 
the hedge fund consultancy at Republic 
New York Securities. “First," the wealthiest 
people are seeking to re-allocate. Some 
people who have bad 50 percent to 75 
percent of their hedge-fund capital with 
macro managers are now saying they want 
to re-allocate with managers in other 
styles” 

Miss Hennessee added that while hedge 
funds are still considered a very non-ira di- 
tional game played only by wealthy indi- 
viduals and institutions who can afford the 


minimum investment levels — which often 
range from 5250,000 to many millions — 
access to them is widening through the 
“fund of funds” approach. 

Despite the fact that macro funds have 
suffered this year, some analysts say there 
are many reasons not to lose confidence in 
them. California-based Monty Guild, who 
runs four macro funds, said that the sharp 
vicissitudes of today's global political and 
economic climate represents fertile ground 
to hedge fund managers. 

"Major changes in politics lead to major 
economic changes." he said. "And every 
time a country changes its modus ope ran- 
ch. that presents opportunity. “And never 
in lhe post 100 years have "there been so 
many investment opportunities due to pol- 
iticians knowing that they have to improve 
their economies in order to stay in office.” 

Funds of funds, which pool lower stakes 
of capital than the typical $1 million 


hedge-fund mimimnm and then invest it 
across a range of hedge funds, are rising in 
popularity through making hedge funds 
more accessible to non-weal thy investors. 
But they have minimum investment levels 
themselves which are rarely less than 
SI 00,000, and more likely to be in the 
$250,000 range. This year through the end 
of August, funds of funds have returned 
1.15 percent os tracked by the Hennessee 
group. 

Proponents of the fund of funds ap- 
proach cite several benefits. “The major 
liability to the hedge fund investor is not 
knowing the manager or his style very 
well." said George Fox, a fund of funds 
manager based in New York. "The fund of 
funds provides both expertise in selecting 
the hedge fund managers and diversity by 
investing with many of them. It also pro- 
vides someone to monitor the investment" 

So far this year, funds of funds do not 


appear to have fared quite as well as mutu- 
al funds. Their 1.13 percent gain through 
August for example, slightly trails the 1 .53 
percent rise in Upper’s Growth Fund In- 
dex. In the first quarter, when man> global 
markets slid steeply, funds of funds tell 
4.09 percent according to the Hennessee 
group, while the average U.S. equity fund 
lost 3.33 percent according to Upper. 

Marc Landau, president of Paris- based 
Olympia Capital Management which runs 
16 funds of funds, warned that the fund of 
funds concept should not be used to attract 
new droves of relatively unsopliisticaicd 
investors to hedge funds. 

“If that’s what happens, it will make for 
a lot of unhappy people." he said. “They'll 
get their hopes up and then bad things 
could happen. There is no free lunch in 
investing.” 

— Philip Cranford 


Can Derivatives Really Move Markets? briefcase 


By Michael D. McNickle 


E VERY day, trillions of 
dollars worth of trades 
are made, that don’t 
necessarily appear cat 
any company’s books. Some 
weeks, analysts say, the stock 
’ market can be moved like a yo- 
yo, but few people understand 
why. 

Welcome to the world of de- 
rivatives, where the currency is 
in trillions, there are no bor- 
ders, and regulators can be hard 
to find. 

Indeed, so taken has today’s 
investing culture become with 
derivatives that a new vocabu- 
lary has been spawned to de- 
scribe them. Terms such as 
, “parallel universe” and finan- 
cial "twilight zone” are being 
! heard on Wall Street, although 
their definitions are probably as 
^multifarious as the people who 
use them. 

But some analysts say that 
derivatives pose dangers to re- 
■ tail equity and bond investors, 

‘ as wen as to the overall stability 
• of .the markets. 

“Everybody’s willing to crc- 
, ate these customized products," 
■said Jeffrey Miller, managing 
partner of the New York-based 
brokerage Miller, Tabak Hirscb 
•& Co., and its consulting arm 
.Derivatives Associates. “And 
■ then you’ve got corporations 
. using them on the other side. 
>And that has been a topic of 
tremendous interest because 
- there have been a few disasters. 

Say a giant blue chip compa- 
. ny reports a huge {unexpected} 
•loss. Everyone says, ‘Where'd 
■ that come from?’ 

Mr. Miller explained that, in 
■ his view, corporate investing in 
' derivative securities can jeopar- 
• dize the financial health of a 
company, often at the expense 
of shareholders who think the 
corporation’s fortunes depend 
solely on the quality of the 
products and market cycles. 

Indeed, other critics say that 
while there may well be a legiti- 
mate role for derivatives for 
major companies looking to 
control currency risks, thor use 
as hoped-for profit centers by 


say a giam oiuc uuf* 
repons a huge {unexpected} 
is. Everyone says, ‘Where'd 


large firms may run counter to 
the type of conservative man- 
agement philosophies that 
many small investors seek when 
they buy shares. 

"It’s a problem for the indi- 
vidual investor,” said Mr. 
Miller. “Say you’re investing in 
some sort of consumer goods 
company and you're prepared 
to take that risk, that maybe the 
consumer won’t buy its prod- 
ucts. But then, all of a sudden, 
you find out that you took a 
completely different risk, that 
the company had a leveraged 
bet on German interest rates. 

"The individual, I think, 
would be fairly upset by the faa 
that a corporation might have a 
significant risk away from the 
area that you’d expect the busi- 
ness risk to be in.* 

Other analysts add that mu- 
tual funds can also quietly 
make bets in the derivatives 
markets that its investors may 
never know about unless disas- 
ter strikes. 

Some observers cite the case 
of the Minneapolis-based Piper 
J affray Institutional Govern- 
ment Income Fund, which lost 
22.9 percent of its value be- 
tween January and August this 
year, according to John Re- 
ken thaler, editor of Morning- 
star Mutual Funds. Mr. Re- 
ken thaler said the losses were 
caused, in part, by the fund’s 
weighting in a variety of mort- 
gage-backed securities that are 
sensitive to fluctuations in in- 
terest rates. 

These derivative securities 
suffered when both the prime 
lending rate and federal funds 
rate in the United States rose 
earlier this year. In several pre- 
vious years, Mr. Reken thaler 
said, Momingstar had rated the 
fund as a top performer with 
double-digit returns. 

Marie Ullrich. a vice presi- 
dent at Piper Jaffray, said that 
not all of the losses in the Insti- 
tutional Government Income 
fund were due to derivatives. 
She said that 94 percent of the 
fund was weighted in securities 
issued either by the U.S. gov- 
ernment or a government- 
backed agency, and added that 


even the “five-year Treasury 
note has decline 10 percent in 
value since October 1993.” 

Michael J. Corbett, a senior 
analyst for The Mutual Fund 
Letter, a publication that ana- 
lyzes funds, said be had not 
specifically studied Piper Jar- 
fray’s derivatives investments. 
But he also said that he was 
leery of such securities: "In gen- 
eral, we don’t like them, and 
we’ve always avoided them. 
When we’ve seen a fund intro- 
duce them, at least to the extent 
of more than five to 10 percent 
of a portfolio, we’ve always 
shunned it." 

“There are too many risks for 
the individual investor,” Mr. 
Corbett added. “Your typical 
individual investor is investing 
in a fund to get the diversifica- 
tion in stocks and bonds that he 
can’t get on his own. And [de- 
rivatives] are not really some- 
thing he should be exposed to. 
We uke them to the extent that 
you can do some hedging, but 
to enhance returns, that’s where 
we really don’t like them.” 

The impact of derivatives on 
markets has evolved far beyond 
their original role of hedging 
investments. Some analysts say, 
for example; that stock-index 
options now sometimes them- 
selves exert pressure on under- 
lying share prices. 

This past August 24th, for 
example, the Dow Jones indus- 
trial average gained 70 points in 
one day of trading. Part of the 
big move, observers say. was 
dim to the expiration of a large 
batch of flex mdex options that 
were tied to the performance of 
the American Stock Exchange 
Institutional Index. 

Flex index options can ma- 
ture on almost any date, as op- 
posed to traditional index op- 
tions, which normally expire on 
the third Friday of the month, a 
time sometimes referred to in 
Wall Street parlance as the 
“witching hour.” 

William T. Mullen, a portfo- 
lio manager at Loomis, Sayles 
& Company, had sold 2,000" in- 
dex rail options that were due 
to mature on that day. The op- 
tions represented a bet by Mr. 


Mullen that the market would 
not rise more than 5 percent 
between the date in July when 
he sold them and August 24. If 
the market indeed did not rise 
by 5 percent, the options would 
have no value to their buyers at 
maturity. 

But Lhe market headed up- 
ward early that day, and by 1 
P.M., the American Stock Ex- 
change Institutional Index had 
risen 1.81 to 46837. The 2,000 
flex index options sold by Mr. 
Mullen were in the money all of 
a sudden. Holders of the op- 
tions began buying shares, 
pushing the bubble upward. 

Some of this buying, obser- 
verssay, was perceived as a 
swell of demand from institu- 
tional investors, and buyers 
hopped on the bandwagon. At 
the end of the day, the Dow was 
up oyer 70 points and the Amex 
Institutional Index was up 
nearly 5. 

Analysts concluded that the 
index options, coupled with 
some mild upward fiends, had 
substantially moved the entire 
market Both the Dow and the 
Amex Institutional Index 
slumped the next day. 

Gerald Beirne, a broker who 
has testified before the U.S. 
Congress on the issue of market 
manipulation, said that the po- 
tential of derivative securities 
such as index options to roil 
entire markets was dangerous. 

“I would classify it as an un- 
dermining in the confidence in 
the value of stock at any given 
time due to increased volatili- 
ty," he said. “We still operate 
under this old-fashioned notion 
that, some how or other, it's an 
efficient market.” 


Hambros, NatWest 
Launch Asia Fund 

Hambros Bank and NatWest 
Securities have launched a new- 
mutual fund that invests in 
Asian small companies. The 
companies will have stock-ex- 
change listings and market cap- 
italizations of less than 5500 
million. The portfolio will ini- 
tially concentrate on Hong 
Kong. Malaysia, Singapore and 
Thailand. 

The investment objective of 
the fund, which will be listed on 
the London Stock Exchange 
and is expected to have a life of 
seven years, is long-term capital 
growth. Minimum subscription 
is 530,000. 

For more information, call 
Hambros Bank in London on 
{44.71)4803000. 





LCF Targets Israel 
In Offshore Fund 

Investing in Israel another 
emerging market, is the focus of 
a new fund from La Compagnie 
Financiers Edmond de Roth- 
schild Banque, or LCF. “Israel 
2,000" is a Luxembourg- listed 
fund that will commit cash to 
equities quoted on the Tel Aviv 
market. 

Die fund is quoted in dollars 
and has a launch price of S2300 
per share. The managers state 


Sept. 93 -Aug. 94 + 52 . 21 % 

11 winning months and only 1 losing month of - 3.62%. 

Please Call: 

+ 1 - 809 - 322 5839 fcr+ 33 -93 25 15 62 


that they may utilize hedging 
techniques to protect the value 
of the fund. 

LCF says there are a number 
of reasons to be bultisb on Isra- 
el. The fund's prospectus points 
to Israel’s estimated GDP 
growth of 6 percent this year, 
after an average of 5.5 percent 
per year between 1990 and 
1993. Inflation in Israel, says 
LCF, has fallen from a soaring 
445 percent in 1984 to an esti- 
mated 14 percent in 1994. 

LCF is also touting Israel’s 
work force as highly productive 
and highly skilled, and says that 
it will be supplemented by well- 
educated immigrants from the 
former Soviet Union. Govern- 
ment debt is also down in Isra- 
el, from 176 percent of GDP in 
1985 to 90 percent in 1993. 

Israel’s stock market has a 
total capitalization of over 535 
billion, with an average daily 
turnover of SI 27 million. There 
are 625 companies listed on the 
Tel Aviv Stock Exchange, ver- 
sus 286 in 1991. 

For more information, call 
LCF in Paris on (33.1) 
40.17J14.14; or fax on (33.1) 
40.17.24 42. 

France, U.S. Sign 
Retooled Tax Pact 

Looks like more work for ac- 
countants. A new tax treaty be- 
tween the United Slates and 
France has been signed. For 
Americans, it retains the princi- 


J 1 OFFSHORE V 
INVESTMENT 
FUNDING 
COMPANY 

□ Requires projects in excess ot 

USS3 mil Sen. 

□ Macimum term 12 yeas 

□ Rates from 2 5% over US tfoor. 

Please fax brie! scenario to 
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or telephone for further information: 

A! correspondence In Engssh to. 
Malta 

(+356 ) Tel.: 337066 
(4*356) FAX: 337067 

\ box 78 , Suvma, Jp 
FL.MOI, Malta g 


pies of the old one — a five-year 
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elimination of French tax on 
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putation- 

Some international tax ana- 
lysts are advising U.S. expatri- 
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point. 

Halifax Offers 7.25% 
On Large Deposits 

The Halifax Building Soci- 
ety, the largest U.K. thrift soci- 
ety, has launched a Jersey-do- 
miciled one-year deposit 
account aimed at the well- 
heeled investor. Those commit- 
ting £150,000 (5234.000) for 
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cent interest rate, with no with- 
holding tax. 

Withdrawal within the year is 
allowed, but subject to payment 
of an interest penally. 

hi ext Week in the Money Re- 
port: A global look at pension- 
fund management. 


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Page 18 



SPORTS 




What NFL Salary Cap? 
49ers Snap Up Sanders 


New York Times Service 
SANTA CLARA, California 
— They were joking in the San 
Frandsco 49ers’ locker room. 
“Dream Team III," the players 
bowled, knowing the rest of the 
National Football League was 
not laughing. 

Deion Sanders officially end- 
ed his free-agent national tour 
when he signed a one-year, 
S 1.335 million contract Thurs- 
day. The team's president. Car- 
men Policy, said Sanders could 


earn another $750,000 if the 
49ers reach the Super BowL 
“This is like a dream come 
true.” Sanders told a media 
throng that had not been seen 
in the Bay Area since Joe Mon- 
tana left for Kansas City. “All 
along I said my main goal was 
to win the Super BowL 
Sanders, who took pan in a 
light workout, said he hoped to 
play against the Los Angeles 
Rams on Sunday. Coach 
George Seifert said Sanders 


NFL Matchups , Week 3 


Sew York Tima Service 

New York Jets (2-0) at Miami 
(2-0): Both quarterbacks. Boom- 
er Esiason and Dan Marino, 
have been playing well. Jets' of- 
fensive line has given up just 
one sack, the Dolphins' rushing 
defense (46 yards a game aver- 
age) is best in NFL. Jets' de- 
fense might be a bit healthier, 
particularly in the secondary. 
Odds-makers pick the Dolphins 
to win by 5 points. 

Arizona (0-2) at Cleveland (1- 
]): Cardinals' defense has nine 
sacks, and is tied with Vikings' 
for second in NFL But quarter- 
back Vinny Testaverde has 
thrown six interceptions in two 
games, and Browns appear to 
Have their act more together. 
Browns by 216. 

Buffalo (1-1) at Houston (0- 
2): Bills seem to have solved 
some of their problems on of- 
fensive line by shifting huge Jer- 
ry Crafts from tackle to guard. 
Oilers proved against Dallas 
last week that they can be very 
resourceful on defense — and 
they will need all their wiles this 
week. Oilers by 216. 

Green Bay (1-1) at Philadel- 
phia (1-1): Eagles are second in 
NFC in turnover ratio, at plus- 
2, while quarterback Raodall 
Cunningham had 250 yards 
passing m ite first half Monday- 
night against Chicago. Defensive 
end Reggie White is returning to 
Veteran Stadium for first time 
since going to Green Bay, and 
will be pumped up for this one. 
Unfortunately, he doesn’t play 
on offense as wdL Eagles by 3. 

lnfianapofis (1-1) at Ktte- 
burgh (1-1): Steelers' offensive 
line did hot give up a sack last 
week, but Colts’ linebackers can 
bring a lot of pressure. Marshall 
Faulk, whose 360 yards from 
scrimmage leads NFL, will test 
Pittsburgh’s defensive front, 
and it should pass this test. 
Steelers by IVi. 

Minnesota (1-1) at Chicago 
(1-1): Vikings' defense has al- 
lowed an NFL low of 19 points, 
while Chicago’s Erik Kramer is 
the NFC’s No. 2 rated quarter- 
back. But Warren Moon seems 
to have made peace with his 
slippery fingered receivers and 
Vikings' offense is moving. 
Bears by 1VS. 

New England (0-2) at Gntin- 
nati (0-2): Patriots are NFL’s 
No. 1 passing team, averaging 


395 yards a game, while Ben- 
gals' defense does not have a 
sack yeL Patriots by 3. 

New Orleans (0-2) at Tampa 
Bay (1-1): Quarterback Jim Ev- 
erett's 68.7 completion percent- 
age is No. 2 in NFC, but Saints 
can’t get anything to go their 
way. Buccaneers are only team 
in NFC without a turnover. 
Bucs by 4. 

Washington (1-1) at New 
York Giants (2-0): Loss of run- 
ning back Rodney Hampton, 
out with a bruised kidney, will 
hurt Giants. Redskins’ quarter- 
back John Friesz picked up lev- 
el of his game last week, but will 
need to go up another floor or 
two this time. Giants by 7. 

LA. Raiders (0-2) at Denver 
(0-2): Bronco kicker Jason 
Flam 's 20 points (S-of-5 on 
PATs and 5-of-5 on Field goal 
attempts) leads AFC, while 
Raiders’ quarterback Jeff Hos- 
tetler seems to have lost his 
speedy receivers. Broncos by 4. 

San Diego (2-0) at Seattle (2- 
0): Quarterback Stan Humph- 
ries has thrown 1 1 1 passes with- 
out interception, with 
Seahawks’ Rick Mirer equally 
hoL Seahawks' had four sacks 
against Raiders last week, and 
defense likely will tip the bal- 
ance. Seahawks by 3. 

San Francisco (1-1) at LA. 
Rams (1-1): Rams have a 
freight train in their backfield 
in Jerome Bettis, but it’s unlik e- 
ly h e can keep up with 49ers’ 
SST Jerry Rice. He averages 
18.2 yards per catch against the 
Rams. 49crs by 1316. 

Kansas City (2-0) at Atlanta 
(1-1): Receiver Andre Risen 
leads league in receptions (26), 
yards (316) and touchdowns 
(4), but Falcons' defense is sus- 
pect. Chiefs’ offensive line has 
given up just two sacks in two 
games, out may be emotionally 
drained after game against 
49ers. Chiefs by 1VL 

Dallas (24)) at Detroit (1-1): 
Defensive end Charles Haley 
leads NFL with 5.5 sacks ana 
Cowboys lead NFL with 14 
sacks. And, Lions’ running 
back Barry Sanders hasn't got- 
ten out of the chute like his 
Cowboy counterpart, Eznxnitt 
Smith. Cowboys by 1216 on 
Monday night 

These matchups were com- 
piled by Timothy W. Smith 


would see some action as a 
nickel back. 

Edward J. DeBartolo Jr, the 
team's owner, and “Mr. Policy 
gave me a feeling they really 
care about their players,’’ Sand- 
ers said when asked why he 
turned down higher offers. 
“When they walk through the 
locker room, you don’t hear any 
whispering or bickering behind 
their backs, like you do at other 
organizations. Everyone here 
respects what they’ve done, on 
and off the field. They’ve won 
four Super Bowls. I’m just here 
to make it rive.” 

The Atlanta Falcons, for 
whom Sanders had played, said 
they had offered him a one-year 
contract worth $2.8 million, but 
that the defensive back had 
“strung us along.” 

“I got offers from Miami and 
New Orleans, but 1 have yet to 
receive an offer from Atlanta,” 
said Sanders. “1 gave them five 
years to re-sign me." 

The 49ers needed only the 
immin ent cancellation of the 
baseball season to clear enough 
money under the salary cap to 
lure the flamboyant Sanders to 
San Frandsco. By Tuesday, 
when it was clear Sanders 
would no longer would be play- 
ing for baseball's Cincinnati 
Rajs this season, the 49ers re- 
structured the contracts of Ken 
Norton Jr„ Gary Plummer and 
Tim McDonald." Thai freed the 
$1335 milli on Sanders will be 
paid in salary for the remainder 
of the season. 

He already was talking about 
re-signing with the 49ers after 
the season is over. 

Eventually, Sanders is ex- 
pected to play left comerback, 
the side opposite of where he 
roamed for the Falcons the past 
five seasons as a three-lime Pro 
Bowl selection. 

That spot is known as “the 
hot comer" because most teams 
are right-handed and place 
their feature receivers on that 
side. 

In addition to Sanders, the 
49ers also signed Charles 
Mann, the long-time Washing- 
ton Redskin, to the league mini- 
mum $162,000 contract Defen- 
sive end Richard Dent injured 
his knee last Sunday against the 
Chiefs and will be out 1 0 weeks. 
Mann will rotate with Rickey 
Jackson, another recent free- 
agent acquisition. 

The 49ers are one of the few 
teams to solve the S34.6 million 
salary cap. They have added 
Norton from Dallas, Plummer 
from San Diego, Jackson and 
Toi Cook from New Orleans 
since last season. 

“There are absolutely no 
more rabbits under the cap,” 
Policy said. 

Some 49ers, though, pleaded 
with the assistant general man- 
ager, Dwight Clark. “Sign 
Wayne Gretzky as a holder," 
one said. “See if Michael Jor- 
dan will play for the mini- 
mum,'’ yelled another. 



Arsenal and Inter Milan Open Cups Successfully 


The Aaoaaed Pros 

LONDON — Arsenal and 
Inter Milan have successfully 
opened defense of their Europe- 
an titles. 

Arsenal beat Omonia of Nic- 
osia. 3-1, in Thursday’s opening 
round of the Cup Winners’ Cup 
before 20,000 spectators on Cy- 
prus who jeered every mistake 
by the English club. 

Paul Merson had two goals 
for Arsenal and Ian Wright the 
other. Costas Amelkos scored 


in the 72d minute for Omonia. 

Inter, playing at home, beat 
Aston Vwa, 1-0, in its opening 
UEFA Cup match. The English 
team’s defensive tactics almost 
prevailed but a penalty kick in 
the 74th minute by Dutch star 
Dennis Bergkamp carried the 
Italians. 

The I talian club Sampdoria 
wasn't so lucky, losing by 3-2 to 
Bode Glimt, a part-time profes- 
sional Norwegian club, in a 
Cup Winners' Cup match. 


Bent Inge Johnsen scored 
twice for Bodo Glimt. The dub 
is based north of the Arctic Cir- 
cle, but the match was moved to 
Oslo’s UUeval stadium. 

The Norwegians led, 2-0, at 
halftime on goals by Tom Rare 
Staurvik and Johnsen. Mauro 
Bertarclli replied for Sampdoria 
two minutes into the second 
half, but Johnsen made it 3-1 in 
the 58th minute. David Platt of 
Sampdoria ended the scoring in 
the 69th minute. 


In other games, Chelsea 
marked, its return to European 
competition with a 4-2 triumph 
over Czech champion Viktoria 
Zizkov; Dundee United kept 
Scotland's hopes alive in Eu- 
rope with a 3-2 victory over the 
Slovakian club Tatran Presov, 
and Portugal's FC Porto scored 
two late goals to down Poland’s 
LKS Lodz, 2-0. 

The return leg matches of the 
first round axe to be olaved 
Sept. 29. 


AC Monaco , 
Fires Wenger * 
As Coach 


OaptMOv (hr Staff From 0*0*** 
MONACO - Arsene 
Wenger, who coached A5> Mo- 
iaco to European Champions' 
“up semifinals last season was 
ired Friday with the dub in 
17th. place in 'th*;.20rteam 
French League after Josing five 
)f its first caght raatdws. t; 
The dub president Jem- 
Campora, announced the 


• Brazilian striker MK8cr 
flew home Friday after'.-liis 
$3.75 million transfer to, En- 
gland’s Everion fell through. 

“The deal is dead and bur- 
ied," Everton’s manager, Mike. 
Walker, said. “We had sfcntaJP 
contract to him and seemed to 
agree, but then his advisors 
turned up with him yesterday 

rii-marifting XQOTC." 

• The Brazilian defender Ju- 
lio C6sar was threatening to 
leave Bonissia Dortmund after 
having been disparaged and re- 
fused entry to a discotheque in 
the cdty because he is black, 
dub officials said. 

The player, who transferred 
from Juveatus, Turin 
mer, reportedly insisted on hav- 
ing a clause in his contract al- 
lowing him to break the 
contract if he became the target 
of racism in Germany. . 


City authorities had prom- 
ised to investigate the modem 
and threatened to dose the dis- 
cotheque. - 


SCOREBOARD 


Japanese Leagues 

CHlndUami 



W 

L 

T 

Pet 

a a 

Yomlurl 

64 

55 

a 

J30 


Hiroshima 

63 

57 

0 

& 0 

1 w 

Hanshln 

AO 

59 

0 

J04 

4 

ChunkM 

St 

59 

0 

500 

4VS 

Yokenama 

ss 

«2 

0 

An 

8 

Yakutt 

S3 

a 

0 

MX 

9 


Friday's Results 
No names scheduled 

Pacific Leasts 



w 

L 

T 

Pet, 

GB 

Setbu 

H 

48 

0 

-58* 

— 

Orix 

44 

52 

2 

SSI 

4 

Kintetsu 

42 

53 

2 

S39 

5 

Dalef 

42 

55 

1 

sx 

•4 

Latte 

48 

45 

1 

JOS 

18 

Nippon Ham 

41 

72 

4 

M3 

2S 


Friday's Results 
SeRM A. Orix 1 
Kintetsu vs. Dalai, md. rain 
Lotto vs. Nippon Ham. ppflL ralrt 



European Cup Results 


UEFA CUP 
Inter Milan L Aston Villa, 0 
Scorer: Berskatno (75th. penalty). 
OHmpilo UubOara X, EtofrocM Frankfurt t 
Scorers: Oil mol to — 5 II la k (2nd). Frank- 
furt— Least (Sfth). 

CUP WINNERS' CUP 
Brooder X fk Tirana 0 
Scorers: Jensen 09fti penalty), Hansen 
(SUh), Blur (44th>. 

BesKfos Istanbul 2, Helsinki g 
Scorers: Oktay 127th), ErYwrul 135th, pen- 
alty). 

Grasshoppers l Cbernomerets Odessa • 
Scorers: Blckei Mist). Roller (jam), Subtet 
i rati). 

Dundee United % Tatran Pruav 2 
Scorers: Dundee— Petrie (14th), Nixon 


(57th), Hannah (69th). Tatran— SkalXa mm). 
Zvora (41st). 

SOeo Ravers 1, CJut> Brume 2 
Scorers: Shoo Ken n y (44th 1. Brume— 
Vermont (10th). Vemeven (63d) 

Bodo GtfaM X Sampdoria 2. 

Scorers: Bodo — Staurvik (3d>, Johnsen 
133d. 58th). Sa m pdoria — Bertoreltl <47thl. 
Platt (69Tb). 

FC Porto Z Lots 8 

Scorers: Domingos (770), Rui Barms 



NHL Preseason 


T hu t sdurt Games 
New Jersey x Boston 2 
Washington 4. Ottawa 0 
St Louis 6. Dallas 2 
Calgary 4, Vancouver 0 


MAJOR COLLEGE RESULTS 
Thursdays Game 
Duka 41 Army 7 


BASEBALL 
Aififftam League 

BOSTON— Nomod Derek Vlnrard.ou1fleld- 
er, as player to be named talar In trade with 
Montreal for Glenn Murray. oulfMdar. and 
Jim Smith, Pilcher, go plover to be named 
later In trade with Seattle for Lee Tinsley, 
ounicmw i 

KANSAS CITY— Flrad Hal McRae, manog- 
er. 

MINNESOTA — Named B HI Smith assistant 
general manager and vice president. 

TORONTO— Extended ihelr agreement 
wflh Syracuse, IL and Knoxville. SL for 4 
yean and wtfh Haaeratown, sal and Medi- 
cine Hat. PL for 2 year*. 

National League 

ATLANTA— Announced 4-yeor working 
agreement with Eugene. NWL. 


COLORADO— Announeed 2-vear working 
agreement with Salem, CL. 

PITTSBURGH PIRATES— Announced 2- 
vear working a gr e em ent wflh the Calgary. 
PCL. 

BASKETBALL 

Natkmai BaskeftmB Association 
PHOENIX— Waived Jerrod Mustaf, tor- 
waRLStoned Anton lo Lang: forward, to 3- year 
cont r act, and Winston Gotland, guard, to 1- 
vear c o n tra ct . 

FOOTBALL 

National Football League 
CLEVELAND— Released Cartoon LeamlH. 
offensive lineman, and Marcus Lew running 
back, from the practice squad. Stoned PJ. 
Kfldan. Unebocker. to the produce squad. 
NEW ENGLAND— Acaulred Larry 

WhtolxBTU safety, from Seattle. Stoned Andre 

Bowden, linebacker, to the practice squad. 
Waived Jason Carfhen. li n eba cke r. 

SAN FRANCISCO— Stoned Rhett Hall, de- 
fensive tackle, and Rad MRsteod, guard. 
Signed Mike Caldwell: wide recover, to the 
practice sound. Released Derrick Ownra. 
wide receiver, and Bryce Burnett, tight end. 
Waived Adrian Hardv.comertMK*. and Artie 
Smith, defensive tackle. Stoned Deton Sand. 
ara,dafanslve back, and ChartesMamudotoiv 
slva end. 

TAMPA BAY— Signed Joel C/tomon, guard, 
to the practice sauad. 

HOCKEY 

Notiaaal Hacker League 
ANAHEIM— Returned Allan Bestor, Sandy 
Allan and Bvran Penstock, goal tenders: 
Mark DeSantlvMark Yametft, Darren van 
Impa. defensemen.- Mike Manetak, Jemmy 
Stevenson. Kevin Sawyer, left whies; and Do- 
vkd Matas, right whs. to San Dlegot IHL. 
Announced the retirement of Anatoli Fedotov, 
defenseman. 

BUFFALO— Refurned Barrie Moore, toft 
wine, to Sudbury of the Ontario Hockey 
League; Steve Webb. rleM wing, to Peterbor- 
ough of the DHL; Mark Pokxfc, center, end 
Col Benad t defenseman, to Mod Wne Hat ol 
the Western Hockey League: and Mike Walk- 
er, flaoitender. to Regina of the WHL. 

LOS ANGELES— Reassigned Rob Cowto. 
Michael GauL Justin Hacking and Michael 
Burman. de f ensemen; Jeff ShevaJier, Randy 


Pearce aid Dan Bytsmai left wings; and Pan# 
Juki. aQaltander. to P hoe n ix. Internationa) 
Hockey League. Returned ShavneToeorawskl 
right wfna, to Prince Albert. Western Hockey 
League. R etsa«d Ken Hedge Jr. canter. 

N. Y. ISLANDERS A greed to terms with 
Chris MartmiceL center. Asetawd MOan 
Hnhcka. ooo Dander, to Denver, IHL 

N.Y. RANGERS— Reassigned Dan Cloufler, 
goatta. and Gary Roach, defenseman, to Sort! 
SMJMarla. Ontario Hodtey League; Dave Tre- 
BmenkaH. goalie, to LelMxidpe. We s tern 
Hockey League; Martin Editor, d e toin emi 
to Beauport, Quebec Motor Junior Hockey 
League; Adam 5ml ta.deferoanKxi and Jarnle 
ButttorwonLtoTocomaWHLiJohnArtraeo- 
laas. forward, to Ottawa, OHL; Eric Boulton, 
forward, to Oshewa, DHL; David Braseeaa. 
forward, to Shawrtoan. QMJHL, and Paul 
Mctanes forw ar d, to Newmarket. DHL. 

PITTSBURGH— Released Kevin Mcfener 
and Todd Hanraha a defe ns ema w ^wdOaonw 
. wllcoxJorwaDL. Raturoad Senw MiWtoasp- 
ter.'to Granby of the Quebec tailor' Junior 
Laaaua. Assigned Trevor Buchanan, forward, 
to Far Wayne and Eric Murana forward, to 
Cleveland, IHL, 

ST. LOUIS BLUES— Assigned Sieve State*, 
defenseman, and Parrts Duffus. gooltander, 
la Peoria. IHU assigned Alex vasflcvskfl, 
forward, to Prince Gaaraa, WHL. 

SAN JOSE— Assigned David Bruce, Lee 
Leslie and J.F. Qutoftn, loft wings; Gary Em- 
mons and Mark Terris, centers; and Duane 
Joyce, Kan Hammond and Claudio Scremkv 
defenseman, to Kansas Oty. IHL. Meved Va- 
clav Varada, fight wing, to Tacoma. WHL. 
Relacaed Mika Doers, center; John Joyce, 
rtght wing; and Trent Eisner. Tv El oner and 
Scott zygiriskl, defensemen. Reassigned A n- 
Oral Buschen. detonssman; Alexander Owr- 
bayev, left whig; Dean GrlHa and Chris Tan- 
dL rtght wines, to Kansas atv. IHL. 

TORONTO— Stoned Brie FIchaud. uned- 
tender, to mgltlrear contract Sent Jeff An- 
drews, left-wing; Ken Boom June Kovacavlc 
and Ryan Mouoenel, right wtags; DaaM God- 
bout, Ytanni lomnou and Darren Schmidt, 
dafaraawn ; and Joa Van Vtoisen centar, lathe 
Ontario Hockey League; Dave Brumby and 
Devon Hanson, goaltenders; Kory Mul Fin. de- 


fe n s em an; and Pout Vincent, center, tolhe 
Western Hockey League. 

VANCOUVE R— Assigned Rod Stevens end 
Jeff Connetfy. forwards; Sergei Tkachenko. 

goatfender. to Syracuse. AML. and Jem Rad- 

dufce. fwwcs-d, to be determined. 

qOU-HOR 

NCAA— Restored the eiteibflttv of Florida 
Stole football ptenwrs DeTrtdrBroofc*, line- 
backer; Marcus Lang and Patrick- McNeil.- 
offensive guards; Forrest Caftofy, affsns(va 
tackle: ed Tiger McMillan, IrtRiOek. - 

COASTGUARD— Named Pete Reketis sec- 
ondary copch. 

BOWLING GREEN— Named KeUti.NoRz 
monfs oe sto tant basketaWl cooctc : 

DELAWARE— Nomad iltm Sherman assto- 
taut baseball cmcH - 

DARTMOUTH— Promoted Mike Maker to 
men's Mrs! awMand - b asfc a ttx dl coach. 
Named Robert Summon man* second assis- 
tant basketball coa ch . 

DREXEL— Named KbvtaWlHflf men's and 
women* cratofctanttN Mag*.- i; 

MONMOUTH — Named Andy Parte* men's 
usMMu nf basketball 'oao&c - 

NORTHEASTERN f l d m ed Ken Dempsey 
men's as sista nt bo ske ftqtt coach.^ 

OREGON— Announctd Kory Morphy, wioe 
receiver, is le a v i ng the toatba t t toamdiwWo 
spinal mturv suffered ta-a vameonSeot in. 

PENNSYLVANIA Na m ed Mali Kerwfck 
mem cwHfcflanr lacrosse wadi . 

SOUTHEAST MISSOURI— Named AkM 
Cade womens assistant baskefbefl coach. 

VTLLANOVA— Named Jeff Prior assisted 
swimming coach. 


rAnirdimi i kii 1 1 ■ 

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Reuters 

WOBURN, England — Four of golf’s jour- 
neymen shared the first round lead Friday at the 
British Masters as Nick Faldo delivered a sting- 
ing rebuke to a charge of greed. 

Ian Palmer of South Africa, Steve Bowman of 
the United States and Englishmen Andrew 
Murray and Martin Gates each shot 5-under- 
par 67 over the Duke’s Course at Woburn and 
led by a shot over U.S. Open champion Ernie 
Els and Irishman Philip Walton. 

Faldo, back in the pack, was angri er at com- 
ments made by compatriot Mark James than he 
was' about his own round of 71. 

James had said Thursday that he felt that 
Faldo and others planned their schedules 
around appearance money offers and would not 
play events with no extra financial inducements. 

“I don’t take kindly to that remark," Faldo 
said. “I put a fair share back into the game. 

"I have lost £300,000 (5470,000) on one ven- 
jj turn and Tm committing £3.5 milli on to another. 

1 That’s the way I’ve done it and I intend to 
continue doing it. 

"If we had not had appearance money back in 
1980, 1 would have stayed in America where the 
prize money was three times what we had here. 
It’s better than that here now, but players still 
have to be enticed to poorer venues." 

Ironically, James’s comments came after a 
misunderstanding of remarks made by Faldo 
the previous day, when he criticized the state of 
many European venues but made no mention of 
inadequate prize money. 

Of the four leaders. Palmer 


— _ •' ¥ ■. 1 ; 



\ NHL Sees an Opening 
’ In Absence of Baseball 









5: 


.T ’ 




X • 


_ __ 

" " ' -:v 

Ciar> HenfenrerRmim 

Corey Pavin of die U.S. team was tested early in the inaugural Presidents Cup tournament in Virginia. 


U. — i 


*- 


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»*• 

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survived some indifferent iron 
shots by patting superbly, hol- 
ing twice from 30 feel (9 meters) 
and once from 20 feet for throe 
of his six birdies. He had one 
bogey, three-putting from 50 
feet at the sixth. 

Bowman, playing in the sec- 
ond to last group, bad a chance 
to take the outright lead but 
could only par the long closing 
hole, taking three from the 
fringe. 

£2s achieved his 68 with a 
- ... help of anew putter — called an 

. Odyssey — that he turned to 
'I'Z' this week after putting poorly 
. since his U.S. Open triumph in 
June. 

The 24-year-old South Afri- 
can is honoring a long-term 
!;, J ? ^commitment to play here de- 
■ ’.V spite pleas to turn out for the 
international team in this 
„ .... week’s inaugural Presidents 
Cup match against the.Ameri- 
cans in Virginia. 

c . r;T Seve Ballesteros was in the 
: thick of things at 69. 

■’* ™ There was a large group at 70 
-r and an illustrious one of Ryder 
Cup stalwarts at 71 that indud- 
;: ' r ed Faldo and James, the U.S. 
Masters champion Jose Maria 
CHazAbal, Ian Woosnam and 
Bernhard Langer. 

Europe’s leading money win- 
ner, Cohn Montgomerie, ap- 
peared set to join them until 
three-putting die 18th for 72. 

Rain forced postponement of 
the first round Thursday. As a 
result, the third and fourth 
rounds will be played Sunday. 




-1-3 
- !" 


SIDELINES 

Sweden’s Sandhi Signs 
With NHL Maple Leafs 

TORONTO (AP) — Mats 
Son din, the Swedish center ac- 
quired by Toronto in a trade 
with the Quebec Nordiques. 
signed a multiyear contract Fri- 
day with the Maple Leafs. 

Terms were not disclosed, al- 
though it was the contract was 
reported to be worth about S2 
million a year. 

Sundin, in 1989, became the 
first European ever selected No. 
1 in the NHL entry draft. He 
has scored 135 goals plus 199 
assists for 334 points during his 
four NHL seasons. 

For the Record 

Yamaha has signed a new 
two-year contract to continue 
supply engines to the Tyrrell 
Formula One team, the Japa- 
nese company said. (Reuters) 

Canada wilt play four matches 
in New Zealand, including one 
test, during a short tour early 
next year, the New Zealand 
Rugby Football Union an- 
nounced. (AP) 

Quotable 

• President Bill Clinton: "Of 
all the perks that come along 
with bemg the President of the 
United States, the best one was 
being able to play 18 holes with 
Arnold Palmer." 


Match-Play Format Is Unmatched 
For Putting Pressure on the Players 


By Larry Dorman 

New York Times Service 

GAINESVILLE. Virginia — 
It is medieval jousting without 
the lances, boxing without the 
blood and brain damage. It is 
match play, that taxing, 
wrenching exercise of golf in 
which each hole can unfold like 
a novel, where a player' s spirit 
can be either lifted or broken by 
what his opponent does or does 
not do. 

The inaugural Presidents 
Cup matches, having been de- 
layed about two hours by fog, 
got under way Friday at the 
Robert Trent Jones Golf Club, 
with the U.S. team winnin g all 
the morning fourball matches, 
for a 5-0 lead going into the 
afternoon’s alternate-shot four- 
some matches. 

In the morning session. Jay 
Haas and Scott Hoch defeated 
Fulton Allem and David Frost, 
6 and 5; Corey Pavin and Jeff 
Maggert defeated Steve Ei king- 
ton and Vijay Singh. 2 and 1: 
John Huston and Jim Gallagher 
defeated Craig Parry and Rob- 
ert Allenby, 4 and 3; Tom Leh- 
man and Phil Mickleson defeat- 
ed Frank NobiJo and Peter 
Senior, 4 and 2; and Fred Cou- 
ples and Davis Love ID defeat- 


ed Nick Price and Bradley 
Hughes, 1 tip. 

That put the pressure on the 
international team, and, until 
the final singles match on Sun- 
day. each of the 24 players, 12 
on each team, wfll be living and 
breathing the tension that 
comes from the match play for- 
mat that is so popular' with 
spectators. They no longer are 
playing for themselves in the 
most singular of games. 

"There is more pressure than 
you can imagine," said Paul 
Azinger, a three-time member 
of the U.S. Ryder Cup team 
and the co-captain of this U.S. 
team. "The thing about match 
play that sets it apart is that the 
upset is much more likely to 
happen. That puts pressure on 
the guy who is expected to 
win." 

“Everybody who talks about 
the Ryder Cup talks about it 
being the most pressure they've 
ever fell in their life playing 
golf." said Lehman. “I’m "sure 
this will be similar. Nobody 
wants to lose and have to walk 
around saying, ‘So-and-so beat 
me, 5 and 4.’ It's real personal. I 
don’t want somebody to show 
me up." 

Depending on how the indi- 
vidual player is made up. such 


an attitude can either help or 
hurt Mark Calcaveochia didn’t 
want to get shown up by Colin 
Montgomerie in the 199 1 Ryder 
Cup matches, either. 

Calcavecchia was 5 up with 
nine holes to play, but started 
pressing. With his lead down to 
2 up at the I7th tee. he hit the 
shank heard round the world: a 
2-iron shot that almost never 
got airborne before splashing in 
the lake. 

He lost the last two holes, 
and the match was halved. Cal- 
cavecchia dissolved in tears. 

Bernhard Langer missed the 
final putt in that same competi- 
tion, and has since said that he 
never experienced pressure 
close to what he faced on that 
five-footer. 

Had Langer made it the Ry- 
der Cup matches would have 
wound up in a tie and Europe 
would have retained the Cup. 

In the Presidents Cup, there 
will be no ties. If the matches 
end tied on Sunday, two play- 
ers, designated before the day's 
play begins, will play sudden 
death to seuJe iL 

Now that would be some of 
the most acute and excruciating 
pressure a golfer could experi- 
ence. 


REORDERING BOOKS by Merl Reagle 




m sr 


.> — . 



ACROSS 
1 Actress Moore 
5 Some arc giant 
11 Physicist Ernst 
15 Muddle 
19 Little archer 
j| 20 "The Night of 
* the — - — " 

21 Model-filled 
magazine 

22 Pastiche 

23 Novel about an 
aging tennis 
star? 

2b Hockey 
position 

27 Push ahead 

28 Follow one’s 
feet 

29 Hole worlds to 
explore 

30 Plav based on a 

-Mid 

Kingdom- 

episode? 

35 Basic question 

36 Puhrer's rank, in 
film: Abbr. 

37 Overseas stop 

38 Scholarship 
consideration 

39 Amber, for one 


41 Resigner before 
Richard 

42 Boss 

43 Minnesota poet 
Robert 

46 Story of a touph 
town in Africa? 

49 Ring around the 
castle 

50 Gin fruit 

51 Weevil, for one 

52 Orinoco 
shocker 

53 Grab (onto) 

55 One home of 
5-Acnoss 

56 Night predators 

58 Expose of 

airline pricing? 

62 Chubby 
Checker’s 
autobiography? 

64 Play about a 
singer’s army 
years? 

65 Like Nash’s 
lama 

66 Like Seattle 

67 Cyan 

68 Fatherhood- 
testing into 

69 Small amount 




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73 Jackie’s dresser 

74 Wind gust 

76 Sequel to 

“Madame 

Bovary"? 

79 Author 
Kaufman 

80 Proud, 
energetic, 
domineering 
ones, they say 

81 Musket’s name, 
often 

S3 An archangel 

84 Arizona city 

85 Creme^filled 
munchies 

86 Damage 

88 Mr. Turner 

89 Trashvbest 
seller? 

94 Big Schott 

95 Stuff 

96 More work 

97 Famous words 
of accusation 

98 Fashion book 
that will make 
you look like a 
million bugs? 

104 Mighty god 

105 Teeny bit 

106 Washington 
airport 

107 French theater 

108 Faxed 

109 Algerian port 

110 Agree out ol 
court 

111 Jaz7 singer 
Anita 


DOWN 

1 3, On a phone 

2 Newsworthy 
time 

3 Wa y an 
organism 
develops 

4 Grenoble’s river 

5 Fmbtx- 
forcrjnncr 

6 Shoelace tips 

7 None: Prd ix 

8 Equine mother 

9 Even the 
slightest 

10 Typeofacct. 

11 Giant slugger 

12 Kareem’s God 

13 Mozart’s "La 
diTiio" 

14 John Madden 
sentence starter 

15 Author Fast 

16 Piers Paul Read 
thriller 

17 Tendon 

18 Sloppy eaters 

24 studies 

[college maiorl 

25 Cluck hero 

29 One-name «ur 


T 

7 

1 

4 

19 




23 






For investment 
information 

Reod 

the MONEY REPORT 
every Saturday 
in the IHT 


By Joe Lapointe 

Nett York Tima Sen-ice 

NEW YORK — Now that 
the generals conducting major 
league baseball’s money war 
have destroyed iheir village in 
order to save it, they’ve left a 
gaping gash in the U.S. sports 
landscape that the National 
Hockey League hopes to Till 
erven as it seeks wider interna- 
tional recognition. 

The NHL and the Interna- 
tional Ice Hockey Federation 
have struck a deal in tended to 
forge close lies after vears of 
haggling. 

They have agreed to a com- 
prehensive package of steps 
thai will pave the way for regu- 
lated player transfers. Olympic 
participation for NHL players, 
the setting up of a European 
Super League and expanded in- 
ternational competitions. 

"Our problem has been that 
we are two org aniza tions trying 
to run the ice hockey business." 
Jan-Ake Edvinsson, the federa- 
tion’s general secretary, said 
Friday in Zurich. "Now’ we are 
trying to cooperate more close- 
ly. It is an significant step.” 

In the United Slates, the 
NHL, with its expansion to Sun 
Belt cities, growing television 
exposure and wave of European 
talent, now enjoys greater ac- 
ceptance than ever before. 

It wasn't baseball's Barry 
Bonds, foorball’s Joe Montana 
or basketball’s Charles Barkley 
seen at the MTV awards last 
week, chatting up the Rolling 
Stones backstage and present- 
ing prizes on camera. 

It was Mark Messier, captain 
of the New York Rangers, the 
only athlete on display during 
this celebration of pop culture. 
“Let's Go Rangers!" chanted 
the rockers in the crowd at Ra- 
dio City Music Hall. 

The sound echoed across 
Sixth Avenue, to the league's 
spiffy new headquarters, and 
down Madison Avenue, where 
sponsors like Anheuser-Busch 
can sense a market. 

“Hockey, with access to cus- 
tomers aged 21 to 34, is where 
we want to be." said Tony Pon- 
turo, a vice president of the 
company. 

Steve Solomon, an NHL se- 
nior vice presidenL said Vogue 
and GQ are planning hockey 
features, but he wouldn't go so 
far as to say that baseball’s loss 
could be hockey’s sain if the 
NHL begins its season in Octo- 
ber with no competition from 
the World Series. 

"As much as it might give us 
a short-term benefit I wish it 
wasn’t the case." Solomon said 
of the canceled baseball season. 

Despite having surged in 
popularity in the 1990s. the ice 
game still has a slippery foot- 
hold on U.S. soil. And if hockey 
highlights are to fill sportscasis 
and printed pages next month, 
the games must first be played. 


That’s no sure thing because 
hockey’s labor scenario is chill- 
ingly similar to that of base- 
ball’s. Hockey's union and 
teams have been without a col- 
lective bargaining agreement 
for a year. The owners have 
empowered Commissioner 
Gary Bellman to order a lock- 
out if no deal is made to "link 
salaries to revenue." 

Bettman. who bargains with 
a mean edge, has unilaterally 
slashed the benefits package. 
Coming after the baseball mess, 
a work stoppage in hockey 
would be as productive as 
spreading big bags of rock salt 
around the faeeoff circles. 

“Everyone has to be careful.” 
said Bob Gcodenow, executive 
director of the N HL Players As- 
sociation. “We’ve worked so 
hard to grow the game. We are 
at a critical moment to main- 
tain the momentum." 

When they resume bargain- 
ing Friday in New York, the 
hockey negotiators must avoid 
the pig-headed behavior of their 
baseball counterparts, who act- 
ed like rivals in a pie-eating 
contest; neither side was willing 


to concede defeat until both 
were too sick to continue. 

And hockey must overcome a 
recent shabby business image 
that has tainted its major fig- 
ures on both sides of the table. 
Bruce McNall, the last chair- 
man of the board, faces jail for 
his financial dealings. Alan 
Eagleson, the previous union 
director, is under indictment 
for labor racketeering. 

But if Bettman and Goo- 
denow can get an honest deal 
done soon, hockey could easily 
gain popularity at the expense 
of baseball. 

Some middle-aged fans can 
remember when college foot- 
ball dwarfed pro football in 
popularity, when boxing was a 
bigger deal than tennis, when 
the National Basketball Associ- 
ation was a barnstormer in hon- 
ky-tonk towns. 

And, 20 years ago, it would 
have sounded far-fetched to 
predict that soccer’s World Cup 
would be held successfully in 
the United States before capaci- 
ty crowds and television audi- 
ences that were more than re- 
spectable. 


There’s No World What? 
Can They Be Serious? 


Tlx press 

LONDON —The world does 
not care about the World Series. 

News, that the rest of the 1994 
major league baseball season 
had been called off got a para- 
graph in the French sports daily 
L'Equipe and its Italian coun- 
terpart. La Gazzetia dello 
Sport, as well as Lhc Times of 
London. Some of Japan’s dai- 
lies. carried brief wire stories. 

In Zurich, headquarters of 
soccer’s ruling body, FIFA, the 
possibility of a players’ strike 
disrupting any match, let alone 
the sport’s showpiece, was 
quickly dismissed. 

“This son of thing would be 
unthinkable in soccer.” said FI- 
FA’s spokesman. Guido Tog- 
noni. “It just couldn't happen 
here. Maybe this shows the dif- 
ference belwcen a global sport 
and a one-country sporL 

“In soccer there would be so 
much pressure on players they' 
would always find a" way to 
play. Only something like a ma- 
jor war could stop soccer, not 
discussions about money,” he 
said. “1 guess it proves that 
business alone doesn’t make a 
sport. It is always unfortunate if 
you cancel something that is 
good for the leisure of people." 

English soccer came close to 
a strike in 1992 over the forma- 
tion of the Premier League. 

The players' union, the Pro- 
fessional Footballers* Associa- 
tion. received 90 percent sup- 
port from its members to take 
strike action over changes to 


pension rights, disciplinary tri- 
bunals and contracts which 
clubs tried to make when they 
formed the Premier League. 

But the matter was resolved 
well before the start of the 1992- 
93 season. 

“It's the ultimate sanction, it 
wouldn’t be done without a lot 
of soul searching and thought,” 
PFA’s deputy chieL Brendan 
Batson, said. “No one wants to 
see a strike, it damages the 
sport But 1 can understand the 
baseball players not being too 
excited about the prospect of a 
salary cap.” 

Such events as the Wimble- 
don tennis championships and 
the British Open golf champi- 
onship. with more than a centu- 
ry of tradition, have so far sur- 
vived the vast sums of money 
being demanded by players. 

A strike “is unlikely to hap- 
pen, but if it did we’d have the 
Open without them." said Mi- 
chael Bonallach. secretary of 
the Royal and Ancient Golf 
Club of St. Andrews, the orga- 
nizer of the British Open. 

Bui the Open, now 134 years 
old, has been canceled once 
outside the war years. 

It wasn’t played in 1871, 
when Tom Morris Jr., the 
champion the previous Lhree 
years, kept the belt that was 
awarded to the winner. 

Without a trophy to give out, 
the Open was postponed until 
1 872, when a mug was put up as 
the prize. Which Moms won. 


Germany Has 19 Boats in Rowing Finals 


The Associated Press 

INDIANAPOLIS —Germa- 
ny has the most boats in the 
finals but the United States is 
favored to win the prestigious 
men’s eight race in the World 
Rowing Championships at Ea- 
gle Creek Park. 

“The United States eight has 
strength, speed, good tech- 
nique," said Kris Korzeniowski 
of the Netherlands, a former 
U.S. coach. “They have a lot of 
confidence. The way they 
rowed their heat, it seems they 
are unstoppable.” 

Five days of elimination 
races have whittled entries in 23 
events down to the six-boat fin- 
als scheduled for Saturday and 
Sunday. There was no competi- 
tion on Friday. 

Nineteen of the 21 German 
entries made their way to the 


“A" finals through tire heats, 
repechages and semifinals. But 
the team seems a bit of a puzzle. 

The U.S. coach, Mike 
Spracklen, suggested that the 
world champion German eight 
was holding back in its heaL 

“They weren’t trying,” 
Spracklen said. “They didn’t 
want to show their form." 

Or maybe they were strug- 
gling. 

The German coach, Ralf 
Holtmeyer, said the U.S. boat 
had surprised his eight at the 
start of the beat and they never 
got it together over the course 
of the 2,000-meter race. 

The German oarsmen looked 
sharper in their repechage, but 
still lost to Romania in the 
sprint. 

According to KorzeniowskL 
word among the international 


coaches is that the German 
rowing team is vulnerable. 

“They are not so brilliant as 
before,” said Korzeniowski, al- 
though conceding that the 
women’s eight and single sculler 
Kalrin Boron look solid. 

But he said. “They can still 
prove we are all wrong.” 

The German team manager. 
Michael Mflller. said that the 
performances of the lightweight 
men’s double and pair, the 
men’s four without coxswain 
and the women's eight “were 
better than expected.” 

Muller said the German eight 
“is a gambler team. Like a pok- 
er player, you do not show your 
face. We'll see." 

He predicted that his team 
could win 10 medals. Holt- 


meyer was more conservative, 
predicting “five or six.” 

The Netherlands is also a 
threat in the men’s eight, and 
Romania, even with half the 
boat doubling up in other races, 
is capable of beating the field. 
The other men’s eight finalists 
are France and Ukraine. 

Twelve hundred athletes 
from 47 countries are compet- 
ing in the regatta. 

Australia came on strong, 
with 22 boats in the finals. The 
United States has 10, France 
has 9, Great Britain, Denmark 
and the Netherlands have 8 and 
Canada and Romania have 7. 

For the first time in its 100- 
year rowing history, Japan 
made a final, with its men's 
lightweight eight. 


© New York Times/ Edited by Will Shorts. 


30 Kind of song or 
park 

31 Scruff 

32 Dcrciminaiion 

33 Three- rime 
Hart Trophy 
winner 

34 Plane 

reservation 

35 Present 
coverage 

40 Chanting 

41 French 
veaveninfi 

42 Snujj 

43 Guided only by 
instrument' 

44 Like Chandler's 
“Goodbye” 

45 Term of 

end 1 1 Picnic ni 

47 “Family 
Maners" actress 
Hopkins 

48 Change u> 000 

49 Parly 
synthesizers 

50 Prmeemr 

53 Solemn 

54 [Jiri'iinf 
KieleOMjhl 

55 Cell suffis 
57 N*»t stniRhi 


58 Place tu play 

59 Due process 
championer. 
familiarly 

60 Air-mass 
boundary- 

61 Island veranda 

62 One of the 
Durants 

63 Picture poser 

64 Seem trivial 
66 "Knock over" 
68 Letters after 

Moynihan's 

name 

70 Lysine or 
tryptophan 

71 Ruin, as 
calligraphy 

72 Stoppage 

74 Partly 

75 ChunR»r 
Rather, c.r. 

76 It's little matter 

77 Space race 

participant 

78 M'kinof Jupiter 
80 Heartlhrub 

Perrv 

XI Upset snlier? 

82 Fuel's 
contraction 


84 Healthy lunch 

85 “The true 

measure 

86 Barbie maker 

87 Words after 
“loose as" or 
"silly as“ 

89 Shaping tool 

90 “Lom" 
playwright 

91 Actress Scacchi 


92 Erected 

93 70’> "in’ spot 

94 "Miracle" groupj 

98 Monierrcv 
uncle 

99 Radical 60\ 

PT- 

100 Whunv. It. 

101 Nth: Abbr. 

102 roil 

103 “Brat farrar" 
author 


Solution to Puzzle of SepL 10-11 



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Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 17-18, 1994 


DAVE BARRY 


M 


How to Own a Dog, Practically 


IAMI — Todays topic is: “Practical Dog 
Ownership." Millions of Americans own 
dogs, because they are good-natured, simple and 
easily amused. X am referring here to the Ameri- 
cans. The dogs are not exactly Mensa members 
either, but they definitely make better pets than 
tropical fish. 

Suppose, for example, that you're home alone, 
and you start choking on a piece of takeout 
Chinese food, and you collapse to the floor, 
dying. A tropical fish is not going to alertly rush 
over to the phone, knock the receiver off the 


hook, dial 911 with its nose and bark excitedly 
into the mouthpiece until the operator sends 
paramedics. Of course a dog is not going to do 
this either. A dog is going to wander over and lick 
the soy sauce off your increasingly blue face. But 
while it’s doing this, it will be thinking loyal 
thoughts about you. 

But before you make “man’s best friend” pan 
of your family, you need to know the Three Key 
Principles of Practical Dog Ownership. 

1. REMEMBER YOUR SAFETY PRIORI- 
TIES WHEN DRIVING WITH A DOG: Dogs 
LOVEtoi 


ger seat. Dogs throw up a loti It’s a survival 
instinct that they inherited from their relatives, 
wolves, which swallow their prey in the field, 
then return to the den and regurgitate for their 
young; this causes the young to be so grossed out 
that they leave the den and get jobs. (This tech- 
nique can also be adapted by human paraits, 
according to Dr. Joyce Brothers's best-selling 
new book, “Ralph on Your Kids.") Anyway, 
when Bobbie started barfing, Ann wisely took 
her eyes off the road and reached over to shove 
Bobbie off the seat. Thanks to Ann's quick 
thinking, disaster was avoided, except for the 
fact that her minivan swerved across the road 
and smashed into a parked car, resulting in more 
than a thousand dollars worth of But 

the important thing is that the seat was fine. 

“Above aD, protect the seat” is the No. 1 rule 
of driving with a dog. 



any ve 

dence that the first animal in space was a dog. 
went up in a Soviet satellite that was clearly 
never going (o come back down, but the Soviets 
didn't have to ask it twice. (The dog, not the 
satellite.) They just opened the satellite door and 
the dog bounded enthusiastically inside and 
blasted into space and spent 189 consecutive 
hours with its nose pressed against the porthole, 
barking violently at cosmic rays, until finall y the 
Soviets couldn't stand it any more and turned off 
the radio receiver. 


2. THERE IS A RIGHT WAY AND A 
WRONG WAY TO BREAK OFF A PIECE OF 
BISCUIT FOR YOUR DOG: Consider what 
happened to Richard Dawson of Borden town. 
New Jersey, whose story was brought to my 
attention by alert reader Richard Lipschultz. 
Dawson was miking his dog, Lou, ana decided 
to give Lou a piece of the large dog biscuit in his 
(Dawson’s) jacket pocket. Rather than go to all 
the trouble of taking the whole biscuit out, Daw- 
son decide to break off a piece by simply punch- 
ing the biscuit while it was still in his pocket. The 
first punch failed to do the job, so Dawson 
punched the biscuit harder, the result being — in 
iwson’s own words — “I broke my rib.” The 


lesson here, obviously, is that you need to really 
whack your biscuit This is predsr 


So your dog will definitely want to go in your 
be careful when driving with a 


car. But you must 


dog. Consider the following true anecdote in- 
/olvn 


vowing a Southgate, Michigan, woman, whom I 
will identify here only as Ann because she will 
probably want to remain anonymous after she 
kills her husband, Stephen, for writing in to tell 
me this anecdote. 

Ann was driving in her miniv an with aschnau- 
zer whom I will identify here only as Bobbie, 
when Bobbie started to throw up on the passen- 


Nureyev’s Islands Off Italy for Sale 


Reuters 

ROME — Three islands in the Gulf of Saler- 
no, south of Naples, that were owned by Rudolf 
Nureyev have been put on sale by Christie's, 
which is asking more than S3 million 
The Li Galli archipelago, off the Amalfi coast, 
is being sold for the benefit of the dancer's Ballet 
Promotion Foundations, to which Nureyev left 
an art collection with an estimated value of $5 
million. The largest island, Gallo Lungo, has a 
lighthouse, a heliport and a Saracen tower that 
Ntuevevrej 


iureyev restored and fitted with dance studio. 


precisely why many 
experienced dog owners carry hammers. 

3. USE GOOD JUDGMENT WHEN DISCI- 
PLINING DOGS: I have here an article, sent in 
by many readers, from the Jan. 6, 1994, issue of 
the Rocky Mountain News, headlined “WOM- 
AN ACCIDENTALLY SHOOTS HERSELF,” 
and subheadlined “Owner of 10 dogs nicks finger 
with handgun she routinely fired at c eilin g to 
stop pets from fighting.” The article states that 
the woman used a .25-caliber handgun to control 
her dogs; she told police that she fired it Into the 
ceiling when the dogs got into a fight. 

As a dog owner and dog lover, I was shocked 
to learn that in a so-called humane society, a 
person would even THINK of attempting to 
control 10 dogs with a gun of such small caliber. 
Use your heads, dog owners! For five or more 
dogs, experts recommend at LEAST a .357 mag- 
num, unless the dogs are Labrador retrievers, in 
which case you need nuclear weapons. In this, as 
in every other area of dog ownership, the key is 
plain old “common sense,” which is why I want 
to leave all of you dog owners out there, both 
novices and veterans, with this thought: “The 
Biscuit Whackers” would be an excellent name 
fora band. 

KMght-Ridder Newspapers 


Having Mastered English, Irish Go Gaelic 


By James F. Clarity 

New York Tuna Semce 


D UBLIN — The Irish, who did so 
well mastering the tongue of 
their colonial Eng lish rulers, have be- 
to rediscover their own language, 
■lie — or, as it is called here. Irish. 
It is a development that has not come 
overnight 

“It is fashionable now to speak 
Irish," said Dierdre Davitt, the deputy 
chief executive of Bord na Gaetige, the 
government agency that is fostering 
the revival “It’s very far from a dying 
language.” 

In the 1300s, the Irish were forbid- 
den to speak their own language in the 
presence of their English masters. Lat- 
er, parents urged their children to 
learn English to survive in an English- 
run economy. 

After Ireland became independent 
in 1922, the tide started turning and 
by the 1950s Gaelic had become a 
required subject in school. But most 
people were bored by studying Gaelic, 
which they considered useless com- 
mercially and which they associated 
with rustic poverty. It remained the 
first language only in a few, mostly 
coastal areas. 

But now the Irish people, who have 
produced a large number of English- 
speaking writers and actors, are mov- 
ing by the tens of thousands to redis- 
cover their own tongue. 

While only 75,000 of the 3.5 milli on 
people in this country, and a much 
smaller percentage of the 1.6 million 
in the British province of Northern 
Ireland, speak Gaelic as their first 
language, the number who are becom- 
ing fluent is growing steadily. 

More than 100 public schools are 
conducted entirely in Gaelic, includ- 
ing 11 new ones opening this fall In 
other public schools in Ireland, stu- 
dents take about two hours a week of 
the language and must pass a test for a 
high-school diploma. 

Spoken Irish is becoming trendy 
among young people. Traditional 
Irish music groups are gaining new 
young fans; rock groups — but not 
including Ireland's most famous, U2 
— have also begun to sing the lan- 
guage. Middle-aged adults who hated 
Irish when they were in school are 
now taking night classes to catch up 
with their children. 

“When I left school it was not fash- 
ionable to speak it,” Davitt said. 
“Now, 20 years later, my friends re- 
gret that they can't.” 



Jtui-Midid mxpuwl Hio-Qui 

South of Dublin, road signs do the job in English and Gaelic. 


Davitt, who is fluent in Gaelic, said 
the new interest in it had come from 
young people of the Irish diaspora 
who have gone to Europe in recent 
years to study or seek work. 

“When they went abroad most stu- 
dents learned that to express their 
identity the best way was to speak our 
own language," she said. “Otherwise, 
we were taken for English. Physically, 
we could be English — our skin, our 
hair. The English we speak is not dif- 
ferent, to foreigners." The result, she 
said, was a rush to study Irish. 


She said that the government, al- 
though strapped by economic reces- 
sion and unemployment, spends 
about $45 million a year to promote 
the use of the language. And a plan is 
under way for an Irish-language tele- 
vision channel by 1996. 

The plan is not without its critics, 
some or whom have written to news- 
papers and called in to radio talk 
shows to say that the money would be 
belter spent on police and roads. 

Riobard MacGorain, a founder of 
Gael Linn, a private organization that 


runs language classes for adults, said 
enrollment was up by about 30 per- 
cent in recent years and that 20,000 
people now study the language in the 
summer. “The Irish language en- 
shrines our idea of ourselves, our ex- 
perience," he said. 

He noted that in the 1 9th century, 
children from Irish-speaking homes 
were made to wear “tally sticks' 1 
around their necks in school a notch 
made in the stick for every time the 
child spoke in Irish that promised a 
punishment from the teadaei at the 
end of the day. 

“Parents would encourage iu” be 
said. “People deserted Irish. The 
quicker the children learned English 
the better." 

The Gaelic language is of Celtic 
origin, a member of the Indo-Europe- 
an family. It is a distant relative of 
English and German, closer to Welsh 
and Scottish, the Breton tongue of 
Brittany and the virtually extinct 
Manx of the Isle of Man. 

Gaelic has given English a few good 
words: uisce beatha (water of life) pro- 
duced “whiskey ” bean si (a female 
fairy) made “banshee,” and go /ear 
(lots of) gave “galore.” 

Kim MI Ruairc, ah official of Gael 
Tinn, noted that the Irish word ma- 
gadh is pronounced ma-GOO and 
means “silly,” and that her parents 
used to tell her not to be a- “Mr. 
Magoo,” not referring to a cartoon 
sqmnter they had never heard of, but 
perhaps suggesting his origin. 

At the Colaiste Raitbin (Little Fort 
College) school in the town of Bray, 10 
miles south of Dublin, Irish was in the 
air as the students returned from a 
s umme r where they admittedly had 
spoken a lot of English. 

Teachers greeted them not with 
“Top o’ the momin’ ” — which Irish 
consider an American attempt to be 
local learned from Barry Fitzgerald 
movies — but with Dia daoibh ear mm- 
din, ( DEE-ah khweev air MAH-din) 
or “God be with you in the morning.” 

Aisling Ni Ogain, a 1 5-year-okl stu- 
dent whose first name means “poetic 
vision,” said she found her knowledge 
of Gaelic useful on vacation, trips to 
France and Germany: “You can talk 
about people and they don't under- 
stand what you’re saying.” 

Another student. Hazel Niceoin, 
agreed, laughing, and added: - . - 





■ 

•-■4 






“It’s our own language. English 
isn’t really our language.* 


>« 


WEATHER 


PEOPLE 


v 


Europe 




LOW 

w 

High 

Low W 


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Atom 

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8 

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Baicaiona 

22/71 

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pc 21/70 

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Baiyada 

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Bam 

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e 

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BiuM 

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BudapaM 

20*0 

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Copwmgwi 

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Can DaiSol 

20/79 

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Dublin 

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Edn/urgn 

14*7 

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Fbranca 

19*6 

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Ftanuun 

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London 

14*7 

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10*1 

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Mound 

22/71 

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22/71 

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Milan 

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Raykjavft 

12*3 

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Ham, 

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Si Patanoura 17*2 

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SxocWwfcn 

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Snxboum 

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Forecast for Sunday through Tuesday, as provided by Accu-Weather. 



'"aw-®’ 

JMavnun 


North America 

Diy, pleasant weather «vH be 
the mte across the middle at 
the nation Sunday Into early 
next week. A slow-moving 
worm will bring heavy rains 
from Florida to southeastern 
Georgia. Dry, cooler weather 
vrifl reach Philadelphia and 
Boston early next weak. 
Southern Canada will be 
very warm. 


Europe 

Chilly weather will settle 
southward tram Stockholm 
through Geneva and MDano 


Sunday in» early next week, 
n wlfb 


A new storm wlf bring heavy 
reins from southeast Italy 
through Bucharest Sunday 
into Monday. London and 
Parle wtt hove sunny, pleas- 
ant weather Sunday Into 
Monday. 


Asia 

Shanghai will hava dry, 
warn) weather Sunday Into 
eariy next week. Heavy rains 
will continue over much of 
Japan Sunday Into Baity next 
week. The heaviest rains ere 
Bwly to aitft north and west 
of Tokyo. Beijing will have 
dry, cool weather tha next 
several days. 


Asia 


Today 


Tomorrow 


High 

Low 

w 

Hijra 

LOW W 


C/F 

G/F 


OF 

OF 

Bangkok 

31*8 

24.75 

1 

31*8 


Bekkig 

20/79 

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1 

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HonoKcmo 

29*4 

20/79 

sh 

31*8 

26/79 C 

Mania 

30/00 

23/73 

sh 

30*6 

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Nan Den 

31/88 

28/70 


32*9 


Seel 

27/80 

17*2 

DC 

27*0 

18*1 EC 

Snengtui 

28179 

19*0 


Z7*0 


Singapore 

32*9 

25/77 

Ml 

33*1 


Tafeu 

29/84 

21/70 

ah 

29*4 

23/73 tr. 

Tokyo 

29/84 

23/73 

111 

29*4 

23/73 Mi 

Africa 

Algta* 

25/77 

10/66 

a 

24/78 

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Capa Town 

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19*0 

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North America 


r p HE pop star Michael Jackson doesn't 
X have tor 


i respond to a civil lawsuit filed 
against him by five former security guards, 
a Los Angeles judge has ruled. Compelling 
him to respond would “burden Jackson's 
constitutional rights” as long as he remains 
under investigation for child molestation, 
said Superior Court Judge Richard Neal. 
Jackson has been under investigation since 
last year. He has denied the molestation 
allegations and has never been charged. 
The guards filed suit last year, claiming 
that they were fired by Jackson to taint 
their credibility should they be subpoe- 
naed to testify against him. 

□ 


Middle East 


Latin America 


Bwu 

Cano 

Damascus 

Jamsalwn 

Luxor 

Ftyadn 


Today 

HSflh Law W 
C/F OF 
Ji/w 24/75 s 

32/M 2I/7U 9 
32109 17/02 * 

20102 18/88 I 

37/00 21/70 ■ 
39/102 23/77 ■ 


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High Lena W 
OF OF 
32/89 24/75 * 
33/31 21/70 ■ 
33/71 17/B2 ■ 
29/0* 10/0* ■ 
38/10019/00 ■ 
39/102 2*/75 ■ 


Today To 

Wgh Low W Wgh Low W 
OF OF OF OF 

Bumoa Aim* 19/00 12/53 pc 22/71 13*5 s 

Caracas 27*0 20*8 pc 2S«2 20*0 pc 

Uma 10*4 10*1 pc 19*B 15*9 pc 

Mecca cay *4/78 1**7 pc 2*/7S 14*7 pc 

fVoOaJanalro 22/71 19*6 c 23/73 10*4 pc 

S*7X)aso 22/71 11*2 pc 23/73 11*3 pc 

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■rvanow. Hop. W-Waathar. AH maps, foraoasta and data provided by Accu-WssOiar, Inc. e 1984 


Anchorage 

AOanu 

Bomon 

Chicago 

Daroer 

Da«x>4 

Hem**/ 

Houston 

Loa/tngsfM 

Miami 

Mtanaapotfs 


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20*2 19/00 
29*4 17*2 
22/71 11*2 
23/73 Bug 
23/73 11*2 
29*4 23/73 
31*8 17/02 
32*9 19*0 
32*9 20/79 
22/71 10*0 
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32*9 24/75 
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27*0 14*7 
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I 22/71 
pc 22/71 
I 2B/77 
pc 18*6 
C 31*0 
1 20*4 

I 31*0 

■ 32*9 

• 22/71 
sh 19/OB 
pc 32*9 
I 2478 

• 37*0 

■ 24/75 
pc 24/70 
pc 21/70 
ah 27 /bo 


3/37 pc 
10*4 ah 
6/46 pc 
11*2 f 

BMa a 

12v53 a 
24/75 « 
10*1 PC 
10/00 & 
24/75 pc 
11*2 a 

0/40 pc 
24/70 t 
14*7 pc 
26/77 9 
13*5 pc 
12*3 pc 
10*0 PC 

16*1 pc 


Tupac Shakur pleaded guilty to a misde- 
meanor assault charge for trying to hit a 
fellow rapper with a baseball bat at a 
concert The incident in April 1993 aL 
Michigan State University triggered a 
near-not Shakur threw a microphone that 
belonged to another rapper on the stage, 
triggering a fight 

□ 



lapse of the Soviet Union. In the letter, the 
late Nadia Petrovna L£ger, who was of 
Russian origin, says, “I consider that Ro- 
stropovich and his wife should be asked to 
stay in the West, because they are incapa- 
ble of gratitude to the Soviet Union which 
gave them their training and made them 
mto celebrities.” 

□ 


Athma Onasste-Ronssd, the sole heir to 
the enormous Onassis family fortune, is in 
G reece for the first time since her mother, 
Christina Onassis, died at age 37 tn 1988.. 
The 9-year-old Athina is staying with her 
father, the industrialist Thierry Roussel 
on the private family island of Skorpios. 

□ 


inrial Ho 
Our M 


Mstislav Rostropovich 


The Russian cellist Mstislav Rostropo- 
vich has released a 1974 letter denouncing 
him and his wife, Gatina Vishnevskaya, to 


the KGB, from the widow of the French 
painter Fernand L6ger. In the letter to one 
of the KGB bosses of the time, she calls 
the couple "filthy pigs.” Rostropovich told 
the French newspaper Le Figaro that he 
obtained the letter from K&B archives 
after they were opened up with the col- 


Bobcat GoMtbwaifs no-contest plea for 
setting fire to “The Tonight Show” set is 
now official, and he has handed over TV 
spots he was ordered to make on behalf of 
a burn center. The comedian also must pay 
almost 54,000 in fines and restitution, in- 

0i , Afl e. tm/k a> * . 

to the 


eluding 5698 to NBC for damage to 
chair be set oh fire with lighter fluid. Jay 


•Leno, the host of the talk show, and 
Lauren Hutton, a guest, doused the fire 
with cups of water. 




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ART 


© 1994 XTST 



ASIA. 

Italy- 

172-1011 

Brazil 

000-8010 

Australia 

1-800-681-011 

liechtengcein* 

155-OO-U 

rwv 

oo *-0312 

China, PRO** 10811 

Lithuania* 

Sa196 

Colombia 

980-11-0010 

Guam 

018-872 

Luxembourg 

0-800-0121 

CosaHca'* 

114 1 

Hong Kong 

800-1111 

Macedonia, F.YJR. of 99-8004288 

Ecuador* 

119 i 

India* 

000-117 

Malta* 

0800-890-110 

£1 Salvador* 

190 > 

Indonesia* 

001-801-10 

Monaco* 

19*0011 

Guatemala* 

190 

Japan* 

0039-111 

Netherlands* 

06-022-9111 

Guyana.”*- 

MS 1 

Korea 

009-21 

Norway 

800-190-11 

Honduras 4 * 

123 i 

Soreua 

'll* 

Poland**"* 

0*010"480-0111 

Mexico*** 

95-800-462-4240 1 

Malaysia* 

800-0011 

Portugal* 

05017-1-288 

Nicaragua (Managua! 174 

New Zealand 

000-911 

Romania 

01-800-4288 

Panamas 

109 

Philippines* 

105-11 

Rn«la**CMo6cow) 

155-5042 

Peru* 

191 l 

Saljpan* 

235-2872 

Slovakia 

00-42000101 

Suriname 

156 ! 

Singapore 

800-0111-111 

Spain* 

900-99-00-1 1 

Uruguay 

00-0410 1 

Sri Lanka 

430-430 

Sweden* 

020-795-611 

Venezuela's 

80011-120 : 

Taiwan* 

0080-10288-0 

Switzerland* 

15500-11 

CARIBBEAN 

Thailand* 

0019-991-1111 

UK. 

0500-89*0011 

Bahama* 

1-800-872-2881 


EUROPE 

Ukraine* 

8*100-11 

Bermuda* 

1-800-872-2R81 ! 

Armenia - * 

8*14111 

MIDDLE EAST 

British VJ. 

1-800-872-2881 

Austria - *- 

022-903-011 

Bahrain 

800-001 

Cayman Islands 

1-800-872- 2881 

Belgium’ 

0800-100-10 

Cyprus* 

080-90010 

Grenada* 

1-800-872-2881 1 

Bulgaria 

00-1800-0010 

Israel 

177-100-2727 

Hold* 

001 -800-972-2883 1 

Croatia** 

99 - 38-0011 

Kuwait 

800-288 

Jamaica** 

0800^72-2881 ! 

Czech Rep 

00-420-00101 

Lebanon (Beirut) 

426-801 

Neth, Aatfl 

001-800*872-2881 

Denmark* 

8001-0010 

Qatar 

0800-011-77 

SL Kitts/Nevis 

1-800-H72.2HR1 i 

Finland* 

9800-100-10 

Saudi Arabia 

1-00*10 

AFRICA 

France 

19A-0011 

Turkey* 

00*800-12277 

Egypt* (Cairo) 

510-0200 1 

Germany 

0130-0010 

L’-AE* 

800-121 

Gabon* 

00*801 j 

Greece* 

00-800-1311 

AMERICAS 

Gambia* 

00111 j 

Hnnjprjf 1 

OOa-800-01111 

Argentina* 

001-800-200-1111 

Kenya’ 

0800-10 1 

Iceland** 

999-001 

Bdire* 

555 

Liberia 

797-797 ! 

Ireland 

1-800-550-000 

Bolivia* 

0-800-1112 

South Africa 

0-800-99-0123 I 







.... Vtl 

- 




* Vv 
‘ ' Pi 


* =Mi 


V 


**** 


w- 




— ftorMOmiccriigrife 

^^nawnEryBB casny oflfcog between nwv ih» txnir&te, iRdudutgilio*e 


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